BETHESDA, Md., Feb. 18, 2026 (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 fourth quarter and full year 2025.
OPERATING RESULTS(unaudited, in millions, except per share and hotel statistics)
Quarter endedDecember 31,
Year endedDecember 31,
2025
2024
Percent Change
2025
2024
Percent Change
Revenues
$
1,603
$
1,428
12.3
%
$
6,114
$
5,684
7.6
%
Comparable hotel revenues⁽¹⁾
1,468
1,392
5.5
%
5,856
5,637
3.9
%
Comparable hotel Total RevPAR⁽¹⁾
380.71
361.07
5.4
%
382.83
367.53
4.2
%
Comparable hotel RevPAR⁽¹⁾
227.14
217.11
4.6
%
229.24
220.84
3.8
%
Net income
$
137
$
109
25.7
%
$
776
$
707
9.8
%
EBITDAre⁽¹⁾
418
367
13.9
%
1,731
1,726
0.3
%
Adjusted EBITDAre⁽¹⁾
428
380
12.6
%
1,757
1,680
4.6
%
Diluted earnings per common share
$
0.20
$
0.15
33.3
%
$
1.10
$
0.99
11.1
%
NAREIT FFO per diluted share⁽¹⁾
0.49
0.44
11.4
%
2.03
1.97
3.0
%
Adjusted FFO per diluted share⁽¹⁾
0.51
0.45
13.3
%
2.07
2.00
3.5
%
* Additional detail on the Company's results, including data for 24 domestic markets and Top 40 hotels by Total RevPAR, is available in the Fourth 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 fourth quarter and full year 2025 results underscore the success of our strategy and the quality of our portfolio. We delivered comparable hotel Total RevPAR growth of 5.4% over the fourth quarter of 2024, and full year growth of 4.2%, reflecting increased transient demand and improvements in food and beverage revenues and ancillary spending. Comparable hotel RevPAR increased 4.6% for the quarter and 3.8% for the full year due to higher rates across the portfolio.
In 2025, we continued to successfully allocate capital to unlock value for shareholders. During the year, and subsequent to year end, we sold $1.4 billion of real estate across five properties. Over the course of 2025, we also reinvested $644 million in our portfolio through capital expenditures and resiliency investments, made progress on the Hyatt Transformational Capital Program, and commenced a second transformational capital program with Marriott International. Additionally, we returned $859 million of capital to stockholders through dividends declared and share repurchases."
Risoleo concluded, "In 2026, we are optimistic about the state of travel for luxury and upper-upscale hotels, as affluent consumers continue to prioritize spending on experiences. With an investment-grade balance sheet, significant liquidity, and a diversified portfolio of iconic properties, Host is well positioned to capture additional upside from lodging demand growth and take advantage of potential opportunities in the future."
______________________
(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.
2025 HIGHLIGHTS AND FULL YEAR RESULTS:
Comparable hotel Total RevPAR was $382.83 for full year 2025, representing an increase of 4.2% compared to 2024, primarily due to improvements in room revenues driven by increased transient demand, leading to increases in food & beverage revenues and ancillary spend.
Comparable hotel RevPAR was $229.24, representing an increase of 3.8% compared to 2024, driven primarily by an increase in room rates and strong transient leisure demand, along with a continuing recovery in Maui, which collectively more than offset the anticipated decrease in group demand.
GAAP net income was $776 million, a 9.8% increase compared to 2024, benefitting from improvements in hotel operations, as well as gains on asset sales and the sale of condominium units, as discussed below. The increases were partially offset by a decrease of $86 million in net gains on insurance settlements as well as increases in wages and benefits, leading to an operating profit margin of 14.0%, a decline of 140 basis points compared to 2024.
Comparable hotel EBITDA was $1,694 million, an increase of 2.5% compared to 2024, as increases in revenues offset increases in wages and benefits expense. Comparable hotel EBITDA margin decreased 40 basis points to 28.9%, driven by $21 million of business interruption proceeds that were received in 2024 for the Maui wildfires.
