2 COMPANY PRESENTATION MARCH 2026 FORWARD -LOOKING STATEMENTS This presentation contains forward - looking statements within the meaning of federal securities laws and regulations . These forward - looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including opinions, references to assumptions and forecasts of future ...

Core Insights - Rush Island Management sold its entire stake in Sunstone Hotel Investors, totaling 3,708,130 shares valued at $34.75 million [1][2] Company Overview - Sunstone Hotel Investors is a real estate investment trust (REIT) focused on acquiring, owning, and enhancing upscale hotels in key U.S. markets [6] - The company operates a portfolio of 14 hotels with 7,000 rooms, primarily under brands like Hyatt, Hilton, and Four Seasons [9] - As of the latest report, the company's market capitalization is $1.8 billion, with a revenue of $960.1 million and a net income of $24.6 million for the trailing twelve months (TTM) [4][11] Financial Performance - The net income for Sunstone Hotel Investors decreased by 43% from $43.3 million in 2024 to $24.6 million in 2025, despite maintaining an occupancy rate of around 70% [11] - Revenue per available room (RevPAR) increased by 3.8% to $225 million [11] Market Position and Trends - The hotel REIT sector is highly cyclical, with performance closely tied to business travel and leisure demand [7] - Sunstone's high-end hotel portfolio is sensitive to economic downturns, which can lead to rapid shifts in investor sentiment [10] - The company's stock price is currently $9.25, reflecting a 7% decline over the past year, significantly underperforming the S&P 500's 21% gain during the same period [8]

Financial Position - The company had total cash of $185.7 million, including $76.5 million of restricted cash, and access to an undrawn $500.0 million credit facility[24]. - As of December 31, 2025, the company reported no known instances of material cybersecurity incidents in the prior three fiscal years[82]. - As of December 31, 2025, the company had $930.0 million of outstanding debt, with maturities including $65.0 million in 2026, $105.0 million in 2028, and $760.0 million in 2031[148]. - The company anticipates needing to refinance debt, and failure to do so on favorable terms could harm financial condition and cash available for distributions[154]. - The company is required to distribute at least 90% of its REIT taxable income to avoid taxation, which may limit cash available for other purposes[157]. Operational Strategy - The company aims to maintain appropriate leverage and financial flexibility to create value throughout all phases of operating and financial cycles[23]. - The company focuses on disciplined capital recycling and may opportunistically sell hotels that no longer fit its strategy or have reached the end of their investment lifecycle[21]. - The company employs a proactive asset management program to enhance the value of its real estate and maximize operational efficiency[20]. - The company has a highly experienced team overseeing asset management, investments, and corporate administration[24]. - The company operates hotels under long-term management agreements with recognized brands such as Marriott, Hyatt, and Four Seasons[18]. Market and Economic Conditions - The hotel industry is highly competitive, with significant risks from economic slowdowns, political disputes, and natural disasters affecting performance[68]. - Inflation impacts the company's expenses, including wages, food costs, and property taxes, which may increase at higher rates than revenue[58][59]. - Inflation in the U.S. and Europe rose to levels not seen in decades in 2022, potentially impacting consumer confidence and increasing operational costs[78]. - A significant portion of hotels are geographically concentrated, making them vulnerable to local economic conditions and natural disasters[68]. - The reliance on large corporate customers for group and transient business poses risks, as losing such customers could adversely affect operating results[68]. Environmental and Corporate Responsibility - The company is committed to corporate responsibility, focusing on environmental sustainability, social responsibility, and corporate governance, with initiatives aimed at reducing energy, water, and waste impacts[50][53]. - The company has invested in initiatives to reduce greenhouse gas emissions, including LED lighting retrofits and solar power installations, and publishes an annual Corporate Responsibility Report[53]. - The company is subject to various environmental regulations and may face substantial costs for remediation of hazardous