Posted 9/12/2012 - 6:36:26 AM
ALISO VIEJO, CA–Sunstone Hotel Investors has agreed to sell hotels in Minneapolis, Del Mar, CA, and Troy, MI, for $107 million.
The hotels are the 229-room DoubleTree Guest Suites Minneapolis, the 257-room Hilton Del Mar and the 350-room Marriott Troy. The lodging REIT did not indicate whether the portfolio was being sold to a single buyer or multiple buyers. The deal, which works out to $128,000 per key, includes the assumption of approximately $75.6 million in mortgage debt and $2.1 million of deferred management fees.
Sunstone's goal in selling the three, according to president & CEO Ken Cruse, was to improve the quality of the remaining portfolio, while strengthening the balance sheet. Sunstone's portfolio now consists of interests in 30 hotels comprised of 12,854 rooms.