Financial Data and Key Metrics Changes - For the full year 2024, adjusted EBITDAre was $1.656 billion, a 1.7% increase over 2023, and adjusted FFO per share was $1.97, a 2.6% increase year-over-year [9][10] - Comparable hotel total RevPAR grew 2.1%, while comparable hotel RevPAR increased by 90 basis points compared to 2023 [9] - Comparable hotel EBITDA margin was 29.2%, down 60 basis points versus 2023, primarily due to increased wages and fixed expense pressures [9][45] Business Line Data and Key Metrics Changes - Transient revenue grew 8%, the highest improvement in the last six quarters, driven by strong leisure demand in Maui, New York, and Oahu [12] - Group room revenue for the quarter was down approximately 5% year-over-year due to tough comparisons in San Francisco and Maui [14] - F&B revenue grew nearly 3% in the quarter, driven by outlets at resorts, with banquet revenue increasing despite a decrease in group room nights [16][17] Market Data and Key Metrics Changes - Total RevPAR at the three Maui resorts was up 6.4% in the fourth quarter, with transient rooms sold up approximately 50% year-over-year at Alila resorts [15] - Business transient revenue grew approximately 6%, driven by strong rate growth and a favorable market mix [13] - Group revenue pace is up 5.6% over the same time last year, with notable increases in San Francisco, San Antonio, and New York [43] Company Strategy and Development Direction - The company acquired $1.5 billion of real estate across four properties, continuing to reinvest in its portfolio through capital expenditures and resiliency investments [7][22] - The company expects to benefit from approximately $27 million of operating profit guarantees in 2025 related to the Hyatt Transformational Capital Program [28] - The company is focused on maintaining an investment-grade balance sheet while exploring opportunities for acquisitions and stock buybacks [22][124] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the state of travel, noting that affluent consumers continue to prioritize experiences [33] - For 2025, the company anticipates comparable hotel RevPAR growth of between 50 basis points and 2.5% over 2024, with EBITDA margins expected to decline [46][49] - Management highlighted the ongoing strength of group business and the potential for further growth in business transient demand [60][72] Other Important Information - The company returned over $844 million of capital to stockholders in 2024 through dividends and share repurchases [24] - The company completed renovations to approximately 2,100 guest rooms and 213,000 square feet of meeting space in 2024 [25] - The company was named to Newsweek's list of America's Most Responsible Companies for the sixth consecutive year [30] Q&A Session Summary Question: What are the assumptions for guidance regarding macroeconomic factors? - Management indicated that guidance is based on current GDP growth and non-residential fixed investment data, with potential upside in group business due to strong pace and rates [57][58] Question: Can you clarify the impact of Maui on EBITDA for 2024 and expectations for 2025? - Management provided a breakdown of Maui's EBITDA, estimating a restated figure of $72 million for 2024, with expectations for 2025 ranging from $80 million to $95 million [66] Question: How is the company positioned regarding labor availability and productivity? - Management expressed confidence in labor availability due to strong management partnerships and highlighted the use of AI to enhance customer service and productivity [106][108] Question: What is the company's approach to capital deployment in 2025? - Management stated that capital deployment will be opportunistic, focusing on acquisitions, stock buybacks, and continued investment in portfolio improvements [123][124] Question: How does the company view the current stock valuation and buyback strategy? - Management acknowledged that the stock is undervalued and indicated that stock buybacks will be considered, but emphasized the importance of maintaining operational focus and balance sheet strength [134][136]

Core Insights - Host Hotels & Resorts, Inc. is the largest lodging real estate investment trust in the United States and is part of the S&P 500 [2] - The company owns a total of 76 properties in the United States and five properties internationally, amounting to approximately 43,400 rooms [2] Company Overview - Host Hotels & Resorts, Inc. specializes in luxury and upper-upscale hotels, making it one of the largest owners in this segment [2] - The company also has non-controlling interests in seven domestic and one international joint ventures [2] Financial Communication - An updated investor presentation for the fourth quarter of 2024 results has been made available on the company's Investor Relations section of its website [1]

