Sunstone Hotel Investors (NYSE: SHO) lifts 2026 outlook on stronger Q1 results and buybacks

Rhea-AI Filing Summary

Sunstone Hotel Investors reported a strong first quarter of 2026, raised full‑year guidance, expanded buybacks, and announced the planned departure of its General Counsel. Net income rose to $18.6M from $5.3M, with net income attributable to common stockholders up to $16.0M and diluted EPS of $0.08, a 743.2% increase versus the prior year quarter.

Portfolio performance improved meaningfully: total RevPAR reached $255.04, up 14.6%, while Adjusted EBITDAre grew 18.3% to $67.7M. Adjusted FFO attributable to common stockholders increased to $50.1M, or $0.27 per diluted share, up 28.6%. As of March 31, 2026, the company held $166.7M in cash and cash equivalents (including restricted cash) against total debt of $955.0M and total assets of $3.0B.

Management raised 2026 guidance, now expecting net income of $34M–$48M and Adjusted EBITDAre of $238M–$252M, with RevPAR growth of 5.0%–7.5%. Since the start of 2026, Sunstone has repurchased $49.2M of common and preferred stock and still has $458.3M remaining under its authorization. The board declared a quarterly common dividend of $0.09 per share and the authorized preferred dividends, payable on July 15, 2026.

Separately, in connection with an executive team restructuring, the company will eliminate the General Counsel role. David Klein will leave his position as General Counsel and Secretary effective May 31, 2026 under a separation agreement that includes a cash payment of $1.5M less the value of 73,920 accelerated equity awards and up to 18 months of COBRA coverage. At the annual meeting, all director nominees were elected and stockholders approved the say‑on‑pay proposal and ratified the auditor.

Positive

• Raised 2026 outlook with broad-based strength. Net income guidance increased to $34M–$48M and Adjusted EBITDAre to $238M–$252M, alongside RevPAR growth of 5.0%–7.5%, reflecting stronger expected operating performance after a Q1 beat.

Negative

• None.

Insights

REIT and lodging analyst

Q1 2026 results, guidance and buybacks are meaningfully stronger, despite one executive departure.

Sunstone Hotel Investors delivered materially better Q1 2026 performance, with net income rising from $5.3M to $18.6M and Adjusted EBITDAre up 18.3% to $67.7M. Portfolio RevPAR climbed 14.6% to $255.04, supported by higher ADR and occupancy across many resorts.

Importantly, management raised full‑year 2026 guidance: net income is now projected at $34M–$48M and Adjusted FFO at $166M–$180M. These increases, alongside RevPAR growth guidance of 5.0%–7.5%, indicate stronger expected cash generation even after factoring in ongoing capital projects.

Capital allocation remains shareholder‑focused. The company has repurchased $49.2M of common and preferred stock year‑to‑date at what it describes as a discount, leaving $458.3M of authorization. Balance sheet metrics—total debt of $955M on $3.0B of assets and total capitalization of $2.91B—suggest ample flexibility to fund the planned $95M–$115M of 2026 portfolio investments while maintaining quarterly common dividends of $0.09 per share.

8-K Event Classification

4 items: 2.02, 5.02, 5.07, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 5.07 Submission of Matters to a Vote of Security Holders Governance

Results of a shareholder vote on proposals at an annual or special meeting.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 Net income: $18.6M Q1 2026 Adjusted EBITDAre: $67.7M Q1 2026 Adjusted FFO per diluted share: $0.27 +7 more

10 metrics

Q1 2026 Net income $18.6M Quarter ended March 31, 2026; up 253.1% vs Q1 2025

Q1 2026 Adjusted EBITDAre $67.7M Quarter ended March 31, 2026; 18.3% higher year-over-year

Q1 2026 Adjusted FFO per diluted share $0.27 Quarter ended March 31, 2026; up 28.6% vs prior year

Total portfolio RevPAR $255.04 Quarter ended March 31, 2026; 14.6% year-over-year increase

2026 Adjusted EBITDAre guidance $238M–$252M Full year 2026 outlook raised from $225M–$250M

2026 Adjusted FFO guidance $166M–$180M Full year 2026 outlook for Adjusted FFO attributable to common stockholders

Year-to-date stock repurchases $49.2M Common and preferred stock repurchased from start of 2026 through May 1, 2026

Cash and cash equivalents $166.7M Including $75.5M restricted cash as of March 31, 2026

Total debt $955.0M As of March 31, 2026; entirely unsecured debt

Quarterly common dividend $0.09/share Authorized for payment on July 15, 2026 to holders of record June 30, 2026

Key Terms

EBITDAre, Adjusted EBITDAre, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, +2 more

6 terms

EBITDAre financial

"We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts"

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

Adjusted EBITDAre financial

"We make additional adjustments to EBITDAre when evaluating our performance and refer to these measures as either Adjusted EBITDAre"

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

FFO attributable to common stockholders financial

"We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance"

Adjusted FFO attributable to common stockholders financial

"We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance"

RevPAR financial

"Total Portfolio Operating Statistics (1) RevPAR $ 255.04 $ 222.46 14.6 %"

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

Total capitalization financial

"Total capitalization $ 2,910,121 $ 2,905,675 $ 2,990,724"

Earnings Snapshot

Total revenues: $259.7M · Guidance included

Q1 2026

Total revenues $259.7M

Net income $18.6M +253.1% YoY

Net income attributable to common stockholders per diluted share $0.08 +743.2% YoY

Adjusted EBITDAre $67.7M +18.3% YoY

Adjusted FFO attributable to common stockholders per diluted share $0.27 +28.6% YoY

Total portfolio RevPAR $255.04 +14.6% YoY

Total portfolio Total RevPAR $411.28 +13.4% YoY

Guidance

For full year 2026, the company guides to net income of $34M–$48M, Adjusted EBITDAre of $238M–$252M, RevPAR growth of 5.0%–7.5%, and Adjusted FFO attributable to common stockholders of $166M–$180M, or $0.88–$0.96 per diluted share.

Understanding 8-K Material Events →

0001295810false0001295810us-gaap:SeriesHPreferredStockMember2026-05-012026-05-010001295810us-gaap:CommonStockMember2026-05-012026-05-010001295810sho:SeriesIPreferredStockMember2026-05-012026-05-0100012958102026-05-012026-05-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 1, 2026

Sunstone Hotel Investors, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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Maryland	001-32319	20-1296886
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

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15 Enterprise, Suite 200 Aliso Viejo, California		92656
(Address of Principal Executive Offices)		(Zip Code)

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(949) 330-4000

(Registrant’s telephone number including area code)

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N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:	​	​
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	SHO	New York Stock Exchange
Series H Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRH	New York Stock Exchange
Series I Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRI	New York Stock Exchange

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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​	Emerging growth company	☐

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If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ◻

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Item 2.02.Results of Operations and Financial Condition.

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On May 5, 2026, Sunstone Hotel Investors, Inc. (the “Company”) issued a press release regarding its financial results for the first quarter ended March 31, 2026. The press release referred to supplemental financial information that is available on the Company’s website, free of charge, at www.sunstonehotels.com. A copy of the press release and the supplemental financial information are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by this reference.

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The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

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Item 5.02Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

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In connection with the restructuring by Sunstone Hotel Investors, Inc. of its executive team, the Company has determined to eliminate the position of General Counsel from its management structure. As a result, David Klein will depart from his position as General Counsel and Secretary of the Company, effective May 31, 2026. Prior to the termination date, Mr. Klein will continue to provide services in his current position with the Company, including transition assistance in connection with his departure. Following his departure, Mr. Klein has agreed to reasonably cooperate with and assist the Company with respect to proceedings with which he was involved prior to his departure. The Company and Mr. Klein entered into a Separation Agreement and General Release, dated as of May 1, 2026 (the “Separation Agreement”), pursuant to which, subject to Mr. Klein’s execution and non-revocation of a general release of claims and his continued compliance with certain terms and conditions set forth in the Separation Agreement, Mr. Klein will receive the following payments and benefits: (i) a cash payment in an amount equal to $1,500,000 less the aggregate value of the accelerated restricted stock and performance-vesting restricted stock unit awards as described in the following clause, (ii) accelerated vesting of restricted stock and performance-vesting restricted stock unit awards covering an aggregate of 73,920 shares of the Company’s common stock, (iii) continued health insurance coverage under COBRA for Mr. Klein, his spouse and dependents for up to eighteen months.

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The foregoing description of the Separation Agreement is qualified in its entirety by reference to the terms of the Separation Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

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Item 5.07.Submission of Matters to a Vote of Security Holders.

