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IRVINE, Calif., April 28, 2021 /PRNewswire/ Sunstone Hotel Investors, Inc. (the Company or Sunstone ) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced the acquisition of the fee-simple interest in the 130-room Montage Healdsburg (the Resort ). The newly constructed luxury Resort, which was completed in December 2020, was acquired for a gross purchase price of $265 million. The acquisition was funded from cash on hand and through the direct issuance of $66 million of perpetual preferred equity (the Series G Preferred Equity ) to the seller, affiliates of Ohana Real Estate Investors ( Ohana or the Seller ). Upon stabilization, the Company expects the Resort to generate a 6.0% to 7.0% net operating income yield on total invested capital. The acquisition of the Resort further advances Sunstone s strategy of owning a portfolio of Long-Term Relevant Real Estate®.
Sunstone Hotel Investors Acquires The 130-Room Montage Healdsburg Resort For $265 Million
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What will happen to empty office buildings?
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What Will Happen to All the Empty Office Buildings and Hotels?
Commercial real estate has been hit hard by the pandemic, but there are plans to convert some of the now empty spaces into apartment buildings.
The Hilton Times Square on West 42nd Street is now in the hands of a lender after closing during the pandemic and failing to pay its loans.Credit.Katherine Marks for The New York Times
Dark windows. Quiet lobbies. Hushed halls.
Many of New York’s hotels and office buildings have been empty for more than a year now as the pandemic continues to keep tourists and workers out of the city.