secwatch.observer — SEC 8-K summary
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Issuer:     Sunstone Hotel Investors, Inc. (SHO)
CIK:        0001295810
Form:       8-K
Filed at:   2024-10-10T23:59:59+00:00
Accession:  0001558370-24-013242
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1295810/000155837024013242/0001558370-24-013242-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1295810/000155837024013242/sho-20241010x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-013242

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