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Archive for the ‘San Diego’ Category

Sunstone To Acquire Hilton San Diego Bayfront Hotel

Wednesday, March 30th, 2011
Hilton San Diego Bayfront

Sunstone Hotel Investors Inc., said Tuesday it has agreed to take a 75% controlling stake in the Hilton San Diego Bayfront for $475.0 million. The company's first quarter-to-date revenue per available room increased about 5.4 percent as its gateway markets and recent acquisitions continued to outperform expectations.

For its 32 hotel Comparable Portfolio, which excludes the Royal Palm Miami Beach Hotel, Sunstone expects RevPAR or revenue per available room to rise 5.4 percent for the first quarter.

Sunstone revealed a definitive agreement of $475.0 million to acquire the 75% majority interest in a joint venture that owns the 1,190-room Hilton San Diego Bayfront located in San Diego. The valuation translates into about $399,000 per key.

After the acquisition which is expected to close during the second quarter, Sunstone said it expects to enter into $240.0 million of non-recourse senior mortgage debt with an expected maturity in April 2016, which will bear … Read the rest

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