Sunstone Hotel Investors, Inc. · NYSE:SHO
Sunstone Hotel Investors — Corporate Update (June 2015)
112 slides from Sunstone Hotel Investors's corporate update, Jun 24, 2015
Slide 1: Boston Park Plaza Property Tour June 2015
Boston Park Plaza Property Tour Property Tour June 2015
Slide 2: Forward-looking statements
This presentation 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,”
Slide 3: Agenda
June 24, 2015 [Agenda] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 3 Introductions Boston Park Plaza Repositioning & Investment Thesis Boston Park Plaza Property Tour Wailea Beach Resort & Spa, a Marriott Resort Repositioning & Investment Thesis Questions
Slide 4: Boston Park Plaza Summary
Boston Park Plaza Summary [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 4 Property Highlights: Prime, independent, fee-simple location in Boston’s Back Bay 1,054 guestrooms with 50K of meeting space and 50K sq. ft. of retail space Attractive in-place cash fl
Slide 5: Asset Management Initiatives – Driving Profitability
Asset Management Initiatives – Driving Profitability [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 5 Converted 150 full size rooms to queen rooms changing room type from petite to queen Renegotiated crew contracts and increased rates by over 37% during the l
Slide 6: Investment Plan – Podium & Infrastructure Largely Completed
Investment Plan – Podium & Infrastructure Largely Completed [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 6 Positioning Statement: Capitalize on an exceptionally located, large, unencumbered urban asset and redefine its long-term earnings potential through a
Slide 7: Projected Displacement – Manageable & In-Line with Expectations
Projected Displacement – Manageable & In-Line with Expectations [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 7 The hotel continues to operate with limited guest impact throughout the repositioning. Actual RevPAR growth of 8.7% in 2014. Expected to generate
Slide 8: Group Business Overview – Positioned For A Higher Paying Customer
Group Business Overview – Positioned For A Higher Paying Customer [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 8 Prior to the repositioning, the hotel had to rely on low rated group during peak demand time to fill rooms. Following the completion of the meet
Slide 9: Retail Overview – Maximizing Rent & Guest Experience
Retail Overview – Maximizing Rent & Guest Experience [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 9 Open Space Anticipated to be restaurant concept Sq Ft: 11,584 Hermes Space Available Q3 2015 Anticipated to be dry retail Sq Ft: 5,556 Open Space Anticipated
Slide 10: Post-Repositioning Projections – Stronger Than Expected Performance
Post-Repositioning Projections – Stronger Than Expected Performance [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 10 The hotel is performing in-line or above our initial expectations. We expect growth in the 2H 2016 and 2017 to exceed our previous expectatio
Slide 11: Investment Thesis – An Attractive All-In Basis & Strong Yield
Investment Thesis – An Attractive “All-In” Basis & Strong Yield [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 11 (1) Purchase price reflects the Net Purchase Price as presented in the Company’s Form 10-Q as filed November 12, 2013. (2) EBITDA Multiple calcul
Slide 12: Hyatt Regency San Francisco – Excellent To-Date Performance
Hyatt Regency San Francisco – Excellent To-Date Performance . With More To Come [Property Overview] SUNSTONE HOTEL INVESTORS, INC. 12 Property Highlights: Prime, fee-simple location in San Francisco’s Financial District 3 million sq. ft. of new office construction within five blocks Favorable supply
Slide 13: Post-Renovation Projections – Exceeding Expectations
Post-Renovation Projections – Exceeding Expectations [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 13 The hotel continues to perform above our initial expectations. 2016 is projected to be a strong year with Super Bowl 50. Current group pace is +11.4% for 20
Slide 14: [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 14 Purchase price
[Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 14 Purchase price reflects the Net Purchase Price as presented in the Company’s Form 10-K as filed February 20, 2014. Per Key calculation is based on 804 keys as provided in supplemental financial information rep
Slide 15: Property Tour
Property Tour PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 15
Slide 16: Lobby – Pre-Repositioning
Lobby – Pre-Repositioning [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 16
Slide 17: Lobby – Pre-Repositioning
Lobby – Pre-Repositioning [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 17
Slide 18: Front Desk – Pre-Repositioning
Front Desk – Pre-Repositioning [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 18
Slide 19: Lobby – Current
