• Sunstone makes $126m Miami buy

Sunstone Hotel Investors has acquired the Royal Palm Hotel in Miami Beach for $126.1m (£80.8m) at a foreclosure auction.

Prior to the auction, Sunstone bought a portion of the outstanding debt at a discount, resulting in a gross purchase price of $117m. The Reit has yet to appoint an operator and will spend two years renovating the site.

See the full story here:
http://www.marketwatch.com/story/sunstone-hotel-investors-inc-acquires-the-409-room-royal-palm-hotel-miami-beach-2010-08-16?reflink=MW_news_stmp

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