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, Inc. (NYSE: SHO) has announced plans to report its third quarter 2021 financial results on November 4, 2021, after market close. Following this, a conference call will take place on November 5, 2021, at 12:00 p.m. ET. Investors can access the live webcast via the company's website, with a replay available afterward. Sunstone specializes in acquiring, owning, and managing hotels categorized as Long-Term Relevant Real Estate.
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.