<?xml version='1.0' encoding='UTF-8'?>

      <!-- iXBRL document created with: Toppan Merrill Bridge iXBRL 9.6.8042.36810 -->
      <!-- Based on: iXBRL 1.1 -->
      <!-- Created on: 2/11/2022 9:46:25 PM -->
      <!-- iXBRL Library version: 1.0.8042.36816 -->
      <!-- iXBRL Service Job ID: 715ffc27-fdb8-4bac-86e1-bf3ee8b5da85 -->

  <html xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:sho="http://www.sunstonehotels.com/20220210" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:xbrldi="http://xbrl.org/2006/xbrldi"><head><meta content="text/html" http-equiv="content-type" /><title></title></head><body><div style="margin-top:30pt;"></div><div style="display:none;"><ix:header><ix:hidden><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityCentralIndexKey" id="Tc_W6oFSFpQyE6BMoR_Drgh3Q_2_1">0001295810</ix:nonNumeric><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:AmendmentFlag" id="Tc_9hUucC7Ka0OtgaAPfiSFqQ_3_1">false</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:type="simple" xlink:href="sho-20220210.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesHPreferredStockMember_C1syepgRBU-2x-tZELTVdw"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001295810</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesHPreferredStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2022-02-10</xbrli:startDate><xbrli:endDate>2022-02-10</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_47APgaF6RkaC8CTE-Migbw"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001295810</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2022-02-10</xbrli:startDate><xbrli:endDate>2022-02-10</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_sho_SeriesIPreferredStockMember_YwAvfK11TEmCoui7T81Xaw"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001295810</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">sho:SeriesIPreferredStockMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2022-02-10</xbrli:startDate><xbrli:endDate>2022-02-10</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001295810</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2022-02-10</xbrli:startDate><xbrli:endDate>2022-02-10</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;border-bottom:1px solid #000000;margin:0pt;">&#160;</p><a id="_af43c174_efe0_4866_bd8c_6db92bcfdaa6"></a><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:16pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:16pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;border-bottom:1.0pt solid #000000;margin:0pt 227.4pt 0pt 227.4pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORM </b><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:DocumentType" id="Narr_7kTaxkv0EEabVlM4HOgmDA"><b style="font-weight:bold;">8-K</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;border-bottom:1.0pt solid #000000;margin:0pt 227.4pt 0pt 227.4pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">CURRENT REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF THE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Date of Report (Date of earliest event reported): </b><ix:nonNumeric format="ixt:datemonthdayyearen" contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:DocumentPeriodEndDate" id="Narr_IhNhOqYnJkSL7snQxCvRNQ"><b style="font-size:11pt;font-weight:bold;">February 10, 2022</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;border-bottom:1.0pt solid #000000;margin:0pt 227.4pt 0pt 227.4pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:18pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityRegistrantName" id="Narr_8D6dZlbcSki9I6VwU35FZg"><b style="font-weight:bold;">Sunstone Hotel Investors, Inc.</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Exact Name of Registrant as Specified in Its Charter)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;border-bottom:1.0pt solid #000000;margin:0pt 227.4pt 0pt 227.4pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">&#160;</p><a id="_447f39e2_7b60_49e5_bba5_6bf1a22b2197"></a><a id="Tc_NWKq7bA3MEGjZwh0LhfnLQ_3_0"></a><a id="Tc_woo32axkNUu2WOSkzFtz0Q_3_2"></a><a id="Tc_PiOgJifUWk2x2SnJGBpwKg_3_4"></a><a id="Tc_qb9iIeKxjEWUiXKsxrR1JQ_5_0"></a><a id="Tc_3nZC_dvXjkKJ5WYuiTokVA_6_0"></a><a id="Tc_zEg91BdZrUaxIPRrCz7vjQ_6_4"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.04960251%;padding-left:0pt;padding-right:0pt;width:100.09%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:35.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:2.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:middle;width:28.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:1.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:middle;width:32.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:middle;width:35.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:2.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:28.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:1.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:32.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:35.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric format="ixt-sec:stateprovnameen" contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityIncorporationStateCountryCode" id="Tc_5aV4_G4yE06z49UdZV0zkQ_2_0"><b style="font-size:9pt;font-weight:bold;">Maryland</b></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:2.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><span style="font-size:7.5pt;">&#160;</span></p></td><td style="vertical-align:top;width:28.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityFileNumber" id="Tc__pOTMbS-5EKYTZb2dx8AxA_2_2"><b style="font-size:9pt;font-weight:bold;">001-32319</b></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:1.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><span style="font-size:7.5pt;">&#160;</span></p></td><td style="vertical-align:top;width:32.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityTaxIdentificationNumber" id="Tc_-NahmBh-CEGcx_kMUXgTDw_2_4"><b style="font-size:9pt;font-weight:bold;">20-1296886</b></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:35.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><b style="font-size:7.5pt;font-weight:bold;">(State or Other Jurisdiction of</b><b style="font-size:7.5pt;font-weight:bold;"><br /></b><b style="font-size:7.5pt;font-weight:bold;">Incorporation or Organization)</b></p></td><td style="vertical-align:bottom;width:2.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><span style="font-size:7.5pt;">&#160;</span></p></td><td style="vertical-align:top;width:28.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><b style="font-size:7.5pt;font-weight:bold;">(Commission File Number)</b></p></td><td style="vertical-align:bottom;width:1.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><span style="font-size:7.5pt;">&#160;</span></p></td><td style="vertical-align:top;width:32.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><b style="font-size:7.5pt;font-weight:bold;">(I.R.S. Employer</b><b style="font-size:7.5pt;font-weight:bold;"><br /></b><b style="font-size:7.5pt;font-weight:bold;">Identification Number)</b></p></td></tr><tr><td style="vertical-align:middle;width:35.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:middle;width:30.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:middle;width:33.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:35.