SAN CLEMENTE, Calif., March 22 /PRNewswire-FirstCall/ -- Sunstone Hotel
Investors, Inc. (NYSE: SHO) announced today that it has signed a commitment
letter and rate lock agreement with an institutional lender on ten individual
fixed rate mortgage loans totaling $276,000,000. The loans will each be for a
term of ten years with a fixed rate of 5.34%. The proceeds from these loans
will be used to repay existing floating rate mortgages and for general
corporate purposes. Once this transaction is completed, approximately 85% of
the Company's outstanding debt will be fixed. The Company expects that this
transaction will close during the second quarter of this year. The closing
and funding of the loan are conditioned upon negotiation of final
documentation and satisfaction of customary closing conditions.
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a Southern California-based lodging real
estate company that expects to qualify as a real estate investment trust
(REIT) for federal income tax purposes. The Company owns 54 hotels primarily
in the upper-upscale and upscale segments primarily operated under nationally-
recognized franchises, such as Marriott, Hilton, InterContinental and Hyatt.
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SOURCE Sunstone Hotel Investors, Inc.
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CONTACT:
Investor Relations of Sunstone Hotel
Investors, Inc., +1-949-369-4204; or Investor/Analyst
Information, Amy Cozamani, +1-310-854-8314, or General
Information, Laurie Berman, +1-310-854-8315, both of Financial
Relations Board for Sunstone Hotel Investors, Inc.
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