Sunstone Hotel declares Q4 dividend of 13c per share

Sunstone Hotel has declared a Q4 dividend of 13c per share of common stock. The Q4 dividend includes the company’s recently increased recurring quarterly dividend of 7c per share plus an additional 6c per share to distribute more of the company’s expected taxable income for 2023. The dividend will be paid in cash on January 16, 2024 to holders of record as of December 29, 2023. The dividends paid in 2023 include the taxable income generated from the company’s operations but do not include any gain related to the recently completed sale of Boston Park Plaza. The company is evaluating opportunities to reinvest the net proceeds from the sale through a tax deferred exchange. If an exchange is not completed, the company will utilize existing tax attributes to offset any gain resulting from the sale and retain the net proceeds for future investment.