Sunstone Hotel Investors has completed the acquisition of an 802-room Hyatt Regency San Francisco hotel, situated in San Francisco, California, US, for about $262.5m.
The company said the acquisition was funded through its common stock, which was issued on 1 November 2013.
Sunstone Hotel Investors CEO Ken Cruse said the group has added well-located Hyatt Regency San Francisco hotel to the portfolio.
"The hotel is located in the heart of San Francisco’s central business district and is anticipated to benefit from San Francisco’s favourable supply and demand dynamic, as well as the over three million square feet of additional office space under construction within a five block radius of the hotel," Cruse added.
"As we match-funded this acquisition with proceeds from an equity offering, this transaction is highly consistent with our stated plan to improve the quality and scale of our portfolio while gradually deleveraging our balance sheet."
Sunstone, which is a lodging real estate investment trust (REIT), has a stake in 29 hotels, comprising 13,744 rooms.
Sunstone hotels are operated under brands such as Marriott, Hilton, Hyatt, Fairmont and Sheraton.
The group’s portfolio includes hotels such as Marriot Portland, Hyatt Regency Newport Beach, Hilton New Orleans, Embassy Suites Hotel Chicago and Renaissance Westchester in the US.
