Sunstone Hotel Investors Completes the Acquisition of the Wailea Beach Marriott Resort & Spa
ALISO VIEJO, Calif., July 17, 2014 /PRNewswire/ -- Sunstone Hotel Investors (the "Company") (NYSE: SHO) announced today that it has completed the acquisition of the 544-room Wailea Beach Marriott Resort & Spa located in Maui, Hawaii for a contractual purchase price (net of certain reserve balances received by the Company) of approximately $325.5 million ($598,400 per key). The Company funded the acquisition, in part, with $60 million of common stock issued today directly to the seller, an affiliate of Blackstone Real Estate Partners IV, at a price of $14.87 per share. The balance of the purchase price was funded with a combination of proceeds from the Company's June 2014 common stock offering and cash on hand.
Ken Cruse, Chief Executive Officer, stated, "We are pleased to add the Wailea Beach Marriott Resort & Spa to Sunstone's portfolio of high-quality hotels. This acquisition fits squarely within our strategy of building shareholder value by improving our portfolio quality and scale while strengthening our balance sheet."
About Sunstone Hotel Investors:
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 30 hotels comprised of 14,304 rooms. Sunstone's hotels are primarily in the upper upscale segment and are generally operated under nationally recognized brands, such as Marriott, Hilton, Fairmont, Hyatt and Sheraton. For further information, please visit Sunstone's website at www.sunstonehotels.com.
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Sunstone Hotel Investors, Inc.
SOURCE Sunstone Hotel Investors, Inc.