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OMB APPROVAL
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FORM 3
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
(Print or Type Responses)
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<S> <C> <C> <C>
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1. Name and Address of Reporting Person* 2. Date of Event Requiring 4. Issuer Name and Ticker or 6. If Amendment, Date
Statement Trading Symbol of Original
(Month/Day/Year) (Month/Day/Year)
Westbrook Real Estate Partners, L.L.C. 10/15/97 Sunstone Home Investors, Inc.
("SSI")
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(Last) (First) (Middle) 3. IRS or Social Security 5. Relationship of Reporting 7. Individual or Joint/
Number of Reporting Person to Issuer Group Filing
599 Lexington Avenue Suite 3800 Person (Voluntary) (Check all applicable) (Check Applicable
- ---------------------------------------- X Line)
(Street) ----- Director ----- 10% Owner
---------------------------- Form Filed by One
New York, NY 10022 ----- Officer ----- Other --- Reporting Person
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(City) (State) (Zip) below) below) X Form Filed by
--- More than One
--------------------------- Reporting Person
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TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership (Instr. 5)
(Instr. 5)
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Common Stock 2,284,262+ I See Note 1 on page 3
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
*If the form is filed by more than one reporting person, see Instruction 5(b)(v). SEC 1473(7-95)
+See Note 1 on page 3
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<TABLE>
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FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security 2. Date 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) Exercisable and Securities Underlying sion or ship Beneficial Ownership
Expiration Date Derivative Security Exercise Form of (Instr. 5)
(Month/Day/ (Instr. 4) Price of Deriv-
Year) Deri- ative
vative Security:
Security Direct
------------------------------------------------- (D) or
Date Expira- Amount or Indirect (I)
Exercis- tion Title Number (Instr. 5)
able Date of Shares
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7.9% Class A Cumulative
Convertible Preferred Stock $14.7093/ See Note 2
("Convertible Preferred Stock) -- -- Common Stock 1,699,605+ Share I on Page 4
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Explanation of Responses:
See attached signature pages
**Intentional misstatements or omissions of facts constitute Federal Criminal ------------------------------- -------------
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date
+ See Note 2 on page 4
Note. File three copies of this Form, one of which must be manually signed. Page 2
If space provided is insufficient, See Instruction 6 for procedure. SEC 1473 (8/92)
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ITEM 1. NAMES AND ADDRESSES OF REPORTING PERSONS:
NAME AND ADDRESS OF DESIGNATED FILER:
Westbrook Real Estate Partners, L.L.C.
599 Lexington Avenue, Suite 3800, New York, NY 10022
NAMES AND ADDRESSES OF ADDITIONAL JOINT FILERS:
1. Westbrook Real Estate Partners Management I, L.L.C. ("WREM I")
2. Westbrook Real Estate Fund I, L.P. ("WREF I")
3. Westbrook Real Estate Co-Investment Partnership I, L.P. ("WRECIP I")
4. Jeffrey M. Kaplan ("Kaplan")
5. Jonathan H. Paul ("Paul")
6. William H. Walton III ("Walton")
Each at: 599 Lexington Avenue, Suite 3800, New York, NY 10022
7. Gregory H. Hartman ("Hartman")
11150 Santa Monica Boulevard, Suite 1450, Los Angeles, CA 90025
8. Paul D. Kazilionis ("Kazilionis")
284 South Beach Road, Hobe Sound, FL 33455
See Joint Filing Agreement attached hereto as Exhibit 1.
ITEM 2. DATE OF EVENT REQUIRING STATEMENT:
October 15, 1997
ITEM 4. ISSUER NAME AND TICKER OR TRADING SYMBOL:
Sunstone Hotel Investors, Inc. ("SSI")
NOTE 1: WREF I is the record owner of 2,049,135 shares of Common Stock. WRECIP I
is the record owner of 235,127 shares of Common Stock.
As the sole general partner of WREF I and WRECIP I, WREM I may
be deemed to own beneficially Common Stock owned by WREF I and WRECIP I pursuant
to Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as
amended (the "Act"). As the sole managing member of WREM I, Westbrook Real
Estate Partners, L.L.C. may be deemed to own beneficially the Common Stock
owned by WREF I and WRECIP I pursuant to Rule 13d-3 promulgated under the
Act. As the managing members of Westbrook Real Estate Partners, L.L.C.,
Hartman, Kaplan, Kazilionis, Paul and Walton may be deemed to own beneficially
the Common Stock owned by WREF I and WRECIP I pursuant to Rule 13d-3
promulgated under the Act. Each of WREM I, Westbrook Real Estate Partners,
L.L.C., Hartman, Kaplan, Kazilionis, Paul and Walton disclaims beneficial
ownership of the Common Stock owned by WREF I and WRECP I pursuant to Rule
13d-4 promulgated under the Act.
For purposes of Section 16 of the Act, each of WREM I,
Westbrook Real Estate Partners, L.L.C., (Hartman, Kaplan, Kazilionis, Paul and
Walton disclaims beneficial ownership of the Common Stock owned by WREF I and
WRECIP I in excess of each of their proportionate interests therein.
