San Clemente-based Sunstone Hotel Investors Inc. wrapped up its buy of Sutton Place Hotel in Newport Beach for $72 million, the company said Tuesday.
Sunstone named Fairmont Hotels and Resorts as manager. The hotel will take on the name of Fairmont Newport Beach after a $22 million renovation to the guestrooms and public areas are completed in early 2006.
Meanwhile, Sunstone also said it wrapped up a $100 million stock sale to Security Capital Preferred Growth Inc.
