Sunstone Hotel Investors Inc. announced on Monday that it sold three U.S. hotels for an adjusted gross sale price of US$107 million.
Sunstone Hotel Investors Inc., Aliso Viejo, California, sold the 229-room DoubleTree Suites by Hilton Hotel Minneapolis, the 257-room Hilton San Diego/Del Mar, located in Del Mar, California and the 350-room Detroit Marriott Troy, located in Troy, Michigan.
Sunstone did not disclose the buyer, but Alan Reay, president of hotel brokerage firm Atlas Hospitality Group, Irvine, California, told U-T San Diego that he believes Wheelock Street Capital, Greenwich, Connecticut, is the buyer. When contacted by HOTELS, Wheelock Street Capital partner Patrick Campbell said the company could not confirm whether it had purchased the hotels or not.
In addition to the sale, Sunstone also announced that it closed the previously announced sale of the 284-room Marriott Del Mar for US$66 million and that the sales mark the completion of the company’s planned 2012 asset sales.
“For the trailing 12 months ended June 30, 2012, the four disposition hotels generated combined RevPAR of $91.54 and EBITDA per key of $12,400, both of which are more than 30% below our portfolio average. By selling these four relatively small, highly-levered, lower RevPAR hotels we will reduce our overall indebtedness by approximately $122.7 million, increase our cash position by approximately $48.3 million, improve our asset concentrations in key growth markets and increase our overall portfolio RevPAR and EBITDA per key,” said Ken Cruse, Sunstone president and CEO. “While we may look to advance our portfolio and credit objectives through additional asset sales in the future, the transactions announced today mark the completion of our planned 2012 dispositions program.”