Sunstone Hotel Investors, Inc. (SHO) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

I would like to remind everyone that this call contains forward-looking statements that are subject to risks and uncertainties, including those described in our filings with the SEC, which could cause actual results to differ materially from those projected. We caution you to consider these factors in evaluating our forward-looking statements. We also note that the commentary on this call will contain non-GAAP financial information, including adjusted EBITDA RE, adjusted FFO, and hotel adjusted EVA.RE. We are providing this information as a supplement to information prepared in accordance with generally accepted accounting principles. Additional details on our quarterly results have been provided in our earnings release and supplemental, which are available in the investor relations section of our website. With us on the call today are Brian Julia, Chief Executive Officer, and Robert Springer, President and Chief Investment Officer. Brian will start us off by providing some commentary on recent developments in our first quarter operations. Afterward, Robert will discuss our capital investment activity. And finally, I will review our first quarter earnings results and provide the details of our updated outlook for 2025. After our remarks, the team will be available to answer your questions. With that, I would like to turn the call over to Brian. Please go ahead. Thank you, Aaron, and good morning everyone. It was an eventful quarter that began with stronger than expected performance in January and February, driven by the Super Bowl in New Orleans and the inauguration in DC, and then was partially offset by a pullback in government and leisure demand in select markets in March as the macroeconomic outlook became more mixed. Our first quarter EBITDA and FFO came in just...