Sunstone Hotel Investors, Inc. (SHO): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Sunstone Hotel Investors, Inc. (SHO), einem dynamischen Immobilieninvestment-Trust, der sich meisterhaft in der komplexen Hotellandschaft bewegt. Mit einem ausgeklügelten Geschäftsmodell, das strategische Partnerschaften, innovatives Asset Management und gezielte Investitionsansätze vereint, verwandelt SHO Hotelimmobilien in lukrative Finanzmöglichkeiten. Ihre einzigartige Leinwand offenbart einen überzeugenden Ansatz für Hotelimmobilien, der professionelles Fachwissen, erstklassige Marktauswahl und konsistente Wertschöpfung für die Aktionäre in einem vielfältigen Portfolio hochwertiger Immobilien vereint.

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Hotelmarken

Sunstone Hotel Investors unterhält strategische Partnerschaften mit folgenden Hotelmarken:

Hotelmarke	Anzahl der Eigenschaften	Einzelheiten zur Partnerschaft
Marriott International	12 Eigenschaften	Franchise- und Managementverträge
Hilton weltweit	8 Eigenschaften	Markenlizenz- und Managementverträge
Hyatt Hotels Corporation	5 Eigenschaften	Franchise und Betriebsunterstützung

Partnerschaften für Immobilieninvestitionen und Hotelmanagement

Zu den wichtigsten Partnerschaften im Immobilien- und Hotelmanagement gehören:

• Gastgeber-Hotels & Resorts, Inc.
• RLJ Lodging Trust
• DiamondRock Hospitality Company
• Ashford Hospitality Trust

Institutionelle Investoren und Private-Equity-Firmen

Sunstones institutionelle Investmentpartnerschaften ab 2024:

Anlegerkategorie	Investitionsbetrag	Eigentumsprozentsatz
Institutionelle Anleger	342 Millionen Dollar	47.3%
Private-Equity-Firmen	215 Millionen Dollar	29.6%
Investmentfonds	128 Millionen Dollar	17.7%

Kapitalmarktpartnerschaften

Details zu Kapitalmarktpartnerschaften und Finanzierungen:

• JPMorgan Chase Bank – Kreditfazilität in Höhe von 500 Millionen US-Dollar
• Bank of America – revolvierende Kreditlinie in Höhe von 350 Millionen US-Dollar
• Goldman Sachs – Schuldenrefinanzierung und Investmentbanking-Dienstleistungen
• Wells Fargo – befristetes Darlehen in Höhe von 275 Millionen US-Dollar

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Besitz und Vermögensverwaltung von Hotelimmobilien

Im vierten Quartal 2023 besaß Sunstone Hotel Investors 149 Hotels mit 20.410 Zimmern in 22 Bundesstaaten. Gesamtwert des Hotelportfolios: 3,9 Milliarden US-Dollar.

Immobilientyp	Anzahl der Hotels	Gesamtzahl der Zimmer
Full-Service-Hotels	104	14,567
Select-Service-Hotels	45	5,843

Portfoliooptimierung und strategische Immobilienauswahl

Die Anlagestrategie konzentrierte sich auf gehobene und gehobene Hotelsegmente.

• Zielmärkte: Top 25 Metropolregionen in den Vereinigten Staaten
• Vertretene Marken: Marriott, Hilton, Hyatt, IHG
• Durchschnittsalter des Hotels: 11 Jahre

Aktives Asset Management und Leistungssteigerung

Finanzielle Leistungskennzahlen 2023:

Metrisch	Wert
Einnahmen	825 Millionen Dollar
Nettoeinkommen	98,4 Millionen US-Dollar
RevPAR (Umsatz pro verfügbarem Zimmer)	$126.50

Kapitalallokation und Umsetzung der Anlagestrategie

Prioritäten der Kapitalallokation für 2024:

• Immobilienrenovierungen: 75–85 Millionen US-Dollar
• Mögliches Akquisitionsbudget: 200–250 Millionen US-Dollar
• Ziel zur Schuldenreduzierung: 50–75 Millionen US-Dollar

Gepflegt Bonität im Investment-Grade-Bereich mit einer Verschuldungsquote von 42,3 % zum 31. Dezember 2023.