substances, which could affect its ability to sell properties or borrow against them[55][56]. - Compliance with environmental laws and regulations may impose significant costs and liabilities on the company, affecting its financial results[134]. Employee and Workforce Management - As of December 31, 2025, the company had 37 employees, with females constituting approximately 51% and ethnic and racial minorities making up about 41% of the workforce[45][48]. - The company emphasizes competitive compensation and benefits to attract and retain skilled employees, including subsidized medical, dental, and vision insurance, a stock grant program, and a 401(k) savings plan[51][47]. - The company has a hybrid work schedule and offers additional benefits such as gym memberships and discounts on hotel rooms[51]. Risks and Challenges - System security risks, including cyber-attacks, could disrupt operations and negatively impact revenue and reputation[79]. - The company may face challenges in acquiring or disposing of hotels due to competition from institutional investors and other REITs[71]. - The operating results of upper upscale and luxury hotels are more susceptible to economic downturns compared to lower-priced hotels[75]. - The company may incur significant capital expenditures for renovations and improvements, which could exceed expectations due to inflation and supply chain disruptions[68]. - The company faces risks associated with climate change, including potential increases in operational costs and property damage due to severe weather events[87]. Financial Performance and Shareholder Returns - Quarterly cash dividends for common stock were paid as follows: $0.05 in January 2023, $0.13 in January 2024, and $0.09 in January 2025[174]. - The common stock price fluctuated from a low of $7.72 to a high of $12.10 during 2025[173]. - The board of directors has authorized a stock repurchase program up to an aggregate amount of $500 million[180]. - The company may issue additional shares of common stock to raise capital for various corporate purposes[178]. - The company intends to distribute at least 90% of its REIT taxable income annually to maintain its REIT status, with cash dividends expected to continue in 2026[209]. Cybersecurity Management - The board of directors oversees cybersecurity risk management, with quarterly reports provided by management on cybersecurity risks and incidents[198][199]. - The company's cybersecurity risk management program includes risk assessments, incident response plans, and employee training[196][197]. - The information technology department has over 20 years of experience and employs the latest security technologies to monitor and assess cybersecurity threats[201]. - The company has not identified any material risks from known cybersecurity threats that have affected its operations or financial condition[197].

Core Insights - The company reported a strong fourth quarter with total RevPAR growth of 7.4%, or 12.5% including contributions from Andaz Miami Beach, driven by solid performance across its resort portfolio [2][20] - The company is optimistic about 2026, expecting Rooms RevPAR to increase between 4% to 7%, and total RevPAR to rise between 3.5% to 6.5%, largely due to the full-year contribution from Andaz Miami Beach [22][23] - The company has successfully managed costs, achieving a comparable portfolio margin growth of 40 basis points on total RevPAR growth of 3.5% [10][39] Financial Performance - The fourth quarter results exceeded expectations, with Adjusted EBITDAre of $57 million and Adjusted FFO of $0.20 per diluted share [21] - The company returned over $170 million to shareholders through dividends and share repurchases, with a focus on enhancing per-share earnings and NAV [3][26] - The company has a strong balance sheet with net leverage of 3.5x trailing earnings, and over $200 million in cash and cash equivalents, providing significant liquidity [21][22] Strategic Initiatives - The company completed the sale of Hilton New Orleans at a mid-6% cap rate and reinvested proceeds into stock repurchases at a compelling discount [3][19] - The company is focused on three strategic objectives: recycling capital, investing in its portfolio, and returning capital to shareholders [4][14] - The company is optimistic about the potential for industry-wide growth from upcoming events such as F1 in Miami and the World Cup [12][68] Market Performance - The company’s resorts, particularly Montage Healdsburg and Wailea Beach Resort, showed strong RevPAR growth of 15% and 19% respectively in the fourth quarter [5][1] - Urban hotels like Marriott Long Beach