Sunstone Buys Florida Oceanfront Hotel in $175M Deal
BySunstone Hotel Investors Inc., has acquired the fee-simple interest in Oceans Edge Hotel & Marina, a 175-key hotel in Key West, Fla., for $175 million. Additionally, Sunstone acquired a combined 52 wet and dry boat slips and amenities in the attached marina which offers direct deep channel access to one of the most sought after fishing destinations in the country.
“The acquisition of Oceans Edge Hotel & Marina demonstrates a continuation of our strategy to recycle capital into higher quality, long-term relevant real estate while maintaining an industry leading balance sheet with ample investment capacity,” John Arabia, Sunstone’s president and CEO, said in a prepared release. “Over the past 19 months, we have sold nearly $735 million of real estate and used a portion of those proceeds to return capital to our shareholders, to strengthen our already low-levered balance sheet and to redeploy proceeds into exceptional real estate.”…
