SUNSTONE HOTEL INVESTORS TO ACQUIRE HYATT REGENCY SAN ANTONIO RIVERWALK

SUNSTONE HOTEL INVESTORS TO ACQUIRE HYATT REGENCY SAN ANTONIO RIVERWALK

ALISO VIEJO, Calif., April 10, 2024 /PRNewswire/ — Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO) announced that it has entered into a definitive agreement with an affiliate of Hyatt Hotels Corporation to acquire the fee-simple interest in the 630-room Hyatt Regency San Antonio Riverwalk (the “Hotel”). The exceptionally well-located Hotel is situated directly between San Antonio’s famous Riverwalk and the Alamo, the two most visited tourist sites in Texas. The acquisition includes nearly two acres of riverfront land and a 516-space parking garage, located adjacent to the Alamo Visitor Center and Museum which is currently under development. The Hotel recently underwent a comprehensive $37 million guestroom renovation and does not have any meaningful required near-term capital needs. Sunstone is acquiring the hotel for a gross purchase price of $230 million. Hyatt will continue to manage the Hotel under the Hyatt Regency brand and will contribute approximately $8 million of key money as part of the transaction, subject to the terms of the Company’s management agreement with Hyatt.

Originally published at https://www.prnewswire.com/news-releases/sunstone-hotel-investors-to-acquire-hyatt-regency-san-antonio-riverwalk-302113576.html
Images courtesy of https://pixabay.com

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