ALISO VIEJO, Calif., Aug 16, 2010 /PRNewswire via COMTEX/ -- Sunstone Hotel Investors, Inc. (the "Company") /quotes/comstock/13*!sho/quotes/nls/sho (SHO 9.42, +0.03, +0.32%) today announced that it was the successful bidder at a foreclosure auction and acquired the fee-simple interest in the Royal Palm (the "Hotel") located on Collins Avenue in Miami Beach, Florida. The gross purchase price for the Hotel was approximately $126.1 million before transaction costs. Prior to the auction, the Company purchased a portion of the outstanding debt at a discount to par resulting in an economic gross purchase price of approximately $117.0 million or approximately $286,000 per key.
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