Sunstone Hotel Investors, Inc. (NYSE:SHO) Q3 2023 Earnings Call Transcript November 7, 2023 12:00 PM ET

Company Participants

Aaron Reyes - Chief Financial Officer

Bryan Giglia - Chief Executive Officer

Robert Springer - President and Chief Investment Officer

Conference Call Participants

Dori Kesten - Wells Fargo

Smedes Rose - Citi

Duane Pfennigwerth - Evercore ISI

Michael Bellisario - Baird

Chris Woronka - Deutsche Bank

Anthony Powell - Barclays

Floris Van Dijkum - Compass Point

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Sunstone Hotel Investors Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. I would like to remind everyone that this conference is being recorded today, November 7, 2023 at 12 PM Eastern time.

I will now turn the presentation over to Mr. Aaron Reyes, Chief Financial Officer. Please go ahead.

Aaron Reyes

Thank you, operator, and good morning, everyone. Before we begin, I would like to remind everyone that this call contains forward-looking statements that are subject to risks and uncertainties, including those described in our filings with the SEC, which could cause actual results to differ materially from those projected. We caution you to consider these factors in evaluating our forward-looking statements.

We also note that commentary on this call may contain non-GAAP financial information, including adjusted EBITDAre, adjusted FFO, and property level adjusted EBITDAre. We are providing this information as a supplement to information prepared in accordance with generally accepted accounting principles. Additional details on our quarterly results have been provided in our earnings release and supplemental, which are available on our website.

With us on the call today are Bryan Giglia, Chief Executive Officer; Robert Springer, President and Chief Investment Officer; and Chris Ostapovicz, Chief Operating Officer. Brian will start us off with some commentary on our third quarter operations and recent trends and also provide some additional color on our recent disposition about Park Plaza. Afterwards, Robert will discuss our capital investment activity.

And finally, I will provide a summary of our current liquidity position, recap our third quarter earnings results, and provide some additional details on our outlook for the remainder of the year. After our remarks, the team will be available to answer your questions.

With that, I would like to turn the call over to Brian. Please go ahead.