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, trading under the symbol SHO, announced it will release its financial results for the first quarter of 2023 on May 5, 2023, prior to market opening. Management will host a conference call at 12:00 p.m. Eastern Time on the same day. A live webcast will be available on the Company's website, with a replay accessible later. Sunstone is a lodging REIT focused on creating long-term stakeholder value through strategic acquisitions and management of hotels.
Sunstone Hotel Investors (NYSE: SHO) announced its Q4 and full-year 2022 results, reporting a net income of $17.5 million for Q4, down from $138.3 million in the prior year. Excluding gains from hotel sales, the company would show a loss of $14.2 million in Q4 2021. Full-year net income increased to $90.8 million from $33.0 million in 2021. RevPAR for the comparable portfolio rose by 34.2% in Q4 and 73.2% for the year. The company also repurchased $119.2 million in stock since early 2022 and declared a cash dividend of $0.05 per share for 2023.
Sunstone Hotel Investors (NYSE: SHO) announced its upcoming financial results for the fourth quarter and full year of 2022, scheduled for February 22, 2023, before market opening. The management will host a conference call at 11:00 a.m. Eastern Time on the same day. Investors can access the live webcast through the company's Investor Relations website or listen via phone by calling 1-888-330-3573 with Conference ID 4831656. Sunstone focuses on acquiring and managing long-term relevant real estate within the lodging sector, striving to enhance stakeholder value.
Sunstone Hotel Investors (NYSE: SHO) announced the tax treatment for 2022 distributions to holders of common and preferred stock. The total distribution per share for common stock was $0.050000, paid on October 17, 2022, and January 17, 2023. For Series H Preferred, the distribution was $0.382813 per share payable on April 18, July 15, October 17, and January 17, 2023. Series I Preferred also had a distribution of $0.356250 per share, with similar payment dates. Shareholders are encouraged to consult with tax advisors regarding their specific tax treatment of these distributions.
Sunstone Hotel Investors (NYSE: SHO) reported a third-quarter net income of $20.5 million, recovering from a $22.1 million net loss in 2021. RevPAR for comparable hotels surged 49% to $207.18, with an occupancy rate of 72%. Adjusted EBITDAre rose 80.6% to $63.8 million, while Adjusted FFO per diluted share increased by 118.2% to $0.24. The company repurchased $20 million in stock and plans to continue returning capital to shareholders via dividends and repurchases. Strong operational trends persisted into October, signaling a positive outlook for the hospitality sector.
Sunstone Hotel Investors, Inc. (NYSE: SHO) has announced it will report its third-quarter 2022 financial results on November 8, 2022, before the market opens. A conference call with management is scheduled for 12:00 p.m. Eastern Time the same day. Investors can access a live webcast through the company's Investor Relations website or dial in using Conference ID 4831656. Sunstone focuses on creating long-term stakeholder value through strategic acquisitions and management of hotels.
Sunstone Hotel Investors (NYSE: SHO) reported strong operating trends for July and August 2022, with significant growth in average daily rates (ADR) despite a drop in occupancy rates compared to 2019. The Comparable Portfolio's ADR was up 16.9%, while RevPAR decreased by 2.7%. Group booking activity has improved, down 13% compared to 2019, with 86% of total transient room nights booked for the latter part of 2022. The company noted that robust leisure travel and urban hotel demand contributed to these results, despite ongoing renovations at the Renaissance Washington DC.
Sunstone Hotel Investors, Inc. (NYSE: SHO) reported a significant turnaround in Q2 2022, with net income of $37.7 million, contrasting a net loss of $27.9 million in Q2 2021. RevPAR for comparable hotels soared 98.4% to $220.37, while average daily rate rose to $295.40. The company completed the acquisition of The Confidante Miami Beach for $232 million and increased its stake in Hilton San Diego Bayfront. An amended credit agreement enhances borrowing capacity, and a common dividend of $0.05 per share has been reinstated. Adjusted FFO per share jumped 2,900% to $0.30.
Sunstone Hotel Investors (NYSE: SHO) announced an Amended Credit Agreement enhancing its financial flexibility. Key highlights include:
- Expansion of unsecured borrowing capacity
- Increase of term loan facilities from $108 million to $350 million
- $500 million revolving credit facility remains fully undrawn
- Term loans mature in July 2027 and January 2028
This amendment supports a stronger balance sheet, with proceeds used to repay $230 million on the revolving credit facility, reflecting confidence from banking partners.
Sunstone Hotel Investors (NYSE: SHO) will report its second quarter 2022 financial results on August 3, 2022, before market open. Management will host a conference call at 12:00 p.m. ET on the same day. Investors can access a live webcast through the company’s website. A replay of the call will also be available. Sunstone focuses on creating long-term value through the acquisition and management of lodging properties.
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