Avoiding a planned $7 million renovation, Sunstone Hotel Investors Inc. announced Wednesday that it has sold its leasehold interest in the 203-room Sheraton Cerritos for $42 million, or approximately $206,900 per room. The buyer was not named.
Robert Springer, Sunstone’s chief investment officer, said the sale “is consistent with our capital allocation strategy” and “allows us to avoid a required $6 million to $7 million renovation planned for 2017.”
Based in Aliso Viejo, Sunstone Hotel Investors is a lodging real estate investment trust with interests in 28 hotels primarily in the urban, upper upscale segment and operated under such brands such as Marriott, Hilton, Hyatt and Fairmont.
—City News Service