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityAddressAddressLine1" id="Narr_f7ork6dCG0KEv6LJpVQ47w"><b style="font-size:9pt;font-weight:bold;">200 Spectrum Center Drive</b></ix:nonNumeric><b style="font-size:9pt;font-weight:bold;">, </b><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityAddressAddressLine2" id="Narr_Fs-i-XiQkkSmtZCqd9stwg"><b style="font-size:9pt;font-weight:bold;">21</b><sup style="font-size:6.75pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">st</sup><b style="font-size:9pt;font-weight:bold;"> Floor</b></ix:nonNumeric><b style="font-size:9pt;font-weight:bold;"><br /></b><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityAddressCityOrTown" id="Narr_dadxktc7X0mzwDIT5ddHrw"><b style="font-size:9pt;font-weight:bold;">Irvine</b></ix:nonNumeric><b style="font-size:9pt;font-weight:bold;">, </b><ix:nonNumeric format="ixt-sec:stateprovnameen" contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityAddressStateOrProvince" id="Narr_Mi5_jkrDUUWf8Y5QuNKEwA"><b style="font-size:9pt;font-weight:bold;">California</b></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:2.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><span style="font-size:7.5pt;">&#160;</span></p></td><td style="vertical-align:top;width:28.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:1.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><span style="font-size:7.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;width:32.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityAddressPostalZipCode" id="Tc_1xDUi2GSFEu2aM_F_9CwAg_5_4"><b style="font-size:9pt;font-weight:bold;">92618</b></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:35.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><b style="font-size:7.5pt;font-weight:bold;">(Address of Principal Executive Offices)</b></p></td><td style="vertical-align:bottom;width:2.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><span style="font-size:7.5pt;">&#160;</span></p></td><td style="vertical-align:top;width:28.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:1.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><span style="font-size:7.5pt;">&#160;</span></p></td><td style="vertical-align:top;width:32.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><b style="font-size:7.5pt;font-weight:bold;">(Zip Code)</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:9pt;font-weight:bold;">(</b><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:CityAreaCode" id="Narr_yRXncYqU6UiarTSwHs9vPQ"><b style="font-size:9pt;font-weight:bold;">949</b></ix:nonNumeric><b style="font-size:9pt;font-weight:bold;">) </b><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:LocalPhoneNumber" id="Narr_Oqylj1aulU6OHhPW2sxwOQ"><b style="font-size:9pt;font-weight:bold;">330-4000</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:7.5pt;font-weight:bold;">(Registrant&#8217;s telephone number including area code)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">N/A</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:7.5pt;font-weight:bold;">(Former Name or Former Address, if Changed Since Last Report)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:8pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.19;margin:0pt;">&#160;</p><a id="_ba232495_8912_4010_935b_9e9cfdbb83e0"></a><a id="Tc_YH5oScShxUy71rhJL1spiA_1_1"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:4.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:95.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:4.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:WrittenCommunications" id="Tc_xRVPBUomU0S6sEVNPslDRw_1_0"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:95.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.19;margin:0pt;">&#160;</p><a id="_02b9e5f0_392a_4978_aecf_72993ee8346b"></a><a id="Tc_-uQR5FkYyEuvqsXkx8Ghxw_1_1"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:4.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:95.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:4.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:SolicitingMaterial" id="Tc_PLcV3rLvV0WfgG40Zicl0A_1_0"><span style="font-family:'Segoe UI Symbol';font-size:10pt;">&#9744;</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:95.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.19;margin:0pt;">&#160;</p><a id="_90859e51_54e0_42df_bffb_bac971cd1dc8"></a><a id="Tc_lcLIQ08hnE6vnpNl7FA3pg_1_1"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:4.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:95.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:4.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:PreCommencementTenderOffer" id="Tc_YcsIAprOmEyX13IAweYArg_1_0"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:95.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;line-height:1.19;margin:0pt;">&#160;</p><a id="_4c945077_7610_4b50_92b4_1199cba1855a"></a><a id="Tc_f4mZi8ltKU2YfGNzRjHtiQ_1_1"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:4.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:95.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:4.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:PreCommencementIssuerTenderOffer" id="Tc_joEAi2z49k2huIn8mQmX7w_1_0"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:95.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">&#160;</p><a id="_4ac5e4c3_f0fc_4586_b23b_f5f3650ab92c"></a><a id="Tc_Ns0ei7EZhE2ehHq_IPmgmQ_1_0"></a><a id="Tc_II-hzfF6TkONfCfOELOtwg_2_0"></a><a id="Tc_Z_lEQJ252U6UL4AM4vgjHA_2_1"></a><a id="Tc_wpyApNBSLkqjHMWH7JDS4w_2_2"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.06845093%;width:100.13%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:15.84%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:34.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;margin:0pt 0pt 3pt 0pt;">Securities registered pursuant to Section 12(b) of the Act:</p></td><td style="vertical-align:top;width:15.84%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:34.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;">Title of Each Class</p></td><td style="vertical-align:top;width:15.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;">Trading Symbol(s)</p></td><td style="vertical-align:top;width:34.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:center;margin:0pt;">Name of Each Exchange on Which Registered</p></td></tr><tr><td style="vertical-align:top;width:50%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_47APgaF6RkaC8CTE-Migbw" name="dei:Security12bTitle" id="Tc_IWmGOJTlCE6Kac-QbZtAUA_3_0"><span style="font-size:9pt;">Common Stock, $0.01 par value</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:15.84%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_47APgaF6RkaC8CTE-Migbw" name="dei:TradingSymbol" id="Tc_xZjk4s2n802KrMhgAiGtHw_3_1"><span style="font-size:9pt;">SHO</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:34.15%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric format="ixt-sec:exchnameen" contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_47APgaF6RkaC8CTE-Migbw" name="dei:SecurityExchangeName" id="Tc_xU9xJ0X7mk6VwyPBPu2UNA_3_2"><span style="font-size:9pt;">New York Stock Exchange</span></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesHPreferredStockMember_C1syepgRBU-2x-tZELTVdw" name="dei:Security12bTitle" id="Tc_eKVpeTOreEac_1KwMgEZ_w_4_0"><span style="font-size:9pt;">Series H Cumulative Redeemable Preferred Stock, $0.01 par value</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:15.84%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesHPreferredStockMember_C1syepgRBU-2x-tZELTVdw" name="dei:TradingSymbol" id="Tc_lseKnceXIE6rikk300e80A_4_1"><span style="font-size:9pt;">SHO.PRH</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:34.