Sunstone Hotel Investors has recorded a net income of $15.55m in the third quarter (Q3) of 2023, marking a decline of 24.1% from $20.48m in the same quarter a year ago.

Total revenue for the latest quarter ending 30 September 2023 was $247.70m, as against $244.31m in the corresponding quarter of last year.

The total operating expenses were $220.87m in the latest quarter, compared with $214.34m in the same quarter a year ago.

The adjusted earnings before interest, taxes, depreciation and amortisation for real estate (EBITDAre) excluding noncontrolling interest were $63.71m, as against $63.84m a year earlier.

Sunstone Hotel’s comparable revenue per available room (RevPAR) for Q3 2023 was $222.54, while it was $222.50 in Q3 2022.

The comparable occupancy rate increased from 71.4% in Q3 2022 to 72.8% in Q3 2023.

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Sunstone Hotel Investors CEO Bryan A. Giglia said: “Overall, we are pleased with our results in the Q3 as we delivered earnings above the high end of our guidance range despite having to navigate disruption from the tragic fires on Maui. We remain grateful for the dedication of the hotel associates at Wailea Beach Resort, who have worked tirelessly to care for guests and members of the community in the weeks since the fires.

“While leisure demand continued to moderate during the quarter, our portfolio of well-located urban and convention assets turned in a strong performance. Our operators diligently managed costs, which contributed to better than expected profitability even as leisure travel patterns normalised.”

For Q4 of 2023, the company anticipates its net income to be in the range of $125m to $130m and its adjusted EBITDAre to be between $48m and $53m.