Host Hotels & Resorts, Inc.NASDAQ: HST

Host Hotels & Resorts, Inc. Reports Results for the Second Quarter of 2026

· Issued by Host Hotels & Resorts, Inc. via GlobeNewswire

Delivered Comparable Hotel RevPAR Growth of 7.0% and Comparable Hotel Total RevPAR Growth of 5.9% 
Raises Full Year 2026 Comparable Hotel Total RevPAR and RevPAR Growth Guidance Ranges to 4.75% to 5.25%

BETHESDA, Md., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the "Company"), the nation's largest lodging real estate investment trust ("REIT"), today announced results for the second quarter of 2026.

OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)

Quarter ended
June 30,

Year-to-date ended
June 30,

2026

2025

Percent
Change

2026

2025

Percent
Change

Revenues

$

1,640

$

1,586

3.4

%

$

3,285

$

3,180

3.3

%

Comparable hotel revenues⁽¹⁾

1,558

1,471

5.9

%

3,102

2,945

5.3

%

Comparable hotel Total RevPAR⁽¹⁾

417.58

394.27

5.9

%

417.89

396.95

5.3

%

Comparable hotel RevPAR⁽¹⁾

251.53

235.05

7.0

%

247.84

234.41

5.7

%

Net income

$

241

$

225

7.1

%

$

742

$

476

55.9

%

EBITDAre⁽¹⁾

519

491

5.7

%

1,056

999

5.7

%

Adjusted EBITDAre⁽¹⁾

525

496

5.8

%

1,068

1,010

5.7

%

Diluted earnings per common share

$

0.35

$

0.32

9.4

%

$

1.06

$

0.67

58.2

%

NAREIT FFO per diluted share⁽¹⁾

0.62

0.57

8.8

%

1.28

1.20

6.7

%

Adjusted FFO per diluted share⁽¹⁾

0.63

0.58

8.6

%

1.30

1.21

7.4

%

* Additional detail on the Company's results, including data for 24 domestic markets, is available in the Second Quarter 2026 Supplemental Financial Information on the Company's website at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, said, "We are pleased to have delivered a strong second quarter underscoring the success of our capital allocation strategy, the quality of our portfolio, and the continued benefits of reinvesting in our assets. We achieved comparable hotel RevPAR growth of 7.0% for the quarter, driven by solid rate growth across the portfolio, bolstered by the World Cup and broad-based strength in leisure transient demand and group business. Comparable hotel Total RevPAR grew 5.9% year-over-year, driven by leisure transient business as well as increases in food and beverage revenues.

Risoleo continued, "We are encouraged by the durability of demand across our portfolio, as affluent consumers continue to prioritize travel and group demand remains healthy across many of our markets. As a result, we are increasing our 2026 comparable hotel Total RevPAR and RevPAR growth guidance ranges to 4.75% to 5.25% over 2025. We believe our investment-grade balance sheet, strong liquidity, and a diversified portfolio position Host to deliver long-term value, capitalize on favorable industry fundamentals, and selectively pursue growth opportunities."

_______________________________

(1)

NAREIT Funds From Operations ("FFO") per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission ("SEC"). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.

HIGHLIGHTS:

  • Comparable hotel Total RevPAR was $417.58 for the second quarter of 2026, an increase of 5.9% compared to the same period in 2025, driven by increases in room rates and continued growth in food and beverage spend. Growth was broad-based and improved throughout the quarter with markets both hosting and not hosting FIFA World Cup matches demonstrating solid revenue performance. Comparable hotel Total RevPAR year-to-date in 2026 was $417.89, an increase of 5.3%.

  • Comparable hotel RevPAR was $251.53, an increase of 7.0%, compared to the same period in 2025, primarily due to increases in room rates, driven by strong transient leisure business, particularly at resorts and in connection with the FIFA World Cup matches, and robust group business. Comparable hotel RevPAR year-to-date in 2026 was $247.84, an increase of 5.7%.

