Sunstone Hotel Investors, Inc. SHO has announced the sale of the 622-room Renaissance Harborplace in Baltimore, MD for $80 million. The move comes as part of the company’s strategy to concentrate its portfolio in “Long-Term Relevant Real Estate”. It will also bolster the company’s liquidity position.
The coronavirus crisis and related uncertainties have resulted in a declining lodging demand, as the U.S. states have imposed travel restrictions and mandatory stay-at-home orders, and meetings and conferences have been called off.
As a result, business travelers are grounded, while leisure travelers are scared to go on an outing, affecting lodging REITs like