Sunstone Hotel Investors Announces The Sale Of The 622-Room Renaissance Harborplace For $80.0 Million

Rhea-AI Summary

Sunstone Hotel Investors (NYSE: SHO) has announced the sale of the 622-room Renaissance Harborplace in Baltimore, Maryland, for $80 million, approximately $129,000 per key. This sale aligns with the Company’s strategy to focus on Long-Term Relevant Real Estate® and enhances its liquidity. CEO John Arabia expressed confidence in the Company's ability to navigate the current market and seize future opportunities. As of this announcement, Sunstone owns interests in 19 hotels totaling 9,988 rooms.

Positive

• Sale of Renaissance Harborplace increases liquidity by $80 million.
• Focus on Long-Term Relevant Real Estate improves portfolio quality.
• Company well-positioned to capitalize on market opportunities.

Negative

• None.

IRVINE, Calif., July 8, 2020 /PRNewswire/ -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced the sale of the 622-room Renaissance Harborplace in Baltimore, Maryland for a gross sale price of $80.0 million, or approximately $129,000 per key.  The disposition of the hotel furthers the Company's stated strategy of concentrating its portfolio in Long-Term Relevant Real Estate® and further enhances the Company's liquidity.

John Arabia, President and CEO, stated, "We are pleased to announce the sale of the Renaissance Harborplace. The completed sale further concentrates our portfolio into Long-Term Relevant Real Estate and increases our already considerable liquidity. Our Company is well positioned to navigate the current environment and to capitalize on opportunities as they arise."

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that as of the date of this release has interests in 19 hotels comprised of 9,988 rooms. Sunstone's business is to acquire, own, asset manage and renovate or reposition hotels considered to be Long-Term Relevant Real Estate®, the majority of which are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt. For further information, please visit Sunstone's website at www.sunstonehotels.com.

For Additional Information:
Bryan Giglia
Sunstone Hotel Investors, Inc.
(949) 382-3036

Aaron Reyes
Sunstone Hotel Investors, Inc.
(949) 382-3018

View original content:http://www.prnewswire.com/news-releases/sunstone-hotel-investors-announces-the-sale-of-the-622-room-renaissance-harborplace-for-80-0-million-301089702.html

SOURCE Sunstone Hotel Investors, Inc.

FAQ

What did Sunstone Hotel Investors announce on July 8, 2020?

On July 8, 2020, Sunstone Hotel Investors announced the sale of the Renaissance Harborplace for $80 million.

What is the gross sale price for the Renaissance Harborplace?

The Renaissance Harborplace was sold for a gross sale price of $80 million.

How many hotels does Sunstone Hotel Investors own as of July 2020?

As of July 2020, Sunstone Hotel Investors has interests in 19 hotels, totaling 9,988 rooms.

How does the sale of Renaissance Harborplace affect Sunstone's liquidity?

The sale of Renaissance Harborplace enhances Sunstone's liquidity by $80 million.

What is the price per key for the sold Renaissance Harborplace?

The price per key for the Renaissance Harborplace was approximately $129,000.