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On May 1, 2026, the Company held its Annual Meeting of Stockholders. The matters on which the stockholders voted, in person or by proxy, and the results of such voting were as follows:

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1) Election of nine directors to serve until the next annual meeting and until their successors are elected and qualified:

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​	​	Votes For	​	Votes Against	​	Abstentions	​	Broker Non-Votes
W. Blake Baird	​	149,914,689	​	16,338,177	​	350,329	​	8,093,655
Michael Barnello	​	165,830,933	​	428,153	​	344,109	​	8,093,655
Andrew Batinovich	​	158,482,101	​	7,770,796	​	350,298	​	8,093,655
Monica S. Digilio	​	160,289,955	​	5,376,085	​	937,155	​	8,093,655
Bryan A. Giglia	​	165,380,603	​	875,687	​	346,905	​	8,093,655
Kristina M. Leslie	​	164,608,502	​	1,644,395	​	350,298	​	8,093,655
Murray J. McCabe	​	162,645,155	​	3,613,931	​	344,109	​	8,093,655
Verett Mims	​	164,645,838	​	1,607,059	​	350,298	​	8,093,655
Douglas M. Pasquale	​	139,164,706	​	27,438,088	​	401	​	8,093,655

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2) Ratification of the Audit Committee’s appointment of Ernst & Young, LLP to act as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026:

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Votes For	​	Votes Against	​	Abstentions	​	Broker Non-Votes
168,223,073	​	6,473,298	​	479	​	—

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3) Advisory vote to approve the compensation of the Company’s named executive officers:

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Votes For	​	Votes Against	​	Abstentions	​	Broker Non-Votes
161,854,678	​	4,706,502	​	42,015	​	8,093,655

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Item 9.01.Financial Statements and Exhibits.

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(d) The following exhibits are furnished herewith:

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EXHIBIT INDEX

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Exhibit No.	​ ​	Description
99.1	​	Press Release, dated May 5, 2026.
99.2	​	Supplemental Financial Information for the first quarter ended March 31, 2026.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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​	​	Sunstone Hotel Investors, Inc.
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Date: May 5, 2026	​	By:	/s/ Aaron R. Reyes
​	​	​	Aaron R. Reyes (Principal Financial Officer and Duly Authorized Officer)
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Exhibit 99.1

For Additional Information:

Aaron Reyes

Sunstone Hotel Investors, Inc.

(949) 382-3018

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SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FIRST QUARTER 2026

Completes Additional Accretive Common and Preferred Stock Repurchases

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ALISO VIEJO, CA – May 5, 2026 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO) today announced results for the first quarter ended March 31, 2026.

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First Quarter 2026 Operational Results (as compared to First Quarter 2025):

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● Net Income: Net income attributable to common stockholders was $16.0 million, or $0.08 per diluted share, as compared to $1.3 million, or $0.01 per diluted share.

● RevPAR: RevPAR for all hotels in the portfolio increased 14.6% to $255.04. The average daily rate was $344.19 and occupancy was 74.1%. RevPAR excluding Andaz Miami Beach increased 5.7%.

● Total RevPAR: Total RevPAR for all hotels in the portfolio increased 13.4% to $411.28. Total RevPAR excluding Andaz Miami Beach increased 5.3%.

● Adjusted EBITDAre: Adjusted EBITDAre increased 18.3% to $67.7 million.

● Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share increased 28.6% to $0.27.

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Information regarding the non-GAAP financial measures disclosed in this release is provided below in “Non-GAAP Financial Measures.” Reconciliations of non-GAAP financial measures to the most comparable GAAP measure for each of the periods presented are included later in this release.

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Bryan A. Giglia, Chief Executive Officer, stated, “We are pleased with our performance in the first quarter which came in ahead of our expectations despite weather-related headwinds at several hotels throughout the quarter. While the strength was broad based, we were particularly encouraged by our resort portfolio, including solid first quarter performance at Andaz Miami Beach. Our first quarter results demonstrate the embedded growth potential of our portfolio as we benefit from our prior investments and some of our larger markets continue to normalize. We are revising our full year outlook higher to reflect the outperformance in the first quarter, and while trends in the initial months of 2026 give us reasons to be optimistic about the remainder of the year, we retain a level of caution given the uncertain backdrop.”

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Mr. Giglia continued, “We remain committed to addressing the valuation discount at which we trade and realizing the embedded value of our portfolio for our shareholders. While the transaction market has been quiet in recent years, we are beginning to see incremental activity, which may provide a more constructive backdrop in which to execute our capital recycling strategy. In the interim, we continue to deliver value through accretive buyback activity and have repurchased $49.2 million of common and preferred stock since the start of the year at attractive implied yields.”

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1

Unaudited Selected Statistical and Financial Data ($ in millions, except RevPAR, ADR and per share amounts).

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​	​	​	​	​	​	​	​	​
​	Quarter Ended March 31,
​	2026		​ ​ ​	2025		​ ​ ​	Change
​	​	​	​	​	​	​	​	​
Net Income	$	18.6	​	$	5.3	​	253.1	%
Net Income Attributable to Common Stockholders	$	16.0	​	$	1.3	​	1,105.1	%
Net Income Attributable to Common Stockholders per Diluted Share	$	0.08	​	$	0.01	​	743.2	%
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Total Portfolio Operating Statistics (1)	​	​	​	​	​	​	​	​
RevPAR	$	255.04	​	$	222.46	​	14.6	%
Occupancy	​	74.1	%	​	69.9	%	420	bps
Average Daily Rate	$	344.19	​	$	318.26	​	8.1	%
Total RevPAR	$	411.28	​	$	362.54	​	13.4	%
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Operating Statistics, excluding Andaz Miami Beach (2)	​	​	​	​	​	​	​	​
RevPAR	$	245.21	​	$	232.01	​	5.7	%
Occupancy	​	73.6	%	​	72.9	%	70	bps
Average Daily Rate	$	333.16	​	$	318.26	​	4.7	%
Total RevPAR	$	397.94	​	$	377.78	​	5.3	%
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Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach (2)	​	27.1	%	​	25.7	%	140	bps
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Adjusted EBITDAre	$	67.7	​	$	57.3	​	18.3	%
Adjusted FFO Attributable to Common Stockholders	$	50.1	​	$	41.5	​	20.8	%
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$	0.27	​	$	0.21	​	28.6	%

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(1) Includes the 14 hotels owned by the Company as of March 31, 2026.

(2) Includes the 14 hotels owned by the Company as of March 31, 2026 with the exception of Andaz Miami Beach due to its renovation activity during 2025.

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Recent Developments

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Stock Repurchase Program. During the first quarter of 2026, the Company repurchased an aggregate amount of $36.4 million, before expenses, of its common and preferred stock. From the start of this year through May 1, 2026, the Company has allocated a total of $49.2 million, before expenses, into repurchases of its common and preferred stock. The Company believes this repurchase activity has been completed at a discount and generated significant value for its stockholders. As of May 1, 2026, the Company has $458.3 million remaining under its existing stock repurchase program authorization.

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● Common stock: During the first quarter of 2026, the Company repurchased 3,184,768 shares at an average purchase price per share of $9.13 for a total repurchase amount before expenses of $29.1 million. From the start of this year through May 1, 2026, the Company has repurchased 3,860,813 shares at an average purchase price per share of $9.11 for a total repurchase amount before expenses of $35.2 million. The average purchase price per share represents a substantial discount to consensus estimates of net asset value and implies a highly attractive valuation multiple on the Company’s stabilized cash flow.

● Series H Cumulative Redeemable Preferred Stock: During the first quarter of 2026, the Company repurchased 242,762 shares at an average purchase price per share of $20.77 for a total repurchase amount before expenses of $5.0 million. From the start of this year through May 1, 2026, the Company has repurchased 345,493 shares at an average purchase price per share of $20.76 for a total repurchase amount before expenses of $7.2 million. The average repurchase price per share reflects a 17.0% discount to the preferred stock liquidation value.

● Series I Cumulative Redeemable Preferred Stock: During the first quarter of 2026, the Company repurchased 122,333 shares at an average purchase price per share of $18.58 for a total repurchase amount before expenses of $2.3 million. From the start of this year through May 1, 2026, the Company has repurchased 363,082 shares at an average purchase price per share of $18.96 for a total repurchase amount before expenses of $6.9 million. The average repurchase price per share reflects a 24.1% discount to the preferred stock liquidation value.

