Four Sunstone Hotels Up For SaleWednesday, June 13, 2012
Aliso Viejo-based Sunstone Hotel Investors Inc. has put four of its hotels up for sale, according to a report from trade publication Commercial Real Estate Direct.
On the block are the 257-room Hilton Del Mar in San Diego County; the 199-room Marriott Park City in Utah; the 350-room Marriott Troy in Michigan; and the 229-room Doubletree Guest Suites in Minneapolis.
Sunstone Chief Executive Ken Cruse declined to comment on the reported listings, citing company policy not to discuss potential sale transactions until they are either close to or have been completed.
Sunstone owns 32 hotels nationally, including the Fairmont Newport Beach and Hyatt Regency Newport Beach.
The company said earlier this year it planned to sell off smaller hotels in secondary locations in an effort to improve its balance sheet, while at the same time acquiring branded hotels in urban markets.
Sunstone announced plans last week to sell the 284-room Marriott Del Mar for $66 million in a deal expected to close toward the end of the month.
That followed Sunstone’s purchase of the 417-room Hyatt Chicago Magnificent Mile for $88.4 million in cash and stock in a deal that closed earlier this month.