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Sunstone says other properties may face same fate
Sunstone Hotel Investors Inc. said it will default on the June mortgage payment for its W Hotel San Diego and turn over the 258-room property to its lenders - and that some other properties in its stable could face a similar fate.
The real estate investment trust (REIT) said the San Diego hotel has been hurt by "significant and continuing deterioration in demand for luxury lodging" as well increased competition from the opening nearby of luxury boutique hotels, two additional Starwood-branded hotels and a 1,190-room convention hotel.
Sunstone also said it may wind up returning a limited number of its other mortgaged hotels to their bankers, but declined to identify any properties that might be in danger of default. The REIT owns more the 40 hotels operating under a variety of flags, including Marriott, Hilton, Hyatt, Fairmont and Starwood. It has been restructuring its credit facility and soliciting bids for new mortgage debt on several of its hotels.
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