Lobby – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 19
Slide 20: Lobby – Current
Lobby – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 20
Slide 21: Lobby – Current
Lobby – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 21
Slide 22: Lobby – Current
Lobby – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 22
Slide 23: Restaurant – Pre-Repositioning
Restaurant – Pre-Repositioning [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 23
Slide 24: Restaurant – Current
Restaurant – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 24
Slide 25: Restaurant – Current
Restaurant – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 25
Slide 26: Restaurant – Current
Restaurant – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 26
Slide 27: Imperial Ballroom – Pre-Repositioning
Imperial Ballroom – Pre-Repositioning [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 27
Slide 28: Imperial Ballroom – Current
Imperial Ballroom – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 28
Slide 29: Imperial Ballroom – Pre-Repositioning
Imperial Ballroom – Pre-Repositioning [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 29
Slide 30: Imperial Ballroom – Current
Imperial Ballroom – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 30
Slide 31: David Barton Gym – Pre-Repositioning
David Barton Gym – Pre-Repositioning [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 31
Slide 32: David Barton Gym – Current
David Barton Gym – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 32
Slide 33: David Barton Gym – Current
David Barton Gym – Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 33
Slide 34: STRIP by Strega – Pre-Repositioning
“STRIP by Strega” – Pre-Repositioning [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 34
Slide 35: STRIP by Strega – Current
“STRIP by Strega”– Current [Boston Park Plaza] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 35
Slide 36: Questions & Answers – Thank You
[Questions & Answers] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 36 Thank You.
Slide 37: Boston Park Plaza EBITDA Reconciliation
Boston Park Plaza [EBITDA Reconciliation] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 37 Plus: Plus: Plus: Equals: Hotel Adjusted Less: Equals: Total Other Hotel Adjusted EBITDA Hotel Net FFO Revenues Net Income Depreciation Adjustments Interest Expense EBITDA (1) Margin FF&E
Slide 38: Hyatt Regency San Francisco EBITDA Reconciliation
Hyatt Regency San Francisco [EBITDA Reconciliation] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 38 Plus: Equals: Hotel Less: Equals: Total Hotel EBITDA Hotel Net FFO Revenues Net Income Depreciation EBITDA Margin FF&E Reserve Operating Income Contribution Full Year 2013 (1) (
Slide 39: Wailea Beach Resort & Spa, a Marriott Resort Property Tour June 2015
Wailea Beach Resort & Spa, a Marriott Resort Property Tour June 2015
Slide 40: Forward-looking statements
This presentation 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,”
Slide 41: Hawaiian Islands – Different Islands, Different Experiences
Hawaiian Islands – Different Islands ..Different Experiences [Market Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 3 Hawaii Maui Oahu Kauai Niihau Molokai Kahoolawe Lanai Honolulu Wailea (1) Data presented in Hotel News Now “Hawaii achieved record revenue in 2014” rel
Slide 42: Hawaiian Islands – Visitation Varies by Island
Hawaiian Islands – Visitation Varies by Island [Market Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 4 Hawaii Maui Oahu Kauai Niihau Kahoolawe Lanai Honolulu Wailea The majority of the travel to Maui comes from the domestic U.S., particularly the west coast. Oahu has
Slide 43: Hawaiian Islands – Maui Continues to Strengthen
Hawaiian Islands – Maui Continues to Strengthen [Market Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 5 Hawaii Maui Oahu Kauai Niihau Molokai Kahoolawe Lanai Honolulu Wailea YTD April 2015, Maui has had a +5.2% increase in visitors by air vs +2.0% increase in Oahu. In
Slide 44: Hawaiian Islands – Cheaper Airfare and More Flights
Hawaiian Islands – Cheaper Airfare and More Flights [Market Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 6 Hawaii Maui Oahu Kauai Niihau Kahoolawe Lanai Honolulu Wailea YTD April 2015, Maui has had an +18.6% increase in seat capacity compared to a +2.8% increase in O
Slide 45: Maui Island – Wailea is Maui’s Premier Destination
Maui Island – Wailea is Maui’s Premier Destination [Market Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 7 Wailea Lahaina Kaanapali Kapalua = 0” – 10” = 10” – 20” = 20” – 30” = 30” – 40” Maui Markets(1): Kapalua – master planned community including the Ritz-Carlton Re
Slide 46: Wailea – Maui’s Premier Resort Destination
Wailea – Maui’s Premier Resort Destination [Market Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 8 Wailea 2014 Market RevPAR(2): $422 Wailea Beach Resort & Spa 2014 RevPAR: $220 (1) Key count is based on expected final key count post-repositioning. (2) Competitive Set