Group 1 - Host Hotels & Resorts, Inc. is the largest lodging real estate investment trust in the United States and is part of the S&P 500 [2] - The company owns a total of 76 properties in the United States and five properties internationally, amounting to approximately 43,400 rooms [2] - Host Hotels & Resorts also has non-controlling interests in seven domestic and one international joint ventures [2] Group 2 - An updated investor presentation for the fourth quarter 2024 results has been provided by the company [1]

Core Insights - Host Hotels & Resorts, Inc. (HST) reported fourth-quarter adjusted funds from operations (AFFO) per share of 44 cents, exceeding the Zacks Consensus Estimate of 40 cents, with the figure unchanged from the prior-year quarter [1] - The company generated total revenues of $1.43 billion, surpassing the Zacks Consensus Estimate of $1.38 billion, reflecting a year-over-year increase of 7.9% [2] - For 2024, HST reported AFFO per share of $1.97, up from $1.92 in the previous year, and total revenues of $5.68 billion, which increased by 7% year over year [3] Financial Performance - Comparable hotel RevPAR was $212.86 in the fourth quarter, a 3% increase from $206.67 in the prior year, driven by better rates from transient leisure demand [4] - The average room rate rose to $317.23 from $307.05 year-over-year, while the comparable average occupancy percentage was 67.1%, down 20 basis points from the previous year [5] - Room nights for transient and contract businesses grew by 2.8% and 0.3% year over year, while group business declined by 4.8% [6] Balance Sheet and Capital Expenditure - As of December 31, 2024, Host Hotels had cash and cash equivalents of $554 million, with total liquidity of $2.3 billion, including $242 million in FF&E escrow reserves [7] - The company's capital expenditure totaled $548 million, with $260 million allocated for total return on investment projects, $252 million for renewal and replacement, and $36 million for property damage reconstruction [8] 2025 Outlook - HST projects full-year AFFO in the range of $1.82-$1.91, which is lower than the Zacks Consensus Estimate of $1.93 [9] - The company expects comparable hotel RevPAR to be between $221-$225 million and adjusted EBITDAre to range from $1.59 billion to $1.65 billion for 2025 [10] Dividend Information - Concurrent with the fourth-quarter earnings, HST declared a first-quarter 2025 dividend of 20 cents on its common stock, payable on April 15 to stockholders of record on March 31, 2025 [11]

