Business
Host Hotels & Resorts, Inc. Reports Second Quarter 2023 Results
The Ritz-Carlton, Naples ReopensCompletion of the Marriott Transformational Capital Program BETHESDA, Md., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Host Hotels &
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"The Ritz-Carlton, Naples ReopensCompletion of the Marriott Transformational Capital Program BETHESDA, Md., Aug. 02, 2023 (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 2023. Operating Results (unaudited, in millions, except per share and hotel statistics) Quarter ended June 30, Year-to-date ended June 30, 2023 2022 Percent Change 2023 2022 Percent Change Revenues$1,393 $1,381 0.9% $2,774 $2,455 13.0%Comparable hotel revenues⁽¹⁾ 1,375 1,324 3.9% 2,728 2,334 16.9%Comparable hotel Total RevPAR⁽¹⁾ 367.54 353.95 3.8% 366.74 313.73 16.9%Comparable hotel RevPAR⁽¹⁾ 225.12 219.23 2.7% 221.46 192.82 14.9% Net income$214 $260 (17.7)% $505 $378 33.6%EBITDAre⁽¹⁾ 446 506 (11.9)% 890 812 9.6%Adjusted EBITDAre⁽¹⁾ 446 500 (10.8)% 890 806 10.4% Diluted earnings per common share 0.29 0.36 (19.4)% 0.70 0.52 34.6%NAREIT FFO per diluted share⁽¹⁾ 0.53 0.58 (8.6)% 1.07 0.97 10.3%Adjusted FFO per diluted share⁽¹⁾ 0.53 0.58 (8.6)% 1.08 0.97 11.3% * Additional detail on the Company’s results, including data for 22 domestic markets, is available in the Second Quarter 2023 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 RevPAR growth of 2.7% over the second quarter of 2022, which is noteworthy given the challenging comparison of the prior year. Our results were driven by improvements in the group business segment and continued rate strength across the portfolio, despite some moderation at our resort properties. Overall, transient demand was affected by headwinds in San Francisco and Seattle and elevated international outbound travel without a corresponding increase in international inbound travel, which led to RevPAR results below our second quarter guidance range. At the same time, comparable hotel Total RevPAR grew 3.8%, which is evidence of the continued strength of out-of-room spend.” Risoleo continued, “During the second quarter, we continued to execute on our capital allocation strategy with the reopening of the transformed Ritz-Carlton, Naples and the completion of the Marriott Transformational Capital Program, further improving the quality of our iconic portfolio. In addition, ...