Sunstone Hotel Investors, Inc.’s board of directors has named its president, John Arabia, to the additional role of CEO. Effective immediately, Arabia succeeds Ken Cruse who recently resigned.
Arabia joined Sunstone in 2011 as executive vice president of corporate strategy and chief financial officer. He was promoted to president in February 2014.
“I look forward to continuing to work with the board of directors and Sunstone’s deep and highly experienced executive team to create value for our shareholders,” said Mr. Arabia. “Our portfolio is well-positioned to take advantage of what appears will be a long cyclical upturn.”
“We view the change positively—and we believe the investment community will as well—as Arabia has been the company’s most public-facing executive, is widely credited with redefining and improving the company’s corporate strategy, and is highly regarded among analysts and investors,” said David Loeb, senior research analyst at Robert W. Baird.
In addition to Sunstone, Arabia serves on the board of directors of EdR, a publicly traded REIT and one of the largest American owners, developers and managers of collegiate housing.