Core Insights - Host Hotels (HST) reported a revenue of $1.43 billion for Q4 2024, marking a year-over-year increase of 7.9% and exceeding the Zacks Consensus Estimate of $1.38 billion by 3.72% [1] - The earnings per share (EPS) for the same quarter was $0.44, compared to $0.19 a year ago, representing a surprise of 10% over the consensus estimate of $0.40 [1] Financial Performance Metrics - Average Room Rate was $317.23, surpassing the estimated $309.70 [4] - Revenue per Available Room (RevPAR) reached $212.86, exceeding the estimate of $207.58 [4] - Average Occupancy Percentage stood at 67.1%, matching the analysts' estimate [4] - The total number of rooms was 42,508, slightly below the estimated 42,740 [4] - The number of properties was 78, compared to the average estimate of 79 [4] - Room revenues amounted to $863 million, exceeding the estimated $824.95 million, reflecting an 8.3% year-over-year increase [4] - Other revenues were reported at $134 million, above the estimated $128.37 million, indicating a 13.6% year-over-year change [4] - Food and beverage revenues reached $431 million, surpassing the estimate of $424.99 million, with a year-over-year change of 5.6% [4] - Diluted earnings per share were $0.15, exceeding the average estimate of $0.12 [4] Stock Performance - Over the past month, shares of Host Hotels have returned -0.9%, while the Zacks S&P 500 composite has increased by 2.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - Host Hotels reported quarterly funds from operations (FFO) of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.40 per share, with a year-over-year comparison showing no change [1] - The company achieved revenues of $1.43 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.72%, compared to $1.32 billion in the same quarter last year [2] - Over the last four quarters, Host Hotels has exceeded consensus FFO estimates three times and topped consensus revenue estimates three times [2] 分组2 - The stock has underperformed the market, losing about 2.7% since the beginning of the year, while the S&P 500 gained 4.2% [3] - The current consensus FFO estimate for the upcoming quarter is $0.56 on revenues of $1.52 billion, and for the current fiscal year, it is $1.93 on revenues of $5.83 billion [7] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the bottom 34% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - The company reported a market capitalization of $12.4 billion as of December 31, 2024[8]. - The enterprise value of the company is $17.2 billion[9]. - Total revenues for domestic properties reached $1,347.9 million, with hotel EBITDA of $378.1 million[25]. - The company reported a net income of $134.0 million for the quarter, indicating strong profitability[34]. - Total revenues for comparable hotels reached $5,545.9 million, with an average room rate of $306.81 and an occupancy percentage of 70.4%[40]. - Hotel net income for all locations was $707.4 million, with an EBITDA of $1,698.0 million[46]. - The company reported a total EBITDA of $370.3 million for comparable hotels, with significant contributions from locations such as New York and San Diego[36]. - The total EBITDA for the company, including all adjustments, was reported at $1,726.2 million for the year[63]. - Net income for the year ended December 31, 2024, was $707 million, projected to be $516 million for 2025[69]. - Total revenues for the year ended December 31, 2024, reached $5,684 million, with comparable hotel revenues at $5,732 million[67]. Operational Metrics - The average room rate across domestic properties was $320.79 with an occupancy percentage of 67.2%[25]. - The RevPAR (Revenue per Available Room) for domestic properties was $215.59[25]. - The average daily room rate (ADR) across all locations was $307.05, contributing to a RevPAR of $206.67[34]. - The average RevPAR (Revenue per Available Room) for comparable hotels was $216.06, indicating effective revenue management strategies[44]. - The average occupancy rate for the top 40 hotels was 72.8%, while the remaining 41 hotels had an occupancy rate of 67.2%[61]. - The average revenue per available room (RevPAR) for the top 40 hotels was $391.15, indicating strong performance[61]. - The average occupancy rate for the San Francisco/San Jose area was 65.3%, with a hotel net income of $(17.0) million, highlighting challenges in that market[44]. Market Presence and Expansion - The company operates 73 properties with a total of 41,009 rooms in the domestic market[25]. - The company plans to expand its market presence by separating the Oahu and Maui markets starting Q3 2024[32]. - The company plans to continue expanding its market presence, focusing on both domestic and international properties[49]. - The company anticipates continued recovery in the travel and lodging industry, influenced by external factors such as the Maui wildfires[18]. - The company plans to continue expanding its market presence and enhancing its portfolio through strategic acquisitions and new developments[54]. Financial Ratios and Debt - As of December 31, 2024, the company has a total debt of $5,083 million, an increase from $4,209 million in the previous year[88]. - The leverage ratio is at 7.2x, which is below the maximum permitted level of 7.25x[95]. - The consolidated fixed charge coverage ratio stands at 3.3x, exceeding the minimum requirement of 1.25x[95]. - The weighted average interest rate on the company's debt is 4.7%, with 80% of the debt being fixed rate[88]. - The company has a weighted average debt maturity of 5.2 years, an increase from 4.2 years in the previous year[88]. - The GAAP total indebtedness to total assets ratio is 39%, while the total indebtedness to total assets per senior notes indenture is 23%[103]. Non-GAAP Measures - The company utilizes non-GAAP financial measures, including Funds From Operations (FFO) and EBITDA, to assess performance[19]. - The company presents NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures, which are useful for evaluating operating performance[122]. - Adjusted EBITDA is presented to provide additional performance measures, facilitating comparisons with other REITs[131]. - The company emphasizes that non-GAAP measures should not be considered alternatives to GAAP measures like net income or cash from operations[135]. - The company excludes property insurance gains and losses from Adjusted EBITDA to reflect ongoing asset performance accurately[133]. Challenges and Future Outlook - Non-comparable hotels reported a loss of $2.2 million, highlighting challenges in certain segments[34]. - The company is focusing on enhancing operational strategies to improve overall performance and profitability in the upcoming quarters[34]. - Future guidance indicates a focus on enhancing user data analytics to improve operational efficiency and customer experience[49]. - The company acknowledges that renovations are a regular part of the business, impacting the comparability of hotel performance[117]. - The company forecasts potential changes in overall economic outlook, which may affect RevPAR and interest expense[114].

