Sunstone Hotel Investors Inc. (NYSE:SHO) acquired fee simple interest in Hilton New Orleans St. Charles from St. Charles Hotel Investors, LLC for $59.4 million on May 1, 2013. The purchase price was excluding closing costs and pro-rations. Hilton New Orleans will continue to operate under Hilton brand. Sunstone Hotel used its cash and cash equivalents to fund the transaction. Hilton New Orleans St. Charles reported revenues of $12.3 million, net income of $2.9 million ... and EBITDA of $4.9 million for the year ended December 31, 2012. Hilton New Orleans shall be managed by Dimension Development Company.
Read More

Sunstone Hotel Investors Inc. (NYSE:SHO) entered into a purchase and sale agreement to acquire Boston Park Plaza from Highgate Holdings and others for $250 million on April 26, 2013. The transaction shall be funded through a combination of the proceeds received from the sale of the Company’s Rochester Portfolio in January 2013, cash on hand and the assumption of a non-recourse loan secured by the hotel with a fixed rate of 4.402% and a maturity date in February 2018. ... The transaction is expected to close on July 24, 2013.
Read More

Five Midwest-based investors entered into agreements to acquire Rochester portfolio from Sunstone Hotel Investors Inc. (NYSE:SHO) for approximately $230 million on January 25, 2013. Rochester portfolio includes four hotels and a commercial laundry facility. The price of laundry facility is $20 million. The purchase price is subject to adjustments. Sunstone expects to retain a $25 million preferred equity investment in the four hotels. Rochester portfolio generated $62.46 ... million of revenues, $9.29 million of net income, $19.4 million of EBITDA and $17.8 million of EBIT in 2012. The deal is subject to customary closing conditions and is expected to close in January 2013. Sunstone intends to use the proceeds from the sale for general corporate purposes, which may include hotel acquisitions, renovations of our existing hotels, reduction of our debt or preferred securities or other corporate purposes. The sale will improve Sunstone's RevPAR by over $5.50 per key EBITDA $625 per key. Upon completion of the Rochester Portfolio sale, Sunstone's total debt will have been reduced by $85 million thus far in 2013 when combined with the redemption of the remaining $58 million of our exchangeable senior notes. Following these transactions, Sunstone's pro forma cash position will exceed $250 million and will maintain full access to the $150 million credit facility. Sunstone will defease the outstanding $26.7 million mortgage secured by Kahler Grand for $30 million and a $0.4 million loan of laundry facility. Kevin Ehrhart of Latham & Watkins LLP acted as legal advisor to Sunstone Hotel Investors.
Read More

Sponsored Financial Commentaries

To contact SUNSTONE HOTEL INVESTORS INC, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.