Sunstone Hotel Investors (SHO) 2005年年度报告「NYSE」.pdf

1、Sunstone Hotel Investors,Inc2005 Annual ReportBuilding Into The Future20042005%ChangeRevPAR77.6684.228.4%Revenue484.5651.134.4%Total Room Count13,183 17,33331.5%Average Rooms/Hotel24428918.4%Fixed Debt%48.4%93.7%93.6%Weighted Avg Int Rate6.18%6.00%-2.9%Renaissance Long BeachLong Beach,CASunstone gai

2、ned tremendousmomentumin 2005 by delivering total investor returns of 34.2%.Wetargetedour acquisition strategy on upscale and luxury hotels in major markets.Renaissance Long BeachLong Beach,CAWefocusedour efforts on driving both revenues and profits.Wemaximizedtheopportunities to strengthen our capi

3、tal structure.Sheraton CerritosCerritos,CAand with continuedconfidencein the strength of the lodging industry,we build into the future.2005,our first full year as a public company,was highly successful for Sunstone.We delivered a 34%total return toour shareholders.It was the highest return of any ma

4、jor hotel company,REIT or C-Corp.It also placed us number 5out of a total of 110 REITs in the Morgan Stanley REIT index.Our successes in 2005 were driven by the followingstrengths and factors:Acquisitions and Dispositions During 2005 we acquired nine high quality hotels for approximately$1 billion d

5、ollars in the top lodging markets across the country.We were able to simultaneously improve the overall quality of our real estate and increase the long-term growth rate of our cash flow through leverage neutral,accretive transactions.We also sold 3 of our smaller,non-core hotels in 2005.We will con

6、tinue to buy high quality hotels in high barrier markets and to sell non-core hotels in 2006.Reinvestment in Assets Capital reinvestment remains an important focus at Sunstone.We are continuing to reap the rewards of our portfolio,which has benefited from significant recent renovations and capital e