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Sunstone Hotel Investors To Acquire The Confidante Miami Beach And Reposition As Andaz Miami Beach

May 04, 2022•about 3 years ago

Acquiring Company

Sunstone Hotel Investors

Acquired Company

THE CONFIDANTE MIAMI BEACH

Real EstateFinancial Services

Description

Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, announced that it has entered into a definitive agreement with an affiliate of Hyatt Hotels Corporation to acquire the 339-room The Confidante Miami Beach (the "Hotel"), located on 1.5 acres of fee-simple, oceanfront land in Miami Beach for a purchase price of $232 million, or $684,000 per key. Following the acquisition, the Company expects to pursue a full transformation of the property and a rebranding of the Hotel to Andaz Miami Beach.

Company Information

Company

Sunstone Hotel Investors

About

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT"). Sunstone's strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of hotels considered to be Long-Term Relevant Real Estate®. For further information, please visit Sunstone's website at www.sunstonehotels.com.

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Tech stack consolidation
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