Sunstone Hotel Investors Reports Results of Operations for First Quarter 2007
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Sunstone Hotel Investors Reports Results of Operations for First Quarter 2007
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2007-05-03
First Quarter Comparable RevPAR up 11.9%
California Region RevPAR up 14.7%
Acquires Marriott Boston Quincy
SAN CLEMENTE, CA – May 2, 2007 – Sunstone Hotel Investors, Inc. (the “Company”) (NYSE: SHO)
today announced results of operations for the first quarter ended March 31, 2007.
First Quarter 2007 Highlights
• Total revenue was $239.8 million for the three months ended March 31, 2007, compared to $197.6
million for the three months ended March 31, 2006.
• Adjusted EBITDA was $60.9 million for the three months ended March 31, 2007, compared to
$52.0 million for the three months ended March 31, 2006.
• Adjusted FFO available to common stockholders was $29.9 million for the three months ended
March 31, 2007, compared to $29.2 million for the three months ended March 31, 2006.
• Adjusted FFO available to common stockholders per diluted share was $0.48 for the three months
ended March 31, 2007, compared to $0.49 per diluted share for the three months ended March 31,
2006.
• Total capital expenditures were $37.0 million for the three months ended March 31, 2007.
Steve Goldman, Chief Executive Officer, stated, “I am very pleased to announce a strong start to 2007 with
Adjusted FFO per share coming in at $0.48, which is $0.02 above our guidance. Our portfolio is
performing exceptionally well - posting impressive RevPAR and margin gains over the prior year.
Moreover, I am excited about the prospects for our portfolio in the second quarter and beyond. Our
renovations are proceeding on schedule and on budget, and the hotels we have acquired continue to
perform well. I have spent my first month as CEO getting to know the Company’s portfolio and its people,
and reviewing its current strategy with the goal of identifying new opportunities for driving shareholder
value.”
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