SAN FRANCISCO
Sunstone Hotel Investors (the "Company") has announced that it has completed the previously reported acquisition of the 802-room Hyatt Regency San Francisco hotel located in San Francisco. The gross purchase price was $262.5 million (or approximately $327,000 per key). The acquisition was funded with proceeds from the Company's Nov. 1, 2013 issuance of common stock.
"We are pleased to add the well-located Hyatt Regency San Francisco hotel to our portfolio," says Ken Cruse, CEO at Sunstone Hotel Investors. "The hotel is located in the heart of San Francisco's Central Business District and is anticipated to benefit from San Francisco's favorable supply and demand dynamic as well as the over three million square feet of additional office space under construction within a five block radius of the hotel."
The property has 34 meeting rooms and about 67,000 square feet of function space.
Sunstone Hotel Investors, Inc. ("Sunstone") is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 29 hotels comprised of 13,744 rooms.
