Sunstone Hotel lowers FY2024 guidance due to labor disruption at Hilton San Diego Bayfront

Sunstone Hotel Investors, Inc.

Labor disruption at 1,190-room Hilton San Diego Bayfront caused group cancellations; union ratified new contract on Oct 9, hotel resumed normal operations.
FY2024 Adjusted EBITDAre expected $11M-$13M lower; RevPAR growth 125-150 bps lower; AFFO per share $0.06 lower than prior outlook.
Preliminary Q3 2024 total portfolio RevPAR change -1.4% vs prior year; September RevPAR -6.1% driven by labor disruption.
Since Q3 start, repurchased 2.3M shares at avg $9.79 for $22.8M; total 2024 repurchases 2.7M shares at avg $9.83.
Hurricane Milton caused no physical damage at Renaissance Orlando or Oceans Edge; cancellations partially offset by incremental transient demand.

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