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JV To Acquire Doubletree in Times Square

NEW YORK CITY-Sunstone becomes a partner in the joint venture to acquire the 460-key property. The acquisition is part of Sunstone's effort to divest of non-core assets and move into top 25 markets.

By Katie Hinderer | Updated on December 29, 2006

NEW YORK CITY-Sunstone Hotel Investors Inc. has joined a partnership with Whitehall Street Global Real Estate Limited Partnership 2005 and Highgate Holdings to purchase the Doubletree Guest Suites Hotel in Times Square. The hotel, located at 1568 Broadway, is a 43-story, 460-unit property.

Southern California-based Sunstone will invest $68.5 million in the acquisition. The total acquisition price is not known. This latest acquisition adds to Sunstone’s portfolio which includes interest in more than 50 hotels totaling 16,218 rooms. The Doubletree meets the company’s acquisition criteria, which includes a minimum deal size of $25 million, between 200 and 1,000 rooms, high barrier to entry locations in top 25 US markets.

“The Doubletree Guest Suites Times Square is a market leading, all-suite hotel in a truly irreplaceable location,” says Robert Alter, Sunstone’s CEO, in a statement. “This investment structure increases our opportunity to participate in the growth of the dynamic Times Square hotel market while offering a compelling current yield.”

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