November 23, 1999 |
Sunstone Hotel Investors Inc., a San Clemente real estate investment trust, said Monday that it has completed its merger with a Westbrook Partners subsidiary for about $880 million in cash and assumed debt. Sunstone Hotel said in a news release that its shareholders received nearly $10.38 in cash for each common share owned. Limited partners of Sunstone Investors LP received the same amount for each operating partnership unit held.
August 3, 1999
The San Clemente real estate investment trust reported net income of $607,000, or 2 cents a share, for the second quarter, down from $5.8 million, or 15 cents a share, a year ago. Funds from operations dropped 13% to $13.6 million, or 33 cents a share, from $15.6 million, or 38 cents a share. Revenue rose 2% to $25.4 million. The acquisition of Sunstone by SHP Acquisition LLC is expected to close during the fourth quarter.
July 14, 1999 |
Sunstone Hotel Investors Inc., which owns 59 hotels, mostly in the Western U.S., said Tuesday that it accepted a sweetened buyout offer of nearly $453 million by an investor group that includes top Sunstone management. SHP Acquisition LLP, which plans to take the San Clemente company private, will pay $10.35 per share in cash, a 37% increase over its previous offer in April. In addition, SHP will absorb Sunstone's debt of about $440 million.
April 7, 1999 |
Sunstone Hotel Investors Inc., which received an $813-million buyout offer from a management-led investor group late Monday, could be one of several U.S. hotel companies to be taken private, industry analysts said Tuesday. Other hotel companies, including RFS Hotel Investors Inc., LaSalle Hotel Properties, Prime Hospitality Corp. and Lodgian Inc., also might get acquisition offers from private groups.
January 29, 1999
Sunstone Hotel Investors Inc.: The San Clemente real estate investment trust reported a net loss of $996,000, or 3 cents a share, for the fourth quarter, compared with net income of $3 million, or 10 cents a share, a year ago. Funds from operations declined 22% to $8.5 million, or 22 cents a share, from $10.9 million, or 32 cents a share. Revenue was up 24% to $21.5 million from $17.3 million. Net income for the year fell 1% to $15 million, or 40 cents a share, from $15.
December 29, 1998 |
Sunstone Hotel Investors Inc., owner of 57 Western U.S. hotels, is considering selling an equity stake of no more than 10% to raise cash to buy properties, Chairman Robert Alter said. The San Clemente-based real estate investment trust has spoken with several institutional investors about such a stake, Alter said. The REIT would sell preferred stock convertible to common shares, raising about $50 million to $75 million, he said.