Sunstone Hotel Investors, Inc. Announces Initial Public Offering of Common Stock SAN CLEMENTE, Calif., Oct. 21 /PRNewswire-FirstCall/ -- Sunstone Hotel Investors, Inc. (NYSE:SHO) today announced an initial public offering of 21,100,000 shares of its common stock at a price of $17.00 per share. The Company has granted the underwriters of the offering an option to purchase up to 3,165,000 additional shares of its common stock to cover over-allotments, if any. The offering is expected to close on October 26, 2004. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. Incorporated are acting as joint book runners in the offering, with Deutsche Bank Securities Inc., Bear Stearns & Co. Inc., UBS Securities LLC, A.G. Edwards & Sons, Inc., and Calyon Securities (USA) Inc. acting as co-managers. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the final prospectus for the offering, when available, may be obtained from Citigroup Global Markets Inc. (Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York 11220), Merrill Lynch, Pierce, Fenner & Smith Incorporated (4 World Financial Center, New York, New York 10080) or Morgan Stanley & Co. Incorporated (1585 Broadway, New York, New York 10036). About Sunstone Hotel Investors, Inc. Sunstone Hotel Investors, Inc. is a southern California-based company that expects to qualify as a real estate investment trust (REIT) for federal income tax purposes. The Company owns 54 hotels primarily in the upper-upscale and upscale segment of the United States lodging market. For more information, please contact: Jon D. Kline, Chief Financial Officer of Sunstone Hotel Investors, Inc., +1-949-369-4252; or Investor/Analyst Information, Amy Cozamanis, +1-310-407-6547, or General Information, Laurie Berman, +1-310-407-6546, both of Financial Relations Board, for Sunstone Hotel Investors, Inc. DATASOURCE: Sunstone Hotel Investors, Inc. CONTACT: Jon D. Kline, Chief Financial Officer of Sunstone Hotel Investors, Inc., +1-949-369-4252; or Investor/Analyst Information, Amy Cozamanis, +1-310-407-6547, or General Information, Laurie Berman, +1-310-407-6546, both of Financial Relations Board, for Sunstone Hotel Investors, Inc.

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