Sunstone Adds Fourth Hotel, Looks for More

Sunstone Hotel Investors said Thursday it has acquired its fourth hotel this year and hopes to purchase three to eight hotels in 1996.

The San Clemente-based real estate investment trust said it is negotiating with owners of more than 20 other hotels, including two small hotel groups, about possible acquisitions.

The company this week acquired from a private partnership the 149-room Hampton Inn near the Oakland Airport for partnership units and assumption of debt totaling about $4.4 million.

Sunstone hopes to grow by acquiring and turning around underperforming hotels, improving results at existing hotels and building new facilities, said Robert Alter, president and chief executive officer. “However, by far the largest growth opportunity is the acquisition of underperforming hotels,” he said.

Sunstone owns 11 hotels with a total of 1,477 rooms. Five are in Colorado and three are in California.