Nathan S. Tyrrell
About Nathan S. Tyrrell
Executive Vice President and Chief Investment Officer at Host Hotels & Resorts (HST). He joined the company in 2005, became Treasurer in 2010, Managing Director of East Coast investment activities in 2015, and EVP/CIO in 2017; age 52 as of Feb 21, 2025 . Under his tenure, HST’s 2024 Adjusted EBITDAre was $1,656 million and net income $707 million, with 5-year cumulative TSR of $109.66 vs $92.90 for the NAREIT Lodging & Resorts peer index; 2024 comparable hotel RevPAR rose 0.9% and total RevPAR 2.1% YoY . 2024 capital allocation included $1.5B in acquisitions, ~$550M in capex/resiliency, and $632M returned to shareholders via dividends and buybacks .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Host Hotels & Resorts | Finance Department (various roles) | 2005–2010 | Built analytical foundation for investment/treasury; progressed to Treasurer |
| Host Hotels & Resorts | Treasurer | 2010–2015 | Corporate finance leadership, balance sheet stewardship |
| Host Hotels & Resorts | Managing Director, Investment Activities (East Coast) | 2015–2017 | Led regional deal execution; portfolio optimization |
| Host Hotels & Resorts | EVP & Chief Investment Officer | 2017–Present | Led $1.5B off-market acquisitions in 2024; advanced asset management, hotel contract negotiations, redevelopment strategy and lease extensions |
External Roles
Skip – not disclosed in available filings.
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $600,000 | $600,000 | $650,000 |
| All Other Compensation ($) | $181,879 | $211,229 | $193,500 |
| Perquisites within All Other ($) | $25,963 | — | — |
| Tax Reimbursements on Perqs ($) | $26,067 | — | — |
Performance Compensation
| Metric | Weighting | 2024 Target | 2024 Actual | 2024 Payout for Tyrrell ($) |
|---|---|---|---|---|
| Annual Cash Incentive Target (% of Salary) | — | 100% of salary | — | $650,000 target |
| Capex Cash Flow | 56% of bonus | $619,000,000 | $555,000,000 (High) | $728,000 |
| ROIC (Comparable Hotels) | 24% of bonus | 10.21% | 10.01% (Below Target) | $148,353 |
| Individual Performance | 20% of bonus | Measurable business plan goals | Exceeds Target | $195,000 |
| Total Annual Cash Incentive ($) | — | — | — | $1,071,400 (165% of target) |
Long-term equity design and vesting:
- Performance RSUs (60% LT grant): 50% based on 3-year Relative TSR vs NAREIT Lodging & Resorts Index; 50% based on Adjusted EBITDAre targets set annually over a 3-year cycle; vest at end of 3-year period; earn 25%/50%/100% at Threshold/Target/High .
- Time-based RSUs (40% LT grant): vest ratably over three years .
- 2022–2024 outcomes: Adjusted EBITDAre awards earned between target and high; Relative TSR earned at high (93rd percentile) .
2022–2024 performance RSUs earned/forfeited:
| Component | Units Granted (High) | Target Units | Earned Units | Forfeited Units |
|---|---|---|---|---|
| Adjusted EBITDAre (2022–2024 cycle) | 70,678 | 35,339 | 56,615 | 14,063 |
| Relative TSR (2022–2024 cycle) | 70,678 | 35,339 | 70,678 | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Common Shares) | 586,187 shares; <0.1% of shares outstanding |
| 2024 Vested Stock Awards | 294,658 shares vested; $5,781,898 value realized |
| Options Exercised in 2024 | None |
| Exercisable Options Outstanding (12/31/2024) | 6,069 (exp. 1/15/2025); 817 (exp. 4/15/2025) |
| Unvested Time-based RSUs (12/31/2024) | 15,706 (2022); 30,992 (2023); 49,090 (2024); total market values $275,169; $542,980; $860,057 (at $17.52) |
| Unearned Performance RSUs (12/31/2024) | 141,356 (2022); 122,027 (2023); 73,634 (2024); market values $2,476,557; $2,137,913; $1,290,072 (valuation assumptions per footnote) |
| Ownership Policy & Compliance | Senior management equity ownership/retention policy; executives must retain 75% of net shares until guideline met; all NEOs complied and met required levels in 2024 |
| Hedging/Pledging | Prohibited: no short sales, options/derivatives, hedging, margin accounts, or pledging; executives annually certify and no securities are pledged |
| 10b5-1 Trading Plans | None in place for senior management |
Employment Terms
| Provision | Terms |
|---|---|
| Severance (without cause / good reason) | 1x base salary + 1x average annual cash incentive (prior 3 years); 18 months benefits continuation; partial acceleration of time-based RSUs; if in final performance year, eligible to vest performance RSUs for that year based on actual outcomes (release and one-year non-compete required) |
