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Sunstone Hotel announces private placement of $240M of senior unsecured notes

Sunstone Hotel Investors Inc. has entered into a private placement agreement for $240 million of senior unsecured notes.

The placement consists of $120 million of 4.69% senior notes with a nine-year term and $120 million of 4.79% senior notes with an 11-year term.

Proceeds from the new notes will be primarily used to repay in full the 5.58% mortgages secured by the Embassy Suites Chicago and the Marriott Boston Long Wharf, which have a combined balance of $243 million.

Closing and funding of the private placement is expected Jan. 10, 2017.