San Clemente-based Sunstone Hotel Investors Inc. wrapped up its buy of five hotels plus a 25% interest in a sixth for $420 million.
Sunstone said it expects to close its buy of the remaining 75% stake in the sixth hotel, a Renaissance hotel in Washington, D.C., in July.
Marriott International Inc., which licensed its Renaissance Hotels & Resorts brand to the six hotels on the East Coast and in Long Beach, is set to manage the hotels for Sunstone under long-term contracts.
Sunstone is buying the hotels from Hong Kong’s CTF Holdings Ltd., ending a row between CTF and Marriott.