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric format="ixt-sec:exchnameen" contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesHPreferredStockMember_C1syepgRBU-2x-tZELTVdw" name="dei:SecurityExchangeName" id="Tc_GOFTaKASbkeeqPc-db8hgA_4_2"><span style="font-size:9pt;">New York Stock Exchange</span></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_sho_SeriesIPreferredStockMember_YwAvfK11TEmCoui7T81Xaw" name="dei:Security12bTitle" id="Tc_HpIWaARWVU-_EeahT-si_w_5_0"><span style="font-size:9pt;">Series I Cumulative Redeemable Preferred Stock, $0.01 par value</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:15.84%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_sho_SeriesIPreferredStockMember_YwAvfK11TEmCoui7T81Xaw" name="dei:TradingSymbol" id="Tc_hDaya5AilUuxUIWpQeizdg_5_1"><span style="font-size:9pt;">SHO.PRI</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:34.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><ix:nonNumeric format="ixt-sec:exchnameen" contextRef="Duration_2_10_2022_To_2_10_2022_us-gaap_StatementClassOfStockAxis_sho_SeriesIPreferredStockMember_YwAvfK11TEmCoui7T81Xaw" name="dei:SecurityExchangeName" id="Tc_eUN9GRSWg0m95eTc071Hew_5_2"><span style="font-size:9pt;">New York Stock Exchange</span></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:9pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><a id="_f523d975_bb9d_4efc_af4b_12f544aa3297"></a><a id="Tc_N6Yf9ERPgkuvIbGRBOlMeA_1_0"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:20.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:79.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:20.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;">Emerging growth company</p></td><td style="vertical-align:top;width:79.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_2_10_2022_To_2_10_2022_xUCoSzQm9E628ceA_n3SDw" name="dei:EntityEmergingGrowthCompany" id="Tc_kz6-ddpttkCBnuqtQvYIpg_1_1"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:10pt 0pt 10pt 0pt;">If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act<span style="font-size:10pt;">.</span>&#160; <span style="font-family:'Segoe UI Symbol';">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;border-bottom:1px solid #000000;margin:0pt;">&#160;&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:82.35%;border:0;margin:30pt 8.82% 30pt 8.82%;"></div><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_e83d310c_7bee_4c44_8c24_7c83008c9619"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item 5.02</b></span><b style="font-weight:bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt 0pt 0pt 0.75pt;"><span style="line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2022 Annual Base Salaries</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On February 10, 2022, the Compensation Committee (the &#8220;Compensation Committee&#8221;) of the Board of Directors (the &#8220;Board&#8221;) of Sunstone Hotel Investors, Inc. (the &#8220;Company&#8221;) approved the following annual base salaries for Douglas M. Pasquale, Bryan A. Giglia, Robert C. Springer, David M. Klein and Christopher G. Ostapovicz (the &#8220;executives&#8221;), effective as of January 1, 2022:</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:49.21%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:63.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:24.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:24.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022 Annual</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.71%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:24.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Base Salary</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Douglas M. Pasquale</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:8.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:24.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 825,000</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Bryan A. Giglia</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:8.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:24.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 550,000</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Robert C. Springer</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:8.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:24.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 500,000</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">David M. Klein</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:8.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:24.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 425,000</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Christopher G. Ostapovicz</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;white-space:nowrap;width:8.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:24.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 400,000</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:0pt;margin:12pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2022 Annual Bonus Program</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">On February 10, 2022, the Compensation Committee approved a new annual incentive program for the Company&#8217;s 2022 fiscal year (the &#8220;2022 Bonus Program&#8221;).  Under the 2022 Bonus Program, the executives are eligible to earn an annual incentive bonus based on the applicable executive&#8217;s individual performance and the Company&#8217;s achievement of performance goals relating to (1) adjusted funds from operations per share of the Company&#8217;s common stock (AFFO per Share), (2) capital recycling, (3) capital markets and (4) capital investment/rebranding.  The weighting of each component of the 2022 Bonus Program is as follows:</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:50.9%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:65.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:65.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Bonus Component</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:24.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighting</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:65.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Individual Performance</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 25</span></p></td><td style="vertical-align:top;white-space:nowrap;width:5.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:65.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">AFFO per Share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 15</span></p></td><td style="vertical-align:top;white-space:nowrap;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:65.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Capital Recycling</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 30</span></p></td><td style="vertical-align:top;white-space:nowrap;width:5.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:65.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Capital Markets</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 15</span></p></td><td style="vertical-align:top;white-space:nowrap;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:65.