Sunstone Hotel reports Q3 AFFO 17c, consensus 15c

Reports Q3 revenue $229.32M, consensus $226.78M. Reports Q3 Total Portfolio RevPAR increased 2.0% to $216.12. The average daily rate was $307.43 and occupancy was 70.3%. Bryan A. Giglia, CEO, stated, “Our portfolio delivered earnings that were in-line with our expectations despite ongoing headwinds in several of our larger markets. We were once again pleased with stronger performance in San Francisco, which helped to offset subdued government-related demand and a more price-sensitive leisure traveler in other parts of the portfolio. During the quarter, we successfully recast our credit facilities which addressed all debt maturities through 2028, lowered our borrowing cost and enhanced our financial flexibility. While the macroeconomic outlook remains mixed with various challenges, we are maintaining our outlook for the year.”