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Sunstone Hotel Investors Reports Results For First Quarter 2021

Sunstone Hotel Investors Reports Results For First Quarter 2021
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IRVINE, Calif., May 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 results for the first quarter ended March 31, 2021.
First Quarter 2021 Operational Results (as compared to First Quarter 2020):
Resumption of Hotel Operations: 15 of the Company s 17 hotels were in operation for the entirety of the first quarter 2021.
Net Loss: Net loss was $55.3 million as compared to $162.5 million.
17 Hotel Portfolio RevPAR: 17 Hotel Portfolio RevPAR decreased 69.5% to $42.19.
Adjusted EBITDA
re, excluding noncontrolling interest decreased 203.7% to $(14.7) million. ....

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COVID-19's Impact on the Los Angeles Hotel Market | By Luigi Major – Hospitality Net

By Luigi Major, Vice President, Houston at HVS
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1 min
The Los Angeles hotel market, along with the rest of the world, experienced an unprecedented drop in demand in 2020 following the start of the COVID-19 pandemic. Hotel occupancy declined to 49% in 2020, compared to 80% in 2019, while average daily rate (ADR) decreased to $139 in 2020 from $181 the previous year. Overall, revenue per available room (RevPAR) decreased 52.6%, the largest decline in the history of the market. Based on the latest dynamics of supply and demand, below we present our latest forecasts for the recovery of L.A.-area hotels in 2021 and beyond. As with the rest of the industry, while occupancy is anticipated to recovery more quickly, ADR losses often take many years to recover. Our forecast assumes a recovery to 2019 levels after 2025, as illustrated in the following table. ....

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Sunstone Hotel Investors Reports Results For Fourth Quarter And Full Year 2020

Sunstone Hotel Investors Reports Results For Fourth Quarter And Full Year 2020
To Reposition and Rebrand the Renaissance Washington DC to The Westin Washington DC
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IRVINE, Calif., Feb. 11, 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 results for the fourth quarter and year ended December 31, 2020.
Fourth Quarter 2020 Operational Results (as compared to Fourth Quarter 2019):
Resumption of Hotel Operations: 15 of the Company s 17 hotels were in operation as of December 31, 2020 (see details below), and 13 of the Company s 17 hotels were in operation for the entirety of the fourth quarter 2020. ....

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Sunstone Hotel Investors Improves Financial Flexibility And Enhances Balance Sheet Strength

Sunstone Hotel Investors Improves Financial Flexibility And Enhances Balance Sheet Strength
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Reaches Resolution with Special Servicer on Hilton Times Square
Addresses All Near-Term Maturities
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Sunstone Hotel Investors, Inc. (the Company or Sunstone ) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, announced today that it has completed a series of balance sheet enhancing transactions that include: extending the waiver period of the financial covenant tests on the Company s $500 million undrawn revolving credit facility, $185 million of funded term loan facilities and $205 million of outstanding private placement senior notes ( Unsecured Debt Facilities ); addressing its remaining near-term maturities; providing resolution with the special servicer on the mortgage loan secured by the Hilton Times Square; and, reducing the Company s monthly cash burn. ....

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Sunstone Hotel Investors Improves Financial Flexibility And Enhances Balance Sheet Strength

Sunstone Hotel Investors Improves Financial Flexibility And Enhances Balance Sheet Strength
Successfully Extends Covenant Waiver Period
Reaches Resolution with Special Servicer on Hilton Times Square
Addresses All Near-Term Maturities
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IRVINE, Calif., Dec. 23, 2020 /PRNewswire/ Sunstone Hotel Investors, Inc. (the Company or Sunstone ) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, announced today that it has completed a series of balance sheet enhancing transactions that include: extending the waiver period of the financial covenant tests on the Company s $500 million undrawn revolving credit facility, $185 million of funded term loan facilities and $205 million of outstanding private placement senior notes ( Unsecured Debt Facilities ); addressing its remaining near-term maturities; providing resolution with the special servicer on the mortgage loan secured by the Hilton Ti ....

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