ALISO VIEJO, CA—Sunstone Hotel Investors, Inc. has sold BuyEfficient, an online purchasing portal for the hospitality industry, to Avendra, LLC.
John Arabia, president and CEO of Sunstone, stated, “The sale of BuyEfficient simplifies our business platform and focuses all of the company’s efforts on our core business—hotel ownership. We believe that the combination of BuyEfficient and Avendra will create a world-class purchasing platform in the lodging space, and we look forward to remaining a customer of the combined entity going forward.”
The sale of BuyEfficient is expected to reduce fourth-quarter 2015 adjusted EBITDA and adjusted FFO by approximately $0.625 million. Fourth-quarter and full-year 2015 adjusted EBITDA, adjusted FFO and net income impact excludes one-time costs resulting from the transaction.