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Article: Firm closing big buy, locking with Marriott: Sunstone purchasing six Renaissance Hotels from Hong Kong company.(Sunstone Hotel Investors Inc.)
- Article from:
- San Diego Business Journal
- Article date:
- June 27, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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San Clemente-based Sunstone Hotel Investors Inc. is closing its biggest buy yet, acquiring six hotels for $590 million.
Sunstone is buying the hotels from Hong Kong's CTF Holdings Ltd., ending a row between CTF and Marriott International Inc., which licensed its Renaissance Hotels & Resorts brand to the hotels on the East Coast and in Long Beach.
"These will be some of our best hotels in our portfolio," said Robert Alter, Sunstone's chief executive.
The deal comes with a string attached: a 50-year pact for Marriott to run the hotels for Sunstone, which buys, sells and owns hotels as a real estate investment trust. Sunstone owns several San Diego ...