Financial Data and Key Metrics Changes - The company reported adjusted EBITDAre of $476 million for Q2 2024, representing a 6.7% increase year-over-year, excluding business interruption proceeds [4] - Adjusted FFO per share was $0.57, which includes $21 million in business interruption proceeds related to Maui RevPAR and $9 million for Hurricane Ian [4] - Comparable hotel total RevPAR improved by 50 basis points year-over-year, while comparable hotel RevPAR was up 10 basis points [4] Business Line Data and Key Metrics Changes - Group room revenue increased by approximately 8% in Q2, driven by rate and demand growth, with 315,000 group room nights booked for the year [7] - Business transient revenue grew by 4%, supported by both demand and rate growth, with domestic leisure demand moderating as consumers opted for international destinations [7] - Transient rates at comparable resorts were up 51% compared to 2019, indicating strong financial health among affluent consumers [7] Market Data and Key Metrics Changes - U.S. international outbound travel grew to 119% of pre-pandemic levels, while international inbound travel remained at 88% [8] - Airline capacity to Maui was down 16% year-over-year, although this was an improvement from previous months [6] - Food and beverage revenue drove total RevPAR growth, with banquet and catering leading the way [8] Company Strategy and Development Direction - The company announced the acquisition of 1 Hotel Central Park for approximately $265 million, expected to rank among the top 10 assets based on 2024 results [9] - The acquisition of Ritz-Carlton O'ahu Turtle Bay for $630 million was also completed, with expectations for stabilization between 10x to 12x EBITDA by 2027 to 2029 [11] - The company aims to reach $2 billion of EBITDA by 2025, with a focus on strategic acquisitions and capital allocation [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the state of travel despite the slower recovery in Maui and moderating domestic leisure demand [16] - The company anticipates comparable hotel RevPAR growth between negative 1% and positive 1% for 2024, with a focus on group business remaining strong [21] - The impact of the Maui wildfires is expected to affect full-year comparable hotel total RevPAR by 120 basis points [22] Other Important Information - The company has $1.4 billion in total available liquidity and a net leverage ratio of 2.7x [13] - Capital expenditure guidance for 2024 is set between $500 million and $600 million, with significant investments in redevelopment and ROI projects [14] - The company has repurchased $258 million of stock since 2022, demonstrating a commitment to returning capital to shareholders [13] Q&A Session Summary Question: Prospects for further acquisitions - Management is satisfied with the three acquisitions made this year and is not currently contemplating additional acquisitions in the near term, focusing instead on integrating the new properties [26][29] Question: Role of incremental dispositions - Management has explored disposition pricing but is under no pressure to sell assets, only considering it if pricing is fair relative to hold value [32] Question: Long-term vision for 1 Hotels - Management is pleased with the performance of 1 Hotels and sees potential for continued growth, but no current plans for co-branding [35][36] Question: Aspects of guidance agreement - Confidence in guidance stems from strong group booking pace, although there are concerns about leisure transient demand [38][42] Question: Understanding guests at Maui properties - New channels are being pursued to attract guests back to Maui, with a coordinated marketing campaign planned for mid-September [45][46] Question: Trends in leisure transient demand - Management is extrapolating trends from Q2 into Q3, with expectations for a similar mix of leisure demand [51] Question: Indicators of a weakening economy - Management believes that the high-end consumer remains strong, with potential weakness seen in lower-end leisure demand [68] Question: Wage and benefit increases outlook - Wage increases for 2025 are expected to be lower due to controlled inflation, with estimates around 3% to 4% [70]

