Sunstone Hotel reports Q4 adjusted FFO 26c, consensus 19c

Reports Q4 revenue $244.14M, consensus $227.51M. Reports RevPAR at the comparable 12 hotels the Company owned during both 2022 and 2021 plus The Confidante Miami Beach, increased 34.2% to $193.59. The average daily rate was $286.37 and occupancy was 67.6%. Bryan Giglia, CEO, stated, "Our Q4 results exceeded our expectations as growing corporate and group business at our urban hotels continued to catch up with strong leisure demand at our resort properties. During the quarter, we collected pandemic-related business interruption insurance proceeds which added to our earnings. Overall, our fourth quarter builds on what was already a very productive year at Sunstone. During 2022, we completed the sale of three hotels in a lower growth market and recycled those proceeds into the acquisition of higher quality assets with a better growth profile, extended our debt maturities and unlocked more of the capacity in our balance sheet, invested in our portfolio, and returned meaningful capital to our shareholders."