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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.