Welcome to our dedicated page for Sunstone Hotel Inv news (Ticker: SHO), a resource for investors and traders seeking the latest updates and insights on Sunstone Hotel Inv stock.
Sunstone Hotel Investors, Inc. reports news as a lodging real estate investment trust focused on acquiring, actively owning and disposing of well-located hotel and resort real estate. Company updates commonly address portfolio operating metrics such as RevPAR, average daily rate and occupancy, along with Adjusted EBITDAre, Adjusted FFO and net income for its hotel ownership business.
Recurring announcements also cover capital allocation and balance-sheet activity, including common and preferred stock repurchases, dividends and tax treatment of distributions. Other company developments include credit facility amendments, capital recycling commentary, hotel portfolio performance in resort and urban markets, and governance updates involving the board of directors and executive structure.
Sunstone Hotel Investors (NYSE: SHO) provided an operations update for Q3 2024 and its impact on the full-year 2024 outlook. The company reported strong performance in July and August, with total portfolio RevPAR growth of 2.4% and Total RevPAR growth of 6.3%, excluding The Confidante Miami Beach. However, labor activity at the Hilton San Diego Bayfront in September led to event cancellations and lower business volume.
The company now anticipates full-year 2024 total portfolio RevPAR growth to be 125 to 150 basis points lower, Adjusted EBITDAre to be $11 million to $13 million lower, and Adjusted FFO per Diluted Share to be approximately $0.06 lower than previously forecasted. Despite this setback, Sunstone remains optimistic about earnings growth in 2025 and beyond, driven by recent brand conversions and acquisitions.
Additionally, Sunstone reported minimal impact from Hurricane Milton on its Florida properties and provided an update on its share repurchase program, having bought back 2.3 million shares in Q3 at an average price of $9.79 per share.
Sunstone Hotel Investors, Inc. (NYSE: SHO) has announced the schedule for its third quarter 2024 earnings release and conference call. The company will report financial results on Tuesday, November 12, 2024, before the market opens. Management will hold a quarterly conference call on the same day at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time).
Investors can access a live webcast of the call through the Investor Relations section of Sunstone's website at www.sunstonehotels.com. A transcript of the call will also be archived on the website. Alternatively, interested parties can dial 1-800-715-9871 and reference Conference ID 1026321 to listen to the live call.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (REIT) focused on creating long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.
Sunstone Hotel Investors (NYSE: SHO) reported Q2 2024 results with net income of $26.1 million, down from $43.1 million in Q2 2023. Comparable RevPAR decreased 2.0% to $232.59, with average daily rate at $322.60 and occupancy at 72.1%. Excluding The Confidante Miami Beach, RevPAR increased 0.4%. Adjusted EBITDAre decreased 13.6% to $73.5 million, while Adjusted FFO per diluted share decreased 15.2% to $0.28.
The company updated its full-year 2024 guidance, reflecting a slower recovery in Maui and the completion of renovation work at Marriott Long Beach Downtown. Sunstone now expects total portfolio RevPAR growth between -0.25% to +1.75%, Adjusted EBITDAre of $242 to $252 million, and Adjusted FFO per diluted share of $0.85 to $0.90.
Sunstone Hotel Investors (NYSE: SHO) announced it will release its Q2 2024 financial results on August 7, 2024, before the market opens. The company will also hold a conference call the same day at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss the results. Investors can access the live webcast through Sunstone's Investor Relations website or by dialing 1-800-715-9871 with Conference ID 1026321. A transcript of the call will be archived on the website. Sunstone Hotel Investors focuses on creating long-term stakeholder value through the acquisition, ownership, and sale of hotel and resort properties.
Sunstone Hotel Investors, Inc. reported results for the first quarter of 2024, announcing an increase in quarterly dividend and the acquisition of the Hyatt Regency San Antonio Riverwalk. Despite a challenging quarterly comparison to 2023, the company remains optimistic about the performance for the rest of the year. The company's balanced approach to capital allocation is expected to drive significant growth. However, the first quarter results showed a decrease in net income, comparable RevPAR, Adjusted EBITDAre, and Adjusted FFO attributable to common stockholders per diluted share.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.