Sunstone completes Miami acquisition; to buy remaining 25% of Hilton San Diego Bayfront for $102M

Sunstone Hotel Investors, Inc.

Completed $232M acquisition of 339-room Confidante Miami Beach; $60M repositioning to Andaz, expected 8-9% stabilized NOI yield.
Agreed to acquire Park's 25% JV interest in Hilton San Diego Bayfront for $102M cash + $55M debt assumption; $628M implied value.
Q2 2022 comparable hotel RevPAR down 4.6% vs 2019; ADR up 11.3%; occupancy down 1,240 bps; group pace down 15%.
Repurchased 1.9M shares Apr-Jun at $11.01 avg; YTD 5.8M shares for $64.6M; $435.4M remaining under authorization.

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