Sunstone Scoops Up $88M Chicago Hotel From Blackstone

Law360, New York (May 3, 2012, 1:19 PM EDT) -- California real estate investment trust Sunstone Hotel Investors Inc. is picking up a Chicago hotel from a unit of private equity firm The Blackstone Group LP for $88.4 million and will rebrand it for the Hyatt Hotels Corp., Sunstone said Thursday.

The debt-free deal gives the unnamed Blackstone affiliate $58.4 million in Sunstone's common shares and another $30 million in cash from the firm's existing reserves. As part of the acquisition, Sunstone and Hyatt Hotels together plan to further invest another $25 million in renovating the...
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