BETHESDA, Md., Nov. 05, 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 the third quarter of 2025.
OPERATING RESULTS(unaudited, in millions, except per share and hotel statistics)
Quarter endedSeptember 30,
Year-to-date ended September 30,
2025
2024
Percent Change
2025
2024
Percent Change
Revenues
$
1,331
$
1,319
0.9
%
$
4,511
$
4,256
6.0
%
Comparable hotel revenues⁽¹⁾
1,293
1,282
0.9
%
4,388
4,245
3.4
%
Comparable hotel Total RevPAR⁽¹⁾
335.42
332.67
0.8
%
383.54
369.71
3.7
%
Comparable hotel RevPAR⁽¹⁾
208.07
207.58
0.2
%
229.95
222.10
3.5
%
Net income
$
163
$
84
94.0
%
$
639
$
598
6.9
%
EBITDAre⁽¹⁾
314
353
(11.0
%)
1,313
1,359
(3.4
%)
Adjusted EBITDAre⁽¹⁾
319
330
(3.3
%)
1,329
1,300
2.2
%
Diluted earnings per common share
$
0.23
$
0.12
91.7
%
$
0.91
$
0.84
8.3
%
NAREIT FFO per diluted share⁽¹⁾
0.34
0.36
(5.6
%)
1.54
1.53
0.7
%
Adjusted FFO per diluted share⁽¹⁾
0.35
0.36
(2.8
%)
1.56
1.55
0.6
%
Additional detail on the Company's results, including data for 24 domestic markets, is available in the Third Quarter 2025 Supplemental Financial Information on the Company's website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, "Our strong third quarter results reflect our company's continued positive momentum and industry leadership. We delivered better than expected comparable hotel Total RevPAR growth of 0.8% over the third quarter of 2024, driven by strong transient demand leading to improvements in room revenues and ancillary spend. Comparable hotel RevPAR also outperformed our expectations, increasing 0.2% over the third quarter of last year, driven by higher rates across the portfolio and improving leisure transient trends in Maui. As a result of our outperformance, we now expect comparable hotel RevPAR growth of approximately 3.0% and comparable hotel Total RevPAR growth of approximately 3.4% over 2024, exceeding the high end of our previously announced guidance ranges."
Risoleo continued, "We continued to actively manage our portfolio with the sale of the Washington Marriott at Metro Center in the third quarter and made additional progress on our portfolio reinvestments. We are very pleased to have entered into a new agreement with Marriott to complete transformational renovations at four properties in our portfolio. We believe Host is well positioned to benefit from favorable demand trends as a result of our investment-grade balance sheet, our size and scale, our diversified business and geographic mix, and our continued reinvestment in our portfolio."
_______________________________(1) NAREIT Funds From Operations ("FFO") per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission ("SEC"). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.
HIGHLIGHTS:
Comparable hotel Total RevPAR was $335.42 for the third quarter of 2025, representing an increase of 0.8% compared to the same period in 2024, due to improvements in room revenues and ancillary spend driven by increased transient demand. Comparable hotel Total RevPAR year-to-date in 2025 was $383.54, an increase of 3.7%.
Comparable hotel RevPAR was $208.07 for the third quarter of 2025, representing an increase of 0.2%, compared to the same period in 2024, driven primarily by increases in room rates and strong transient leisure demand, along with the continuing recovery in Maui, which collectively offset an expected decrease in group demand. Comparable hotel RevPAR year-to-date in 2025 was $229.95, an increase of 3.5%.
GAAP net income was $163 million for the third quarter of 2025, reflecting a 94.0% increase compared to the third quarter of 2024, benefitting from the gain on sale in the quarter. GAAP operating profit margin was 7.6%, a decline of 260 basis points compared to the third quarter of 2024, driven by a $24 million decrease in net gains on insurance settlements. Year-to-date GAAP net income was $639 million, a 6.9% increase compared to 2024, also benefitting from gains on sales, and operating profit margin was 14.7%, a decline of 220 basis points compared to 2024, reflecting a decline of $92 million in net gains on insurance settlements.
