Core Viewpoint - Host Hotels & Resorts, Inc. has released an updated investor presentation for its third quarter 2025 results, highlighting its position as the largest lodging real estate investment trust in the United States [1]. Company Overview - Host Hotels & Resorts, Inc. is an S&P 500 company and the largest lodging real estate investment trust, owning 74 properties in the United States and five properties internationally, totaling approximately 42,500 rooms [2]. - The company also holds non-controlling interests in seven domestic joint ventures [2].

Financial Data and Key Metrics Changes - In Q3 2025, adjusted EBITDAre was $319 million, a decrease of 3.3% year-over-year, while adjusted FFO per share was $0.35, down 2.8% compared to Q3 2024 [4][5] - Year-to-date, adjusted EBITDAre and adjusted FFO per share increased by 2.2% and 60 basis points, respectively, compared to 2024 [4] - Comparable hotel total RevPAR improved by 80 basis points compared to Q3 2024, driven by better-than-expected transient demand and higher rates [5][6] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin declined by 50 basis points year-over-year to 23.9%, primarily due to increased wages and benefits [5][24] - Transient revenue grew by 2%, with double-digit growth at resort properties, particularly in Maui, San Francisco, New York, and Miami [6][21] - Group room revenue decreased approximately 5% year-over-year, attributed to renovation disruptions and the Jewish holiday calendar shift [7][22] Market Data and Key Metrics Changes - Maui experienced a 20% RevPAR growth, driven by increased occupancy and strong out-of-room spending [6][7] - Total group revenue pace in Maui is up 13% for 2026, indicating continued recovery momentum [7] - San Francisco's total group revenue pace for 2026 is up over 20%, with group rate pacing up 10% [56] Company Strategy and Development Direction - The company is focusing on capital allocation decisions that enhance long-term shareholder value, including transformational renovations and strategic asset sales [10][11] - A second agreement with Marriott for transformational renovations at four properties is expected to enhance long-term performance [11] - The company aims to leverage its investment-grade balance sheet and diversified portfolio to outperform in the current environment [16][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued recovery of leisure travel and the affluent consumer's prioritization of premium experiences [58] - The company raised its full-year 2025 guidance for comparable hotel RevPAR and total RevPAR to approximately 3% and 3.4%, respectively, reflecting strong performance [15][24] - Management noted that the bifurcation of the consumer market is likely to benefit upper-upscale and luxury hotels [16] Other Important Information - The company collected $5 million in business interruption proceeds for Hurricanes Helene and Milton, totaling $24 million for the year [9] - Capital expenditure guidance for 2025 is set at $605-$640 million, including significant investments for redevelopment and repositioning projects [13][26] - The company has a strong liquidity position with $2.2 billion available, facilitating strategic capital allocation decisions [27] Q&A Session Summary Question: Can we expect more asset trading in the market based on current performance? - Management indicated they will be opportunistic with capital allocation regarding dispositions and acquisitions, highlighting successful asset sales this year [33][34] Question: How are you selecting hotels and markets for investment? - The company screens assets to determine capital allocation, focusing on transformational renovations that reposition properties for better performance [42][44] Question: What are the expectations for group booking pace in 2026? - Group revenue pace for 2026 is up 5%, with strong performance expected in key markets like San Francisco and Maui [49][56] Question: How is the company managing wage and benefits increases? - Wage rate growth is expected to be lower in 2026, with New York being the only major market with upcoming labor contract negotiations [82] Question: What are the tailwinds for growth potential in 2026? - The absence of major storms on the Gulf Coast and strong performance from properties like The Don CeSar are expected to contribute positively to growth [88][90]

