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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 29, 1996
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COMMISSION FILE NUMBER 0-26304
SUNSTONE HOTEL INVESTORS, INC.
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(Exact name of registrant as specified in its charter)
MARYLAND 52-1891908
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
115 CALLE DE INDUSTRIAS, SUITE 201, SAN CLEMENTE, CA 92672
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(Address of Principal Executive Offices) (Zip Code)
(714) 361-3900
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(former name or former address, if changed since last report)
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On October 29, 1996, Sunstone Hotel Investors, Inc., through its
affiliated partnership, Sunstone Hotel Investors, L.P., acquired for
$27.8 million from affiliates of Beck Summit Hotel Management Group of
Lauderdale By the Sea, Florida, the 246-room Holiday Inn in Mesa,
Arizona, which will be converted into a Holiday Inn Hotel and Suites;
the 156-room Holiday Inn in Flagstaff, Arizona; and the 125-room
Hampton Inn in Tucson, Arizona. The hotels were purchased for $3.6
million in cash, the assumption of $16.8 million in debt financed by
FINOVA Capital Corporation, and the issuance of $7.4 million in
partnership units of Sunstone Hotel Investors, L.P., at $10.52 per
unit. The purchase price represents an approximate room price of
$52,700 with the three hotels reporting a combined average daily rate
(ADR) of $63.43 and an average daily occupancy of 65.1% for the
12-month period ended July 31, 1996.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements of Businesses Acquired. The historical
financial statements required to be provided in this Form 8-K
are impracticable to file at this time and will be filed under
cover of Form 8-K/A as soon as practicable, but not later than
sixty (60) days after the date this Form 8-K must be filed.
(b) Pro Forma Financial Information. The pro forma financial
information required to be provided in this Form 8-K is
impracticable to file at this time and will be filed under cover
of Form 8-K/A as soon as practicable, but not later than sixty
(60) days after the date this Form 8-K must be filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SUNSTONE HOTEL INVESTORS, INC.
Date: November 12, 1996 By: /s/ ROBERT A. ALTER, President
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Robert A. Alter, President