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Boston & New England  + Boston  + Hospitality  |  October 27, 2023
Emily Fu
By: Emily Fu

Sunstone Hotel Investors Sells Boston Park Plaza for $370M 

Sunstone Hotel Investors, Inc. has announced the completion of the sale of the 1,060-room Boston Park Plaza for a gross sale price of $370 million, representing approximately $350,000 per key.  

The sale was made after Sunstone executed a business plan to reinvigorate the historic hotel since its acquisition in 2013. The sale price represents a 12.1x multiple on Hotel Adjusted EBITDAre and a 7.1% cap rate on Hotel Net Operating Income for the trailing four quarters ended June 30, 2023.  

The company is now considering opportunities to reinvest the net proceeds from the sale through a tax-deferred exchange or offsetting the gain with existing tax attributes. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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