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Sunstone Hotel sells leasehold interest in CA hotel

May 11, 2016 8:01 AM ETSunstone Hotel Investors, Inc. (SHO) StockBy: Stephen Alpher, SA News Editor
  • The 203-room Sheraton Cerritos was sold for $42M, or $206.9K per key. The price represents a 10.5 multiple on 2015 hotel adjusted EBITDA, and a8.2% cap rate on NOI.
  • The deal resulted in a net book gain for Sunstone (NYSE:SHO) of $17.5M-$18.5M, and will boost taxable income by nearly that much. CEO Robert Springer says the sale allows the company to avoid having to spend $6M-$7M that was earmarked for renovations next year, though it will reduce full-year 2016 adjusted EBITDA and adjusted FFO by about $2.9M.

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