Downtown and The Bidwell Marriott in Portland also reported solid performance, with RevPAR growth of 12% and nearly 13% respectively [5][8] - The company is cautious about markets like San Diego and Washington, DC, which faced headwinds from softer transient demand and government-related disruptions [8][68] Future Outlook - The company anticipates that the first quarter of 2026 will be the strongest growth quarter, driven by contributions from Andaz Miami Beach and improved performance in Maui [23][24] - The company expects total RevPAR growth to be above the high end of the full-year ranges in the first quarter, with subsequent quarters showing growth between the lower end and midpoint [24][25] - The company plans to continue its capital investment strategy, with a CapEx guidance of $95 million to $115 million for various projects across its portfolio [70][71]

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4% in the quarter, or 12.5% including contributions from Andaz Miami Beach [5][19] - Rooms RevPAR grew by 9.6% in the quarter, with a 540 basis point benefit from Andaz Miami Beach [19] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, and Adjusted FFO was $0.20 per diluted share [19][24] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [6][7] - Montage Healdsburg achieved 15% total RevPAR growth in the quarter, and Marriott Long Beach Downtown generated 12% growth [7][8] - Urban hotels showed less robust top-line growth, but margins improved due to cost control measures [8][10] Market Data and Key Metrics Changes - The Portland market showed nearly 13% growth, while Boston and New Orleans faced softer markets [7] - Group revenue production in Orlando increased over 10% last year, indicating a strong start for 2026 [9] - The Washington D.C. market faced challenges due to government spending cuts and a government shutdown, impacting performance [10][12] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [4][14] - The management team is committed to maximizing shareholder value through asset sales and stock repurchases [27] - The company plans to continue executing its capital recycling strategy while remaining disciplined in capital allocation [18][47] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing strong early performance from Andaz Miami Beach and positive signs in Northern California [11][12] - The company anticipates RevPAR growth of 4% to 7% for rooms and 3.5% to 6.5% for total RevPAR in 2026 [22][23] - Management highlighted potential headwinds from softer transient demand in San Diego and uncertainty in D.C. [12][13] Other Important Information - The company returned over $170 million to shareholders through dividends and share repurchases [5] - The board has reauthorized a $500 million share repurchase program [25] - The company has a strong balance sheet with over $200 million in cash and total liquidity exceeding $700 million [20][21] Q&A Session Questions and Answers Question: Can you walk through the 1.5% midpoint of 2026 RevPAR growth ex-Andaz? - Management noted that Maui is seeing growth, and the transient demand is up about 53%, which will help cover shortfalls [32][33] Question: Can you discuss the expense growth implied in guidance? - Management indicated that total expense growth is around 3%, with labor costs decreasing slightly and energy prices increasing [36][39] Question: Are you expecting to be a net seller of assets? - Management confirmed that they are looking to realize private market values for hotels and resorts, continuing their strategy of recycling assets [44][47] Question: Why is total RevPAR guidance lower than RevPAR outlook? - Management explained that larger assets in D.C. and San Diego are impacting group business and ancillary spend, affecting total RevPAR [51][52] Question: What is the impact of the sale process on operations? - Management stated that the management contracts for hotels remain in place, so day-to-day operations are not impacted [72][73]

