SAN CLEMENTE, CA-Sunstone Hotel Investors Inc., a San Clemente-based hotel owner, is planning to trade about 20 million shares to invest in acquisitions. It has a market value of nearly $1 billion.
Sunstone's shares were off nearly 6% in late trading. The company had acquired the Royal Palm Hotel in August for $126 million and had repurchased the 347-room Renaissance Westchester Hotel in June for $24.8 million. It had sold stocks to raise about $159 million for acquisitions last fall. For the full story, go to Orange County Business Journal.
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