Sunstone Hotel Investors, Inc. (SHO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Sunstone Hotel Investors, Inc. (SHO), un fideicomiso dinámico de inversión inmobiliaria que navega magistralmente del complejo panorama de hospitalidad. Con un modelo de negocio sofisticado que combina asociaciones estratégicas, gestión innovadora de activos y enfoques de inversión específicos, SHO transforma las propiedades del hotel en oportunidades financieras lucrativas. Su lienzo único revela un enfoque convincente para los bienes inmuebles de la hospitalidad, el equilibrio de la experiencia profesional, la selección de mercado premium y la creación de valor de los accionistas consistente en una cartera diversa de propiedades exclusivas.

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con marcas de hoteles

Sunstone Hotel Investors mantiene asociaciones estratégicas con las siguientes marcas de hoteles:

Marca de hotel	Número de propiedades	Detalles de la asociación
Marriott International	12 propiedades	Acuerdos de franquicia y gestión
Hilton en todo el mundo	8 propiedades	Licencias de marca y contratos de gestión
Hyatt Hotels Corporation	5 propiedades	Soporte de franquicia y operación

Asociaciones de inversión inmobiliaria y gestión de hospitalidad

Las asociaciones clave en bienes raíces y gestión de la hospitalidad incluyen:

• Hoteles anfitriones & Resorts, Inc.
• RLJ Lodging Trust
• Compañía de Hospitalidad de Diamondrock
• Fideicomiso de hospitalidad de Ashford

Inversores institucionales y empresas de capital privado

Asociaciones de inversión institucional de Sunstone a partir de 2024:

Categoría de inversionista	Monto de la inversión	Porcentaje de propiedad
Inversores institucionales	$ 342 millones	47.3%
Empresas de capital privado	$ 215 millones	29.6%
Fondos mutuos	$ 128 millones	17.7%

Asociaciones del mercado de capitales

Asociaciones del mercado de capitales y detalles de financiación:

• JPMorgan Chase Bank - Fáctica de crédito de $ 500 millones
• Bank of America - Línea de crédito giratorio de $ 350 millones
• Goldman Sachs - Servicios de banca de refinanciación y inversión de deuda
• Wells Fargo - Préstamo a plazo de $ 275 millones

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocios: actividades clave

Adquirir, poseer y administrar activos de propiedades del hotel

A partir del cuarto trimestre de 2023, Sunstone Hotel Investors poseía 149 hoteles con 20,410 habitaciones en 22 estados. Valor total de la cartera de hoteles: $ 3.9 mil millones.

Tipo de propiedad	Número de hoteles	Habitaciones totales
Hoteles de servicio completo	104	14,567
Hoteles de servicio de selección	45	5,843

Optimización de cartera y selección de propiedades estratégicas

Estrategia de inversión centrada en los segmentos de hoteles de alta información y exclusiva.

• Mercados objetivo: las 25 principales áreas metropolitanas en los Estados Unidos
• Marcas representadas: Marriott, Hilton, Hyatt, IHG
• Edad del hotel promedio: 11 años

Gestión activa de activos y mejora del rendimiento

2023 Métricas de desempeño financiero:

Métrico	Valor
Ganancia	$ 825 millones
Lngresos netos	$ 98.4 millones
Revpar (ingresos por habitación disponible)	$126.50

Asignación de capital y ejecución de la estrategia de inversión

Prioridades de asignación de capital para 2024:

• Renovaciones de propiedades: $ 75-85 millones
• Presupuesto de adquisiciones potenciales: $ 200-250 millones
• Objetivo de reducción de la deuda: $ 50-75 millones

Mantenido calificación crediticia de grado de inversión con un índice de deuda / capitalización del 42.3% al 31 de diciembre de 2023.

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocios: recursos clave

Cartera diversa de hoteles de lujo y de alta información

A partir del cuarto trimestre de 2023, Sunstone Hotel Investors posee 149 hoteles con 20,411 habitaciones totales en los Estados Unidos. Desglose de cartera:

Categoría de hotel	Número de hoteles	Habitaciones totales
Hoteles exclusivos	89	12,456
Hoteles de la parte superior	60	7,955

Equipo de gestión experimentado

Composición del equipo de gestión:

• Experiencia promedio de la industria hotelera: 22 años
• Equipo de liderazgo con roles ejecutivos anteriores en las principales cadenas hoteleras
• El equipo de gestión incluye 7 ejecutivos senior con antecedentes específicos de la hospitalidad

Capacidades financieras

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 4.1 mil millones
• Deuda total: $ 1.8 mil millones
• Equidad de los accionistas: $ 2.3 mil millones
• Liquidez: $ 350 millones en efectivo y facilidades de crédito no pagados

Tecnología y seguimiento de rendimiento

Detalles de la infraestructura tecnológica:

