Sunstone Hotel Investors, Inc. Completes the Previously Announced Acquisition of the 335-Room Embassy Suites La Jolla
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Sunstone Hotel Investors, Inc. Completes the Previously Announced Acquisition of the 335-Room Embassy Suites La Jolla
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-05-18
Hotel Investors, Inc. (NYSE: SHO) announced today that it has completed the acquisition of the Embassy Suites located in La Jolla, California for a purchase price of approximately $100 million.
Concurrently, Sunstone Hotel Investors, Inc. closed on a fixed-rate loan totaling $70.0 million at a rate of 6.60%. The loan is interest only for five years and will mature in 2019.
Robert A. Alter, Sunstone's Chief Executive Officer, stated, "We are very excited to add such a high quality asset in a market with robust business and leisure demand generators. This acquisition is an excellent example of our team's ability to identify and quickly close on deals that meet our investment criteria. We were able to complete this acquisition and debt financing in less than thirty days after executing a purchase agreement."
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