Core Viewpoint - Host Hotels & Resorts, Inc. has announced the pricing of a $500 million offering of 5.700% Senior Notes due 2032, which are senior unsecured obligations of Host L.P. [1] Group 1: Offering Details - The offering is expected to close on May 20, 2025, subject to customary closing conditions [1] - Estimated net proceeds from the offering are expected to be approximately $490 million after deducting fees and expenses [2] - The proceeds will be used to redeem all outstanding Series E senior notes due 2025, amounting to $500 million [2] Group 2: Underwriters - The joint book-running managers for the offering include Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, and Truist Securities, Inc. [3] Group 3: Regulatory Information - The offering is made pursuant to an effective shelf registration statement and accompanying prospectus filed with the SEC on April 9, 2024, and a preliminary prospectus supplement filed on May 6, 2025 [4]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Host Inc. and Host L.P. for Q1 2025 Host Inc. Key Financials (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $1,594 million | $1,471 million | | Operating Profit | $285 million | $291 million | | Net Income Attributable to Host Inc. | $248 million | $268 million | | Diluted EPS | $0.35 | $0.38 | - The report combines the filings for Host Inc., a REIT, and Host L.P., a partnership, which are operated as a single enterprise with substantially similar assets and liabilities[10](index=10&type=chunk)[11](index=11&type=chunk) [Financial Statements for Host Hotels & Resorts, Inc.](index=5&type=section&id=Financial%20Statements%20for%20Host%20Hotels%20%26%20Resorts%2C%20Inc.) Host Inc.'s Q1 2025 financials show **$1.594 billion revenues**, **$248 million net income**, and **$12.9 billion assets** Host Inc. Condensed Consolidated Balance Sheet (in millions) | | Mar 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$12,947** | **$13,048** | | Total Debt | $5,085 | $5,083 | | Total Liabilities | $6,161 | $6,271 | | **Total Equity** | **$6,653** | **$6,612** | Host Inc. Condensed Consolidated Statement of Cash Flows (in millions) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $305 | $365 | | Net cash used in investing activities | ($83) | ($100) | | Net cash used in financing activities | ($327) | ($44) | [Financial Statements for Host Hotels & Resorts, L.P.](index=10&type=section&id=Financial%20Statements%20for%20Host%20Hotels%20%26%20Resorts%2C%20L.P.) Host L.P.'s Q1 2025 financials mirror Host Inc.'s operations, differing primarily in capital structure Host L.P. Condensed Consolidated Statement of Operations (in millions) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $1,594 | $1,471 | | Operating Profit | $285 | $291 | | Net Income Attributable to Host L.P. | $251 | $272 | - The balance sheet for Host L.P. shows total assets and liabilities substantially the same as Host Inc., with the key difference being the presentation of capital broken down into General Partner, Limited Partner, and other interests[12](index=12&type=chunk)[29](index=29&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail company structure, 81-hotel portfolio, share repurchases, and hurricane damage recovery - As of March 31, 2025, the company's consolidated portfolio consisted of **81 hotels**, with **76 in the United States**, **3 in Brazil**, and **2 in Canada**[40](index=40&type=chunk) - During Q1 2025, the company repurchased **6.3 million shares** of common stock for **$100 million**[55](index=55&type=chunk) - The Don CeSar hotel, damaged by hurricanes in 2024, reopened on March 26, 2025, with the company receiving **$20 million in insurance proceeds** and recognizing a **$10 million gain** for business interruption in Q1 2025[69](index=69&type=chunk)[70](index=70&type=chunk) - In February 2025, a **$79 million loan receivable** was repaid in full[60](index=60&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, highlighting **8.4% revenue growth** and strong liquidity Q1 2025 Performance Highlights vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,594M | $1,471M | +8.4% | | Net Income | $251M | $272M | -7.7% | | Adjusted EBITDAre | $514M | $489M | +5.1% | | Adjusted FFO per diluted share | $0.64 | $0.61 | +4.9% | | Comparable hotel RevPAR | $240.18 | $224.52 | +7.0% | - The company maintains its full-year 2025 comparable hotel RevPAR growth guidance of **0.5% to 2.5%**, despite acknowledging macroeconomic uncertainty from trade policy and high interest rates[88](index=88&type=chunk) - Total capital expenditures for 2025 are expected to be between **$580 million and $670 million**, including restoration work and ROI projects[93](index=93&type=chunk) [Operating Results and Outlook](index=26&type=section&id=Operating%20Results%20and%20Outlook) Q1 2025 revenues rose **8.4%** to **$1.594 billion**, but net income declined **7.7%** due to lower insurance gains - Revenue growth was driven by a **5.7% increase in room rates** at comparable hotels and strong group business, with notable performance in Washington D.C. and New Orleans[80](index=80&type=chunk)[82](index=82&type=chunk) - Operating profit margin under GAAP declined **190 basis points to 17.9%**, mainly due to lower insurance gains, while comparable hotel EBITDA margin increased by **30 basis points to 31.8%**[83](index=83&type=chunk) - The economic outlook is tempered by uncertainty around trade policy, government spending, and high interest rates, with consensus expectations for U.S. GDP growth in 2025 revised downward[86](index=86&type=chunk) [Strategic