Print this page
Monday, 13 February 2017

Sunstone Sells Newport Beach, Calif., Hotel for $125Mln

Written by 
Rate this item
(0 votes)

Sunstone Hotel Investors Inc. has sold the 444-room Fairmont Newport Beach hotel in Newport Beach, Calif., for $125 million, or about $281,500/room.

The buyer was not identified. The property, which also is known as the Duke Hotel Newport Beach, was offered through Eastdil Secured.

Sunstone, an Alison Viejo, Calif., REIT, paid $72 million for the property in 2005 from Tarsadia Hotels.

The property, at 4500 Macarthur Blvd., includes 22,000 square feet of indoor meeting space and 10,000 sf of outdoor space. Sunstone says the hotel's revenue per available room last year was nearly 25 percent less than its overall portfolio average of $174.44.

Comments? E-mail Jenny Robinson or call her at (267) 247-0112, Ext. 208.



weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • States: California
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Company: Taconic Investment Partners
  • Valuation: Between $100 million and $150 million
  • Private: No
Read 815 times
Dan Moynihan

Latest from Dan Moynihan