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January 17, 2011

Sunstone to Acquire New York Doubletree Hotel

Sunstone Hotel Investors is to acquire the remaining stakes in its Doubletree Guest Suites Times Square, New York joint venture for $37.5m, becoming the sole owner of the property. The acquisition increases the net economic purchase price, which equates to approximately $286m.

By cms admin

Sunstone Hotel Investors is to acquire the remaining stakes in its Doubletree Guest Suites Times Square, New York joint venture for $37.5m, becoming the sole owner of the property.

The acquisition increases the net economic purchase price, which equates to approximately $286m.

Built in 1990, the 43-storey property features 460 rooms, each measuring 164m².

Following the acquisition Sunstone will own 32 hotels comprising 12,182 rooms.

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