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Capital Investment/Rebranding</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 15</span></p></td><td style="vertical-align:top;white-space:nowrap;width:5.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:12pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Under the 2022 Bonus Program, 50% of each target bonus component will be earned for performance at the threshold level, 100% of each target bonus component will be earned for performance at the target level and 150% of each target bonus component will be earned for performance at the maximum level (or above).  Performance between threshold and target and between target and maximum performance levels will be interpolated on a straight-line basis. Achievement of objectives will be determined by the Compensation Committee.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Grant of New Equity-Based Awards</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">On February 10, 2022, the Compensation Committee approved the grant to the executives of performance-based restricted stock units (&#8220;RSUs&#8221;) covering shares of the Company&#8217;s common stock and awards of time-based restricted common stock (collectively, the &#8220;awards&#8221;), under the Company&#8217;s 2004 Long Term Incentive Plan (the &#8220;Plan&#8221;). Commencing with awards granted in 2022, the Compensation Committee determined to transition the Company&#8217;s annual grant practices for performance-based equity awards from a program granting time-vesting awards based on prior performance to a program granting performance-vesting awards tied to future performance.  As a result of this change, in addition to the annual awards described below, the awards granted by the Compensation Committee in 2022 included one-time transition awards for each executive in the form of a performance-vesting award of restricted stock units (&#8220;Transition Performance RSU Awards&#8221;) and a time-vesting award of restricted common stock (the &#8220;Transition Time-Based Restricted Stock Awards&#8221;), as more fully described below.  The following is a brief description of the material terms and conditions of the awards.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Performance-Based RSUs</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><i style="font-style:italic;">General</i><span style="white-space:pre-wrap;">.  Each executive was granted two awards of performance-based RSUs as follows: (i) an annual award of performance-based RSUs (the &#8220;Annual Performance RSU Awards&#8221; and, together with the Transition Performance RSU Awards, the &#8220;Performance RSU Awards&#8221;) and (ii) a Transition Performance RSU Award.  Pursuant to the Performance RSU </span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:82.35%;border:0;margin:30pt 8.82% 30pt 8.82%;"></div><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Awards, each executive is eligible to vest in a number of RSUs ranging from 0% to 200% of the target number of RSUs granted, based on the Company&#8217;s total shareholder return (&#8220;TSR&#8221;) during a three-year performance period (with respect to the Annual Performance RSU Awards) or a two-year performance period (with respect to the Transition Performance RSU Awards), in each case commencing on January 1, 2022 (each, a &#8220;Performance Period&#8221;), measured relative to the total shareholder returns of the companies included in the FTSE Nareit Lodging/Resort Index as of the grant date during the Performance Period, subject to the executive&#8217;s continued service with the Company.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Performance Vesting</i>.<i style="font-style:italic;white-space:pre-wrap;">  </i><span style="white-space:pre-wrap;">The Performance RSU Awards vest based on the Company&#8217;s TSR performance over the applicable Performance Period (the &#8220;Company TSR&#8221;) as compared to the TSR percentages of the companies included on the FTSE Nareit Lodging/Resort Index that have a minimum equity market capitalization of $500,000,000 (the &#8220;Index Relative Performance&#8221;).  In the event the Index Relative Performance is achieved at the &#8220;threshold,&#8221; &#8220;target&#8221; or &#8220;maximum&#8221; level as specified in the applicable award agreement, the award will become vested with respect to the percentage of RSUs set forth below:</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:50.55%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:43.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:41.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:5.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:43.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:46.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relative TSR</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:43.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:center;margin:0pt;"><span style="font-size:10pt;font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:46.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Vesting Percentage</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:43.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Below &quot;Threshold Level&quot;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:41.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;">0 </p></td><td style="vertical-align:top;white-space:nowrap;width:5.49%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:43.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&quot;Threshold Level&quot;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:41.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 50</span></p></td><td style="vertical-align:top;white-space:nowrap;width:5.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:43.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&quot;Target Level&quot;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:41.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 100</span></p></td><td style="vertical-align:top;white-space:nowrap;width:5.49%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:43.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&quot;Maximum Level&quot;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:41.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 200</span></p></td><td style="vertical-align:top;white-space:nowrap;width:5.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">%</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:12pt 0pt 12pt 0pt;">If the Index Relative Performance falls between the levels specified as &#8220;threshold&#8221; and &#8220;target&#8221; or between the levels specified as &#8220;target&#8221; and &#8220;maximum&#8221;, the percentage of RSUs subject to the Performance RSU Awards that will vest will be determined using straight-line linear interpolation between such levels.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Notwithstanding the foregoing, in the event that Company TSR is negative over the applicable Performance Period, the percentage of RSUs subject to the Performance RSU Awards that vest will be reduced by 25%. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Change in Control</i><span style="white-space:pre-wrap;">.  