Lodging real estate investment trust Sunstone Hotel Investors has signed an agreement with an undisclosed party to sell the Doubletree Guest Suites Minneapolis, Hilton Del Mar and Marriott Troy, together called the Three-Hotel Portfolio, for $107.1m.
The sale price includes mortgage debt of $75.6m and deferred management fees of $2.1m.
The company has also completed the sale of the 284-room Marriott Del Mar, California, for $66m.
Sunstone Hotel Investors president and CEO Ken Cruse said that the sale of the four hotels is in tune with the company's strategy to improve its portfolio while strengthening its balance sheet, adding that the sale will reduce Sunstone's overall indebtedness by approximately $122.7m and increase its cash position by $48.3m.
"While we may look to advance our portfolio and credit objectives through additional asset sales in the future, the transactions announced today mark the completion of our planned 2012 dispositions program," Cruse said.
Sunstone operates hotels internationally under the brands Marriott, Hilton, Hyatt, Fairmont and Sheraton.
The 229-room Doubletree Guest Suites Minneapolis is an all-suite hotel with the average size of each suite being 430ft².
The 257-room Hilton Del Mar in California is located near the San Diego International Lindbergh Airport, in the village of Del Mar.
Marriott Troy in Detriot, Michigan, has 345 guest rooms and five suites.
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