Comparable hotel EBITDA was $309 million for the third quarter of 2025, a decrease of 1.3% compared to the third quarter of 2024, reflecting a comparable hotel EBITDA margin decrease of 50 basis points to 23.9%, due to increases in wages and benefits expense. Year-to-date, comparable hotel EBITDA was $1,283 million, an increase of 2.0% compared to 2024, while comparable hotel EBITDA margin decreased 40 basis points to 29.2%.
Adjusted EBITDAre was $319 million for the third quarter of 2025, a decrease of 3.3% compared to the third quarter of 2024, as improvements in revenues did not offset the increase in expenses primarily from higher wages and benefits. Year-to-date Adjusted EBITDAre was $1,329 million, exceeding 2024 by 2.2%, as improvements in room rates and earnings from the 2024 acquisitions more than offset the decline in business interruption proceeds and the increases in wages and benefits.
Sold Washington Marriott at Metro Center for $177 million and recorded a gain on sale of approximately $122 million in the third quarter. In connection with the sale, the Company provided seller financing of $114 million.
Received business interruption proceeds of $5 million in July, as previously reported, related to damages caused by Hurricanes Helene and Milton at The Don CeSar in 2024. To date, a total of $40 million of insurance proceeds have been received related to the claims, of which $24 million is related to business interruption proceeds. The final phases of the reconstruction at The Don CeSar were completed in the third quarter, and all amenities are fully reopened at the property.
Reached an agreement with Marriott International to complete a second transformational capital program at four properties over a four-year period. These portfolio investments are designed to better position the assets to compete in their respective markets and enhance long-term performance. The Company expects to spend between $300 million and $350 million through 2029. In exchange, Marriott has provided enhanced owner priority returns on the agreed upon investments and operating profit guarantees of approximately $22 million, including $1 million in each of the third and fourth quarters of 2025, to offset expected business disruption.
Moody's upgraded the Company's credit rating to Baa2 with a stable outlook. In its press release, Moody's cited the Company's solid operating performance and maintenance of a conservative financial profile as evidenced by its low leverage, strong fixed charge coverage, and almost fully unencumbered property portfolio. Moody's also noted The Company's high-quality portfolio, which has been enhanced through meaningful capital investments over the past several years.1
1 A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Credit ratings are subject to change depending on financial and other factors
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at September 30, 2025:
Total assets of $13.0 billion.
Debt balance of $5.1 billion, with a weighted average maturity of 5.2 years, a weighted average interest rate of 4.9%, and a balanced maturity schedule.
Total available liquidity of approximately $2.2 billion, including furniture, fixtures and equipment escrow reserves of $205 million and $1.5 billion available under the revolver portion of the credit facility.
DIVIDENDS
The Company paid a third quarter common stock cash dividend of $0.20 per share on October 15, 2025 to stockholders of record on September 30, 2025. All future dividends, including any special dividends, are subject to approval by the Company's Board of Directors.
HOTEL BUSINESS MIX UPDATE
The Company's customers fall into three broad groups: transient, group and contract business, which accounted for approximately 60%, 36%, and 4%, respectively, of its full year 2024 room sales. As expected, group room nights for the third quarter were down year-over-year as a result of planned renovations under the Hyatt Transformational Capital Program and a shift in the timing of holidays.
The following are the results for transient, group and contract business in comparison to 2024, for the Company's current portfolio:
Quarter ended September 30, 2025
Year-to-date ended September 30, 2025
Transient
Group
Contract
Transient
Group
Contract
Room nights (in thousands)
1,535
928
219
4,383
3,127
616
Percent change in room nights vs. same period in 2024
(1.2
%)
(7.8
%)
11.6
%
—
%
(4.7
%)
12.5
%
Rooms revenues (in millions)
$
507
$
249
$
46
$
1,571
$
926
$
134
Percent change in revenues vs. same period in 2024
1.7
%
(4.7
%)
14.5
%
4.6
%
(0.9
%)
18.8
%
CAPITAL EXPENDITURES
The following presents the Company's capital expenditures spend through the third quarter of 2025 and the forecast for the full year 2025 (in millions):
Year-to-dateended September30, 2025
2025 Full Year Forecast
Actual
Low-end of range
High-end of range
ROI - Marriott and Hyatt Transformational Capital Programs
$
114
$
190
$
195
All other return on investment ("ROI") projects
70
90
100
Total ROI Projects
184
280
295
Renewals and Replacements ("R&R")
200
250
265
R&R and ROI Capital expenditures
384
530
560
R&R - Property Damage Reconstruction
70
75
80
Total Capital Expenditures
$
454
$
605
$
640
Inventory spend for condo development(1)