Initiatives](index=28&type=section&id=Strategic%20Initiatives) The company is executing capital projects, including Don CeSar restoration and a transformational program - Full-year 2025 capital expenditures are forecasted to be **$580 million to $670 million**[93](index=93&type=chunk) - The Don CeSar hotel reopened in a phased manner on March 26, 2025, following hurricane restoration efforts[90](index=90&type=chunk) - The company is collaborating with Hyatt on a transformational capital program for six properties, with Hyatt providing operating profit guarantees to offset disruption[91](index=91&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q1 2025 revenues increased **8.4%** driven by rooms and F&B, offset by rising property expenses Q1 2025 Revenue Breakdown (in millions) | Revenue Source | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Rooms | $938 | $853 | +10.0% | | Food and beverage | $503 | $473 | +6.3% | | Other | $153 | $145 | +5.5% | | **Total revenues** | **$1,594** | **$1,471** | **+8.4%** | - Wages and employee benefits, constituting about **57% of key departmental expenses**, are a primary driver of cost increases, with wage and benefit rate inflation expected to be around **6% in 2025**[101](index=101&type=chunk) - For comparable hotels, group revenue increased **5.9%** and transient revenue increased **4.7%** in Q1 2025 compared to the prior year[124](index=124&type=chunk)[127](index=127&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$428 million cash**, **$1.5 billion credit**, and **$5.1 billion debt** - Total debt was **$5.1 billion** with a weighted average maturity of **5.0 years**, and **80%** of the debt has a fixed interest rate[143](index=143&type=chunk) - In Q1 2025, the company repurchased **6.3 million shares** of common stock for **$100 million**, with **$585 million** remaining available under the repurchase program[133](index=133&type=chunk) - The company is in compliance with all financial covenants for its credit facility and senior notes, with a Leverage Ratio of **2.8x** against a maximum of **7.25x**[145](index=145&type=chunk)[146](index=146&type=chunk) [Non-GAAP Financial Measures](index=39&type=section&id=Non-GAAP%20Financial%20Measures) Defines and reconciles non-GAAP measures; Q1 2025 Adjusted EBITDAre increased **5.1%** to **$514 million** Reconciliation of Net Income to Adjusted EBITDAre (in millions) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $251 | $272 | | Adjustments (Interest, D&A, Taxes, etc.) | $257 | $230 | | EBITDAre | $508 | $504 | | Adjustments to EBITDAre | $6 | ($15) | | **Adjusted EBITDAre** | **$514** | **$489** | Reconciliation to Adjusted FFO (in millions) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income Attributable to Host Inc. | $248 | $268 | | Adjustments | $192 | $158 | | NAREIT FFO | $440 | $426 | | Non-cash stock-based compensation | $6 | $6 | | **Adjusted FFO** | **$446** | **$432** | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Company faces interest rate and foreign currency risks, mitigated by **80% fixed-rate debt** and forward contracts - As of March 31, 2025, **80%** of the company's outstanding debt carried fixed interest rates, reducing sensitivity to interest rate changes[184](index=184&type=chunk) - The company manages foreign currency risk from its Canadian operations with two forward purchase contracts totaling **CAD 99 million ($73 million)**, maturing in August 2025[186](index=186&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2025, with no material changes - The CEO and CFO concluded that disclosure controls and procedures for both Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. are effective[188](index=188&type=chunk)[190](index=190&type=chunk) - There were no material changes to internal control over financial reporting during the first quarter of 2025[189](index=189&type=chunk)[191](index=191&type=chunk) [PART II. OTHER INFORMATION](index=48&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details Host Inc.'s Q1 2025 stock repurchases of **6.3 million shares** for **$100 million** Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share* | | :--- | :--- | :--- | | Jan 2025 | — | — | | Feb 2025 | 1,306,838 | $16.14 | | Mar 2025 | 5,025,325 | $15.70 | | **Total** | **6,332,163** | **$15.79** | - As of March 31, 2025, the company had **$585 million** remaining under its publicly announced share repurchase program[194](index=194&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, modified, or terminated any Rule 10b5-1 trading arrangement in Q1 2025 - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the reporting period[199](index=199&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) Lists exhibits including CEO/CFO certifications and Inline XBRL financial data files - The exhibits filed with this report include CEO/CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act for both Host Inc. and Host L.P.[202](index=202&type=chunk) - The report includes financial data formatted in Inline XBRL (iXBRL) as part of Exhibit 101[202](index=202&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)

Core Viewpoint - Host Hotels & Resorts, Inc. has released an updated investor presentation for the first quarter of 2025, 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 76 properties in the United States and five properties internationally, totaling approximately 43,400 rooms [2]. - The company also holds non-controlling interests in seven domestic and one international joint ventures [2]. Contact Information - The Chief Financial Officer and Investor Relations contacts are provided for further inquiries [3].

