Sunstone Hotel Investors, Inc. Closes Acquisition of 6 Renaissance Hotel Portfolio
LOS ANGELES, CA, June 23, 2005. Sunstone Hotel Investors, Inc. today announced it has completed its acquisition of a portfolio of six Renaissance Hotels containing 3,326 rooms for $419.5 million, including a 25% interest in the Renaissance Washington D.C. Hotel. The acquisition of the remaining 75% of the Renaissance Washington D.C. Hotel is scheduled to close in July.
Robert A. Alter, CEO of Sunstone Hotel Investors, commented, "The closing of this transaction is an important mark in our plan to acquire premium quality assets in major, high barrier-to-entry markets, and represents a meaningful step to migrate our portfolio further into the upper-upscale and luxury segments. It also improves the geographic mix of our asset base. We believe that this transaction will significantly improve both the quality and long-term growth rate of our cash flows."
Concurrent with the closing of this acquisition, Sunstone Hotel Investors, Inc. closed on the previously announced financing of four individual fixed rate loans totaling $250.0 million. Two of the mortgages, totaling $65.0 million, mature in 2012 with a weighted average rate of 4.98%, and the remaining two mortgages, totaling $185.0 million, mature in 2016 with a weighted average rate of 5.20%.
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