CEO, SUNSTONE HOTEL, INVESTORS, IRVINE
Heads hotel-focused REIT that’s reinvented itself as owner of high-end resort properties, which it dubs “long-term relevant real estate.”
Named to top spot in March 2022 after serving as CFO. Sunstone has spent nearly $700 million since April 2021 on a trio of high-profile purchases while disposing of properties in other markets like Chicago.
THEN: Sunstone went nearly four years without an acquisition, slimming down portfolio to less than 20 holdings, about half what it owned at the end of 2014.
NOW: In late 2021, paid nearly $175 million to buy a recently built Four Seasons in Napa Valley, an 85-room resort that opened a month ago near Mount Saint Helena. That came a few months after spending $265 million for another recently built hotel in Northern California, the 130-room Montage Healdsburg in Sonoma County.
In May, announced plans to buy the Confidante Miami Beach hotel, a 239-unit property on 1.5 acres along a busy stretch of upscale hotels along the water in Miami Beach. Sunstone is paying $232 million, or $684,000 per key, for the hotel. Will spend another $60 million on upgrades and rebranding it to the Andaz Miami Beach, a Hyatt brand.
FUTURE: “Upon completion of the planned renovation, we will have transformed the earnings potential of the hotel and we will own a premier Miami Beach luxury resort at a highly attractive all-in basis in a resilient, supply-constrained market that has continued to demonstrate meaningful rate growth,” Giglia said.
