ALISO VIEJO, CA—Sunstone Hotel Investors, Inc., says its RevPAR ($171.47) was up 7.7% in the third quarter compared to last year. The company recently announced its results for the third quarter ended September 30.
"During the third quarter, our comparable RevPAR growth accelerated to 7.7% and our Comparable Hotel EBITDA margins expanded by 190 basis points, driven primarily by growth in our average daily rates,” said CEO Ken Cruse. “As a result, our Adjusted EBITDA and Adjusted FFO available to common stockholders came in well above our prior guidance.
"We continue to benefit from strong demand trends across most of our markets," Cruse added. "At 83.7% year-to-date occupancy, our portfolio is well positioned to capitalize on continued growth from both the transient and group segments. Accordingly, we have increased our guidance for the full year 2014. Our outlook for 2015 and beyond is positive."
Third Quarter 2014 Operational Results (as compared to Third Quarter 2013)
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