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2

Balance Sheet and Liquidity Update

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As of March 31, 2026, the Company had $166.7 million of cash and cash equivalents, including restricted cash of $75.5 million, total assets of $3.0 billion, including $2.8 billion of net investments in hotel properties, total debt of $955.0 million and stockholders’ equity of $1.9 billion.

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Capital Investments Update

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The Company invested $31.0 million into its portfolio during the first quarter of 2026. The Company currently expects to invest approximately $95 million to $115 million into its portfolio in 2026, with a majority of the investment related to the completion of the meeting space at Hilton San Diego Bayfront, renovation work at Oceans Edge Resort & Marina, storm-related restoration work at Wailea Beach Resort, and various other projects across the remaining hotels in the portfolio.

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2026 Outlook

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The Company is updating its 2026 outlook based on Management’s expectations and information available as of the date of this release. Geopolitical developments, changes in economic policies, changes in the health of the economy, or changes in business and consumer sentiment, among other factors, could lead to further revisions to the Company’s outlook or cause the Company to withdraw its outlook altogether.

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For the full year 2026, the Company now expects:

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​	​	​	​	​	​	​
Metric ($ in millions, except per share data)	​	Prior Full Year 2026 Guidance (1)	​	Current Full Year 2026 Guidance (2)	​	Change in Full Year 2026 Guidance Midpoint
Net Income	​	$21 to $46	​	$34 to $48	​	+$7.5
Net Income Attributable to Common Stockholders per Diluted Share	​	$0.02 to $0.16	​	$0.11 to $0.18	​	+$0.06
RevPAR Growth (3)	​	4.0% to 7.0%	​	5.0% to 7.5%	​	+75 bps
Total RevPAR Growth (3)	​	3.5% to 6.5%	​	5.0% to 7.5%	​	+125 bps
Adjusted EBITDAre	​	$225 to $250	​	$238 to $252	​	+$7.5
Adjusted FFO Attributable to Common Stockholders	​	$153 to $178	​	$166 to $180	​	+$7.5
Adjusted FFO Attributable to Common Stockholders per Diluted Share	​	$0.81 to $0.94	​	$0.88 to $0.96	​	+$0.05
Diluted Weighted Average Shares Outstanding	​	190,000,000	​	188,000,000	​	-2,000,000

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(1) Reflects guidance presented on February 27, 2026.

(2) Detailed reconciliations of Net Income to non-GAAP financial measures are provided later in this release.

(3) RevPAR and Total RevPAR Growth reflect comparisons to full year 2025 and include all 14 hotels owned by the Company. Andaz Miami Beach is expected to contribute approximately 400 basis points of RevPAR and Total RevPAR growth.

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Full year 2026 guidance is based in part on the following full year assumptions:

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● Full year interest and other income of approximately $3 million to $4 million.

● Full year corporate overhead expense (excluding deferred stock amortization) of approximately $20 million to $21 million.

● Full year interest expense of approximately $51 million to $54 million, including approximately $4 million in amortization of deferred financing costs and $2 million of noncash reduction to interest expense on derivatives. Excluding the noncash interest on derivatives, this range is unchanged from the Company’s prior estimate.

● Full year preferred stock dividends of approximately $16 million to $17 million, which includes the Series G, H, and I cumulative redeemable preferred stock.

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Dividend Update

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On May 4, 2026, the Company’s Board of Directors authorized a cash dividend of $0.09 per share of its common stock. The Company’s Board of Directors also authorized cash dividends of $0.812500 per share payable to its Series G cumulative redeemable preferred stockholder, $0.382813 per share payable to its Series H cumulative redeemable preferred stockholders, and $0.356250 per share payable to its Series I cumulative redeemable preferred stockholders. The common and preferred dividends will be paid on July 15, 2026 to stockholders of record as of June 30, 2026.

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3

The Company currently expects to continue to pay a quarterly cash common dividend throughout 2026. The level of any future quarterly dividends will be determined by the Company’s Board of Directors after considering long-term operating projections, expected capital requirements, and risks affecting the Company’s business.

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Supplemental Disclosures

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Contemporaneous with this release, the Company has furnished a Form 8-K with unaudited financial information. This additional information is being provided as a supplement to the information in this release and other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations.

Earnings Call

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The Company will host a conference call to discuss first quarter results on May 5, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time). A live webcast of the call will be available via the Investor Relations section of the Company’s website at www.sunstonehotels.com. Alternatively, interested parties may dial 1-800-715-9871 and reference conference ID 1026321 to listen to the live call. A transcript of the webcast will also be archived on the website.

About Sunstone Hotel Investors, Inc.

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Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (“REIT”) that as of the date of this release owns 14 hotels comprised of approximately 7,000 rooms, the majority of which are operated under nationally recognized brands. Sunstone's strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate. For further information, please visit Sunstone’s website at www.sunstonehotels.com. The Company’s website is provided as a reference only and any information on the website is not incorporated by reference in this release.

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Forward-Looking Statements

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This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks, uncertainties, and other factors include, but are not limited to, those described in the sections entitled “Special Note Regarding Forward-Looking Statements,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2025 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 27, 2026, and other risks and uncertainties associated with the Company’s business described in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information provided herein is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

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This release should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

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Non-GAAP Financial Measures

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We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as us. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this

4

disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

​

We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“Nareit”), as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.” We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

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We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre as measures in determining the value of hotel acquisitions and dispositions.

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We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to Nareit’s definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently than we do.

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We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and may facilitate comparisons of operating performance between periods and our peer companies.

​

We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre or Adjusted FFO attributable to common stockholders:

​

● Amortization of deferred stock compensation: we exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels.

​

● Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. We exclude the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.

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● Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure.

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● Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period.

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● Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; the write-off of development costs associated with abandoned projects; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.

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In addition, to derive Adjusted EBITDAre, we exclude the amortization of our right-of-use assets and related lease obligations as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the

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underlying performance of our hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets.

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To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the real estate amortization of our right-of-use assets and related lease obligations (with the exception of our corporate operating lease) as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude gains or losses on the redemptions or repurchases of preferred stock, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets.

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In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.

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Reconciliations of net income to EBITDAre, Adjusted EBITDAre, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this release.

6

Sunstone Hotel Investors, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

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​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​ ​ ​	​ ​ ​	2026		​ ​ ​	2025
​	​	(unaudited)		​	​
ASSETS	​	​	​	​	​	​
Investment in hotel properties, net	​	$	2,753,361	​	$	2,771,180
Operating lease right-of-use assets, net	​	​	4,098	​	​	4,418
Cash and cash equivalents	​	​	91,134	​	​	109,189
Restricted cash	​	​	75,549	​	​	76,531
Accounts receivable, net	​	​	45,364	​	​	33,662
Prepaid expenses and other assets, net	​	​	40,637	​	​	34,025
Total assets	​	$	3,010,143	​	$	3,029,005
​	​	​	​	​	​	​
LIABILITIES AND STOCKHOLDERS' EQUITY	​	​	​	​	​	​
​	​	​	​	​	​	​
LIABILITIES	​	​	​	​	​	​
Debt, net of unamortized deferred financing costs	​	$	942,715	​	$	918,086
Operating lease obligations	​	​	6,811	​	​	7,348
Accounts payable and accrued expenses	​	​	52,541	​	​	63,146
Dividends and distributions payable	​	​	21,305	​	​	22,975
Other liabilities	​	​	82,472	​	​	72,832
Total liabilities	​	​	1,105,844	​	​	1,084,387
Commitments and contingencies	​	​	​	​	​	​
​	​	​	​	​	​	​
STOCKHOLDERS' EQUITY	​	​	​	​	​	​
Preferred stock, $0.01 par value, 100,000,000 shares authorized:	​	​	​	​	​	​
Series G Cumulative Redeemable Preferred Stock, 2,650,000 shares issued and outstanding at both March 31, 2026 and December 31, 2025, stated at liquidation preference of $25.00 per share	​	​	66,250	​	​	66,250
6.125% Series H Cumulative Redeemable Preferred Stock, 4,303,141 shares issued and outstanding at March 31, 2026 and 4,545,903 shares issued and outstanding at December 31, 2025, stated at liquidation preference of $25.00 per share	​	​	107,579	​	​	113,648
5.70% Series I Cumulative Redeemable Preferred Stock, 3,868,640 shares issued and outstanding at March 31, 2026 and 3,990,973 shares issued and outstanding at December 31, 2025, stated at liquidation preference of $25.00 per share	​	​	96,716	​	​	99,774
Common stock, $0.01 par value, 500,000,000 shares authorized, 186,967,315 shares issued and outstanding at March 31, 2026 and 189,709,516 shares issued and outstanding at December 31, 2025	​	​	1,870	​	​	1,897
Additional paid in capital	​	​	2,268,217	​	​	2,298,398
Distributions in excess of retained earnings	​	​	(636,333)	​	​	(635,349)
Total stockholders’ equity	​	​	1,904,299	​	​	1,944,618
​	​	​	​	​	​	​
Total liabilities and stockholders' equity	​	$	3,010,143	​	$	3,029,005