Financial Data and Key Metrics Changes - Adjusted EBITDAre for Q3 2025 was $319 million, a decrease of 3.3% year-over-year, while adjusted FFO per share was $0.35, down 2.8% compared to Q3 2024 [4][5] - Year-to-date, Adjusted EBITDAre and adjusted FFO per share were up 2.2% and 60 basis points, respectively, compared to 2024 [4] - Comparable hotel total RevPAR improved by 80 basis points compared to Q3 2024, driven by better-than-expected transient demand and higher rates [5][6] Business Line Data and Key Metrics Changes - Transient revenue grew by 2%, with double-digit growth at resort properties, particularly in Maui, San Francisco, New York, and Miami [6][7] - Group room revenue decreased approximately 5% year-over-year due to renovation disruptions and the Jewish holiday calendar shift, although definite group room nights on the books increased to 4 million for 2025 [7][22] - F&B revenue was flat, with outlet revenue growing 6% but banquet and catering revenue declining due to lower group business volume [18][19] Market Data and Key Metrics Changes - Maui experienced a 20% RevPAR growth driven by increased occupancy and strong out-of-room spending [7] - San Francisco's total group revenue pace for 2026 is up over 20%, indicating a strong recovery [56] - The overall transient revenue for resorts was up approximately 2%, with significant growth in luxury leisure travel [21] Company Strategy and Development Direction - The company is focusing on capital allocation decisions that enhance long-term shareholder value, including transformational renovations and strategic asset sales [10][11] - A second agreement with Marriott for transformational renovations at four properties is expected to enhance long-term performance and market competitiveness [11] - The company aims to leverage its investment-grade balance sheet and diversified portfolio to outperform in the current environment [16][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued recovery of leisure travel and the performance of upper-upscale and luxury hotels [16] - The company raised its full-year 2025 guidance for comparable hotel RevPAR and total RevPAR to approximately 3% and 3.4%, respectively, reflecting strong performance year-to-date [15][24] - Management noted that the bifurcation of consumer spending is likely to benefit the company due to its focus on higher-end properties [16] Other Important Information - The company collected $5 million in business interruption proceeds for Hurricanes Helene and Milton, bringing the total for the year to $24 million [9] - Capital expenditure guidance for 2025 is set at $605 million to $640 million, including significant investments for redevelopment and repositioning projects [13][26] - The company has a strong liquidity position with $2.2 billion in total available liquidity and a leverage ratio of 2.8 times [27] Q&A Session Summary Question: Can we expect more asset trading in the market based on current performance? - Management indicated they will be opportunistic with capital allocation regarding dispositions and acquisitions, highlighting successful asset sales this year [33][34] Question: How are you selecting hotels and markets for investment? - The company screens assets to determine where to invest capital, focusing on transformational renovations that reposition properties for better performance [42][44] Question: What is the outlook for group booking pace in 2026? - Group revenue pace for 2026 is up 13% compared to last year, with strong bookings already in place [48] Question: How is the company managing wage and benefits increases? - Wage rate growth is expected to be around 6% for 2025, with a potential decrease in growth for 2026 [82] Question: What are the expectations for growth potential in 2026 without major storms? - Management expressed optimism about performance in 2026, particularly for properties like The Don CeSar and the Ritz Naples, which are expected to benefit from strong consumer demand [90]

Financial Data and Key Metrics Changes - In Q3 2025, adjusted EBITDAre was $319 million, a decrease of 3.3% year-over-year, while adjusted FFO per share was $0.35, down 2.8% compared to 2024 [4][19] - Year-to-date, adjusted EBITDAre and adjusted FFO per share were up 2.2% and 60 basis points, respectively, compared to 2024 [4][19] - Comparable hotel total RevPAR improved by 80 basis points compared to 2024, with a 20 basis points increase attributed to better transient demand and higher rates [5][19] Business Line Data and Key Metrics Changes - Transient revenue grew by 2%, driven by double-digit growth at resort properties, particularly in Maui, San Francisco, New York, and Miami [6][21] - Group room revenue decreased approximately 5% year-over-year due to renovation disruptions and the Jewish holiday calendar shift [7][25] - Ancillary spending remained strong, with other revenue up 7%, including growth in golf and spa services [8][22] Market Data and Key Metrics Changes - Total group revenue pace in Maui is up 13% for 2026, indicating continued recovery momentum [6][7] - Business transient revenue was down 2% in Q3, primarily due to a reduction in government room nights [7][24] - Group revenue pace for 2026 is approximately 5% ahead of the same time last year, driven by rate, room nights, and banquet contributions [26][60] Company Strategy and Development Direction - The company is focusing on capital allocation decisions that enhance long-term shareholder value, including significant investments in transformational renovations [19][41] - The company has completed 23 transformational renovations since 2018, achieving an average RevPAR index share gain of over 8.5 points [16][41] - The company is targeting stabilized annual cash on cash returns in the mid-teens through RevPAR index share gains and enhanced owner priority returns [14][19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued outperformance of upper upscale and luxury hotels, benefiting from a bifurcated consumer market [19][66] - The company raised its full-year adjusted EBITDAre guidance to $1.73 billion, reflecting strong performance and improved expectations for Q4 [19][29] - Management noted that the absence of major storms on the Gulf Coast could provide tailwinds for growth in 2026 [92][96] Other Important Information - The company collected $5 million in business interruption proceeds for Hurricanes Helene and Milton in Q3, totaling $24 million for the year [10][29] - The company has a strong balance sheet with $2.2 billion in total available liquidity and a leverage ratio of 2.8 times [31][32] - The company is not prioritizing asset acquisitions in the current market environment, focusing instead on internal investments [85][86] Q&A Session Summary Question: Can we expect more asset trading in the market based on current performance? - Management indicated they will be opportunistic with capital allocation and highlighted successful asset sales, suggesting potential for future transactions [36][40] Question: How are you selecting hotels and markets for investment? - Management emphasized a thorough screening process for capital allocation, focusing on transformational renovations that reposition properties for better performance [48][50] Question: What is the outlook for group booking pace in 2026? - Management reported a positive group revenue pace for 2026, with significant increases in group room nights and rates expected [55][60] Question: How are wage and benefits increases expected to impact 2026? - Wage rate growth is anticipated to be lower in 2026, with only New York having significant labor contract negotiations upcoming [88][89] Question: What tailwinds can be expected from the absence of storms on the Gulf Coast? - Management noted that properties like the Don Cesar and Ritz Naples are performing well, and the absence of storms could enhance growth potential in 2026 [92][96]

