Sunrise Realty Sells Thompson San Antonio Hotel for $41M, Books $26.7M Share
SUNS is trading near its 52-week low of $5.77 (3.6% above the low).
Summary
Sunrise Realty Trust closed the sale of the Thompson San Antonio hotel to The Loren Group for $41 million. SUNS holds a 65% stake in the joint venture that owned the property, giving it a $26.7 million share of the gross purchase price—$5.9 million in cash and a $20.8 million senior loan it originated. The sale price matches the carrying value of SUNS's investment, so no gain or loss is recognized. The company continues to pursue remedies under the former sponsor's guarantee, which could yield additional recovery. This follows the August announcement of the all-stock merger with Southern Realty Trust and the recent $20 million buyback authorization, both pending the merger close. The hotel sale provides liquidity and reduces exposure to a foreclosed asset, but the financial impact is neutral to book value.
At the time of this announcement, SUNS was trading at $5.98 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $78.3M. The 52-week trading range was $5.77 to $10.45. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.