Host Hotels & Resorts, Inc. Reports Results for 2024

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]