Business
SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2024
Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced results for the fourth quarter and full year ended December 31, 2024.
About this update from Sunstone Hotel Investors, Inc.
[{"type":"text","content":"ALISO VIEJO, Calif., Feb. 21, 2025 /PRNewswire/ -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced results for the fourth quarter and full year ended December 31, 2024.","length":229,"tagName":"p"},{"type":"text","content":"Fourth Quarter 2024 Operational Results (as compared to Fourth Quarter 2023):","length":77,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net Income: Net income was $0.8 million as compared to $127.0 million. Excluding the gain on the hotel sold during the fourth quarter 2023, net income would have been $3.2 million.","length":180,"tagName":"p"}]},{"val":[{"type":"text","content":"Comparable RevPAR: Comparable RevPAR decreased 1.1% to $199.07. The average daily rate was $304.85 and occupancy was 65.3%. Excluding The Confidante Miami Beach as it transitions to Andaz Miami Beach, RevPAR increased 1.0%. Excluding The Confidante Miami Beach and the Hilton San Diego Bayfront, which was negatively impacted by labor activity in the fourth quarter of 2024, RevPAR increased 2.4%.","length":402,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted EBITDAre: Adjusted EBITDAre decreased 12.0% to $48.1 million.","length":70,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share decreased 15.8% to $0.16.","length":106,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":758,"olType":false},{"type":"text","content":"Full Year 2024 Operational Results (as compared to Full Year 2023):","length":67,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net Income: Net income was $43.3 million as compared to $206.7 million. Excluding the gain on the hotel sold during 2023, net income would have been $82.9 million.","length":163,"tagName":"p"}]},{"val":[{"type":"text","content":"Comparable RevPAR: Comparable RevPAR decreased 2.4% to $214.06. The average daily rate was $311.13 and occupancy was 68.8%. Excluding The Confidante Miami Beach as it transitions to Andaz Miami Beach, RevPAR was $221.73 and was generally unchanged as compared to the prior year. Excluding The Confidante Miami Beach and the Hilton San Diego Bayfront, which was negatively impacted by labor activity in the third and fourth quarters of 2024, RevPAR increas...