Adjusted EBITDAre was $1,757 million, an increase of 4.6% compared to 2024, 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. Adjusted EBITDAre was also boosted by the sale of condominium units.
Recognized net income and Adjusted EBITDAre of $17 million from the sale of 16 condominium units in the development adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort. Twelve additional units have been sold or are under contract to-date in 2026, including eight villas that are scheduled to complete construction in the first half of 2026, bringing the total contracted to 28 of 40 units.
Sold The Westin Cincinnati and Washington Marriott at Metro Center in separate transactions for a total of $237 million, and provided seller financing of $114 million with respect to the sale of the Washington Marriott at Metro Center.
Issued $900 million of senior notes through two separate underwritten public offerings and repaid $900 million of maturing senior notes. Additionally, the Company's credit rating was upgraded by Moody's to Baa2 with a stable outlook1.
Repurchased 13.1 million shares during 2025 at an average price of $15.68 per share through the Company's common share repurchase program for a total of $205 million. As of December 31, 2025, the Company has approximately $480 million of remaining capacity under the repurchase program, pursuant to which it may purchase common stock from time to time, depending upon market conditions.
Reopened The Don CeSar in March 2025, with all amenities fully reopened by the third quarter. As previously reported, received business interruption proceeds of $24 million during 2025 related to damage caused by Hurricanes Helene and Milton in 2024. To date, a total of $81 million of insurance proceeds have been received related to the claims, of which $31 million was related to business interruption proceeds, including $7 million of business interruption proceeds that were received in January 2026.
Commenced a second transformational capital program with Marriott International to complete transformational renovations at four properties over a four-year period. The Company expects to spend between $300 million and $350 million through 2029 as part of the new program and Marriott has provided operating profit guarantees and enhanced owner priority returns on the agreed upon investments. Additionally, completed renovations at three of the six assets under the existing Hyatt Transformational Capital Program.
______________________
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
Results for Fourth Quarter 2025
Comparable hotel Total RevPAR was $380.71 for the fourth quarter of 2025, representing an increase of 5.4% compared to the same period in 2024, due to improvements in room revenues, food and beverage revenues and ancillary spending driven by increased transient demand.
Comparable hotel RevPAR was $227.14, representing an increase of 4.6% compared to the same period in 2024, driven primarily by increases in room rates and strong transient leisure demand.
GAAP net income was $137 million, reflecting a 25.7% increase compared to the fourth quarter of 2024, and GAAP operating profit margin was 12.0%, an improvement of 100 basis points compared to the fourth quarter of 2024, reflecting improvements in operations and the sale of condominium units.
Comparable hotel EBITDA was $411 million, a 4.1% increase compared to the fourth quarter of 2024, while comparable hotel EBITDA margin declined 30 basis points to 28.0%, as operational improvements were offset by certain one-time benefits recognized in 2024.
Adjusted EBITDAre was $428 million, an increase of 12.6% compared to the fourth quarter of 2024, reflecting improvements in operations and the sale of condominium units.
Subsequent Events
Sold the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort and the 125-room Four Seasons Resort and Residences Jackson Hole in February 2026 for a sale price of $1.1 billion. The hotels were purchased in 2021 and 2022 for a total of $925 million and were expected to have approximately $88 million of capital expenditure needs over the next five years. Separately, the Sheraton Parsippany is under contract to sell for a sale price of $15 million with an expected close in the first half of 2026. These three hotels are included in the Company's comparable hotel results for 2025 as an agreement to sell was not reached until after year end.2
Sold The St. Regis Houston in January 2026 for $51 million. The hotel was expected to have capital expenditure needs of approximately $49 million over the next five years. The hotel was classified as held-for-sale at December 31, 2025, and therefore results are not included in the Company's comparable hotel results.
______________________
2
The Four Seasons proceeds will be net of $23 million for the buyer's acquisition of the furniture, fixture and equipment ("FF&E") reserves. The Sheraton Parsippany sale price includes $3 million of FF&E reserves retained by the Company.
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at December 31, 2025:
Total assets of $13.0 billion.