Financial Data and Key Metrics Changes - Adjusted EBITDAre for Q3 2025 was $319 million, a decrease of 3.3% year-over-year, while adjusted FFO per share was $0.35, down 2.8% compared to Q3 2024 [4] - Year-to-date, adjusted EBITDAre and adjusted FFO per share were up 2.2% and 60 basis points, respectively, compared to 2024 [4] - Comparable hotel total RevPAR improved by 80 basis points compared to Q3 2024, driven by better-than-expected transient demand and higher rates [5] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin for Q3 declined by 50 basis points year-over-year to 23.9%, primarily due to increased expenses in wages and benefits [5][23] - Transient revenue grew by 2%, with double-digit growth at resort properties, particularly in Maui, San Francisco, New York, and Miami [5][20] - F&B revenue was flat, with outlet revenue growth offset by declines in banquet and catering revenue [18] Market Data and Key Metrics Changes - Maui experienced a 20% RevPAR growth driven by increased occupancy and strong out-of-room spending [6] - Business transient revenue was down 2% in Q3, primarily due to a reduction in government room nights [21] - Total group revenue pace for 2026 is up 13% for Maui, indicating continued recovery momentum [6][41] Company Strategy and Development Direction - The company is focusing on capital allocation decisions that enhance long-term shareholder value, including transformational renovations and strategic asset sales [30][32] - A second agreement with Marriott for transformational renovations at four properties is expected to enhance long-term performance [11] - The company anticipates continued outperformance in upper-upscale and luxury hotels due to its diversified portfolio and ongoing reinvestment [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of leisure travel and the affluent consumer's prioritization of premium experiences [47] - The company raised its full-year 2025 guidance for comparable hotel RevPAR and total RevPAR to approximately 3% and 3.4%, respectively, reflecting strong performance [16][24] - Management noted that the bifurcation of the consumer market is likely to benefit the company due to its higher-end properties [17] Other Important Information - The company collected $5 million in business interruption proceeds for Hurricanes Helene and Milton, totaling $24 million for the year [9] - Capital expenditure guidance for 2025 is set at $605-$640 million, including significant investments for redevelopment and repositioning projects [13] - The company has a strong balance sheet with $2.2 billion in total available liquidity and a leverage ratio of 2.8 times [26] Q&A Session Summary Question: Can we expect more asset trading in the market based on current observations? - Management indicated they will be opportunistic with capital allocation regarding dispositions and acquisitions, highlighting successful asset sales this year [30] Question: How are you selecting hotels and markets for investment? - The company screens assets to determine where to invest capital, focusing on transformational renovations that provide clear returns [35] Question: What is the outlook for group bookings in 2026? - Group revenue pace for 2026 is up 5%, with strong performance expected in key markets like San Francisco and Washington, D.C. [46] Question: What is driving the growth in out-of-room spending? - Increased spending on amenities such as spa and golf, along with successful repositioning of outlets, is driving growth in out-of-room spending [50] Question: What are the expectations for wage and benefits increases in 2026? - Wage rate growth is expected to be lower in 2026, with New York being the only major market with upcoming labor contract negotiations [57]

