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Sunstone Hotel Investors, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $226,392,000 from $247,700,000 in the same quarter the previous year. This decrease is attributed to the sale of the Boston Park Plaza and renovations at The Confidante Miami Beach and Renaissance Long Beach.
Room revenue decreased to $138,759,000 from $158,467,000, impacted by the sale of the Boston Park Plaza and renovations at two hotels. The acquisition of the Hyatt Regency San Antonio Riverwalk (H-0.80%) contributed $6.8 million to room revenue.
Food and beverage revenue was $63,866,000, a slight decrease from $64,007,000, with the sale of the Boston Park Plaza reducing revenue by $7.2 million.
Other operating revenue decreased to $23,767,000 from $25,226,000, with the sale of the Boston Park Plaza contributing to a $2.8 million decrease.
Total operating expenses decreased to $209,994,000 from $220,873,000, primarily due to the sale of the Boston Park Plaza.
Net income for the quarter was $3,249,000, down from $15,558,000 in the previous year. After preferred dividends, net loss attributable to common stockholders was $682,000, compared to income of $12,332,000 in the previous year.
Cash provided by operating activities was $139,883,000, while cash used in investing and financing activities was $339,257,000 and $101,764,000, respectively.
Sunstone had a working capital of $115,542,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a new delayed draw $100 million term loan agreement entered into on November 7, 2024.
Sunstone does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Sunstone continues to focus on investing in hotels where it can add value and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sunstone Hotel Investors Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.