Sunstone Hotel Investors (NYSE: SHO) boosts outlook after $279M hotel sale

Q: What were Sunstone Hotel Investors (SHO) Q2 2026 earnings?

Sunstone reported net income of $26.0 million for Q2 2026, up from $10.8 million a year earlier, with diluted EPS of $0.14 . Adjusted FFO attributable to common stockholders was $59.0 million , or $0.32 per diluted share, compared with $55.7 million, or $0.28, in Q2 2025.

Q: How did RevPAR and occupancy change for SHO in Q2 2026?

Total portfolio RevPAR was $263.61 in Q2 2026, a 9.3% increase from $241.22 in Q2 2025. Occupancy rose to 77.6% from 74.6%, a 300‑basis‑point gain, while average daily rate increased to $339.71 from $323.35.

Q: What major asset sale did Sunstone Hotel Investors (SHO) complete in 2026?

On July 30, 2026, Sunstone sold the 821‑room Hyatt Regency San Francisco to Blackstone Real Estate funds for a gross sale price of $279 million , or about $340,000 per key , and used part of the proceeds to repay $25.0 million on its revolving credit facility.

Q: How much stock has Sunstone Hotel Investors (SHO) repurchased in 2026?

During Q2 2026, Sunstone repurchased $32.2 million of common and preferred stock. From the start of 2026 through August 5, 2026, total repurchases reached $70.1 million , with $437.4 million still available under the existing stock repurchase authorization.

Q: What is Sunstone Hotel Investors’ (SHO) updated 2026 financial outlook?

For full‑year 2026, management expects net income of $79–$89 million , RevPAR and Total RevPAR growth of 7.0%–9.0% , Adjusted EBITDAre of $245–$255 million , and Adjusted FFO per diluted share of $0.93–$0.98 based on 187 million diluted weighted average shares.

Q: What is Sunstone Hotel Investors’ (SHO) liquidity and debt position after the Hyatt sale?

As of June 30, 2026, Sunstone held $203.7 million in cash and cash equivalents and had $980.0 million of total debt. After receiving Hyatt Regency San Francisco sale proceeds and repaying its revolver balance, cash rose to about $430.0 million and total debt declined to $955.0 million .

Q: What dividends did Sunstone Hotel Investors (SHO) declare for Q3 2026?

The board authorized a $0.09 per‑share cash dividend on common stock, plus preferred dividends of $0.382813 per Series H share and $0.356250 per Series I share. All dividends are payable on October 15, 2026 to stockholders of record on September 30, 2026.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Sunstone Hotel Investors, Inc. reported strong second‑quarter 2026 results and raised its full‑year outlook. Net income was $26.0 million versus $10.8 million a year earlier, with diluted EPS of $0.14. Total portfolio RevPAR rose to $263.61, up 9.3%, and Adjusted EBITDAre increased to $76.7 million. Adjusted FFO attributable to common stockholders was $59.0 million, or $0.32 per diluted share.

On July 30, 2026 the company sold the 821‑room Hyatt Regency San Francisco for $279 million and has allocated $70.1 million year‑to‑date to discounted repurchases of common and preferred stock, with $437.4 million remaining under its authorization. As of June 30, 2026, Sunstone had $203.7 million of cash and cash equivalents, total debt of $980.0 million and stockholders’ equity of $1.9 billion; adjusting for the Hyatt sale and credit‑facility repayment, cash was approximately $430.0 million and debt $955.0 million.

For 2026, management now expects net income of $79–$89 million, RevPAR growth of 7.0%–9.0%, Adjusted EBITDAre of $245–$255 million, and Adjusted FFO per diluted share of $0.93–$0.98. The board declared a quarterly common dividend of $0.09 per share, payable October 15, 2026.

Positive

Net income for Q2 2026 was $26.0 million, up 141.6% year over year, with diluted EPS increasing to $0.14 from $0.03.
RevPAR improved to $263.61 in Q2 2026, a 9.3% increase over Q2 2025, supported by higher ADR and occupancy.
2026 guidance was raised, with net income now projected at $79–$89 million and RevPAR growth at 7.0%–9.0%.
Capital recycling includes the $279 million sale of Hyatt Regency San Francisco and $70.1 million of discounted share repurchases year‑to‑date.

Negative

None.

Filing Explained

By June 30, common shares outstanding fell to 185,944,329 from 189,709,516; the August 6 disclosure is furnished, not filed.

The August 6 Form 8-K furnishes second-quarter results and related exhibits; the company states that the Item 2.02 information is not deemed filed and is not incorporated by reference into other filings.

The balance-sheet tables report 185,944,329 common shares outstanding on June 30, 2026, versus 189,709,516 on December 31, 2025; together with the disclosed common-stock repurchases, this documents a lower outstanding common-share count rather than an issuance.

The filing also reports 3,974,703 Series H and 3,181,182 Series I preferred shares outstanding on June 30, 2026, down from 4,545,903 and 3,990,973, respectively, at year-end.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Net Income Q2 2026: $26.0 million RevPAR Q2 2026: $263.61 Adjusted EBITDAre Q2 2026: $76.7 million +5 more

8 metrics

Net Income Q2 2026 $26.0 million Three months ended June 30, 2026 vs $10.8 million in 2025, up 141.6%

RevPAR Q2 2026 $263.61 Total portfolio vs $241.22 in Q2 2025, a 9.3% increase

Adjusted EBITDAre Q2 2026 $76.7 million Vs $72.7 million in Q2 2025, a 5.5% increase

Adjusted FFO per diluted share Q2 2026 $0.32 Vs $0.28 in Q2 2025, a 14.3% increase

Hyatt Regency San Francisco sale price $279 million 821-room hotel sold July 30, 2026 to Blackstone Real Estate funds

2026 Stock repurchases through August 5, 2026 $70.1 million Aggregate common and preferred stock repurchases year-to-date 2026

Cash after Hyatt sale adjustment $430.0 million Approximate cash and cash equivalents including restricted cash after sale and revolver repayment

Total debt after Hyatt sale adjustment $955.0 million Total debt outstanding after applying Hyatt sale proceeds and revolver repayment

Key Terms

EBITDAre, Adjusted FFO attributable to common stockholders, RevPAR, Total RevPAR, +1 more

5 terms

EBITDAre financial

"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;"

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 FFO attributable to common stockholders financial

"Adjusted FFO attributable to common stockholders was $59.0 million, or $0.32 per diluted share"

RevPAR financial

"Total Portfolio Operating Statistics (1) RevPAR $ 263.61 $ 241.22 9.3 %"

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 RevPAR financial

"Total RevPAR $ 434.00 $ 403.11 7.7 %"

Total revenue per available room (total revpar) measures how much money a hotel earns from all its rooms during a specific period, considering both occupied and vacant rooms. It helps investors understand the overall revenue generated by a hotel's entire inventory, similar to how a store's total sales reflect its overall performance. This metric is important because it shows the hotel's ability to maximize income from its available space, regardless of how many rooms are booked.

