Blackstone Funds to Buy Hyatt Regency San Francisco for $279M

Corporate Action
โดย Insider Monkey·Read original
Summary · why it matters

Sunstone Hotel announced a definitive agreement to sell the 821-room Hyatt Regency San Francisco to funds affiliated with Blackstone Real Estate for a gross sale price of $279 million, or about $340,000 per key. The price represents a 21.4 times multiple on Hotel Adjusted EBITDA and a 3.5% cap rate on Hotel Net Operating Income for the trailing twelve-month period ended May 31. Sunstone expects the transaction to close in late July or early August and plans to provide more details in its quarterly earnings release in early August.

Impact on stocks 2

Real Estate▲ · 1 stocks
Sunstone Hotel Investors Inc
SHO
▲ PositiveCapitalrelevance

Sunstone sells the hotel at a 21.4x EBITDA multiple, generating proceeds and likely improving its balance sheet.

Artificial Intelligence▲ · 1 stocks
Blackstone Group Inc
BX
▲ PositiveCapitalrelevance

Blackstone acquires a hotel asset at a favorable cap rate, expanding its real estate portfolio.

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