Sunstone Hotel sells Hyatt Regency San Francisco to Blackstone for $279M, repurchases $70M stock

Sunstone Hotel Investors, Inc.

Gross sale price $279M for 821-room Hyatt Regency SF ($340K/key); implied 21.4x EBITDAre, 3.5% cap rate.
Deployed ~$70M of proceeds into buybacks: 4.4M common at $9.24 avg ($40.5M), 1.4M preferred at $20.37 avg ($27.8M).
Transaction expected to close late July/early August 2026; further details in Q2 earnings release.
CEO cites strategy to recycle capital into higher risk-adjusted returns; remaining proceeds to be deployed.

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