Sunstone Investors Completes Acquisition of Boston Park Plaza
Tuesday July 2nd, 2013 - 5:07PM E
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ALISO VIEJO, CA—Sunstone Hotel Investors has closed on its acquisition of the Boston Park Plaza hotel.
The 1,053-room property was purchased for $250 million, or $237,400 per room. The acquisition was funded by proceeds from the sale of four hotels and a commercial laundry facility in January 2013, as well as cash and the assumption of a non-recourse loan from the hotel with an outstanding balance of $19.2 million.
Tags: • Hospitality • Acquisitions •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.