Sunstone Hotel Investors Announces Chief Operating Officer Transition

Rhea-AI Summary

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.

Positive

• Appointment of Chris Ostapovicz as COO, bringing significant industry experience.
• Stable transition period with Marc Hoffman aiding in the handover.
• Ostapovicz has a successful track record in hotel operations and asset management.

Negative

• None.

IRVINE, Calif., March 3, 2021 /PRNewswire/ -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced the retirement of Marc Hoffman, Executive Vice President & Chief Operating Officer.  Mr. Hoffman joined Sunstone in 2006 and has been responsible for Asset Management and Design & Construction.  Chris Ostapovicz has been appointed Senior Vice President & Chief Operating Officer.  Mr. Ostapovicz will join the Company in March and will report to John Arabia, President & Chief Executive Officer.  Mr. Hoffman will remain with the Company during a period of transition.

John Arabia stated, "Throughout his nearly 15-year tenure at Sunstone, Marc has been a driving force behind our asset management initiatives and major renovation and repositioning projects.  Anyone who knows Marc can see his knowledge, creativity, and passion imprinted on our most successful hotels, including Wailea Beach Resort, Marriott Boston Long Wharf, Hyatt Regency San Francisco, and so many others.  Marc has been a great business partner and friend over the years and I, along with the rest of Sunstone and our hotel teams, wish him the very best as he enters the next chapter of his life." 

Mr. Arabia continued "It is a great pleasure to welcome Chris to our team.  Chris is a proven industry executive with extensive experience in hotel asset management, operations, and capital planning.  With his depth of experience, breadth of industry relationships, and proven leadership skills, Chris is well suited to oversee Asset Management and Design & Construction and contribute to Sunstone's long-term success and profitability."

Mr. Ostapovicz most recently served as Senior Vice President of Asset Management at Host Hotels & Resorts, which he joined in 2007.  Prior to joining Host Hotels & Resorts, he held various operating and finance positions at both The Ritz-Carlton Hotel Company and Marriott International. Chris was board director and treasurer for the Hospitality Asset Managers Association (HAMA) the last five years and one of three faculty to start Georgetown University's master's in global hospitality in 2014. Mr. Ostapovicz earned an undergraduate degree in accounting from University of Maryland, a master's degree in business administration from Georgetown University and a master's degree in real estate from Johns Hopkins University.

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that as of the date of this release has interests in 17 hotels comprised of 9,017 rooms. Sunstone's business is to acquire, own, asset manage and renovate or reposition hotels considered to be Long-Term Relevant Real Estate®, the majority of which are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt. For further information, please visit Sunstone's website at www.sunstonehotels.com.   

For Additional Information:
Bryan Giglia
Sunstone Hotel Investors, Inc.
(949) 382-3036

Aaron Reyes
Sunstone Hotel Investors, Inc.
(949) 382-3018

View original content:http://www.prnewswire.com/news-releases/sunstone-hotel-investors-announces-chief-operating-officer-transition-301239980.html

SOURCE Sunstone Hotel Investors, Inc.

FAQ

Who has been appointed Chief Operating Officer of Sunstone Hotel Investors?

Chris Ostapovicz has been appointed as the Chief Operating Officer of Sunstone Hotel Investors.

What is the significance of Marc Hoffman's retirement for Sunstone Hotel Investors?

Marc Hoffman’s retirement marks a significant leadership transition at Sunstone, impacting asset management and operations.

How many hotels does Sunstone Hotel Investors own?

Sunstone Hotel Investors owns interests in 17 hotels comprising 9,017 rooms.

What is Sunstone Hotel Investors' focus in the real estate sector?

Sunstone focuses on acquiring, owning, and managing Long-Term Relevant Real Estate in the hospitality sector.

When did Marc Hoffman announce his retirement from Sunstone Hotel Investors?

Marc Hoffman announced his retirement on March 3, 2021.