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 a strong recovery in its fourth quarter and full year 2021 results. Net income surged to $138.3 million, a significant turnaround from a net loss of $39.4 million in Q4 2020. The 14 Hotel Portfolio's RevPAR increased by 421.2% to $136.51, with an average daily rate of $245.53. Full year net income reached $33 million, up from a loss of $410.5 million in 2020. The company successfully disposed of and acquired hotels, enhancing its portfolio while reducing preferred stock dividends. However, COVID-19 continues to pose risks to short-term operations.
On January 21, 2022, Sunstone Hotel Investors (NYSE: SHO) announced the tax treatment for 2021 distributions to holders of its preferred stock. The total distribution per share varies by series: Series E at $0.434375, Series F at $0.403125, Series H at $0.157378 and $0.382813, and Series I at $0.296875 and $0.356250. Payment dates for dividends are specified, with some dated as recently as January 18, 2022. Shareholders are advised to consult their tax advisors for specific tax implications regarding these distributions.
Sunstone Hotel Investors, NYSE: SHO, has announced the release of its financial results for Q4 and full year 2021 on February 22, 2022, after market close. A conference call will take place on February 23, 2022, at 12:00 p.m. Eastern Time. The call will be accessible via webcast on their website or by phone at 1-844-915-4230, using Conference ID 9471784. For more information, visit their investor relations page.
On December 2, 2021, Sunstone Hotel Investors (NYSE: SHO) completed the sale of the Embassy Suites La Jolla for $226.7 million, equating to $667,000 per room, showcasing a 22.3x multiple on 2019 Hotel Adjusted EBITDAre. The proceeds helped fund the acquisition of the Four Seasons Resort Napa Valley for a gross purchase price of $177.5 million, which includes vineyards and wine inventory. The new acquisition is expected to generate a 6% to 7% net operating income yield upon stabilization.
Sunstone Hotel Investors (NYSE: SHO) announced its third-quarter results for 2021, reporting a net loss of $22.1 million, a significant improvement from $91.1 million last year. The RevPAR for the 16 hotel portfolio surged 633.4% to $136.12, while occupancy reached 54.8%. Adjusted EBITDAre rose 197.7% to $35.4 million, and Adjusted FFO per diluted share increased 138.5% to $0.10. The company also completed strategic dispositions and made substantial investments, including the acquisition of Four Seasons Resort Napa Valley.
Sunstone Hotel Investors, Inc. (NYSE: SHO) has announced plans to report its third quarter 2021 financial results on November 4, 2021, after market close. Following this, a conference call will take place on November 5, 2021, at 12:00 p.m. ET. Investors can access the live webcast via the company's website, with a replay available afterward. Sunstone specializes in acquiring, owning, and managing hotels categorized as Long-Term Relevant Real Estate.
Sunstone Hotel Investors (NYSE: SHO) has appointed Douglas M. Pasquale as interim CEO, effective immediately, following the resignation of John Arabia. This change is not linked to the company's financial performance or internal controls. Pasquale, who remains Chairman, aims to enhance the company's portfolio through strategic investments and asset sales. Sunstone currently holds interests in 18 hotels, totaling 9,147 rooms, and plans to leverage its balance sheet to unlock value and pursue additional acquisitions. An executive search for a permanent CEO is underway.
Sunstone Hotel Investors (NYSE: SHO) reported a net loss of $27.9 million for Q2 2021, a significant improvement from a $117.5 million loss in Q2 2020. The company's RevPAR surged 3,182.2% to $95.84 across its 17 hotel portfolio, with an average daily rate of $219.82 and occupancy at 43.6%. Adjusted EBITDAre rose 132.6% to $15.3 million. The company successfully acquired the Montage Healdsburg and refinanced preferred stock, enhancing its financial flexibility. However, it has suspended common stock dividends amidst ongoing uncertainty due to the pandemic.
Sunstone Hotel Investors, Inc. (NYSE: SHO) announced its intention to redeem all 3,000,000 shares of its 6.450% Series F Cumulative Redeemable Preferred Stock on August 12, 2021. Each share will be redeemed at $25.00 plus accrued dividends of $0.183646, totaling $25.183646 per share. Following the redemption date, this stock will no longer trade on the NYSE, and all rights associated with the shares will terminate except for the right to the redemption price. The notice of redemption is being sent to shareholders of record as of July 13, 2021.
Sunstone Hotel Investors (NYSE: SHO) has announced a public offering of 4,000,000 shares of its 5.70% Series I Cumulative Redeemable Preferred Stock, generating gross proceeds of $100 million. The offering is expected to close on July 16, 2021. Proceeds will be used to redeem the outstanding 6.450% Series F Cumulative Redeemable Preferred Stock and for general corporate purposes. Wells Fargo Securities, J.P. Morgan, and Raymond James are the joint book-running managers for this offering.
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