Sunstone Hotel Investors Q4 net income rose to $127.0 million on hotel sale gain
Sunstone Hotel Investors reported fourth quarter 2023 net income of $127.0 million, up from $17.5 million, mainly due to the $123.8 million gain on the sale of Boston Park Plaza. Excluding that gain, fourth quarter net income would have been $3.2 million, and Adjusted EBITDA re excluding noncontrolling interest fell 20.5% to $54.6 million. For full year 2023, net income was $206.7 million and Adjusted FFO per diluted share rose 9.2% to $0.95, while the company's 2024 guidance projects Adjusted FFO per diluted share of $0.78 to $0.90.
- Q4 2023 Adjusted FFO per diluted share was $0.19, down 26.9% from $0.26 a year earlier
- Comparable RevPAR fell 2.2% to $206.58 in Q4 2023; full year comparable RevPAR rose 5.6% to $226.56
- 2024 guidance: net income of $46 million to $71 million and Adjusted EBITDA re of $230 million to $255 million
- The company repurchased 5,971,192 shares in 2023 at an average price of $9.43, with $454.7 million remaining under its authorization