REIT Enters JV to Acquire NYC Doubletree in Times Square
Sunstone Hotel Investors, Inc. today announced that it has entered into a joint venture agreement to acquire the Doubletree Guest Suites Hotel located at the corner of 47th Street and Broadway -- in the heart of New York City's Times Square. Sunstone has made a structured investment in the joint venture totaling $68.5 million, and said it expects to receive a total first year return in interest and preferred dividends of approximately $5.8 million. The Doubletree Guest Suites Times Square Hotel, which opened in 1990, is a 43-story, 460-room all suite hotel. The hotel is located atop the historic 1,740 seat Palace Theater. Sunstone Hotel Investors, Inc. is a Southern California-based lodging real estate investment trust (REIT), and is traded on the NYSE under the symbol 'SHO.' The Company has interests in 50 hotels with an aggregate of 16,218 rooms primarily in the upper-upscale and upscale segments operated under franchises from nationally recognized hotel companies such as Marriott, Hyatt, Hilton, Starwood and Fairmont.