Sunstone Hotel reports Q1 adjusted FFO 18c, consensus 16c

Reports Q1 revenue $217.17M, consensus $214.59M. Comparable RevPAR decreased 5.1% to $223.06. CEO Bryan Giglia stated, “We are pleased with our portfolio’s performance during the first quarter, despite it being the most challenging quarterly comparison of the year relative to 2023, which benefited from highly compressed demand in the early part of the year. We expect our performance for the remainder of the year to accelerate, benefiting from a strong base of group business, and so we have reaffirmed the midpoint of our prior earnings guidance, as adjusted for our recent transaction activity…Our balanced approach to capital allocation is expected to provide meaningful growth into 2025 and beyond.”