In the event that a change in control of the Company occurs prior to the completion of the applicable Performance Period, the executive has not incurred a termination of service prior to such change in control and the Performance RSU Awards are not converted, assumed or replaced by the surviving entity in such change in control, the Performance RSU Awards will vest with respect to a number of RSUs equal to the number of RSUs which would have vested based on actual performance levels as of, and assuming the completion of, the applicable Performance Period as of the date of such change in control.  Any such RSUs that have not fully vested as of the date on which the change in control occurs will be cancelled and forfeited by the executive.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Certain Terminations of Service</i><span style="white-space:pre-wrap;">.  If an executive&#8217;s service is terminated by the Company other than for &#8220;cause,&#8221; by the executive for &#8220;good reason,&#8221; or due to the executive&#8217;s death or &#8220;disability&#8221; (each as defined in the applicable award agreement), in any case, prior to the completion of the applicable Performance Period,  the Performance RSU Awards will vest with respect to a number of RSUs equal to the number of RSUs which would have vested based on actual performance as of and assuming the completion of the applicable Performance Period as of the date of such termination prorated based on the number of days during the applicable Performance Period through and including the date of such termination upon the administrator&#8217;s determination, within 45 days following the date of the executive&#8217;s termination of service.  Any such RSUs that do not become fully vested in accordance with the preceding sentence upon the administrator&#8217;s determination will be cancelled and forfeited by the executive.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Payment</i><span style="white-space:pre-wrap;">.  Any RSUs that become vested will be paid to the executive in whole shares of Company common stock within twenty (20) days after the applicable vesting date.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Dividend Equivalents</i><span style="white-space:pre-wrap;">.  Each Performance RSU Award is granted in tandem with a corresponding dividend equivalent. Each dividend equivalent entitles the executive to receive payments equal to the amount of the dividends paid on the share of common stock underlying the RSU to which the dividend equivalent relates. Any dividend equivalent payments that would have been made prior to the date on which the RSU becomes vested (plus or minus the amount of gain or loss on such amounts had they been reinvested in common stock on the date that they were paid) will be paid within forty-five (45) days following the date on which the RSU becomes vested (the &#8220;Dividend Payment Date&#8221;).  Upon the executive&#8217;s termination of service for any reason, the executive will not be entitled to any dividend equivalent payments with respect to any RSUs that do not become vested.</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:82.35%;border:0;margin:30pt 8.82% 30pt 8.82%;"></div><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The table below sets forth the target number of Annual Performance RSU Awards and Transition Performance RSU Awards awarded to each of the executives on February 10, 2022.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:70.53%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:33.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:10pt;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Annual Performance</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Transition Performance</b></p></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:33.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">RSU Awards (Target)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">RSU Awards (Target)</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Bryan A. Giglia</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.42%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 84,143</span></p></td><td style="vertical-align:top;white-space:nowrap;width:4.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 56,095</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Robert C. Springer</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 71,223</span></p></td><td style="vertical-align:top;white-space:nowrap;width:4.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 47,482</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">David M. Klein</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.42%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 46,378</span></p></td><td style="vertical-align:top;white-space:nowrap;width:4.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 30,919</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Christopher G. Ostapovicz</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 53,004</span></p></td><td style="vertical-align:top;white-space:nowrap;width:4.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 35,336</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:0pt;margin:12pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Time-Based Restricted Stock</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">General</i><span style="white-space:pre-wrap;">.  Each executive was granted two awards of time-based restricted stock as follows: (i) an annual award of time-based restricted stock (the &#8220;Annual Time-Based Restricted Stock Awards&#8221; and, together with the Transition Time-Based Restricted Stock Awards, the &#8220;Time-Based Restricted Stock Awards&#8221;) and (ii) Transition Time-Based Restricted Stock Awards.  Pursuant to the Time-Based Restricted Stock Awards, each executive is eligible to vest in a number of shares of Company common stock based on the executive&#8217;s continued service with the Company.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Vesting</i><span style="white-space:pre-wrap;">.  The Annual Time-Based Restricted Stock Awards will vest as follows, subject to the executive&#8217;s continued service through each applicable vesting date: 33.4% on February 15, 2023, 33.3% on February 15, 2024 and 33.3% on February 15, 2025. The Transition Time-Based Restricted Stock Awards will vest as follows, subject to the executive&#8217;s continued service through each applicable vesting date: 50% on February 15, 2023 and 50% on February 15, 2024.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The table below sets forth the number of Annual Time-Based Restricted Stock Awards and Transition Time-Based Restricted Stock Awards awarded to each of the executives on February 10, 2022.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:71.22%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:33.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shares Subject to</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shares Subject to</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Annual Time-Based</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Transition Time-Based</b></p></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:33.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Restricted Stock Award</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.82%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Restricted Stock Award</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Bryan A. Giglia</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 28,048</span></p></td><td style="vertical-align:top;white-space:nowrap;width:4.