Sunstone Hotel Investors, Inc. (NYSE: SHO) recently announced that the underwriters in its public offering of 20,000,000 shares of its common stock have elected to exercise their option to purchase an additional 3,000,000 shares of common stock. After deducting the underwriting discounts and commissions and estimated offering expenses, the Company expects to receive total net proceeds from the sale of its shares of common stock of $158.2 million. The closing for the additional purchase of 3,000,000 shares is expected to take place concurrently with the closing for the initial purchase of 20,000,000 shares on October 21, 2009, subject to customary closing conditions.
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The joint bookrunners for this offering are BofA Merrill Lynch and Wells Fargo Securities. Citi, Deutsche Bank Securities, J.P. Morgan and UBS Investment Bank are acting as senior co-managers and R.W. Baird, Calyon Securities (USA), FBR Capital Markets & Co., KeyBanc Capital Markets, Raymond James and Stifel Nicolaus are acting as co-managers. Sunstone Hotel expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary (the "Operating Partnership"), in exchange for additional membership interests in the Operating Partnership. The Operating Partnership will use the net proceeds from this offering for working capital and other general corporate purposes, which could include one or more hotel acquisitions. The shares of common stock are being offered pursuant to an effective registration statement filed with the Securities and Exchange Commission and may be made only by means of a prospectus. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 40 hotels comprised of 14,006 rooms primarily in the upper-upscale segment operated under nationally recognized brands, such as Marriott, Hyatt, Fairmont, Hilton, and Starwood.
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