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, 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.
Sunstone Hotel Investors (NYSE: SHO) announced key amendments to its unsecured debt agreements, including a $500 million revolving credit facility. The amendments remove restrictions on unencumbered hotel acquisitions, increasing acquisition flexibility during the covenant waiver period. The company is no longer limited to $250 million for non-equity funded acquisitions and can pursue growth without mandatory prepayment requirements from asset sales. These changes enhance Sunstone's capacity to capitalize on acquisition opportunities as the hospitality sector recovers.
Sunstone Hotel Investors, Inc. (NYSE: SHO) announced it will report its second-quarter 2021 financial results on August 3, 2021, after market close. A conference call for investors will take place on August 4, 2021, at 12:00 p.m. ET (9:00 a.m. PT). Interested parties can access the call via a live webcast on the company's website or by dialing in with Conference ID 5458099. Sunstone focuses on acquiring and managing hotels identified as Long-Term Relevant Real Estate®.
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