Sunstone Q2 2022 Earnings Report
Key Takeaways
Sunstone Hotel Investors reported a net income of $37.7 million for the second quarter of 2022, a substantial increase from the net loss of $27.9 million in the same period last year. The company's comparable portfolio RevPAR increased by 98.4% to $220.37, driven by growth in both occupancy and average daily rate. Sunstone completed strategic acquisitions and share repurchases, and reinstated its common dividend.
Net income was $37.7 million, a significant increase from the prior year's net loss of $27.9 million.
Comparable portfolio RevPAR increased by 98.4% to $220.37, with occupancy at 74.6% and average daily rate at $295.40.
The company completed the acquisition of The Confidante Miami Beach and the remaining 25% JV interest in the Hilton San Diego Bayfront.
Sunstone reinstated its common dividend and continued share repurchases, returning nearly $80 million to shareholders year-to-date.
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Sunstone Revenue by Geographic Location
Forward Guidance
Due to continued uncertainty regarding the duration and extent of the COVID-19 pandemic, the Company cannot provide further assurances regarding the pandemic’s effect on the Company’s results.