Slide 47: Wailea Beach Resort & Spa Summary
Wailea Beach Resort & Spa Summary [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 9 Property Highlights: Acquired the 547-room Wailea Beach Resort & Spa for $325.6 million ($595,000 per key) in July 2014 Oceanfront, fee-simple 22 acres in Maui, Hawaii Located
Slide 48: Initial Asset Management Initiatives – Driving Profitability
Initial Asset Management Initiatives – Driving Profitability [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 10 Increase number of room types particularly focusing on increasing premium room types to maximize ADR strategies Added a dedicated revenue manager on
Slide 49: Opportunity – Attract Higher Paying Guests
Opportunity – Attract Higher Paying Guests [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 11 (1) Contains estimated FY data for Hyatt Regency Maui Resort and the Westin Maui Resort & Spa. (2) Represents expected post-repositioning performance, excluding marke
Slide 50: Repositioning Plan - Capital Investment Plus Asset Management
Repositioning Plan - Capital Investment Plus Asset Management Equals Greater Revenues & Profits [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 12 Revenues: Focus on growing RevPAR index. Implemented strategies that adjusted the overall segmentation and rate o
Slide 51: Investment Plan – Investing in the Future
Investment Plan – Investing in the Future [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 13 Positioning Statement: Capitalize on our property’s unique oceanfront Wailea location by creating a well-defined, cohesive destination experience complete with a physi
Slide 52: Projected Displacement – Work Will Accelerate into 2016
Projected Displacement – Work Will Accelerate into 2016 [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 14 2015 displacement, which includes the disruption from the repositioning of the meeting space, guestrooms, family pool and pool restaurant, is expected to
Slide 53: Post-Repositioning Projections – Exceeding Expectations
Post-Repositioning Projections – Exceeding Expectations [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 15 We expect displacement to be heavily weighted to 2016 with significant ramp-up in 2017. $2 million Marriott guaranty shifted from 2015 to 2016 ($5 millio
Slide 54: Investment Thesis – Coveted Real Estate at an Attractive Yield
Investment Thesis – Coveted Real Estate at an Attractive Yield [Property Overview] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 16 Purchase price reflects the Net Purchase Price as presented in the Company’s Form 10-Q as filed November 3, 2014. Per Key calculation is based on
Slide 55: Questions & Answers – Mahalo
[Questions & Answers] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 17 Mahalo.
Slide 56: Repositioning Plan Photo Tour
[Wailea Beach Resort & Spa, a Marriott Resort: Repositioning Plan Photo Tour] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 18
Slide 57: Resort Overview
Resort Overview [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 19
Slide 58: Front Drive and Grand Lanai
Front Drive and Grand Lanai [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 20
Slide 59: Front Drive – Enhance Sense of Arrival
Front Drive – Enhance Sense of Arrival [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 21
Slide 60: Grand Lanai – Current
Grand Lanai – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 22
Slide 61: Grand Lanai – Renderings
Grand Lanai – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 23
Slide 62: Grand Lanai – Renderings
Grand Lanai – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 24
Slide 63: Lokelani – Current
Lokelani – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 25
Slide 64: Aulani – Current
Aulani – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 26
Slide 65: Pre-function Concept – Renderings
Pre-function Concept – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 27
Slide 66: Family Pool and Kapa Bar & Grill
Family Pool and Kapa Bar & Grill [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 28
Slide 67: Family Pool – Current
Family Pool – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 29
Slide 68: Family Pool – Current
Family Pool – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 30
Slide 69: Family Pool – Renderings
Family Pool – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 31
Slide 70: Kapa Bar & Grill – Current
Kapa Bar & Grill – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 32
Slide 71: Kapa Bar & Grill – Renderings
Kapa Bar & Grill – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 33
Slide 72: Kapa Bar & Grill – Renderings
Kapa Bar & Grill – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 34
Slide 73: Kapa Bar & Grill – Renderings
