Sunstone Hotel Investors, Inc. (NYSE:SHO) Q1 2024 Earnings Conference Call May 6, 2024 12:00 PM ET

Company Participants

Aaron Reyes - CFO
Bryan Giglia - CEO
Robert Springer - President and Chief Investment Officer

Conference Call Participants

Duane Pfennigwerth - Evercore ISI
Smedes Rose - Citi
Michael Bellisario - Baird
Dany Asad - Bank of America
Floris Van Dijkum - Compass Point
Chris Darling - Green Street

Operator

Good morning, ladies and gentlemen and thanks for standing by. Welcome to the Sunstone Hotel Investors First Quarter 2024 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, May 06, 2024, at 12 pm. Eastern time.

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

Aaron Reyes

Thanks operator. 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 the 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 in the Investor Relations section of 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. Bryan will start us off with some highlights from first quarter, including commentary on operations and recent trends. Afterward, Robert will discuss our capital investment activity and finally, I will provide a summary of our first quarter earnings results and share the details of our updated outlook for 2024. After our remarks, the team will be available to answer your questions.

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

Bryan Giglia

Thank you, Aaron, and good morning, everyone. We knew coming into the year that Q1 was going to be the industry's most difficult year-over-year comparison. Despite this, our portfolio performed in line with expectations, driven by solid out of room spend and strong cost controls, both at our hotels and at the corporate level.