Oct. 15, 2009 (PR Newswire) --
SAN CLEMENTE, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Sunstone Hotel Investors, Inc. (NYSE: SHO) (the "Company") announced today that it intends to issue 14,000,000 shares of its common stock. The underwriters will be granted a 30-day option to purchase up to an additional 2,100,000 shares of common stock to cover over-allotments, if any.
The joint bookrunners for this offering are BofA Merrill Lynch and Wells Fargo Securities.
The Company expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary (the "Operating Partnership"), in exchange for additional membership interests in the Operating Partnership. The Operating Partnership will subsequently use the net proceeds from this offering for working capital and other general corporate purposes, which could include one or more hotel acquisitions.
The shares of common stock are being offered pursuant to an effective registration statement filed with the Securities and Exchange Commission and may be made only by means of a prospectus. A copy of the prospectus relating to the offering will be filed with the Securities and Exchange Commission and, when available, can be obtained from the offices of BofA Merrill Lynch, at Attn: Prospectus Department, 4 World Financial Center, New York, NY 10080 or Wells Fargo Securities, at Attn: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, telephone: (800) 326-5897, email: equity.syndicate@wachovia.com.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 40 hotels comprised of 14,006 rooms primarily in the upper-upscale segment operated under nationally recognized brands, such as Marriott, Hyatt, Fairmont, Hilton, and Starwood.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results.