  • GAAP net income was $241 million, a 7.1% increase compared to the second quarter of 2025, reflecting GAAP operating profit margin of 17.9%, an improvement of 40 basis points compared to the second quarter of 2025, as higher room rates offset wage expense increases and a $9 million decrease in net gains on insurance settlements. Year-to-date, GAAP net income was $742 million, a 55.9% increase compared to 2025, benefitting from gains on asset sales and GAAP operating profit margin of 18.6%, an improvement of 90 basis points compared to 2025.

  • Comparable hotel EBITDA was $497 million, an increase of 7.8% compared to the second quarter of 2025, reflecting a comparable hotel EBITDA margin increase of 60 basis points to 31.9% due to improvements in operations, largely driven by average room rate increases, which offset increases in wage expense, higher incentive management fees, and reductions in operating profit guarantee payments and attrition and cancellation fees over the same period in 2025. Year-to-date, comparable hotel EBITDA was $1,002 million, an increase of 7.4% compared to 2025, while comparable hotel EBITDA margin increased 60 basis points to 32.3%.

  • Adjusted EBITDAre was $525 million, an increase of 5.8% compared to the second quarter of 2025. Results benefited from improved operations and comparable hotel EBITDA margins, which more than offset declines due to the sale of six hotels in 2025 and 2026. In addition, the sale of seven villas at the recently completed development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort contributed $8 million to net income and Adjusted EBITDAre. Year-to-date Adjusted EBITDAre was $1,068 million, exceeding 2025 by 5.7%.

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at June 30, 2026:

  • Total assets of $13.3 billion.

  • Debt balance of $5.1 billion, with a weighted average maturity of 4.7 years, a weighted average interest rate of 4.8%, and no maturities in 2026.

  • Total available liquidity of approximately $3.6 billion, including furniture, fixtures and equipment escrow reserves of $156 million and $1.5 billion available under the revolver portion of the credit facility. The payment of the second quarter regular and special dividend on July 15 reduced the cash balance by $630 million.

DIVIDENDS

The Company paid a second quarter common stock cash dividend of $0.92 per share on July 15, 2026 to stockholders of record on June 30, 2026. The dividend included a $0.72 per share special dividend representing the distribution of the approximately $500 million taxable gain resulting from the Four Seasons sales completed in the first quarter of 2026. All future dividends, including any special dividends, are subject to approval by the Company's Board of Directors.

HOTEL BUSINESS MIX UPDATE

The Company's customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 34%, and 5%, respectively, of its full year 2025 room sales.

The following are the results for transient, group and contract business in comparison to 2025 performance, for the Company's current portfolio:

Quarter ended June 30, 2026

Year-to-date ended June 30, 2026

Transient

Group

Contract

Transient

Group

Contract

Room nights (in thousands)

1,487

1,093

215

2,773

2,199

419

Percent change in room nights vs. same period in 2025

(0.7

%)

3.5

%

3.4

%

(0.6

%)

2.1

%

5.6

%

Rooms revenues (in millions)

$

559

$

332

$

48

$

1,057

$

688

$

95

Percent change in revenues vs. same period in 2025

6.9

%

7.4

%

6.6

%

6.2

%

4.8

%

8.5

%

CAPITAL EXPENDITURES

The following presents the Company's capital expenditures spend through the second quarter of 2026 and the forecast for the full year 2026 (in millions):

Year-to-date
ended June 30,
2026

2026 Full Year Forecast

Actual

Low-end of
range

High-end of
range

ROI - Marriott and Hyatt Transformational Capital Programs

$

73

$

175

$

200

All other return on investment ("ROI") projects

30

75

85

Total ROI Projects

103

250

285

Renewals and Replacements ("R&R")

138

275

315

R&R and ROI Capital expenditures

241

525

600

R&R - Property Damage Reconstruction

2

25

30

Total Capital Expenditures

$

243

$

550

$

630

Inventory spend for condo development(1)

16

17

17

Total capital allocation

$

259

$

567

$

647

__________

(1)

Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.

