Sunstone Buys 3 Hotels
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SAN CLEMENTE — Sunstone Hotel Investors Inc. said Wednesday it has completed its previously announced acquisition of three Arizona hotels for $27.8 million.
Sunstone said it acquired a 156-room Holiday Inn in Flagstaff, a 125-room Hampton Inn at Tucson Airport, and a 246-room Holiday Inn in Mesa to be converted into a Holiday Inn Hotel and Suites.
The hotel owner said it is paying $3.6 million in cash, assuming $16.8 million in debt, and issuing $7.4 million in partnership units.
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