December 23, 2015
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.