Sunstone REIT Brings In $230M For Minn. Hotels

Law360, New York (January 25, 2013, 3:42 PM EST) -- 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...
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