Sunstone Hotel shares jump on report of Trinity acquisition interest

Investing.comDec 3, 2024 5:04 PM

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Investing.com -- Shares of Sunstone Hotel Investors Inc (NYSE:SHO) surged 11% on Tuesday following a Bloomberg report that Trinity Investments has expressed interest in acquiring the Aliso Viejo, California-based company.

According to the report, Trinity is considering offering $13 per share for Sunstone. However, the companies are not in active talks, the report cited one of the sources as saying.

Both Trinity and Sunstone did not respond to Investing.com's requests for comment.

Sunstone, which operates an ongoing stock repurchase program, recently acquired 2.3 million shares at an average price of $9.79. Last month, the company lowered its 2024 profit outlook to a range of $31 million to $41 million, down from a prior forecast of up to $53 million, amid challenges in the domestic travel industry.

The reported bid comes as domestic travel faces headwinds from persistent inflation, driving demand for budget-friendly accommodations.

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