Sunstone Completes Refinancing of Chicago Embassy Suites and Houston Wyndham
SAN CLEMENTE, CA, February 27, 2006. Sunstone Hotel Investors, Inc. today announced that it has completed the previously announced refinancing of two assets. The eleven-year, $75.0 million mortgage is secured by the 365-room Chicago Embassy Suites at a fixed-rate of 5.58% and replaces a $37.0 million mortgage scheduled to mature in 2008 at a fixed-rate of 8.25%. The ten-year, $34.0 mortgage is secured by the 472-room Houston Wyndham Hotel at a fixed-rate of 5.65% and replaces a $36.0 million mortgage scheduled to mature in 2008 at a fixed-rate of 8.25%.
In the first quarter, the Company expects to record a one-time charge of approximately $7.4 million for loss on early extinguishment of debt related to the defeasance cost associated with the prepayment of the previous debt. This charge was included in the company's first quarter and full year 2006 guidance provided in its February 15, 2006 earnings release.
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