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7

Sunstone Hotel Investors, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

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​	​	​	​	​	​	​
​	​	Quarter Ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
​	​	(unaudited)
Revenues	​	​	​	​	​	​
Room	​	$	161,047	​	$	144,921
Food and beverage	​	​	74,287	​	​	67,128
Other operating	​	​	24,375	​	​	22,016
Total revenues	​	​	259,709	​	​	234,065
Operating expenses	​	​	​	​	​	​
Room	​	​	41,998	​	​	39,110
Food and beverage	​	​	51,272	​	​	48,821
Other operating	​	​	6,724	​	​	5,860
Advertising and promotion	​	​	13,692	​	​	13,116
Repairs and maintenance	​	​	11,654	​	​	9,685
Utilities	​	​	7,137	​	​	6,741
Franchise costs	​	​	4,585	​	​	4,459
Property tax, ground lease and insurance	​	​	20,454	​	​	18,897
Other property-level expenses	​	​	32,758	​	​	29,725
Corporate overhead	​	​	6,835	​	​	8,905
Depreciation and amortization	​	​	34,177	​	​	32,275
Total operating expenses	​	​	231,286	​	​	217,594
Interest and other income	​	​	1,533	​	​	1,564
Interest expense	​	​	(11,277)	​	​	(12,682)
Income before income taxes	​	​	18,679	​	​	5,353
Income tax provision, net	​	​	(122)	​	​	(98)
Net income	​	​	18,557	​	​	5,255
Preferred stock dividends, net of gain on repurchases	​	​	(2,602)	​	​	(3,931)
Net income attributable to common stockholders	​	$	15,955	​	$	1,324
​	​	​	​	​	​	​
Basic and diluted per share amounts:	​	​	​	​	​	​
Basic and diluted net income attributable to common stockholders per common share	​	$	0.08	​	$	0.01
​	​	​	​	​	​	​
Basic weighted average common shares outstanding	​	​	188,361	​	​	200,410
Diluted weighted average common shares outstanding	​	​	188,668	​	​	201,444
​	​	​	​	​	​	​
Distributions declared per common share	​	$	0.09	​	$	0.09

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8

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(Unaudited and in thousands)

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Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

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​	​	​	​	​	​	​
​	​	Quarter Ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
​	​	​	​	​	​	​
Net income	​	$	18,557	​	$	5,255
Depreciation and amortization	​	​	34,177	​	​	32,275
Interest expense	​	​	11,277	​	​	12,682
Income tax provision, net	​	​	122	​	​	98
EBITDAre	​	​	64,133	​	​	50,310
​	​	​	​	​	​	​
Amortization of deferred stock compensation	​	​	1,889	​	​	2,064
Amortization of right-of-use assets and obligations	​	​	(217)	​	​	(141)
Loss (gain) on property damage, net	​	​	1,930	​	​	(99)
Pre-opening costs	​	​	—	​	​	3,253
Management transition costs	​	​	—	​	​	1,869
Adjustments to EBITDAre, net	​	​	3,602	​	​	6,946
​	​	​	​	​	​	​
Adjusted EBITDAre	​	$	67,735	​	$	57,256

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9

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(Unaudited and in thousands, except per share data)

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Reconciliation of Net Income to FFO Attributable to Common Stockholders and

Adjusted FFO Attributable to Common Stockholders

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​	​	​	​	​	​	​
​	​	Quarter Ended March 31,
​	​	2026		​ ​ ​	2025
​	​	​	​	​	​	​
Net income	​ ​ ​	$	18,557	​ ​ ​	$	5,255
Preferred stock dividends, net of gain on repurchases	​	​	(2,602)	​	​	(3,931)
Real estate depreciation and amortization	​	​	33,832	​	​	31,918
FFO attributable to common stockholders	​	​	49,787	​	​	33,242
​	​	​	​	​	​	​
Amortization of deferred stock compensation	​	​	1,889	​	​	2,064
Real estate amortization of right-of-use assets and obligations	​	​	(186)	​	​	(126)
Amortization of contract intangibles, net	​	​	315	​	​	315
Noncash interest on derivatives, net	​	​	(2,121)	​	​	982
Loss (gain) on property damage, net	​	​	1,930	​	​	(99)
Pre-opening costs	​	​	—	​	​	3,253
Management transition costs	​	​	—	​	​	1,869
Gain on preferred stock repurchases, net	​	​	(1,500)	​	​	—
Adjustments to FFO attributable to common stockholders, net	​	​	327	​	​	8,258
​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders	​	$	50,114	​	$	41,500
​	​	​	​	​	​	​
FFO attributable to common stockholders per diluted share	​	$	0.26	​	$	0.16
​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share	​	$	0.27	​	$	0.21
​	​	​	​	​	​	​
Basic weighted average shares outstanding	​	​	188,361	​	​	200,410
Shares associated with unvested restricted stock awards	​	​	428	​	​	1,214
Diluted weighted average shares outstanding	​	​	188,789	​	​	201,624

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Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

Guidance for Full Year 2026

(Unaudited and in thousands, except for per share amounts)

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Reconciliation of Net Income to Adjusted EBITDAre

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​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31, 2026
​	​ ​ ​	​	Low	​ ​ ​	​	High
​	​	​	​	​	​	​
Net income	​	$	34,000	​	$	48,000
Depreciation and amortization	​	​	137,000	​	​	137,000
Interest expense	​	​	52,500	​	​	52,500
Income tax provision, net	​	​	500	​	​	500
Amortization of deferred stock compensation	​	​	10,000	​	​	10,000
Pre-opening costs	​	​	2,000	​	​	2,000
Loss on property damage, net	​	​	2,000	​	​	2,000
Adjusted EBITDAre	​	$	238,000	​	$	252,000

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Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders

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​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31, 2026
​	​ ​ ​	​	Low	​ ​ ​	​	High
​	​	​	​	​	​	​
Net income	​ ​ ​	$	34,000	​	$	48,000
Preferred stock dividends, net of gain on repurchases	​	​	(13,500)	​	​	(13,500)
Net income attributable to common stockholders	​	​	20,500	​	​	34,500
​	​	​	​	​	​	​
Real estate depreciation and amortization	​	​	136,000	​	​	136,000
Amortization of deferred stock compensation	​	​	10,000	​	​	10,000
Pre-opening costs	​	​	2,000	​	​	2,000
Loss on property damage, net	​	​	2,000	​	​	2,000
Amortization of intangibles, net	​	​	500	​	​	500
Noncash interest on derivatives, net	​	​	(2,000)	​	​	(2,000)
Gain on preferred stock repurchases, net	​	​	(3,000)	​	​	(3,000)
Adjusted FFO attributable to common stockholders	​	$	166,000	​	$	180,000
​	​	​	​	​	​	​
Net income attributable to common stockholders per diluted share	​	$	0.11	​	$	0.18
​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share	​	$	0.88	​	$	0.96
​	​	​	​	​	​	​
Diluted weighted average shares outstanding	​	​	188,000	​	​	188,000

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11

Sunstone Hotel Investors, Inc.