| Change-in-Control (double trigger) | 2x base salary + 2x average annual cash incentive; pro-rata annual incentive at target; 18 months benefits; all unvested RSUs accelerate (performance RSUs vest at high) |
| Clawbacks | Discretionary recoupment policy (2012) for misconduct leading to material restatement; mandatory recovery policy (effective Oct 2, 2023) per SEC Rule 10D-1 for erroneously received incentive-based pay over prior 3 years |
| Tax Gross-ups | None for severance or change-in-control payments |
| Deferred Compensation | Executive Deferred Compensation Plan: employee deferrals; company match $0.50 per $1 up to 8% comp plus discretionary match; Tyrrell 2024 executive contributions $141,470; company match $59,235; discretionary match $59,235; year-end vested balance $2,400,466 |
Potential payments (as of Dec 31, 2024):
| Scenario | Termination Payment ($) | RSUs ($) | Benefits ($) | Deferred Comp ($) | Total ($) |
|---|---|---|---|---|---|
| Severance (no cause/good reason) | $1,657,533 | $3,063,512 | $56,227 | $2,400,466 | $7,177,738 |
| Change-in-Control (double trigger) | $3,315,067 | $9,178,237 | $56,227 | $2,400,466 | $15,599,997 |
| Pro-rata Target Annual Incentive (CiC) | $650,000 | — | — | — | $650,000 |
Performance & Track Record
- 2024 accomplishments: Led $1.5B off-market acquisitions (1 Hotel Nashville, Embassy Suites Nashville Downtown, 1 Hotel Central Park, Ritz-Carlton O’ahu, Turtle Bay); advanced hotel management contract negotiations; drove strong ancillary revenue/F&B performance; pursued lease extensions and redevelopment/excess land strategies; team restructuring to improve execution .
- Value creation example (prior transaction): The Don CeSar EBITDA grew from ~$15.5M (2016) to ~$35M (2022) post strategy execution and renovation; implied basis ~6.9x 2022 EBITDA after $29M renovations .
- Company-level pay-for-performance alignment: Say-on-pay approvals ~95% (2023) and 93% (2024); LTI 100% quantitative metrics (Adj. EBITDAre and Relative TSR) .
Compensation Structure Analysis
- Mix: High variable pay; performance-based equity is 60% of LTI; annual bonus fully formulaic with capped payouts; no stock options granted since 2016 .
- Metrics: Annual incentive tied to Capex Cash Flow (efficient reinvestment), ROIC (capital effectiveness), and individual goals aligned to the annual plan; LTI tied to 3-year Relative TSR vs NAREIT Lodging & Resorts and Adjusted EBITDAre targets set annually with 3-year cliff vesting .
- Governance safeguards: Ownership guidelines with retention, no hedging/pledging, clawbacks, capped awards, and independent committee/consultant oversight .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited; executives certify compliance; none pledged .
- Clawbacks: In place (2012 discretionary; 2023 mandatory) .
- Section 16(a) compliance: No delinquent filings in 2024 .
- Option repricing: Not permitted without shareholder approval; no option grants since 2016 .
Equity Ownership & Alignment Details
| Item | 2024 YE Quantities and Values |
|---|---|
| Total unvested time-based RSUs (counts by grant) | 15,706 (2022) [$275,169], 30,992 (2023) [$542,980], 49,090 (2024) [$860,057] at $17.52 |
| Total unearned performance RSUs (counts by grant) | 141,356 (2022) [$2,476,557], 122,027 (2023) [$2,137,913], 73,634 (2024) [$1,290,072] (valuation assumptions per footnote) |
| Exercisable options | 6,069 (exp. 1/15/2025), 817 (exp. 4/15/2025) |
Investment Implications
- Pay-for-performance linkage is strong: quantified annual and long-term metrics drive payouts; Tyrrell’s 2024 bonus skewed to Capex Cash Flow outperformance with ROIC below target; LTI metrics earned above target across 2022–2024 cycles, indicating execution against strategic and operational goals .
- Insider selling pressure moderate: substantial RSU vesting in 2024 (294,658 shares; $5.78M), but strict ownership/retention rules and prohibition on hedging/pledging mitigate misalignment; no 10b5-1 plans in place .
- Alignment and protection: robust clawbacks (including SEC-mandated), no tax gross-ups, double-trigger CiC, and capped awards reduce governance risk; ownership policy compliance supports “skin in the game” .
- Retention risk: Severance/CiC economics are competitive (2x/2x; 3-year LTI cliff vesting), with one-year non-compete and attractive RSU acceleration in CiC; current package likely retains critical talent in volatile lodging cycles .
- Execution track record: Documented acquisitions, asset management gains, and redevelopment progress under Tyrrell’s leadership (e.g., Turtle Bay contract, lease extensions, Don CeSar EBITDA uplift) suggest continued focus on elevating EBITDA growth profile and capital efficiency .