- Sunstone Hotel ( NYSE: SHO ) rose 3.3% after a 13-F filing from Monday indicated Blackstone ( BX ) took a stake in the hotel REIT.
- Blackstone ( BX ) owned 8.65 million shares, or a 4.1% stake in Sunstone ( SHO ) as of June 30, according to a Blackstone 13-F filling. The position makes BX a top 5 holder of Sunstone.
- Sunstone ( SHO ) has been a focus of investors since its former CEO left in September and the hotel REIT named its CFO t o the CEO post in March. The company suspended its quarterly common stock cash dividend in February.
- The Blackstone ( BX ) stake is noteworthy as the real estate investor originally disclosed a stake in Sunstone competitor Extended Stay America in 2020 and last year Blackstone and Starwood Capital agreed to buy Extended Stay for more than $6 billion.
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Sunstone Hotel gains after Blackstone takes stake in 13-F filing