67
80
85
Total capital allocation
$
521
$
685
$
725
__________(1) Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.
Under the Hyatt Transformational Capital Program, the Company received $8 million of operating guarantees in the third quarter of 2025. The Company substantially completed the transformational renovation of the Hyatt Regency Capitol Hill and, subsequent to quarter end, completed the Hyatt Regency Austin, two of the six assets included in the Hyatt Transformational Capital Program, and expects to receive $24 million of operating guarantees for the full year to offset expected business disruptions.
2025 OUTLOOK
Comparable hotel RevPAR performance exceeded expectations in the third quarter, leading to an improved forecast for the full year, even as short-term group volume remains soft. Following October estimated results of 5.5% growth in comparable hotel RevPAR over the same period in 2024, the revised guidance assumes limited impacts from the government shutdown, which is comparable to what was experienced in October.
The guidance includes an expected decline in operating profit margin and comparable hotel EBITDA margin due to growth in wages and a decrease in business interruption proceeds, as compared to 2024. The guidance for net income and Adjusted EBITDAre increased since the prior quarter, reflecting the higher room rates achieved. Any additional insurance amounts related to Hurricanes Helene and Milton are still under discussion with insurance carriers, with a final determination expected in 2026; therefore, no additional amounts are included in guidance. The guidance for net income and Adjusted EBITDAre also includes an estimated $16 million contribution from sales expected to close in the fourth quarter at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort. The anticipated 2025 contribution from the condominium development has declined $5 million from previous guidance as eight of the contracts signed thus far have been for the villas, which are anticipated to close in 2026. It is important to note the expectations for the overall project have not changed, and sales prices and project costs are on target.
The Company anticipates its 2025 operating results as compared to 2024 will be approximately as follows:
Current Full Year 2025 Guidance
Current Full Year 2025 Guidance Change vs. 2024
Previous Full Year 2025 Guidance Midpoint Change vs. 2024
Change in Full Year 2025 Guidance
Comparable hotel Total RevPAR
$380
3.4%
2.5%
90 bps
Comparable hotel RevPAR
$227
3.0%
2.0%
100 bps
Total revenues under GAAP (in millions)
$6,060
6.6%
7.0%
(40) bps
Operating profit margin under GAAP
13.9%
(150) bps
(190) bps
40 bps
Comparable hotel EBITDA margin
28.8%
(50) bps
(70) bps
20 bps
Based upon the above parameters, the Company estimates its 2025 guidance will be approximately as follows:
Current Full Year 2025 Guidance
Previous Full Year 2025 Guidance Midpoint
Change in Full Year 2025 Guidance
Net income (in millions)
$780
$616
$164
Adjusted EBITDAre (in millions)
$1,730
$1,705
$25
Diluted earnings per common share
$1.11
$0.88
$0.24
NAREIT FFO per diluted share
$2.00
$1.97
$0.03
Adjusted FFO per diluted share
$2.03
$2.00
$0.03
See the 2025 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results.
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 74 properties in the United States and five properties internationally totaling approximately 42,500 rooms. The Company also holds non-controlling interests in seven domestic joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, The Luxury Collection®, Hyatt®, Fairmont®, 1 Hotels®, Hilton®, Four Seasons®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company's website at www.hosthotels.com.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include, but may not be limited to, our expectations regarding the recovery of travel and the lodging industry, the impact of the Maui wildfires and 2025 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company's annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of November 5, 2025, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks have any responsibility or liability for any information contained in this press release.
*** Tables to Follow ***
Host Hotels & Resorts, Inc., herein referred to as "we," "Host Inc.," or the "Company," is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. ("Host LP"), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of September 30, 2025, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.
