Host Hotels & Resorts, Inc. is a self-managed and self-administered real estate investment trust (REIT) that specializes in owning a large portfolio of luxury and upper-upscale hotels . Operating as an umbrella partnership REIT through Host Hotels & Resorts, L.P., the company is the sole general partner and owns 76 properties in the United States and five internationally, totaling approximately 43,400 rooms . The company's revenue streams are primarily derived from room sales, food and beverage services, and other hotel-related services . Host Hotels & Resorts partners with premium brands such as Marriott, Ritz-Carlton, and Hilton, among others, to offer iconic and irreplaceable assets in prime locations .
- Room Sales - Generates revenue through the sale of hotel rooms to transient, group, and contract customers, accounting for the majority of the company's income.
- Food and Beverage Services - Provides dining and catering services within its hotel properties, contributing significantly to the company's revenue.
- Other Hotel-Related Services - Offers additional services such as spa, parking, and other amenities to enhance guest experiences and drive supplementary income.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James F. Risoleo ExecutiveBoard | President and Chief Executive Officer | Board Member at Griffin Realty Trust; Member of AHLA Executive Committee, U.S. Travel Association CEO Roundtable, Real Estate Roundtable; NAREIT Executive Board | Joined HST in 1996; became CEO in January 2017; extensive experience in hotel investment, ESG leadership, and strategic planning. | View Report → |
Julie P. Aslaksen Executive | Executive Vice President, General Counsel, and Secretary | None mentioned | Joined HST in 2019; previously served as General Counsel at General Dynamics Information Technology. | |
Michael E. Lentz Executive | Executive Vice President, Development, Design & Construction | None mentioned | Joined HST in 2016; oversees development and construction; previously held leadership roles at Las Vegas Sands and Walt Disney Imagineering. | |
Nathan S. Tyrrell Executive | Executive Vice President and Chief Investment Officer | None mentioned | Joined HST in 2005; became CIO in 2017; oversees investment activities and portfolio strategy. | |
Sourav Ghosh Executive | Executive Vice President and Chief Financial Officer | None mentioned | Joined HST in 2009; became CFO in 2020; expertise in financial strategy, analytics, and capital markets. | |
A. William Stein Board | Director | Advisory Board Member at Pennybacker Capital, Crusoe Energy; Board Member at Salute Mission Critical, I Have a Dream Foundation | Former CEO of Digital Realty Trust; expertise in sustainability and global ESG matters. | |
Diana M. Laing Board | Director | Board Member at CareTrust REIT, Alexander & Baldwin, Spirit Realty Capital | Financial expert with over 35 years of experience in real estate investment and corporate governance. | |
Gordon H. Smith Board | Independent Lead Director | Board Member at Beasley Broadcast Group, Inc. | Former U.S. Senator from Oregon; expertise in public policy, international trade, and climate change initiatives. | |
Herman E. Bulls Board | Director | Vice Chairman at Jones Lang LaSalle; Board Member at Comfort Systems USA, Fluence Energy; Member of Defense Policy Board, Real Estate Advisory Committee for NYS Teachers’ Retirement System | Real estate and finance expert; extensive leadership experience in public and private sectors. | |
Mary Hogan Preusse Board | Director | Founder of Sturgis Partners; Board Member at Digital Realty Trust, Kimco Realty, Realty Income; Trustee at Bowdoin College; Member of Johns Hopkins Real Estate Advisory Board | Real estate investment expert; managed a $13 billion REIT portfolio; recognized for leadership in diversity and inclusion. | |
Mary L. Baglivo Board | Director | CEO of The Baglivo Group; Board Member at Urban Edge Properties, Ollie’s Bargain Outlet Holdings | Marketing and strategy expert; Chair of HST’s Culture and Compensation Committee. | |
Richard E. Marriott Board | Chairman of the Board | Chairman of First Media Corporation; Chairman of J. Willard Marriott and Alice S. Marriott Foundation; Director of Richard E. and Nancy P. Marriott Foundation; President of Marriott Foundation for People with Disabilities; National Advisory Council of BYU | Chairman since 1993; extensive experience in hospitality and governance. | |
Walter C. Rakowich Board | Director | Board Member at Iron Mountain Incorporated, Ventas, Inc.; Trustee at Penn State University; Board Member at Colorado UpLift | Former CEO of Prologis; expertise in real estate, financial management, and governance. |
- Given that your occupancy rates are still approximately 8 to 9 points below 2019 levels and you attribute this gap to the slow return to office workers, what specific strategies are you implementing to accelerate business transient demand, and how confident are you that occupancy will recover in the near term?
- You mentioned plans to test the market by selling non-core assets that require heavy CapEx investments while also aiming to be a net acquirer; how do you reconcile selling properties that may have future value with the strategy of acquiring new assets in what could become a more competitive transaction market?
- Regarding the 40-unit residential condo development at the Four Seasons Resort Orlando, can you elaborate on the risks associated with your underwritten sales proceeds relative to the $150 million to $170 million development budget, and what contingencies are in place if sales do not meet expectations?
