Sunstone REIT Plans $273M Public Offering To Buy Hotel

Law360, New York (October 30, 2013, 4:19 PM EDT) -- California-based Sunstone Hotel Investors Inc. will publicly sell 20 million common shares for $273 million to buy into another hotel and build out its day-to-day operations, the company said Tuesday.

The public offering will last until Nov. 1, run by Bank of America Merrill Lynch, which has a 30-day option to buy another 3 million shares of common stock, Sunstone said. It will use $265 million of the proceeds to buy property on the West Coast, where the company isn't currently invested, the company said in...
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