Sunstone Hotel Investors, Inc. Announces Management Changes
September 02, 2021 at 04:15 pm EDT
Share
Sunstone Hotel Investors, Inc. announced the appointment of Douglas M. Pasquale, current Chairman of the Sunstone Board, as the Company's interim Chief Executive Officer, effective immediately. This appointment follows a mutual agreement to separate between the Board of Directors and John Arabia, who will leave his role as President & Chief Executive Officer and has resigned as a Director of the Company effective immediately. These actions were not related to any matter regarding the Company's financial condition, reported financial results, internal controls or disclosure controls and procedures. Mr. Pasquale is expected to serve until a successor is identified and will remain Chair of the Board of Directors. The Board will retain an executive search firm to assist in identifying a permanent CEO replacement.
Sunstone Hotel Investors, Inc. is a real estate investment trust. The Company owns approximately 14 hotels, comprised of 6,675 rooms, located in six states and in Washington, DC. The Companyâs portfolio consists of luxury hotels located in convention, resort destinations and urban markets. It is the owner of Long-Term Relevant Real Estate (LTRR) in the lodging industry, specifically hotels in urban and resort destination locations. The Company's hotels are operated by third-party managers under long-term management agreements with TRS Lessee or its subsidiaries. It is operated by third-party managers under long-term management agreements with the TRS Lessee or its subsidiaries. Its third-party managers include subsidiaries of Marriott International, Inc.; managers of six of the Companyâs hotels; Hyatt Hotels Corporation, manager of two of its hotels; and Four Seasons Hotels Limited, Highgate Hotels L.P. and an affiliate, Hilton Worldwide, and Interstate Hotels & Resorts, Inc.
SUNSTONE HOTEL INVESTORS, INC. 
