Sunstone sells two Chicago hotels for $129.5M, provides RevPAR recovery update, repurchases 3.2M shares

Sunstone Hotel Investors, Inc.

Sold Embassy Suites Chicago and Hilton Garden Inn Chicago Downtown for $129.5M ($178k/key), 9.8x 2019 EBITDAre multiple.
Chicago hotels expected to generate Q1 2022 net loss of $3.1M-$3.6M before gain on sale.
12-hotel comparable portfolio RevPAR at 67% of 2019 levels through March 14; group pace down 17% for rest of 2022.
Repurchased 3.2M shares at avg $11.08 for $35.1M from March 8-16; $464.9M remaining under authorization.
CEO states exit from Chicago market due to excess supply; proceeds to be recycled into higher-growth investments.

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