Core Viewpoint - Host Hotels & Resorts, Inc. (HST) reported strong first-quarter results, with adjusted funds from operations (AFFO) per share of 64 cents, exceeding expectations and reflecting a year-over-year increase of 4.9% [1][2] Financial Performance - Total revenues for Host Hotels reached $1.59 billion, surpassing the Zacks Consensus Estimate of $1.54 billion, and showing an 8.4% increase year-over-year [2] - Comparable hotel RevPAR was $240.18, up 7% from the previous year, primarily due to increased room rates [3] - Comparable hotel EBITDA was $504 million, reflecting a 5.9% increase from the prior year, driven by improved rates [3] Operational Metrics - The average room rate increased to $345.86 from $327.11 year-over-year [3] - Comparable average occupancy percentage rose to 69.4%, an increase of 80 basis points from the prior year [4] - Transient and group room nights declined by 0.8% and 0.6%, respectively, while contract business increased by 11.4% [4] Balance Sheet and Liquidity - As of March 31, 2025, Host Hotels had cash and cash equivalents of $428 million, down from $554 million at the end of 2024 [5] - Total liquidity stood at $2.2 billion, including $264 million in FF&E escrow reserves and $1.5 billion available under the credit facility [5] Share Repurchase and Capital Expenditure - In the first quarter, the company repurchased 6.3 million shares at an average price of $15.79, totaling $100 million, with approximately $585 million remaining under the repurchase program [6] - Capital expenditures totaled $146 million, with allocations for return on investment projects, renewal and replacement expenditures, and property damage reconstruction [7] 2025 Outlook - Host Hotels revised its full-year AFFO per share guidance to a range of $1.88-$1.97, higher than the previous guidance and the Zacks Consensus Estimate of $1.84 [8] - Expected comparable hotel RevPAR is projected between $221-$225 million, with adjusted EBITDAre estimated between $1.61 billion and $1.68 billion [8] - Total capital expenditure for 2025 is anticipated to be in the range of $580-$670 million [9]

Financial Data and Key Metrics Changes - Adjusted EBITDAre for the first quarter was $514 million, a 5.1% increase year-over-year, while adjusted FFO per share was $0.64, up 4.9% from last year [6] - Comparable hotel total RevPAR improved by 5.8% compared to the previous year, with a 7% increase driven by strong rate growth [6][7] - Comparable hotel EBITDA margin improved by 30 basis points year-over-year to 31.8% as revenue growth outpaced expenses [6][27] Business Line Data and Key Metrics Changes - Transient RevPAR grew by 6%, particularly strong in resorts due to a late Easter, with Maui's transient rooms sold up approximately 70% year-over-year [8][9] - Group RevPAR increased by 7% year-over-year, driven by special events and strong corporate group bookings [10][25] - Food and beverage RevPAR grew by 5%, with solid growth in both banquet and outlet revenues [11][20] Market Data and Key Metrics Changes - Strong performance noted in Washington DC, New York, New Orleans, Los Angeles, and Maui, with Maui showing a 16% RevPAR growth [9][10] - Business transient RevPAR was up 2%, driven by rate growth, while group room nights were down slightly compared to the previous year [10][25] - Total group revenue pace increased by 3.3% compared to the same time last year [10][26] Company Strategy and Development Direction - The company is focused on capital allocation, including share repurchases and property renovations, with $585 million remaining under the share repurchase program [14][15] - Continued investment in portfolio reinvestment, with comprehensive renovations completed at several properties [14][16] - The company maintains a cautious outlook for 2025, with guidance reflecting potential economic uncertainties [18][28] Management's Comments on Operating Environment and Future Outlook - Management remains cautious due to heightened macroeconomic uncertainty, maintaining comparable hotel RevPAR guidance with slight reductions to total RevPAR [18][28] - The company is well-positioned to weather economic fluctuations, supported by a strong balance sheet and diversified portfolio [19][31] - Future guidance includes expectations for a $32 million to $37 million change in adjusted EBITDAre for every 100 basis point change in RevPAR [29][30] Other Important Information - The company expects to complete