Hotel Adjusted EBITDAre Margin financial

"Total Portfolio Hotel Adjusted EBITDA re Margin 28.9% 29.2%"

Earnings Snapshot

Net income: $26.0 million · Guidance included

second quarter ended June 30, 2026

Net income $26.0 million 141.6% increase vs Q2 2025

RevPAR $263.61 up 9.3% vs Q2 2025

Adjusted EBITDAre $76.7 million up 5.5% vs Q2 2025

Adjusted FFO per diluted share $0.32 up 14.3% vs Q2 2025

2026 net income guidance $79–$89 million guidance midpoint increased by $9.0 million

Guidance

For full-year 2026, the company expects net income of $79–$89 million, RevPAR and Total RevPAR growth of 7.0%–9.0%, Adjusted EBITDAre of $245–$255 million, and Adjusted FFO attributable to common stockholders per diluted share of $0.93–$0.98.

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Available on EDGAR 08/06/2026 - 07:35 AM Accepted by SEC EDGAR 08/06/2026 - 07:35 AM

FAQ

What were Sunstone Hotel Investors (SHO) Q2 2026 earnings?

Sunstone reported net income of $26.0 million for Q2 2026, up from $10.8 million a year earlier, with diluted EPS of $0.14. Adjusted FFO attributable to common stockholders was $59.0 million, or $0.32 per diluted share, compared with $55.7 million, or $0.28, in Q2 2025.

How did RevPAR and occupancy change for SHO in Q2 2026?

Total portfolio RevPAR was $263.61 in Q2 2026, a 9.3% increase from $241.22 in Q2 2025. Occupancy rose to 77.6% from 74.6%, a 300‑basis‑point gain, while average daily rate increased to $339.71 from $323.35.

What major asset sale did Sunstone Hotel Investors (SHO) complete in 2026?

On July 30, 2026, Sunstone sold the 821‑room Hyatt Regency San Francisco to Blackstone Real Estate funds for a gross sale price of $279 million, or about $340,000 per key, and used part of the proceeds to repay $25.0 million on its revolving credit facility.

How much stock has Sunstone Hotel Investors (SHO) repurchased in 2026?

During Q2 2026, Sunstone repurchased $32.2 million of common and preferred stock. From the start of 2026 through August 5, 2026, total repurchases reached $70.1 million, with $437.4 million still available under the existing stock repurchase authorization.

What is Sunstone Hotel Investors’ (SHO) updated 2026 financial outlook?

For full‑year 2026, management expects net income of $79–$89 million, RevPAR and Total RevPAR growth of 7.0%–9.0%, Adjusted EBITDAre of $245–$255 million, and Adjusted FFO per diluted share of $0.93–$0.98 based on 187 million diluted weighted average shares.

What is Sunstone Hotel Investors’ (SHO) liquidity and debt position after the Hyatt sale?

As of June 30, 2026, Sunstone held $203.7 million in cash and cash equivalents and had $980.0 million of total debt. After receiving Hyatt Regency San Francisco sale proceeds and repaying its revolver balance, cash rose to about $430.0 million and total debt declined to $955.0 million.

What dividends did Sunstone Hotel Investors (SHO) declare for Q3 2026?

The board authorized a $0.09 per‑share cash dividend on common stock, plus preferred dividends of $0.382813 per Series H share and $0.356250 per Series I share. All dividends are payable on October 15, 2026 to stockholders of record on September 30, 2026.

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): August 6, 2026

Sunstone Hotel Investors, Inc.

(Exact Name of Registrant as Specified in Its Charter)


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


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

(949) 330-4000

(Registrant’s telephone number including area code)

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:


☐	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))


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

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).


	Emerging growth company	☐

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. ◻

Item 2.02.Results of Operations and Financial Condition.

On August 6, 2026, Sunstone Hotel Investors, Inc. (the “Company”) issued a press release regarding its financial results for the second quarter ended June 30, 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.

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.

Item 9.01.Financial Statements and Exhibits.

(d) The following exhibits are furnished herewith:

EXHIBIT INDEX


Exhibit No.		Description
99.1		Press Release, dated August 6, 2026.
99.2		Supplemental Financial Information for the second quarter ended June 30, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.


	Sunstone Hotel Investors, Inc.

Date: August 6, 2026	By:	/s/ Aaron R. Reyes
		Aaron R. Reyes (Principal Financial Officer and Duly Authorized Officer)

Exhibit 99.1

For Additional Information:

Aaron Reyes

Sunstone Hotel Investors, Inc.

(949) 382-3018

SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR SECOND QUARTER 2026

Completes Sale of Hyatt Regency San Francisco and Increases Full Year Outlook

ALISO VIEJO, CA – August 6, 2026 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO) today announced results for the second quarter ended June 30, 2026.

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

●

Net Income: Net income attributable to common stockholders was $26.0 million, or $0.14 per diluted share, as compared to $6.8 million, or $0.03 per diluted share.

●

RevPAR: RevPAR for all hotels in the portfolio increased 9.3% to $263.61. The average daily rate was $339.71 and occupancy was 77.6%. RevPAR excluding Andaz Miami Beach increased 4.3%.

●

Total RevPAR: Total RevPAR for all hotels in the portfolio increased 7.7% to $434.00. Total RevPAR excluding Andaz Miami Beach increased 3.0%.

●

Adjusted EBITDAre: Adjusted EBITDAre increased 5.5% to $76.7 million.

●

Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share increased 14.3% to $0.32.

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.

Bryan A. Giglia, Chief Executive Officer, stated, “We are pleased with our performance in the second quarter as both revenue and profitability meaningfully exceeded expectations. Our well-located portfolio benefited from robust leisure demand as a result of increased summer travel and special events which added to sustained strength in group and corporate demand. Given our outperformance in the second quarter and stronger near-term trends, we are increasing our outlook for the year.”

Mr. Giglia continued, “In late July, we closed on the sale of Hyatt Regency San Francisco, realizing an attractive private market value for a low-yielding asset. The implied valuation multiple on the sale is well in excess of where we are trading and allows us to deliver to our shareholders the value of future growth, today. In anticipation of the sale, starting earlier this year, we began accretively deploying a portion of the sale proceeds into the discounted repurchase of common and preferred stock and expect to generate additional shareholder value and grow NAV per share through the redeployment of the remaining proceeds.”

