Sunstone Hotel Investors Acquires the 802-key Hyatt Regency San Francisco for $262.5 Million
ALISO VIEJO, CA - December 4, 2013 - Sunstone Hotel Investors (the "Company") (NYSE: SHO) announced today that it has completed the previously announced acquisition of the 802-room Hyatt Regency San Francisco hotel located in San Francisco, California. The gross purchase price was $262.5 million (or approximately $327,000 per key). The acquisition was funded with proceeds from the Company's November 1, 2013 issuance of common stock.
Ken Cruse, Chief Executive Officer, stated, "We are pleased to add the well-located Hyatt Regency San Francisco hotel to our portfolio. The hotel is located in the heart of San Francisco's Central Business District and is anticipated to benefit from San Francisco's favorable supply and demand dynamic as well as the over three million square feet of additional office space under construction within a five block radius of the hotel. As we match-funded this acquisition with proceeds from an equity offering, this transaction is highly consistent with our stated plan to improve the quality and scale of our portfolio while gradually deleveraging our balance sheet."
About Sunstone Hotel Investors
Sunstone Hotel Investors, Inc. ("Sunstone") is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 29 hotels comprised of 13,744 rooms. Sunstone's hotels are primarily in the upper upscale segment and are generally operated under nationally recognized brands, such as Marriott, Hilton, Hyatt, Fairmont and Sheraton. For further information, please visit Sunstone's website at www.sunstonehotels.com.
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 
