Christopher Ostapovicz has been appointed Senior Vice President & Chief Operating Officer at Sunstone Hotel Investors, Inc hospitalitynet.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hospitalitynet.org Daily Mail and Mail on Sunday newspapers.
Sunstone Hotel Investors Announces Chief Operating Officer Transition
Marc Hoffman, Chief Operating Officer, to Retire
Chris Ostapovicz to Join Sunstone as Successor
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IRVINE, Calif., March 3, 2021 /PRNewswire/ Sunstone Hotel Investors, Inc. (the Company or Sunstone ) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced the retirement of Marc Hoffman, Executive Vice President & Chief Operating Officer. Mr. Hoffman joined Sunstone in 2006 and has been responsible for Asset Management and Design & Construction. Chris Ostapovicz has been appointed Senior Vice President & Chief Operating Officer. Mr. Ostapovicz will join the Company in March and will report to John Arabia, President & Chief Executive Officer. Mr. Hoffman will remain with the Company during a period of transition.
Sunstone Hotel Investors Announces Chief Operating Officer Transition prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
The share price of Sunstone Hotel Investors, operator of 17 hotels with over 19,000 rooms in mostly coastal areas, grew 20 percent last month. It was the stock’s best month of the pandemic except for November, when initial results of Covid-19 vaccine trials were announced.
The pandemic forced hotel REITs to conserve cash at a time when, according to Darling, operating income has fallen more than 100 percent.
Sunstone recently sold a 502-room property outside Los Angeles International Airport for $92.5 million, one of the largest pandemic-era deals of its kind, and handed ownership of the Times Square Hilton hotel in New York City back to its lender.
(Photo illustration by The Real Deal)
With its hotels business battered by the pandemic, Ashford Hospitality Trust took a cold, hard look at its portfolio and came to a sobering conclusion: The REIT was simply going to walk away from some of its struggling properties.
“While we take no joy in handing back assets to our lenders, we do hope it demonstrates that we are willing to make hard decisions that are in the best interest of our shareholders,” Ashford CEO Rob Hays said on the company’s late-October earnings call.
Dallas-based Ashford, which was facing the threat of insolvency before it landed a $350 million lifeline right before the new year, gave up a portfolio of 13 hotels with more than 2,000 rooms as it struggled to stem losses and work out forbearance agreements to avoid defaults.