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Monday, 13 February 2017

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

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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.


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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
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Dan Moynihan

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