Sunstone Hotel Investors has sold a Marriott hotel in Boston and another in Philadelphia for a combined gross price of $139 million in a deal worth approximately $184,600 per key. No buyer or buyers were announced.
ALISO VIEJO, Calif., Jan. 10, 2018 /PRNewswire/ -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced the sale of the 289-room Marriott Philadelphia and the 464-room Marriott Quincy for a combined gross sale price of $139.0 million, or approximately $184,600 per key. The sale price represents a 10.3x multiple on combined 2017 Hotel Adjusted EBITDA of $13.5 million and an 8.3% capitalization rate on combined 2017 Hotel Net Operating Income and excludes approximately $12 million of brand required capital expenditures. The disposition of these two hotels furthers the Company's stated strategy of concentrating its portfolio in long-term relevant real estate.
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