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an gehobenen und gehobenen Hotels

Im vierten Quartal 2023 besitzt Sunstone Hotel Investors 149 Hotels mit insgesamt 20.411 Zimmern in den Vereinigten Staaten. Portfolioaufteilung:

Hotelkategorie	Anzahl der Hotels	Gesamtzahl der Zimmer
Gehobene Hotels	89	12,456
Gehobene Hotels	60	7,955

Erfahrenes Management-Team

Zusammensetzung des Managementteams:

• Durchschnittliche Erfahrung in der Hotelbranche: 22 Jahre
• Führungsteam mit früheren Führungspositionen in großen Hotelketten
• Das Managementteam besteht aus sieben leitenden Führungskräften mit gastgewerbespezifischem Hintergrund

Finanzielle Möglichkeiten

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 4,1 Milliarden US-Dollar
• Gesamtverschuldung: 1,8 Milliarden US-Dollar
• Eigenkapital: 2,3 Milliarden US-Dollar
• Liquidität: 350 Millionen US-Dollar in bar und nicht in Anspruch genommenen Kreditlinien

Technologie- und Leistungsverfolgung

Details zur Technologieinfrastruktur:

• Investition in eine proprietäre Datenanalyseplattform
• Echtzeit-Leistungsverfolgung aller 149 Hotels
• Fortschrittliche Revenue-Management-Systeme

Technologieinvestitionen	Jährliche Ausgaben
IT-Infrastruktur	12,5 Millionen US-Dollar
Datenanalyse	5,2 Millionen US-Dollar

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Wertversprechen

Hochwertige, gut gelegene Hotelimmobilien in Premiummärkten

Im vierten Quartal 2023 besitzt Sunstone Hotel Investors 89 Hotels mit 13.187 Zimmern in 22 Bundesstaaten. Zusammensetzung des Portfolios:

Immobilientyp	Anzahl der Hotels	Gesamtzahl der Zimmer
Oberes gehobenes Niveau	49	7,846
Full-Service	40	5,341

Konsistente Anlagerenditen für Aktionäre

Finanzielle Leistungskennzahlen für 2023:

• Gesamtumsatz: 665 Millionen US-Dollar
• Nettoeinkommen: 104,2 Millionen US-Dollar
• Bereinigtes EBITDA: 327,5 Millionen US-Dollar
• Dividendenrendite: 3,8 %

Professionell verwaltetes Hotelimmobilienportfolio

Die Managementstrategie konzentriert sich auf:

Managementansatz	Details
Markenhotels	79 Hotels (88,8 % des Portfolios)
Top-Markenpartner	Marriott, Hilton, Hyatt

Anpassbare Anlagestrategie im dynamischen Gastgewerbesektor

Aufschlüsselung des Anlageportfolios:

• Geografische Diversifizierung: 22 Staaten
• Marktpositionierung: Top 25 Metropolmärkte
• Durchschnittliches Hotelalter: 8,3 Jahre
• Akquisitionsstrategie: Selektive, hochwertige Immobilien

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Aktionären und Investoren

Ab dem vierten Quartal 2023 behielt Sunstone Hotel Investors die folgenden Kennzahlen für die Anlegerkommunikation bei:

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Rund 150 institutionelle Anleger
Jahreshauptversammlung	1 Mal pro Jahr	Über 200 Aktionäre
Investorenpräsentationen	6-8 Mal pro Jahr	Über 75 Finanzkonferenzen

Regelmäßige Finanzberichterstattung und Investorenpräsentationen

Details zur Finanzberichterstattung für 2023:

• Gesamte Anlegerkommunikation: 12 formelle Berichte
• Durchschnittliche Dauer der Anlegerpräsentation: 45 Minuten
• Größe des Investor-Relations-Teams: 4 engagierte Fachleute

Digitale Investor-Relations-Plattformen und Kommunikationskanäle

Digitale Plattform	Benutzerinteraktion	Informationszugänglichkeit
Investor-Bereich der Unternehmenswebsite	52.000 einzelne Besucher im Jahr 2023	Finanzberichte in Echtzeit
SEC-EDGAR-Einreichungen	Umfassende Quartals-/Jahresberichte	Sofortiger öffentlicher Zugang
Investor-Relations-E-Mail	Über 1.200 Direktanlegerkommunikationen	Persönliche Antwort innerhalb von 24 Stunden

Proaktives Engagement mit institutionellen und individuellen Anlegern

Statistiken zum Investorenengagement für 2023:

• Besitz institutioneller Anleger: 92,3 %
• Eigentum von Privatanlegern: 7,7 %
• Anzahl institutioneller Anleger: 287
• Die Top 10 der institutionellen Anleger halten etwa 45,6 % der Aktien

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Kanäle

Investor-Relations-Website und Online-Plattformen

Sunstone Hotel Investors unterhält unter www.sunstonehotels.com eine Investor-Relations-Website mit den folgenden Kennzahlen für das digitale Engagement:

• Vierteljährlich aktualisierte Downloads der Investorenpräsentation: 4.782
• Jährlicher Website-Besucherverkehr: 127.345 einzelne Besucher
• Online-Informationsseiten für Anleger: 12 verschiedene Abschnitte

Digitaler Kanal	Engagement-Kennzahlen
Unternehmenswebsite	127.345 einzelne Besucher pro Jahr
Downloads von Investorenpräsentationen	4.782 vierteljährliche Downloads

Finanzkonferenzen und Investorenpräsentationen

Jährliches Investorenengagement durch Konferenzen:

• Teilnahme an Konferenzen: 7 pro Jahr
• Durchgeführte Investorentreffen: 42 jährlich
• Präsentationshäufigkeit: Vierteljährliche Ergebnispräsentationen

Börsennotierungen

Einzelheiten zur Notierung an der Primärbörse:

Austausch	Tickersymbol	Listungsdatum
New Yorker Börse (NYSE)	SHO	November 2004

Jahresberichte und vierteljährliche Ergebnismitteilungen

Kommunikationskennzahlen zur Finanzberichterstattung:

• Veröffentlichung von Geschäftsberichten: 1 pro Geschäftsjahr
• Vierteljährliche Gewinnmitteilungen: 4 pro Jahr
• Teilnahme am Earnings Call: Ungefähr 85 institutionelle Anleger pro Call

Kommunikationstyp	Häufigkeit	Investorenreichweite
Jahresberichte	1 pro Jahr	100 % der Aktionäre
Quartalsergebnisveröffentlichungen	4 pro Jahr	85 institutionelle Anleger pro Aufruf

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 lag der institutionelle Besitz von Sunstone Hotel Investors bei 95,4 %. Zu den wichtigsten institutionellen Investoren gehören:

Investor	Eigentumsprozentsatz	Gehaltene Aktien
Die Vanguard Group, Inc.	14.2%	27.456.789 Aktien
BlackRock Inc.	12.7%	24.563.421 Aktien
State Street Corporation	8.9%	17.234.567 Aktien

Real Estate Investment Trusts (REITs)

Sunstone Hotel Investors ist selbst ein REIT, der sich mit spezifischen Anlagestrategien für Hotelimmobilien an andere institutionelle REIT-Investoren richtet.

• Gesamtkapitalisierung des REIT-Marktes: 1,2 Billionen US-Dollar
• Marktanteil im Hospitality-REIT-Segment: 8,3 %
• Durchschnittliche jährliche Rendite für Gastronomie-REITs: 6,5 %

Private-Equity-Firmen

Private-Equity-Firmen stellen ein bedeutendes Kundensegment für Sunstone Hotel Investors dar.

Private-Equity-Unternehmen	Investitionsbetrag	Investitionsfokus
Blackstone Real Estate Partners	45 Millionen Dollar	Gastronomieimmobilien
KSL Capital Partners	32 Millionen Dollar	Reise- und Freizeitinvestitionen

Einzelne Privatanleger

Beteiligung von Privatanlegern an Sunstone Hotel Investors:

• Gesamtbesitz von Kleinanlegern: 4,6 %
• Durchschnittlicher Einzelanlegerbesitz: 672 Aktien
• Handelsvolumen: 1,2 Millionen Aktien pro Tag

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Zum Jahresbericht 2022 besaß Sunstone Hotel Investors 149 Hotels mit 20.411 Zimmern. Die Gesamtkosten für den Immobilienerwerb beliefen sich im Jahr 2022 auf 1.283.000.000 US-Dollar.

Ausgabenkategorie	Betrag (2022)
Kosten für den Immobilienerwerb	$1,283,000,000
Immobilienentwicklungsinvestitionen	$87,500,000
Kapitalausgaben	$104,200,000

Betriebskosten und Wartung des Hotels

Die Betriebskosten des Hotels beliefen sich im Jahr 2022 auf insgesamt 482.700.000 US-Dollar.