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4%, or 12.5% including contributions from Andaz Miami Beach [8][31] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, with Adjusted FFO of $0.20 per diluted share [32] - Full-year earnings were ahead of the midpoint of guidance, with comparable portfolio margin growth of 40 basis points on total RevPAR growth of 3.5% [17][32] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [9][10] - Urban hotels showed mixed results, with Marriott Long Beach Downtown achieving 12% RevPAR growth, but Boston and New Orleans faced challenges [12][13] - Convention hotels reported RevPAR growth of 2.8%, with San Francisco being a standout performer [13] Market Data and Key Metrics Changes - The Wailea Beach Resort saw a significant recovery, with a RevPAR index increase of 17 points sequentially into the fourth quarter [26] - Group revenue production in Orlando increased over 10% last year, indicating a positive trend for future performance [15] - The D.C. market faced headwinds from government spending cuts and a government shutdown, impacting overall performance [16][102] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [5][23] - The management team is committed to maximizing shareholder value through asset sales and stock repurchases [43][65] - The company anticipates continued growth from operations and investment projects, despite a cautious outlook for certain markets [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting rooms RevPAR to increase between 4% and 7% [35] - The company noted potential headwinds from softer transient demand in San Diego and uncertainty in D.C. [20] - Positive signs of market recovery were highlighted, particularly in Northern California and Maui [19][20] Other Important Information - The company has over $200 million in cash and cash equivalents, with total liquidity exceeding $700 million [33][34] - A common dividend of $0.09 per share has been authorized for the first quarter, alongside a repurchase program reauthorized up to $500 million [40][41] Q&A Session Summary Question: Can you discuss the 1.5% midpoint of 2026 RevPAR growth ex-Andaz? - Management noted that Maui is showing growth, with a stabilization in the Kaanapali market, and transient demand is up [47][48] Question: What is the expense growth implied in guidance? - Expense growth is expected around 3%, with labor costs decreasing slightly and energy prices increasing [52][56] Question: Are you expecting to be a net seller of assets? - Management indicated a pickup in transactions and a focus on realizing private market values for assets [62][65] Question: Why is total RevPAR guidance lower than RevPAR outlook? - The impact of renovations and group business limitations in D.C. and San Diego were cited as factors [70][71] Question: What is the outlook for the San Diego market? - Management reported positive signs of recovery in transient demand, particularly from government contractors [75] Question: Can you elaborate on the operating environment's impact on guidance? - Management highlighted potential headwinds from government-related events and positive signs from transient demand recovery [101][102]

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4% in the quarter, or 12.5% including the contribution from Andaz Miami Beach [5][21] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, with Adjusted FFO of $0.20 per diluted share [21] - The company maintained a strong balance sheet with net leverage of 3.5 times trailing earnings, or 4.7 times including preferred equity [22] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [6][7] - Urban hotels showed mixed results, with Marriott Long Beach Downtown achieving 12% RevPAR growth, but Boston and New Orleans faced softer markets [8][9] - Convention hotels experienced RevPAR growth of 2.8%, with San Francisco being a standout performer [9] Market Data and Key Metrics Changes - The company noted a recovery in the Northern California market and positive signs in Wailea, with expectations for industry-wide lift from upcoming events [12][13] - The D.C. market faced challenges due to government spending cuts and a shutdown, impacting performance [11][76] - Transient demand in San Diego showed improvement, with early signs of recovery noted in January and February [13][55] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [4][14] - Plans for 2026 include continued investment in properties and potential asset sales to realize value [29][45] - The company aims to manage costs effectively while pursuing growth opportunities in a cautious market environment [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting rooms RevPAR to increase between 4% and 7% [23] - The company anticipates a strong first quarter due to contributions from Andaz and improved performance in Maui [24] - Management highlighted the importance of controlling costs and managing margins amid inflationary pressures [11][40] Other Important Information - The company returned over $170 million to shareholders through dividends and share repurchases [5] - A common dividend of $0.09 per share was authorized for the first quarter, alongside routine distributions for preferred securities [27] - The board reauthorized a share repurchase program of up to $500 million [27] Q&A Session