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2026			2025			Change		2026			2025			Change

Net Income	$	26.0		$	10.8		141.6	%	$	44.6		$	16.0		178.1	%
Net Income Attributable to Common Stockholders	$	26.0		$	6.8		279.7	%	$	41.9		$	8.2		413.5	%
Net Income Attributable to Common Stockholders per Diluted Share	$	0.14		$	0.03		366.7	%	$	0.22		$	0.04		450.0	%

Total Portfolio Operating Statistics (1)
RevPAR	$	263.61		$	241.22		9.3	%	$	259.15		$	232.01		11.7	%
Occupancy		77.6	%		74.6	%	300	bps		75.8	%		72.3	%	350	bps
Average Daily Rate	$	339.71		$	323.35		5.1	%	$	341.89		$	320.90		6.5	%
Total RevPAR	$	434.00		$	403.11		7.7	%	$	422.70		$	382.94		10.4	%

Operating Statistics, excluding Andaz Miami Beach (2)
RevPAR	$	260.27		$	249.63		4.3	%	$	252.75		$	240.67		5.0	%
Occupancy		77.8	%		77.2	%	60	bps		75.7	%		75.0	%	70	bps
Average Daily Rate	$	334.54		$	323.35		3.5	%	$	333.88		$	320.89		4.0	%
Total RevPAR	$	429.01		$	416.50		3.0	%	$	413.56		$	397.24		4.1	%

Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach (2)		29.4	%		30.4	%	(100)	bps		28.3	%		28.2	%	10	bps

Adjusted EBITDAre	$	76.7		$	72.7		5.5	%	$	144.4		$	129.9		11.2	%
Adjusted FFO Attributable to Common Stockholders	$	59.0		$	55.7		6.0	%	$	109.2		$	97.2		12.3	%
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$	0.32		$	0.28		14.3	%	$	0.58		$	0.49		18.4	%

(1)	Includes the 14 hotels owned by the Company as of June 30, 2026.

(2)	Includes the 14 hotels owned by the Company as of June 30, 2026 with the exception of Andaz Miami Beach due to its renovation activity during 2025.

Recent Developments

Hyatt Regency San Francisco Disposition. On July 30, 2026, the Company sold the 821-room Hyatt Regency San Francisco to funds affiliated with Blackstone Real Estate for a gross sale price of $279 million, or approximately $340,000 per key. In anticipation of the sale, the Company deployed approximately $70 million of the sale proceeds into the discounted repurchase of its common and preferred stock during 2026.

Hilton Key West Resort & Marina Conversion. On July 1, 2026, the Company converted its former Oceans Edge Resort & Marina to Hilton Key West Resort & Marina. The conversion is expected to drive incremental earnings at the resort as the property benefits from Hilton’s stronger distribution channels and lower customer acquisition costs compared to its prior independent operating model. The resort will be managed by Hilton and will continue to offer 175 waterfront rooms and suites, six pools, a full-service marina, multiple food and beverage offerings, and a range of amenities and recreational activities.

Stock Repurchase Program. During the second quarter of 2026, the Company repurchased an aggregate amount of $32.2 million, before expenses, of its common and preferred stock. From the start of this year through August 5, 2026, the Company has allocated a total of $70.1 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 August 5, 2026, the Company has $437.4 million remaining under its existing stock repurchase program authorization.

●

Common stock: During the second quarter of 2026, the Company repurchased 1,195,325 shares at an average purchase price per share of $9.52 for a total repurchase amount before expenses of $11.4 million. From the start of this year through August 5, 2026, the Company has repurchased 4,380,093 shares at an average purchase price per share of $9.24 for a total repurchase amount before expenses of $40.5 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 second quarter of 2026, the Company repurchased 328,438 shares at an average purchase price per share of $21.07 for a total repurchase amount before expenses of $6.9 million. From

the start of this year through August 5, 2026, the Company has repurchased 586,488 shares at an average purchase price per share of $20.96 for a total repurchase amount before expenses of $12.3 million. The average repurchase price per share reflects a 16.1% discount to the preferred stock liquidation value.

●

Series I Cumulative Redeemable Preferred Stock: During the second quarter of 2026, the Company repurchased 687,458 shares at an average purchase price per share of $20.25 for a total repurchase amount before expenses of $13.9 million. From the start of this year through August 5, 2026, the Company has repurchased 864,904 shares at an average purchase price per share of $20.09 for a total repurchase amount before expenses of $17.4 million. The average repurchase price per share reflects a 19.6% discount to the preferred stock liquidation value.

Balance Sheet and Liquidity Update

As of June 30, 2026, the Company had $203.7 million of cash and cash equivalents, including restricted cash of $109.3 million, total assets of $3.0 billion, including $2.7 billion of net investments in hotel properties and assets held for sale, total debt of $980.0 million and stockholders’ equity of $1.9 billion. Subsequent to the end of the quarter, the Company completed its previously announced $279.0 million sale of Hyatt Regency San Francisco and used a portion of the proceeds to repay the outstanding $25.0 million balance on its revolving credit facility. Adjusting for the receipt of the gross sale proceeds, net of the $25.0 million disposition deposit, and the debt repayment, the Company had approximately $430.0 million of cash and cash equivalents, including restricted cash and total debt outstanding of $955.0 million.

Capital Investments Update

The Company invested $53.4 million into its portfolio during the first six months of 2026. The Company currently expects to invest approximately $105 million to $115 million into its portfolio in 2026. This revised range includes incremental investment for repair and restoration work at Wailea Beach Resort following damage incurred from severe weather that impacted the Hawaiian Islands in March 2026. The Company expects to be reimbursed for the majority of the incremental expenditures under its insurance programs.

2026 Outlook

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.

For the full year 2026, the Company now expects:


Metric ($ in millions, except per share data)	Prior Full Year 2026 Guidance (1)	Adjustments (2)	Adjusted Prior Full Year 2026 Guidance	Current Full Year 2026 Guidance (3)	Change in Full Year 2026 Guidance Midpoint
Net Income	$34 to $48	+$34	$68 to $82	$79 to $89	+$9.0
Net Income Attributable to Common Stockholders per Diluted Share	$0.11 to $0.18	+$0.18	$0.29 to $0.36	$0.37 to $0.42	+$0.07
RevPAR Growth (4)	5.0% to 7.5%	—	5.0% to 7.5%	7.0% to 9.0%	+175 bps
Total RevPAR Growth (4)	5.0% to 7.5%	—	5.0% to 7.5%	7.0% to 9.0%	+175 bps
Adjusted EBITDAre	$238 to $252	-$3.0	$235 to $249	$245 to $255	+$8.0
Adjusted FFO Attributable to Common Stockholders	$166 to $180	-$3.0	$163 to $177	$174 to $184	+$9.0
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$0.88 to $0.96	-$0.02	$0.86 to $0.94	$0.93 to $0.98	+$0.06
Diluted Weighted Average Shares Outstanding	188,000,000	—	188,000,000	187,000,000	-1,000,000

(1)	Reflects guidance presented on May 5, 2026.

(2)	Adjustments represent the net impact on our prior full year guidance, including the estimated gain on sale, from the disposition of Hyatt Regency San Francisco on July 30, 2026.

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

(4)	RevPAR and Total RevPAR Growth reflect comparisons to full year 2025 and include all 13 hotels owned by the Company as of the date of this release. Andaz Miami Beach is expected to contribute approximately 450 basis points of RevPAR and Total RevPAR growth.

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

●

Full year interest and other income (excluding amounts received from our insurance programs as reimbursement for restoration of property damage) of approximately $7 million to $8 million. This range is $4.0 million higher than the Company’s prior estimate.

●

Full year corporate overhead expense (excluding deferred stock amortization and management transition costs) of approximately $19 million to $20 million. This range is $1.0 million lower than the Company’s prior estimate.

●

Full year interest expense of approximately $49 million to $52 million, including approximately $4 million in amortization of deferred financing costs and $4 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 $15 million to $16 million, which includes the Series G, H, and I cumulative redeemable preferred stock. This range is $1.0 million lower than the Company’s prior estimate.

