Sunstone Hotel Investors, Inc. Announces the Acquisition of Land Underlying its Renaissance Orlando Resort at SeaWorld

Sunstone Hotel Investors, Inc. announced today that it has acquired 32.6 acres of land underlying its Renaissance Orlando Resort at SeaWorld, for a gross purchase price of $30.4 million. Prior to the acquisition by Sunstone, the land had been leased from a third-party. Ground rent under the lease is projected to be approximately $2.8 million in 2008. Sunstone acquired the land with available cash. Robert A. Alter, Chairman and Chief Executive Officer...