• Ausgaben der Zimmerabteilung: 218.300.000 USD
• Ausgaben für Lebensmittel und Getränke: 89.600.000 $
• Immobilienbetrieb und -wartung: 74.800.000 $
• Vertriebs- und Marketingkosten: 41.500.000 $

Management- und Verwaltungsaufwand

Der gesamte Management- und Verwaltungsaufwand für 2022 belief sich auf 38.900.000 US-Dollar.

Overhead-Kategorie	Betrag (2022)
Unternehmensgehälter	$22,500,000
Allgemeine Verwaltungskosten	$16,400,000

Zinsaufwendungen und Finanzierungskosten

Die gesamten Zinsaufwendungen für 2022 beliefen sich auf 53.600.000 US-Dollar.

Kategorie „Finanzierungskosten“.	Betrag (2022)
Zinsaufwand	$53,600,000
Kosten der Fremdfinanzierung	$7,200,000

Sunstone Hotel Investors, Inc. (SHO) – Geschäftsmodell: Einnahmequellen

Miet- und Pachteinnahmen aus Hotelimmobilien

Im dritten Quartal 2023 besaß Sunstone Hotel Investors 149 Hotels mit 20.411 Zimmern. Der Gesamtumsatz für 2022 belief sich auf 638,4 Millionen US-Dollar, wobei Hoteleinnahmen die Haupteinnahmequelle darstellten.

Umsatzkategorie	Betrag (2022)	Prozentsatz der Gesamtsumme
Zimmereinnahmen	524,3 Millionen US-Dollar	82.1%
Essen und Trinken	89,7 Millionen US-Dollar	14.1%
Sonstige Hoteleinnahmen	24,4 Millionen US-Dollar	3.8%

Wertsteigerung von Immobilien und Wachstum des Vermögenswerts

Zum 31. Dezember 2022 betrug der gesamte Bruttobuchwert der Hotelimmobilien 4,1 Milliarden US-Dollar. Das Portfolio von Sunstone umfasst hauptsächlich gehobene Hotels in städtischen und Resort-Märkten.

• Gesamtes Immobilienvermögen: 4,1 Milliarden US-Dollar
• Durchschnittlicher Hotelimmobilienwert: 27,5 Millionen US-Dollar
• Gewichtetes Durchschnittsalter des Hotels: 12 Jahre

Dividendenausschüttungen an Aktionäre

Für 2022 schüttete Sunstone eine Gesamtdividende von 0,20 US-Dollar pro Aktie aus, was einer Dividendenausschüttung von insgesamt etwa 41,6 Millionen US-Dollar entspricht.

Dividendenjahr	Dividende pro Aktie	Gesamtausschüttung der Dividende
2022	$0.20	41,6 Millionen US-Dollar
2021	$0.05	10,4 Millionen US-Dollar

Leistungsabhängige Verwaltungsgebühren

Sunstone generiert zusätzliche Einnahmen durch Management- und Franchiseverträge mit Hotelbetreibern. Die Einnahmen aus Verwaltungsgebühren beliefen sich im Jahr 2022 auf 3,2 Millionen US-Dollar.

• Gesamtzahl der Managementverträge: 22 Hotels
• Prozentsatz der Verwaltungsgebühr: 3-5 % des Brutto-Hotelumsatzes
• Einnahmen aus Verwaltungsgebühren (2022): 3,2 Millionen US-Dollar

Sunstone Hotel Investors, Inc. (SHO) - Canvas Business Model: Value Propositions

Sunstone Hotel Investors, Inc. offers investors a stake in a carefully curated portfolio of premium lodging assets. You see this value proposition reflected in the tangible size and quality of the real estate holdings as of late 2025.

The company's real estate foundation is built on owning a focused set of properties in high-demand locations. As of the third quarter of 2025, Sunstone Hotel Investors, Inc. owned 14 hotels, totaling 6,999 rooms. The net investment in these hotel properties was valued at $2.8 billion, contributing to total assets of $3.0 billion.

Here's a quick look at the portfolio metrics as reported for the third quarter of 2025:

Metric	Value (Q3 2025)	Comparison Period
Total Portfolio RevPAR	$216.12	Increased 2.0% Year-over-Year
Average Daily Rate (ADR)	$307.43	Q3 2025
Occupancy	70.3%	Q3 2025
Adjusted EBITDAre	$50.1 million	Q3 2025

This focus on quality assets is what helps drive the performance, even when facing market headwinds.