HOST HOTELS & RESORTS, INC.Condensed Consolidated Balance Sheets(unaudited, in millions, except shares and per share amounts)
September 30,2025
December 31, 2024
ASSETS
Property and equipment, net
$
10,670
$
10,906
Right-of-use assets
561
559
Assets held for sale
32
—
Due from managers
101
36
Advances to and investments in affiliates
217
166
Furniture, fixtures and equipment replacement fund
205
242
Notes receivable
114
79
Other
601
506
Cash and cash equivalents
539
554
Total assets
$
13,040
$
13,048
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes
$
3,988
$
3,993
Credit facility, including the term loans of $999 and $998, respectively
995
992
Mortgage and other debt
96
98
Total debt
5,079
5,083
Lease liabilities
564
560
Accounts payable and accrued expenses
260
351
Due to managers
60
54
Other
264
223
Total liabilities
6,227
6,271
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.
149
165
Host Hotels & Resorts, Inc. stockholders' equity:
Common stock, par value $0.01, 1,050 million shares authorized, 687.7 million shares and 699.1 million shares issued and outstanding, respectively
7
7
Additional paid-in capital
7,284
7,462
Accumulated other comprehensive loss
(67
)
(83
)
Deficit
(563
)
(777
)
Total equity of Host Hotels & Resorts, Inc. stockholders
6,661
6,609
Non-redeemable non-controlling interests—other consolidated partnerships
3
3
Total equity
6,664
6,612
Total liabilities, non-controlling interests and equity
$
13,040
$
13,048
__________
(1) Please see our Third Quarter 2025 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.
HOST HOTELS & RESORTS, INC.Condensed Consolidated Statements of Operations(unaudited, in millions, except per share amounts)
Quarter endedSeptember 30,
Year-to-date ended September 30,
2025
2024
2025
2024
Revenues
Rooms
$
826
$
825
$
2,713
$
2,563
Food and beverage
364
365
1,345
1,285
Other
141
129
453
408
Total revenues
1,331
1,319
4,511
4,256
Expenses
Rooms
222
216
680
632
Food and beverage
278
267
914
848
Other departmental and support expenses
357
345
1,096
1,022
Management fees
52
55
191
193
Other property-level expenses
103
108
321
313
Depreciation and amortization
196
197
587
565
Corporate and other expenses⁽¹⁾
27
25
83
81
Net gain on insurance settlements
(5
)
(29
)
(24
)
(116
)
Total operating costs and expenses
1,230
1,184
3,848
3,538
Operating profit
101
135
663
718
Interest income
7
11
22
43
Interest expense
(60
)
(59
)
(175
)
(156
)
Other gains
122
1
148
1
Equity in earnings of affiliates
2
2
16
12
Income before income taxes
172
90
674
618
Provision for income taxes
(9
)
(6
)
(35
)
(20
)
Net income
163
84
639
598
Less: Net income attributable to non-controlling interests
(2
)
(2
)
(9
)
(9
)
Net income attributable to Host Inc.
$
161
$
82
$
630
$
589
Basic and diluted earnings per common share
$
0.23
$
0.12
$
0.91
$
0.84
___________
(1) Corporate and other expenses include the following items:
Quarter endedSeptember 30,
Year-to-date ended September 30,
2025
2024
2025
2024
General and administrative costs
$
22
$
19
$
67
$
64
Non-cash stock-based compensation expense
5
6
16
17
Total
$
27
$
25
$
83
$
81
HOST HOTELS & RESORTS, INC.Earnings per Common Share (unaudited, in millions, except per share amounts)
Quarter ended September 30,
Year-to-date ended September 30,
2025
2024
2025
2024
Net income
$
163
$
84
$
639
$
598
Less: Net income attributable to non-controlling interests
(2
)
(2
)
(9
)
(9
)
Net income attributable to Host Inc.
$
161
$
82
$
630
$
589
Basic weighted average shares outstanding
687.5
700.9
692.6
703.1
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market
2.0
1.5
1.9
1.6
Diluted weighted average shares outstanding⁽¹⁾
689.5
702.4
694.5
704.7
Basic and diluted earnings per common share
$
0.23
$
0.12
$
0.91
$
0.84
___________(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units ("OP Units") held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.
