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SAN CLEMENTE, Calif., Sept. 4 - 1998 - Sunstone Hotel
Investors, Inc. (NYSE: SSI) today announced the acquisition of the Pacific
Shore Hotel in Santa Monica, Calif., and the sale of the Green Oaks Park
Hotel in Fort Worth, Texas.
Pacific Shore Hotel Sunstone acquired the hotel from Pacific Shore Hotel, LTD for approximately
$22.0 million. The property
is located on Ocean Avenue across from the Pacific Ocean, two blocks from
the Santa Monica Pier and the burgeoning Santa Monica entertainment, shopping,
restaurants and theater
Green Oaks Hotel Sunstone also announced the sale of the Green Oaks Park hotel in Fort Worth, Texas, for $5.8 million, which was acquired by the Company as part of the 17 hotels purchased from Kahler Realty Corporation in October 1997. This sale completes the disposition of six Kahler hotels considered by management as properties that did not have significant growth potential after renovation and brings the total proceeds from these sales to approximately $46.8 million. The remaining 11 hotels from the Kahler acquisition, of which many have been rebranded as full-service Marriotts, have resulted in significantly repositioning Sunstone as an owner of luxury and upscale hotels in strong markets. Robert A. Alter, Chief Executive Officer, stated, "The purchase and
sale of these properties are consistent with the Company's strategy to
focus on the acquisition, renovation, rebranding and repositioning of upscale
and luxury hotels in large urban and airport markets in the western
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results and the timing of certain events could differ materially from those set forth in the forward-looking statements. |
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