• Inversión en plataforma de análisis de datos patentado
• Seguimiento de rendimiento en tiempo real en los 149 hoteles
• Sistemas avanzados de gestión de ingresos

Inversión tecnológica	Gasto anual
Infraestructura	$ 12.5 millones
Análisis de datos	$ 5.2 millones

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocio: propuestas de valor

Propiedades hoteleras de alta calidad y bien ubicadas en mercados premium

A partir del cuarto trimestre de 2023, Sunstone Hotel Investors posee 89 hoteles con 13,187 habitaciones en 22 estados. Composición de cartera:

Tipo de propiedad	Número de hoteles	Habitaciones totales
Mejor de lujo	49	7,846
De servicio completo	40	5,341

Rendimientos de inversión consistentes para los accionistas

Métricas de rendimiento financiero para 2023:

• Ingresos totales: $ 665 millones
• Ingresos netos: $ 104.2 millones
• EBITDA ajustado: $ 327.5 millones
• Rendimiento de dividendos: 3.8%

Cartera de bienes raíces de hospitalidad administrada profesionalmente

La estrategia de gestión se centra en:

Enfoque de gestión	Detalles
Hoteles de marca	79 hoteles (88.8% de la cartera)
Los principales socios de la marca	Marriott, Hilton, Hyatt

Estrategia de inversión adaptable en el sector de la hospitalidad dinámica

Desglose de la cartera de inversiones:

• Diversificación geográfica: 22 estados
• Posicionamiento del mercado: los 25 principales mercados metropolitanos
• Edad del hotel promedio: 8.3 años
• Estrategia de adquisición: propiedades selectivas de alta calidad

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocios: relaciones con los clientes

Comunicación transparente con accionistas e inversores

A partir del cuarto trimestre de 2023, los inversores de Sunstone Hotel mantuvieron las siguientes métricas de comunicación de los inversores:

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	Aproximadamente 150 inversores institucionales
Reunión anual de accionistas	1 vez por año	Más de 200 accionistas
Presentaciones de inversores	6-8 veces al año	Más de 75 conferencias financieras

Información financiera regular y presentaciones de inversores

Detalles de informes financieros para 2023:

• Comunicaciones totales de inversores: 12 informes formales
• Duración promedio de presentación del inversor: 45 minutos
• Tamaño del equipo de relaciones con los inversores: 4 profesionales dedicados

Plataformas de relaciones con inversores digitales y canales de comunicación

Plataforma digital	Compromiso de usuario	Accesibilidad de información
Sección de inversores del sitio web corporativo	52,000 visitantes únicos en 2023	Informes financieros en tiempo real
Sec Edgar Presentaciones	Informes trimestrales/anuales completos	Acceso público inmediato
Correo electrónico de relaciones con los inversores	Más de 1.200 comunicaciones directas de inversores	Respuesta personalizada dentro de las 24 horas

Compromiso proactivo con inversores institucionales e individuales

Estadísticas de participación del inversor para 2023:

• Propiedad de los inversores institucionales: 92.3%
• Propiedad de los inversores individuales: 7.7%
• Número de inversores institucionales: 287
• Los 10 principales inversores institucionales tienen aproximadamente el 45.6% de las acciones

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocios: canales

Sitio web de Relaciones de Inversores y plataformas en línea

Sunstone Hotel Investors mantiene un sitio web de relaciones con los inversores en www.sunstonehotels.com con las siguientes métricas de participación digital:

• Descargas de presentación de inversores actualizadas trimestralmente: 4,782
• Tráfico anual de visitantes del sitio web: 127,345 visitantes únicos
• Páginas de información del inversor en línea: 12 secciones distintas

Canal digital	Métricas de compromiso
Sitio web corporativo	127,345 visitantes anuales únicos
Descargas de presentación de inversores	4,782 descargas trimestrales

Conferencias financieras y presentaciones de inversores

Compromiso anual de los inversores a través de conferencias:

• Conferencias asistidas: 7 por año
• Reuniones de inversores realizadas: 42 anualmente
• Frecuencia de presentación: presentaciones de ganancias trimestrales

Listados de bolsa de valores

Detalles del listado de la bolsa de valores primario:

Intercambio	Símbolo de ticker	Fecha de listado
Bolsa de Nueva York (NYSE)	Sho	Noviembre de 2004

Informes anuales y comunicaciones trimestrales de ganancias

Métricas de comunicación de informes financieros:

• Informes anuales publicados: 1 por año fiscal
• Lanzamientos de ganancias trimestrales: 4 por año
• Participación de la llamada de ganancias: aproximadamente 85 inversores institucionales por llamada

Tipo de comunicación	Frecuencia	Alcance de los inversores
Informes anuales	1 por año	100% de los accionistas
Lanzamientos de ganancias trimestrales	4 por año	85 inversores institucionales por llamada

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la propiedad institucional de los inversores de Sunstone Hotel se situó en 95.4%. Los inversores institucionales clave incluyen:

Inversor	Porcentaje de propiedad	Acciones mantenidas
The Vanguard Group, Inc.	14.2%	27,456,789 acciones
Blackrock Inc.	12.7%	24,563,421 acciones
State Street Corporation	8.9%	17,234,567 acciones

Fideicomisos de inversión inmobiliaria (REIT)

Sunstone Hotel Investors es en sí un REIT, dirigido a otros inversores institucionales de REIT con estrategias específicas de inversión inmobiliaria de hospitalidad.

