Sunstone REIT Brings In $230M For Minn. Hotels

Law360, New York (January 25, 2013, 3:42 PM ET) -- Continuing an aggressive debt reduction pace, real estate investment trust Sunstone Hotel Investors Inc. has agreed to sell off four Minnesota hotels, as well as a commercial laundry facility, for $230 million, it announced Friday.

Per the deal, Sunstone will be turning over a 1,222-room portfolio and laundry facility, all located in Rochester, Minn., though it will keep a $25 million preferred equity investment in the hotels, it said. Proceeds from the sale will be used for general corporate purposes, including debt reduction and perhaps future...
To view the full article, register now.