San Clemente-based Sunstone Hotel Investors Inc. has sold a Marriott hotel in Napa for $36 million.
The company, who owns 43 hotels, expects the sale to wrap up Wednesday. The buyer wasn’t disclosed.
Sunstone bought the 274-room hotel for $21 million in 1998.
The company estimated the hotel would have required about $6 million in renovations to comply with Marriott standards this year.
Proceeds from the sale are set to go toward a recently completed debt buyback by Sunstone.
Sunstone offered to buy back debt that matures in 2027 and ended up acquiring $123.5 million worth, or 66% of the outstanding notes.
The moves are designed to help Sunstone weather the ongoing hotel downturn.
