Sunstone Hotel Investors (NYSE: SHO), an Irvine-based investor in hotels, reported its revenue per available room surpassed 2019 before COVID-19 devastated the industry.
Chief Executive Bryan Giglia said that the monthly RevPAR was “above 2019 levels for the first time since the pandemic began.”
The company today reported adjusted funds from operations (FFO) doubled to 24 cents per share, beating the Zacks consensus estimate of 23 cents per share.
Its third-quarter swung to a $20.5 million profit compared to a $22.1 million loss a year ago.
Revenue per available room (RevPAR) for the company’s comparable portfolio of 12 hotels was $207.18 for the period ended Sept. 30, up 49% from a year ago. For these hotels owned by Sunstone during the past two years, the average daily rate (ADR) was $287.75 while occupancy reached 72% for the quarter.
With the rebranding of the Andaz Miami Beach for next year and renovations at resorts in San Francisco and Washington DC, Sunstone “will continue to explore ways to recycle capital into higher growth opportunities,” Giglia said in a statement.
Sunstone shares were down 1% at $10.29 during midday trading with a $2.2 billion market cap.