Hotels in New Orleans and Boston have been bought for a combined total of $309 million by Sunstone Hotel Investors Inc. With the economy rebounding quite well lately, this should be a killer deal for the company as the tourism industry is booming.
Aliso Viejo-based Sunstone Hotel Investors Inc. said it is paying a combined $309 million to acquire a pair of hotels, in Boston and New Orleans.
The company announced it was paying $250 million for the 1,053-room Boston Park Plaza hotel, a historic property near the city’s Boston Common park. The deal is expected to close later this year.
The hotel investor also said it paid just under $59.4 million for the 250-room Hilton New Orleans St. Charles, located in downtown New Orleans. Sunstone said it is planning a renovation of the property over the next year.