Sunstone Selling San Diego Hotel for $66MWednesday, June 6, 2012
Aliso Viejo-based Sunstone Hotel Investors Inc. announced the sale of its 284-room Marriott Del Mar in San Diego for $66 million.
The buyer, which is not being disclosed, will pay $232,000 per room in a deal expected to close by the end of the month.
Sunstone currently owns 32 hotels nationally, including the Fairmont Newport Beach and Hyatt Regency Newport Beach.
Sunstone boosted its guidance for the current quarter and the year as a result of the expected sale.
The company said its projected funds from operations—a profit measure for hotels and other real estate owners—would likely come in $900,000 higher than previously projected for the second quarter. The company had projected a range of $36 million to $39 million.
For the full year, Sunstone expects the sale will provide a $4.1 million lift to its funds from operations. It previously had projected its 12-month funds from operations would come in at between $105 million and $117 million.
The Marriott Del Mar’s sale follows Sunstone’s completed purchase of the 417-room Hyatt Chicago Magnificent Mile, formerly Wyndham Chicago, on Monday. Sunstone paid $88.4 million in cash and stock to New York investment firm The Blackstone Group for the Chicago hotel.