News for the Hospitality Executive
Sunstone Hotel Investors Appoints John Arabia as Chief
ALISO VIEJO, Calif., Feb. 14, 2011 -- Sunstone Hotel Investors, Inc. (the "Company") (NYSE: SHO) today announced that Mr. John V. Arabia has been appointed as Chief Financial Officer and Executive Vice President of Corporate Strategy effective April 4, 2011. Mr. Arabia will fill the role opened by the promotion of Kenneth E. Cruse to President.
"As a highly regarded industry leader with over 20 years of lodging industry experience, John will be a key member of our already deep and talented team," said Ken Cruse, President. "I have known John for more than 15 years. His reputation, judgment, integrity, strong industry contacts and lodging industry expertise make him an exceptional choice to oversee Sunstone's finance discipline and to help refine and implement Sunstone's capital-allocation and balance sheet management programs. Additionally, John will play a primary role in determining and executing Sunstone's growth and value creation strategies."
Mr. Arabia is currently Managing Director of Green Street Advisors' highly respected real estate research team. Mr. Arabia joined Green Street in 1997 and was instrumental in creating the firm's lodging research platform. In 2005, 2006 and 2007, Green Street Advisors was awarded the title of "Best Independent Research Firm" by Institutional Investor for the lodging and gaming sector as a result of Mr. Arabia's efforts. In 2007, he was named one of Institutional Investor's "20 Rising Stars." In 2008, Mr. Arabia won the Wall Street Journal's "Best on the Street" award in the hotel and gaming category. Prior to joining Green Street, Mr. Arabia was a Consulting Manager at EY Kenneth Leventhal and was largely responsible for the firm's west coast lodging consulting practice which specialized in hotel market studies, valuation and acquisition due diligence. Mr. Arabia started his hotel career in 1987, working various entry-level operating positions at the Anaheim Marriott. Mr. Arabia, who earned a CPA certificate from the state of Illinois, holds an MBA in Real Estate/Accounting from The University of Southern California and a Bachelor of Science in Hotel Administration from Cornell University.
Mr. Arabia said, "Sunstone has a significant opportunity to create shareholder value though a disciplined capital-allocation program. This is a very exciting time to be a public hotel investor, as operating fundamentals, acquisition opportunities and hotel values all appear to be on a long and sustainable cyclical upswing." Mr. Arabia added, "I have known and respected many of the members of Sunstone's team and Board of Directors for years. I greatly look forward to helping to take the company to new levels and creating meaningful shareholder value as a member of the Sunstone team."
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. (NYSE: SHO) is a lodging real estate investment trust ("REIT") that owns 32 hotels comprised of 12,182 rooms.
Sunstone's hotels are primarily in the upper upscale segment and are generally operated under nationally recognized brands, such as Marriott, Fairmont, Hilton and Hyatt. For further information, please visit Sunstone's website at www.sunstonehotels.com.
Senior Vice President – Corporate Finance
Sunstone Hotel Investors, Inc.
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