Posted 1/28/2013 - 12:04:28 AM
ROCHESTER, MN–Sunstone Hotel Investors has agreed to sell four hotels plus a commercial laundry facility here for $230 million.
The four hotels include the 660-room Kahler Grand, the 271-room Kahler Inn & Suites, the 202-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The name of the buyer wasn't disclosed. According to Ken Cruse, Sunstone president & CEO, the sale helps to improve the quality of the lodging REIT's overall portfolio, while strengthening the balance sheet.