The Firm is representing an affiliate of The Blackstone Group in connection with its sale of the 417-room Wyndham Chicago to an affiliate of Sunstone Hotel Investors, Inc. The purchase price is $88.4 million, which will be funded with $30 million of cash and $58.4 million of Sunstone’s common stock. The transaction is expected to close during the second quarter of 2012.
Sunstone (NYSE: SHO) is a lodging real estate investment trust that, as of March 31, 2012, has interests in 32 hotels comprised of 13,208 rooms. Sunstone’s hotels are primarily in the upper upscale segment and are generally operated under nationally recognized brands, such as Marriott, Hilton, Fairmont, Hyatt and Sheraton.
The Simpson Thacher team includes Erik Quarfordt, Patrick Dowd and Whitney Roland (Real Estate); Brian Stadler and Matt Rogers (M&A); Nancy Mehlman and Anthony Minervini (Tax); and Greg Grogan and Samantha Shipp (Executive Compensation and Employee Benefits).