Sunstone REIT Shells Out $250M For Boston Hotel

Law360, New York (May 8, 2013, 4:20 PM EDT) -- Sunstone Hotel Investors Inc. has agreed to buy the Boston Park Plaza Hotel & Towers from the Rockpoint Group for $250 million, the California-based hotel real estate investment trust announced Tuesday.

Sunstone entered into a purchase and sale agreement for the 1,053-room Boston hotel's fee simple interest on April 26 for a gross purchase price of $237,400 per key, or 12.5 times the hotel's 2013 forecasted adjusted earnings, according to a regulatory filing.

The deal will be structured as a tax-deferred exchange and funded with a...
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