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NOTE 2: WREF I is the record owner of 224,266.60 shares of Convertible Preferred
Stock (the "WREF I Preferred Stock"). As of the date of this filing, 224,266.60
shares of WREF I's Convertible Preferred Stock are presently convertible into
1,524,659 shares of Common Stock. WRECIP I is the record owner of 25,733.4
shares of Convertible Preferred Stock (the "WRECIP I Preferred Stock"). As of
the date of this filing, 25,733.4 shares of WRECIP I's Convertible Preferred
Stock are presently convertible into 174,946 shares of Common Stock of the
Issuer.
As the sole general partner of WREF I and WRECIP I, WREM I may
be deemed to own beneficially the WREF I Preferred Stock and the WRECIP I
Preferred Stock pursuant to Rule 13d-3 promulgated under the Act. As the sole
managing member of WREM I, Westbrook Real Estate Partners, L.L.C. may be deemed
to own beneficially the WREF I Preferred Stock and the WRECIP I Preferred Stock
pursuant to Rule 13d-3 promulgated under the Act. As the managing members of
Westbrook Real Estate Partners, L.L.C., Hartman, Kaplan, Kazilionis, Paul and
Walton may be deemed to own beneficially the WREF I Preferred Stock and the
WRECIP I Preferred Stock pursuant to Rule 13d-3 promulgated under the Act. Each
of WREM I, Westbrook Real Estate Partners, L.L.C., Hartman, Kaplan, Kazilionis,
Paul and Walton disclaims beneficial ownership of the Convertible Preferred
Stock owned by WREF I and WRECIP I pursuant to Rule 13d-4 promulgated under the
Act.
For purposes of Section 16 of the Act, each of WREM I,
Westbrook Real Estate Partners, L.L.L., Hartman, Kaplan, Kazilionis, Paul and
Walton disclaims beneficial ownership of the WREF I Preferred Stock and the
WRECIP I Preferred Stock in excess of each of their proportionate interests
therein.
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SIGNATURES OF REPORTING PERSONS (intentional misstatements or omissions of facts
constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C.
78ff(a)):
WESTBROOK REAL ESTATE
PARTNERS, L.L.C.
By: /s/ Jonathan H. Paul
__________________________________________
Name: Jonathan H. Paul
Title: Managing Principal
WESTBROOK REAL ESTATE
PARTNERS MANAGEMENT I, L.L.C.
By: /s/ Jonathan H. Paul
__________________________________________
Name: Jonathan H. Paul
Title: Managing Principal of Managing
Member
WESTBROOK REAL ESTATE FUND I, L.P.
By: /s/ Jonathan H. Paul
__________________________________________
Name: Jonathan H. Paul
Title: Managing Principal of Managing
Member of General Partner
WESTBROOK REAL ESTATE
CO-INVESTMENT PARTNERSHIP I, L.P.
By: /s/ Jonathan H. Paul
__________________________________________
Name: Jonathan H. Paul
Title: Managing Principal of Managing
Member of General Partner
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GREGORY H. HARTMAN
By: /s/ Gregory H. Hartman
__________________________________________
Name: Gregory H. Hartman
JEFFREY M. KAPLAN
By: /s/ Jeffrey M. Kaplan
__________________________________________
Name: Jeffrey M. Kaplan
PAUL D. KAZILIONIS
By: /s/ Paul D. Kazilionis
__________________________________________
Name: Paul D. Kazilionis
JONATHAN H. PAUL
By: /s/ Jonathan H. Paul
_________________________________________
Name: Jonathan H. Paul
WILLIAM H. WALTON III
By: /s/ William H. Walton III
__________________________________________
Name: William H. Walton III
DATED: October 24, 1997
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EXHIBIT 1
JOINT FILING AGREEMENT
We, the signatories of the statement on Form 3 to which this
Agreement is attached, hereby agree that such Form 3 is, and any amendments
thereto filed by any of us will be, filed on behalf of each of us.
WESTBROOK REAL ESTATE
PARTNERS, L.L.C.
By: /s/ Jonathan H. Paul
________________________________________
Name: Jonathan H. Paul
Title: Managing Principal
WESTBROOK REAL ESTATE
PARTNERS MANAGEMENT I, L.L.C.
By: /s/ Jonathan H. Paul
________________________________________
Name: Jonathan H. Paul
Title: Managing Principal of Managing
Member
WESTBROOK REAL ESTATE FUND I, L.P.
By: /s/ Jonathan H. Paul
________________________________________
Name: Jonathan H. Paul
Title: Managing Principal of Managing
Member of General Partner
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WESTBROOK REAL ESTATE
CO-INVESTMENT PARTNERSHIP I, L.P.
By: /s/ Jonathan H. Paul
_______________________________________
Name: Jonathan H. Paul
Title: Managing Principal of Managing
Member of General Partner
GREGORY H. HARTMAN
By: /s/ Gregory H. Hartman
_______________________________________
Name: Gregory H. Hartman
JEFFREY M. KAPLAN
By: /s/ Jeffrey M. Kaplan
_______________________________________
Name: Jeffrey M. Kaplan
PAUL D. KAZILIONIS
By: /s/ Paul D. Kazilionis
_______________________________________
Name: Paul D. Kazilionis
JONATHAN H. PAUL
By: /s/ Jonathan H. Paul
_______________________________________
Name: Jonathan H. Paul
WILLIAM H. WALTON III
By: /s/ William H. Walton III
_______________________________________
Name: William H. Walton III
DATED: October 24, 1997
