An unknown buyer acquired Marriott Philadelphia and Marriott Quincy from Sunstone Hotel Investors, Inc. for approximately $140 million.
January 10, 2018
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An unknown buyer acquired Marriott Philadelphia and Marriott Quincy from Sunstone Hotel Investors, Inc. (NYSE:SHO) for approximately $140 million on January 9, 2018. Sunstone Hotel Investors received approximately $0.18 million per key. Both Marriott Philadelphia and Marriott Quincy generated the combined revenue of $48.42 million, $11.5 million in net operating income and $6.2 million in net income in 2017. The sales price represents a 10.3x multiple on combined 2017 Hotel Adjusted EBITDA of $13.5 million and an 8.3% capitalization rate on combined 2017 Hotel Net Operating Income and excludes approximately $12 million of brand required capital expenditures.
An unknown buyer completed the acquisition of Marriott Philadelphia and Marriott Quincy from Sunstone Hotel Investors, Inc. (NYSE:SHO) on January 9, 2018.
Sunstone Hotel Investors, Inc. is a real estate investment trust. The Company owns approximately 14 hotels, comprised of 6,675 rooms, located in six states and in Washington, DC. The Companyâs portfolio consists of luxury hotels located in convention, resort destinations and urban markets. It is the owner of Long-Term Relevant Real Estate (LTRR) in the lodging industry, specifically hotels in urban and resort destination locations. The Company's hotels are operated by third-party managers under long-term management agreements with TRS Lessee or its subsidiaries. It is operated by third-party managers under long-term management agreements with the TRS Lessee or its subsidiaries. Its third-party managers include subsidiaries of Marriott International, Inc.; managers of six of the Companyâs hotels; Hyatt Hotels Corporation, manager of two of its hotels; and Four Seasons Hotels Limited, Highgate Hotels L.P. and an affiliate, Hilton Worldwide, and Interstate Hotels & Resorts, Inc.
SUNSTONE HOTEL INVESTORS, INC. 