Non-GAAP Financial Measures

Hotel Adjusted EBITDAre and Margins

(Unaudited and in thousands)

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​	​	​	​	​	​	​	​
​	​	Quarter Ended March 31,					​
​	​	2026		​	2025		​
​	​	​	​	​	​	​	​
Total Portfolio Hotel Adjusted EBITDAre Margin	​	​	27.7%	​	​	25.5%	​
Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach	​	​	27.1%	​	​	25.7%	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Actual revenues	​	$	259,709	​	$	234,065	​
Sold hotel revenues (1)	​	​	—	​	​	(5,085)	​
Total Portfolio Hotel Revenues	​	​	259,709	​	​	228,980	​
Andaz Miami Beach revenues (2)	​	​	(18,704)	​	​	(132)	​
Hotel Revenues, excluding Andaz Miami Beach	​	$	241,005	​	$	228,848	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Net income	​	$	18,557	​	$	5,255	​
Non-hotel operating expenses, net (3)	​	​	10	​	​	(295)	​
Property-level adjustments (4)	​	​	2,372	​	​	3,416	​
Corporate overhead	​	​	6,835	​	​	8,905	​
Depreciation and amortization	​	​	34,177	​	​	32,275	​
Interest and other income	​	​	(1,533)	​	​	(1,564)	​
Interest expense	​	​	11,277	​	​	12,682	​
Income tax provision, net	​	​	122	​	​	98	​
Actual Hotel Adjusted EBITDAre	​	​	71,817	​	​	60,772	​
Sold hotel Adjusted EBITDAre (1)	​	​	—	​	​	(2,372)	​
Total Portfolio Hotel Adjusted EBITDAre	​	​	71,817	​	​	58,400	​
Andaz Miami Beach Adjusted EBITDAre (2)	​	​	(6,498)	​	​	475	​
Hotel Adjusted EBITDAre, excluding Andaz Miami Beach	​	$	65,319	​	$	58,875	​

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(1) Sold hotel revenues and Adjusted EBITDAre includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025.

(2) Andaz Miami Beach was undergoing a transformational renovation during the first quarter of 2025, and results are not comparable to the prior period.

(3) Non-hotel operating expenses, net include the amortization of hotel real estate-related right-of-use assets and obligations, corporate-level current year property taxes and insurance, as well as any prior year property taxes assessed on sold hotels, net of any refunds received.

(4) Property-level adjustments include non-operational and nonrecurring items. Adjustments primarily include severe weather-related restoration expenses during the first quarter of 2026 and pre-opening costs at Andaz Miami Beach during the first quarter of 2025.

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Exhibit 99.2

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​ Supplemental Financial Information For the quarter ended March 31, 2026 May 5, 2026 ​
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Supplemental Financial Information
May 5, 2026

Table of Contents

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Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures								2
Comparable Corporate Financial Information								6
Capitalization								11
Property-Level Data And Operating Statistics								14
Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins								18

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Supplemental Financial Information
May 5, 2026

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CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES

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CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES							​	Page 2
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Supplemental Financial Information
May 5, 2026

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About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of May 5, 2026 owns 14 hotels comprised of approximately 7,000 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.

This presentation contains unaudited information and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

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Corporate Headquarters
15 Enterprise, Suite 200 Aliso Viejo, CA 92656 (949) 330-4000

Company Contacts
Bryan Giglia Chief Executive Officer (949) 382-3036

Aaron Reyes Chief Financial Officer (949) 382-3018

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CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES							​	Page 3
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Supplemental Financial Information
May 5, 2026

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as us. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“Nareit”), as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.” We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre as measures in determining the value of hotel acquisitions and dispositions.

We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to the Nareit definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently than we do.

We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and may facilitate comparisons of operating performance between periods and our peer companies.

​

​

​

			​
CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES							​	Page 4
​							​	​

​

​

​

Supplemental Financial Information
May 5, 2026

​

​

We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre or Adjusted FFO attributable to common stockholders:

● Amortization of deferred stock compensation: we exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels.

● Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. We exclude the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.

● Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure.

● Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period.

● Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; the write-off of development costs associated with abandoned projects; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.

In addition, to derive Adjusted EBITDAre, we exclude the amortization of our right-of-use assets and related lease obligations as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the real estate amortization of our right-of-use assets and related lease obligations (with the exception of our corporate operating lease) as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude gains or losses on the redemptions or repurchases of preferred stock, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets.

In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.

Reconciliations of net income to EBITDAre, Adjusted EBITDAre, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this supplemental package.

			​
CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES							​	Page 5
​							​	​

​

​

​

​

Supplemental Financial Information
May 5, 2026

​

COMPARABLE CORPORATE FINANCIAL INFORMATION

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
COMPARABLE CORPORATE FINANCIAL INFORMATION							​	Page 6
​							​	​

​

​

​

Supplemental Financial Information
May 5, 2026

Comparable Consolidated Statements of Operations

Q1 2026 – Q2 2025, Trailing 12 Months

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended (1)

​

Trailing 12 Months (1)

(Unaudited and in thousands)

March 31,

​

December 31,

​

September 30,

​

June 30,

​

Ended

​

2026

​ ​ ​

2025

​ ​ ​

2025

​ ​ ​

2025

​ ​ ​

March 31, 2026

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Room

$

161,047

​

$

142,177

​

$

139,523

​

$

154,061

​

$

596,808

Food and beverage

​

74,287

​

​

69,107

​

​

64,419

​

​

77,986

​

​

285,799

Other operating

​

24,375

​

​

25,682

​

​

25,378

​

​

25,365

​

​

100,800

Total revenues

​

259,709

​

​

236,966

​

​

229,320

​

​

257,412

​

​

983,407

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Room

​

41,998

​

​

39,422

​

​

39,307

​

​

40,481

​

​

161,208

Food and beverage

​

51,272

​

​

49,088

​

​

48,717

​

​

53,022

​

​

202,099

Other expenses

​

97,004

​

​

89,979

​

​

88,560

​

​

91,636

​

​

367,179

Corporate overhead

​

6,835

​

​

7,369

​

​

6,970

​

​

8,346

​

​

29,520

Depreciation and amortization

​

34,177

​

​

34,180

​

​

33,928

​

​

33,719

​

​

136,004

Total operating expenses

​

231,286

​

​

220,038

​

​

217,482

​

​

227,204

​

​

896,010

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and other income

​

1,533

​

​

3,940

​

​

3,160

​

​

2,300

​

​

10,933

Interest expense

​

(11,277)

​

​

(13,707)

​

​

(13,412)

​

​

(13,164)

​

​

(51,560)

Loss on extinguishment of debt

​

—

​

​

—

​

​

(180)

​

​

—

​

​

(180)

Income before income taxes

​

18,679

​

​

7,161

​

​

1,406

​

​

19,344

​

​

46,590

Income tax (provision) benefit, net

​

(122)

​

​

56

​

​

(137)

​

​

(37)

​

​

(240)

Net income

$

18,557

​

$

7,217

​

$

1,269

​

$

19,307

​

$

46,350

​

(1) Includes results for all 14 hotels owned by the Company as of March 31, 2026.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
COMPARABLE CORPORATE FINANCIAL INFORMATION							​	Page 7
​							​	​

​

​

​

​

Supplemental Financial Information
May 5, 2026

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, and Total Portfolio Hotel Adjusted EBITDAre

Q1 2026 – Q2 2025, Trailing 12 Months

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended

​

Trailing 12 Months

​

March 31,

​

December 31,

​

September 30,

​

June 30,

​

Ended

(In thousands)

2026

​

2025

​

2025

​

2025

​

March 31, 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

$

18,557

​

$

7,217

​

$

1,322

​

$

10,774

​

$

37,870

Depreciation and amortization

​

34,177

​

​

34,180

​

​

33,928

​

​

34,125

​

​

136,410

Interest expense

​

11,277

​

​

13,707

​

​

13,412

​

​

13,164

​

​

51,560

Income tax provision (benefit), net

​

122

​

​

(56)

​

​

137

​

​

37

​

​

240

Loss on sale of assets

​

—

​

​

—

​

​

—

​

​

8,751

​

​

8,751

EBITDAre

​

64,133

​

​

55,048

​

​

48,799

​

​

66,851

​

​

234,831

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization of deferred stock compensation

​

1,889

​

​

1,958

​

​

1,905

​

​

2,772

​

​

8,524

Amortization of right-of-use assets and obligations

​

(217)

​

​

(167)

​

​

(158)

​

​

(159)

​

​

(701)

Loss on extinguishment of debt

​

—

​

​

—

​

​

180

​

​

—

​

​

180

Loss (gain) on property damage, net

​

1,930

​

​

(277)

​

​

(674)

​

​

—

​

​

979

Pre-opening costs

​

—

​

​

—

​

​

—

​

​

3,218

​

​

3,218

Adjustments to EBITDAre, net

​

3,602

​

​

1,514

​

​

1,253

​

​

5,831

​

​

12,200

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDAre

​

67,735

​

​

56,562

​

​

50,052

​

​

72,682

​

​

247,031

Sold hotel Adjusted EBITDAre (1)

​

—

​

​

—

​

​

(53)

​

​

(624)

​

​

(677)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Comparable Adjusted EBITDAre

​

67,735

​

​

56,562

​

​

49,999

​

​

72,058

​

​

246,354

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate-level adjustments, net (2)