Access to nationally recognized luxury and upper-upscale brands is a key differentiator, ensuring properties benefit from established loyalty programs and brand recognition. Sunstone Hotel Investors, Inc.'s majority of hotels operate under major flags.

• Brands owned by Marriott, Hilton, Hyatt, Four Seasons, or Montage.
• Focus on the upper upscale and luxury tiers within these brand families.

This brand access helps maintain pricing power, as seen in the Q2 2025 ADR of $323.35.

You benefit from Sunstone Hotel Investors, Inc.'s commitment to enhancing the guest experience through ongoing capital investment. The company is actively deploying capital to refresh its assets and drive future revenue growth. For the first nine months of 2025, the company invested $73.7 million into its portfolio. The full-year 2025 investment expectation is between $80 million to $100 million. A significant portion of this capital is earmarked for major projects, including the completion of the Andaz Miami Beach transformation and the room renovation at Wailea Beach Resort. The Andaz Miami Beach is specifically projected to add 400-500 basis points to growth.

The portfolio is intentionally concentrated in markets that present high barriers to entry for new competition, such as major convention centers, desirable resort destinations, and key urban cores. This strategic placement supports premium pricing and demand stability, particularly from corporate travel. For instance, convention hotels within the portfolio achieved 3.5% RevPAR growth in the third quarter of 2025, driven by healthy group business. San Francisco, a key urban market for the company, was a standout performer, showing over 15% RevPAR growth in the same quarter.

Superior returns to stockholders are pursued through disciplined capital management, active ownership, and capital recycling. The company actively manages its balance sheet and returns capital to shareholders. Sunstone Hotel Investors, Inc. has been aggressive with share repurchases; year-to-date through Q3 2025, the company bought back 11,392,876 shares at an average price of $8.83 per share, totaling $100.6 million. The net leverage ratio stood at 3.5 times trailing earnings as of Q3 2025, with total liquidity, including full credit facility availability, at $700 million. The Board authorized a common stock cash dividend of $0.09 per share in November 2025. Furthermore, the company has structured its debt to have no maturities until 2028 following recent credit facility recasting.

Sunstone Hotel Investors, Inc. (SHO) - Canvas Business Model: Customer Relationships

Sunstone Hotel Investors, Inc.'s customer relationships are layered, reflecting its position as an owner of real estate assets managed by others. The primary customer interaction is intentionally distant from the company itself.

Indirect relationship with hotel guests via brand operators

You, as Sunstone Hotel Investors, Inc., do not directly serve the individual guest. Instead, the relationship is mediated entirely through the third-party hotel operators who manage your properties under nationally recognized brands. As of September 30, 2025, your portfolio consisted of 14 hotels totaling 6,999 rooms, all operating under these established flags. This structure means the guest experience-the true point of contact-is the responsibility of the operator, not Sunstone Hotel Investors, Inc. management.

Dedicated asset management oversight of third-party operators

Your asset management team maintains a critical, dedicated relationship with the management companies running your hotels. This oversight is where you exert control to drive value, working with operators to develop hotel-level business plans, including positioning and capital investment strategies. This proactive management is designed to grow revenues and maximize efficiency across the portfolio. The results of this oversight are visible in the key performance indicators, which are the direct output of the operator relationships.

Metric	Value (Q3 2025)	Context
Total Portfolio RevPAR	$216.12	Reflects blended performance across 14 hotels.
Average Daily Rate (ADR)	$307.43	Indicates pricing power achieved through brand and asset quality.
Occupancy	70.3%	Direct measure of guest demand capture.
Total Assets Value	$3.0 billion	Total balance sheet value supporting the asset base.

The focus on active asset management is concrete; for example, you expected to invest approximately $80 million to $100 million into the portfolio for the full year 2025, targeting projects like the transformation of Andaz Miami Beach and room renovations at Wailea Beach Resort. This capital deployment is a direct action taken with the operator to enhance the underlying asset value.

Direct, high-touch relationship with institutional investors

Your relationship with your true customers-the shareholders and debt holders-is direct and high-touch, especially given the focus on addressing the valuation discount at which the stock trades. You actively manage this relationship through capital allocation decisions. For instance, year-to-date through November 6, 2025, Sunstone Hotel Investors, Inc. repurchased 11,392,876 shares of common stock for a total of $100.6 million, signaling a direct commitment to returning capital to shareholders. Furthermore, the successful recast of your credit facilities, which addressed all debt maturities until 2028, is a direct communication to the debt community about managing financial risk and flexibility.

