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, 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]