Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

Schedule III-Real Estate and Accumulated Depreciation

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SUNSTONE HOTEL INVESTORS, INC.

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2020

(In thousands)

								Cost Capitalized				Gross Amount at
				Initial costs				Subsequent to Acquisition				December 31, 2020 (1)
						Bldg. and				Bldg. and				Bldg. and				Accum.		Date	Depr.
	Encmbr.			Land		Impr.		Land		Impr.		Land		Impr.		Totals		Depr.		Acq./Constr.	Life
Boston Park Plaza	$	—	(2)	$	58,527	$	170,589	$	—	$	124,530	$	58,527	$	295,119	$	353,646	$	82,850	2013	5-35
Embassy Suites Chicago		—			79		46,886		6,348		26,360		6,427		73,246		79,673		38,972	2002	5-35
Embassy Suites La Jolla		57,890			27,900		70,450		—		17,242		27,900		87,692		115,592		41,109	2006	5-35
Hilton Garden Inn Chicago Downtown/Magnificent Mile		—	(2)		14,040		66,350		—		10,795		14,040		77,145		91,185		14,835	2012	5-50
Hilton New Orleans St. Charles		—	(2)		3,698		53,578		—		10,495		3,698		64,073		67,771		11,419	2013	5-35
Hilton San Diego Bayfront		220,000			—		424,992		—		24,200		—		449,192		449,192		80,848	2011	5-57
Hyatt Centric Chicago Magnificent Mile		—	(2)		—		91,964		—		(38,974)		—		52,990		52,990		21,487	2012	5-40
Hyatt Regency San Francisco		—	(2)		116,140		131,430		—		58,467		116,140		189,897		306,037		61,332	2013	5-35
JW Marriott New Orleans		80,055			—		73,420		15,147		38,053		15,147		111,473		126,620		28,681	2011	5-35
Marriott Boston Long Wharf		—	(2)		51,598		170,238		—		73,663		51,598		243,901		295,499		101,811	2007	5-35
Oceans Edge Resort & Marina		—	(2)		92,510		74,361		2,000		5,945		94,510		80,306		174,816		7,662	2017	5-40
Renaissance Long Beach		—	(2)		10,437		37,300		—		27,533		10,437		64,833		75,270		29,402	2005	5-35
Renaissance Orlando at SeaWorld ®		—	(2)		—		119,733		30,717		67,868		30,717		187,601		218,318		83,715	2005	5-35
Renaissance Washington DC		—			14,563		132,800		—		49,280		14,563		182,080		196,643		90,784	2005	5-35
Renaissance Westchester		—	(2)		5,751		17,069		(3,291)		(6,923)		2,460		10,146		12,606		—	2010	5-35
The Bidwell Marriott Portland		—	(2)		5,341		20,705		—		26,602		5,341		47,307		52,648		17,484	2000	5-35
Wailea Beach Resort		—	(2)		119,707		194,137		—		112,612		119,707		306,749		426,456		59,898	2014	5-40
	$	357,945		$	520,291	$	1,896,002	$	50,921	$	627,748	$	571,212	$	2,523,750	$	3,094,962	$	772,289

(1) The aggregate cost of properties for federal income tax purposes is approximately $3.5 billion (unaudited) at December 31, 2020.

(2) Hotel is pledged as collateral by the Company’s credit facility. As of December 31, 2020, the Company has no outstanding indebtedness under its credit facility.

The following is a reconciliation of real estate assets and accumulated depreciation (in thousands):

	Hotel Properties
	2020		2019		2018
Reconciliation of land and buildings and improvements:
Balance at the beginning of the year	$	3,551,715	$	3,595,301	$	3,654,623
Activity during year:
Acquisitions		1,296		704		15,147
Improvements		47,547		78,579		96,481
Impairment losses		(252,909)		(34,888)		(1,797)
Changes in reporting presentation (1)		—		(58,799)		171,675
Dispositions		(252,687)		(29,182)		(340,828)
Balance at the end of the year	$	3,094,962	$	3,551,715	$	3,595,301
Reconciliation of accumulated depreciation:
Balance at the beginning of the year	$	888,378	$	815,628	$	776,077
Depreciation		101,218		107,949		108,175
Impairment losses		(137,292)		(12,572)		(491)
Changes in reporting presentation (1)		—		(9,677)		57,363
Dispositions		(80,015)		(12,950)		(125,496)
Balance at the end of the year	$	772,289	$	888,378	$	815,628

(1) Changes in reporting presentation in 2019 include the reclasses necessary upon the Company’s implementation of Leases (Topic 842) of the FASB ASC to move the Hyatt Centric Chicago Magnificent Mile’s finance lease asset from investment in hotel properties, net to finance lease right-of-use asset, net. Changes in reporting presentation in 2018 include the net assets for the Marriott Philadelphia and the Marriott Quincy, which the Company classified as held for sale in 2017 and subsequently sold in 2018.