Sunstone Hotel Investors, Inc. SHO
We were incorporated in Maryland on June 28, 2004. We are a real estate investment trust ("REIT"), under the Internal Revenue Code of 1986, as amended (the "Code"). As of December 31, 2025, we owned 14 hotels, comprised of 6,999 rooms, located in 7 states and in Washington, DC. Our portfolio consists of upper upscale and luxury hotels located in convention, urban, and resort destinations. All of our hotels are operated under nationally recognized brands, except the Oceans Edge Resort & Marina, which operates independently.
We own hotels in convention, urban, and resort destinations that benefit from significant barriers to entry by competitors and diverse economic drivers. Our mission is to be the premier stewards of capital in the lodging industry, providing superior returns to our stockholders by investing in hotels where we can add value through capital investment, hotel repositioning, and asset management. In addition, we seek to capitalize on our portfolio's embedded value and balance sheet strength to actively recycle past investments into new growth and value creation opportunities in order to deliver strong stockholder returns and superior per share net asset value growth.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $960.1M | $905.8M | $986.5M | $912.1M | $509.1M | $267.9M | $1.12B | $1.16B | $1.19B | $1.19B |
| SG&A | $31.6M | $29.1M | $31.4M | $35.2M | $40.3M | $28.1M | $30.3M | $30.2M | $28.8M | $26.0M |
| Total operating expenses | $884.4M | $827.2M | $867.8M | $816.2M | $597.3M | $661.8M | $977.8M | $977.2M | $1.05B | $1.02B |
| Operating income | — | — | — | — | — | — | — | $298.9M | $186.5M | $188.8M |
| Interest expense | $53.0M | $50.1M | $51.7M | $32.0M | $30.9M | $53.3M | $54.2M | $47.7M | $51.8M | $50.3M |
| Pre-tax income | $24.8M | $42.2M | $211.3M | $91.1M | $33.1M | -$403.9M | $142.6M | $260.8M | $138.2M | $140.1M |
| Income tax | $216.0K | $1.1M | $4.6M | $359.0K | $109.0K | $6.6M | $151.0K | $1.8M | $7.8M | $616.0K |
| Net income | $24.6M | $43.3M | $206.7M | $90.8M | $33.0M | -$410.5M | $142.8M | $259.1M | $153.0M | $140.7M |
| EPS, basic | 0.04 | 0.14 | 0.93 | 0.34 | 0.06 | -1.93 | — | — | — | — |
| EPS, diluted | 0.04 | 0.14 | 0.93 | 0.34 | 0.06 | -1.93 | 0.54 | 1.05 | 0.59 | 0.55 |
| Shares, diluted (wtd. avg.) | $194.3M | $202.6M | $205.9M | $212.7M | $216.3M | $215.9M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $109.2M | $107.2M | $426.4M | $157.2M | $162.7M | $416.1M | $865.0M | $862.4M | $559.3M | $437.5M |
| Receivables | — | — | — | $42.1M | $28.7M | $8.6M | $35.2M | $33.8M | $34.2M | $39.3M |
| Inventory | — | — | — | — | — | — | — | $1.1M | $1.3M | $1.2M |
| Total current assets | — | — | — | $214.0M | $282.1M | $435.1M | $913.7M | $908.5M | $728.1M | $567.6M |
| Property, plant and equipment | $1.6M | $2.3M | $3.1M | $3.7M | $5.9M | $6.8M | $7.6M | $8.4M | $584.0K | $779.0K |
| Goodwill | — | — | — | — | — | — | — | $990.0K | $990.0K | $990.0K |
| Total assets | $3.03B | $3.11B | $3.15B | $3.08B | $3.04B | $2.99B | $3.92B | $3.97B | $3.86B | $3.74B |
| Accounts payable | — | — | — | $56.8M | $47.7M | — | — | — | — | — |
| Short-term debt | — | — | — | $222.0M | $20.7M | $2.3M | $82.1M | $5.8M | $5.5M | $184.9M |
| Total current liabilities | — | — | — | $380.9M | $175.8M | $90.8M | $325.6M | $232.7M | $242.6M | $408.8M |
| Long-term debt | $918.1M | $841.0M | $814.6M | $812.7M | $588.7M | $742.5M | $889.0M | $971.2M | $977.3M | $746.4M |
| Total liabilities | $1.08B | $1.00B | $982.7M | $997.9M | $801.3M | $896.3M | $1.30B | $1.26B | $1.28B | $1.21B |
| Retained earnings | — | — | — | $1.04B | $948.1M | $913.8M | $1.32B | $1.18B | $932.3M | $786.9M |
| Total equity | $1.94B | $2.10B | $2.17B | $2.08B | $2.24B | $2.09B | $2.62B | $2.71B | $2.58B | $2.53B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $181.8M | $170.4M | $198.1M | $209.4M | $28.4M | -$116.7M | $290.9M | $305.3M | $306.8M | $287.8M |
| Depreciation and amortisation | $133.0M | $123.2M | $126.5M | $125.8M | $128.6M | $137.0M | $147.7M | $145.0M | $156.0M | $159.9M |
| Stock-based compensation | $8.7M | $10.5M | $10.8M | $10.9M | $12.8M | $9.6M | $9.3M | $9.0M | $8.0M | $7.2M |
| Capital expenditure | $103.0M | $157.4M | $110.1M | $128.6M | $63.7M | $51.4M | $96.0M | $159.1M | $115.1M | $182.2M |
| Investing cash flow | -$48.8M | -$386.3M | $258.1M | -$165.7M | -$239.7M | $113.8M | -$47.1M | $156.4M | -$138.7M | -$142.8M |
| Financing cash flow | -$127.5M | -$97.5M | -$119.7M | -$49.2M | -$42.1M | -$445.9M | -$241.2M | -$158.6M | -$46.2M | -$282.8M |
| Dividends paid | $86.4M | $91.0M | $59.8M | $24.8M | $13.7M | $156.3M | $170.2M | $177.6M | $163.0M | — |
| Buybacks | $102.6M | $27.2M | $56.4M | $108.4M | — | $103.9M | $50.1M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-021440.
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