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Sunstone Hotel Investors, Inc. Announces Initial Public Offering
of Common Stock
SAN CLEMENTE, Calif., Oct. 21 /PRNewswire-FirstCall/ -- Sunstone Hotel
Investors, Inc. (NYSE:SHO) today announced an initial public offering of
21,100,000 shares of its common stock at a price of $17.00 per share. The
Company has granted the underwriters of the offering an option to purchase up
to 3,165,000 additional shares of its common stock to cover over-allotments, if
any. The offering is expected to close on October 26, 2004.
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are acting as joint book
runners in the offering, with Deutsche Bank Securities Inc., Bear Stearns & Co.
Inc., UBS Securities LLC, A.G. Edwards & Sons, Inc., and Calyon Securities
(USA) Inc. acting as co-managers.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the securities described above, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Copies of the final prospectus for the offering, when available, may be
obtained from Citigroup Global Markets Inc. (Brooklyn Army Terminal, 140 58th
Street, 8th floor, Brooklyn, New York 11220), Merrill Lynch, Pierce, Fenner &
Smith Incorporated (4 World Financial Center, New York, New York 10080) or
Morgan Stanley & Co. Incorporated (1585 Broadway, New York, New York 10036).
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a southern California-based company that
expects to qualify as a real estate investment trust (REIT) for federal income
tax purposes. The Company owns 54 hotels primarily in the upper-upscale and
upscale segment of the United States lodging market.
For more information, please contact: Jon D. Kline, Chief Financial Officer of
Sunstone Hotel Investors, Inc., +1-949-369-4252; or Investor/Analyst
Information, Amy Cozamanis, +1-310-407-6547, or General Information, Laurie
Berman, +1-310-407-6546, both of Financial Relations Board, for Sunstone Hotel
Investors, Inc.
DATASOURCE: Sunstone Hotel Investors, Inc.
CONTACT: Jon D. Kline, Chief Financial Officer of Sunstone Hotel
Investors, Inc., +1-949-369-4252; or Investor/Analyst Information, Amy
Cozamanis, +1-310-407-6547, or General Information, Laurie Berman,
+1-310-407-6546, both of Financial Relations Board, for Sunstone Hotel
Investors, Inc.