Sunstone Hotel Investors, Inc.

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Sunstone Hotel Investors Fourth Quarter 2021 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, February 23, 2022, at 12 p.m. ET. I will now turn the presentation over to Mr. Emma Reyes, Senior Vice President and Treasurer. Please go ahead, sir.

Thank you, operator, and good morning, everyone. By now, you should have all received a copy of our fourth quarter earnings release and supplemental, which were made available yesterday. If you do not yet have a copy, you can access them on our website. 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 prospectuses, 10Qs, 10Ks, and other 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 this call may contain non-GAAP financial information, including adjusted EBITDA RE, adjusted FFO, and property level adjusted EBITDA RE. We are providing that information as a supplement to information prepared in accordance with generally accepted accounting principles. With us on the call today are Doug Pasquale, Chairman and Interim Chief Executive Officer, Brian Giglia, Chief Financial Officer, Robert Springer, Chief Investment Officer, and Chris Ostapovich, Chief Operating Officer. On today's call, Doug will discuss our recent value enhancing hotel disposition and provide his thoughts on the company's near-term priorities and objectives, including an update on the CEO search process. Brian will then discuss the operating environment and recent trends in our business. And finally, I'll provide a summary of our current liquidity position and a recap of our fourth quarter and full year financial results. After our remarks, we will be available to answer your questions. With that, I'd like to turn the call over to Doug. Please go ahead.

Thank you, Aaron. Hello, everyone, and thank you for joining our call today. While the lodging industry continues to deal with a number of cross-currents, I am pleased with our fourth quarter results and the enhanced pace of our transaction activity. During the quarter, we benefited from continued strong leisure demand which led to record profitability at our resort hotels in Wailea and Key West. While performance at our urban hotels remains challenged, we are encouraged by the pace of group bookings we saw in the fourth quarter and believe that a better backdrop for group meetings and events in the coming year, combined with an increased amount of business travel, will allow for substantial growth in earnings and cash flow at these hotels as compared to 2021. As I discussed during our call last quarter, we are redoubling our efforts to create value through a more active approach to capital recycling. To that end, we are pleased to announce our recent disposition of a Hyatt-centric Chicago. This hotel was no longer consistent with our strategy, and we believe it did not have the growth profile that justified our continued ownership and ongoing capital investment. Including this most recent sale, we have now completed nearly 500 million of transactions in just the last few months. Our balance sheet remains strong with significant investment capacity, and the team is actively working on opportunities to accretively deploy capital. While we have more work to do, overall I am quite pleased with the progress we have made in recent months, and I look forward to continuing to work with the management team to unlock further value for shareholders. Before I turn the call over to Brian, I want to provide an update on the COO search process being conducted by the Board of Directors Search Committee. As I mentioned when we last spoke in November, the Board's objective was to conduct an efficient but thoughtful search. Since that time, the Search Committee has considered a significant number of potential candidates. The committee, aided by Spencer Stewart, is carefully evaluating and vetting the best qualified of these individuals. We are confident that we have identified several candidates that have the skills, experience, and track records to advance our strategy and accelerate value creation for our shareholders. As we establish our list of finalists, the search committee and the board are moving into the final stages of the process. And with that, I will turn the call over to Brian to cover some of the details of our fourth quarter operations.