Hospitality industry

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REIT Enters JV to Acquire NYC Doubletree in Times Square

Dec 29, 2006By

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.