Sunstone Hotel Investors Inc. has revealed that its board of directors has appointed Bryan Giglia, current CFO, as the company’s CEO, effective immediately. Additionally, the board appointed Robert Springer (pictured above), chief investment officer, to the additional role of president. Aaron Reyes, SVP, finance/treasurer, has been appointed CFO, replacing Giglia. Douglas M. Pasquale, chairman/interim CEO, will assume the role of executive chairman through August.
“After an extensive and thorough search process, including internal and external candidates, the board selected Bryan as CEO and Robert as president to lead Sunstone as we pursue superior long-term per share NAV growth,” said Pasquale. “This was based on their decades of hotel industry experience, deep knowledge and understanding of the company, ability to immediately build on our recent success of recycling capital and capability to execute on property-level value creation opportunities. My focus as executive chairman will be to provide guidance to Bryan, Robert and Aaron as they transition into their roles.”
Giglia said, “I am deeply honored by the board’s decision to appoint me CEO. The entire team and I are focused on building upon our recent successful transactions and actively recycling capital to create shareholder value. On behalf of our shareholders, we will work tirelessly to ensure Sunstone continues to execute its strategy, prioritizing the best interests of our shareholders and maximizing the value of our portfolio. As we emerge from the pandemic, our portfolio is among the best positioned to capitalize on the recovery in corporate and group travel demand and our balance sheet provides ample capacity to grow per share earnings and NAV.”
Springer said, “I am excited by the opportunity to continue my 10-plus year relationship with Bryan as we embark on a partnership to lead Sunstone. We will work closely together to capitalize on the embedded value within our existing portfolio as we actively recycle past investments into new growth and value creation opportunities.”