- With leisure rates remaining relatively flat or slightly down year-over-year and considering potential economic headwinds, how do you plan to drive rate growth in the leisure segment for 2025 amid concerns about consumer strength and spending?
- The Maui wildfires have resulted in an estimated EBITDA gap of $75 million to $80 million for next year; what specific measures are you taking to mitigate this impact, and how will it affect your capital allocation priorities, including investments, acquisitions, and stock buybacks?
Research analysts who have asked questions during HOST HOTELS & RESORTS earnings calls.
Chris Darling
Green Street
7 questions for HST
Chris Woronka
Deutsche Bank AG
7 questions for HST
David Katz
Jefferies Financial Group Inc.
7 questions for HST
Duane Pfennigwerth
Evercore ISI
7 questions for HST
Robin Farley
UBS
6 questions for HST
Michael Bellisario
Robert W. Baird & Co.
5 questions for HST
Smedes Rose
Citigroup
5 questions for HST
Ari Klein
BMO Capital Markets
4 questions for HST
Jay Kornreich
Wedbush Securities
4 questions for HST
Aryeh Klein
BMO Capital Markets
3 questions for HST
Jack Armstrong
Wells Fargo
3 questions for HST
Bennett Rose
Citigroup
2 questions for HST
Cooper Clark
Wells Fargo
2 questions for HST
Daniel Hogan
Baird
2 questions for HST
Daniel Politzer
Wells Fargo
2 questions for HST
Floris van Dijkum
Compass Point Research & Trading
2 questions for HST
Gregory Miller
Truist Securities
2 questions for HST
Shaun Kelley
Bank of America Merrill Lynch
1 question for HST
Stephen Grambling
Morgan Stanley
1 question for HST
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
1 Hotel Central Park | 2024 | Acquired for $265 million, the property with 234 rooms was purchased at an 11.1x EBITDA multiple (≈8.1% cap rate) and is expected to rank among the top 10 assets in 2024; its luxury amenities and central location diversify the portfolio in Upper Manhattan. |
The Ritz-Carlton O'ahu, Turtle Bay | 2024 | Purchased for $680 million (net of key money), this iconic property on 1,180 acres with 450 rooms (including 42 bungalows) was acquired at a 16.3x EBITDA multiple (5.3% cap rate), with brand conversion and non-cash liability assumptions enhancing its financial profile. |
1 Hotel Nashville | 2024 | Acquired as part of a combined $530 million deal, this 215-room property—located in Nashville's Lower Broadway with extensive amenities—fits Host Hotels’ strategy in prime markets and is forecasted to contribute significant EBITDA and net income in 2024. |
Embassy Suites by Hilton Nashville Downtown | 2024 | Part of the same $530 million transaction as 1 Hotel Nashville, this 506-room asset in Nashville’s entertainment district offers extensive meeting and leisure facilities and is expected to bolster financial performance with an 11x EBITDA multiple. |
Four Seasons Resort and Residences Jackson Hole | 2022 | Bought for $315 million, this 125-room luxury ski-in/ski-out resort in Jackson Hole (with 44 private residences) was acquired at a 13.6x EBITDA multiple (6.6% cap rate) and has been repositioned through significant renovations, positioning it as one of Host Hotels’ top three assets. |
Recent press releases and 8-K filings for HST.
- Delivered $319 million Adjusted EBITDAre (–3.3% YoY) and $0.35 adjusted FFO per share (–2.8% YoY); year-to-date Adjusted EBITDAre and FFO per share are up 2.2% and 60 bps, respectively.
- Comparable hotel total RevPAR improved 80 bps and RevPAR rose 20 bps due to stronger transient demand and higher rates; quarterly EBITDA margin was 23.9% (–50 bps YoY).
- Sold Washington Marriott Metro Center for $177 million at 12.7× trailing EBITDA; since 2018, disposed $5.2 billion of assets at 17.1× EBITDA vs. $4.9 billion acquired at 13.6× EBITDA.
- Increased full-year guidance: comparable RevPAR to 3%, total RevPAR to 3.4%, and Adjusted EBITDAre to $1.73 billion (+$25 million).
- Host Hotels delivered $319 million in Q3 adjusted EBITDAre (-3.3% YoY) and $0.35 adjusted FFO per share (-2.8% YoY); YTD adjusted EBITDAre and FFO per share rose 2.2% and 60 bps, respectively.
- Raised full-year 2025 guidance with comparable RevPAR growth of ~3%, total RevPAR growth of ~3.4%, and adjusted EBITDAre to $1.73 billion (+$25 million).
- 2025 CapEx guidance of $605–640 million, including $75–80 million for damage reconstruction and $280–295 million for redevelopment, plus $80–85 million for the Four Seasons condo project.
- Strong balance sheet with $2.2 billion liquidity, 2.8× leverage, a 5.2-year average debt maturity, and a Moody’s upgrade to Baa2.
- Returned capital via $200 million of share repurchases YTD and a quarterly dividend of $0.20 per share.
- In Q3 2025, adjusted EBITDAre was $319 million, down 3.3% year-over-year, and adjusted FFO per share was $0.35, down 2.8%.