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 28,048</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Robert C. Springer</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 23,741</span></p></td><td style="vertical-align:top;white-space:nowrap;width:4.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 23,741</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">David M. Klein</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 15,459</span></p></td><td style="vertical-align:top;white-space:nowrap;width:4.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 15,459</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Christopher G. Ostapovicz</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 17,668</span></p></td><td style="vertical-align:top;white-space:nowrap;width:4.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:28.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 17,668</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:12pt 0pt 12pt 0pt;">The foregoing description of the awards does not purport to be complete and is qualified in its entirety by reference to the Form of Performance-Vesting Restricted Stock Unit Award Agreement (2022) and the Form of Performance-Vesting Restricted Stock Unit Award Agreement (Transition 2022), copies of which are attached to this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2, respectively, and by reference to the Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.7 to Form 10-K Filed by the Company on February 19, 2015) and to the Form of Restricted Stock Award Certificate (incorporated by reference to Exhibit 10.8 to Form 10-K Filed by the Company on February 19, 2015).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:24.5pt;margin:0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:24.5pt;background:#ffffff;margin:0pt;"><span style="font-size:10pt;font-weight:bold;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><a id="_ec3ed93c_d2ad_4788_a1c9_180acfb3de04"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;background:#ffffff;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item&#160;9.01</b></span><b style="font-weight:bold;">Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;background:#ffffff;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;background:#ffffff;margin:0pt;">(d) Exhibits</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:101.07%;"><tr style="height:1pt;"><td style="vertical-align:top;width:12.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:85.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:12.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:85.31%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:12.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Exhibit No.</b></p></td><td style="vertical-align:top;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:85.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr style="height:12.95pt;"><td style="vertical-align:top;width:12.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">10.1</p></td><td style="vertical-align:top;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:85.31%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt 0pt 6pt 0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="sho-20220210xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Form of Performance-Vesting Restricted Stock Unit Award Agreement (2022).</span></a></p></td></tr><tr style="height:12.95pt;"><td style="vertical-align:top;width:12.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">10.2</p></td><td style="vertical-align:top;width:2.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt 0pt 6pt 0pt;"><span style="font-size:10pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:85.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt 0pt 6pt 0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="sho-20220210xex10d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Form of Performance-Vesting Restricted Stock Unit Award Agreement (Transition 2022).</span></a></p></td></tr><tr style="height:13.05pt;"><td style="vertical-align:top;width:12.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">104</p></td><td style="vertical-align:top;width:2.33%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:85.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document).</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;padding-left:10.8pt;text-indent:-10.8pt;margin:0pt;"><span style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:82.35%;border:0;margin:30pt 8.82% 30pt 8.82%;"></div><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SIGNATURE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;">&#160;</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:38.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;width:3.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;width:53.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:middle;width:38.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;width:3.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;width:53.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:middle;width:38.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;width:3.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;width:53.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:38.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;width:59.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Sunstone Hotel Investors, Inc.</b></p></td></tr><tr style="height:12pt;"><td style="vertical-align:middle;width:38.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td colspan="2" style="vertical-align:middle;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td colspan="2" style="vertical-align:middle;width:55.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:38.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Date: February 11, 2022</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:3.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">By:</p></td><td style="vertical-align:bottom;width:1.9%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:53.81%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">/s/ Bryan A. Giglia</p></td></tr><tr><td style="vertical-align:top;width:38.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:3.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:53.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Bryan A. Giglia</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Principal Financial Officer and Duly Authorized Officer</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;">&#160;</p><a id="_GoBack_0"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:avoid;width:82.35%;border:0;"></div></body></html>
[{"type": "8-K", "sequence": "1", "filename": "sho-20220210x8k.htm", "description": "8-K", "secsgml_size_bytes": 116608}]
{"company-data": {"conformed-name": "Sunstone Hotel Investors, Inc.", "cik": "0001295810", "assigned-sic": "7011", "irs-number": "201296886", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32319", "film-number": "22622169"}, "business-address": {"street1": "200 SPECTRUM CENTER DRIVE", "street2": "21ST FLOOR", "city": "IRVINE", "state": "CA", "zip": "92618", "phone": "(949) 330-4000"}, "mail-address": {"street1": "200 SPECTRUM CENTER DRIVE", "street2": "21ST FLOOR", "city": "IRVINE", "state": "CA", "zip": "92618"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 10, 2022
Sunstone Hotel Investors, Inc.
(Exact Name of Registrant as Specified in Its Charter)
​
​
​
​
​
​
​
​
​
​
Maryland
001-32319
20-1296886
(State or Other Jurisdiction of
Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer
Identification Number)
​
​
​
200 Spectrum Center Drive
,
21
st
Floor
Irvine
,
California
​
92618
(Address of Principal Executive Offices)
​
(Zip Code)
(
949
)
330-4000
(Registrant's telephone number including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
​
​
​
Securities registered pursuant to Section 12(b) of the Act:
​
​
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $0.01 par value
SHO
New York Stock Exchange
Series H Cumulative Redeemable Preferred Stock, $0.01 par value
SHO.PRH
New York Stock Exchange
Series I Cumulative Redeemable Preferred Stock, $0.01 par value
SHO.PRI
New York Stock Exchange
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
​
​
Emerging growth company
☐
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act
.
☐
​
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
​
2022 Annual Base Salaries
On February 10, 2022, the Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") of Sunstone Hotel Investors, Inc. (the "Company") approved the following annual base salaries for Douglas M. Pasquale, Bryan A. Giglia, Robert C. Springer, David M. Klein and Christopher G. Ostapovicz (the "executives"), effective as of January 1, 2022:
​
​
​
​
​
​
​
2022 Annual
Name
​
​
Base Salary
Douglas M. Pasquale
​
$
825,000
Bryan A. Giglia
​
$
550,000
Robert C. Springer
​
$
500,000
David M. Klein
​
$
425,000
Christopher G. Ostapovicz
​
$
400,000
2022 Annual Bonus Program
On February 10, 2022, the Compensation Committee approved a new annual incentive program for the Company's 2022 fiscal year (the "2022 Bonus Program").  Under the 2022 Bonus Program, the executives are eligible to earn an annual incentive bonus based on the applicable executive's individual performance and the Company's achievement of performance goals relating to (1) adjusted funds from operations per share of the Company's common stock (AFFO per Share), (2) capital recycling, (3) capital markets and (4) capital investment/rebranding.  The weighting of each component of the 2022 Bonus Program is as follows:
​
​
​
​
Bonus Component
​
Weighting
Individual Performance
​
25
%
AFFO per Share
​
15
%
Capital Recycling
​
30
%
Capital Markets
​
15
%
Capital Investment/Rebranding
​
15
%
Under the 2022 Bonus Program, 50% of each target bonus component will be earned for performance at the threshold level, 100% of each target bonus component will be earned for performance at the target level and 150% of each target bonus component will be earned for performance at the maximum level (or above).  Performance between threshold and target and between target and maximum performance levels will be interpolated on a straight-line basis. Achievement of objectives will be determined by the Compensation Committee.
Grant of New Equity-Based Awards
On February 10, 2022, the Compensation Committee approved the grant to the executives of performance-based restricted stock units ("RSUs") covering shares of the Company's common stock and awards of time-based restricted common stock (collectively, the "awards"), under the Company's 2004 Long Term Incentive Plan (the "Plan"). Commencing with awards granted in 2022, the Compensation Committee determined to transition the Company's annual grant practices for performance-based equity awards from a program granting time-vesting awards based on prior performance to a program granting performance-vesting awards tied to future performance.  As a result of this change, in addition to the annual awards described below, the awards granted by the Compensation Committee in 2022 included one-time transition awards for each executive in the form of a performance-vesting award of restricted stock units ("Transition Performance RSU Awards") and a time-vesting award of restricted common stock (the "Transition Time-Based Restricted Stock Awards"), as more fully described below.  The following is a brief description of the material terms and conditions of the awards.
Performance-Based RSUs
General
.  Each executive was granted two awards of performance-based RSUs as follows: (i) an annual award of performance-based RSUs (the "Annual Performance RSU Awards" and, together with the Transition Performance RSU Awards, the "Performance RSU Awards") and (ii) a Transition Performance RSU Award.  Pursuant to the Performance RSU
Awards, each executive is eligible to vest in a number of RSUs ranging from 0% to 200% of the target number of RSUs granted, based on the Company's total shareholder return ("TSR") during a three-year performance period (with respect to the Annual Performance RSU Awards) or a two-year performance period (with respect to the Transition Performance RSU Awards), in each case commencing on January 1, 2022 (each, a "Performance Period"), measured relative to the total shareholder returns of the companies included in the FTSE Nareit Lodging/Resort Index as of the grant date during the Performance Period, subject to the executive's continued service with the Company.
Performance Vesting
.
The Performance RSU Awards vest based on the Company's TSR performance over the applicable Performance Period (the "Company TSR") as compared to the TSR percentages of the companies included on the FTSE Nareit Lodging/Resort Index that have a minimum equity market capitalization of $500,000,000 (the "Index Relative Performance").  In the event the Index Relative Performance is achieved at the "threshold," "target" or "maximum" level as specified in the applicable award agreement, the award will become vested with respect to the percentage of RSUs set forth below:
​
​
​
​
​
​
Relative TSR
​
​
Vesting Percentage
Below "Threshold Level"
​
0
%
"Threshold Level"
​
50
%
"Target Level"
​
100
%
"Maximum Level"
​
200
%
If the Index Relative Performance falls between the levels specified as "threshold" and "target" or between the levels specified as "target" and "maximum", the percentage of RSUs subject to the Performance RSU Awards that will vest will be determined using straight-line linear interpolation between such levels.
Notwithstanding the foregoing, in the event that Company TSR is negative over the applicable Performance Period, the percentage of RSUs subject to the Performance RSU Awards that vest will be reduced by 25%.
