Sunstone Hotel Investors (SHO) Completes Sale of Riverside Marriott
Sunstone Hotel Investors, Inc. (NYSE: SHO) has completed the sale of the 292-room Marriott located in Riverside, California for gross sale proceeds of $19.3 million, which equates to 10.1x 2009 forecasted EBITDA.
Art Buser, President and Chief Executive Officer, stated, "The sale of the Marriott Riverside demonstrates our ability to monetize non-core assets at an attractive valuation in a very challenging transaction environment. This transaction will improve our already strong liquidity position, and we are confident that over time the net proceeds will deliver higher returns to our stockholders if deployed towards value enhancing capital investments elsewhere within our core portfolio of hotels."
Sunstone Hotel Investors, Inc.through its 100% controlling interest in Sunstone Hotel Partnership, LLC, (Operating Partnership) including Sunstone Hotel TRS Lessee, Inc. (TRS Lessee) and its subsidiaries, is engaged in acquiring, owning, asset managing, renovating and selling hotel properties.
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