Sunstone Hotel Investors Announces the Sale of the Sheraton Salt Lake City, Utah for Gross Proceeds of $33.3 Million

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Sunstone Hotel Investors Announces the Sale of the Sheraton Salt Lake City, Utah for Gross Proceeds of $33.3 Million
Sunstone Hotel Investors Announces the Sale of the Sheraton Salt Lake City, Utah for Gross Proceeds of $33.3 Million
Category: North America & West Indies / Carribean islands - This is a press release selected by our editorial committee and published online for free on 2007-12-21 Sunstone Hotel Investors, Inc. (NYSE: SHO) announced today that it has completed the sale of the 362 room Sheraton located in Salt Lake City, Utah for gross sale proceeds of $33.3 million to affiliates of Driftwood Hospitality. The sale price equates to an 8.3x EBITDA multiple based on Sunstone's full-year 2007 projections (see reconciliation of EBITDA to net income below). Sunstone estimates that the property would have required approximately $15 million in renovation expenditures in 2008 to comply with Sheraton brand standards.