Debt balance of $5.1 billion, with a weighted average maturity of 5.1 years and a weighted average interest rate of 4.8%. The Company maintained its balanced maturity schedule by refinancing its maturing $400 million 4.5% Series F senior notes through the issuance of $400 million 4.25% Series N senior notes due in 2028 in an underwritten public offering in November 2025. The Company has no maturities in 2026.
Total available liquidity of approximately $2.4 billion, including furniture, fixtures and equipment escrow reserves of $167 million and $1.5 billion available under the revolver portion of the credit facility.
DIVIDENDS
The Company paid a fourth quarter common stock cash dividend of $0.35 per share on January 15, 2026 to stockholders of record on December 31, 2025, which included a $0.15 per share special dividend, bringing the total dividends declared in 2025 to $0.95 per share. On February 17, 2026, the Board of Directors authorized a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend will be paid on April 15, 2026 to stockholders of record on March 31, 2026. All future dividends, including any special dividends, are subject to approval by the Company's Board of Directors.
There were no common share repurchases in the fourth quarter.
HOTEL BUSINESS MIX UPDATE
The Company's customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 34%, and 5%, respectively, of its full year 2025 room sales. As expected, group room nights for the fourth quarter and full year were down year-over-year, affected by planned renovations under the Transformational Capital Programs.
The following are the results for transient, group and contract business in comparison to 2024, for the Company's current portfolio:
Quarter ended December 31, 2025
Year ended December 31, 2025
Transient
Group
Contract
Transient
Group
Contract
Room nights (in thousands)
1,450
927
203
5,833
4,055
819
Percent change in room nights vs. same period in 2024
0.2
%
(2.5
%)
8.7
%
—
%
(4.2
%)
11.5
%
Rooms revenues (in millions)
$
558
$
273
$
45
$
2,129
$
1,200
$
178
Percent change in revenues vs. same period in 2024
5.9
%
0.8
%
14.1
%
4.9
%
(0.6
%)
17.6
%
CAPITAL EXPENDITURES
The following presents the Company's capital expenditures spend for 2025 and the forecast for the full year 2026 (in millions):
Year endedDecember 31, 2025
2026 Full Year Forecast
Actual
Low-end of range
High-end of range
ROI - Marriott and Hyatt Transformational Capital Programs
$
191
$
175
$
210
All other return on investment ("ROI") projects
91
75
90
Total ROI Projects
282
250
300
Renewals and Replacements ("R&R")
287
275
325
R&R and ROI Capital expenditures
569
525
625
R&R - Property Damage Reconstruction
75
—
—
Total Capital Expenditures
$
644
$
525
$
625
Inventory spend for condo development(1)
88
15
15
Total capital allocation
$
732
$
540
$
640
______________________
(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 and Marriott Transformational Capital Programs, the Company received $3 million of operating guarantees in the fourth quarter of 2025 to offset expected business disruption, bringing the total received to $26 million in 2025. The Company expects to receive a total of $19 million of operating guarantees in 2026 under the two programs. Subsequent to year end, the Company completed the expansion project at The Phoenician to add a 20-key, eight-villa development at the Canyon Suites.
2026 OUTLOOKThe 2026 guidance range contemplates a stable operating environment with a continuation of trends seen through the second half of 2025, including leisure transient strength bolstered by special events, including the FIFA World Cup games, and modest improvements to short-term group booking trends. January 2026 results surpassed expectations as comparable hotel RevPAR declined only 40 basis points, despite difficult comparisons to January 2025, which included the presidential inauguration and increased business from the Los Angeles wildfires. At the midpoint of guidance, full year operating profit margins are expected to increase slightly, while comparable hotel EBITDA margins are expected to remain flat to 2025.
In comparison to 2025, the guidance reflects the reduction in earnings due to the 2026 and 2025 dispositions discussed above. The guidance for net income and Adjusted EBITDAre also includes an estimated $20 million to $25 million net contribution from sales expected to close at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort. Additionally, guidance for net income and Adjusted EBITDAre includes $7 million of business interruption gains related to Hurricanes Helene and Milton, which were already received in January 2026. The final determination on these insurance claims is expected in 2026, but no additional amounts are included in guidance.
