December 23, 2015 Comments Off on Sunstone Makes $540M Hotel Sale Views: 443 California News, New York, Northeast, Orange County

Sunstone Makes $540M Hotel Sale

Sunstone Hotel Investors, which is based in Aliso Viejo, has sold the Doubletree Guest Suites Times Square in New York for $540 million.

A $175-million loan was paid off as part of the transaction. The 468-room hotel’s sale equals $1.2 million per room, and the capitalization rate was extremely low at 3.4 percent.

Sunstone was a minority shareholder in the hotel with a 38-percent stake until 2011, when it paid $286 million for the remaining ownership rights.

Sunstone still owns a Hilton hotel in Times Square.

Read More at OC Business Journal

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