Business
Host Hotels & Resorts, Inc. Reports Results for First Quarter 2021
Returns to Profitability at the Hotel-Level; Acquires the Four Seasons Resort Orlando at Walt Disney World® Resort BETHESDA, Md., May 04, 2021 (GLOBE
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"Returns to Profitability at the Hotel-Level; Acquires the Four Seasons Resort Orlando at Walt Disney World® Resort\nBETHESDA, Md., May 04, 2021 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for first quarter 2021. Operating Results(unaudited, in millions, except per share and hotel statistics) Quarter ended March 31, Percent Change Percent Change 2021 2020 vs. Q1 2020 vs. Q1 2019(2) Revenues $399 $1,052 (62.1)% (71.3)%All owned hotel revenues (pro forma) (1) 401 1,053 (61.9)% (69.5)%All owned hotel (pro forma) Total RevPAR - Constant US$ 94.98 247.53 (61.6)% (69.6)%All owned hotel (pro forma) RevPAR - Constant US$ 61.43 147.56 (58.4)% (68.1)% Quarter ended March 31, Percent 2021 2020 Change Net loss $(153) $(3) (5000.0)% EBITDAre (1) 5 164 (97.0)% Adjusted EBITDAre (1) 3 164 (98.2)% Diluted loss per common share (0.22) — N/M NAREIT FFO per diluted share (1) 0.01 0.23 (95.7)% Adjusted FFO per diluted share (1) 0.01 0.23 (95.7)% *Additional detail on the Company’s results, including data for 21 domestic markets, is available in the First Quarter 2021 Supplemental Financial Information available on the Company’s website at www.hosthotels.com. James F. Risoleo, President and Chief Executive Officer, said, “We significantly exceeded our expectations in the first quarter, and returned to profitability at the hotel level for the first time since the onset of the pandemic. As a result, for the quarter, while we recorded a GAAP net loss, we delivered positive Adjusted EBITDAre. As vaccine deployment accelerated and lockdowns eased across the nation, our portfolio continued to gather revenue momentum through February and inflected sharply upward in March, with Spring break travel driving high-rated leisure demand to our luxury resorts in the Sunbelt and other key leisure destinations.” Risoleo continued, “With the lodging recovery underway, we are pleased to have completed the acquisitions of the Hyatt Regency Austin and Four Seasons Resort Orlando at Walt Disney World® Resort for a total of $771 million. These high-quality properties, located in attractive growth markets with strong demand drivers, are expected to benefit from robust recovery trajectories and are already performing better than we anticipated. In ad...