Sunstone Hotel has announced the acquisition of the Royal Palm hotel in Miami Beach for $126.1 million at a foreclosure auction.
Prior to the auction, the Company had purchased a portion of the outstanding debt at a discount to par resulting in an economic gross purchase price of approximately $117.0 million.
The Company has initiated a request for proposals process to select the appropriate manager to capitalize on the unique attributes of the Hotel.
The Company plans to commence a comprehensive renovation program with the aim of transforming the Hotel into one of the premier destinations on South Beach.
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