By Tess Stynes 
 

Sunstone Hotel Investors Inc. (SHO) agreed to acquire the 544-room Wailea Beach Marriott Resort & Spa in Maui, Hawaii, from a unit of Blackstone Group LP (BX) for a net purchase price of $325.7 million.

The real-estate investment trust plans to fund the deal with $60 million of shares issued directly to Blackstone at a price of $14.87 a share, Thursday's closing price. The company also plans to fund the balance of the deal with proceeds from an issue of 18 million shares of its common stock at market or negotiated prices.

Sunstone also said that it expects to receive operational support from the manager of the hotel, Marriott International Inc. (MAR), during renovations planned for 2015 and 2016. The company plans to spend about $65 million for the upgrades, mostly focused on its public spaces.

Sunstone expects the acquisition will boost its comparable revenue per available room--a key measure of profitability in the lodging industry--by 1.3% and its hotel earnings before interest, taxes, depreciation and amortization by 1.9%.

The deal is expected to close in the third quarter.

Sunstone shares fell 1.7% to $14.62 in recent after-hours trading.

Write to Tess Stynes at tess.stynes@wsj.com

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