SHO · CIK 0001295810
What Sunstone Hotel Investors, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for SHO. More may follow as additional filings are processed.
In its own words
What could break it.
Climate & physical
- Physical-peril exposure — hotels in wildfire-prone / seismically active California (and hurricane-exposed Florida/Hawaii coastal markets)medium
Sunstone owns hotels located in wildfire-prone or seismically active areas of California, and its Florida/Hawaii coastal resorts are exposed to hurricanes and severe weather. A major wildfire, earthquake or hurricane could damage or close a property, and an uninsured loss (or loss in excess of insured limits) could cost the capital invested in a hotel while debt, ground-lease, manager and franchisor obligations continue. With a concentrated 14-hotel portfolio, a single catastrophic event in California, Florida or Hawaii is materially consequential. A specific physical-climate/catastrophe exposure.
“We own hotels located in wildfire-prone or seismically active areas of California”
SEC filing →As of 2026
Geographic concentration
- Market concentration — most hotels in California (~44% of consolidated revenue), Florida, Hawaii and Washington, DC across a 14-hotel portfoliomedium
Sunstone owns only 14 hotels (6,999 rooms) and is geographically concentrated in California, Florida, Hawaii and Washington, DC. California alone drives roughly 44% of consolidated revenue (Northern California ~22% and Southern California ~22%), with Florida ~18% adding to the concentration. A small, concentrated portfolio means a downturn, demand shock, new-supply glut, tax change or disaster in one of these markets — or a Washington, DC government-shutdown hit to government-related convention travel (which it cites for Q4 2025) — disproportionately impacts results. A high, quantified market/geographic concentration.
“As of December 31, 2025, most of our hotels were geographically concentrated in California, Florida, Hawaii, and Washington, DC”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Montage International (Montage Hotels & Resorts)
“most of our hotels operate under a brand owned by Four Seasons, Hilton, Hyatt, Marriott, or Montage.”
Cited →Hilton Worldwide Holdings Inc.
“most of our hotels operate under a brand owned by Four Seasons, Hilton, Hyatt, Marriott, or Montage.”
Cited →Four Seasons Hotels and Resorts
“most of our hotels operate under a brand owned by Four Seasons, Hilton, Hyatt, Marriott, or Montage.”
Cited →“most of our hotels operate under a brand owned by Four Seasons, Hilton, Hyatt, Marriott, or Montage.”
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← World Watch