Sunstone Hotel Investors acquires Hyatt Regency San Francisco
Sunstone Hotel Investors has completed the acquisition of the 802-room Hyatt Regency San Francisco hotel located in San Francisco, California.
The gross purchase price was USD262.5m, or approximately USD327,000 per key.
The acquisition was funded with proceeds from the company's 1 November 2013 issuance of common stock.
Ken Cruse, chief executive officer, says: "We are pleased to add the well-located Hyatt Regency San Francisco hotel to our portfolio. The hotel is located in the heart of San Francisco's Central Business District and is anticipated to benefit from San Francisco's favourable supply and demand dynamic as well as the over three million square feet of additional office space under construction within a five block radius of the hotel. As we match-funded this acquisition with proceeds from an equity offering, this transaction is highly consistent with our stated plan to improve the quality and scale of our portfolio while gradually deleveraging our balance sheet."
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