Sunstone Hotels Sell Six Hotels For $150.5 Million
Lodging real estate investment trust Sunstone Hotel Investors Inc. said Monday it completed the sale of six hotels to affiliates of DLJ Real Estate Partners for $150.5 million.
The properties include Hilton Garden Inn in Lake Oswego, Ore., a Courtyard and Residence Inn in Oxnard, Calif., a Courtyard in Riverside, Calif. and a Residence Inn and Hawthorn Suites in Sacramento, Calif.
Proceeds will be used to repay a revolving credit facility and for general corporate purposes.
“This transaction will allow management to concentrate its efforts on a core group of large assets, which will more directly impact cash flows,” Sunstone Chief Executive Steve Goldman said in a statement. Read more