Core Insights - Host Hotels & Resorts, Inc. reported second-quarter adjusted funds from operations (AFFO) per share of 57 cents, exceeding the Zacks Consensus Estimate by a penny and reflecting a 7.5% increase year-over-year [1] - The company generated total revenues of $1.47 billion, aligning with the Zacks Consensus Estimate and representing a 5.2% year-over-year growth [2] - The lodging real estate investment trust lowered its 2024 guidance for AFFO per share and comparable hotel RevPAR [9][10] Financial Performance - Comparable hotel RevPAR for the quarter was $224.29, a slight increase from $224.02 in the prior year, despite challenges in recovery in Maui and moderate domestic leisure demand [3] - Comparable hotel EBITDA remained unchanged at $461 million year-over-year [3] - The average room rate decreased to $301.52 from $301.70 in the previous year, while the occupancy rate increased to 74.4% from 74.3% [4] Business Segments - Transient room nights declined by 2.2% year-over-year, while group and contract businesses grew by 2.8% and 5.1%, respectively [5] - The transient, group, and contract businesses accounted for approximately 61%, 35%, and 4% of total room sales in 2023 [5] Balance Sheet and Capital Expenditure - As of the end of the second quarter, cash and cash equivalents were $805 million, down from $1.35 billion as of March 31, 2024 [6] - Total capital expenditure for the quarter was $224 million, with $77 million allocated to return on investment projects, $117 million for renewal and replacement, and $30 million for insurable reconstruction [8] 2024 Outlook - The company revised its full-year AFFO per share guidance to a range of $1.90-$1.98, down from $1.97-$2.05, indicating a 7-cent decrease at the midpoint [9] - Comparable hotel RevPAR projection for 2024 was adjusted to $208-$213 from $214-$218, and adjusted EBITDAre is now expected between $1.615 billion and $1.675 billion [10]

Host Hotels (HST) reported $1.47 billion in revenue for the quarter ended June 2024, representing a year-overyear increase of 5.2%. EPS of $0.57 for the same period compares to $0.29 a year ago. The reported revenue represents no surprise over the Zacks Consensus Estimate of $1.47 billion. With the consensus EPS estimate being $0.56, the EPS surprise was +1.79%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectation ...

BETHESDA, Md., July 31, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) ("Host" or the "Company"), the nation's largest lodging real estate investment trust, today announced that it has acquired the fee simple interest in the 234-room 1 Hotel Central Park (the "Property") for approximately $265 million in cash. The acquisition price represents an 11.1x EBITDA multiple or a cap rate of approximately 8.1% on the Property's 2024 estimated results1. The Property is expected to be among Host's ...

BETHESDA, Md., July 31, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ:HST) ("Host" or the "Company"), the nation's largest lodging real estate investment trust, today announced that it has acquired the fee simple interest in the 234-room 1 Hotel Central Park (the "Property") for approximately $265 million in cash. The acquisition price represents an 11.1x EBITDA multiple or a cap rate of approximately 8.1% on the Property's 2024 estimated results1. The Property is expected to be among Host's ...

BETHESDA, 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) | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|---------------------------------------------|--------------------|-----------------------|-------|------- ...

BETHESDA, Md., July 30, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the "Company"), the nation's largest lodging real estate investment trust ("REIT"), released its 2024 Corporate Responsibility (CR) Report, which details the Company's CR program and strategy along with its environmental, social and governance initiatives and industry-leading accomplishments. Additionally, the 2024 CR Report provides an update on the Company's performance and progress toward its 2030 environmental an ...

. . . Vancouver, British Columbia--(Newsfile Corp. - July 30, 2024) - Ynvisible Interactive Inc. (TSXV: YNV) (FSE: 1XNA) (OTCQB: YNVYF) (the "Company" or "Ynvisible"), a leading provider of printed e-paper display products, is pleased to announce that it signed a new distribution agreement with Hardware & Software Technology Co., Ltd. ("HST"), a leading technology provider in the Greater China region. Through this partnership, Ynvisible expands its presence in China, Taiwan, Hong Kong and Macau, making its ...

Host Hotels has a strong Sunbelt exposure and presence in the top 20 U.S. markets. Its properties are advantageously located in central business districts of major cities with close proximity to airports and resort/conference destinations, thus driving demand. In the second half of 2024, the company is expected to witness a stable operating environment due to the continuous improvement in the group business and a gradual recovery in business transient. We expect comparable revenue per available room (RevPAR ...

BETHESDA, Md., June 13, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the "Company"), the nation's largest lodging real estate investment trust, today announced that its board of directors authorized a regular quarterly cash dividend of $0.20 per share. The dividend is payable on July 15, 2024, to stockholders of record as of June 28, 2024. 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 a ...