​

4,082

​

​

1,701

​

​

2,646

​

​

3,226

​

​

11,655

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Portfolio Hotel Adjusted EBITDAre

$

71,817

​

$

58,263

​

$

52,645

​

$

75,284

​

$

258,009

*Footnotes on page 10

​

​

​

​

​

​

​

​

​

​

​		​
COMPARABLE CORPORATE FINANCIAL INFORMATION							​		Page 8
​							​		​

​

​

​

Supplemental Financial Information
May 5, 2026

Comparable Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

Q1 2026 – Q2 2025, Trailing 12 Months

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended

​

Trailing 12 Months

​

March 31,

​

December 31,

​

September 30,

​

June 30,

​

Ended

(In thousands, except per share data)

2026

​

2025

​

2025

​

2025

​

March 31, 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

$

18,557

​

$

7,217

​

$

1,322

​

$

10,774

​

$

37,870

Preferred stock dividends, net of gain on repurchases

​

(2,602)

​

​

(3,985)

​

​

(4,262)

​

​

(3,932)

​

​

(14,781)

Real estate depreciation and amortization

​

33,832

​

​

33,834

​

​

33,581

​

​

33,779

​

​

135,026

Loss on sale of assets

​

—

​

​

—

​

​

—

​

​

8,751

​

​

8,751

FFO attributable to common stockholders

​

49,787

​

​

37,066

​

​

30,641

​

​

49,372

​

​

166,866

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization of deferred stock compensation

​

1,889

​

​

1,958

​

​

1,905

​

​

2,772

​

​

8,524

Real estate amortization of right-of-use assets and obligations

​

(186)

​

​

(137)

​

​

(130)

​

​

(134)

​

​

(587)

Amortization of contract intangibles, net

​

315

​

​

315

​

​

315

​

​

314

​

​

1,259

Noncash interest on derivatives, net

​

(2,121)

​

​

210

​

​

(495)

​

​

181

​

​

(2,225)

Loss on extinguishment of debt

​

—

​

​

—

​

​

180

​

​

—

​

​

180

Loss (gain) on property damage, net

​

1,930

​

​

(277)

​

​

(674)

​

​

—

​

​

979

Pre-opening costs

​

—

​

​

—

​

​

—

​

​

3,218

​

​

3,218

Gain on preferred stock repurchases, net

​

(1,500)

​

​

(254)

​

​

—

​

​

—

​

​

(1,754)

Adjustments to FFO attributable to common stockholders, net

​

327

​

​

1,815

​

​

1,101

​

​

6,351

​

​

9,594

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted FFO attributable to common stockholders

​

50,114

​

​

38,881

​

​

31,742

​

​

55,723

​

​

176,460

Sold hotel Adjusted FFO (1)

​

—

​

​

—

​

​

(53)

​

​

(624)

​

​

(677)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Comparable Adjusted FFO attributable to common stockholders

$

50,114

​

$

38,881

​

$

31,689

​

$

55,099

​

$

175,783

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Comparable Adjusted FFO attributable to common stockholders per diluted share

$

0.27

​

$

0.21

​

$

0.17

​

$

0.30

​

$

0.94

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic weighted average shares outstanding

​

188,361

​

​

189,172

​

​

189,253

​

​

195,791

​

​

190,644

Shares associated with unvested restricted stock awards

​

428

​

​

776

​

​

859

​

​

513

​

​

644

Diluted weighted average shares outstanding

​

188,789

​

​

189,948

​

​

190,112

​

​

196,304

​

​

191,288

Equity transactions (3)

​

(2,234)

​

​

(3,331)

​

​

(3,419)

​

​

(9,991)

​

​

(4,744)

Comparable diluted weighted average shares outstanding

​

186,555

​

​

186,617

​

​

186,693

​

​

186,313

​

​

186,544

​

*Footnotes on page 10

​

​

​

​

​

​		​
COMPARABLE CORPORATE FINANCIAL INFORMATION							​		Page 9
​							​		​

​

​

​

Supplemental Financial Information
May 5, 2026

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Total Portfolio Hotel Adjusted EBITDAre,

FFO and Adjusted FFO Attributable to Common Stockholders

Q1 2026 – Q2 2025, Trailing 12 Months Footnotes

(1) Sold hotel Adjusted EBITDAre and Adjusted FFO include results for the Hilton New Orleans St. Charles, sold in June 2025.

(2) Corporate-level adjustments, net primarily consist of corporate overhead expenses and interest and other income.

(3) Equity transactions represent pro forma adjustments to reflect the Company's repurchases of its common stock during the first quarter of 2026 and the second, third, and fourth quarters of 2025 as if the repurchases had occurred on April 1, 2025.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
COMPARABLE CORPORATE FINANCIAL INFORMATION							​	Page 10
​							​	​

​

​

​

​
	Supplemental Financial Information May 5, 2026

​

CAPITALIZATION

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
CAPITALIZATION							​	Page 11
​							​	​

​

​

​

Supplemental Financial Information
May 5, 2026

Comparative Capitalization
Q1 2026 – Q1 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31,

​

December 31,

​

September 30,

​

June 30,

​

March 31,

​

(In thousands, except per share data)

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2025

​ ​ ​

2025

​ ​ ​

2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Common Share Price & Dividends

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At the end of the quarter

​

$

9.01

​

$

8.94

​

$

9.37

​

$

8.68

​

$

9.41

​

High during quarter ended

​

$

9.71

​

$

9.86

​

$

9.92

​

$

9.49

​

$

12.10

​

Low during quarter ended

​

$

8.73

​

$

8.81

​

$

8.63

​

$

7.72

​

$

9.41

​

Common dividends per share

​

$

0.09

​

$

0.09

​

$

0.09

​

$

0.09

​

$

0.09

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Common Shares & Units

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Common shares outstanding

​

​

186,967

​

​

189,710

​

​

189,912

​

​

190,171

​

​

200,370

​

Units outstanding

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total common shares and units outstanding

​

​

186,967

​

​

189,710

​

​

189,912

​

​

190,171

​

​

200,370

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalization

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Market value of common equity

​

$

1,684,576

​

$

1,696,003

​

$

1,779,474

​

$

1,650,681

​

$

1,885,477

​

Liquidation value of preferred equity - Series G

​

​

66,250

​

​

66,250

​

​

66,250

​

​

66,250

​

​

66,250

​

Liquidation value of preferred equity - Series H

​

​

107,579

​

​

113,648

​

​

115,000

​

​

115,000

​

​

115,000

​

Liquidation value of preferred equity - Series I

​

​

96,716

​

​

99,774

​

​

100,000

​

​

100,000

​

​

100,000

​

Total debt

​

​

955,000

​

​

930,000

​

​

930,000

​

​

872,000

​

​

845,000

​

Total capitalization

​

$

2,910,121

​

$

2,905,675

​

$

2,990,724

​

$

2,803,931

​

$

3,011,727

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total debt to total capitalization

​

​

32.8

%

​

32.0

%

​

31.1

%

​

31.1

%

​

28.1

%

Total debt and preferred equity to total capitalization

​

​

42.1

%

​

41.6

%

​

40.5

%

​

41.1

%

​

37.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
CAPITALIZATION							​	Page 12
​							​	​

​

​

​

Supplemental Financial Information
May 5, 2026

Debt and Preferred Stock Summary Schedule

​	​	​	​	​	​	​	​	​	​
(In thousands)		​	Interest Rate /	​	Maturity	​	​	March 31, 2026	​
Unsecured Debt		​ ​ ​	Spread	​ ​ ​	Date (1)	​ ​ ​	​	Balance	​
​		​	​	​	​	​	​	​	​
Series B Senior Notes		​	4.79%	​	01/10/2028	​	$	105,000	​
Revolving Line of Credit		​	5.18%	​	09/24/2030	​	​	—	​
Term Loan 1 (2)		​	4.67%	​	01/24/2031	​	​	275,000	​
Term Loan 2 (2)		​	5.34%	​	01/24/2031	​	​	275,000	​
Term Loan 3 (2)		​	5.13%	​	01/24/2031	​	​	300,000	​
Total Unsecured Debt		​	​	​	​	​	$	955,000	​
​		​	​	​	​	​	​	​	​
Preferred Stock		​	​	​	​	​	​	​	​
Series G cumulative redeemable preferred (3)		​	6.000%	​	Perpetual	​	$	66,250	​
Series H cumulative redeemable preferred		​	6.125%	​	Perpetual	​	​	107,579	​
Series I cumulative redeemable preferred		​	5.700%	​	Perpetual	​	​	96,716	​
Total Preferred Stock		​	​	​	​	​	$	270,545	​
​	​	​	​	​	​	​	​	​	​
Debt and Preferred Statistics
​	​	​	​	​	Debt Statistics		​	Debt and Preferred Statistics
% Fixed Rate		​	​	​	60.7	%	​	69.4	%
% Floating Rate		​	​	​	39.3	%	​	30.6	%
Average Interest Rate		​	​	​	5.02	%	​	5.22	%
Weighted Average Maturity of Debt		​	​	​	4.5 years	​	​	N/A	​

​

(1) Maturity Date assumes the exercise of all available extensions for the Revolving Line of Credit and Term Loans 1 and 2. The Revolving Line of Credit has an initial maturity of September 2029 with two six-month extensions. Term Loan 1 has an initial maturity of January 2029 with two twelve-month extensions, and Term Loan 2 has an initial maturity of January 2030 with one twelve-month extension. By extending these loans, the Company's weighted average maturity of debt increases from 3.6 years to 4.5 years.

