Sunstone Hotel Investors, Inc. (NYSE:SHO) agreed to acquire Hyatt Regency San Antonio Riverwalk Hotel from Hyatt Hotels Corporation (NYSE:H) for $220 million on April 10, 2024. The net purchase price implies a value of approximately $352,000 per key. The acquisition will be funded from cash on hand using a portion of the sale proceeds from the previously completed $370 million disposition of Boston Park Plaza.

In a related transaction, Hyatt will continue to manage the hotel under its Hyatt Regency banner and will pay approximately $8 million in advance to secure the management agreement as part of the transaction. The deal is expected to close in late April 2024.