sunstone hotel investors
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...
Sunstone Hotel Investors Reports First Quarter 2021 Results
Sunstone Hotel Investors, Inc. | May 14, 2021
IRVINE, CA – May 14, 2021 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the first quarter ended March 31, 2021. First Quarter 2021 Operational Results (as compared to First Quarter 2020): Resumption of Hotel Operations: 15 of the Company’s 17 hotels were in operation for the entirety of the first quarter 2021. Net Loss: Net loss was $55.3 million as compared to $162.5 million. 17 Hotel Portfolio RevPAR: 17 Hotel Portfolio RevPAR decreased 69.5% to $42.19. Adjusted EBITDAre: Adjusted ...
Sunstone Hotel Investors Acquires the 130-Room Montage Healdsburg Resort for $265 Million
Sunstone Hotel Investors, Inc. | April 29, 2021
IRVINE, Calif. - April 29, 2021 - Sunstone Hotel Investors, Inc., the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced the acquisition of the fee-simple interest in the 130-room Montage Healdsburg (the "Resort"). The newly constructed luxury Resort, which was completed in December 2020, was acquired for a gross purchase price of $265 million. The acquisition was funded from cash on hand and through the direct issuance of $66 million of perpetual preferred equity (the "Series G Preferred Equity") to the seller, affiliates of Ohana Real Estate Investors ("Ohana" or the "Seller"). Upon stabilization, the...
Sunstone Hotel Investors Announces Chief Operating Officer Transition
Sunstone Hotel Investors, Inc. | March 4, 2021
IRVINE, CA - March 4, 2021 - Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone"), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced the retirement of Marc Hoffman, Executive Vice President & Chief Operating Officer. Mr. Hoffman joined Sunstone in 2006 and has been responsible for Asset Management and Design & Construction. Chris Ostapovicz has been appointed Senior Vice President & Chief Operating Officer. Mr. Ostapovicz will join the Company in March and will report to John Arabia, President & Chief Executive Officer. Mr. Hoffman will remain with the Company during ...
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