Sunstone Hotel Investors Reports Results For First Quarter 2021
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IRVINE, Calif., May 3, 2021 /PRNewswire/ Sunstone Hotel Investors, Inc. (the Company or Sunstone ) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the first quarter ended March 31, 2021.
First Quarter 2021 Operational Results (as compared to First Quarter 2020):
Resumption of Hotel Operations: 15 of the Company s 17 hotels were in operation for the entirety of the first quarter 2021.
Net Loss: Net loss was $55.3 million as compared to $162.5 million.
17 Hotel Portfolio RevPAR: 17 Hotel Portfolio RevPAR decreased 69.5% to $42.19.
Adjusted EBITDA
re, excluding noncontrolling interest decreased 203.7% to $(14.7) million.
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With its hotels business battered by the pandemic, Ashford Hospitality Trust took a cold, hard look at its portfolio and came to a sobering conclusion: The REIT was simply going to walk away from some of its struggling properties.
“While we take no joy in handing back assets to our lenders, we do hope it demonstrates that we are willing to make hard decisions that are in the best interest of our shareholders,” Ashford CEO Rob Hays said on the company’s late-October earnings call.
Dallas-based Ashford, which was facing the threat of insolvency before it landed a $350 million lifeline right before the new year, gave up a portfolio of 13 hotels with more than 2,000 rooms as it struggled to stem losses and work out forbearance agreements to avoid defaults.