Sunstone Hotel Investors (SHO) Tops Q4 EPS by 15c
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Sunstone Hotel Investors (NYSE: SHO) reported Q4 EPS of ($0.19), $0.15 better than the analyst estimate of ($0.34).
John Arabia, President and Chief Executive Officer, stated, "Despite 2020 being the most difficult year the lodging industry has ever faced, we were able to navigate the challenges, reduce our debt levels, improve the quality of our portfolio and opportunistically invest capital to better position Sunstone as our industry recovers. Our low levered balance sheet has protected the Company during this downturn, and will provide us with capacity to expand the portfolio as we enter the next growth cycle."
Mr. Arabia continued, "We expect 2021 to be a transition year with industry demand in the first quarter resembling the fourth quarter of 2020. That said, as the vaccine rollout has gained steam and stay-at-home restrictions have eased across the country, our portfolio has recently witnessed a measurable and encouraging increase in near-term reservations and group booking activity. More specifically, our portfolio has seen a sizable acceleration in near-term leisure reservations, the early recovery of commercial transient reservations and confirmation from many of our groups already on the books that they intend to hold their scheduled events in the third and fourth quarters. Should these positive trends continue, we would expect sequential quarter-over-quarter growth as the year progresses, and a return to hotel profitability by the second half of 2021."
For earnings history and earnings-related data on Sunstone Hotel Investors (SHO) click here.
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