Business
Host Hotels & Resorts, Inc. Reports Third Quarter 2023 Results
Maintains Midpoint of Full Year RevPAR Growth Guidance Repurchases $100 Million of Common Shares in QuarterAnnounces Hyatt Transformational Capital Program
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"Maintains Midpoint of Full Year RevPAR Growth Guidance Repurchases $100 Million of Common Shares in QuarterAnnounces Hyatt Transformational Capital Program BETHESDA, Md., Nov. 01, 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 third quarter of 2023. OPERATING RESULTS(unaudited, in millions, except per share and hotel statistics) Quarter ended September 30, Year-to-date ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Revenues$1,214 $1,189 2.1% $3,988 $3,644 9.4%Comparable hotel revenues⁽¹⁾ 1,181 1,188 (0.6%) 3,909 3,522 11.0%Comparable hotel Total RevPAR⁽¹⁾ 312.35 314.25 (0.6%) 348.41 313.90 11.0%Comparable hotel RevPAR⁽¹⁾ 201.32 197.76 1.8% 214.67 194.49 10.4% Net income$113 $116 (2.6%) $618 $494 25.1%EBITDAre⁽¹⁾ 361 328 10.1% 1,251 1,140 9.7%Adjusted EBITDAre⁽¹⁾ 361 328 10.1% 1,251 1,134 10.3% Diluted earnings per common share 0.16 0.16 —% 0.85 0.68 25.0%NAREIT FFO per diluted share⁽¹⁾ 0.41 0.38 7.9% 1.48 1.35 9.6%Adjusted FFO per diluted share⁽¹⁾ 0.41 0.38 7.9% 1.48 1.35 9.6% * Additional detail on the Company’s results, including data for 22 domestic markets, is available in the Third 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 1.8% over the third quarter of 2022, driven by improvements in group business, which were offset by moderating rates at our resort properties. We continued to see positive operating trends at our convention and downtown hotels leading to an increase in occupancy of 150 basis points for the quarter.” Risoleo continued, “We have also reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties as we build on our successful capital allocation strategy over the past few years. In addition, we repurchased approximately $100 million of our common stock and paid a third quarter dividend of $0.18 per share, a 20% increase over the second quarter dividend. Despite the impact of the wildfires in Maui, we maintained the midpoint of our previous full year comparable hotel RevPAR growth at 8% and tightened our full year guidance range to 7.25% to 8.75%, ...