Sunstone planning $1B hotel buying spree

TRD New York /
Jan.January 14, 2011 09:19 AM

Sunstone Hotel Investors, owner of the Hilton Times Square and 31 other hotel properties nationwide, is planning a $1 billion acquisition spree of large, high-end properties in major cities for 2011. The real estate investment trust has had to unload 10 hotels whose mortgages were underwater over the past two years, but is now aggressively trying to get back in the game under new leadership. Among the company’s first purchases of the year will be the remaining 62 percent stake in the Doubletree Guest Suites Times Square, for which it will pay $37.5 million. Sunstone already owns the other 38 percent of that hotel, and expects to close the deal this month. “Many deals last year, we spent months and months and months on to analyze the transaction until it essentially moved away from us,” said Kenneth Cruse, Sunstone’s new president and CFO. “We think going forward we are able to close many deals within two to three weeks.” [Bloomberg]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Costa Constantinides (Credit: VoteCosta)

Bill would cap emissions at many rent-regulated buildings

Bill would cap emissions at many rent-regulated buildings
Zillow CEO Richard Barton and Douglas Elliman chairman Howard Lorber (Getty, JD Lasica via Flickr)

StreetEasy threatens to yank Elliman’s rental listings

StreetEasy threatens to yank Elliman’s rental listings
730 Park Avenue (Google Maps, Wikipedia)

British aristocrats sue to quit Park Ave purchase

British aristocrats sue to quit Park Ave purchase
Capacity constraints may cause agony for restaurateurs and their landlords (iStock, Getty)

Survival of the Fullest: Restaurants fear capacity constraints will kill them

Survival of the Fullest: Restaurants fear capacity constraints will kill them
The Hotel Indigo Lower East Side at 171 Ludlow Street and Rotem Rosen (Credit: Hotel Indigo)

Tallying crisis’ toll on MRR Development’s Hotel Indigo

Tallying crisis’ toll on MRR Development’s Hotel Indigo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...