Sunstone Hotel Investors Sells Hyatt Regency Century Plaza Hotel.
Travel & Leisure Close-Up, June, 2008
TRAVEL AND LEISURE CLOSE-UP-2 June 2008-Sunstone Hotel Investors Sells Hyatt Regency Century Plaza Hotel(C)2008 - CloseUpMedia - newsdesk@closeupmedia.com
Sunstone Hotel Investors announced that it has sold its 726-room Hyatt Regency Century Plaza to Los Angeles real estate investor Next Century Associates for gross cash proceeds of approximately $366.5 million, which equates to approximately $505,000 per room and approximately 18.6x the hotel's 2007 EBITDA (excluding guaranty payments).
"Shortly after I returned as interim CEO, we received an offer, which ultimately led to today's announcement," said Bob Alter, Executive Chairman. "This sale marks the conclusion of yet another highly successful hotel investment for Sunstone through which we created...
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