Lodging real estate investment trust Sunstone Hotel Investors has acquired Oceans Edge Hotel & Marina in Key West, Florida in the US for $175m.
Launched in January this year, the 175-room Oceans Edge Hotel & Marina is an oceanfront hotel and marina complex, located across 20 land and water acres on Stock Island.
The property will be managed by local hotel management company Singh Hospitality.
Sunstone Hotel Investors president and CEO John Arabia said: "The acquisition of Oceans Edge Hotel & Marina demonstrates a continuation of our strategy to recycle capital into higher quality, long-term relevant real estate while maintaining an industry leading balance sheet with ample investment capacity.”
The hotel features 86 suites, all of which comprise private balconies overlooking the Atlantic Ocean.
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Spread across four buildings designed with Key West conch style architecture, the hotel's rooms have an average size of 470ft².
Other amenities at the hotel include six swimming pools, a full-service restaurant, waterfront bar, on-site water sports and paddle shop as well as a fitness centre.
Sunstone also acquired 52 wet and dry boat slips and amenities in the attached marina.
Separately, the company closed the sale of the 199-room Marriott Park City in Park City, Utah for $27.6m last month, as part of its $735m real estate assets divestiture programme over the past 19 months.
Sunstone Hotel Investors has interests in 27 hotels comprising 13,202 rooms.
Image: Oceans Edge Hotel & Marina has 175 waterfront rooms, including 86 suites. Photo: courtesy of PRNewsfoto/Sunstone Hotel Investors, Inc.
