SAN CLEMENTE, CA— Sunstone Hotel Investors, Inc., which closed its initial public offering on Oct. 26, 2004, has released its third quarter operations results. Within the quarterly report Sunstone revealed that it sold 24,459,737 shares of common stock that amounted to total proceeds of $415.8 million for the company. Sunstone has also formed a management contract with Interstate Hotels and Resorts, which will operate 49 Sunstone assets. On the subject of debt, Sunstone announced that it has entered into a $150 million senior secured revolving credit facility and $75 million subordinate term loan facility. The REIT has also paid down $210.1 million worth of existing pre-payable first mortgage debt. Sunstone’s total pro forma revenue for the third quarter was $129.3 million. For third quarter 2003, pro forma revenue came in at $120.2 million.
