NEW YORK CITY-Sunstone Hotel Investors Inc., a hotel investor based in Aliso Viejo, is purchasing the remaining 62% of a hotel in Times Square. The investor is acquiring a part of Doubletree Guest Suites Times Square, a 460-room hotel, for an amount of $37.5 million.
Sunstone has plans to spend nearly $1 billion this year to buy other hotels. Kenneth Cruse of Sunstone told Bloomberg that the company is planning to go in search of hotels with 400 rooms or larger. For the full story, go to Orange County Business Journal.
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