Sunstone Hotel Investors (SHO) 2019年年度报告「NYSE」.pdf

1、2019 Annual Report2019 Annual Report12MAR202010063917Before reviewing our 2019 results and providing animprovements.For example,we are confident thatupdate on the current environment,I would like toour Wailea Beach Resort and Hyatt Regency Sanshare with you our strategy,which is regularlyFrancisco m

2、ay change in form over time yet willreviewed,challenged and approved by our Board ofremain highly coveted destinations for generations toDe and that the long-term value of properties suchas these will eventually be a multiple of ourinvestment in the assets today.This is our StrategyWe create long-te

3、rm stakeholder value through theWe refrain from owning or acquiring commodity oractive ownership of Long-Term Relevant Real Estate?pedestrian hotels in secondary and tertiary markets,(LTRR?)within the hospitality sector.despite their siren song of higher initial cash flowyields.We also avoid hotels

4、that are subject toground leases.Since most ground leases willThis is a straight-forward concept,yet added coloreventually revert to another party,and the long-termmay be worthwhile.optionality related to these hotels is owned bysomeone else,we have materially reduced,and overWe own Long-Term Releva

5、nt Real Estate.That is,wetime,expect to continue to reduce,our hotels thatown hotels at which we believe travelers will want toare subject to ground leases.stay,rather than have to stay,for decades tocome.For example,we are highly confident thatNot all of our hotels would currently be consideredloca

6、tions such as the Boston Public Gardens andLong-Term Relevant Real Estate.An ever-shrinkingLong Wharf in Boston,Wailea Beach in Maui,portion of the overall value of our portfolio is madeDowntown San Diego adjacent to the Bay andup of hotels we view to be commodity hotels.Theconvention center,Washing