Sunstone Hotel gets $850 million unsecured credit facilities

By Sara Rosenberg

New York, July 27 – Sunstone Hotel Investors Inc. closed on Monday on $850 million of unsecured credit facilities, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Wells Fargo Securities LLC, BofA Securities Inc., JPMorgan Chase Bank, PNC Capital Markets, U.S. Bank, Truist Securities Inc. and the Huntington National Bank acted as the joint lead arrangers on the deal. Wells Fargo, BofA Securities and JPMorgan acted as joint bookrunners. Wells Fargo is the administrative agent.

The facilities consist of a $500 million revolver due July 25, 2026, with two six-month extension options, a $175 million term loan due July 2027 and a $175 million term loan due January 2028.

Pricing on the revolver can range from SOFR plus 140 basis points to 225 bps based on leverage, and pricing on the term loans can range from SOFR plus 135 bps to 220 bps based on leverage.

There is a $250 million accordion feature.

Proceeds were used to refinance existing debt.

Sunstone Hotel is an Irvine, Calif.-based lodging real estate investment trust.

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