Sunstone Buys Hotel
(Dow Jones)
SAN CLEMENTE —
Sunstone Hotel Investors Inc. acquired the 150-room Ramada Plaza Hotel in San Diego for $11.8 million. The purchase price included $7.4 million in cash and the balance in partnership units.
Sunstone, a hotel real estate investment trust, said it expects to renovate the hotel, acquire adjacent land to accommodate the development of 27 additional suites, and possibly change the brand. Sunstone acquired the hotel from O.T. Hill LLC.
