Sunstone Hotel Investors, Inc. completed the acquisition of Four Seasons Resort and Residences Napa Valley.
December 01, 2021
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Sunstone Hotel Investors, Inc. (NYSE:SHO) entered into an agreement to acquire Four Seasons Resort and Residences Napa Valley for approximately $180 million on October 7, 2021. The acquisition is expected to be funded through a combination of cash on hand and from borrowings on the Sunstone Hotel's currently undrawn $500 million revolving credit facility. On October 15, 2021, Sunstone Hotel Investors sold the 348-room Renaissance Westchester for $18.8 million. Net proceeds received from the sale of the hotel after the payment of costs arising from the transaction will be used to partially fund the acquisition of the Four Seasons Resort Napa Valley. The Sunstone Hotel expects to close the transaction in the fourth quarter of 2021.
Sunstone Hotel Investors, Inc. (NYSE:SHO) completed the acquisition of Four Seasons Resort and Residences Napa Valley on December 1, 2021. Sunstone Hotel Investors uses $226.7 million funds rom the sale of the Embassy Suites La Jolla to finance the transaction.
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.