Sunstone Sells $66M Resort After Landing $88M Chicago Hotel

Law360, New York (June 6, 2012, 3:59 PM EDT) -- Sunstone Hotel Investors Inc. will sell a midtier San Diego hotel for $66 million right on the heels of closing an $88 million deal to pick up a Chicago luxury hotel, as it moves toward investing in high-end properties, the company announced Wednesday.

The California real estate investment trust said it is under contract to sell off the Marriott International Inc.-branded Del Mar hotel to an undisclosed buyer for a price that represents nearly 14 times the property's earnings before interest, taxes, depreciation and amortization. The...
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