Sunstone Hotel Investors, a lodging real estate investment trust, completed the acquisition of the Montage Healdsburg Resort, for $265m. "Montage Healdsburg is a spectacular resort, ideally located in one of the most sought-after and highest-rated leisure destinations in the U.S. The Resort, which took over 15 years to develop, is a perfect example of Long-Term Relevant Real Estate and its addition elevates the overall quality and growth prospects of our portfolio. Leveraging our industry relationships, we acquired the Resort on an off-market basis and at a discount to what it would cost to develop today. The acquisition is consistent with our stated tactics of acquiring LTRR in the early phases of a cyclical recovery and putting to work a portion of our excess liquidity, all while maintaining financial flexibility and access to capital to fund incremental external growth. Additionally, we are funding 25% of the transaction with attractively structured perpetual preferred equity that is being issued directly to the Seller that aligns our interests and gives us additional optionality," John Arabia, Sunstone Hotel Investors President and CEO.