Change in Control
.  In the event that a change in control of the Company occurs prior to the completion of the applicable Performance Period, the executive has not incurred a termination of service prior to such change in control and the Performance RSU Awards are not converted, assumed or replaced by the surviving entity in such change in control, the Performance RSU Awards will vest with respect to a number of RSUs equal to the number of RSUs which would have vested based on actual performance levels as of, and assuming the completion of, the applicable Performance Period as of the date of such change in control.  Any such RSUs that have not fully vested as of the date on which the change in control occurs will be cancelled and forfeited by the executive.
Certain Terminations of Service
.  If an executive's service is terminated by the Company other than for "cause," by the executive for "good reason," or due to the executive's death or "disability" (each as defined in the applicable award agreement), in any case, prior to the completion of the applicable Performance Period,  the Performance RSU Awards will vest with respect to a number of RSUs equal to the number of RSUs which would have vested based on actual performance as of and assuming the completion of the applicable Performance Period as of the date of such termination prorated based on the number of days during the applicable Performance Period through and including the date of such termination upon the administrator's determination, within 45 days following the date of the executive's termination of service.  Any such RSUs that do not become fully vested in accordance with the preceding sentence upon the administrator's determination will be cancelled and forfeited by the executive.
Payment
.  Any RSUs that become vested will be paid to the executive in whole shares of Company common stock within twenty (20) days after the applicable vesting date.
Dividend Equivalents
.  Each Performance RSU Award is granted in tandem with a corresponding dividend equivalent. Each dividend equivalent entitles the executive to receive payments equal to the amount of the dividends paid on the share of common stock underlying the RSU to which the dividend equivalent relates. Any dividend equivalent payments that would have been made prior to the date on which the RSU becomes vested (plus or minus the amount of gain or loss on such amounts had they been reinvested in common stock on the date that they were paid) will be paid within forty-five (45) days following the date on which the RSU becomes vested (the "Dividend Payment Date").  Upon the executive's termination of service for any reason, the executive will not be entitled to any dividend equivalent payments with respect to any RSUs that do not become vested.
The table below sets forth the target number of Annual Performance RSU Awards and Transition Performance RSU Awards awarded to each of the executives on February 10, 2022.
​
​
​
​
​
​
​
Annual Performance
​
Transition Performance
Name
​
RSU Awards (Target)
​
RSU Awards (Target)
Bryan A. Giglia
​
84,143
​
56,095
Robert C. Springer
​
71,223
​
47,482
David M. Klein
​
46,378
​
30,919
Christopher G. Ostapovicz
​
53,004
​
35,336
Time-Based Restricted Stock
General
.  Each executive was granted two awards of time-based restricted stock as follows: (i) an annual award of time-based restricted stock (the "Annual Time-Based Restricted Stock Awards" and, together with the Transition Time-Based Restricted Stock Awards, the "Time-Based Restricted Stock Awards") and (ii) Transition Time-Based Restricted Stock Awards.  Pursuant to the Time-Based Restricted Stock Awards, each executive is eligible to vest in a number of shares of Company common stock based on the executive's continued service with the Company.
Vesting
.  The Annual Time-Based Restricted Stock Awards will vest as follows, subject to the executive's continued service through each applicable vesting date: 33.4% on February 15, 2023, 33.3% on February 15, 2024 and 33.3% on February 15, 2025. The Transition Time-Based Restricted Stock Awards will vest as follows, subject to the executive's continued service through each applicable vesting date: 50% on February 15, 2023 and 50% on February 15, 2024.
The table below sets forth the number of Annual Time-Based Restricted Stock Awards and Transition Time-Based Restricted Stock Awards awarded to each of the executives on February 10, 2022.
​
​
​
​
​
​
​
Shares Subject to
​
Shares Subject to
​
​
Annual Time-Based
​
Transition Time-Based
Name
​
Restricted Stock Award
​
Restricted Stock Award
Bryan A. Giglia
​
28,048
​
28,048
Robert C. Springer
​
23,741
​
23,741
David M. Klein
​
15,459
​
15,459
Christopher G. Ostapovicz
​
17,668
​
17,668
The foregoing description of the awards does not purport to be complete and is qualified in its entirety by reference to the Form of Performance-Vesting Restricted Stock Unit Award Agreement (2022) and the Form of Performance-Vesting Restricted Stock Unit Award Agreement (Transition 2022), copies of which are attached to this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2, respectively, and by reference to the Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.7 to Form 10-K Filed by the Company on February 19, 2015) and to the Form of Restricted Stock Award Certificate (incorporated by reference to Exhibit 10.8 to Form 10-K Filed by the Company on February 19, 2015).
​
​
Item 9.01
Financial Statements and Exhibits.
​
(d) Exhibits
Exhibit No.
Description
10.1
Form of Performance-Vesting Restricted Stock Unit Award Agreement (2022).
10.2
​
Form of Performance-Vesting Restricted Stock Unit Award Agreement (Transition 2022).
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
​
​
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Sunstone Hotel Investors, Inc.
Date: February 11, 2022
By:
/s/ Bryan A. Giglia
Bryan A. Giglia
Principal Financial Officer and Duly Authorized Officer
​