SUNSTONE HOTEL INVESTORS BOARD OF DIRECTORS ANNOUNCES SENIOR MANAGEMENT APPOINTMENTS

Rhea-AI Summary

On March 7, 2022, Sunstone Hotel Investors (NYSE: SHO) announced significant management changes. Bryan Giglia, previously the Chief Financial Officer, has been appointed as the new Chief Executive Officer. Robert Springer, the Chief Investment Officer, has taken on the additional role of President. Aaron Reyes is now the Chief Financial Officer, stepping in for Giglia. Chairman Douglas M. Pasquale will serve as Executive Chairman until August 2022. The Board emphasized their confidence in the new leadership to enhance long-term per share NAV growth and capitalize on recovery in the hospitality sector post-pandemic.

Positive

• Appointment of Bryan Giglia as CEO may bring fresh perspectives and continuity in financial strategy.
• New leadership team has extensive industry experience which could enhance operational effectiveness.
• Focus on capital recycling and value creation is likely to benefit shareholder value.
• Strong positioning for recovery in corporate and group travel demand post-pandemic.

Negative

• Potential concerns about continuity in leadership and strategy during the transition period.
• Experience gaps as new roles are assumed by the leadership team could impact execution.

IRVINE, Calif., March 7, 2022 /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 that its Board of Directors (the "Board") has appointed Bryan Giglia, current Chief Financial Officer, as the Company's Chief Executive Officer, effective immediately. Additionally, the Board appointed Robert Springer, Chief Investment Officer, to the additional role of President. Aaron Reyes, Senior Vice President of Finance and Treasurer, has been appointed Chief Financial Officer, replacing Mr. Giglia. Douglas M. Pasquale, Chairman and Interim Chief Executive Officer, will assume the role of Executive Chairman through August 2022.

Mr. Pasquale said, "After an extensive and thorough search process, including internal and external candidates, the Board selected Bryan as CEO and Robert as President to lead Sunstone as we pursue superior long-term per share NAV growth. This was based on their decades of hotel industry experience, deep knowledge and understanding of the Company, ability to immediately build on our recent success of recycling capital, and capability to execute on property-level value creation opportunities. My focus as Executive Chairman will be to provide guidance to Bryan, Robert and Aaron as they transition into their roles." 

Mr. Giglia said, "I am deeply honored by the Board's decision to appoint me Chief Executive Officer. The entire team and I are focused on building upon our recent successful transactions and actively recycling capital to create shareholder value. On behalf of our shareholders, we will work tirelessly to ensure Sunstone continues to execute its strategy, prioritizing the best interests of our shareholders and maximizing the value of our portfolio. As we emerge from the pandemic, our portfolio is among the best positioned to capitalize on the recovery in corporate and group travel demand and our balance sheet provides ample capacity to grow per share earnings and NAV."

Mr. Springer said, "I am excited by the opportunity to continue my ten-plus year relationship with Bryan as we embark on a partnership to lead Sunstone. We will work closely together to capitalize on the imbedded value within our existing portfolio as we actively recycle past investments into new growth and value creation opportunities." 

About Sunstone Hotel Investors

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that as of the date of this release has interests in 16 hotels comprised of 8,125 rooms, the majority of which are operated under nationally recognized brands. Sunstone's business is to acquire, own, asset manage and renovate or reposition hotels considered to be Long-Term Relevant Real Estate®. For further information, please visit Sunstone's website at www.sunstonehotels.com.

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

View original content:https://www.prnewswire.com/news-releases/sunstone-hotel-investors-board-of-directors-announces-senior-management-appointments-301496424.html

SOURCE Sunstone Hotel Investors, Inc.

FAQ

Who has been appointed as the new CEO of Sunstone Hotel Investors (SHO)?

Bryan Giglia has been appointed as the new Chief Executive Officer of Sunstone Hotel Investors.

What other management changes occurred at Sunstone Hotel Investors on March 7, 2022?

Robert Springer was appointed President, and Aaron Reyes was named Chief Financial Officer.

What is the focus of Sunstone Hotel Investors' new leadership team?

The focus is on enhancing long-term per share NAV growth and capitalizing on recovery in corporate travel.

How is Sunstone Hotel Investors positioned to recover from the pandemic?

The company aims to leverage its strong portfolio to benefit from the resurgence in corporate and group travel demand.

What is Bryan Giglia's previous role before becoming CEO of SHO?

Before becoming CEO, Bryan Giglia served as the Chief Financial Officer of Sunstone Hotel Investors.