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BOSTON-Sunstone Hotel Investors, based in Aliso Viejo, CA, said Tuesday it had closed on its $250-million acquisition of the landmark 1,053-key Boston Park Plaza hotel here. First announced in early May, the acquisition was structured as a tax-deferred exchange, funded with a combination of proceeds received from the sale of four hotels and a commercial laundry facility this past January, cash on hand and the assumption of a non-recourse loan secured by the property.

Sunstone paid nearly double what the Rockpoint Group paid to acquire the Park Plaza from Starwood Hotels & Resorts in 2011. The Boston Globe said that at that time, the 86-year-old hospitality asset fetched $126 million.

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