(2) Interest rates on the Term Loans are calculated according to a leverage-based pricing grid with a range of 135 to 220 basis points over the applicable term SOFR. The interest rates for Term Loans 1 and 2 include the effect of the Company's interest rate swap derivatives.

(3) The dividend rate on the Series G cumulative redeemable preferred stock increased to the greater of the rate equal to the Montage Healdsburg’s annual net operating income yield on our total investment in the resort or 6.5% in July 2025. Based on the dividends earned during the previous twelve months, this equates to an annual yield of 6.0%. Beginning in the third quarter of 2026, the annual dividend rate will increase to the greater of 7.5% or the rate equal to the Montage Healdsburg’s annual net operating income yield on our total investment in the resort.

​

​

​

​

​

​

​

​

​

			​
CAPITALIZATION							​	Page 13
​							​	​

​

​

​

​

Supplemental Financial Information
May 5, 2026

​

PROPERTY-LEVEL DATA AND OPERATING STATISTICS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
PROPERTY-LEVEL DATA AND OPERATING STATISTICS							​	Page 14
​							​	​

​

​

​

Supplemental Financial Information
May 5, 2026

Hotel Information as of May 5, 2026

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hotel

​ ​ ​

Location

​ ​ ​

Brand

​ ​ ​

Number of Rooms

​ ​ ​

% of Total Rooms

​ ​ ​

Interest

​ ​ ​

Year Acquired

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1

​

Hilton San Diego Bayfront (1) (2)

​

California

​

Hilton

​

1,190

​

17%

​

Leasehold

​

2011 / 2022

2

​

Hyatt Regency San Francisco

​

California

​

Hyatt

​

821

​

12%

​

Fee Simple

​

2013

3

​

The Westin Washington, DC Downtown

​

Washington DC

​

Marriott

​

807

​

12%

​

Fee Simple

​

2005

4

​

Renaissance Orlando at SeaWorld®

​

Florida

​

Marriott

​

781

​

11%

​

Fee Simple

​

2005

5

​

Hyatt Regency San Antonio Riverwalk

​

Texas

​

Hyatt

​

630

​

9%

​

Fee Simple

​

2024

6

​

Wailea Beach Resort

​

Hawaii

​

Marriott

​

543

​

8%

​

Fee Simple

​

2014

7

​

JW Marriott New Orleans (3)

​

Louisiana

​

Marriott

​

501

​

7%

​

Fee Simple

​

2011

8

​

Marriott Boston Long Wharf

​

Massachusetts

​

Marriott

​

415

​

6%

​

Fee Simple

​

2007

9

​

Marriott Long Beach Downtown

​

California

​

Marriott

​

376

​

5%

​

Fee Simple

​

2005

10

​

Andaz Miami Beach

​

Florida

​

Hyatt

​

287

​

4%

​

Fee Simple

​

2022

11

​

The Bidwell Marriott Portland

​

Oregon

​

Marriott

​

258

​

4%

​

Fee Simple

​

2000

12

​

Oceans Edge Resort & Marina

​

Florida

​

Independent

​

175

​

3%

​

Fee Simple

​

2017

13

​

Montage Healdsburg (4)

​

California

​

Montage

​

130

​

2%

​

Fee Simple

​

2021

14

​

Four Seasons Resort Napa Valley (4)

​

California

​

Four Seasons

​

85

​

1%

​

Fee Simple

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Portfolio

​

​

​

​

​

6,999

​

100%

​

​

​

​

​

(1) In June 2022, the Company acquired the 25.0% noncontrolling partner's ownership interest in the Hilton San Diego Bayfront. Following this acquisition, the Company owns 100% of the hotel.

(2) The ground lease at the Hilton San Diego Bayfront matures in 2071.

(3) Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space that is not integral to the hotel’s operations.

(4) The number of rooms excludes rooms provided by owners of the separately owned private residences at each resort who may periodically elect to participate in the applicable resort’s residential rental program.

​

​

​

​

​

​

​

​

​

​

​

​

			​
PROPERTY-LEVEL DATA AND OPERATING STATISTICS							​	Page 15
​							​	​

​

​

​

​

Supplemental Financial Information
May 5, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q1 2026/2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hotels sorted by number of rooms

​

For the Quarters Ended March 31,

​

​

ADR

​

Occupancy

​

​

RevPAR

​

TRevPAR

​

​

2026

​

2025

​

Change

​ ​ ​

2026

​ ​ ​

2025

​

Change

​ ​ ​

2026

​ ​ ​

2025

​

Change

​

2026

​

2025

​

Change

Hilton San Diego Bayfront

​

$

302

​

$

288

​

4.8%

​

77.8%

​

76.2%

​

160

bps

​

$

235

​

$

220

​

7.0%

​

$

414

​

$

417

​

(0.8)%

Hyatt Regency San Francisco

​

​

379

​

​

317

​

19.5%

​

77.7%

​

73.1%

​

460

bps

​

​

294

​

​

232

​

27.1%

​

​

396

​

​

332

​

19.4%

The Westin Washington, DC Downtown

​

​

292

​

​

316

​

(7.4)%

​

68.1%

​

69.9%

​

(180)

bps

​

​

199

​

​

221

​

(9.8)%

​

​

319

​

​

340

​

(6.2)%

Renaissance Orlando at SeaWorld®

​

​

235

​

​

231

​

1.5%

​

69.3%

​

79.0%

​

(970)

bps

​

​

163

​

​

183

​

(11.0)%

​

​

374

​

​

379

​

(1.3)%

Hyatt Regency San Antonio Riverwalk

​

​

201

​

​

197

​

2.1%

​

73.3%

​

68.6%

​

470

bps

​

​

147

​

​

135

​

9.1%

​

​

246

​

​

226

​

8.8%

Wailea Beach Resort

​

​

676

​

​

664

​

1.8%

​

84.2%

​

74.4%

​

980

bps

​

​

569

​

​

494

​

15.3%

​

​

839

​

​

732

​

14.7%

JW Marriott New Orleans

​

​

278

​

​

322

​

(13.7)%

​

71.4%

​

72.5%

​

(110)

bps

​

​

198

​

​

233

​

(15.0)%

​

​

296

​

​

314

​

(5.7)%

Marriott Boston Long Wharf

​

​

279

​

​

292

​

(4.4)%

​

68.2%

​

71.8%

​

(360)

bps

​

​

190

​

​

209

​

(9.2)%

​

​

287

​

​

302

​

(5.2)%

Marriott Long Beach Downtown

​

​

248

​

​

236

​

4.9%

​

73.3%

​

76.4%

​

(310)

bps

​

​

182

​

​

180

​

0.7%

​

​

266

​

​

255

​

4.7%

The Bidwell Marriott Portland

​

​

143

​

​

154

​

(7.2)%

​

71.4%

​

73.0%

​

(160)

bps

​

​

102

​

​

112

​

(9.2)%

​

​

141

​

​

145

​

(2.8)%

Oceans Edge Resort & Marina

​

​

377

​

​

371

​

1.8%

​

90.6%

​

84.3%

​

630

bps

​

​

342

​

​

313

​

9.4%

​

​

538

​

​

493

​

9.1%

Montage Healdsburg

​

​

866

​

​

775

​

11.7%

​

50.0%

​

39.1%

​

1,090

bps

​

​

433

​

​

303

​

42.9%

​

​

805

​

​

613

​

31.3%

Four Seasons Resort Napa Valley

​

​

927

​

​

902

​

2.9%

​

52.6%

​

43.6%

​

900

bps

​

​

488

​

​

393

​

24.1%

​

​

965

​

​

805

​

19.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Portfolio, excluding Andaz Miami Beach (1)

​

​

333

​

​

318

​

4.7%

​

73.6%

​

72.9%

​

70

bps

​

​

245

​

​

232

​

5.7%

​

​

398

​

​

378

​

5.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Andaz Miami Beach (2)

​

​

564

​

​

—

​

N/A

​

86.4%

​

0.0%

​

N/A

​

​

​

488

​

​

—

​

N/A

​

​

724

​

​

5

​

N/A

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Portfolio (3)

​

$

344

​

$

318

​

8.1%

​

74.1%

​

69.9%

​

420

bps

​

$

255

​

$

222

​

14.6%

​

$

411

​

$

363

​

13.4%

​

*Footnotes on page 17

​

​

​

​

​

​

​

			​
PROPERTY-LEVEL DATA AND OPERATING STATISTICS							​	Page 16
​							​	​

​

​

​

​

Supplemental Financial Information
May 5, 2026

Property-Level Operating Statistics

Q1 2026/2025 Footnotes

(1) Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of March 31, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first quarters of 2026 and 2025.

