Sunstone Hotel Investors Inc., the real estate investment trust that’s forfeited 10 properties in the past two years, wants to buy $1 billion of assets in 2011 to expand its portfolio of upscale business hotels.
The company is looking to buy high-end hotels of 400 rooms or larger in major cities on the U.S. East and West coasts, said Kenneth Cruse, Sunstone’s president and chief financial officer. Among the purchases is the 62 percent of Doubletree Guest Suites Times Square it doesn’t already own for about $37.5 million. Sunstone plans to complete the New York acquisition this month.
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