IRVINE, Calif., Sept. 2, 2021 /PRNewswire/
-- Sunstone Hotel Investors, Inc. (the "Company" or
"Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real
Estate® in the hospitality sector, today announced the appointment
of Douglas M. Pasquale, current
Chairman of the Sunstone Board, as the Company's interim Chief
Executive Officer, effective immediately.
This appointment follows a mutual agreement to separate between
the Board of Directors and John
Arabia, who will leave his role as President & Chief
Executive Officer and has resigned as a Director of the Company
effective immediately. These actions were not related to any matter
regarding the Company's financial condition, reported financial
results, internal controls or disclosure controls and procedures.
Mr. Pasquale is expected to serve until a successor is identified
and will remain Chair of the Board of Directors. The Board will
retain an executive search firm to assist in identifying a
permanent CEO replacement.
"I look forward to working closely with the Sunstone management
team on behalf of our shareholders to capitalize on Sunstone's
strong portfolio and well-positioned balance sheet," said Mr.
Pasquale. "With the proceeds of accelerated sales of non-core
assets and modest incremental leverage, we intend to invest in our
remaining hotels to unlock latent value and acquire additional
hotels that are more likely to create long-term per-share NAV
growth, such as the recently acquired Montage Healdsburg Resort.
While the Board conducts its search for a new CEO, I look forward
to working with our talented management team and expect substantial
progress on these objectives in order to deliver sustained,
superior results."
Mr. Pasquale brings extensive management and strategic planning
experience from his decades-long career in the real estate
industry. He currently serves as CEO of Capstone Enterprises, an
investment and consulting firm he founded in January 2012. Previously, he served as Senior
Advisor to Ventas, Inc. upon the closing of its acquisition of
Nationwide Health Properties, Inc. ("NHP"). Prior to the
acquisition, Mr. Pasquale served as the Chairman of the Board of
NHP from 2009 to 2011, as President and Chief Executive Officer
from 2004 to 2011, and as Executive Vice President and Chief
Operating Officer from 2003 to 2004. Prior to joining NHP, Mr.
Pasquale held executive roles at ARV Assisted Living, Inc., Atria
Senior Living Group, Inc., Richfield Hospitality Services, Inc.,
and Regal Hotels International-North America. In addition to his
management experience, Mr. Pasquale serves on the Boards of
Alexander & Baldwin, Inc., Terreno Realty Corporation, and Dine
Brands Global, Inc. He received his B.S. in Accounting and his
M.B.A. from the University of
Colorado.
"On behalf of the entire Board, I would like to thank John for
his leadership over the past six years and his many contributions
over the past 10 years," Mr. Pasquale continued. "We wish him every
success in his future endeavors."
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.
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.