Sunstone wraps up La Jolla purchase

Sunstone Hotel
Investors has completed the
acquisition of the Embassy Suites located in La Jolla, California for a
purchase price of approximately $100 million.Concurrently, Sunstone Hotel Investors, Inc. closed on a fixed-rate
loan totaling $70.0 million at a rate of 6.60%. The loan is interest only
for five years and will mature in 2019.
  Robert A. Alter, Sunstone’s Chief Executive Officer, stated, “We are
very excited to add such a high quality asset in a market with robust
business and leisure demand generators. This acquisition is an excellent
example of our team’s ability to identify and quickly close on deals that
meet our investment criteria. We were able to complete this acquisition and
debt financing in less than thirty days after executing a purchase
agreement.”
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