Sunstone to Sell Minnesota Portfolio
Monday January 28th, 2013 - 12:04AM H
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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.
Tags: • Hospitality • Ownership •
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.