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Florida & Gulf Coast  + South Florida  + Hospitality  | 
Sunstone Hotel Investors, Inc., has acquired The Confidante Miami Beach for $232 million

The Confidante Miami Beach Sells for $232M to CA Buyers

Irvine, CA-based Sunstone Hotel Investors, Inc., has acquired the 339-room The Confidante Miami Beach hotel in Miami Beach, FL from an affiliate of Hyatt Hotels Corporation for $232 million ($684,000 per key).

The company will invest approximately $60 million to reposition the hotel into a premiere beachfront resort under Hyatt’s luxury, lifestyle Andaz brand. The renovation program will begin in phases, starting in the fourth quarter of 2022 with completion expected to occur in the first half of 2024 when the Hotel will debut as Andaz Miami Beach.

Sunstone expects the hotel will generate an 8% to 9% stabilized net operating income yield on the total investment in the hotel, including the planned repositioning.

The acquisition was funded from available cash and with $140 million of proceeds received from the company’s previously undrawn revolving credit facility. Based on the Company’s anticipated leverage ratio as of the end of the second quarter, borrowings on the credit facility are expected to bear interest at the rate of one-month LIBOR plus 1.50%.


Inside The Story

Sunstone Hotel Investors, Inc.

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition