Sunstone Hotel Investors Reports Results of Operations for First Quarter 2008
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Sunstone Hotel Investors Reports Results of Operations for First Quarter 2008
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-05-09
Total Revenue increases 9.4% as Compared to First Quarter 2007
Total Hotel RevPAR increases 3.1% as Compared to First Quarter 2007
Sunstone Hotel Investors, Inc. (the “Company”) (NYSE: SHO)
today announced results of operations for the first quarter ended March 31, 2008.
First Quarter 2008 Highlights (as compared to first quarter 2007):
• Total revenue increased by 9.4% to $248.7 million.
• Total portfolio RevPAR increased 3.1% to $116.69.
• Comparable Portfolio RevPAR increased 1.6% to $115.36.
• Total hotel operating profit margin increased 20 bps to 26.3%.
• Comparable hotel operating profit margin decreased 30 bps to 26.2%.
• Loss attributable to common stockholders per diluted share increased from $0.01 to $0.07.
• Adjusted EBITDA increased 0.8% to $61.4 million.
• Adjusted FFO available to common stockholders increased 1.0% to $30.2 million.
• Adjusted FFO available to common stockholders per diluted share was flat at $0.48.
Robert A. Alter, Executive Chairman, stated, “We are pleased to report impressive year-over-year growth
in total revenue, total portfolio RevPAR, and total hotel operating profit margins. In keeping with our
performance over the last four quarters, we delivered results within or above our previous guidance. We
continue to benefit from the substantial capital investments made in our portfolio over the past two years as
several of our largest hotels continue to ramp-up. Going forward, in spite of the challenging economic
environment, we believe our portfolio is well positioned for continued growth.”
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