September 6th, 2007
Sunstone Hotel Investors, a newly formed real-estate investment trust, completed an initial public offering of 21.1 million shares of its common stock and received proceeds of about $358.7 million
* Sunstone Hotel Investors, a newly formed real-estate investment trust, completed an initial public offering of 21.1 million shares of its common stock and received proceeds of about $358.7 million. The company also sold Sunstone Hotel Properties, the manager of 54 hotels comprising 12,643 guestrooms, including 50 hotels owned by Sunstone Hotel Investors, to Interstate Hotels & Resorts.
Publicly traded REITs are required to have their hotels managed by third-party perators.