The forecast property damage reconstruction includes estimated spend for damage caused by the Kona Low rainstorm to the Company's properties in Hawaii in March 2026. Remediation efforts are substantially complete, and the hotels remained operational with isolated instances of water damage. The Company is still evaluating the complete property and business interruption impacts of the storm, but currently estimates the total property costs to be approximately $27 million to $32 million, which includes remediation costs of approximately $2 million. The Company expects its insurance coverage to substantially cover the property damage in excess of the insurance deductible.

Under the Hyatt and Marriott Transformational Capital Programs, the Company received $5 million of operating guarantees in the second quarter of 2026 to offset expected business disruption. The Company expects to receive a total of $19 million of operating guarantees in 2026 under the two programs. The transformational renovation at the Grand Hyatt Washington was completed in the second quarter of 2026.

2026 OUTLOOK

In the first half of 2026, the Company saw strong leisure and group demand, which drove an increase in rates. Comparable hotel RevPAR for July also grew approximately 10% over 2025, with a continued boost from the FIFA World Cup games. The 2026 guidance range includes the benefits from the FIFA World Cup as well as improved expectations in the second half of the year driven by leisure demand and modest improvements to short-term group booking trends. Full year operating profit margins and comparable hotel EBITDA margins are expected to increase slightly compared to 2025, as first half rate improvements offset increases in wage expense, while year-over-year comparisons are expected to moderate, primarily due to lower room rate growth expectations in the second half of the year.

In comparison to 2025, the guidance reflects a reduction in earnings due to the 2026 and 2025 dispositions. The guidance for net income and Adjusted EBITDAre also includes an estimated $16 million to $20 million net contribution from total sales expected to close at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort this year, and remaining sales expected to shift into 2027. Additionally, the final determination on insurance claims related to Hurricanes Helene and Milton is expected in 2026, but no additional amounts from what was received in first quarter are included in guidance.

The Company anticipates its 2026 operating results as compared to 2025 will be in the following range:

Current Full Year
2026 Guidance

Current Full Year
2026 Guidance
Change vs. 2025

Previous Full Year
2026 Guidance
Change vs. 2025

Change in Full Year
2026 Guidance to
the Mid-Point

Comparable hotel Total RevPAR

$391 to $392

4.75% to 5.25%

3.5% to 5.0%

75 bps

Comparable hotel RevPAR

$234 to $235

4.75% to 5.25%

3.0% to 4.5%

125 bps

Total revenues under GAAP (in millions)

$6,124 to $6,153

0.2% to 0.6%

(0.3%) to 1.1%

0 bps

Operating profit margin under GAAP

14.9% to 15.1%

90 bps to 110 bps

40 bps to 110 bps

20 bps

Comparable hotel EBITDA margin

29.6% to 29.7%

40 bps to 50 bps

20 bps to 50 bps

20 bps

Based upon the above parameters, the Company estimates its 2026 guidance as follows:

Current Full Year
2026 Guidance

Previous Full Year
2026 Guidance

Change in Full Year
2026 Guidance to
the Mid-Point

Net income (in millions)

$944 to $962

$908 to $955

$21

Adjusted EBITDAre (in millions)

$1,820 to $1,840

$1,785 to $1,835

$20

Diluted earnings per common share

$1.35 to $1.38

$1.30 to $1.37

$0.04

NAREIT FFO per diluted share

$2.11 to $2.14

$2.06 to $2.12

$0.02

Adjusted FFO per diluted share

$2.15 to $2.18

$2.10 to $2.16

$0.03

See the 2026 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Second Quarter 2026 Supplemental Financial Information for additional detail on the mid-point of full year 2026 guidance.

