Sunstone Hotel Investors Reports Results for Fourth Quarter and Full Year 2009
Drives strong margin performance through expense controls - Looks to expand portfolio size and quality through disciplined acquisitions - Maintains substantial cash balance
Sunstone Hotel Investors, Inc. (the "Company") (NYSE:SHO) today announced results for the fourth quarter and year ended December 31, 2009.
RevPAR and hotel EBITDA margin information presented reflect the 29 hotel portfolio on a pro forma basis. The 29 hotel portfolio excludes the W San Diego which was conveyed to a receiver in September 2009, the Renaissance Westchester, which was conveyed to a receiver in December 2009, and the Marriott Ontario Airport and eight of the 11 hotels securing the Company's non-recourse loan with Massachusetts Mutual Life Insurance Company (the "Mass Mutual eight hotels"), which are in the process of being conveyed to receivers.
Fourth Quarter 2009 Operational Results:
