Business
Host Hotels & Resorts Temporarily Suspends Quarterly Cash Dividend to Preserve Liquidity While Navigating the Business Impact of COVID-19
BETHESDA, Md., June 19, 2020 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"BETHESDA, Md., June 19, 2020 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the \"Company\"), today announced that its Board of Directors has temporarily suspended the Company’s regular quarterly dividend, commencing with the second quarter dividend that would have been paid in July 2020.\n The Company previously paid a quarterly cash dividend of $0.20 per share on its common stock on April 15, 2020 to stockholders of record as of March 31, 2020. The company estimates that the suspension of the dividend will preserve approximately $140 million in cash during the second quarter. James F. Risoleo, President and Chief Executive Officer, said, “The Board’s decision to suspend the quarterly dividend is consistent with the other measures the Company has implemented to preserve liquidity and maintain balance sheet flexibility, including reducing capital expenditures by $100 to $125 million and corporate expenses by 10% to 15%. The Board will continue to monitor the Company’s financial performance and operating environment to determine the appropriate time to reinstate a regular quarterly dividend.” About Host Hotels & Resorts Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 75 properties in the United States and five properties internationally totaling approximately 46,700 rooms. The Company also holds non-controlling interests in six domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com. * This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release. Note: This press release contains forward-looking statements within the meaning of federal securities regulati...