Sunstone planning $1B hotel buying spree

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
Michael Gianaris, Julia Salazar and Jabari Brisport support the bill to abolish 421a. (Getty, Jabari Brisport via Twitter, 544 Union)
Lawmakers vow to end 421a as tenants sue landlords getting tax break
Lawmakers vow to end 421a as tenants sue landlords getting tax break
Photo Illustration of Gov. Andrew Cuomo (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
Cuomo reverses course, says indoor dining will return to NYC soon
Cuomo reverses course, says indoor dining will return to NYC soon
A photo illustration of the Belnord at 225 West 86th Street and HFZ CEO Ziel Feldman (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
Westbrook takes over HFZ’s Belnord conversion
Westbrook takes over HFZ’s Belnord conversion
From left: 11 Madison Avenue, Beam Suntory CEO Albert Baladi and SL Green CEO Marc Holliday (Photos via Beam Suntory; SL Green)
Beam Suntory will move HQ to 11 Madison Ave from Chicago
Beam Suntory will move HQ to 11 Madison Ave from Chicago
New York Senators James Skoufis, Kevin Thomas, and Brian Kavanagh. (Facebook via Skoufis, Thomas, and Kavanagh respectfully)
Lawmakers call for stiff penalties, reform after housing discrimination probe
Lawmakers call for stiff penalties, reform after housing discrimination probe
arrow_forward_ios

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

Loading...