Sunstone Completes Hotel Sales
<i> Bloomberg News</i>
Sunstone Hotel Investors Inc. said it has completed the sales of five hotels in Idaho, Montana and West Virginia for about $41.3 million.
The San Clemente-based real estate investment trust sold four hotels to Cavanaughs Hospitality Corp. for $30.3 million and one hotel to GF Management for $11 million. The five hotels have a total of 838 rooms.
“The sales of these limited service and mid-market properties are consistent with the company’s strategy to focus on the acquisition, renovation, rebranding and repositioning of upscale and luxury hotels in large urban and airport markets in the western United States,” said Robert A. Alter, chief executive of Sunstone.
