Sunstone Hotel Investors Completes Sale of 289-Room Marriott Philadelphia and 464-Room Marriott Quincy for $139 Million

Sunstone Hotel Investors, Inc. | January 10, 2018

ALISO VIEJO, Calif., Jan. 10, 2018 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced the sale of the 289-room Marriott Philadelphia and the 464-room Marriott Quincy for a combined gross sale price of $139.0 million, or approximately $184,600 per key. The sale price represents a 10.3x multiple on combined 2017 Hotel Adjusted EBITDA of $13.5 million and an 8.3% capitalization rate on combined 2017 Hotel Net Operating Income and excludes approximately $12 million of brand required capital expenditures. The disposition of these two hotels furthers the Company's stated strateg...