/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, June 20, 2014 /CNW/ - Sunstone U.S. Opportunity (No. 3) Realty Trust (the "Realty Trust") announced today that it has successfully completed the disposition of the Zona Hotel & Suites (the "Property"), located in Phoenix, Arizona for gross proceeds of US$52,000,000, less standard closing costs and adjustments.
The Realty Trust indirectly acquired the Property, which at acquisition was known as the Xona Resort Suites, on January 27, 2011 for a purchase price of US$34,000,000. The property was rebranded as "Zona Hotel & Suites" in May 2012 after the completion of a comprehensive US$4.0 million renovation program.
"We are very happy with the results of this sale. Since buying this hotel out of foreclosure and implementing our value add strategy, we have created a solid profit for our investors," stated Steve Evans, Principal of Sunstone.
The Realty Trust intends to complete a closing audit on the property prior to distributing all of the net proceeds to unitholders.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
SOURCE: Sunstone U.S. Opportunity (No. 3) Realty Trust
For further information: Andrew Greig, Director of Business Development; Sunstone U.S. Opportunity (No. 3) Realty Trust, Suite 910, 925 West Georgia Street, Vancouver, BC, V6C 3L2, Phone: (604) 681-5959 or (888) 681-5959, E-mail: [email protected]