Sunstone Sells Three HotelsWednesday, September 12, 2012
Aliso Viejo-based Sunstone Hotel Investors Inc. is selling the 257-room Hilton Del Mar, as part of a larger sale of three hotels to an undisclosed buyer for a total of $107.1 million.
Sunstone said in a statement that it has entered into an agreement to sell the Del Mar property, along with the 229-room Doubletree Guest Suites Minneapolis and the 350-room Marriott Troy in Michigan. The company did not break down individual sales prices on the properties.
Sunstone also said it has completed the previously announced sale of the 284-room Marriott Del Mar in Carmel Valley for $66 million. The buyer is Thayer Lodging Group of Maryland.
“The three-hotel portfolio sale we announced today, coupled with our previously announced sale of the Marriott Del Mar, are solid steps toward our stated corporate goals of improving our portfolio quality while strengthening our balance sheet,” Sunstone Chief Executive Ken Cruse said in the statement.
The 286,881-square-foot Del Mar Hilton, located at 15575 Jimmy Durante Blvd., was built in 1987 and renovated in 2003, according to CoStar Group.
Hirsh is a reporter for the San Diego Business Journal, a sister publication of the Orange County Business Journal.