TORONTO— As Sunstone Hotel Investors reached agreement to acquire the 444-room Sutton Place Hotel in Newport Beach, CA, it also revealed that Fairmont Hotels would be managing the property. Sunstone is currently under contract to purchase the property with closing currently scheduled for mid-May. Sunstone will then commence a major renovation of the hotels guestrooms and public areas, anticipated to cost approximately $22.0 million. Upon completion, expected to occur in early 2006, the hotel will be re-named The Fairmont Newport Beach.
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