Financial Data and Key Metrics Changes - Adjusted EBITDAre for Q1 was $55 million, and adjusted FFO was $0.18 per diluted share, with an estimated $3 million of earnings displacement at the Marriott Long Beach Downtown due to its conversion [26][27] - Full year adjusted EBITDAre is expected to range from $242 million to $263 million, with adjusted FFO per diluted share projected between $0.84 and $0.94 [48][49] - The company anticipates total portfolio full year RevPAR growth to range from 2.25% to 5.25% compared to 2023, with a range of 4.75% to 7.75% when excluding the Confidante Miami Beach [39] Business Line Data and Key Metrics Changes - Convention hotels led the portfolio with over 7% RevPAR growth in Q1, driven by the newly converted Westin Washington DC Downtown, which saw rooms RevPAR grow by 52% and total RevPAR by more than 77% [15] - Group room revenue pace for the remainder of the year is up approximately 9%, with strong performance expected across Boston, DC, Orlando, Long Beach, and Wailea [20] - The company experienced a decline in leisure demand, but comparable resorts still generated profitability well ahead of pre-pandemic levels [14] Market Data and Key Metrics Changes - The acquisition of the Hyatt Regency San Antonio Riverwalk for $230 million is expected to yield 8% in the current year, which is higher than the previous returns from Boston Park Plaza [32] - The San Antonio market is expected to benefit from a $500 million redevelopment of the Alamo and a multi-billion dollar airport expansion, which should drive additional visitation [71][77] - The convention center in San Antonio has recently undergone a multi-million dollar upgrade, with positive citywide pace expected for 2025 and 2026 [73] Company Strategy and Development Direction - The company continues to execute on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders, which is expected to drive incremental earnings and value over the next several years [23] - The company is focused on internal investments, including the transformation of Andaz Miami Beach, which remains on schedule for completion by the end of the year [13] - The strategy includes evaluating additional acquisition opportunities and maintaining significant investment capacity for future growth [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2024, expecting the headwinds faced in Q1 to shift into tailwinds, particularly in the second half of the year [8][20] - The company noted that improved labor productivity helped offset lower group mix and decline in average rates during Q1 [18] - Management highlighted that the recent investments and acquisitions are paving the way for significant earnings growth into 2025 [24] Other Important Information - The board of directors declared a 29% increase in the quarterly dividend to $0.09 per share, reflecting the incremental income generated by the acquisition of the Hyatt Regency San Antonio [30] - The company maintains a strong balance sheet with over $240 million in total cash and cash equivalents, and nearly $740 million in total liquidity [40][41] Q&A Session Summary Question: April RevPAR trends and prospects for acceleration in Q2 - Management indicated that April was expected to be a transition quarter, with slightly down RevPAR but anticipated growth in May and June as comparisons ease [54][55] Question: Insights on the transactions market and competitive landscape - Management noted that while the near-term deal flow has slowed, being a cash buyer positions the company favorably in the current market [66][67] Question: Supply-demand dynamics in San Antonio and historical performance - Management highlighted the strong demand drivers in San Antonio, including leisure and convention business, and expressed confidence in the investment's growth potential [70][74] Question: Capital deployment strategy and focus segments - Management emphasized a balanced approach to capital deployment, targeting hotels with significant group components and immediate growth potential [82][84]

Exhibit 99.2 Supplemental Financial Information For the quarter ended March 31, 2024 May 6, 2024 Supplemental Financial Information May 6, 2024 Table of Contents | Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures | 2 | | --- | --- | | Comparable Corporate Financial Information | 6 | | Capitalization | 12 | | Property-Level Data And Operating Statistics | 15 | | Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins | 19 | Supplemental Financial Information May 6, 2024 ...

Sunstone Hotel Investors, Inc. (NYSE:SHO) Q4 2023 Earnings Conference Call February 23, 2024 1:00 PM ET Company Participants Aaron Reyes - CFO Bryan Giglia - CEO Robert Springer - President and Chief Investment Officer Conference Call Participants Chris Darling - Green Street Duane Pfennigwerth - Evercore ISI Smedes Rose - Citi Chris Woronka - Deutsche Bank Floris Van Dijkum - Compass Point Operator Good morning, ladies and gentlemen, thanks for standing by. Welcome to the Sunstone Hotel Investors Fourth Qu ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 For the transition period from to Commission file number 001-32319 Sunstone Hotel Investors, Inc. (Exact Name of Registrant as Specified in Its Charter) Maryland 20-1296886 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification Number) 15 En ...

Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures 2 Property-Level Data And Operating Statistics 22 Supplemental Financial Information February 23, 2024 Supplemental Financial Information February 23, 2024 CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES Page 2 About Sunstone This presentation contains unaudited information and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and ...

