Sunstone Hotel Investors, Inc. Announces the Acquisition of Land Underlying its Renaissance Orlando Resort at SeaWorld (United States)
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Sunstone Hotel Investors, Inc. Announces the Acquisition of Land Underlying its Renaissance Orlando Resort at SeaWorld (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2008-09-08
Sunstone Hotel Investors, Inc. (NYSE: SHO) announced today that it has acquired 32.6 acres of land underlying its Renaissance Orlando Resort at SeaWorld, for a gross purchase price of $30.4 million. Prior to the acquisition by Sunstone, the land had been leased from a third-party. Ground rent under the lease is projected to be approximately $2.8 million in 2008. Sunstone acquired the land with available cash.
Robert A. Alter, Chairman and Chief Executive Officer stated, "We are pleased that we were able to execute this transaction as it represents a unique opportunity to consolidate the fee interest in a core hotel. This acquisition advances our strategy of creating stockholder value by redeploying capital into our existing portfolio."
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