- Comparable hotel total RevPAR improved 80 bps and RevPAR by 20 bps, while EBITDA margin declined 50 bps to 23.9%.
- Full-year 2025 guidance was raised to ~3% comparable RevPAR growth, 3.4% total RevPAR growth, and $1.73 billion adjusted EBITDAre, up $25 million (1.5%).
- Sold Washington Marriott Metro Center for $177 million at 12.7x EBITDA, and outlined $605–640 million CapEx guidance including $280–295 million for redevelopment, with transformational renovation programs progressing under Hyatt and Marriott.
- Maintains a fortress balance sheet with $2.2 billion of available liquidity, 2.8x leverage, and a Moody’s upgrade to Baa2, stable outlook.
- Q3 2025 comparable hotel performance: 76 comparable hotels, RevPAR $208.07, total revenues $1,293.3 million, Hotel EBITDA $309.4 million
- Capitalization as of September 30, 2025: market value of equity $11,853 million, consolidated debt $5,079 million, cash $539 million, consolidated total capitalization $16,393 million
- Dividends declared: $0.20 per common share for Q3 2025
- Credit facility covenants in compliance: leverage ratio 6.8x (max 7.25x), unsecured interest coverage 3.2x (min 1.75x), fixed charge coverage 3.2x (min 1.25x)
- Senior notes compliance: indebtedness 39% (max 65%), secured indebtedness <1% (max 40%), EBITDA-to-interest coverage 3.2x (min 1.5x), ratio of unencumbered assets to unsecured indebtedness 257% (min 150%)
- Operational performance: delivered $319 million adjusted EBITDAre (−3.3% YoY) and $0.35 adjusted FFO/share (−2.8% YoY) in Q3; YTD adjusted EBITDAre and FFO/share up 2.2% and 60 bps, respectively.
- Updated guidance: raised full-year comparable RevPAR to ~3%, total RevPAR to 3.4%, and adjusted EBITDAre to $1,730 million (up $25 million); since February, RevPAR expectations are +150 bps and EBITDA guidance +$110 million.
- RevPAR and demand: comparable hotel total RevPAR grew 80 bps YoY on stronger transient demand and rate growth; resort transient revenue +2% with Maui RevPAR +20%, and 2026 total group revenue pace +5%.
- Capital allocation: sold Washington Marriott Metro Center for $177 million at 12.7× LTM EBITDA; since 2018 disposed ~$5.2 billion of hotels at 17.1× EBITDA vs $4.9 billion of acquisitions at 13.6×; 2025 CapEx guidance is $605–$640 million, including $280–$295 million for redevelopment.
- Q3 2025 comparable hotel Total RevPAR grew 0.8% and RevPAR grew 0.2% versus Q3 2024, reflecting strong transient demand and rate improvements.
- Total revenues for the quarter were $1.331 billion, up 0.9% year-over-year; GAAP net income was $163 million (+94.0%), and diluted EPS was $0.23 (+91.7%).
- Full-year comparable hotel RevPAR growth guidance was raised to approximately 3.0% over 2024, up from prior ranges.
- Announced a second Marriott Transformational Capital Program and completed the sale of the Washington Marriott at Metro Center, supporting portfolio reinvestment and liquidity.
- $500 million 5.700% Series M Senior Notes due 2032 were issued under a Tenth Supplemental Indenture effective May 20, 2025, establishing the new series of senior notes.
- The indenture provides optional redemption provisions, allowing for note redemption before and after the Par Call Date with calculated redemption prices.
- Net proceeds from the offering will be used to redeem the outstanding $500 million 4.000% Series E Senior Notes due 2025, supporting the firm’s debt management strategy.
- Host Hotels & Resorts, Inc. and its operating partnership entered into an underwriting agreement for a $500 million Series M Senior Notes issuance at a 5.700% coupon rate due 2032 on May 6, 2025.
- The net proceeds, estimated at approximately $490 million, will be used along with cash on hand to redeem the outstanding Series E Senior Notes due 2025, with a redemption date set for May 22, 2025.
- Strong Q1 performance with adjusted EBITDAre of $514 million (up 5.1% year-over-year) and adjusted FFO per share of $0.64 (up 4.9%), driven by operational gains and business interruption proceeds.
- Solid revenue trends were noted with improved comparable hotel RevPAR, notable transient strength in markets such as Maui and New York, and robust group performance despite challenging comparisons.
- Guidance updates point to moderated RevPAR growth and margin pressures for the full year, supported by disciplined capital allocation and dividend payments of $0.20 per share.
- Healthy balance sheet metrics underscore a leverage ratio of 2.8x and $2.2 billion in available liquidity, positioning the company for opportunistic investments.
- Filed on April 8, 2025, the Form 8-K details updates related to the company's registration statement on Form S-3 for its common stock offerings, including prospectus supplements.
- The report covers two mechanisms: one for the offer and sale of shares up to a combined aggregate value of $600 million and another for the issuance of shares in exchange for limited partnership units.
- Legal counsel, Venable LLP, provided opinions confirming that the share offerings are properly authorized, ensuring the shares will be validly issued, fully paid, and nonassessable.