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Sunstone Giving 11 Hotels Back to Lender

SAN CLEMENTE, CA-The hotel REIT is giving back four assets in the state as well as others to Mass Mutual after not making payments on a $246-million loan.

By Ian Ritter | Updated on January 08, 2010

SAN CLEMENTE, CA-Sunstone Hotel Investors is giving 11 hotels back to lender Mass Mutual after it failed to make payments on a $246-million non-recourse mortgages and negotiations proved unsuccessful. The hotel REIT will take an $83-million fourth-quarter loss as a result of the measure.

The forfeited hotels, valued at $173 million by Sunstone, include three in San Diego, Courtyard by Marriott San Diego and Holiday Inn Express San Diego, both in Old Town, and Holiday Inn Downtown. Others in California are Courtyard by Marriott Los Angeles; and Residence Inn by Marriott in Manhattan Beach.

Assets in other states include two in Rochester, NY: Kahler Inn & Suites and Marriott Rochester. On Long Island, NY, there is the Hilton Long Island/Huntington. In Utah, it is giving back Marriott Salt Lake City, in University Park; and Marriott Provo. Also included is Renaissance Atlanta Concourse.

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