INVESTMENT FIRM PURCHASES HOTEL.Byline: Stacy Brown Daily News Staff Writer Citing a strong demand for hotel rooms in Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, , Orange County-based Sunstone sun·stone n. See aventurine. Noun 1. sunstone - a translucent quartz spangled with bits of mica or other minerals aventurine Hotel Investors, Inc. has bought the 130-room Hampton Inn in Newhall for $8.25 million. In January, Sunstone recently acquired the new neighboring Residence Inn and Fairfield Inn properties. Sunstone, a real estate investment trust company based in San Clemente San Clemente (săn klĭmĕn`tē), city (1990 pop. 41,100), Orange co., S Calif., on the Pacific coast; inc. 1928. Camp Pendleton, a large U.S. marine base, adjoins the city, which is chiefly residential. , will assume around $6.2 million of an existing debt and issue limited partnership units for other partners' equity to buy the Hampton Inn. The Hampton Inn is a single four-story building with meeting rooms, a small business center, swimming pool and spa. In a statement issued by the company, Sunstone said there are significant opportunities to expand the business base of the Hampton Inn and Fairfield Inn locations. Both cater to business travelers. And with all three hotels just off the Golden State Freeway The Golden State Freeway is a north-south freeway running through Kern County and Los Angeles County, California. Originally built as U.S. Highway 99, it was re-signed as Interstate 5 in 1964. , they are poised to attract visitors to Six Flags For the national flags of Texas, see . Six Flags (NYSE: SIX) is the world's largest chain of amusement parks and theme parks and is headquartered in New York City. There are 20 such parks run by Six Flags. California, just five miles north. Company officials said also that the hotel is relying heavily on the continuing commercial development in Santa Clarita and the nearby theme park and freeway to attract additional business. ``This acquisition will give Sunstone increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in the strong Santa Clarita hotel market and is a welcome addition to our recent (area) acquisition,'' said Robert Alter, Sunstone's chairman and chief executive officer. Sunstone Hotel Investors, Inc. is a self-administered equity real estate investment trust that owns and invests in luxury, upscale and mid-price hotels located in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century , Alter said. He said the company's growth strategy is to maximize shareholder value by acquiring under-performing hotels in the western United States that are in attractive locations, but not easily accessible. The plan involves improving financial performance by renovating, redeveloping, re-branding and repositioning the hotels together with the implementation of focused sales and marketing programs. Through Sunstone Hotel Investors, L.P., the company owns or has invested in a total of 60 hotels comprising 10,837 rooms. Alter said also that Sunstone's business strategy is to own luxury, upscale and mid-price hotels with revenue growth opportunities in strong Western U.S. markets. |
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