HOST HOTELS & RESORTS, INC.Hotel Operating Data for Consolidated Hotels
Comparable Hotel Results by Location(1)
As of September 30, 2025
Quarter ended September 30, 2025
Quarter ended September 30, 2024
Location
No. ofProperties
No. ofRooms
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
TotalRevPAR
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
TotalRevPAR
PercentChange inRevPAR
PercentChange inTotal RevPAR
Maui
3
1,580
$
611.54
69.9
%
$
427.23
$
675.34
$
626.00
57.0
%
$
356.87
$
569.42
19.7
%
18.6
%
Jacksonville
1
446
516.44
72.4
%
374.11
826.86
500.84
71.6
%
358.59
805.21
4.3
%
2.7
%
Oahu(2)
2
876
481.95
83.8
%
403.71
620.81
458.26
81.6
%
373.80
562.08
8.0
%
10.4
%
Miami
2
1,038
387.67
59.1
%
229.04
433.63
366.49
59.2
%
216.89
414.64
5.6
%
4.6
%
Florida Gulf Coast
4
1,529
375.39
42.7
%
160.16
350.93
321.25
55.6
%
178.55
382.02
(10.3
%)
(8.1
%)
New York
3
2,720
400.99
88.9
%
356.36
487.87
379.23
87.5
%
331.84
447.06
7.4
%
9.1
%
Phoenix
3
1,545
262.62
61.9
%
162.56
410.51
269.17
54.5
%
146.75
374.60
10.8
%
9.6
%
Nashville
2
721
330.15
77.6
%
256.22
449.68
335.61
80.5
%
270.28
435.21
(5.2
%)
3.3
%
Orlando
2
2,448
346.50
53.4
%
185.18
421.34
312.21
60.3
%
188.39
426.35
(1.7
%)
(1.2
%)
Los Angeles/Orange County
3
1,067
308.01
76.7
%
236.26
354.62
303.51
81.9
%
248.54
369.47
(4.9
%)
(4.0
%)
San Diego
3
3,294
302.44
76.9
%
232.44
410.75
305.38
84.2
%
257.27
455.83
(9.7
%)
(9.9
%)
Boston
2
1,496
297.49
79.6
%
236.86
303.04
301.09
84.4
%
253.98
316.86
(6.7
%)
(4.4
%)
Washington, D.C. (CBD)
4
2,786
265.42
56.6
%
150.31
232.09
263.04
67.1
%
176.54
266.46
(14.9
%)
(12.9
%)
Philadelphia
2
810
231.56
83.9
%
194.39
301.51
236.34
83.7
%
197.75
298.37
(1.7
%)
1.1
%
Northern Virginia
2
916
254.61
72.4
%
184.39
268.82
246.97
74.3
%
183.58
272.79
0.4
%
(1.5
%)
Chicago
3
1,562
275.28
83.7
%
230.39
323.52
284.56
79.3
%
225.77
302.96
2.0
%
6.8
%
Seattle
2
1,315
278.57
82.7
%
230.37
292.94
278.67
84.2
%
234.60
295.93
(1.8
%)
(1.0
%)
San Francisco/San Jose
6
4,162
228.63
74.7
%
170.68
243.57
221.47
71.4
%
158.03
224.25
8.0
%
8.6
%
Atlanta
2
810
205.50
69.2
%
142.11
218.67
193.10
62.3
%
120.29
182.01
18.1
%
20.1
%
Houston
4
1,710
195.20
61.2
%
119.37
163.15
195.95
69.7
%
136.51
186.16
(12.6
%)
(12.4
%)
San Antonio
2
1,512
207.97
58.2
%
121.08
186.09
201.02
56.3
%
113.14
179.56
7.0
%
3.6
%
Denver
3
1,342
213.29
74.8
%
159.43
230.23
212.74
82.1
%
174.65
252.81
(8.7
%)
(8.9
%)
New Orleans
1
1,333
150.07
58.8
%
88.31
151.18
161.65
68.4
%
110.53
180.91
(20.1
%)
(16.4
%)
Austin
2
769
205.41
41.4
%
85.07
157.45
206.04
60.4
%
124.50
226.42
(31.7
%)
(30.5
%)
Other
8
2,551
301.73
70.5
%
212.81
327.45
301.01
68.5
%
206.27
323.59
3.2
%
1.2
%
Domestic
71
40,338
302.35
69.5
%
