Sunstone Hotel Investors recently reported Q1 numbers and according to John Arabia, president and CEO, the portfolio performed well during the first quarter, resulting in better-than-anticipated revenue growth and profitability above its previously provided guidance range.
“Profitability benefited from robust group spend on banquets and audio visual and strength in corporate transient demand,” he explained. “Our recently acquired or repositioned hotels, Boston Park Plaza, Oceans Edge and Wailea Beach Resort, all continued to outperform the respective markets, driving impressive year-over-year revenue and earnings growth.”
He continued to point out that year-to-date, the company continues to find opportunities to invest in its portfolio to drive future growth. “Several of our 2018 capital investment projects have been or will be completed during the second quarter, including the meeting space addition at Boston Park Plaza, and the guestroom renovations at the Marriott Boston Long Wharf, Renaissance Los Angeles Airport and Hyatt Regency San Francisco,” he said. “While we experienced some short-term disruption year-to-date, we expect these investments to result in future growth.”
Additionally, he explained, “the ongoing guestroom renovation at the JW Marriott New Orleans and the 47,000 additional square feet of state-of-the-art meeting space under construction at the Renaissance Orlando are expected to drive additional growth into 2019.”