Dividend Update

On August 5, 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 $0.382813 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 October 15, 2026 to stockholders of record as of September 30, 2026.

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.

Supplemental Disclosures

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

The Company will host a conference call to discuss second quarter results on August 6, 2026, at 12:00 p.m. Eastern Time (9:00 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 1-833-461-5787 and reference meeting ID 420 784 049 to listen to the live call. A transcript of the webcast will also be archived on the website.

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (“REIT”) that as of the date of this release owns 13 hotels comprised of 6,178 rooms, all 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.

Forward-Looking Statements

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.

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.

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 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.

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.

●

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 release.

Sunstone Hotel Investors, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)


	June 30,			December 31,
	2026			2025
	(unaudited)
ASSETS
Investment in hotel properties, net	$	2,501,390		$	2,771,180
Operating lease right-of-use assets, net		4,037			4,418
Cash and cash equivalents		94,431			109,189
Restricted cash		109,274			76,531
Accounts receivable, net		50,785			33,662
Prepaid expenses and other assets, net		35,649			34,025
Assets held for sale, net		239,155			—
Total assets	$	3,034,721		$	3,029,005

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Debt, net of unamortized deferred financing costs	$	968,373		$	918,086
Operating lease obligations		6,525			7,348
Accounts payable and accrued expenses		53,580			63,146
Dividends and distributions payable		21,860			22,975
Other liabilities		103,563			72,832
Liabilities of assets held for sale		48			—
Total liabilities		1,153,949			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 June 30, 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, 3,974,703 shares issued and outstanding at June 30, 2026 and 4,545,903 shares issued and outstanding at December 31, 2025, stated at liquidation preference of $25.00 per share		99,368			113,648
5.70% Series I Cumulative Redeemable Preferred Stock, 3,181,182 shares issued and outstanding at June 30, 2026 and 3,990,973 shares issued and outstanding at December 31, 2025, stated at liquidation preference of $25.00 per share		79,530			99,774
Common stock, $0.01 par value, 500,000,000 shares authorized, 185,944,329 shares issued and outstanding at June 30, 2026 and 189,709,516 shares issued and outstanding at December 31, 2025		1,859			1,897
Additional paid in capital		2,260,796			2,298,398
Distributions in excess of retained earnings		(627,031)			(635,349)
Total stockholders’ equity		1,880,772			1,944,618

Total liabilities and stockholders' equity	$	3,034,721		$	3,029,005

Sunstone Hotel Investors, Inc.

Unaudited Consolidated Statements of Operations

(In thousands, except per share data)


		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025


Revenues
Room		$	168,268	$	156,048	$	329,315	$	300,969
Food and beverage			78,904		78,026		153,191		145,154
Other operating			29,937		25,698		54,312		47,714
Total revenues			277,109		259,772		536,818		493,837
Operating expenses
Room			43,142		40,859		85,140		79,969
Food and beverage			54,097		53,028		105,369		101,849
Other operating			7,916		6,510		14,640		12,370
Advertising and promotion			14,561		14,222		28,253		27,338
Repairs and maintenance			10,267		9,875		21,921		19,560
Utilities			7,264		7,051		14,401		13,792
Franchise costs			4,960		4,843		9,545		9,302
Property tax, ground lease and insurance			21,101		18,954		41,555		37,851
Other property-level expenses			34,939		31,533		67,697		61,258
Corporate overhead			8,760		8,346		15,595		17,251
Depreciation and amortization			34,260		34,125		68,437		66,400
Impairment and other losses			1,639		—		1,639		—
Total operating expenses			242,906		229,346		474,192		446,940
Interest and other income			3,791		2,300		5,324		3,864
Interest expense			(11,782)		(13,164)		(23,059)		(25,846)
Loss on sale of assets			—		(8,751)		—		(8,751)
Income before income taxes			26,212		10,811		44,891		16,164
Income tax provision, net			(187)		(37)		(309)		(135)
Net income			26,025		10,774		44,582		16,029
Preferred stock dividends, net of gain on repurchases			(46)		(3,932)		(2,648)		(7,863)
Net income attributable to common stockholders		$	25,979	$	6,842	$	41,934	$	8,166

Basic and diluted per share amounts:
Basic and diluted net income attributable to common stockholders per common share		$	0.14	$	0.03	$	0.22	$	0.04

Basic weighted average common shares outstanding			185,333		195,791		186,839		198,087
Diluted weighted average common shares outstanding			185,550		196,304		187,097		198,859

Distributions declared per common share		$	0.09	$	0.09	$	0.18	$	0.18

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(Unaudited and in thousands)

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025

Net income	$	26,025		$	10,774	$	44,582	$	16,029
Depreciation and amortization		34,260			34,125		68,437		66,400
Interest expense		11,782			13,164		23,059		25,846
Income tax provision, net		187			37		309		135
Loss on sale of assets		—			8,751		—		8,751
Impairment and other losses		1,639			—		1,639		—
EBITDAre		73,893			66,851		138,026		117,161

Amortization of deferred stock compensation		3,557			2,772		5,446		4,836
Amortization of right-of-use assets and obligations		(225)			(159)		(442)		(300)
Gain on property damage, net		(2,473)			—		(543)		(99)
Property-level pre-opening and management transition costs		118			3,218		118		6,471
Property-level legal settlement costs		935			—		935		—
Management transition costs		907			—		907		1,869
Adjustments to EBITDAre, net		2,819			5,831		6,421		12,777

Adjusted EBITDAre	$	76,712		$	72,682	$	144,447	$	129,938

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(Unaudited and in thousands, except per share data)

Reconciliation of Net Income to FFO Attributable to Common Stockholders and

Adjusted FFO Attributable to Common Stockholders


		Three Months Ended June 30,					Six Months Ended June 30,
		2026			2025		2026			2025

Net income		$	26,025		$	10,774	$	44,582	$	16,029
Preferred stock dividends, net of gain on repurchases			(46)			(3,932)		(2,648)		(7,863)
Real estate depreciation and amortization			33,918			33,779		67,750		65,697
Loss on sale of assets			—			8,751		—		8,751
Impairment and other losses			1,639			—		1,639		—
FFO attributable to common stockholders			61,536			49,372		111,323		82,614

Amortization of deferred stock compensation			3,557			2,772		5,446		4,836
Real estate amortization of right-of-use assets and obligations			(200)			(134)		(386)		(260)
Amortization of contract intangibles, net			314			314		629		629
Noncash interest on derivatives, net			(1,964)			181		(4,085)		1,163
Gain on property damage, net			(2,473)			—		(543)		(99)
Property-level pre-opening and management transition costs			118			3,218		118		6,471
Property-level legal settlement costs			935			—		935		—
Management transition costs			907			—		907		1,869
Gain on preferred stock repurchases, net			(3,685)			—		(5,185)		—
Adjustments to FFO attributable to common stockholders, net			(2,491)			6,351		(2,164)		14,609

Adjusted FFO attributable to common stockholders		$	59,045		$	55,723	$	109,159	$	97,223

