Sunstone Q2 2021 Earnings Report
Key Takeaways
Sunstone Hotel Investors reported improved results for the second quarter of 2021, with RevPAR increasing significantly and the company achieving positive corporate-level Adjusted EBITDAre profit. The acquisition of Montage Healdsburg was completed, and financing initiatives were undertaken to enhance investment flexibility.
Net loss was $27.9 million, an improvement compared to $117.5 million in the same quarter of the previous year.
RevPAR for the 17 Hotel Portfolio increased by 3,182.2% to $95.84.
Adjusted EBITDAre, excluding noncontrolling interest, increased by 132.6% to $15.3 million.
The company completed the acquisition of the Montage Healdsburg and refinanced two series of perpetual preferred stock.
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Sunstone Revenue by Geographic Location
Forward Guidance
The company expects continued growth for the remainder of the year, as business transient and group demand become a larger portion of our business mix.