Sunstone Hotel Investors, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 07:44 am EST
Share
Sunstone Hotel Investors, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 158.47 million compared to USD 158.4 million a year ago. Revenue was USD 247.7 million compared to USD 244.31 million a year ago. Net income was USD 15.56 million compared to USD 20.49 million a year ago. Basic earnings per share from continuing operations was USD 0.06 compared to USD 0.08 a year ago. Diluted earnings per share from continuing operations was USD 0.06 compared to USD 0.08 a year ago.
For the nine months, sales was USD 484.3 million compared to USD 428.89 million a year ago. Revenue was USD 767.26 million compared to USD 667.91 million a year ago. Net income was USD 79.72 million compared to USD 69.83 million a year ago. Basic earnings per share from continuing operations was USD 0.33 compared to USD 0.27 a year ago. Diluted earnings per share from continuing operations was USD 0.33 compared to USD 0.27 a year ago.
Sunstone Hotel Investors, Inc. is a real estate investment trust. The Company owns approximately 14 hotels, comprised of 6,675 rooms, located in six states and in Washington, DC. The Companyâs portfolio consists of luxury hotels located in convention, resort destinations and urban markets. It is the owner of Long-Term Relevant Real Estate (LTRR) in the lodging industry, specifically hotels in urban and resort destination locations. The Company's hotels are operated by third-party managers under long-term management agreements with TRS Lessee or its subsidiaries. It is operated by third-party managers under long-term management agreements with the TRS Lessee or its subsidiaries. Its third-party managers include subsidiaries of Marriott International, Inc.; managers of six of the Companyâs hotels; Hyatt Hotels Corporation, manager of two of its hotels; and Four Seasons Hotels Limited, Highgate Hotels L.P. and an affiliate, Hilton Worldwide, and Interstate Hotels & Resorts, Inc.
SUNSTONE HOTEL INVESTORS, INC. 