FFO attributable to common stockholders per diluted share		$	0.33		$	0.25	$	0.59	$	0.42

Adjusted FFO attributable to common stockholders per diluted share		$	0.32		$	0.28	$	0.58	$	0.49

Basic weighted average shares outstanding			185,333			195,791		186,839		198,087
Shares associated with unvested restricted stock awards			423			513		448		868
Diluted weighted average shares outstanding			185,756			196,304		187,287		198,955

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)

Reconciliation of Net Income to Adjusted EBITDAre


	Year Ended
	December 31, 2026
		Low			High

Net income	$	79,000		$	89,000
Depreciation and amortization		129,000			129,000
Interest expense		50,500			50,500
Income tax provision, net		1,000			1,000
Gain on sale of assets		(30,000)			(30,000)
Impairment and other losses		2,000			2,000
Amortization of deferred stock compensation		10,000			10,000
Property-level pre-opening and management transition costs		2,500			2,500
Property-level legal settlement costs		1,000			1,000
Management transition costs		1,000			1,000
Gain on property damage, net		(1,000)			(1,000)
Adjusted EBITDAre	$	245,000		$	255,000

Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders


		Year Ended
		December 31, 2026
			Low			High

Net income		$	79,000		$	89,000
Preferred stock dividends, net of gain on repurchases			(10,000)			(10,000)
Net income attributable to common stockholders			69,000			79,000

Real estate depreciation and amortization			128,000			128,000
Gain on sale of assets			(30,000)			(30,000)
Impairment and other losses			2,000			2,000
Amortization of deferred stock compensation			10,000			10,000
Property-level pre-opening and management transition costs			2,500			2,500
Property-level legal settlement costs			1,000			1,000
Management transition costs			1,000			1,000
Gain on property damage, net			(1,000)			(1,000)
Amortization of intangibles, net			1,000			1,000
Noncash interest on derivatives, net			(4,000)			(4,000)
Gain on preferred stock repurchases, net			(5,500)			(5,500)
Adjusted FFO attributable to common stockholders		$	174,000		$	184,000

Net income attributable to common stockholders per diluted share		$	0.37		$	0.42

Adjusted FFO attributable to common stockholders per diluted share		$	0.93		$	0.98

Diluted weighted average shares outstanding			187,000			187,000

Sunstone Hotel Investors, Inc.

Non-GAAP Financial Measures

Hotel Adjusted EBITDAre and Margins

(Unaudited and in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Total Portfolio Hotel Adjusted EBITDAre Margin		28.9%		29.2%		28.3%		27.5%
Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach		29.4%		30.4%		28.3%		28.2%


Actual revenues	$	277,109	$	259,772	$	536,818	$	493,837
Sold hotel revenues (1)		—		(2,360)		—		(7,445)
Total Portfolio Hotel Revenues		277,109		257,412		536,818		486,392
Andaz Miami Beach revenues (2)		(14,393)		(2,329)		(33,097)		(2,461)
Hotel Revenues, excluding Andaz Miami Beach	$	262,716	$	255,083	$	503,721	$	483,931


Net income	$	26,025	$	10,774	$	44,582	$	16,029
Non-hotel operating expenses, net (3)		2		(396)		12		(691)
Property-level adjustments (4)		1,293		3,407		3,665		6,823
Corporate overhead		8,760		8,346		15,595		17,251
Depreciation and amortization		34,260		34,125		68,437		66,400
Impairment and other losses		1,639		—		1,639		—
Interest and other income		(3,791)		(2,300)		(5,324)		(3,864)
Interest expense		11,782		13,164		23,059		25,846
Loss on sale of assets		—		8,751		—		8,751
Income tax provision, net		187		37		309		135
Actual Hotel Adjusted EBITDAre		80,157		75,908		151,974		136,680
Sold hotel Adjusted EBITDAre (1)		—		(624)		—		(2,996)
Total Portfolio Hotel Adjusted EBITDAre		80,157		75,284		151,974		133,684
Andaz Miami Beach Adjusted EBITDAre (2)		(2,791)		2,329		(9,289)		2,804
Hotel Adjusted EBITDAre, excluding Andaz Miami Beach	$	77,366	$	77,613	$	142,685	$	136,488

(1)	Sold hotel revenues and Adjusted EBITDAre include 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 three and six months ended June 30, 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. For the three months ended June 30, 2026, adjustments primarily consisted of legal settlement costs. For the six months ended June 30, 2026, adjustments primarily consisted of severe weather-related restoration expenses and legal settlement costs. For the three and six months ended June 30, 2025, adjustments primarily consisted of pre-opening costs related to Andaz Miami Beach.

Exhibit 99.2


Supplemental Financial Information For the quarter ended June 30, 2026 August 6, 2026

Supplemental Financial Information
August 6, 2026

Table of Contents


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								19


	Supplemental Financial Information August 6, 2026

CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES								Page 2


	Supplemental Financial Information August 6, 2026

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of August 6, 2026 owns 13 hotels comprised of 6,178 rooms, all 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.

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


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES								Page 3


	Supplemental Financial Information August 6, 2026

Non-GAAP Financial Measures

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.


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


	Supplemental Financial Information August 6, 2026

●


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


	Supplemental Financial Information August 6, 2026

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 6


	Supplemental Financial Information August 6, 2026

Comparable Consolidated Statements of Operations

Q2 2026 – Q3 2025, Trailing 12 Months


	Quarter Ended (1)								Trailing 12 Months (1)
(Unaudited and in thousands)	June 30,		March 31,		December 31,		September 30,		Ended
	2026		2026		2025		2025		June 30, 2026
Revenues
Room	$	148,108	$	139,313	$	125,106	$	120,398	$	532,925
Food and beverage		72,796		68,533		64,143		60,133		265,605
Other operating		27,446		22,589		23,968		23,192		97,195
Total revenues		248,350		230,435		213,217		203,723		895,725

Operating Expenses
Room		35,625		34,612		32,264		31,796		134,297
Food and beverage		48,734		45,926		44,097		43,990		182,747
Other expenses		90,228		86,069		79,287		78,287		333,871
Corporate overhead		8,760		6,835		7,369		6,970		29,934
Depreciation and amortization		30,469		30,331		30,319		30,069		121,188
Impairment and other losses		1,639		—		—		—		1,639
Total operating expenses		215,455		203,773		193,336		191,112		803,676

Interest and other income		3,791		1,533		3,940		3,160		12,424
Interest expense		(11,782)		(11,277)		(13,707)		(13,412)		(50,178)
Loss on extinguishment of debt		—		—		—		(180)		(180)
Income before income taxes		24,904		16,918		10,114		2,179		54,115
Income tax (provision) benefit, net		(187)		(122)		56		(137)		(390)
Net income	$	24,717	$	16,796	$	10,170	$	2,042	$	53,725

(1)	Includes results for all 14 hotels owned by the Company as of June 30, 2026, except for Hyatt Regency San Francisco, which was sold in July 2026.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 7


	Supplemental Financial Information August 6, 2026

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

Q2 2026 – Q3 2025, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	June 30,		March 31,		December 31,		September 30,		Ended
(In thousands)	2026		2026		2025		2025		June 30, 2026