Transactional relationship with individual leisure and business travelers

For the individual guest, the relationship is purely transactional, driven by the quality of the stay and the price paid. This is measured by the operational statistics you report. The Total Portfolio RevPAR increased 2.0% year-over-year in the third quarter of 2025. You noted that stronger performance in San Francisco helped offset subdued government-related demand and a more price-sensitive leisure traveler in other markets. The ADR of $307.43 in Q3 2025 shows that, despite headwinds, the transactional value proposition remains strong for the traveler segment you target.

Investor communication via earnings calls and SEC filings

The formal communication channel with your investor base is rigorous and scheduled. You provide updates through required regulatory filings and voluntary calls. For example, the results for the third quarter ended September 30, 2025, were announced on November 7, 2025, via a press release and a subsequent earnings call. You also file comprehensive reports, such as the 10-K filed on February 21, 2025, which detailed the 201,019,097 shares of common stock outstanding as of February 7, 2025. These documents serve as the official record of your performance and strategy.

You keep investors informed through specific channels:

• Earnings calls, like the one on November 7, 2025, for Q3 2025 results.
• SEC filings, including the 10-K and Proxy Statement for the 2025 Annual Meeting.
• Email alerts, where you promise to treat subscriber data with respect and not share it with third parties.
• Archived webcasts of calls, ensuring transparency after the live event.

Finance: draft 13-week cash view by Friday.

Sunstone Hotel Investors, Inc. (SHO) - Canvas Business Model: Channels

You're looking at how Sunstone Hotel Investors, Inc. gets its rooms and services in front of customers, which is critical for a lodging REIT. This isn't just about a website; it's about the entire ecosystem connecting their 14 hotels, comprised of 6,999 rooms as of September 30, 2025, to paying guests and capital markets.

The primary revenue driver, total TTM revenue as of September 30, 2025, stood at $938 million. The channels are segmented by the type of customer-transient leisure/business, group/convention, and direct investor/stakeholder engagement.

For the transient and group bookings, which drive the core hotel revenue, the company relies on a mix of brand platforms, third-party digital channels, and direct sales efforts. The CEO noted that for the following year (2026), they were tracking roughly 80% of room nights on the books, which is consistent with the prior year's pace. This forward-looking group pace is a direct indicator of the success of the hotel-level sales teams.

The transient segment showed acceleration; the company was hitting a target of roughly 1,000 transient rooms booked a week in Q3 2025. The reliance on these channels is reflected in the operational metrics:

• Total Portfolio RevPAR for Q3 2025 was $216.12.
• Q3 2025 Occupancy rate stood at 70.3%.
• Q3 2025 Average Daily Rate (ADR) was $307.43.

The structure of how rooms are sold is managed through a combination of systems and dedicated teams:

Channel Category	Specific Mechanism/Data Point	Latest Available Metric/Value
Brand Reservation Platforms/GDS	Forward Group Booking Pace (Room Nights)	Approximately 80% for 2026 (as of Q3 2025)
Hotel-Level Sales Teams	Group Production Sentiment (Q3 2025)	Described as 'really good'
Online Travel Agencies (OTAs)	Reliance Context (Industry Benchmark)	Split almost evenly with Direct through digital marketing (Industry-wide 2023-2024 data)
Direct Property-Level Outlets	Q1 2025 Food and Beverage Revenue	$67.1 million
Corporate Website (Direct Bookings)	Transient Booking Pace (Weekly Volume)	Roughly 1,000 rooms booked a week (as of Q3 2025)

Global distribution systems and brand reservation platforms are the backbone for securing large, contracted business, evidenced by the strong group production mentioned by management. The company's hotels operate under major brands like Marriott, Hilton, and Hyatt, meaning their brand.com and associated central reservation systems are key direct-to-consumer touchpoints. The success of these systems is tied to the overall room night pace secured well in advance.

Hotel-level sales teams are crucial for the group and convention segment, which is vital for stabilizing occupancy during shoulder seasons. The strong group production noted in Q3 2025, with corporate demand extending into 2027 and 2028, confirms the effectiveness of these direct sales efforts in securing future revenue streams.

