Key Developments: Sunstone Hotel Investors Inc (SHO)
12.72USD
22 May 2013
$-0.37 (-2.83%)
$13.09
$13.06
$13.33
$12.57
1,336,120
1,449,593
$13.33
$9.19
Latest Key Developments (Source: Significant Developments)
Sunstone Hotel Investors Inc Issues Q2 2013 Earnings Guidance In Line With Analysts' Estimates; Comments On Q2 2013 RevPAR Guidance; Raises FY 2013 Earnings Guidance; Lowers FY 2013 RevPAR Guidance
Sunstone Hotel Investors, Inc. announced that for the second quarter of 2013, it expects comparable Hotel RevPAR of +2.5% - 4.5%, net income of $18-$20 million, adjusted EBITDA of $69- $71 million, adjusted FFO per diluted share of $0.29-$0.39. For fiscal 2013, it expects comparable Hotel RevPAR of +3.0%-5.0%, net income of $68 - $82 million, adjusted EBITDA of $233 - $247 million and adjusted FFO per diluted share of $0.90-$0.98. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $20 million, EBITDA of $70 million and FFO of $0.31 second quarter of 2013; net income of $22 million, EBITDA of $232 million and FFO of $0.91 for fiscal 2013. Full Article
Sunstone Hotel Investors Inc Announces Management Change-Form 8-K
Sunstone Hotel Investors Inc reported in its Form 8-K that on February 15, 2013, the Board of Directors of the Company appointed John V. Arabia as President of the Company. Prior to such appointment, Mr. Arabia served as the Company’s Chief Financial Officer (CFO) and Executive Vice President of Corporate Strategy since joining the Company in April 2011. On February 15, 2013, the Board of Directors of the Company appointed Bryan A. Giglia as Senior Vice President and Chief Financial Officer (CFO) of the Company. Full Article
Sunstone Hotel Investors Inc Issues Q1, FY 2013 Net Income Outlook Above Analysts' Estimates; Issues Q1, FY 2013 EBITDA, FFO Outlook Below Analysts' Estimates; Comments On Q1, FY 2013 RevPAR Outlook
Sunstone Hotel Investors, Inc. announced that for the first quarter of 2013, it expects comparable Hotel RevPAR of +2.0% - 3.0%, net income of $(9)-$(7) million, adjusted EBITDA of $36- $38 million, adjusted FFO per diluted share of $0.07-$0.09. For fiscal 2013, it expects comparable Hotel RevPAR of +3.5%-5.5%, net income of $40 - $52 million, adjusted EBITDA of $224 - $236 million and adjusted FFO per diluted share of $0.84-$0.92. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $(16) million, EBITDA of $43 million and FFO of $0.12 first quarter of 2013; net income of $1.13 million, EBITDA of $241 million and FFO of $0.97 for fiscal 2013. Full Article
Sunstone Hotel Investors Inc Announces Upsizing And Pricing Of Public Offering Of Common Stock
Sunstone Hotel Investors Inc announced that it has increased the number of shares of common stock being offered pursuant to previously-announced public offering to 22,000,000 shares. The shares have been priced at $11.80 per share, although actual sales prices may differ from this indicative price. The underwriter's 30-day option to purchase additional shares of common stock has been increased to 3,300,000 shares. The offering is expected to close on February 1, 2013. The Company intends to use the net proceeds from the offering to repurchase or redeem all issued and outstanding 8.0% Series A Cumulative Redeemable Preferred Stock, for potential future acquisitions and for other general corporate purposes, including working capital and capital investments in portfolio. Citigroup is serving as the sole book-running manager for the offering. Full Article
Sunstone Hotel Investors Inc Announces Public Follow-On Offering of 17,250,000 Shares of Primary Common Stock
Sunstone Hotel Investors Inc announced that it has agreed to sell 17,250,000 shares of its common stock in an underwritten public offering. The underwriter may offer shares of common stock in transactions of the NYSE, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. The underwriter will be granted a 30-day option to purchase up to an additional 2,587,500 shares of common stock. The offering is expected to close on February 1, 2013, subject to customary closing conditions. The Company intends to use the net proceeds from the offering after deducting the underwriting discount and estimated offering expenses, to repurchase or redeem all issued and outstanding 8.0% Series A Cumulative Redeemable Preferred Stock and, to the extent any excess proceeds are available, for potential future acquisitions and for other general corporate purposes, including working capital and capital investments in our portfolio. Citigroup is serving as the sole book-running manager for the offering. Full Article