Kapa Bar & Grill – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 35
Slide 74: Serenity Pool & Serenity Bar
Serenity Pool & Serenity Bar [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 36
Slide 75: Serenity Pool – Current
Serenity Pool – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 37
Slide 76: Serenity Pool – Current
Serenity Pool – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 38
Slide 77: Serenity Pool – Renderings
Serenity Pool – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 39
Slide 78: Newly Created Serenity Bar – Renderings
Newly Created Serenity Bar – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 40
Slide 79: Newly Created Serenity Bar – Renderings
Newly Created Serenity Bar – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 41
Slide 80: Kid’s Pool
Kid’s Pool [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 42
Slide 81: Kid’s Pool – Current
Kid’s Pool – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 43
Slide 82: Kid’s Pool – Current
Kid’s Pool – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 44
Slide 83: Kid’s Pool – Renderings
Kid’s Pool – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 45
Slide 84: Kid’s Pool – Renderings
Kid’s Pool – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 46
Slide 85: Kid’s Pool – Renderings
Kid’s Pool – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 47
Slide 86: Luau
Luau [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 48
Slide 87: Luau – Current
Luau – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 49
Slide 88: Luau – Current
Luau – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 50
Slide 89: Luau – Renderings
Luau – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 51
Slide 90: Luau – Renderings
Luau – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 52
Slide 91: Whale’s Tale
Whale’s Tale [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 53
Slide 92: Whale’s Tale – Current
Whale’s Tale – Current [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 54
Slide 93: Whale’s Tale – Renderings
Whale’s Tale – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 55
Slide 94: Whale’s Tale – Renderings
Whale’s Tale – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 56
Slide 95: Whale’s Tale – Renderings
Whale’s Tale – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 57
Slide 96: Leased Restaurant & New Resort Features
Leased Restaurant & New Resort Features [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 58
Slide 97: Main Restaurant – Renderings
Main Restaurant – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 59
Slide 98: Main Restaurant – Renderings
Main Restaurant – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 60
Slide 99: Main Restaurant – Renderings
Main Restaurant – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 61
Slide 100: Kid’s Center – Renderings
Kid’s Center – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 62
Slide 101: Kid’s Center – Renderings
Kid’s Center – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 63
Slide 102: Kid’s Center – Renderings
Kid’s Center – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 64
Slide 103: Family & Teen Center – Renderings
Family & Teen Center – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 65
Slide 104: Movie House – Renderings
Movie House – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 66
Slide 105: Fitness Center – Renderings including 40% expansion
Fitness Center – Renderings including 40% expansion [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 67
Slide 106: Arrival / Departure Lounge – Renderings
Arrival / Departure Lounge – Renderings [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 68
Slide 107: Guest Rooms
Guest Rooms [Wailea Beach Resort & Spa] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 69
Slide 108: Guest Room – Current
Guest Room – Current [Wailea Beach Resort & Spa] SUNSTONE HOTEL INVESTORS, INC. 70 PROPERTY TOUR PRESENTATION JUNE 2015
Slide 109: Guest Room – Model Room
Guest Room – Model Room [Wailea Beach Resort & Spa] SUNSTONE HOTEL INVESTORS, INC. 72 PROPERTY TOUR PRESENTATION JUNE 2015
Slide 110: Guest Room – Model Room
Guest Room – Model Room [Wailea Beach Resort & Spa] SUNSTONE HOTEL INVESTORS, INC. 73 PROPERTY TOUR PRESENTATION JUNE 2015
Slide 111: Guest Room Walk Out – Model Room
Guest Room Walk Out – Model Room [Wailea Beach Resort & Spa] SUNSTONE HOTEL INVESTORS, INC. 74 PROPERTY TOUR PRESENTATION JUNE 2015
Slide 112: Wailea Beach Resort & Spa EBITDA Reconciliation
Wailea Beach Resort & Spa [EBITDA Reconciliation] PROPERTY TOUR PRESENTATION JUNE 2015 SUNSTONE HOTEL INVESTORS, INC. 75 Plus: Equals: Hotel Less: Equals: Total Hotel EBITDA Hotel Net FFO Revenues Net Income Depreciation EBITDA Margin FF&E Reserve Operating Income Contribution Full Year 2013 (1) (2)
Sunstone Hotel Investors — Corporate Update (June 2015) on 6ix