KENNER, La., April 11 -- Stirling Properties and
Sizeler Property Investors, Inc. (NYSE: SIZ) are pleased to announce that
they have entered into an agreement to sell Hammond Square Mall to Palace
Properties, LLC for a purchase price of $14 million cash, subject to usual
terms and conditions. The sale is scheduled to close on or before May 16,
2006.
Hammond Square Mall is a 431,000 sq ft two-level enclosed mall anchored
by Dillard's and Sears. It is located at the intersection of Interstate 12
and US 51 in Hammond, LA. Hammond Square Mall is the only enclosed mall
serving a trade area extending halfway to Baton Rouge to the west, to the
Mississippi border to the north, south to Manchac, and east to the
Tangipahoa parish line. Hammond Square Mall is important for the City of
Hammond as it is a major source of sales tax revenue for the area.
"We would like to thank Sizeler's Chairman, Mark Tanz, and President,
Tom Masilla and the Board of Directors of Sizeler Property Investors, Inc.
for working with us on this transaction," said Jimmy Maurin, Chairman of
the Board of Stirling Properties and Manager of Palace Properties.
According to Maurin, Sizeler was very responsive throughout the negotiation
process which contributed to Palace Properties' decision to place an offer
to purchase the Hammond Square Mall. "We are pleased that Sizeler has
agreed to sell to local investors who are committed to a full redevelopment
of the property."
"We are pleased to have reached an agreement with Palace Properties,
LLC and will work towards the successful closing of this transaction," said
Tom Masilla, President of Sizeler Property Investors, Inc.
"I would also like to acknowledge Mayor Mason Foster and the entire
city administration for their encouragement and support in helping this
project move forward," said Jimmy Maurin. "We look forward to working
closely with Sizeler in the closing of this transaction and with the City
of Hammond in the redevelopment of Hammond Square Mall."
About Stirling Properties
Stirling Properties is a regional real estate firm offering
comprehensive services in development; commercial brokerage; property and
asset management; investment sales; property owner and tenant
representation; and residential real estate services. Reporting over 1/2
billion dollars in combined sales and employing almost 350 professionals,
Stirling Properties' portfolio includes 9 million square feet of managed
property and 14 million square feet of properties for sale or lease. With
offices located in Gulfport, Gauthier and Jackson, Mississippi; Baton
Rouge, Lafayette, New Orleans, Metairie, Mandeville, Shreveport, Hammond,
Covington, and Ascension in Louisiana, Stirling has become one of the
largest real estate firms in the South East. Stirling Properties can be
found on the web at http://www.stirlingprop.com .
About Sizeler Property Investors, Inc.
Sizeler Property Investors, Inc. is an equity real estate investment
trust (REIT) which invests in retail shopping centers and apartment
properties in the southeastern United States. At December 31, 2005, the
Company's investment portfolio consisted of thirteen retail shopping
centers, three enclosed shopping malls, and fifteen apartment communities.
The properties are located in Louisiana (17), Florida (10), and Alabama
(4). Sizeler Property Investors, Inc. can be found on the web at
http://www.sizeler.net.
SOURCE Sizeler Property Investors, Inc.
Web Site: http://www.sizeler.net http://www.stirlingprop.comSAN CLEMENTE,
Calif., April 13 /PRNewswire-FirstCall/ -- Sunstone Hotel
Investors, Inc. (NYSE: SHO) announced today that it will hold a conference
call on Thursday, May 4, 2006 at 10:00 a.m. EDT (7:00 a.m. PDT) to discuss
its first quarter results and operating performance. The Company will
release its financial results for the 2006 first quarter after the close of
market on Wednesday, May 3, 2006.
A live webcast of the call will be available via the Investor Relations
section of the Sunstone Hotel Investors' website at http://www.sunstonehotels.com.
Please go to the website at least 15 minutes prior to the conference call
in order to register, download and install any necessary audio software. A
replay of the webcast will also be archived on the website. As an
alternative, investors may dial 1-800-866-5043 (for domestic callers) or
303-262-2142 (for international callers) to listen to the call.
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a Southern California-based lodging
real estate investment trust (REIT). Sunstone owns 61 hotels with an
aggregate of 17,901 rooms primarily in the upper-upscale and upscale
segments operated under franchises from nationally recognized brands such
as Marriott, Hyatt, Hilton and Fairmont.
For Additional Information:
Bryan Giglia Amy Cozamanis
Director of Finance Investor/Analyst Information
Sunstone Hotel Investors, Inc. Financial Relations Board
(949) 369-4236 (310) 854-8314
SOURCE Sunstone Hotel Investors, Inc.
Web Site: http://www.sunstonehotels.com
