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) 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®.
Sunstone Hotel Investors, Inc. (NYSE: SHO), based in Irvine, Calif., declared a cash dividend of $0.157378 per share for Series H cumulative redeemable preferred stockholders. This dividend reflects the period from May 24, 2021 to June 30, 2021 and is payable on July 15, 2021 to stockholders of record as of June 30, 2021.
Sunstone owns 18 hotels with 9,147 rooms, focusing on Long-Term Relevant Real Estate.
Sunstone Hotel Investors (NYSE: SHO) has priced a public offering of 4,000,000 shares of 6.125% Series H Cumulative Redeemable Preferred Stock, aiming for gross proceeds of $100 million. The offering includes a 30-day option for underwriters to purchase an additional 600,000 shares. Funds will be directed to Sunstone Hotel Partnership, LLC, to redeem all or part of its outstanding 6.950% Series E Cumulative Redeemable Preferred Stock. The offering is set to close on May 24, 2021, subject to customary conditions.
Sunstone Hotel Investors (NYSE: SHO) reported its Q1 2021 financial results, showcasing a net loss of $55.3 million, significantly reduced from a loss of $162.5 million in Q1 2020. As of March 31, 2021, 15 of its 17 hotels were operational. The RevPAR for the 17 hotels fell by 69.5% to $42.19. However, the company noted a steady recovery in leisure demand and sequential monthly growth in occupancy and average daily rates (ADR). The recent acquisition of Montage Healdsburg for $265 million is anticipated to enhance the company's growth prospects.
Sunstone Hotel Investors (NYSE: SHO) announced the acquisition of the Montage Healdsburg Resort for $265 million, funded by cash and $66 million in perpetual preferred equity. The Resort, completed in December 2020, is expected to generate a net operating income yield of 6.0% to 7.0% after stabilization. With this acquisition, Sunstone continues to strategically expand its portfolio of Long-Term Relevant Real Estate, increasing leisure demand concentration to 30% of pro forma rooms revenue, while maintaining financial flexibility for future growth.
Sunstone Hotel Investors, Inc. (NYSE: SHO) announced it will report its financial results for the first quarter of 2021 on May 3, 2021, after market close. A conference call will follow on May 4, 2021, at 12:00 p.m. ET. Investors can access a live webcast on the company's website or dial in for audio. Sunstone focuses on acquiring and managing hotels deemed Long-Term Relevant Real Estate®, primarily under major brands like Marriott, Hilton, and Hyatt. For updates, visit www.sunstonehotels.com.
Sunstone Hotel Investors (NYSE: SHO) announced key board changes on March 15, 2021, as part of its commitment to corporate governance and diversity. Directors Keith P. Russell and Thomas A. Lewis will not seek re-election. The board nominated Kristina M. Leslie and Verett Mims for election at the upcoming annual meeting, reinforcing its focus on fresh perspectives. Leslie's experience includes CFO at DreamWorks, while Mims brings 27 years of expertise in finance and banking from Boeing. These changes aim to enhance the company's strategic direction and improve stakeholder interests.
Sunstone Hotel Investors (NYSE: SHO) announced the retirement of Marc Hoffman as Chief Operating Officer after nearly 15 years. Hoffman will assist during the transition to Chris Ostapovicz, previously Senior VP of Asset Management at Host Hotels & Resorts. Ostapovicz's extensive background in hotel asset management and operations positions him to enhance Sunstone's long-term success. Sunstone operates 17 hotels with 9,017 rooms, focusing on acquiring and managing Long-Term Relevant Real Estate® in the hospitality sector.
Sunstone Hotel Investors (NYSE: SHO) reported a net loss of $39.4 million for Q4 2020, down from a net income of $45.4 million in Q4 2019. The company's RevPAR plummeted 86.9% to $25.36. For the full year, net loss reached $410.5 million compared to a $142.8 million profit in 2019. Despite the pandemic's impact, 15 of 17 hotels were operational by year-end, with some positive trends in leisure and group bookings noted. The company plans significant investments in 2021 to reposition and rebrand its properties.
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