Sunstone to Acquire Wailea Beach Marriott Resort

    Sunstone Hotel Investors Inc. has entered into a definitive agreement to acquire the 544-room Wailea Beach Marriott Resort & Spa in Maui, Hawaii, for $325.7 million. The company expects to fund the acquisition, in part, with $60 million of common stock issued directly to the seller—an affiliate of Blackstone Real Estate Partners IV—at a price of $14.87 per share. The company expects to fund the balance of the purchase price with proceeds from the issuance of common stock. Additionally, it expects to receive operational support from Marriott International, the hotel manager, during a planned renovation of the hotel in 2015 and 2016. Read more over at MarketWatch.