Sunstone Hotel Investors Inc

South Korea's bankrupt Halla conglomerate has signed a $16.5-million deal to sell its two California hotels to Sunstone Hotel Investors Inc. Under the deal, San Clemente-based Sunstone will take over Residence Inn and Fairfield Inn outside Los Angeles.

Sunstone Hotel Investors Inc., owner of the Hyatt Regency Century Plaza and other prominent Southern California hotels, has appointed a new president and made other top management promotions. The San Clemente real estate investment trust said that Jon D. Kline had been elevated from chief financial officer to president. Former President Robert A. Alter remains chief executive. Kenneth A. Cruse has been promoted to chief financial officer and Marc A. Hoffman is now in charge of asset management.

Sunstone Hotel Investors Inc.'s board approved a definitive agreement to acquire the Cypress Inn chain of six hotels in the Pacific Northwest for $15 million from an international financial institution. Three of the hotels are in Seattle and the other three are in Portland.

The Westin Century Plaza Hotel & Spa, a 1960s-era landmark that has played host to several U.S. presidents, is being sold for $293 million. Sunstone Hotel Investors Inc., a real estate investment trust in San Clemente, is buying the 728-room hotel on Avenue of the Stars in Century City from Pivotal Group and plans to convert it to a Hyatt hotel. Sunstone also plans a $22.5-million renovation of the Century Plaza, which has the largest ballroom in the city.

Sunstone Hotel Investors Inc. said Monday that it has signed an agreement to acquire three hotels in Arizona for $27.8 million. Sunstone, a real estate investment trust, will purchase Holiday Inns in Mesa and Flagstaff, and a Hampton Inn in Phoenix. The hotels have a total of 527 rooms.

Real estate investment trust Sunstone Hotel Investors Inc. said its line of credit with Bank One, Arizona, was increased to $50 million from $30 million. The larger, lower-cost credit line is expected to reduce the cost of further acquisitions, Sunstone said. The $50 million includes $5 million allocated for development costs and $5 million for working capital purposes.

Sunstone Hotel Investors Inc.: The San Clemente real estate investment trust reported third-quarter net income of $4.6 million, or 11 cents a share, an 18% drop from the $5.6 million, or 27 cents a share, posted a year ago. Funds from operations advanced 90% to $17.7 million, or 43 cents a share, from $9.3 million, or 40 cents a share. Revenue climbed to $29 million from $12.2 million, primarily because of hotel acquisitions.

Sunstone Hotel Investors Inc., continuing its buying spree, said it has acquired two Southern California hotels for $17.8 million in cash. The hotel real estate investment trust said it bought the Holiday Inn Mission Valley Stadium for $9.1 million from Shivani LLC, and the Crystal Suites, Anaheim, for $8.7 million from Shivani and SPM LLC. Earlier last week, Sunstone announced plans to acquire a stake in 17 hotels in a $322-million deal that would more than double the company's size.

Sunstone Hotel Investors LLC, a San Clemente company that buys and renovates mid-priced to luxury hotels, has agreed to buy 10 hotel properties for $132 million in cash from a debt-plagued Georgia company. Lodgian Inc. in Atlanta said Tuesday that it has agreed to sell the hotels as part of its ongoing effort to pare its debt. The deal is expected to close by the end of September.

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.

Shareholders of Sunstone Hotel Investors Inc., a San Clemente real estate investment trust that owns 59 hotels, approved the company's proposed merger with Westbrook Partners' affiliate SHP Acquisition LLC for $880 million in cash and assumed debt. In a press release Wednesday, Sunstone said 96.8% of the votes cast favored the acquisition, which represents 70.1% of its common and preferred shares. Under the merger agreement, Sunstone common shareholders will receive $10.

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.

Sunstone Hotel Investors Inc., which owns 59 hotels, mostly in the Western U.S., said Tuesday it has accepted a sweetened buyout offer of nearly $453 million by an investor group that includes top Sunstone management. SHP Acquisition, which plans to take the San Clemente company private, would pay $10.35 per share in cash, a 37% increase over its previous offer in April. In addition, SHP would absorb Sunstone's debt of about $440 million.

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.

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.

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.