Business
Host Hotels & Resorts, Inc. Reports Results for the Second Quarter 2024
Acquisitions of 1 Hotel Central Park and The Ritz-Carlton O’ahu, Turtle Bay BETHESDA, Md., July 31, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc.
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"Acquisitions of 1 Hotel Central Park and The Ritz-Carlton O’ahu, Turtle Bay\nBETHESDA, Md., July 31, 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 second quarter of 2024. OPERATING RESULTS(unaudited, in millions, except per share and hotel statistics) Quarter endedJune 30, Year-to-date endedJune 30, 2024 2023 Percent Change 2024 2023 Percent Change Revenues$1,466 $1,393 5.2% $2,937 $2,774 5.9%Comparable hotel revenues⁽¹⁾ 1,415 1,409 0.4% 2,830 2,797 1.2%Comparable hotel Total RevPAR⁽¹⁾ 368.25 366.60 0.5% 368.20 365.97 0.6%Comparable hotel RevPAR⁽¹⁾ 224.29 224.02 0.1% 219.40 220.65 (0.6%) Net income$242 $214 13.1% $514 $505 1.8%EBITDAre⁽¹⁾ 502 446 12.6% 1,006 890 13.0%Adjusted EBITDAre⁽¹⁾ 476 446 6.7% 959 890 7.8% Diluted earnings per common share$0.34 $0.29 17.2% $0.72 $0.70 2.9%NAREIT FFO per diluted share⁽¹⁾ 0.57 0.53 7.5% 1.17 1.07 9.3%Adjusted FFO per diluted share⁽¹⁾ 0.57 0.53 7.5% 1.17 1.08 8.3% Additional detail on the Company’s results, including data for 23 domestic markets, is available in the Second 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 second quarter of 2023, as group business continued to drive increases in banquet and catering revenues. Comparable hotel RevPAR increased 0.1% for the quarter as a result of a slower-than-anticipated recovery in Maui and the current shift in leisure demand to international destinations. In addition, we delivered net income of $242 million, an increase of 13.1% compared to the second quarter of 2023, and Adjusted EBITDAre of $476 million, a 6.7% improvement over the second quarter of 2023.\" Risoleo continued, “Subsequent to quarter end, we acquired the 1 Hotel Central Park, further diversifying our presence in New York City, one of the top performing RevPAR markets in the country this year. We also anticipate closing later today on the acquisition of The Ritz-Carlton O’ahu, Turtle Bay on the North Shore of Oahu, Hawaii, which includes a 49-acre land parcel entitled for development. During the quarter, we repurchased $50 million of common stock and completed several ...