SAN CLEMENTE, CA—Hotelnewsnow.com reports Sunstone Hotel Investors, Incorporated (NYSE: SHO) said it expects big declines in revenue per available room for the fourth quarter and year, and that it will deed back 13 of its hotel to lenders.
The company said RevPAR for the quarter is expected to be US$97.9 million, down 14.1 percent, and that full-year RevPAR will decline by 18.5 percent to US$102.7 million.
In addition, the company was unable to amend loan terms on three of its hotel loans and will deed the loans back to lenders. The company will deed back 11 hotels to Massachusetts Mutual Life Insurance Company, and will also give back the Renaissance Westchester (top left photo) and Marriott Ontario Airport. Total value of the loans is US$300.7 million.
“We are steadfast in our resolve to do what’s best for stockholders,” Arthur Buser, president and CEO, said in a statement. “Our objective is to outperform, and we believe that by being nimble, well-capitalized and decisive we will continue to create significant long-term shareholder value."
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