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) reported a significant net loss of $117.5 million for Q2 2020, down from a net income of $45.9 million in Q2 2019. This loss, partly due to an impairment loss of $18.1 million, resulted in a RevPAR decrease of 98.1%, totaling $3.99. The company's Adjusted EBITDAre was $(47.0 million)
Operations were suspended at 15 out of 20 hotels due to COVID-19, though six resumed in June and July. The company has increased liquidity by approximately $80 million through the sale of the Renaissance Harborplace.
Sunstone Hotel Investors (NYSE: SHO) has announced that it will report its second quarter 2020 financial results on August 4, 2020, prior to market opening. A conference call to discuss these results will occur the same day at 12:00 p.m. ET (9:00 a.m. PT), with a live webcast available through the company’s website. Sunstone, a real estate investment trust focused on the hospitality sector, primarily invests in upper upscale hotels operated by well-known brands like Marriott and Hilton.
Sunstone Hotel Investors (NYSE: SHO) has announced the sale of the 622-room Renaissance Harborplace in Baltimore, Maryland, for $80 million, approximately $129,000 per key. This sale aligns with the Company’s strategy to focus on Long-Term Relevant Real Estate® and enhances its liquidity. CEO John Arabia expressed confidence in the Company's ability to navigate the current market and seize future opportunities. As of this announcement, Sunstone owns interests in 19 hotels totaling 9,988 rooms.