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Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Amanecer, Suite 100 San Clemente, CA 92673(949) 369-400004 Sunstone Hotel Investors, reportSunstone Hotel Investors, Annual 4/1/05 2:37 AM Page $ rate$ $ par$ of DirectorsLewis N. WolffChairman,Wolff DiNapoli, LLCR obert A. AlterChief Executive Officer, Sunstone Hotel Investors, Jamie BeharPortfolio Manager,General Motors InvestmentManagement CorporationBarbara S. BrownSenior Managing Director,Newlin Capital Partners, LLCA nthony W. DonaPartner,Thackeray PartnersPaul D. KazilionisManaging Principal,Westbrook Real Estate Partners, LLCJ onathan H. PaulManaging Principal,Rockpoint Group, LLCK eith P. RussellPresident,Russell Financial, M. SiegelPrincipal,DMS Financial ServicesExecutive OfficersRobert A. AlterChief Executive OfficerJon D. KlineExecutive Vice President &Chief Financial OfficerGary A. StougaardExecutive Vice President &Chief Investment OfficerAnnual Meeting of ShareholdersThe Annual Meeting will be held at 8:30 May 10, 2005at:Embassy Suites Hotel600 North State StreetChicago, Ilinois 60610 Transfer AgentAmerican Stock Transfer & Trust LaneNew York, New York 10038(800)937-5449 Stock ListingCommon stock of the Company is traded onthe New York Stock Exchange under thesymbol SHO.

1 Sunstone’s strategy is to maximize shareholder value by acquiring underperforming hotels and significantly improving their financial performance through redevelopment, renovation and rebranding.

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