Sunstone Closes Deal for Northwest Hotels
SAN CLEMENTE — Sunstone Hotel Investors Inc. said it has completed its previously announced acquisition of six Cypress Inn Hotels in the Pacific Northwest for nearly $14.9 million.
Hotels involved in the transaction are in Kent, Everett and Poulsbo, Wash.; Clackamas, Ore., and two in Portland.
Sunstone said it intends to franchise four or five of the hotels with national franchises such as Holiday Inn or Hampton Inn and conduct “extensive renovations and remodeling.” Properties that do not fit the company’s growth strategy will be sold to outside parties, Sunstone said.
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