Sunstone Hotel Starts Public Offering
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SAN CLEMENTE — Sunstone Hotel Investors Inc. on Thursday began a public offering of 9 million shares at $17.25 each.
Sunstone, a hotel real estate investment trust, intends to use the proceeds to fund part of its acquisition of 17 hotels from Kahler Realty Corp.
The company said it is offering 1.8 million of the shares outside the United States and Canada. Sunstone will have about 29.5 million shares outstanding.
The company also said one of its units has been approved as a franchisee and operator of full service Marriott International Inc. hotels. The company also received approval to brand five full service hotels with the Marriott flag.
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