(2) Operating statistics for the first quarters of 2026 and 2025 are impacted by renovation and subsequent ramp up activity at Andaz Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.

(3) Total Portfolio consists of all hotels owned by the Company as of March 31, 2026.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
PROPERTY-LEVEL DATA AND OPERATING STATISTICS							​	Page 17
​							​	​

​

​

​

​

​

​

​

​

​

Supplemental Financial Information
May 5, 2026

​

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							​	Page 18
​							​	​

​

​

​

Supplemental Financial Information
May 5, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2026/2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hotels sorted by number of rooms

​

For the Quarters Ended March 31,

​

​

2026

​

2025

​

​

​

(In thousands)

​

​

​

​

​

Hotel Adjusted

​

​

​

​

​

Hotel Adjusted

​

Hotel Adjusted

​

​

Total

​

Hotel Adjusted

​

EBITDAre

​

Total

​

Hotel Adjusted

​

EBITDAre

​

EBITDAre

​

​ ​ ​

Revenues

​ ​ ​

EBITDAre

​ ​ ​

Margins

​ ​ ​

Revenues

​ ​ ​

EBITDAre

​ ​ ​

Margins

​ ​ ​

Margin Change

Hilton San Diego Bayfront

​

$

44,302

​

$

12,085

​

27.3%

​

$

44,640

​

$

13,426

​

30.1%

​

(280)

bps

Hyatt Regency San Francisco

​

​

29,274

​

​

5,607

​

19.2%

​

​

24,521

​

​

2,623

​

10.7%

​

850

bps

The Westin Washington, DC Downtown

​

​

23,184

​

​

6,806

​

29.4%

​

​

24,724

​

​

7,534

​

30.5%

​

(110)

bps

Renaissance Orlando at SeaWorld®

​

​

26,309

​

​

9,093

​

34.6%

​

​

26,652

​

​

9,267

​

34.8%

​

(20)

bps

Hyatt Regency San Antonio Riverwalk

​

​

13,927

​

​

5,267

​

37.8%

​

​

12,798

​

​

4,604

​

36.0%

​

180

bps

Wailea Beach Resort

​

​

41,010

​

​

14,772

​

36.0%

​

​

35,898

​

​

11,990

​

33.4%

​

260

bps

JW Marriott New Orleans

​

​

13,345

​

​

6,036

​

45.2%

​

​

14,147

​

​

7,061

​

49.9%

​

(470)

bps

Marriott Boston Long Wharf

​

​

10,704

​

​

1,271

​

11.9%

​

​

11,291

​

​

1,936

​

17.1%

​

(520)

bps

Marriott Long Beach Downtown

​

​

9,018

​

​

2,033

​

22.5%

​

​

8,613

​

​

1,915

​

22.2%

​

30

bps

The Bidwell Marriott Portland

​

​

3,275

​

​

309

​

9.4%

​

​

3,368

​

​

381

​

11.3%

​

(190)

bps

Oceans Edge Resort & Marina

​

​

8,470

​

​

3,745

​

44.2%

​

​

7,761

​

​

3,096

​

39.9%

​

430

bps

Montage Healdsburg

​

​

9,937

​

​

(198)

​

(2.0)%

​

​

7,498

​

​

(2,044)

​

(27.3)%

​

2,530

bps

Four Seasons Resort Napa Valley

​

​

8,250

​

​

(1,507)

​

(18.3)%

​

​

6,937

​

​

(2,914)

​

(42.0)%

​

2,370

bps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Portfolio, excluding Andaz Miami Beach (1)

​

​

241,005

​

​

65,319

​

27.1%

​

​

228,848

​

​

58,875

​

25.7%

​

140

bps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Andaz Miami Beach (2)

​

​

18,704

​

​

6,498

​

34.7%

​

​

132

​

​

(475)

​

(359.8)%

​

39,450

bps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Portfolio (3)

​

​

259,709

​

​

71,817

​

27.7%

​

​

228,980

​

​

58,400

​

25.5%

​

220

bps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Add: Sold Hotel (4)

​

​

—

​

​

—

​

N/A

​

​

5,085

​

​

2,372

​

46.6%

​

N/A

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Actual Portfolio (5)

​

$

259,709

​

$

71,817

​

27.7%

​

$

234,065

​

$

60,772

​

26.0%

​

N/A

​

*Footnotes on page 20

​

​

			​
PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							​	Page 19
​							​	​

​

​

​

Supplemental Financial Information
May 5, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2026/2025 Footnotes

(1) Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of March 31, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first quarters of 2026 and 2025.

(2) Hotel Adjusted EBITDAre for the first quarters of 2026 and 2025 is impacted by renovation and subsequent ramp up activity at Andaz Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.

(3) Total Portfolio consists of all hotels owned by the Company as of March 31, 2026.

(4) Sold Hotel includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025.

(5) Actual Portfolio includes results for the 14 hotels and 15 hotels owned by the Company as of March 31, 2026 and 2025, respectively.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

			​
PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							​	Page 20
​							​	​

​

​

FAQ

How did Sunstone Hotel Investors (SHO) perform in Q1 2026?

Sunstone Hotel Investors posted much stronger Q1 2026 results, with net income of $18.6M versus $5.3M a year earlier. Net income attributable to common stockholders rose to $16.0M, and diluted EPS increased to $0.08, supported by higher RevPAR and margin expansion.

What were Sunstone Hotel Investors’ key Q1 2026 operating metrics?

In Q1 2026, total portfolio RevPAR reached $255.04, up 14.6%, with occupancy at 74.1% and ADR at $344.19. Adjusted EBITDAre rose to $67.7M, and Adjusted FFO attributable to common stockholders increased to $50.1M, or $0.27 per diluted share.

How has Sunstone Hotel Investors (SHO) updated its 2026 guidance?

For full year 2026, Sunstone now expects net income of $34M–$48M and Adjusted EBITDAre of $238M–$252M. RevPAR growth guidance was raised to 5.0%–7.5%, and Adjusted FFO attributable to common stockholders is projected at $166M–$180M, or $0.88–$0.96 per diluted share.

What stock repurchase activity has Sunstone Hotel Investors undertaken in 2026?

During Q1 2026, Sunstone repurchased $36.4M of its common and preferred stock, before expenses. From the start of 2026 through May 1, 2026, total repurchases reached $49.2M, and the company still has $458.3M remaining under its existing stock repurchase authorization.

What is happening with Sunstone Hotel Investors’ General Counsel role?

As part of an executive team restructuring, Sunstone is eliminating the General Counsel position. David Klein, General Counsel and Secretary, will depart effective May 31, 2026, receiving a $1.5M cash payment (reduced by accelerated equity value), accelerated vesting on 73,920 shares, and up to 18 months of COBRA coverage.

What dividends did Sunstone Hotel Investors declare for Q2 2026?

The board authorized a quarterly common dividend of $0.09 per share, plus preferred dividends of $0.812500 for Series G, $0.382813 for Series H, and $0.356250 for Series I. All dividends are payable on July 15, 2026 to stockholders of record on June 30, 2026.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 462.8 KB
• EX-99.2 EX-99.2 1.2 MB

Other Documents

• EX-101 EX-101.SCH 3.9 KB
• EX-101 EX-101.DEF 13.9 KB
• EX-101 EX-101.LAB 20.6 KB
• EX-101 EX-101.PRE 13.9 KB