The Aliso Viejo-based REIT saw net income climb to $26 million for the quarter ending June 30, a significant jump from $6.8 million in the same period last year. CEO Bryan Giglia attributed the performance to robust leisure travel demand and sustained group and corporate bookings. The company utilized a portion of the proceeds from the San Francisco asset sale to aggressively repurchase $70.1 million in common and preferred stock throughout the year, a move designed to drive shareholder value.
Operational momentum extended to the company’s broader portfolio, where occupancy reached 77.6%. Sunstone is also signaling a shift in its operating model with the July 1 conversion of the Oceans Edge Resort & Marina to the Hilton Key West Resort & Marina, a transition intended to leverage Hilton’s lower customer acquisition costs. Looking ahead, the firm has updated its full-year Adjusted EBITDAre guidance to a range of $245 million to $255 million, reflecting increased confidence in near-term market trends.
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