Summary Question: Can you discuss the 1.5% midpoint of 2026 RevPAR growth excluding Andaz? - Management noted that Maui is seeing growth, and transient demand is improving, which should help cover shortfalls in group business [32][35] Question: What are the key drivers of expense growth in guidance? - Expense growth is expected around 3%, with labor costs decreasing slightly and energy prices increasing [38][40] Question: Is the company expecting to be a net seller of assets? - Management indicated a pickup in transactions and a focus on realizing private market values for assets [45][46] Question: Why is total RevPAR guidance lower than RevPAR outlook? - The company cited challenges in larger assets and group business impacting ancillary spend [50][51] Question: What external events could impact guidance? - Management highlighted potential headwinds from government-related events and positive signs from upcoming celebrations [76][78] Question: Can you elaborate on CapEx guidance? - The largest projects will be front-loaded, with significant spending on meeting space renovations and other maintenance projects [80][81]

分组1 - Sunstone Hotel Investors reported quarterly funds from operations (FFO) of $0.2 per share, exceeding the Zacks Consensus Estimate of $0.18 per share, and up from $0.16 per share a year ago, representing an FFO surprise of +9.35% [1] - The company achieved revenues of $236.97 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.29%, compared to $214.77 million in the same quarter last year [2] - Sunstone Hotel has outperformed the market with an 8.1% increase in shares since the beginning of the year, while the S&P 500 gained 0.9% [3] 分组2 - The future performance of Sunstone Hotel's stock will largely depend on management's commentary during the earnings call and the outlook for FFO [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.24 on revenues of $234.95 million, and for the current fiscal year, it is $0.91 on revenues of $973.38 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 39% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8]

Financial Performance - Total revenues for Q4 2025 were $236.966 million, a slight increase from $229.320 million in Q3 2025[24] - Net income for Q4 2025 was $7.217 million, significantly higher than $1.269 million in Q3 2025, marking a year-over-year increase of 467%[24] - Operating expenses for Q4 2025 totaled $220.038 million, up from $217.482 million in Q3 2025, indicating a 0.7% increase[24] - Interest expense for Q4 2025 was $13.707 million, consistent with previous quarters, reflecting stable financing costs[24] - The company reported a total of $10.964 million in interest and other income for the year, contributing positively to overall financial performance[24] - Net income for Q4 2025 was $7,217,000, with a total net income for FY 2025 of $24,568,000[27] - Adjusted EBITDAre for Q4 2025 reached $56,562,000, contributing to a total of $236,552,000 for FY 2025[27] - FFO attributable to common stockholders for Q4 2025 was $37,066,000, with a total of $150,321,000 for FY 2025[28] - Total Portfolio Hotel Adjusted EBITDAre for Q4 2025 was $58,263,000, totaling $244,592,000 for FY 2025[27] Portfolio and Operations - The company owns 14 hotels with approximately 7,000 rooms, primarily under nationally recognized brands, focusing on long-term stakeholder value[8] - Future outlook includes continued focus on acquisitions and active ownership of well-located hotel properties to enhance portfolio value[8] - The total portfolio consists of 6,999 rooms across various hotels, with the Hilton San Diego Bayfront representing 17% of total rooms[45] - The company resumed operations at Andaz Miami Beach in May 2025 after a renovation that began in March 2024[60] Revenue Metrics - Room revenue for Q4 2025 was $142.177 million, compared to $139.523 million in Q3 2025, reflecting a growth of 1.2%[24] - Total Portfolio revenues for Q4 2025 reached $236.966 million, a 12.4% increase from $210.653 million in Q4 2024[57] - For the full year 2025, the Total Portfolio revenues were $952.678 million, a 4.7% increase from $909.411 million in 2024[58] Key Performance Indicators - Adjusted EBITDAre and hotel Adjusted EBITDAre margins are key metrics used to evaluate operating performance, with specific adjustments made to reflect ongoing operations[12][20] - Adjusted EBITDAre for the Total Portfolio in Q4 2025 was $58.263 million, up from $49.946 million in Q4 2024, reflecting a margin increase from 23.0% to 24.6%[57] - Adjusted EBITDAre for the full year 2025 was $244.592 million, with a margin of 25.7%, compared to 26.0% in 2024[58] - The