Sunstone Sells 2 Marriott Hotels for $139M
- Jan 12, 2018
Sunstone Hotel Investors has disposed of two Marriott hotels for $139 million: the Marriott Philadelphia and Boston Marriott Quincy.
The sale price of $184,600 per key represents a 10.3x multiple on combined 2017 Hotel Adjusted EBITDA of $13.5 million and an 8.3 percent capitalization rate on combined 2017 Hotel Net Operating Income. The sale also excludes $12 million of brand required capital expenditure.
Step Inside the Hotels
Located at 1201 Market St. in Philadelphia, the 289-key Marriott Philadelphia features two dining options: Circ and 13 Restaurant, as well as a Starbucks. Guests have access to a fitness center, indoor swimming pool and 64 event rooms, totaling 92,223 square feet. The hotel is in close proximity to attractions such as Reading Terminal Market, the Philadelphia Museum of Art, the Liberty Bell and Independence Hall.
Located at 1000 Marriott Drive in Quincy, Mass., the 464-key Boston Marriott Quincy offers 17 event rooms totaling 15,322 square feet, as well as two ballrooms with high-speed internet. The hotel offers a buffet breakfast as well as access to its Hull & Mason Bar and Kitchen. Guests have access to a fitness center, indoor lap pool and whirlpool. Local attractions include Adams National Historic Park, Plimoth Plantation, John F. Kennedy Library and Museum, New England Aquarium, and the nearby towns of Rockland and Weymouth.
As of today, Sunstone has interests in 25 hotels comprised of 12,450 keys, mostly in the urban and resort, upper upscale segment and are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt. In November, the company refinanced a $220 million mortgage loan secured by the Hilton San Diego Bayfront.
Image courtesy of Sunstone Hotel Investors