Sunstone Hotel Investors Inc 2025年度报告

2025 Annual Report SUNSTONE HOTEL INVESTORS, INC.2025 ANNUAL REPORT Property Locations and Room Counts California LouisianaJW Marriott New Orleans, 501 Four Seasons Resort Napa Valley, 85Hilton San Diego Bayfront, 1,190Hyatt Regency San Francisco, 821Marriott Long Beach Downtown, 376Montage Healdsburg, 130 FloridaAndaz Miami Beach, 287Oceans Edge Resort & Marina, Key West, 175Renaissance Orlando at SeaWorld®, 781 OregonThe Bidwell Marriott Portland, 258 MassachusettsMarriott Boston Long Wharf, 415 HawaiiWailea Beach Resort, Maui, 543 Washington, DCThe Westin Washington, DC Downtown, 807 TexasHyatt Regency San Antonio Riverwalk, 630 TO THE STOCKHOLDERS OFSUNSTONE HOTEL INVESTORS, INC.: 2025 was a productive year at Sunstone despite havingtonavigate numerous challenges that shiftedthroughout the year and required the Company toremain nimble as we executed our strategy. Whilelodging industry operating fundamentals remainedanemic in 2025, we took steps during the year toprovide the Company with a foundation for sustainedgrowth in earnings and net asset value (“NAV”) pershare. Here is a review of our strategy, 2025 highlights,and outlook. time and amount to invest in each asset and when torecycle capital. While this is easier said than done, webelieve our disciplined approach and track record ofportfolio investment have delivered significant value toour owners. Return of Capital In addition to capital recycling and investing in ourportfolio, returning capital to our stockholders is thethird lever we utilize to deliver superior stockholderreturns. We look to maximize our annual dividend bydistributing 100% of our taxable income. In additionto cash dividends, we will also return capital throughopportunisticshare repurchases,when we canaccretively repurchase our shares at a meaningfuldiscount to NAV. Our Strategy Ourstrategy is to produce superior relative andabsolute stockholder returns by actively recyclingcapital, thoughtfully investing in our portfolio, andreturning capital to stockholders. While it is simple andfocused, we believe that a well-executed combinationofhotel and resort acquisition, investment, assetmanagement,anddispositioncangeneraterisk-adjusted returns well in excess of our cost ofcapital and deliver superior returns. Additionally, we maintain an appropriately leveredbalance sheet, which allows us to deploy capital duringallphases of the operating cycle.We expect tothoughtfully use our investment capacity in the earlypart of the operating cycle, moderately increasing ourleverage as we become more acquisitive, and thenallowing leverage to decline later in the operating cycleas earnings grow and we benefit from our investments. Capital Recycling Hotel and resort ownership is a cyclical and capital-intensive business. We believe that the lifecycle of ourinvestmentsmust adhere to a time horizon thatmaximizes our return potential. Once we have executedour investment plan for each asset and maximized thereturn on our invested capital, we will harvest thatvalue and recycle those proceeds into new growthopportunities. Lastly, we believe in and actively employ stockholder-friendlycorporategovernance,transparentcommunication, robust stakeholder disclosure, andcompensation practices that align with stockholderinterests. Ultimately, we know that stockholders notonlyown the Company but also have the finaldetermination of the Company’s future. As part of ourcorporate governance framework, we elect all directorsannually, allow bylaws to be amended by stockholders,restrict the Board’s ability to classify directors, allowproxy access, link a majority of our compensation to Portfolio Investment We deploy capital into our portfolio where we believewe can create value and generate returns for ourinvestors. We focus on determining the appropriate absolute and relative stockholder returns, employ acompensation clawback policy, and require executivesand directors to hold a meaningful ownership interestin the Company. In 2025, we expanded our Board ofDirectors to nine, adding industry veteran and formerCEO of LaSalle Hotel Properties, Michael Barnello.Over the coming years, we expect additional Boardrefreshmentas our Directors seek to ensure anappropriate mix of skills and fresh perspectives whileleveraging the institutional knowledge and historicalperspective of the Board’s longer-tenured trustees. portfolio with increasing demand at the Hyatt RegencySan Francisco and consistent demand at our luxurywine country resorts. Portfolio Investment In2025,building on the success of our recentconversions,we advanced our capital investmentprogram through the completion of key projects andthe initiation ofseveral others expected to driveadditional growth in the years to come. In May, wedebuted Andaz Miami Beach. The fully redesigned andrenovated luxury beachfront resort property began torealize the benefits of our investment in the fourthquarter,with meaningful growth in revenue andearnings, a trend t