An unknown buyer acquired 368-room Embassy Suites Chicago and 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile from Sunstone Hotel Investors, Inc. for approximately $130 million.
March 16, 2022
Share
An unknown buyer acquired 368-room Embassy Suites Chicago and 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile from Sunstone Hotel Investors, Inc. (NYSE:SHO) for approximately $130 million on March 17, 2022. The consideration represents a 9.8x multiple on 2019 Hotel Adjusted EBITDAre and an 8.8% cap rate on 2019 Hotel Net Operating Income.
An unknown buyer completed the acquisition of 368-room Embassy Suites Chicago and 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile from Sunstone Hotel Investors, Inc. (NYSE:SHO) on March 17, 2022.
Sunstone Hotel Investors, Inc. is a real estate investment trust. The Company owns approximately 14 hotels, comprised of 6,675 rooms, located in six states and in Washington, DC. The Companyâs portfolio consists of luxury hotels located in convention, resort destinations and urban markets. It is the owner of Long-Term Relevant Real Estate (LTRR) in the lodging industry, specifically hotels in urban and resort destination locations. The Company's hotels are operated by third-party managers under long-term management agreements with TRS Lessee or its subsidiaries. It is operated by third-party managers under long-term management agreements with the TRS Lessee or its subsidiaries. Its third-party managers include subsidiaries of Marriott International, Inc.; managers of six of the Companyâs hotels; Hyatt Hotels Corporation, manager of two of its hotels; and Four Seasons Hotels Limited, Highgate Hotels L.P. and an affiliate, Hilton Worldwide, and Interstate Hotels & Resorts, Inc.
An unknown buyer acquired 368-room Embassy Suites Chicago and 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile from Sunstone Hotel Investors, Inc. for approximately $130 million.