By Mark Mueller, Courtesy of the Orange County Business Journal
Aliso Viejo-based Sunstone Hotel Investors Inc. said on Thursday it plans a $12 million renovation of the Hyatt Regency Newport Beach.
The hotel investor’s renovation plans call for upgrades to the 403-room Hyatt Regency’s guestrooms and recreation facilities, as well as certain public spaces.
The renovation is expected to start this quarter, and should be completed by mid-2013.
The Hyatt Regency is one of four Sunstone properties, along with hotels in New York and Chicago, slated for upgrades starting this quarter. The renovations should cost about $64 million in total.
The renovation plans were disclosed by Sunstone as part of its third-quarter earnings report.
The company said third-quarter funds from operations, a profitability measure for hotel and other real estate owners, was $30.1 million, up from $9.6 million a year earlier.
Revenue totaled $221 million for the quarter, up 12% from year-ago levels.
Sunstone counts a market value of about $1.4 billion. It owns 30 hotels nationally, including the Fairmont Newport Beach and Newport Beach Hyatt Regency.
Sunstone shares were about flat in trading today, closing at $9.86 for a market value of about $1.35 billion. It announced its quarterly earnings after the close of market
