Sunstone Hotel Investors Announces The Sale Of The 622-Room Renaissance Harborplace For $80.0 Million

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Jul 08, 2020, 07:00 ET

IRVINE, Calif., July 8, 2020 /PRNewswire/ -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced the sale of the 622-room Renaissance Harborplace in Baltimore, Maryland for a gross sale price of $80.0 million, or approximately $129,000 per key. The disposition of the hotel furthers the Company's stated strategy of concentrating its portfolio in Long-Term Relevant Real Estate® and further enhances the Company's liquidity.

John Arabia, President and CEO, stated, "We are pleased to announce the sale of the Renaissance Harborplace. The completed sale further concentrates our portfolio into Long-Term Relevant Real Estate and increases our already considerable liquidity. Our Company is well positioned to navigate the current environment and to capitalize on opportunities as they arise."

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that as of the date of this release has interests in 19 hotels comprised of 9,988 rooms. Sunstone's business is to acquire, own, asset manage and renovate or reposition hotels considered to be Long-Term Relevant Real Estate®, the majority of which are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt. For further information, please visit Sunstone's website at www.sunstonehotels.com.

For Additional Information:
Bryan Giglia
Sunstone Hotel Investors, Inc.
(949) 382-3036

Aaron Reyes
Sunstone Hotel Investors, Inc.
(949) 382-3018

SOURCE Sunstone Hotel Investors, Inc.