the mid-rise condominium building at the Four Seasons Resort Orlando by the fourth quarter of this year [15] - Total property damage and remediation costs at the Don Cesar are estimated between $100 million and $110 million, with $10 million collected in business interruption proceeds [13][30] - The company has a weighted average maturity of five years at a 4.7% interest rate, with $2.2 billion in total available liquidity [31] Q&A Session Summary Question: Recent trends in April from a demand standpoint - Management noted that top markets are performing well, with international inbound travel affecting only a small portion of total room nights [36] Question: Outlook for Maui for the remainder of the year - Maui's EBITDA projection has improved, with expectations for continued improvement throughout the year [46] Question: Opportunities for acquisitions in the current market - Management expressed uncertainty about the transaction market but remains opportunistic in capital deployment [51][54] Question: Consumer environment and off-peak periods - No significant changes in trends were observed, with consistent performance across weekdays and weekends [64] Question: CapEx budget risks due to tariffs - Management is maintaining CapEx guidance and does not anticipate significant impacts from tariffs at this time [72][73] Question: Impact of administration policies on labor supply - No pressure on labor supply has been observed, with a strong recovery in staffing levels post-COVID [85][86] Question: Performance of the Rich Carlton, Turtle Bay - Turtle Bay's RevPAR was up 13% in the quarter, with positive performance expected [100]

Financial Data and Key Metrics Changes - Adjusted EBITDAre for Q1 2025 was $514 million, a 5.1% increase year-over-year, while adjusted FFO per share rose by 4.9% to $0.64 [4] - Comparable hotel total RevPAR improved by 5.8% compared to February, with a 7% increase driven by strong rate growth [4] - Comparable hotel EBITDA margin improved by 30 basis points year-over-year to 31.8% as revenue growth outpaced expenses [4][25] Business Line Data and Key Metrics Changes - Transient RevPAR grew by 6%, particularly strong in resorts, with Maui accounting for nearly half of the transient RevPAR growth [5][6] - Group RevPAR increased by 7% year-over-year, driven by special events and strong corporate group bookings [7][24] - Food and beverage RevPAR grew by 5%, with other revenue per available room increasing by 2% despite declines in attrition and cancellation revenue [9][20] Market Data and Key Metrics Changes - Strong performance noted in Washington DC, New York, New Orleans, Los Angeles, and Maui, with Maui's transient rooms sold up approximately 70% year-over-year [5][6] - Business transient RevPAR grew by 2%, driven by rate growth, while group revenue pace was up 3.3% compared to the same time last year [7][24] - The luxury segment showed resilience, with upper-tier markets performing better than the overall market [39] Company Strategy and Development Direction - The company is focused on capital allocation, including share repurchases and property reinvestment, with $585 million remaining under the share repurchase program [12][30] - Continued investment in renovations and redevelopment projects, with expectations of significant operating profit guarantees from the Hyatt transformational capital program [14][15] - The company maintains a cautious outlook for 2025, adjusting guidance based on macroeconomic uncertainties while leveraging its strong balance sheet [18][29] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential deteriorating lodging fundamentals, maintaining RevPAR guidance with a slight reduction in total RevPAR [16][17] - The company is well-positioned to weather economic uncertainties due to its investment-grade balance sheet and diversified portfolio [18][30] - Future guidance reflects a range of potential economic outcomes, with expectations for continued operational improvements in Maui [27][29] Other Important Information - The company expects to complete the mid-rise condominium building at the Four Seasons Resort Orlando by Q4 2025, with deposits already secured [13] - Total property damage and remediation costs at the Don Cesar are estimated between $100 million and $110 million, with $10 million collected in business interruption proceeds [11] Q&A Session Summary Question: Recent trends in April from a demand standpoint - Management