Here are 1-2 brief analogies for Sunstone Hotel Investors (SHO):

• The Simon Property Group for hotels.
• Like Prologis, but for luxury hotels instead of warehouses.

• Hotel Accommodations: Providing guest rooms and lodging services for business and leisure travelers across its portfolio of upscale and luxury hotels.
• Meeting and Event Spaces: Offering facilities and comprehensive services for corporate meetings, conferences, and social gatherings within its owned hotel properties.
• Food and Beverage Services: Delivering a range of dining options, bars, and catering services to guests and patrons across its hotel establishments.

Sunstone Hotel Investors (SHO) is a real estate investment trust (REIT) that owns a portfolio of upscale and luxury hotel properties. As such, Sunstone does not directly "sell" services to individual customers or companies in the traditional sense. Instead, its revenue is derived from the operational performance of its hotel properties, which are managed by third-party hotel management companies.

The ultimate customers who generate the revenue for these hotels, and thus for Sunstone, fall into the following categories:

1. Leisure Travelers: Individuals and families traveling for vacations, tourism, or other personal reasons, seeking upscale and luxury accommodations.
2. Business Travelers: Individuals traveling for work, corporate meetings, conferences, or training purposes, who utilize the hotels for their business travel needs.
3. Group Business: Companies, associations, and other organizations that book blocks of rooms and event spaces for conferences, conventions, corporate events, social gatherings (such as weddings), and other large group functions.

• Marriott International (MAR)
• Hilton Worldwide Holdings (HLT)
• Hyatt Hotels Corporation (H)
• Highgate Hotels
• HEI Hotels & Resorts
• Four Seasons Hotels and Resorts

Bryan A. Giglia, Chief Executive Officer and Director

Bryan A. Giglia joined Sunstone Hotel Investors in March 2004. He has served as Chief Executive Officer since March 2022. Prior to his appointment as CEO, Mr. Giglia served as the company's Chief Financial Officer and held various other finance roles, including Senior Vice President of Corporate Finance. Before joining Sunstone, he held several accounting positions for Hilton Hotel Corporation from August 1998 to August 2002.

Aaron R. Reyes, Executive Vice President & Chief Financial Officer

Aaron R. Reyes was appointed Executive Vice President and Chief Financial Officer of Sunstone Hotel Investors in March 2022. He has been with Sunstone since 2016, previously serving as Senior Vice President & Treasurer and Vice President of Corporate Finance. Before joining Sunstone, Mr. Reyes worked in the real estate and lodging investment banking divisions at Morgan Stanley and Bank of America Merrill Lynch. Prior to his time in investment banking, he was a manager with Accenture, a global consulting firm.

Robert C. Springer, President & Chief Investment Officer

Robert C. Springer is the President and Chief Investment Officer of Sunstone Hotel Investors, a position he has held since March 2022. He joined Sunstone in May 2011 as Senior Vice President—Acquisitions, and later served as Senior Vice President and Executive Vice President – Chief Investment Officer. Prior to Sunstone, Mr. Springer was a Vice President in the Merchant Banking Division of Goldman, Sachs & Co. His work at Goldman Sachs involved principal lodging investing activity, primarily through the Whitehall Street Real Estate series of private equity funds, as well as the Goldman Sachs Real Estate Mezzanine Partners fund. He also worked in the feasibility and acquisitions groups at Host Hotels & Resorts and began his career with PricewaterhouseCoopers, LLP.

David Klein, Executive Vice President & General Counsel

David Klein serves as Executive Vice President and General Counsel for Sunstone Hotel Investors, joining the company in July 2016. Before his tenure at Sunstone, Mr. Klein was a Partner in the Hospitality & Leisure group of Dentons, LLP. Notably, he previously held the position of co-founding Principal, Chief Administrative Officer, and General Counsel of NYLO Hotels and Advaya Hospitality.

Douglas M. Pasquale, Chairman

Douglas M. Pasquale has served as the Chairman of the Board for Sunstone Hotel Investors since May 2015 and as a director since November 2011. He also served as the company's Interim Chief Executive Officer from September 2021 to March 2022. Mr. Pasquale is the Founder and Chief Executive Officer of Capstone Enterprises Corporation, an investment and consulting firm, which he established in January 2012. His extensive background includes serving as Chairman of the Board, President, and CEO of Nationwide Health Properties, Inc. (NHP) from 2004 to 2011, and Executive Vice President and Chief Operating Officer from 2003 to 2004. NHP was acquired by Ventas, Inc. in 2011, after which Mr. Pasquale served as a Senior Advisor to Ventas and on its board. He also held various executive roles, including Chairman and CEO, at ARV Assisted Living, Inc., Atria Senior Living Group, Inc., Richfield Hospitality Services, Inc., and Regal Hotels International—North America.

