CENTURY PLAZA HOTEL SELLS FOR $366.5 MILLION

LOS ANGELES — Next Century Associates, a joint venture with an entity in the D. E. Shaw group, has acquired Century Plaza Hotel for $366.5 million or approximately $505,000 per room, from Sunstone Hotel Investors. Located at 2025 Avenue of the Stars in Los Angeles, the renowned 19-story hotel features 726 guestrooms and 85,000 square feet of meeting space, including the Los Angeles Ballroom. Sunstone purchased the hotel in 2005 and implemented a $36 million improvement program. Hyatt will continue to operate the property, which features extensive gardens, four outdoor swimming pools with private cabanas, a 20-room spa and several restaurants.