noted that top markets are performing well, with strong RevPAR performance even excluding one-time events [35][36] Question: Outlook for Maui for the remainder of the year - Maui's Q1 performance was strong, with expectations for continued improvement, particularly in Q4 [44][46] Question: Opportunities for acquisitions in the current market - Management indicated uncertainty in the transaction market but remains opportunistic for future acquisitions [50][52] Question: Consumer environment and off-peak periods - Consistent performance noted across peak and off-peak periods, with strong group booking pace [64][66] Question: Margin management and cost-cutting initiatives - Contingency plans are in place for potential downturns, but no immediate staffing changes are planned [67][68] Question: Impact of tariffs on CapEx budget - The company maintains its CapEx guidance and is monitoring tariff impacts, but no significant risks are anticipated at this time [71][72] Question: Group and business transient demand details - Group lead volumes are moderating, particularly for government groups, while business transient rates are expected to remain stable [80][81] Question: Labor supply and margin pressures - No significant labor supply issues reported, and current margin guidance remains intact despite economic uncertainties [85][86] Question: Performance of the Rich Carlton, Turtle Bay - The hotel is performing well, with a 13% increase in RevPAR, and strategic decisions regarding golf course renovations are underway [99][102]

Core Insights - Host Hotels (HST) reported a revenue of $1.59 billion for Q1 2025, marking an 8.4% year-over-year increase and a 3.00% surprise over the Zacks Consensus Estimate of $1.55 billion [1] - The earnings per share (EPS) for the same period was $0.64, compared to $0.38 a year ago, resulting in a 14.29% surprise over the consensus EPS estimate of $0.56 [1] Financial Performance Metrics - Average Occupancy Percentage was 69.4%, exceeding the two-analyst average estimate of 69.1% [4] - Revenue per Available Room (RevPAR) was $240.18, surpassing the two-analyst average estimate of $221.87 [4] - The number of properties remained at 79, matching the two-analyst average estimate [4] - The total number of rooms was 42,982, consistent with the average estimate from two analysts [4] - Average Room Rate was $345.86, compared to the $321.16 average estimate based on two analysts [4] - Room Revenues reached $938 million, exceeding the estimated $889.80 million by six analysts, representing a 10% year-over-year change [4] - Other Revenues were reported at $153 million, slightly below the $163.76 million average estimate, but reflecting a 5.5% year-over-year increase [4] - Food and Beverage Revenues totaled $503 million, surpassing the six-analyst average estimate of $499.76 million, with a year-over-year change of 6.3% [4] - Diluted Earnings per Share was $0.35, exceeding the five-analyst average estimate of $0.28 [4] Stock Performance - Shares of Host Hotels have returned -2.8% over the past month, compared to the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Host Hotels (HST) came out with quarterly funds from operations (FFO) of $0.64 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to FFO of $0.60 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 14.29%. A quarter ago, it was expected that this lodging real estate investment trust would post FFO of $0.40 per share when it actually produced FFO of $0.44, delivering a surprise of 10%.Over the last four qu ...

Exhibit 99.2 Supplemental Financial Information MARCH 31, 2025 FOUR SEASONS RESORT AND RESIDENCES JACKSON H TABLE OF CONTENTS | 3 | OVERVIEW | | | --- | --- | --- | | | About Host Hotels & Resorts | 4 | | | Analyst Coverage | 5 | | | Forward-Looking Statements | 6 | | | Non-GAAP Financial Measures | 6 | | 7 | PROPERTY LEVEL DATNAD CORPORATE MEASURES | | | | Comparable Hotel Results by Location | 8 | | | Historical Comparable Hotel Results | 12 | | | Comparable Hotel Results 2025 Forecast and Full Year 2024 ...

Comparable Hotel RevPAR Growth of 7.0% and Comparable Hotel Total RevPAR Growth of 5.8%BETHESDA, Md., April 30, 2025 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for first quarter of 2025. OPERATING RESULTS(unaudited, in millions, except per share and hotel statistics) Quarter ended March 31, 2025 2024 Percent Change Revenues$1,594 $1,471<td style="max-width:1%; width:1%; min-wi ...