Core Insights - Host Hotels & Resorts, Inc. (HST) reported third-quarter adjusted funds from operations (AFFO) per share of 35 cents, exceeding the Zacks Consensus Estimate of 33 cents, but down 2.8% year-over-year [1][9] - The company generated total revenues of $1.33 billion, meeting the Zacks Consensus Estimate, with a slight year-over-year increase driven by comparable hotel RevPAR growth [2][9] - HST raised its outlook for 2025 AFFO per share to $2.03 from the previous midpoint of $2, with expectations for comparable hotel RevPAR at $227 million and adjusted EBITDAre estimated at $1.73 billion [11] Financial Performance - Comparable hotel RevPAR was $208.07, showing a marginal increase from the prior year, primarily due to higher room rates and strong transient leisure demand [3] - Comparable hotel EBITDA was $309.4 million, down 1% year-over-year, with a margin decrease of 50 basis points to 23.9% due to rising wages and benefit expenses [4] - The average room rate increased to $299.07 from $290.27 in the previous year, while the average occupancy rate was 69.6%, down 190 basis points year-over-year [4] Business Segments - Room nights for the contract business increased by 11.6% year-over-year, while transient and group businesses saw declines of 1.2% and 7.8%, respectively [5] - The transient, group, and contract businesses accounted for approximately 60%, 36%, and 4% of total room sales in 2024 [5] Capital Expenditure and Investments - Host Hotels' capital expenditure for the year-to-date through September 30, 2025, totaled $454 million, with allocations for return on investment projects, renewal and replacement expenditures, and property damage reconstruction [10] - The company agreed with Marriott International on a second transformational capital program for four properties, with total expenditures expected between $300 million and $350 million through 2029 [6] Balance Sheet and Credit Rating - As of September 30, 2025, Host Hotels had cash and cash equivalents of $539 million, up from $490 million at the end of June 2025, with total liquidity of $2.2 billion [7] - Moody's upgraded the company's credit rating to Baa2 with a stable outlook during the third quarter of 2025 [7]

Company Overview - Host Hotels & Resorts has a market capitalization of $11.9 billion and an enterprise value of $16.7 billion as of September 30, 2025[8] - The company's portfolio includes 79 hotels with approximately 42,500 rooms located in 21 top U S markets[9] Financial Performance - For the quarter ended September 30, 2025, comparable hotels generated total revenues of $1,293.3 million and Hotel EBITDA of $309.4 million[22] - For the nine months ended September 30, 2025, comparable hotels generated total revenues of $4,388.0 million and Hotel EBITDA of $1,282.6 million[44] - The company forecasts comparable hotel RevPAR to increase by 3.0% compared to 2024, with an expected comparable hotel EBITDA of $1,673 million for the full year 2025[66] Capital Structure and Financial Covenants - As of September 30, 2025, the company's consolidated debt totaled $5,079 million, with 80% being fixed-rate debt and a weighted average interest rate of 4.9%[78] - The company's leverage ratio, as defined by its credit facility, was 2.8x, well below the maximum permitted level of 7.25x[89, 92] - The ratio of unencumbered assets to unsecured indebtedness, as defined by the senior notes indenture, was 446%, significantly above the minimum requirement of 150%[89, 103] Property Transactions - From 2018 to 2025, the company's dispositions included 19,960 rooms sold for $5,240 million, while acquisitions included 5,273 rooms acquired for $4,909 million[85]

For the quarter ended September 2025, Host Hotels (HST) reported revenue of $1.33 billion, up 0.9% over the same period last year. EPS came in at $0.35, compared to $0.12 in the year-ago quarter.The reported revenue represents a surprise of +0.32% over the Zacks Consensus Estimate of $1.33 billion. With the consensus EPS estimate being $0.33, the EPS surprise was +6.06%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine thei ...

Host Hotels (HST) came out with quarterly funds from operations (FFO) of $0.35 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to FFO of $0.36 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of +6.06%. A quarter ago, it was expected that this lodging real estate investment trust would post FFO of $0.51 per share when it actually produced FFO of $0.58, delivering a surprise of +13.73%.Over the last fou ...

Exhibit 99.1 SOURAV GHOSH Chief Financial Officer (240) 744-5267 JAIME MARCUS Investor Relations (240) 744-5117 ir@hosthotels.com Host Hotels & Resorts, Inc. Reports Results for the Third Quarter 2025 Quarterly Comparable Hotel Total RevPAR Growth of 0.8% and Comparable Hotel RevPAR Growth of 0.2% Raises Full Year Comparable Hotel RevPAR Growth Guidance to ~3.0% Over 2024 Announces Second Marriott Transformational Capital Program Completed Sale of Washington Marriott at Metro Center BETHESDA, Md; November 5 ...