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 70 properties in the United States and five properties internationally totaling approximately 41,300 rooms. The Company also holds non-controlling interests in seven domestic 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®, W®, The Luxury Collection®, Hyatt®, Fairmont®, 1 Hotels®, Hilton®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company's website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include, but may not be limited to, our expectations regarding the strength of lodging demand, the continued recovery in Maui from the 2023 wildfires, and 2026 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company's annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of August 5, 2026, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks have any responsibility or liability for any information contained in this press release.

*** Tables to Follow ***

Host Hotels & Resorts, Inc., herein referred to as "we," "Host Inc.," or the "Company," is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. ("Host LP"), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of June 30, 2026, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.

HOST HOTELS & RESORTS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)

June 30,
2026

December 31, 2025

ASSETS

Property and equipment, net

$

9,639

$

10,636

Right-of-use assets

560

560

Assets held for sale

—

34

Due from managers

110

39

Advances to and investments in affiliates

299

259

Furniture, fixtures and equipment replacement fund

156

167

Notes receivable

114

114

Other

422

472

Cash and cash equivalents

1,953

768

Total assets

$

13,253

$

13,049

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY

Debt⁽¹⁾

Senior notes

$

3,990

$

3,986

Credit facility, including the term loans of $999

998

996

Mortgage and other debt

94

95

Total debt

5,082

5,077

Lease liabilities

563

563

Accounts payable and accrued expenses

736

355

Due to managers

9

76

Other

245

246

Total liabilities

6,635

6,317

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.

226

171

Host Hotels & Resorts, Inc. stockholders' equity:

Common stock, par value $0.01, 1,050 million shares authorized, 685.0 million shares and 687.8 million shares issued and outstanding, respectively

7

7

Additional paid-in capital

7,159

7,289

Accumulated other comprehensive loss

(66

)

(68

)

Deficit

(712

)

(670

)

Total equity of Host Hotels & Resorts, Inc. stockholders

6,388

6,558

Non-redeemable non-controlling interests—other consolidated partnerships

4

3

Total equity

6,392

6,561

Total liabilities, non-controlling interests and equity

$

13,253

$

13,049

__________

 (1)

Please see our Second Quarter 2026 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.

HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)

Quarter ended
June 30,

Year-to-date ended June 30,

2026

2025

2026

2025

Revenues

Rooms

$

954

$

949

$

1,897

$

1,887

Food and beverage

484

478

1,001

981

Other

149

159

308

312

Condominium sales

53

—

79

—

Total revenues

1,640

1,586

3,285

3,180

Expenses

Rooms

231

233

455

458

Food and beverage

311

313

638

636

Other departmental and support expenses

371

375

744

739

Management fees

74

70

141

139

Other property-level expenses

94

107

197

218

Depreciation and amortization

193

195

383

391

Cost of goods sold

44

—

65

—

Corporate and other expenses⁽¹⁾

29

25

57

56

Net gain on insurance settlements

—

(9

)

(7

)

(19

)

Total operating costs and expenses

1,347

1,309

2,673

2,618

Operating profit

293

277

612

562

Interest income

18

7

30

15

Interest expense

(58

)

(58

)

(117

)

(115

)

Other gains (losses)

(1

)

22

241

26

Equity in earnings of affiliates

7

4

11

14

Income before income taxes

259

252

777

502

Provision for income taxes

(18

)

(27

)

(35

)

(26

)

Net income

241

225

742

476

Less: Net income attributable to non-controlling interests

(4

)

(4

)

(11

)

(7

)

Net income attributable to Host Inc.

