San Clemente-based hotel owner Sunstone Hotel Investors Inc. said Monday it sold a hotel for $366.5 million and could seek to sell more.
Sunstone, which owns all of part of 45 hotels, sold the 726-room Hyatt Regency Century Plaza hotel to Los Angeles real estate investor Next Century Associates.
The company bought the hotel in 2005 for $293 million.
At that time, Sunstone said it planned to spend $22.5 million to renovate what then was the Century Plaza Hotel & Spa. Part of the renovation included turning the hotel into a Hyatt Regency.
Sunstone said it is looking at “significant” sales of other hotels, either as a group or individually.
With the Hyatt Regency Century Plaza sale and a share buyback Sunstone also announced Monday, the company revised its outlook for the second quarter and the year.
Sunstone said it now expects second-quarter funds from operations,an income figure that includes amortization and depreciation,of $49.3 million to $51.6 million.
That’s down from $51.6 million to $54 million forecast in May.
For the year, Sunstone said it sees funds from operations of $172 million to $184 million.
Using part of the proceeds from the Hyatt Regency sale, the company plans to buy back 6.2 million shares, or 11% of its stock outstanding.
