Sunstone Hotel Investors, Inc. Closes Acquisition of the Century Plaza Hotel and Spa and Has Re-Bran
CENTURY CITY, CA, October 6, 2005. Sunstone Hotel Investors, Inc. today announced it has completed the acquisition of the 728-room Century Plaza Hotel and Spa located in Century City, California for $293.0 million, or approximately $402,000 per room. The hotel has been re-branded as the Hyatt Regency Century Plaza. Sunstone will immediately embark on a renovation program that will include the renovation of all guest rooms.
Concurrently, Sunstone Hotel Investors, Inc. closed on the previously announced fixed-rate loan totaling $175.0 million. The loan will mature in 2014.
Adjacent to Beverly Hills and minutes from Rodeo Drive, the Century Plaza Hotel & Spa is Los Angeles' most fashionable address. The AAA Four Diamond Hotel has hosted heads of state, presidents, celebrities and dignitaries for over 30 years. The Century Plaza is the premier meetings destination in Los Angeles with over 141,000 square feet of indoor and outdoor meeting space - including the largest ballroom in the city. Set amidst seven acres of beautifully landscaped grounds, the hotel's accommodations feature private balconies with sweeping views of the Los Angeles skyline and the Pacific Ocean. The hotel also features Spa Mystique, a 35,000-square foot, Asian- influenced resort spa that offers guests a unique environment in which to relax and renew.
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