$

237

$

221

$

731

$

469

Basic earnings per common share

$

0.35

$

0.32

$

1.07

$

0.68

Diluted earnings per common share

$

0.35

$

0.32

$

1.06

$

0.67

___________

(1)

Corporate and other expenses include the following items:

Quarter ended
June 30,

Year-to-date ended June 30,

2026

2025

2026

2025

General and administrative costs

$

23

$

20

$

45

$

45

Non-cash stock-based compensation expense

6

5

12

11

Total

$

29

$

25

$

57

$

56

HOST HOTELS & RESORTS, INC.
Earnings per Common Share
(unaudited, in millions, except per share amounts)

Quarter ended June 30,

Year-to-date ended June 30,

2026

2025

2026

2025

Net income

$

241

$

225

$

742

$

476

Less: Net income attributable to non-controlling interests

(4

)

(4

)

(11

)

(7

)

Net income attributable to Host Inc.

$

237

$

221

$

731

$

469

Basic weighted average shares outstanding

684.9

692.5

686.2

695.2

Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market

2.1

1.4

1.9

1.5

Diluted weighted average shares outstanding⁽¹⁾

687.0

693.9

688.1

696.7

Basic earnings per common share

$

0.35

$

0.32

$

1.07

$

0.68

Diluted earnings per common share

$

0.35

$

0.32

$

1.06

$

0.67

___________

(1)

Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units ("OP Units") held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location(1)

As of June 30, 2026

Quarter ended June 30, 2026

Quarter ended June 30, 2025

Location

No. of
Properties

No. of
Rooms

Average
Room Rate

Average
Occupancy
Percentage

RevPAR

Total RevPAR

Average
Room Rate

Average
Occupancy
Percentage

RevPAR

Total RevPAR

Percent
Change in
RevPAR

Percent
Change in
Total RevPAR

Miami

2

1,038

$

616.76

74.9

%

$

461.81

$

793.41

$

539.89

75.7

%

$

408.45

$

732.84

13.1

%

8.3

%

Maui

3

1,580

638.22

78.7

%

502.56

799.78

626.40

70.6

%

442.40

723.40

13.6

%

10.6

%

Jacksonville

1

446

630.70

81.3

%

512.97

1,115.48

591.43

83.3

%

492.44

1,100.34

4.2

%

1.4

%

Florida Gulf Coast

4

1,529

514.48

70.7

%

363.86

793.99

471.48

71.2

%

335.60

755.64

8.4

%

5.1

%

Oahu

2

876

495.33

81.3

%

402.80

679.39

483.12

83.1

%

401.38

608.74

0.4

%

11.6

%

Phoenix

3

1,565

403.93

68.8

%

277.92

660.16

374.07

71.6

%

267.76

659.33

3.8

%

0.1

%

New York

3

2,720

437.16

89.2

%

389.80

572.39

409.04

89.7

%

366.84

542.26

6.3

%

5.6

%

Nashville

2

721

381.10

84.3

%

321.34

540.78

359.88

84.2

%

303.14

507.51

6.0

%

6.6

%

Los Angeles/Orange County

3

1,067

327.75

76.8

%

251.76

381.15

300.14

78.6

%

235.89

361.04

6.7

%

5.6

%

San Diego

3

3,294

310.67

78.0

%

242.20

447.47

302.46

78.9

%

238.56

448.16

1.5

%

(0.2

%)

Washington, D.C. (CBD)

4

2,788

336.12

77.3

%

259.86

377.17

332.88

67.0

%

223.12

313.23

16.5

%

20.4

%

San Francisco/San Jose

6

4,162

264.77

73.4

%

194.22

279.47

244.24

72.4

%

176.83

266.41

9.8

%

4.9

%

Boston

2

1,496

349.78

79.4

%

277.73

354.77

329.47

82.3

%

271.06

337.00

2.5

%

5.3

%

Northern Virginia

2

916

291.01

75.8

%

220.55

337.27

280.77

67.8

%

190.41

297.05

15.8

%

13.5

%

Philadelphia

2

810

283.74

83.3

%

236.29

355.28

256.55

85.5

%

219.35

325.22

7.7

%

9.2

%

Orlando

1

2,004

243.69

67.7

%

164.97

423.75

235.65

72.3

...

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