The permanent structural reduction in business and group travel demand driven by the widespread and effective adoption of virtual meeting technologies. This shift impacts the core demand drivers for Sunstone Hotel Investors' portfolio of upscale and luxury hotels, potentially leading to lower long-term RevPAR growth and asset valuations compared to historical trends.

Sunstone Hotel Investors (SHO) is poised for future revenue growth over the next two to three years, driven by several key factors:

1. Enhanced Revenue Per Available Room (RevPAR) from Strategic Asset Repositioning and Renovations: Sunstone anticipates increased RevPAR through the repositioning and comprehensive renovation of key properties. A prime example is the conversion of The Confidante Miami Beach into the luxury lifestyle Andaz Miami Beach, which is expected to significantly enhance earnings potential as it ramps up in 2025 and 2026. Similarly, the transformation of the Renaissance Long Beach into the Marriott Long Beach Downtown positions the company to capture premium pricing power. These capital investments and strategic asset management efforts aim to drive growth by maintaining competitive positions and attracting higher rates and occupancy.
2. Robust Group Booking Trends: The company has observed strong positive group booking trends, with a notable 6% increase in room bookings compared to the previous year, marking the strongest third-quarter booking volume since before the pandemic. This positive momentum is particularly evident in key markets such as Orlando, Boston, Miami, San Francisco, and Wine Country, providing a solid foundation for future revenue. Sunstone forecasts continued growth potential in 2026, largely driven by this strong group booking pace.
3. Focus on High-Demand Urban and Resort Destinations: Sunstone strategically owns and operates upper upscale and luxury hotels in convention, urban, and resort destinations that often have significant barriers to entry. This concentration allows the company to capitalize on robust market positions, such as the standout performance in San Francisco, which recorded over 15% growth in RevPAR, and the expected outperformance of urban and resort markets during economic recoveries. This strategic geographic distribution and emphasis on premium segments are crucial for driving revenue growth.
4. Opportunistic Asset Recycling and Portfolio Optimization: Sunstone is committed to an ongoing strategy of "asset recycling" which involves the disciplined disposition of certain assets and the reinvestment of proceeds into opportunities that create value for shareholders, including share repurchases and potential new growth ventures. While recent activities include dispositions, the overall approach of leveraging its strong balance sheet to recycle investments into new growth opportunities aims to deliver superior per-share net asset value growth and enhance its portfolio's embedded value.

Share Repurchases

• Sunstone Hotel Investors repurchased 11,392,876 shares of common stock for $100.6 million year-to-date through November 6, 2025.
• As of September 30, 2025, the company had $326.9 million remaining under its existing stock repurchase program authorization.
• Since the beginning of 2022, the company has deployed $252 million to repurchase 25.8 million shares, representing nearly 12% of shares outstanding at the start of that period.

Share Issuance

• In 2021, the company issued preferred equity directly to Ohana, the seller of Montage Healdsburg, to finance approximately 25% of that transaction.
• In August 2021, Sunstone used $75.0 million of proceeds from an issuance to redeem all 3,000,000 shares of its Series F Cumulative Redeemable Preferred Stock.
• As of December 31, 2020, the company maintained an "At the Market" stock offering program allowing it to issue common stock up to an aggregate of $300.0 million, with no stated expiration date.

Outbound Investments

• In June 2025, Sunstone Hotel Investors completed the sale of the Hilton New Orleans St. Charles for a gross sale price of $47 million, recycling the proceeds into share repurchases.
• In June 2022, the company acquired The Confidante Miami Beach for a gross purchase price of $232.0 million, with plans to reposition it as Andaz Miami Beach.
• The company completed nearly $700 million of transaction activity, including acquisitions and dispositions, during 2022.

Capital Expenditures

• Sunstone Hotel Investors invested $73.7 million into its portfolio during the first nine months of 2025 and expects full-year 2025 capital expenditures to be approximately $80 million to $100 million.
• Major capital expenditure focuses for 2025 include the completion of the Andaz Miami Beach transformation, a room renovation at Wailea Beach Resort, and renovations of meeting spaces at Hyatt Regency San Antonio Riverwalk and Hilton San Diego Bayfront.
• The company invested $110.1 million in its portfolio in 2023, primarily for the conversion of the Renaissance Washington DC to The Westin Washington, DC Downtown, and preliminary work on the conversions of The Confidante Miami Beach to Andaz Miami Beach and Renaissance Long Beach to Marriott Long Beach Downtown.