Financial Performance - Total revenues for Q4 2023 were $208.094 million, a decrease from $213.661 million in Q3 2023, and total revenues for FY 2023 reached $889.712 million[26] - Comparable Hotel Adjusted EBITDAre for Q4 2023 was $49.855 million, down from $54.009 million in Q3 2023, while FY 2023 total was $244.732 million[26] - Net income for Q4 2023 was $1.399 million, compared to $6.658 million in Q3 2023, with FY 2023 net income totaling $57.326 million[26] - Comparable Adjusted FFO attributable to common stockholders for Q4 2023 was $33.532 million, consistent with $33.424 million in Q3 2023, and FY 2023 total was $164.489 million[26] - Room revenues for Q4 2023 were $127.038 million, a decline from $134.428 million in Q3 2023, while total room revenues for FY 2023 were $552.646 million[26] - Food and beverage revenues for Q4 2023 increased to $61.284 million from $56.835 million in Q3 2023, contributing to a total of $254.250 million for FY 2023[26] - Total operating expenses for Q4 2023 were $194.927 million, slightly down from $195.725 million in Q3 2023, with FY 2023 total operating expenses at $790.342 million[26] - Interest expense for Q4 2023 was $16.768 million, up from $11.894 million in Q3 2023, with total interest expense for FY 2023 amounting to $51.679 million[26] Year-over-Year Comparisons - Total revenues for the year ended December 31, 2022, were $836,700,000, with a quarterly revenue of $217,329,000 for Q4 2022[28] - Net income for Q4 2022 was $14,045,000, a decrease from $15,786,000 in Q3 2022, while the annual net income was $70,933,000[28] - Comparable Adjusted EBITDAre for Q4 2022 was $60,995,000, compared to $54,762,000 in Q3 2022, indicating a 23% increase[28] - Comparable Adjusted FFO attributable to common stockholders for Q4 2022 was $45,951,000, up from $42,178,000 in Q3 2022[28] - The company reported a total operating expense of $191,558,000 for Q4 2022, slightly higher than $190,027,000 in Q3 2022[28] - Interest expense for Q4 2022 was $11,717,000, increasing from $9,269,000 in Q3 2022[28] - The company reported a gain on the sale of assets of $123,820 thousand for FY 2023[34] - The total operating expenses for the year ended December 31, 2022, were $737,748,000, reflecting a significant operational scale[28] Shareholder Returns and Equity - Total equity transactions in 2023 included repurchases totaling 2.0 million shares in Q1, 0.3 million in Q2, 1.6 million in Q3, and 2.1 million in Q4[35] - The common share price at the end of Q4 2023 was $10.73, up from $9.35 in Q3 2023, representing a 14.8% increase[47] - The market value of common equity increased to $2,183,336 thousand in Q4 2023 from $1,922,578 thousand in Q3 2023, a growth of 13.6%[47] - The company declared a common dividend of $0.13 per share in Q4 2023, an increase from $0.07 in Q3 2023[47] Debt and Capitalization - Total debt remained relatively stable at $819,050 thousand in Q4 2023 compared to $819,582 thousand in Q3 2023, showing a slight decrease of 0.1%[50] - The total debt to total capitalization ratio improved to 24.9% in Q4 2023 from 27.1% in Q3 2023, indicating a stronger capital structure[47] - The average interest rate on total debt was 5.80% as of December 31, 2023, with 51.2% of the debt being fixed rate[50] - The company achieved a weighted average maturity of debt of 3.0 years, up from 2.8 years due to the extension of certain loans[50] Operational Highlights - The company owns 14 hotels with a total of 6,675 rooms as of February 23, 2024, focusing on long-term stakeholder value through strategic acquisitions and active ownership[7] - Future outlook includes continued focus on market expansion and potential acquisitions to enhance portfolio performance and stakeholder value[7] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[32] - Future guidance indicates a focus on increasing comparable hotel adjusted EBITDAre through strategic acquisitions and operational improvements[32] Hotel Performance Metrics - For the year ended December 31, 2023, the Average Daily Rate (ADR) for Hilton San Diego Bayfront increased by 1.9% to $275.56 compared to $270.47 in 2022[64] - The occupancy rate for Hyatt Regency San Francisco improved to 69.6% in 2023, up from 58.5% in 2022, representing an increase of 1,110 basis points[64] - The Revenue Per Available Room (RevPAR) for the Comparable Portfolio, excluding Renovation Hotels, decreased by 1.0% to $324.58 in 2023 compared to $327.97 in 2022[64] - The ADR for the Four Seasons Resort Napa Valley decreased by 14.9% to $1,512.81 in 2023 from $1,778.25 in 2022[64] - The total RevPAR (TRevPAR) for the 11 Hotel Portfolio increased by 0.8% to $303.48 in 2023 compared to $301.18 in 2022[65] - The occupancy rate for Wailea Beach Resort decreased to 75.6% in 2023, down from 79.2% in 2022, a decline of 360 basis points[64] - The ADR for JW Marriott New Orleans increased by 0.8% to $240.59 in 2023 compared to $238.68 in 2022[64] - The RevPAR for Marriott Boston Long Wharf increased by 11.8% to $280.33 in 2023 from $250.67 in 2022[64] - The occupancy rate for Oceans Edge Resort & Marina was 76.6% in 2023, an increase of 270 basis points from 73.9% in 2022[64] - The ADR for Montage Healdsburg decreased by 3.5% to $1,065.10 in 2023 compared to $1,103.21 in 2022[64] Specific Hotel Performance - For Q4 2023, Hilton San Diego Bayfront reported total revenues of $41.36 million, with an Adjusted EBITDA of $11.48 million and a margin of 27.8%, down 170 bps from 2022[71] - The Westin Washington, DC Downtown experienced a significant revenue increase of 52.6% year-over-year, reaching $20.04 million in Q4 2023, with an Adjusted EBITDA margin of 18.1%[71] - The Comparable Portfolio, Excluding Renovation Hotel generated revenues of $203.35 million in Q4 2023, with an Adjusted EBITDA of $50.08 million, reflecting a margin of 24.6%[71] - The Confidante Miami Beach reported a revenue decline of 52.7% in Q4 2023, with total revenues of $4.75 million and an Adjusted EBITDA margin of -4.6%[71] - The total revenues for the Actual Portfolio in Q4 2023 were $219.23 million, with an Adjusted EBITDA of $55.28 million, resulting in a margin of 25.2%[71] - Hyatt Regency San Francisco saw a revenue increase of 9.6% year-over-year, totaling $23.12 million in Q4 2023, with an Adjusted EBITDA margin of 12.1%[71] - The Bidwell Marriott Portland achieved a revenue increase of 12.4% year-over-year, reaching $2.66 million in Q4 2023, with an Adjusted EBITDA margin of 10.7%[71] - Four Seasons Resort Napa Valley reported a revenue decrease of 15.6% in Q4 2023, totaling $9.50 million, with an Adjusted EBITDA margin of -5.0%[71] - The total revenue for the Comparable Portfolio in Q4 2023 was $208.09 million, with an Adjusted EBITDA of $49.86 million, reflecting a margin of 24.0%[71] - The overall Adjusted EBITDA margin for the Actual Portfolio decreased by 120 bps compared to the previous year, indicating a slight decline in profitability[71] Renovation and Asset Management - Hotel Adjusted EBITDAre for Q4 2023 is affected by renovation activities at The Confidante Miami Beach, impacting overall performance[1] - The Confidante Miami Beach is undergoing a transformational renovation in preparation for its conversion to Andaz Miami Beach[1] - The Comparable Portfolio excludes The Confidante Miami Beach due to its renovation activity during Q4 2023[1] - Sold Hotels include the Boston Park Plaza, which was sold in October 2023, affecting year-over-year comparisons[1] - The Actual Portfolio includes results for 15 hotels owned during Q4 and full year 2023, compared to 15 and 18 hotels in 2022[1] - The 11 Hotel Portfolio excludes Montage Healdsburg and Four Seasons Resort Napa Valley, which were newly developed and not open in 2019[1] - Prior Ownership results for The Confidante Miami Beach are included for analysis prior to its acquisition in June 2022[1]

