SAN CLEMENTE, CA— Sunstone Hotel Investors has signed a letter of commitment and rate lock agreement with an institutional lender on 10 individual fixed rate mortgage loans totaling $276 million. The loans will each be for a term of 10 years with a fixed rate of 5.34%. The proceeds from these loans will be used to repay existing floating rate mortgages and for general corporate purposes. After the deal has been completed, approximately 85% of the company’s outstanding debt will be fixed. Sunstone expects the deal to close during the second quarter of the year.
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