Sunstone Hotel Investors Inc Raises FY, Q4 2012 FFO Guidance-DJ
Dow Jones reported that Sunstone Hotel Investors Inc expects fourth-quarter 2012 adjusted funds from operations (FFO) of $0.30 a share, above its prior view of $0.23 to $0.27. It expects fiscal 2012 adjusted FFOs of $1 to $1.01 a share, versus prior view of $0.93 to $0.97. Full Article
Sunstone Hotel Investors Inc To Sell Four Rochester Hotels And Laundry Facility For $230 Million
Sunstone Hotel Investors Inc announced that it has entered into agreements to sell a four-hotel, 1,222-room portfolio and commercial laundry facility (collectively, the Rochester Portfolio) in Rochester, Minnesota for a gross price of $230 million. The four hotels include the 660-room Kahler Grand, the 271-room Kahler Inn & Suites, the 202-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. Concurrent with the Rochester Portfolio sale, the Company will defease the outstanding $26.7 million mortgage secured by the 660-room Kahler Grand hotel for a total cost of approximately $30 million, and has prepaid the $0.4 million loan secured by the laundry facility. The Company expects to retain a $25 million, 11% dividend yield preferred equity investment in the four hotels. The Company expects to receive initial net proceeds of approximately $165 million, subject to final closing costs, from the sale of the Rochester Portfolio. The Company intends to use the net proceeds from the sale of the Rochester Portfolio for general corporate purposes, which may include hotel acquisitions, renovations of existing hotels, reduction of debt or preferred securities or other corporate purposes. Sale of the Rochester Portfolio is expected to close in January 2013. Full Article
Sunstone Hotel Investors Inc Declares Cash Dividend
Sunstone Hotel Investors Inc announced that the Board of Directors declared a cash dividend of $0.50 per share payable to its Series A and Series D cumulative redeemable preferred stockholders and a cash dividend of $0.393 per share payable to its Series C cumulative convertible redeemable preferred stockholders. The dividends will be paid on or before January 15, 2013 to stockholders of record on December 31, 2012. Full Article
Sunstone Hotel Investors Inc Issues Q4 2012 Guidance Below Analysts' Estimates; Comments On Q4 2012 RevPAR Guidance; Lowers FY 2012 Guidance
Sunstone Hotel Investors, Inc. announced that for the fourth quarter of 2012, it expects comparable Hotel RevPAR of +1.5% - 3%, net income of $(1)-$4 million, adjusted EBITDA of $58- $63 million, adjusted FFO per diluted share of $0.23-$0.27. For fiscal 2012, it expects comparable Hotel RevPAR of +4.5%-5.0%, net income of $7 - $12 million, adjusted EBITDA of $232 - $237 million and adjusted FFO per diluted share of $0.93-$0.97. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $7 million, EBITDA of $69 million and FFO of $0.30 fourth quarter of 2012; net income of $(15.2) million, EBITDA of $240 million and FFO of $1.00 for fiscal 2012. Full Article
Sunstone Hotel Investors Inc Agrees To Sell Three Hotels
Sunstone Hotel Investors Inc announced that it has entered into an agreement to sell the 229-room Doubletree Guest Suites Minneapolis, the 257-room Hilton Del Mar, and the 350-room Marriott Troy ("Three-Hotel Portfolio") for an adjusted gross sale price of $107.1 million ($128,100/key), including the assumption of approximately $75.6 million in mortgage debt and $2.1 million of deferred management fees. The Company also announced that it has completed the previously announced sale of the 284-room Marriott Del Mar for $66.0 million ($232,400/key), which included the assumption of $47.1 million in mortgage debt. Additionally, the Company announced that it has amended its $150.0 million revolving credit facility, resulting in the elimination of the facility's LIBOR floor, a reduction in the facility's effective interest rate, and an extension of the facility's term to November 2015. Full Article
Earnings vs. 
Estimates
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