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. (NYSE: SHO) is a lodging real estate investment trust (REIT) that regularly issues news on its hotel portfolio, financial performance and capital allocation decisions. This news page aggregates Sunstone’s press releases and third-party coverage so readers can review the latest information related to SHO stock and the company’s hotel and resort real estate holdings.
Company announcements frequently cover quarterly and annual financial results, including metrics such as RevPAR, occupancy, average daily rate, Adjusted EBITDAre and Adjusted FFO. Sunstone also uses news releases to discuss trends across its upper upscale and luxury hotels in convention, urban and resort destinations, and to comment on demand patterns in markets such as San Francisco, Washington, D.C., Boston, San Antonio, Miami Beach, Maui and New Orleans.
In addition to earnings, Sunstone’s news often highlights portfolio activity and capital allocation, such as hotel acquisitions and dispositions, major renovations and conversions, and share repurchase activity. Examples include updates on the transformation and opening of Andaz Miami Beach, the rebranding of Marriott Long Beach Downtown, the acquisition of Hyatt Regency San Antonio Riverwalk, and the sale of Hilton New Orleans St. Charles with proceeds redeployed into stock repurchases.
Readers will also find updates on Sunstone’s balance sheet and financing, including changes to its unsecured term loans and revolving credit facility under the Third Amended and Restated Credit Agreement, as well as dividend declarations on its common and preferred stock. Governance and ESG-related items, such as Board appointments and the publication of the company’s Corporate Responsibility Report, are likewise communicated through news releases. Investors and observers can use this page to follow how Sunstone describes its strategy of acquisition, active ownership and disposition of hotel and resort real estate over time.
Sunstone Hotel Investors (NYSE: SHO) has appointed Douglas M. Pasquale as interim CEO, effective immediately, following the resignation of John Arabia. This change is not linked to the company's financial performance or internal controls. Pasquale, who remains Chairman, aims to enhance the company's portfolio through strategic investments and asset sales. Sunstone currently holds interests in 18 hotels, totaling 9,147 rooms, and plans to leverage its balance sheet to unlock value and pursue additional acquisitions. An executive search for a permanent CEO is underway.
Sunstone Hotel Investors (NYSE: SHO) reported a net loss of $27.9 million for Q2 2021, a significant improvement from a $117.5 million loss in Q2 2020. The company's RevPAR surged 3,182.2% to $95.84 across its 17 hotel portfolio, with an average daily rate of $219.82 and occupancy at 43.6%. Adjusted EBITDAre rose 132.6% to $15.3 million. The company successfully acquired the Montage Healdsburg and refinanced preferred stock, enhancing its financial flexibility. However, it has suspended common stock dividends amidst ongoing uncertainty due to the pandemic.
Sunstone Hotel Investors, Inc. (NYSE: SHO) announced its intention to redeem all 3,000,000 shares of its 6.450% Series F Cumulative Redeemable Preferred Stock on August 12, 2021. Each share will be redeemed at $25.00 plus accrued dividends of $0.183646, totaling $25.183646 per share. Following the redemption date, this stock will no longer trade on the NYSE, and all rights associated with the shares will terminate except for the right to the redemption price. The notice of redemption is being sent to shareholders of record as of July 13, 2021.
Sunstone Hotel Investors (NYSE: SHO) has announced a public offering of 4,000,000 shares of its 5.70% Series I Cumulative Redeemable Preferred Stock, generating gross proceeds of $100 million. The offering is expected to close on July 16, 2021. Proceeds will be used to redeem the outstanding 6.450% Series F Cumulative Redeemable Preferred Stock and for general corporate purposes. Wells Fargo Securities, J.P. Morgan, and Raymond James are the joint book-running managers for this offering.
Sunstone Hotel Investors (NYSE: SHO) announced key amendments to its unsecured debt agreements, including a $500 million revolving credit facility. The amendments remove restrictions on unencumbered hotel acquisitions, increasing acquisition flexibility during the covenant waiver period. The company is no longer limited to $250 million for non-equity funded acquisitions and can pursue growth without mandatory prepayment requirements from asset sales. These changes enhance Sunstone's capacity to capitalize on acquisition opportunities as the hospitality sector recovers.
Sunstone Hotel Investors, Inc. (NYSE: SHO) announced it will report its second-quarter 2021 financial results on August 3, 2021, after market close. A conference call for investors will take place on August 4, 2021, at 12:00 p.m. ET (9:00 a.m. PT). Interested parties can access the call via a live webcast on the company's website or by dialing in with Conference ID 5458099. Sunstone focuses on acquiring and managing hotels identified as Long-Term Relevant Real Estate®.
Sunstone Hotel Investors, Inc. (NYSE: SHO), based in Irvine, Calif., declared a cash dividend of $0.157378 per share for Series H cumulative redeemable preferred stockholders. This dividend reflects the period from May 24, 2021 to June 30, 2021 and is payable on July 15, 2021 to stockholders of record as of June 30, 2021.
Sunstone owns 18 hotels with 9,147 rooms, focusing on Long-Term Relevant Real Estate.
Sunstone Hotel Investors (NYSE: SHO) has priced a public offering of 4,000,000 shares of 6.125% Series H Cumulative Redeemable Preferred Stock, aiming for gross proceeds of $100 million. The offering includes a 30-day option for underwriters to purchase an additional 600,000 shares. Funds will be directed to Sunstone Hotel Partnership, LLC, to redeem all or part of its outstanding 6.950% Series E Cumulative Redeemable Preferred Stock. The offering is set to close on May 24, 2021, subject to customary conditions.
Sunstone Hotel Investors (NYSE: SHO) reported its Q1 2021 financial results, showcasing a net loss of $55.3 million, significantly reduced from a loss of $162.5 million in Q1 2020. As of March 31, 2021, 15 of its 17 hotels were operational. The RevPAR for the 17 hotels fell by 69.5% to $42.19. However, the company noted a steady recovery in leisure demand and sequential monthly growth in occupancy and average daily rates (ADR). The recent acquisition of Montage Healdsburg for $265 million is anticipated to enhance the company's growth prospects.
Sunstone Hotel Investors (NYSE: SHO) announced the acquisition of the Montage Healdsburg Resort for $265 million, funded by cash and $66 million in perpetual preferred equity. The Resort, completed in December 2020, is expected to generate a net operating income yield of 6.0% to 7.0% after stabilization. With this acquisition, Sunstone continues to strategically expand its portfolio of Long-Term Relevant Real Estate, increasing leisure demand concentration to 30% of pro forma rooms revenue, while maintaining financial flexibility for future growth.