Sunstone Checking Out of Another Hotel

Sunstone Hotel Investors Inc. is giving back a second hotel to its lenders.

Sunstone, a real-estate investment trust that owns 40 upscale hotels in the U.S., disclosed Wednesday that it intends to forfeit the 293-room Marriott Ontario Airport hotel in Ontario, Calif., to the servicer overseeing the hotel’s $26.6 million securitized mortgage.

A few months ago Sunstone gave up the keys on the 258-key W Hotel in San Diego. News is out now that they are losing a second asset.

Sunstone isn’t the only hotel owner that is being hammered. RevPAR continues to be extremely weak. Expect to see a lot of hotels going back to lenders.

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Comments

Paul Zanders September 17, 2009

great title for this article!

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