Shartsis Friese Represents Sunstone in $540 Million Sale of Times Square Hotel
Sunstone Hotel Investors Inc. tapped David Egdal of Shartsis Friese as seller’s counsel in the sale of the DoubleTree Guest Suites Times Square in New York City to Maefield Development for $540 million in a deal announced on December 18.
According to Sunstone CEO John Arabia in the company’s press release about the deal, “Consistent with our business plan to selectively dispose of assets, this transaction unlocks meaningful shareholder value by monetizing an asset with substantial long-term redevelopment opportunities at a price above our internal valuation. Furthermore, this transaction improves our near-term comparable property-level growth prospects, enhances our already strong balance sheet, provides meaningful liquidity, reduces our ground lease exposure, eliminates a near-term debt maturity, reduces our near-term renovation expenditures, and renovation-related earnings disruption and results in a meaningful distribution to our common stockholders.”
According to a Law360 article about the deal, “The transaction slims Sunstone’s portfolio of hotel interests down to 29 properties with a combined 13,485 rooms.”