Sunstone Hotel Investors Purchase The Sheraton Cerritos
CERRITOS, CA, June 28, 2005. Grubb & Ellis Company (OTC:GBEL), one of the leading providers of integrated real estate services, today announced the sale of The Sheraton Cerritos Hotel in Cerritos to Sunstone Hotel Investors. The transaction was valued at $24.85 million. Escrow closed June 27, 2005.
The Sheraton Cerritos is a 203-room full service hotel, with 10,000 square feet of meeting space. The hotel will be managed by Sunstone Hotel Properties Inc., a division of Interstate Hotels and Resorts. The Sheraton Cerritos Hotel was acquired in a non-market transaction.
Jordan L. Richman, Senior Vice President of Grubb & Ellis' Hospitality Group in West Los Angeles arranged the sale with the ownership, Cerritos Associates, LLC.
The Sheraton Cerritos Hotel is located at 12725 Center Court Drive, directly adjacent to the Cerritos Center for the Performing Arts and just off of the heavily traveled east-west 91 Freeway. The 8-story hotel was built in 1990.
For more information, contact Richman at 310.477.3800 or jordan.richman@grubb-ellis.com.
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