Net income	$	26,025	$	18,557	$	7,217	$	1,322	$	53,121
Depreciation and amortization		34,260		34,177		34,180		33,928		136,545
Interest expense		11,782		11,277		13,707		13,412		50,178
Income tax provision (benefit), net		187		122		(56)		137		390
Impairment and other losses		1,639		—		—		—		1,639
EBITDAre		73,893		64,133		55,048		48,799		241,873

Amortization of deferred stock compensation		3,557		1,889		1,958		1,905		9,309
Amortization of right-of-use assets and obligations		(225)		(217)		(167)		(158)		(767)
Loss on extinguishment of debt		—		—		—		180		180
(Gain) loss on property damage, net		(2,473)		1,930		(277)		(674)		(1,494)
Property-level management transition costs		118		—		—		—		118
Property-level legal settlement costs		935		—		—		—		935
Management transition costs		907		—		—		—		907
Adjustments to EBITDAre, net		2,819		3,602		1,514		1,253		9,188

Adjusted EBITDAre		76,712		67,735		56,562		50,052		251,061
Sold hotel Adjusted EBITDAre (1)		(5,099)		(5,607)		(908)		(3,139)		(14,753)

Comparable Adjusted EBITDAre		71,613		62,128		55,654		46,913		236,308

Corporate-level adjustments, net (2)		3,445		4,082		1,701		2,646		11,874

Current Portfolio Hotel Adjusted EBITDAre	$	75,058	$	66,210	$	57,355	$	49,559	$	248,182

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 8


	Supplemental Financial Information August 6, 2026

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

Q2 2026 – Q3 2025, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	June 30,		March 31,		December 31,		September 30,		Ended
(In thousands, except per share data)	2026		2026		2025		2025		June 30, 2026

Net income	$	26,025	$	18,557	$	7,217	$	1,322	$	53,121
Preferred stock dividends, net of gain on repurchases		(46)		(2,602)		(3,985)		(4,262)		(10,895)
Real estate depreciation and amortization		33,918		33,832		33,834		33,581		135,165
Impairment and other losses		1,639		—		—		—		1,639
FFO attributable to common stockholders		61,536		49,787		37,066		30,641		179,030

Amortization of deferred stock compensation		3,557		1,889		1,958		1,905		9,309
Real estate amortization of right-of-use assets and obligations		(200)		(186)		(137)		(130)		(653)
Amortization of contract intangibles, net		314		315		315		315		1,259
Noncash interest on derivatives, net		(1,964)		(2,121)		210		(495)		(4,370)
Loss on extinguishment of debt		—		—		—		180		180
(Gain) loss on property damage, net		(2,473)		1,930		(277)		(674)		(1,494)
Property-level management transition costs		118		—		—		—		118
Property-level legal settlement costs		935		—		—		—		935
Management transition costs		907		—		—		—		907
Gain on preferred stock repurchases, net		(3,685)		(1,500)		(254)		—		(5,439)
Adjustments to FFO attributable to common stockholders, net		(2,491)		327		1,815		1,101		752

Adjusted FFO attributable to common stockholders		59,045		50,114		38,881		31,742		179,782
Sold hotel Adjusted FFO (1)		(5,099)		(5,607)		(908)		(3,139)		(14,753)

Comparable Adjusted FFO attributable to common stockholders	$	53,946	$	44,507	$	37,973	$	28,603	$	165,029

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.29	$	0.24	$	0.20	$	0.15	$	0.89

Basic weighted average shares outstanding		185,333		188,361		189,172		189,253		188,030
Shares associated with unvested restricted stock awards		423		428		776		859		622
Diluted weighted average shares outstanding		185,756		188,789		189,948		190,112		188,652
Equity transactions (3)		(282)		(3,429)		(4,526)		(4,614)		(3,213)
Comparable diluted weighted average shares outstanding		185,474		185,360		185,422		185,498		185,439

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 9


	Supplemental Financial Information August 6, 2026

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

FFO and Adjusted FFO Attributable to Common Stockholders

Q2 2026 – Q3 2025, Trailing 12 Months Footnotes

(1)	Sold hotel Adjusted EBITDAre and Adjusted FFO include results for Hilton New Orleans St. Charles, sold in June 2025, and Hyatt Regency San Francisco, which was sold in July 2026.

(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 and second quarters of 2026 and the third and fourth quarters of 2025 as if the repurchases had occurred on July 1, 2025.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 10


	Supplemental Financial Information August 6, 2026

CAPITALIZATION


CAPITALIZATION								Page 11


	Supplemental Financial Information August 6, 2026

Comparative Capitalization
Q2 2026 – Q2 2025


		June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)	* *	2026			2026			2025			2025			2025

Common Share Price & Dividends
At the end of the quarter		$	11.45		$	9.01		$	8.94		$	9.37		$	8.68
High during quarter ended		$	11.92		$	9.71		$	9.86		$	9.92		$	9.49
Low during quarter ended		$	8.99		$	8.73		$	8.81		$	8.63		$	7.72
Common dividends per share		$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

Common Shares & Units
Common shares outstanding			185,944			186,967			189,710			189,912			190,171
Units outstanding			—			—			—			—			—
Total common shares and units outstanding			185,944			186,967			189,710			189,912			190,171

Capitalization
Market value of common equity		$	2,129,063		$	1,684,576		$	1,696,003		$	1,779,474		$	1,650,681
Liquidation value of preferred equity - Series G			66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H			99,368			107,579			113,648			115,000			115,000
Liquidation value of preferred equity - Series I			79,530			96,716			99,774			100,000			100,000
Total debt			980,000			955,000			930,000			930,000			872,000
Total capitalization		$	3,354,211		$	2,910,121		$	2,905,675		$	2,990,724		$	2,803,931

Total debt to total capitalization			29.2	%		32.8	%		32.0	%		31.1	%		31.1	%
Total debt and preferred equity to total capitalization			36.5	%		42.1	%		41.6	%		40.5	%		41.1	%


CAPITALIZATION								Page 12


	Supplemental Financial Information August 6, 2026

Debt and Preferred Stock Summary Schedule


(In thousands)		Interest Rate /		Maturity			June 30, 2026
Unsecured Debt		Spread		Date (1)			Balance (2)

Series B Senior Notes		4.79%		01/10/2028		$	105,000
Revolving Line of Credit (2)		5.11%		09/24/2030			—
Term Loan 1 (3)		4.67%		01/24/2031			275,000
Term Loan 2 (3)		5.34%		01/24/2031			275,000
Term Loan 3 (3)		5.10%		01/24/2031			300,000
Total Unsecured Debt						$	955,000

Preferred Stock
Series G cumulative redeemable preferred (4)		6.500%		Perpetual		$	66,250
Series H cumulative redeemable preferred		6.125%		Perpetual			99,368
Series I cumulative redeemable preferred		5.700%		Perpetual			79,530
Total Preferred Stock						$	245,148

Debt and Preferred Statistics (2)
				Debt Statistics			Debt and Preferred Statistics
% Fixed Rate				60.7	%		68.8	%
% Floating Rate				39.3	%		31.2	%
Average Interest Rate				5.01	%		5.23	%
Weighted Average Maturity of Debt				4.2 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 3.4 years to 4.2 years.

