Sunstone Hotel Investors, Inc. Closes Acquisition of the Sutton Place Hotel
NEWPORT BEACH, CA, July 12, 2005. Sunstone Hotel Investors, Inc. today announced it has completed its acquisition of the 444-room Sutton Place Hotel located in Newport Beach, California for $72.0 million and has named Fairmont Hotels and Resorts as manager. Sunstone will immediately commence a major renovation of the hotel's guestrooms and public areas, anticipated to cost approximately $22.0 million. Upon completion, expected to occur in early 2006, Sunstone will re-name the hotel as the Fairmont Newport Beach.
In addition, Sunstone Hotel Investors, Inc. closed on the previously announced sale of 4,102,564 shares of Series C Convertible Redeemable Preferred Stock to Security Capital Preferred Growth Incorporated, an investment vehicle advised by Security Capital Research & Management Incorporated, for net proceeds of approximately $100.0 million.
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