Search
 

Sunstone Closes on $243M Hilton Times Square Purchase

NEW YORK CITY-Sunstone Hotel Investors closes on its $242.5-million acquisition of the 444-room Hilton Times Square. The property is located on 42nd Street one half block west of Times Square.

By Barbara Jarvie | Updated on March 20, 2006

NEW YORK CITY-Sunstone Hotel Investors has completed its acquisition of the Hilton Times Square at 234 West 42nd St. for approximately $242.5 million from Forest City Ratner Cos. The San Clemente, CA-based REIT also assumed an $81-million note due in 2010 with a rate of 5.9% per year and executed its option and made an additional $15-million payment to convert the 444-room property to a franchise.

Sunstone previously said financing would also come from additional debt proceeds generated from the pending refinancing of two assets and through an equity offering. The site was developed by Forest City Ratner in 2000 as part of a mixed-use complex. The hotel occupies the 21st through 44th floors of the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.