(2)	On July 31, 2026, the Company repaid the $25.0 million that was outstanding on its $500.0 million credit facility as of June 30, 2026. Following the repayment, the Company has full capacity available for future borrowing. Debt and preferred statistics reflect the effect of this payment.

(3)	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.

(4)

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 6.5%. 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 August 6, 2026

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 14


	Supplemental Financial Information August 6, 2026

Hotel Information as of August 6, 2026


Hotel			Location		Brand		Number of Rooms		% of Total Rooms		Interest		Year Acquired

1	Hilton San Diego Bayfront (1) (2)		California		Hilton		1,190		19%		Leasehold		2011 / 2022
2	The Westin Washington, DC Downtown		Washington DC		Marriott		807		13%		Fee Simple		2005
3	Renaissance Orlando at SeaWorld®		Florida		Marriott		781		13%		Fee Simple		2005
4	Hyatt Regency San Antonio Riverwalk		Texas		Hyatt		630		10%		Fee Simple		2024
5	Wailea Beach Resort		Hawaii		Marriott		543		9%		Fee Simple		2014
6	JW Marriott New Orleans (3)		Louisiana		Marriott		501		8%		Fee Simple		2011
7	Marriott Boston Long Wharf		Massachusetts		Marriott		415		7%		Fee Simple		2007
8	Marriott Long Beach Downtown		California		Marriott		376		6%		Fee Simple		2005
9	Andaz Miami Beach		Florida		Hyatt		287		5%		Fee Simple		2022
10	The Bidwell Marriott Portland		Oregon		Marriott		258		4%		Fee Simple		2000
11	Hilton Key West Resort & Marina (4)		Florida		Hilton		175		3%		Fee Simple		2017
12	Montage Healdsburg (5)		California		Montage		130		2%		Fee Simple		2021
13	Four Seasons Resort Napa Valley (5)		California		Four Seasons		85		1%		Fee Simple		2021

	Total Portfolio						6,178		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)	Hilton Key West Resort & Marina debuted in July 2026, following the hotel's conversion from Oceans Edge Resort & Marina.

(5)	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 August 6, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q2 2026 vs Q2 2025


Hotels sorted by number of rooms	For the Quarters Ended June 30,
	ADR					Occupancy						RevPAR					TRevPAR
	2026		2025		Change	2026		2025	Change		2026			2025		Change	2026		2025		Change
Hilton San Diego Bayfront	$	293	$	294	(0.2)%	79.7%		87.0%	(730)	bps	$	234		$	256	(8.6)%	$	403	$	440	(8.4)%
Hyatt Regency San Francisco		323		289	11.5%	83.7%		80.3%	340	bps		270			232	16.2%		385		338	14.0%
The Westin Washington, DC Downtown		323		317	1.8%	75.8%		73.1%	270	bps		245			232	5.5%		396		376	5.3%
Renaissance Orlando at SeaWorld®		200		193	3.4%	71.7%		74.1%	(240)	bps		143			143	0.1%		314		319	(1.5)%
Hyatt Regency San Antonio Riverwalk		181		200	(9.7)%	74.1%		68.8%	530	bps		134			138	(2.8)%		230		229	0.2%
Wailea Beach Resort		589		602	(2.2)%	81.7%		69.6%	1,210	bps		481			419	14.8%		767		696	10.1%
JW Marriott New Orleans		251		241	4.0%	71.8%		70.4%	140	bps		180			170	6.1%		265		247	7.4%
Marriott Boston Long Wharf		423		415	2.0%	89.5%		85.0%	450	bps		378			352	7.4%		515		490	5.1%
Marriott Long Beach Downtown		258		246	5.0%	78.3%		79.9%	(160)	bps		202			196	2.9%		273		273	0.1%
The Bidwell Marriott Portland		153		147	4.1%	77.3%		81.8%	(450)	bps		119			121	(1.6)%		158		166	(5.3)%
Oceans Edge Resort & Marina		296		275	7.7%	71.3%		79.9%	(860)	bps		211			219	(3.9)%		417		409	2.1%
Montage Healdsburg		1,123		1,103	1.7%	75.0%		71.3%	370	bps		842			787	7.0%		1,694		1,567	8.1%
Four Seasons Resort Napa Valley		1,365		1,366	(0.1)%	70.0%		67.8%	220	bps		956			926	3.2%		1,777		1,750	1.6%

Total Portfolio, excluding Andaz Miami Beach (1)		335		323	3.5%	77.8%		77.2%	60	bps		260			250	4.3%		429		417	3.0%

Andaz Miami Beach (2)		470		324	45.3%	72.1%		14.6%	5,750	bps		339			47	617.4%		551		89	517.9%

Total Portfolio (3)	$	340	$	323	5.1%	77.6%		74.6%	300	bps	$	264		$	241	9.3%	$	434	$	403	7.7%


Current Portfolio (4)	$	342	$	328	4.2%	76.8%		73.9%	290	bps	$	263		$	243	8.3%	$	441	$	412	7.0%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 16


	Supplemental Financial Information August 6, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

YTD Q2 2026 vs YTD Q2 2025


Hotels sorted by number of rooms	For the Six Months Ended June 30,
	ADR					Occupancy					RevPAR						TRevPAR
	2026		2025		Change	2026		2025	Change		2026			2025		Change	2026		2025			Change
Hilton San Diego Bayfront	$	298	$	291	2.2%	78.8%		81.6%	(280)	bps	$	235		$	238	(1.3)%	$	408	$	428		(4.7)%
Hyatt Regency San Francisco		349		302	15.6%	80.7%		76.7%	400	bps		282			232	21.6%		391		335		16.7%
The Westin Washington, DC Downtown		309		317	(2.5)%	72.0%		71.5%	50	bps		222			226	(1.8)%		358		358		(0.1)%
Renaissance Orlando at SeaWorld®		217		213	1.9%	70.5%		76.5%	(600)	bps		153			163	(6.1)%		344		349		(1.4)%
Hyatt Regency San Antonio Riverwalk		191		199	(3.9)%	73.7%		68.7%	500	bps		141			137	3.1%		238		228		4.5%
Wailea Beach Resort		633		634	(0.2)%	82.9%		72.0%	1,090	bps		525			456	15.0%		803		714		12.4%
JW Marriott New Orleans		264		282	(6.3)%	71.6%		71.5%	10	bps		189			202	(6.2)%		280		280		0.1%
Marriott Boston Long Wharf		361		359	0.6%	78.9%		78.5%	40	bps		285			282	1.1%		402		397		1.2%
Marriott Long Beach Downtown		253		241	5.0%	75.8%		78.2%	(240)	bps		192			188	1.8%		270		264		2.3%
The Bidwell Marriott Portland		148		150	(1.3)%	74.4%		77.4%	(300)	bps		110			116	(5.2)%		149		156		(4.1)%
Oceans Edge Resort & Marina		341		324	5.4%	80.9%		82.1%	(120)	bps		276			266	3.9%		477		450		5.9%
Montage Healdsburg		1,021		989	3.3%	62.6%		55.3%	730	bps		639			547	16.9%		1,252		1,094		14.4%
Four Seasons Resort Napa Valley		1,179		1,186	(0.6)%	61.4%		55.8%	560	bps		724			662	9.4%		1,374		1,280		7.3%

