Sunstone Hotel Investors, Inc. Closes Acquisition of the Remaining 75% Interest in the Renaissance W
LOS ANGELES, CA. July 14, 23005. Sunstone Hotel Investors, Inc. today announced it has completed its acquisition of the remaining 75% interest in the Renaissance Washington, D.C. Hotel. Sunstone had previously acquired 25% of the hotel as part of the six-hotel Renaissance acquisition that closed on June 23, 2005.
The all-in purchase price for 100% ownership of the hotel is approximately $160 million, which includes the previously announced 25% interest, closing costs, the assumption of a $54 million fixed-rate note bearing interest at 7.5% per annum with a maturity date of April 2008, and the repayment of a capital improvement loan previously funded by Marriott International. The all-in purchase price equates to approximately $198,000 per key. The hotel has been, and will continue to be, operated by Marriott International under the Renaissance Hotels & Resorts brand name.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