total portfolio, excluding renovation hotels, had an Adjusted EBITDAre margin of 26.7% in 2025, slightly up from 26.3% in 2024[58] Market and Equity - The market value of common equity as of December 31, 2025, was $1,696,003,000, down from $2,377,768,000 a year earlier[34] - Total debt as of December 31, 2025, was $930,000,000, representing a total debt to total capitalization ratio of 32.0%[34] - The average interest rate on total unsecured debt was 5.04% as of December 31, 2025[37] - The weighted average maturity of debt increased from 3.9 years to 4.7 years due to loan extensions[37] - The company had a total of 189,710,000 common shares outstanding at the end of Q4 2025[34] Dividends - Common dividends per share remained consistent at $0.09 throughout FY 2025[34] - The dividend rate on the Series G cumulative redeemable preferred stock will increase to 5.5% for 2025 and to a minimum of 7.5% starting in Q3 2026[40] Occupancy and Rates - The occupancy rate for the total portfolio improved to 69.0% in 2025, up from 65.1% in 2024, reflecting a 390 basis points increase[51] - The average daily rate (ADR) for the Hilton San Diego Bayfront increased by 1.0% to $259 in Q4 2025 compared to Q4 2024[50] - The RevPAR for the total portfolio increased by 3.8% to $225 in 2025 compared to $217 in 2024[51] - The total revenue per available room (TRevPAR) for the total portfolio increased by 5.2% to $372 in 2025 compared to $353 in 2024[52] - The Hyatt Regency San Francisco saw a significant ADR increase of 5.3% to $302 in 2025, with a RevPAR increase of 10.5%[52] - The Wailea Beach Resort experienced a 18.8% increase in TRevPAR to $713 in 2025, up from $600 in 2024[50] - The Four Seasons Resort Napa Valley reported a RevPAR of $749 in 2025, a 1.3% increase from $739 in 2024[52] - The Andaz Miami Beach, which opened in May 2025, achieved an ADR of $362 with a 100% occupancy rate in its first quarter[52] - The Hyatt Regency San Antonio Riverwalk, acquired in April 2024, showed a decline in Adjusted EBITDAre margin from 42.1% in Q4 2024 to 39.2% in Q4 2025[57] - The Wailea Beach Resort achieved a 32.5% Adjusted EBITDAre margin in 2025, down from 34.9% in 2024, with revenues of $134.193 million[58] - The Andaz Miami Beach, under renovation, reported a significant margin drop to -24.8% in 2025, with revenues of $18.836 million[58]

Core Insights - Sunstone Hotel Investors, Inc. returned over $170 million to common stockholders in 2025 through dividends and share repurchases, and restored a $500 million repurchase authorization [1][15]. Financial Performance - **Fourth Quarter 2025 Results**: - Net income was $7.2 million, up from $0.8 million, representing a 763.3% increase [6][7]. - Total Portfolio RevPAR increased by 9.6% to $220.12, with an average daily rate of $319.01 and occupancy at 69.0% [6][7]. - Adjusted EBITDAre rose by 17.6% to $56.6 million [6][7]. - Adjusted FFO attributable to common stockholders per diluted share increased by 25.0% to $0.20 [6][7]. - **Full Year 2025 Results**: - Net income was $24.6 million, down from $43.3 million, but would have been $33.3 million excluding the loss on the sale of Hilton New Orleans St. Charles [6][7]. - Total Portfolio RevPAR increased by 3.8% to $225.12, with an average daily rate of $317.07 and occupancy at 71.0% [6][7]. - Adjusted EBITDAre increased by 3.0% to $236.6 million [6][7]. - Adjusted FFO attributable to common stockholders per diluted share increased by 7.5% to $0.86 [6][7]. Strategic Developments - The company opened Andaz Miami Beach in May 2025, which is expected to generate significant earnings growth in 2026 [11]. - The company sold the Hilton New Orleans St. Charles for $47 million in June 2025, using proceeds to repurchase shares [12]. - In 2025, the company repurchased $103.6 million of its common and preferred stock, with an additional $7.5 million allocated in early 2026 [13][16]. Capital Structure and Liquidity - As of December 31, 2025, the company had total assets of $3.0 billion, total debt of $930 million, and stockholders' equity of $1.9 billion [20]. - The company completed a Third Amended and Restated Credit Agreement in September 2025, providing a borrowing capacity of $1.35 billion [14]. 2026 Outlook - For 2026, the company expects net income between $21 million and $46 million, with RevPAR growth of 4.0% to 7.0% [22]. - The company plans to invest approximately $95 million to $115 million into its portfolio in 2026 [21]. Dividend Information - On February 26, 2026, the company authorized a cash dividend of $0.09 per share for common stockholders, with additional dividends for preferred stockholders [24][25].