Total Portfolio, excluding Andaz Miami Beach (1)		334		321	4.0%	75.7%		75.0%	70	bps		253			241	5.0%		414		397		4.1%

Andaz Miami Beach (2)		521		324	61.0%	79.2%		7.3%	7,190	bps		413			24	1646.7%		637		47		1244.7%

Total Portfolio (3)	$	342	$	321	6.5%	75.8%		72.3%	350	bps	$	259		$	232	11.7%	$	423	$	383		10.4%


Current Portfolio (4)	$	341	$	324	5.3%	75.2%		71.7%	350	bps	$	256		$	232	10.5%	$	427	$	389		9.7%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 17


	Supplemental Financial Information August 6, 2026

Property-Level Operating Statistics

Q2 & YTD 2026 vs. 2025 Footnotes

(1)	Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of June 30, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first six months of 2026 and 2025.

(2)

Operating statistics for the first six months 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 14 hotels owned by the Company as of June 30, 2026.

(4)	Current Portfolio consists of all 13 hotels owned by the Company as of August 6, 2026.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 18


	Supplemental Financial Information August 6, 2026

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


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


	Supplemental Financial Information August 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2026 vs Q2 2025


Hotels sorted by number of rooms	For the Quarters Ended June 30,
	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	$	43,633		$	11,717		26.9%		$	47,636		$	15,490		32.5%		(560)	bps
Hyatt Regency San Francisco		28,759			5,099		17.7%			25,227			3,085		12.2%		550	bps
The Westin Washington, DC Downtown		29,106			9,699		33.3%			27,636			8,889		32.2%		110	bps
Renaissance Orlando at SeaWorld®		22,350			6,475		29.0%			22,684			6,757		29.8%		(80)	bps
Hyatt Regency San Antonio Riverwalk		13,177			4,483		34.0%			13,148			4,929		37.5%		(350)	bps
Wailea Beach Resort		37,894			12,730		33.6%			34,438			11,352		33.0%		60	bps
JW Marriott New Orleans		12,087			4,861		40.2%			11,248			4,531		40.3%		(10)	bps
Marriott Boston Long Wharf		19,461			8,544		43.9%			18,516			7,831		42.3%		160	bps
Marriott Long Beach Downtown		9,343			2,908		31.1%			9,338			2,962		31.7%		(60)	bps
The Bidwell Marriott Portland		3,703			646		17.4%			3,908			795		20.3%		(290)	bps
Oceans Edge Resort & Marina		6,646			1,891		28.5%			6,507			1,972		30.3%		(180)	bps
Montage Healdsburg		21,168			6,463		30.5%			19,512			6,677		34.2%		(370)	bps
Four Seasons Resort Napa Valley		15,389			1,850		12.0%			15,285			2,343		15.3%		(330)	bps

Total Portfolio, excluding Andaz Miami Beach (1)		262,716			77,366		29.4%			255,083			77,613		30.4%		(100)	bps

Andaz Miami Beach (2)		14,393			2,791		19.4%			2,329			(2,329)		(100.0)%		11,940	bps

Total Portfolio (3)		277,109			80,157		28.9%			257,412			75,284		29.2%		(30)	bps

Add: Sold Hotel (4)		—			—		N/A			2,360			624		26.4%			N/A

Actual Portfolio (5)	$	277,109		$	80,157		28.9%		$	259,772		$	75,908		29.2%			N/A

Current Portfolio (6)	$	248,350		$	75,058		30.2%		$	232,185		$	72,199		31.1%		(90)	bps

*Footnotes on page 22


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


	Supplemental Financial Information August 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

YTD Q2 2026 vs YTD Q2 2025


Hotels sorted by number of rooms	For the Six Months Ended June 30,
	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	$	87,935		$	23,802		27.1%		$	92,276		$	28,916		31.3%		(420)	bps
Hyatt Regency San Francisco		58,033			10,706		18.4%			49,748			5,708		11.5%		690	bps
The Westin Washington, DC Downtown		52,290			16,505		31.6%			52,360			16,423		31.4%		20	bps
Renaissance Orlando at SeaWorld®		48,659			15,568		32.0%			49,336			16,024		32.5%		(50)	bps
Hyatt Regency San Antonio Riverwalk		27,104			9,750		36.0%			25,946			9,533		36.7%		(70)	bps
Wailea Beach Resort		78,904			27,502		34.9%			70,336			23,342		33.2%		170	bps
JW Marriott New Orleans		25,432			10,897		42.8%			25,395			11,592		45.6%		(280)	bps
Marriott Boston Long Wharf		30,165			9,815		32.5%			29,807			9,767		32.8%		(30)	bps
Marriott Long Beach Downtown		18,361			4,941		26.9%			17,951			4,877		27.2%		(30)	bps
The Bidwell Marriott Portland		6,978			955		13.7%			7,276			1,176		16.2%		(250)	bps
Oceans Edge Resort & Marina		15,116			5,636		37.3%			14,268			5,068		35.5%		180	bps
Montage Healdsburg		31,105			6,265		20.1%			27,010			4,633		17.2%		290	bps
Four Seasons Resort Napa Valley		23,639			343		1.5%			22,222			(571)		(2.6)%		410	bps

Total Portfolio, excluding Andaz Miami Beach (1)		503,721			142,685		28.3%			483,931			136,488		28.2%		10	bps

Andaz Miami Beach (2)		33,097			9,289		28.1%			2,461			(2,804)		(113.9)%		14,200	bps

Total Portfolio (3)		536,818			151,974		28.3%			486,392			133,684		27.5%		80	bps

Add: Sold Hotel (4)		—			—		N/A			7,445			2,996		40.2%			N/A

Actual Portfolio (5)	$	536,818		$	151,974		28.3%		$	493,837		$	136,680		27.7%			N/A

Current Portfolio (6)	$	478,785		$	141,268		29.5%		$	436,644		$	127,976		29.3%		20	bps

*Footnotes on page 22


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 21


	Supplemental Financial Information August 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 & YTD 2026 vs. 2025 Footnotes

(1)	Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of June 30, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first six months of 2026 and 2025.

(2)

Hotel Adjusted EBITDAre for the first six months 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 14 hotels owned by the Company as of June 30, 2026.

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

(5)	Actual Portfolio includes results for the 14 hotels owned by the Company during the second quarter and the first six months of 2026, and the 15 hotels owned by the Company during the second quarter and the first six months of 2025.

(6)	Current Portfolio includes results for the 13 hotels owned by the Company as of August 6, 2026. Excludes results for Hilton New Orleans St. Charles, sold by the Company in June 2025, and Hyatt Regency San Francisco, which was sold in July 2026.


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 22

Source: View Original Filing on SEC EDGAR

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