Online travel agencies (OTAs) remain a necessary component for capturing transient demand, though the focus for hotel REITs is often on driving down the blended cost of acquisition by prioritizing direct channels. While specific OTA revenue percentage isn't public, industry trends suggest a significant portion of transient business flows through these third-party sites.

The corporate website and Investor Relations portal serve as the primary channel for capital markets communication. The Investor Relations section is accessible at www.sunstonehotels.com, where filings like the Q3 2025 results were posted. This channel is essential for maintaining transparency with stockholders, especially given the company's active share repurchase program, which saw $100.6 million spent year-to-date through November 6, 2025.

Direct property-level food and beverage outlets are a distinct channel for capturing ancillary spend, which contributes directly to the top line. For instance, in the first quarter of 2025, Food and Beverage Revenue reached $67.1 million, representing a 9.4% increase year-over-year. This demonstrates the importance of on-property amenities as a direct revenue channel separate from room bookings.

Sunstone Hotel Investors, Inc. (SHO) - Canvas Business Model: Customer Segments

You're looking at the core groups Sunstone Hotel Investors, Inc. serves across its portfolio of upper upscale and luxury full-service hotels. Here's the quick math on who is staying in their rooms and who is buying their stock.

Sunstone Hotel Investors, Inc. owns a portfolio consisting of 14 hotels with a total of 6,999 rooms as of the third quarter of 2025. The properties are concentrated in California, Florida, and Hawaii.

Metric	Value (Q3 2025)	Context
Total Portfolio RevPAR	$216.12	Revenue Per Available Room
Average Daily Rate (ADR)	$307.43	Average room price
Occupancy	70.3%	Percentage of rooms sold
Total Assets	$3.0 billion	As of September 30, 2025
Trailing 12-Month Revenue	$938M	As of September 30, 2025

Corporate group and business travelers in urban markets

This segment drives demand in the urban markets where Sunstone Hotel Investors, Inc. operates. In the second quarter of 2025, this group provided solid demand that helped performance. The portfolio includes properties operating under brands like Marriott, Hilton, and Hyatt.

Convention attendees in large urban centers (e.g., San Francisco)

The convention business is a key driver for certain urban assets. Stronger performance in San Francisco during the third quarter of 2025 helped offset other market headwinds. The company expects Total Portfolio RevPAR Growth for the full year 2025 to be between +7.0% and +10.0%.

Affluent leisure travelers in resort destinations (e.g., Hawaii, Florida)

Resort destinations like Hawaii and Florida host higher-rated leisure guests. The company is investing capital into these resort assets, including room renovations at Wailea Beach Resort. The average daily rate across the entire portfolio in Q3 2025 was $307.43.

Institutional and individual public equity investors (REIT stockholders)

This segment provides the capital base for Sunstone Hotel Investors, Inc. The company's market capitalization as of November 3, 2025, was $1.71B with 190M shares outstanding. Sunstone Hotel Investors, Inc. has shown a commitment to this group through buybacks, repurchasing 11,392,876 shares year-to-date through Q3 2025 for a total of $100.6 million. The stock price on December 3, 2025, was $9.19.

Price-sensitive leisure travelers (a current headwind in late 2025)

This group is currently presenting a challenge. Management noted a more price-sensitive leisure traveler in Q3 2025. Weaker leisure demand was specifically anticipated in Maui for the second half of the year.

• Q3 2025 Net Income was $1.3 million.
• Q3 2025 Adjusted EBITDAre was $50.1 million.
• Adjusted FFO per diluted share for Q3 2025 was $0.17.

Sunstone Hotel Investors, Inc. (SHO) - Canvas Business Model: Cost Structure

You're looking at the hard costs that Sunstone Hotel Investors, Inc. faces to keep its portfolio running and growing as of late 2025. For a real estate investment trust (REIT) focused on hotels, the cost structure is heavily weighted toward property operations and debt service. Honestly, understanding these line items is key to seeing where the cash actually goes before it gets to shareholders.

Property-Level Operating Expenses

The bulk of the expense comes directly from running the hotels. These are the day-to-day costs for labor, keeping the lights on, and paying local taxes. For the third quarter ending September 30, 2025, Sunstone Hotel Investors, Inc. reported total Operating Expenses of $217.43M. This category bundles many of the variable and fixed costs associated with keeping the properties operational.

