IRVINE, Calif., June 9, 2021 /PRNewswire/ -- Sunstone Hotel
Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the
owner of Long-Term Relevant Real Estate® in the hospitality sector,
announced that its Board of Directors has declared a cash dividend
of $0.157378 per share payable to its
Series H cumulative redeemable preferred stockholders. The
dividend on the Series H preferred stock reflects the time period
from May 24, 2021 to June 30, 2021 and will be paid on July 15, 2021 to stockholders of record as of
June 30, 2021.
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a lodging real estate
investment trust ("REIT") that as of the date of this release has
interests in 18 hotels comprised of 9,147 rooms, the majority of
which are operated under nationally recognized brands. Sunstone's
business is to acquire, own, asset manage and renovate or
reposition hotels considered to be Long-Term Relevant Real Estate®.
For further information, please visit Sunstone's website at
www.sunstonehotels.com.
Forward-Looking Statements
This press release 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 results. Forward-looking statements are not guarantees of
future performance and involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to differ materially from those anticipated at the time the
forward-looking statements are made. These risks include, but are
not limited to: the impact the COVID-19 pandemic has on the
Company's business and the economy, as well as the response of
governments and the Company to the pandemic, and how quickly and
successfully effective vaccines and therapies are distributed and
administered; increased risks related to employee matters,
including increased employment litigation and claims for severance
or other benefits tied to termination or furloughs as a result of
temporary hotel suspensions or reduced hotel operations due to
COVID-19; general economic and business conditions, including a
U.S. recession, trade conflicts and tariffs, regional or global
economic slowdowns and any type of flu or disease-related pandemic
that impacts travel or the ability to travel, including COVID-19;
the need for business-related travel, including the increased use
of business-related technology; rising hotel operating costs due to
labor costs, workers' compensation and health-care related costs,
utility costs, property and liability insurance costs,
unanticipated costs such as acts of nature and their consequences
and other costs that may not be offset by increased room rates; the
ground, building or airspace leases for three of the hotels the
Company has interests in as of the date of this release; the need
for renovations, repositionings and other capital expenditures for
the Company's hotels; the impact, including any delays, of
renovations and repositionings on hotel operations; new hotel
supply, or alternative lodging options such as timeshare, vacation
rentals or sharing services such as Airbnb, in the Company's
markets, which could harm its occupancy levels and revenue at its
hotels; competition from hotels not owned by the Company;
relationships with, and the requirements, performance and
reputation of, the managers of the Company's hotels; relationships
with, and the requirements and reputation of, the Company's
franchisors and hotel brands; the Company's hotels may become
impaired, or its hotels which have previously become impaired may
become further impaired in the future, which may adversely affect
its financial condition and results of operations; competition for
the acquisition of hotels, and the Company's ability to complete
acquisitions and dispositions; performance of hotels after they are
acquired; changes in the Company's business strategy or acquisition
or disposition plans; the Company's level of debt, including
secured, unsecured, fixed and variable rate debt; financial and
other covenants in the Company's debt and preferred stock; the
impact on the Company's business of potential defaults by the
Company on its debt agreements or leases; volatility in the capital
markets and the effect on lodging demand or the Company's ability
to obtain capital on favorable terms or at all; the Company's need
to operate as a REIT and comply with other applicable laws and
regulations, including new laws, interpretations or court decisions
that may change the federal or state tax laws or the federal or
state income tax consequences of the Company's qualification as a
REIT; potential adverse tax consequences in the event that the
Company's operating leases with its taxable REIT subsidiaries are
not held to have been made on an arm's-length basis; system
security risks, data protection breaches, cyber-attacks, including
those impacting the Company's hotel managers or other third
parties, and systems integration issues; other events beyond the
Company's control, including climate change, natural disasters,
terrorist attacks or civil unrest; and other risks and
uncertainties associated with the Company's business described in
its filings with the Securities and Exchange Commission. Although
the Company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that the expectations will be attained or
that any deviation will not be material. All forward-looking
information provided herein is as of the date of this release, and
the Company undertakes no obligation to update any forward-looking
statement to conform the statement to actual results or changes in
the Company's expectations.
This release should be read together with the consolidated
financial statements and notes thereto included in our most recent
reports on Form 10-K and Form 10-Q. Copies of these reports are
available on our website at www.sunstonehotels.com and through the
SEC's Electronic Data Gathering Analysis and Retrieval System
("EDGAR") at www.sec.gov.
For Additional Information:
Bryan Giglia
Sunstone Hotel Investors, Inc.
(949) 382-3036
Aaron Reyes
Sunstone Hotel Investors, Inc.
(949) 382-3018
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SOURCE Sunstone Hotel Investors, Inc.