Sunstone To Acquire Renaissance Portfolio

SAN CLEMENTE,CA– Sunstone Hotel Investors, Inc. has signed an agreement to acquire a portfolio of six Renaissance Hotels containing 3,326 rooms for $419.5 million. The portfolio is part of a joint acquisition of 32 Renaissance hotels and joint venture interests from CTF Holding Ltd by Marriott International, Inc., Sunstone Hotel Investors, Inc. and a major real estate opportunity fund. All of the hotel properties are, and will continue to be, operated by Marriott International or its subsidiaries under the Renaissance Hotels & Resorts brand name. Sunstone will spend an additional $35.5 million on a capital expenditure program to upgrade the properties. Including the capital expenditures and projected closing costs, the total investment in the Portfolio is expected to be $465.0 million, or approximately $170K per room. The acquisition is expected to close in mid-June.