Core Insights - Host Hotels & Resorts, Inc. reported a total revenue of $5.684 billion for the full year 2024, reflecting a 7.0% increase compared to 2023, with fourth-quarter revenue reaching $1.428 billion, a 7.9% increase year-over-year [2][3][29] - The company completed $1.5 billion in acquisitions during 2024, enhancing its portfolio with four properties, three of which are in new markets [4][5] - Comparable hotel Total RevPAR for 2024 was $355.88, representing a 2.1% increase from 2023, driven by improvements in food and beverage revenues from group business [4][7] Financial Performance - Net income for the full year 2024 was $707 million, a decrease of 6.0% from 2023, while fourth-quarter net income was $109 million, down 18.7% year-over-year [3][10][30] - Comparable hotel EBITDA for 2024 was $1.622 billion, a slight increase of 0.3% compared to 2023, with a comparable hotel EBITDA margin of 29.2% [7][13] - The company repurchased 6.3 million shares at an average price of $16.99 per share, totaling $107 million, with approximately $685 million remaining under the repurchase program as of December 31, 2024 [5][10] Capital Expenditures and Investments - Host Hotels invested $548 million in capital expenditures in 2024, including resiliency investments and progress on the Hyatt Transformational Capital Program [4][5] - The company issued $1.3 billion in senior notes and repaid $400 million of senior notes at maturity, maintaining a balanced maturity schedule with a total debt of $5.1 billion [4][14] Market and Operational Insights - The company anticipates a comparable hotel Total RevPAR growth of 1.0% to 3.0% in 2025, supported by a stable operating environment and recovery in group business [4][17] - The impact of Hurricanes Helene and Milton in 2024 is estimated to have negatively affected net income by $21 million and Adjusted EBITDAre by $15 million [8][18] - The company’s customer mix for 2024 included approximately 60% transient, 36% group, and 4% contract business, with transient room nights increasing by 2.8% year-over-year [11][12]

Core Insights - Host Hotels & Resorts, Inc. reported a total revenue of $5.684 billion for the full year 2024, reflecting a 7.0% increase compared to 2023 [3][7] - The company completed $1.5 billion in acquisitions during 2024, enhancing its portfolio with four properties, three of which are in new markets [4][5] - Comparable hotel Total RevPAR for 2024 was $355.88, representing a 2.1% increase from 2023, driven by improvements in food and beverage revenues [4][7] Financial Performance - For Q4 2024, revenues reached $1.428 billion, a 7.9% increase from Q4 2023 [3][13] - Net income for Q4 2024 was $109 million, down 18.7% from the previous year, while full-year net income was $707 million, a decrease of 6.0% [3][7] - Adjusted EBITDAre for the full year was $1.656 billion, a 1.7% increase compared to 2023 [3][7] Operational Highlights - Comparable hotel RevPAR for Q4 2024 was $212.86, a 3.0% increase year-over-year, while full-year comparable hotel RevPAR increased by 0.9% [3][7] - The company returned $844 million to shareholders through dividends and share repurchases in 2024 [4][5] - The company maintained a balanced maturity schedule with a net issuance of $900 million in senior notes in 2024 [4][5] Capital Expenditures and Investments - Host Hotels invested $548 million in capital expenditures and resiliency investments in 2024 [4][5] - The company anticipates capital expenditures of approximately $580 million for 2025 [13][15] Market and Business Outlook - The company expects comparable hotel Total RevPAR growth of 1.0% to 3.0% in 2025, indicating a stable operating environment [4][17] - The anticipated impact of the Maui wildfires and hurricanes on operating results is expected to continue into 2025, affecting margins and income [18][19] - The company projects net income for 2025 to be between $486 million and $546 million, with Adjusted EBITDAre expected to range from $1.590 billion to $1.650 billion [19]

Host Hotels & Resorts, Inc. (HST) is scheduled to release fourth-quarter and full-year 2024 earnings results on Feb. 19, after market close. While the company’s quarterly results are likely to display a year-over-year rise in revenues, adjusted funds from operations (AFFO) per share might display a decline.See the Zacks Earnings Calendar to stay ahead of market-making news.In the previous quarter, this Bethesda, MD-based lodging real estate investment trust (REIT) reported an AFFO per share of 36 cents, in ...