Business
Host Hotels & Resorts, Inc. Reports Results for the First Quarter 2024
Acquired 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown BETHESDA, Md., May 01, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc.
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"Acquired 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown\nBETHESDA, Md., May 01, 2024 (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 of 2024. OPERATING RESULTS(unaudited, in millions, except per share and hotel statistics) Quarter ended March 31, 2024 2023 Percent Change Revenues $1,471 $1,381 6.5%Comparable hotel revenues⁽¹⁾ 1,398 1,375 1.7%Comparable hotel Total RevPAR⁽¹⁾ 369.58 367.56 0.5%Comparable hotel RevPAR⁽¹⁾ 215.37 218.08 (1.2%) Net income $272 $291 (6.5%)EBITDAre⁽¹⁾ 504 444 13.5%Adjusted EBITDAre⁽¹⁾ 483 444 8.8% Diluted earnings per common share 0.38 0.40 (5.0%)NAREIT FFO per diluted share⁽¹⁾ 0.60 0.54 11.1%Adjusted FFO per diluted share⁽¹⁾ 0.60 0.55 9.1% Additional detail on the Company’s results, including data for 22 domestic markets, is available in the First Quarter 2024 Supplemental Financial Information on the Company’s website at www.hosthotels.com. James F. Risoleo, President and Chief Executive Officer, said, “Host delivered comparable hotel Total RevPAR growth of 0.5% over the first quarter of 2023, which is impressive given the challenging comparison of the prior year. Banquet revenues led our performance, driven by improvements in group business and continued strong demand in food and beverage. In addition, we delivered net income of $272 million, a decline of 6.5% compared to the first quarter of 2023, and Adjusted EBITDAre of $483 million, an 8.8% improvement over the first quarter of 2023. At the same time, comparable hotel RevPAR declined 1.2%, as a result of tough comparisons, the impact of Maui, and unseasonable weather in many markets that impacted short term leisure demand.” Risoleo continued, “Subsequent to quarter end, we acquired the 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown, underscoring the strength of our balance sheet and our strategic approach to capital allocation. This two-hotel complex further improves the quality of our portfolio and establishes a meaningful presence for Host in a top performing market. As a result of the acquisition, additional business interruption insurance gains and improving out-of-room spend, we kept our net income guidance flat to our previous forecast, while increasing the mid-poi...