secwatch.observer — SEC 8-K summary
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Issuer:     Sunstone Hotel Investors, Inc. (SHO)
CIK:        0001295810
Form:       8-K
Filed at:   2022-03-17T23:59:59+00:00
Accession:  0001558370-22-003857
Event type: other_material
Sentiment:  positive
Materiality: 0.70
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1295810/000155837022003857/0001558370-22-003857-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1295810/000155837022003857/sho-20220316x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-003857

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer