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.
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.
September 5, 1998 |
Sunstone Hotel Investors Inc. said Friday it acquired the Pacific Shore Hotel in Santa Monica from Pacific Shore Hotel Ltd. for about $22 million. Sunstone, a San Clemente real estate investment trust that focuses on hotel acquisitions, said the 168-room hotel across from the Pacific Ocean has a restaurant and lounge, pool and spa, fitness center, gift shop and meeting rooms. Sunstone plans to renovate the hotel and raise rates.