sunstone hotel investors
Sunstone Hotel Investors To Acquire Hyatt Regency San Antonio Riverwalk for $230 Million
Sunstone Hotel Investors | April 11, 2024
ALISO VIEJO, Calif., April 11, 2024 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) announced that it has entered into a definitive agreement with an affiliate of Hyatt Hotels Corporation to acquire the fee-simple interest in the 630-room Hyatt Regency San Antonio Riverwalk (the "Hotel"). The exceptionally well-located Hotel is situated directly between San Antonio's famous Riverwalk and the Alamo, the two most visited tourist sites in Texas. The acquisition includes nearly two acres of riverfront land and a 516-space parking garage, located adjacent to the Alamo Visitor Center and Museum which is currently ...
Hyatt to Debut the Andaz Brand in Florida With Vibrant Miami Beach Haven
Andaz | March 12, 2024
Following a property-wide renovation, luxury lifestyle hotel Andaz Miami Beach is slated to open in late 2024, with reimagined spaces, programming and a new culinary collaboration with Jose Andrés Group. MIAMI BEACH, Fla. (March 11, 2024) – Hyatt Hotels Corporation (NYSE: H) announced an update on the anticipated renovation of The Confidante Miami Beach and its complete transformation into the new Andaz Miami Beach, which is slated to open in the fourth quarter of 2024. The new hotel, which is owned by Sunstone Hotel Investors, Inc., will go beyond the familiar to discover and define guests’ personal essence while immersing themselv...
Sunstone Hotel Investors Complete Sale of 1,060-Key Boston Park Plaza for $370M
Sunstone Hotel Investors, Inc. | October 27, 2023
ALISO VIEJO, Calif., Oct. 27, 2023 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced that it has completed the sale of the 1,060-room Boston Park Plaza (the "Hotel") for a gross sale price of $370 million, or approximately $350,000 per key. The sale price represents a 12.1x multiple on Hotel Adjusted EBITDAre and a 7.1% cap rate on Hotel Net Operating Income for the trailing four quarter period ended June 30, 2023. The Company acquired the Hotel in 2013 and successfully executed a business plan to reinvigorate the well-located historic hotel. Over the course of the Company's ownership period, the H...
Sunstone Hotel Investors Completes Acquisition of The Confidante Miami Beach for $232 Million
Sunstone Hotel Investors | June 6, 2022
IRVINE, Calif., June 6, 2022-- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, today announced that it has completed the previously announced acquisition of the 339-room The Confidante Miami Beach (the "Hotel") for a purchase price of $232 million, or $684,000 per key. The Company will invest approximately $60 million to reposition the Hotel into a premiere beachfront resort under Hyatt's luxury, lifestyle Andaz brand. Upon completion of the renovation, Sunstone will own a well-located, fully renovated, beachfront resort at a highly attrac...
Sunstone Hotel Investors to Acquire Remaining 25% Joint Venture Interest in Hilton San Diego Bayfront From Park Hotels & Resorts
Sunstone Hotel Investors | June 1, 2022
IRVINE, Calif., June 1, 2022 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, announced that it has entered into a definitive agreement with an affiliate of Park Hotels & Resorts Inc. ("Park") to acquire Park's 25% interest in the joint venture that owns the leasehold interest in the 1,190-room Hilton San Diego Bayfront (the "Hotel"). As part of the transaction, Sunstone will pay Park $102 million in cash and will effectively assume Park's $55 million share of the existing mortgage loan on the Hotel, which is already fully consolida...
Sunstone Hotel Investors to Acquire The Confidante Miami Beach for $232 Million
Sunstone Hotel | May 5, 2022
IRVINE, Calif., May 5, 2022 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, announced that it has entered into a definitive agreement with an affiliate of Hyatt Hotels Corporation to acquire the 339-room The Confidante Miami Beach (the "Hotel"), located on 1.5 acres of fee-simple, oceanfront land in Miami Beach for a purchase price of $232 million, or $684,000 per key. Following the acquisition, the Company expects to pursue a full transformation of the property and a rebranding of the Hotel to Andaz Miami Beach. T...
Sunstone Hotel Investors Completes Disposition of Embassy Suites La Jolla and Acquisition of Four Seasons Resort Napa Valley
Sunstone Hotel Investors, Inc. | December 6, 2021
IRVINE, CA - December 6, 2021 - Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone"), the owner of Long-Term Relevant Real Estate® in the hospitality sector, announced today that it completed the previously announced sale of the Embassy Suites La Jolla and the previously announced acquisition of Four Seasons Resort Napa Valley ("Four Seasons Napa"). On December 2, 2021, the Company sold the 340-room Embassy Suites La Jolla for a contractual sale price of $226.7 million or approximately $667,000 per key. The sale price represents a 22.3x multiple on 2019 Hotel Adjusted EBITDAre and a 4.0% cap rate on 2019 Hotel Net Operating...
Sunstone Hotel Investors Names Board Chair Douglas M. Pasquale Interim Chief Executive Officer
Sunstone Hotel Investors, Inc. | September 7, 2021
IRVINE, CA - September 7, 2021 - Sunstone Hotel Investors, Inc., the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced the appointment of Douglas M. Pasquale, current Chairman of the Sunstone Board, as the Company's interim Chief Executive Officer, effective immediately. This appointment follows a mutual agreement to separate between the Board of Directors and John Arabia, who will leave his role as President & Chief Executive Officer and has resigned as a Director of the Company effective immediately. These actions were not related to any matter regarding the Company's financial condition, report...
