Welcome to our dedicated page for Sunstone Hotel Investors news (Ticker: SHO), a resource for investors and traders seeking the latest updates and insights on Sunstone Hotel Investors stock.
Sunstone Hotel Investors, Inc. (NYSE: SHO) is a leading lodging real estate investment trust (REIT) focused on acquiring, owning, managing, and renovating upscale hotel properties across the United States. The company's diverse portfolio consists of upper-upscale and luxury hotels primarily located in convention, resort destinations, and urban markets, operating under well-known brands including Marriott, Hyatt, Hilton, Four Seasons, and Montage. Its operations span key regions like California, Florida, and Hawaii, with California generating the majority of its revenue.
Sunstone’s strategic approach involves the active ownership and disposition of hotels, a concept they refer to as Long-Term Relevant Real Estate®. This strategy has seen the company successfully reinvigorate and reposition several properties, enhancing their market competitiveness and financial performance.
In recent developments, Sunstone completed the sale of the Boston Park Plaza for $370 million, a transaction indicative of their strategic capital recycling efforts aimed at reinvesting in higher growth opportunities. This sale was followed by the acquisition of the Hyatt Regency San Antonio Riverwalk for $230 million, demonstrating their focus on premier locations and sustainable income growth. This acquisition includes nearly two acres of riverfront land and a parking garage adjacent to the Alamo Visitor Center and Museum.
Sunstone's financial stability is underscored by their robust revenue streams from hotel operations, supported by strategic renovations and brand conversions. Notable projects include the conversion of The Confidante Miami Beach to Andaz Miami Beach and the Renaissance Long Beach to Marriott Long Beach Downtown, both slated for completion in 2024. These projects are expected to elevate the hotels' market positions and drive substantial earnings growth.
As of March 31, 2024, Sunstone holds $471.0 million in cash and cash equivalents and has total assets worth $3.1 billion. The company’s debt stands at $818.5 million against a stockholders' equity of $2.2 billion, reflecting a strong balance sheet that supports ongoing and future investments.
Sunstone Hotel Investors continues to prioritize long-term stakeholder value, leveraging market trends and demographic shifts to optimize their portfolio and deliver superior returns. For more detailed information, please visit their official website at www.sunstonehotels.com.
Sunstone Hotel Investors (NYSE: SHO) reported Q3 2024 results showing a net income decrease to $3.2 million from $15.6 million year-over-year. Comparable RevPAR decreased 1.3% to $207.56, with ADR at $301.69 and occupancy at 68.8%. Adjusted EBITDAre decreased 15.9% to $53.6 million, while Adjusted FFO per diluted share fell 21.7% to $0.18.
The company repurchased 2.3M shares at an average price of $9.79 since Q3 start. They secured a new $100M term loan and updated the Andaz Miami Beach project completion to February 2025. Full-year 2024 guidance was revised downward, with net income now expected between $31-41M and Adjusted EBITDAre between $220-230M.
Sunstone Hotel Investors (NYSE: SHO) provided an operations update for Q3 2024 and its impact on the full-year 2024 outlook. The company reported strong performance in July and August, with total portfolio RevPAR growth of 2.4% and Total RevPAR growth of 6.3%, excluding The Confidante Miami Beach. However, labor activity at the Hilton San Diego Bayfront in September led to event cancellations and lower business volume.
The company now anticipates full-year 2024 total portfolio RevPAR growth to be 125 to 150 basis points lower, Adjusted EBITDAre to be $11 million to $13 million lower, and Adjusted FFO per Diluted Share to be approximately $0.06 lower than previously forecasted. Despite this setback, Sunstone remains optimistic about earnings growth in 2025 and beyond, driven by recent brand conversions and acquisitions.
Additionally, Sunstone reported minimal impact from Hurricane Milton on its Florida properties and provided an update on its share repurchase program, having bought back 2.3 million shares in Q3 at an average price of $9.79 per share.
Sunstone Hotel Investors, Inc. (NYSE: SHO) has announced the schedule for its third quarter 2024 earnings release and conference call. The company will report financial results on Tuesday, November 12, 2024, before the market opens. Management will hold a quarterly conference call on the same day at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time).
Investors can access a live webcast of the call through the Investor Relations section of Sunstone's website at www.sunstonehotels.com. A transcript of the call will also be archived on the website. Alternatively, interested parties can dial 1-800-715-9871 and reference Conference ID 1026321 to listen to the live call.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (REIT) focused on creating long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.
Sunstone Hotel Investors (NYSE: SHO) reported Q2 2024 results with net income of $26.1 million, down from $43.1 million in Q2 2023. Comparable RevPAR decreased 2.0% to $232.59, with average daily rate at $322.60 and occupancy at 72.1%. Excluding The Confidante Miami Beach, RevPAR increased 0.4%. Adjusted EBITDAre decreased 13.6% to $73.5 million, while Adjusted FFO per diluted share decreased 15.2% to $0.28.
The company updated its full-year 2024 guidance, reflecting a slower recovery in Maui and the completion of renovation work at Marriott Long Beach Downtown. Sunstone now expects total portfolio RevPAR growth between -0.25% to +1.75%, Adjusted EBITDAre of $242 to $252 million, and Adjusted FFO per diluted share of $0.85 to $0.90.
Sunstone Hotel Investors (NYSE: SHO) announced it will release its Q2 2024 financial results on August 7, 2024, before the market opens. The company will also hold a conference call the same day at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss the results. Investors can access the live webcast through Sunstone's Investor Relations website or by dialing 1-800-715-9871 with Conference ID 1026321. A transcript of the call will be archived on the website. Sunstone Hotel Investors focuses on creating long-term stakeholder value through the acquisition, ownership, and sale of hotel and resort properties.
Sunstone Hotel Investors, Inc. reported results for the first quarter of 2024, announcing an increase in quarterly dividend and the acquisition of the Hyatt Regency San Antonio Riverwalk. Despite a challenging quarterly comparison to 2023, the company remains optimistic about the performance for the rest of the year. The company's balanced approach to capital allocation is expected to drive significant growth. However, the first quarter results showed a decrease in net income, comparable RevPAR, Adjusted EBITDAre, and Adjusted FFO attributable to common stockholders per diluted share.
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