Sunstone REIT Acquires Santa Monica Hotel

Sunstone Hotel Investors Inc. said Friday it acquired the Pacific Shore Hotel in Santa Monica from Pacific Shore Hotel Ltd. for about $22 million. Sunstone, a San Clemente real estate investment trust that focuses on hotel acquisitions, said the 168-room hotel across from the Pacific Ocean has a restaurant and lounge, pool and spa, fitness center, gift shop and meeting rooms. Sunstone plans to renovate the hotel and raise rates. In another deal, Sunstone sold its Green Oaks Park Hotel in Fort Worth, Texas, for about $5.9 million. The company acquired the hotel as part of the 17 hotels purchased from Kahler Realty Corp. last October. The sale completes the disposition of six Kahler hotels and brings total proceeds from those sales to about $46.8 million.