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Sunstone Hotel sells leasehold interest in Calif. hotel for $95M post Q2

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Sunstone Hotel sells leasehold interest in Calif. hotel for $95M post Q2

Sunstone Hotel Investors Inc. sold the leasehold interest in the 408-room Hyatt Regency Newport Beach at 1107 Jamboree Rd., in Newport Beach, Calif., for $95.0 million at an 8.6% cap rate on trailing 12-month net operating income, after the second quarter.

On the acquisition front, the hotel real estate investment trust purchased the exclusive perpetual rights to use parts of the Renaissance Washington DC building at 999 9th St. NW in Washington, D.C., for $18.4 million, including closing costs, during the second quarter.

Subsequent to the reporting period, a Sunstone unit paid $15.0 million to buy the land underlying the 501-room JW Marriott New Orleans at 614 Canal St. in New Orleans for $15.0 million.

In addition, Sunstone received gross proceeds of $45.1 million from the issuance of 2,590,854 shares of its common stock during the quarter.