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.