Sunstone Investors Completes Acquisition of Boston Park Plaza
Tuesday July 2nd, 2013 - 5:07PM E
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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 •
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.