NEWPORT BEACH, CA — On Monday, Sunstone Resort Traders Inc. introduced that the Fairmont Newport Seashore was bought for $125 million.
The 444-room Newport Seashore space lodge was one among Sunstone’s 27 resorts. Listed as a AAA 4 Diamond lodge, The Duke Resort as it is usually known as, it’s adjoining to the John Wayne Airport in Orange County.
“The sale, which is in step with our capital allocation technique, monetizes an asset at a horny valuation, will increase our portfolio high quality, RevPAR (income per obtainable room) and near-term progress prospects and reduces near-term capital wants,” mentioned Robert Springer, Sunstone’s chief funding officer.