Sunstone Hotel Investors, Inc. (NYSE:SHO) Q3 2023 Earnings Call Transcript November 7, 2023 12:00 PM ET Company Participants Aaron Reyes - Chief Financial Officer Bryan Giglia - Chief Executive Officer Robert Springer - President and Chief Investment Officer Conference Call Participants Dori Kesten - Wells Fargo Smedes Rose - Citi Duane Pfennigwerth - Evercore ISI Michael Bellisario - Baird Chris Woronka - Deutsche Bank Anthony Powell - Barclays Floris Van Dijkum - Compass Point Operator Good morning, ladie ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32319 Sunstone Hotel Investors, Inc. (Exact Name of Registrant as Specified in Its Charter) Maryland 20-1296886 (Stat ...

Sunstone Hotel Investors, Inc. (NYSE:SHO) Q2 2023 Earnings Call Transcript August 4, 2023 12:00 PM ET Company Participants Aaron Reyes - Chief Financial Officer Bryan Giglia - Chief Executive Officer Robert Springer - President and Chief Investment Officer Chris Ostapovicz - Chief Operating Officer Conference Call Participants Duane Pfennigwerth - Evercore ISI Chris Sterling - Green Street Smedes Rose - Citi Chris Woronka - Deutsche Bank Michael Bellisario - Baird Dori Kesten - Wells Fargo Bill Crow - Raymo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32319 Sunstone Hotel Investors, Inc. (Exact Name of Registrant as Specified in Its Charter) Maryland 20-1296886 (State or ...