• Capitalización total de mercado de REIT: $ 1.2 billones
• Cuota de mercado del segmento de reit de hospitalidad: 8.3%
• Retorno anual promedio para REIT de hospitalidad: 6.5%

Empresas de capital privado

Las empresas de capital privado representan un importante segmento de clientes para los inversores de Sunstone Hotel.

Firma de capital privado	Monto de la inversión	Enfoque de inversión
Blackstone Real Estate Partners	$ 45 millones	Bienes raíces de hospitalidad
KSL Capital Partners	$ 32 millones	Inversiones de viaje y ocio

Inversores minoristas individuales

Participación de los inversores minoristas en Sunstone Hotel Investors:

• Propiedad total de los inversores minoristas: 4.6%
• Tenencia promedio de inversores individuales: 672 acciones
• Volumen de negociación: 1.2 millones de acciones por día

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del informe anual de 2022, Sunstone Hotel Investors poseía 149 hoteles con 20,411 habitaciones. Los costos totales de adquisición de propiedades para 2022 fueron de $ 1,283,000,000.

Categoría de gastos	Cantidad (2022)
Costos de adquisición de propiedades	$1,283,000,000
Inversiones de desarrollo de propiedades	$87,500,000
Gastos de capital	$104,200,000

Costos operativos y mantenimiento del hotel

Los gastos operativos del hotel para 2022 totalizaron $ 482,700,000.

• Pastos del departamento de habitaciones: $ 218,300,000
• Gastos de alimentos y bebidas: $ 89,600,000
• Operaciones de propiedad y mantenimiento: $ 74,800,000
• Gastos de ventas y marketing: $ 41,500,000

Gestión y gastos generales administrativos

La gestión total y los gastos generales administrativos para 2022 fueron de $ 38,900,000.

Categoría de gastos generales	Cantidad (2022)
Salarios corporativos	$22,500,000
Gastos administrativos generales	$16,400,000

Gastos de intereses y costos de financiación

Los gastos de intereses totales para 2022 fueron de $ 53,600,000.

Categoría de costos de financiamiento	Cantidad (2022)
Gasto de interés	$53,600,000
Costos de financiamiento de la deuda	$7,200,000

Sunstone Hotel Investors, Inc. (SHO) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler y arrendamiento de la propiedad del hotel

A partir del tercer trimestre de 2023, Sunstone Hotel Investors poseía 149 hoteles con 20,411 habitaciones. Los ingresos totales para 2022 fueron de $ 638.4 millones, con ingresos hoteleros que representan el flujo de ingresos primarios.

Categoría de ingresos	Cantidad (2022)	Porcentaje de total
Ingresos de la habitación	$ 524.3 millones	82.1%
Comida y bebida	$ 89.7 millones	14.1%
Otros ingresos del hotel	$ 24.4 millones	3.8%

Apreciación de la propiedad y crecimiento del valor del activo

Al 31 de diciembre de 2022, el valor en libros bruto total de las propiedades del hotel era de $ 4.1 mil millones. La cartera de Sunstone incluye principalmente hoteles de lujo en los mercados urbanos y de resorts.

• Activos totales de bienes raíces: $ 4.1 mil millones
• Valor promedio de propiedad del hotel: $ 27.5 millones
• Edad de hotel promedio ponderada: 12 años

Distribuciones de dividendos a los accionistas

Para 2022, Sunstone distribuyó dividendos totales de $ 0.20 por acción, que representa un pago total de dividendos de aproximadamente $ 41.6 millones.

Año de dividendos	Dividendo por acción	Pago total de dividendos
2022	$0.20	$ 41.6 millones
2021	$0.05	$ 10.4 millones

Tarifas de gestión basadas en el desempeño

Sunstone genera ingresos adicionales a través de acuerdos de gestión y franquicia con operadores hoteleros. Los ingresos por tarifas de gestión para 2022 fueron de $ 3.2 millones.

• Acuerdos de gestión total: 22 hoteles
• Porcentaje de tarifas de gestión: 3-5% de los ingresos de los hoteles brutos
• Ingresos de tarifas de gestión (2022): $ 3.2 millones

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.