Core Viewpoint - Host Hotels reported a mixed performance in its recent earnings, with adjusted funds from operations (AFFO) per share surpassing estimates but showing a year-over-year decline, while the company has increased its outlook for 2025 AFFO per share [2][10]. Financial Performance - Host Hotels' Q3 adjusted funds from operations (AFFO) per share was 35 cents, exceeding the Zacks Consensus Estimate of 33 cents, but down 2.8% from the previous year [2]. - Total revenues for the quarter were $1.33 billion, meeting estimates and showing a slight year-over-year increase [3]. - Comparable hotel RevPAR was $208.07, reflecting a marginal increase from the prior year, driven by higher room rates and strong transient leisure demand [4]. Operational Insights - Comparable hotel EBITDA was $309.4 million, a decrease of 1% from the previous year, with the EBITDA margin falling by 50 basis points to 23.9% due to rising wage and benefit expenses [5]. - The average room rate increased to $299.07 from $290.27 year-over-year, while occupancy rates fell to 69.6%, down 190 basis points [5]. Business Segments - Room nights for the contract business rose by 11.6% year-over-year, while transient and group businesses saw declines of 1.2% and 7.8%, respectively [6]. - The company sold the Washington Marriott at Metro Center for $177 million [6]. Strategic Initiatives - Host Hotels has entered into a second transformational capital program with Marriott International, with expected expenditures between $300 million and $350 million through 2029 [7]. Balance Sheet and Liquidity - As of September 30, 2025, Host Hotels had cash and cash equivalents of $539 million, up from $490 million at the end of Q2 2025, with total liquidity of $2.2 billion [8]. - Moody's upgraded the company's credit rating to Baa2 with a stable outlook during Q3 2025 [8]. Capital Expenditure - Year-to-date capital expenditures totaled $454 million, including $184 million for return on investment projects and $200 million for renewal and replacement [9]. 2025 Outlook - The company revised its full-year AFFO per share guidance to $2.03 from $2.00, with expectations for comparable hotel RevPAR at $227 million and adjusted EBITDAre at $1.73 billion [10]. Market Position - Estimates for Host Hotels have been trending upward, leading to a Zacks Rank of 2 (Buy), indicating expectations for above-average returns in the coming months [13].

Core Viewpoint - H World Group-S (01179) shares have increased by over 5%, currently trading at 34.46 HKD with a transaction volume of 38.32 million HKD, following the announcement of an upcoming board meeting to review financial performance [1] Company Summary - H World Group-S will hold a board meeting on November 17, 2025, to review and approve the unaudited financial results for the three months ending September 30, 2025 [1] - Morgan Stanley noted that the decline in RevPAR (Revenue Per Available Room) for the hotel industry has narrowed, primarily driven by better-than-expected performance in September [1] - The positive momentum observed in September is expected to continue into October and potentially sustain through the fourth quarter [1] - Morgan Stanley anticipates that H World Group's third-quarter performance will exceed expectations, with a positive RevPAR trend and operational leverage benefits [1] - The firm has raised its RevPAR forecasts for H World Group for 2025 to 2027 by 1% to 2%, and expects RevPAR to turn positive in the fourth quarter [1] Industry Summary - The hotel industry's RevPAR decline has shown signs of improvement, with September's performance exceeding expectations, indicating a potential recovery trend [1] - The positive performance in September is expected to carry over into October and the fourth quarter, suggesting a favorable outlook for the industry [1]

Group 1 - The core viewpoint of the article indicates that H World Group (华住) has seen a significant increase in stock prices, with a 5.56% rise in Hong Kong stocks and a 2.6% pre-market increase in US stocks, driven by positive industry trends [1] - Morgan Stanley's recent research report highlights that the decline in Revenue Per Available Room (RevPAR) for the hotel industry has narrowed in Q3, primarily due to better-than-expected performance in September, which is expected to continue into October and possibly Q4 [1] - The report anticipates that H World Group and Atour's Q3 performance will exceed expectations, with Atour's retail business showing potential surprises and H World expected to demonstrate positive RevPAR trends and operational leverage [1] Group 2 - Morgan Stanley has raised the target price for H World Group's US stock from $43.5 to $47, maintaining an "Overweight" rating [1] - As of November 7, the closing price for H World Group was $41.070, with a trading volume of 1.1874 million shares and a total market capitalization of approximately $12.636 billion [1] - The stock has shown a 52-week high of $41.300 and a low of $28.564, indicating significant price movement within the year [1]

Core Viewpoint - The hotel industry is showing signs of recovery, with a narrowing decline in RevPAR for the third quarter, driven by better-than-expected performance in September, which is expected to continue into October and possibly the fourth quarter [1] Group 1: Company Performance - Huazhu Group's stock rose nearly 6%, closing at 33.1 HKD with a trading volume of 64.37 million HKD [1] - Morgan Stanley anticipates that Huazhu Group's third-quarter performance will exceed expectations, showcasing a positive RevPAR trend and operational leverage benefits [1] Group 2: Industry Trends - According to Guosen Securities, the decline in RevPAR for the hotel industry in the third quarter has continued to narrow on a quarter-on-quarter basis, indicating a positive shift in the industry cycle and individual company operational dynamics [1] - The RevPAR stabilized in September and continued to show resilience post-National Day, primarily driven by business travel [1] - The management of Shouqi Group expects the decline in RevPAR for Q4 to be in the range of 0-3% [1] - Looking ahead, the industry supply growth is expected to become more rational, and if policies stimulate business travel demand alongside flexible arrangements for leisure travel, valuations may recover ahead of the industry cycle turning point [1]

Core Viewpoint - The hotel industry is showing signs of recovery, with a narrowing decline in RevPAR for the third quarter, driven by better-than-expected performance in September, which is expected to continue into October and possibly the fourth quarter [1] Group 1: Company Performance - Huazhu Group's stock price increased by nearly 6%, reaching HKD 33.1, with a trading volume of HKD 64.37 million [1] - Morgan Stanley anticipates that Huazhu Group's third-quarter performance will exceed expectations, showcasing a positive trend in RevPAR and operational leverage benefits [1] Group 2: Industry Trends - The hotel industry's RevPAR decline has been narrowing quarter-on-quarter, with a stable trend observed in September and continuing into the National Day holiday period [1] - Guosen Securities highlights that the RevPAR is expected to decline between 0-3% in Q4, with a gradual rationalization of supply growth anticipated next year [1] - The potential stabilization of business travel demand, combined with flexible arrangements for leisure travel during holidays, may lead to an early recovery in valuations ahead of the industry cycle turning point [1]