News for the Hospitality Executive
Sunstone Hotels and Strategic Hotels Partner to Own and
an Internet Based Purchasing System for the Hospitality Industry
|SAN CLEMENTE, Calif. and CHICAGO, Dec. 10, 2007 - Sunstone
Hotel Investors, Inc. (NYSE: SHO) ("Sunstone") and Strategic
Hotels & Resorts, Inc. (NYSE: BEE) ("Strategic") announced today that they have entered into a partnership to own and operate BuyEfficient, an electronic purchasing platform that allows members to procure food, operating supplies, furniture, fixtures and equipment. Under the terms of the agreement, Strategic has acquired a fifty percent interest in BuyEfficient, LLC from Sunstone for a gross sales price of $6.3 million.
Laurence Geller, President and Chief Executive Officer of Strategic
commented, "We are pleased to embark on this creative, value adding
Steven R. Goldman, President and Chief Executive Officer of Sunstone added, "BuyEfficient has proven itself as a premier procurement platform in the hospitality industry. Partnering with Strategic, with their unique portfolio of large, high-end properties, will help unlock the full potential of the platform. Through our combined industry relationships, we intend to aggressively grow BuyEfficient's membership base and expand its range of service offerings."
About BuyEfficient, LLC
BuyEfficient, LLC, a jointly owned venture between Strategic Hotels & Resorts and Sunstone Hotel Investors, Inc., is an internet-based purchasing management platform. With more than 600 participating hotels and senior living members in the United States and Canada, BuyEfficient minimizes procurement costs by streamlining purchasing and accounting processes, leveraging its consolidated purchase volume, and passing 100% of the negotiated discounts, incentives and rebates back to its members.
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust
(REIT) that, as of the date hereof, has interests in 47 hotels with
About Strategic Hotels & Resorts, Inc.
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value-enhancing asset management of high-end hotels and resorts in the United States, Mexico and Europe. The company has ownership interests in 21 properties with an aggregate of 10,218 rooms. For a list of current properties and for further information, please visit the company's website at http://www.strategichotels.com.
This press release contains forward-looking statements about Sunstone Hotel Investors and Strategic Hotels & Resorts (the "Companies").
|Also See:||Sunstone Hotel Investors, Inc. Acquires the 402-room Boston Marriott Long Wharf Hotel for $228.2 million or $568,000 per room / March 2007|