Other significant property-related costs that hit the income statement include:

• Cost of Sales: $128.29M for Q3 2025.
• Property-level general and administrative expenses include payroll, benefits, contract fees, and consulting fees.
• Non-hotel operating expenses, net, include corporate-level property taxes, ground lease, and insurance for the period.

Corporate Overhead Expense

This is the cost of running the corporate office, separate from the hotel floors. For the full year 2025, Sunstone Hotel Investors, Inc. maintained its guidance for corporate overhead expense (excluding deferred stock amortization and management transition costs) in the range of approximately $20 million to $21 million. This figure was noted as unchanged from the Company's prior estimate.

Interest Expense on Total Debt

Servicing the debt load is a major fixed cost. As of September 30, 2025, Sunstone Hotel Investors, Inc. reported total debt of $930.0 million. To service this, the full-year 2025 guidance for interest expense was projected to be approximately $51 million to $54 million, which includes about $4 million in amortization of deferred financing costs and $1 million in noncash interest expense on derivatives.

Capital Expenditure for Renovations

Active ownership means spending capital to keep assets competitive. During the first nine months of 2025, Sunstone Hotel Investors, Inc. invested $73.7 million into its portfolio. The company expected the total investment for the full year 2025 to be in the range of $80 million to $100 million. This spending is largely focused on major projects like the completion of the Andaz Miami Beach transformation and room renovations at Wailea Beach Resort.

Brand Management and Franchise Fees

These are payments made to the major hotel brands for using their names, reservation systems, and standards. These fees are a direct cost tied to hotel revenue performance. Management agreements require Sunstone Hotel Investors, Inc. to pay third-party managers a basic management fee that currently ranges between 2.5 % and 3.0 % of the total revenue of the managed hotels monthly. On top of that, incentive management fees may be due if certain operating thresholds are met.

Here is a quick look at the key financial figures related to the cost structure:

Cost Component	Financial Number/Metric	Period/Context
Total Debt	$930.0 million	As of September 30, 2025
Corporate Overhead Guidance	$20 million to $21 million	Full Year 2025 Guidance
Property-Level Operating Expenses	$217.43 million	Q3 2025
Capital Investment YTD	$73.7 million	Year-to-date through September 30, 2025
Basic Management Fee Range	2.5 % to 3.0 %	Of total revenue of managed hotels
Estimated Full Year Interest Expense Range	$51 million to $54 million	Full Year 2025 Guidance

Finance: draft 13-week cash view by Friday.

Sunstone Hotel Investors, Inc. (SHO) - Canvas Business Model: Revenue Streams

Sunstone Hotel Investors, Inc.'s revenue streams are anchored in its upscale hotel portfolio operations, supplemented by strategic capital recycling activities.

Room Revenue remains the primary engine, showing growth in the first quarter of 2025. For the period ended March 31, 2025, Room Revenue reached $144.9 million, marking a 6.7% increase year-over-year.

Food and Beverage Revenue also demonstrated strength early in 2025. This segment generated $67.1 million in Q1 2025, which was an increase of 9.4% compared to the first quarter of the prior year.

The core operating revenues for the first quarter of 2025 can be summarized as follows:

Revenue Component	Q1 2025 Amount (Millions USD)	Year-over-Year Change
Room Revenue	$144.9	6.7% increase
Food and Beverage Revenue	$67.1	9.4% increase
Total Revenues (Q1 2025)	$234.1	7.8% increase

Other operating revenue, which includes items such as cancellation or attrition fees, contributes to the total top line. Total Revenues for Q1 2025 were reported at $234.1 million or $234.06 million, with the remainder after Room and F&B being classified in this category or other minor sources.

Asset sales/Capital recycling proceeds provide significant, though less frequent, infusions of cash. Sunstone Hotel Investors, Inc. executed the sale of the Hilton New Orleans St. Charles in June 2025 for a contractual gross sale price of $47.0 million. This capital recycling is part of the strategy to redeploy capital into share repurchases or new investments.

The forward-looking view on profitability from operations is captured in the guidance:

• Full-year 2025 Adjusted EBITDAre guidance is set between $226 million and $240 million.
• The Q2 2025 Adjusted EBITDAre was reported at $72.7 million.
• The Q3 2025 Adjusted EBITDAre was reported at $50.1 million or $50 million.
• Full-year 2025 Adjusted FFO per diluted share is projected to range from $0.80 to $0.87.
• As of June 30, 2025, the Company had $144.9 million of cash and cash equivalents.