Biography
Bob Alter ’73 is CEO of Seaview Investors LLC, a real estate investment management firm. He is also founder and chairman emeritus of Sunstone Hotel Investors Inc., based in Irvine, California. Alter founded the company in 1985 as a hotel ownership and management firm and took it public in 1995.
At its initial public offering, Sunstone held 10 hotels with an enterprise value of $75 million and revenues of $30 million. From 1995 to 1999, Alter led the company’s expansion, acquiring 49 hotels, including the Kahler Hotel Co. By 1998, Sunstone’s revenues had grown to $450 million with a valuation of $1 billion. In 1999, Alter partnered with Westbrook Partners to complete a management-led leveraged buyout of the company.
From 1999 to 2004, Sunstone operated as a private company, acquiring, renovating and repositioning hotel assets while serving as an investment platform for Westbrook Real Estate Funds. During this period, Alter oversaw the acquisition of 44 hotels and the disposition of 45 properties, shifting the portfolio to larger, full-service hotels.
In 2004, Alter led Sunstone’s return to the public markets as a hotel real estate investment trust, with an enterprise value of approximately $1.6 billion. He continued to guide the company’s growth, overseeing the acquisition of 17 additional hotels, including the Hyatt Regency Century Plaza, Hilton Times Square and Renaissance Washington, D.C. In 2007, Alter stepped down as CEO and continued as executive chairman.
During his tenure, Alter directed the acquisition of 125 hotels totaling more than 20,000 rooms and led the disposition of 80 properties. He also oversaw approximately $1 billion in renovations and brand conversions and developed several new hotels, including the JW Marriott Cherry Creek.
Alter founded Buy Efficient LLC, an online purchasing platform serving hotels and senior living properties across North America.
Alter has received several honors, including Ernst & Young Entrepreneur of the Year and awards from the Orange County Business Journal and Cornell University’s Pillsbury Institute for Hospitality Entrepreneurship.
In 2009, Alter served as an adjunct faculty member at the School of Hotel Administration (now the Cornell Peter and Stephanie Nolan School of Hotel Administration) at Cornell University, teaching courses in hotel asset management and delivering guest lectures.
Alter has been active in industry organizations, including serving as president of the InterContinental Hotels Group owners association and as chairman of the Governmental Affairs Committee for the American Hotel & Lodging Association.
He serves on advisory boards for Cornell University and California State University and is a lifetime member of the Cornell University Council. He lives in Newport Coast, California, with his wife, Joni.