Aliso Viejo-based Sunstone Hotel Investors sold its leasehold interest in the Sheraton Cerritos for $42M, or about $206,900/key.
The buyer of the 203-room hotel was not named.
The sale allows the company to avoid a mandatory $6M to $7M renovation planned for 2017, Sunstone chief investment officer Robert Springer says, according to the Long Beach Press-Telegram.
Sunstone Hotel Investors has interests in 28 hotels, operating under brands including Marriott, Hilton, Hyatt and Fairmont. [LBPT]
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