Tuesday December 3rd, 2013 - 10:51AM
SAN FRANCISCO—Sunstone Hotel Investors has completed the previously announced acquisition of the 802-room Hyatt Regency San Francisco hotel located here for $262.5 million.
The acquisition was funded with proceeds from the Sunstone Hotel Investors’ November 1, 2013 issuance of common stock.
Ken Cruse, CEO of Sunstone Hotel Investors, stated, “We are pleased to add the well-located Hyatt Regency San Francisco hotel to our portfolio. The hotel is located in the heart of San Francisco's Central Business District and is anticipated to benefit from San Francisco's favorable supply and demand dynamic as well as the over three million sq. ft. of additional office space under construction within a five block radius of the hotel.”
He added, “As we match-funded this acquisition with proceeds from an equity offering, this transaction is highly consistent with our stated plan to improve the quality and scale of our portfolio while gradually deleveraging our balance sheet.”