The Company anticipates its 2026 operating results as compared to 2025 will be in the following range:
Full Year 2026 Guidance
Low-end of range
High-end of range
Change vs 2025
Comparable hotel Total RevPAR
$382
$388
2.5% to 4.0%
Comparable hotel RevPAR
$228
$231
2.0% to 3.5%
Total revenues under GAAP (in millions)
$6,030
$6,120
(1.4%) to 0.1%
Operating profit margin under GAAP
13.9%
14.6%
(10) bps to 60 bps
Comparable hotel EBITDA margin
29.0%
29.4%
(20) bps to 20 bps
Based upon the above parameters, the Company estimates its 2026 guidance as follows:
Full Year 2026 Guidance
Low-end of range
High-end of range
Net income (in millions)
$836
$891
Adjusted EBITDAre (in millions)
$1,740
$1,800
Diluted earnings per common share
$1.19
$1.27
NAREIT FFO per diluted share
$1.99
$2.07
Adjusted FFO per diluted share
$2.03
$2.11
See the 2026 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Fourth Quarter 2025 Supplemental Financial Information for additional detail on the mid-point of full year 2026 guidance.
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 71 properties in the United States and five properties internationally totaling approximately 41,700 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®, W®, The Luxury Collection®, Hyatt®, Fairmont®, 1 Hotels®, Hilton®, 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 strength of lodging demand, the continued recovery in Maui from the 2023 wildfires, and 2026 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 February 18, 2026, 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 December 31, 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)
December 31,2025
December 31, 2024
ASSETS
Property and equipment, net
$
10,636
$
10,906
Right-of-use assets
560
559
Assets held for sale
34
—
Due from managers
39
36
Advances to and investments in affiliates
259
166
Furniture, fixtures and equipment replacement fund
167
242
Notes receivable
114
79
Other
472
506
Cash and cash equivalents
768
554
Total assets
$
13,049
$
13,048
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes
$
3,986
$
3,993
Credit facility, including the term loans of $999 and $998, respectively
996
992
Mortgage and other debt
95
98
Total debt
5,077
5,083
Lease liabilities
563
560
Accounts payable and accrued expenses
355
351
Due to managers
76
54
Other
246
223
Total liabilities
6,317
6,271
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.
171
165
Host Hotels & Resorts, Inc. stockholders' equity:
Common stock, par value $0.01, 1,050 million shares authorized, 687.8 million shares and 699.1 million shares issued and outstanding, respectively
7
7
Additional paid-in capital
7,289
7,462
Accumulated other comprehensive loss
(68
)
(83
)
Deficit
(670
)
(777
)
Total equity of Host Hotels & Resorts, Inc. stockholders
6,558
6,609
Non-redeemable non-controlling interests—other consolidated partnerships
3
3
Total equity
6,561
6,612
Total liabilities, non-controlling interests and equity
$
13,049
$
13,048
______________________
(1)
Please see our Fourth 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 endedDecember 31,
Year ended December 31,
2025
2024
2025
2024
Revenues
Rooms
$
895
$
863
$
3,608
$
3,426
Food and beverage
458
431
1,803
1,716
Other
151
134
604
542
Condominium sales
99
—
99
—
Total revenues
1,603
1,428
6,114
5,684
Expenses
Rooms
226
217
906
849
Food and beverage
310
289
1,224
1,137
Other departmental and support expenses
370
361
1,466
1,383
Management fees
71
61
262
254
Other property-level expenses
105
98
426
411
Depreciation and amortization
208
197
795
762
Cost of goods sold
80
—
80
—
Corporate and other expenses⁽¹⁾
41
42
124
123
Net (gain) loss on insurance settlements
—
6
(24
)
(110
)
Total operating costs and expenses
1,411
1,271
5,259
4,809
Operating profit
192
157
855
875
Interest income
10
11
32
54
Interest expense
(60
)
(59
)
(235
)
(215
)
Other gains (losses)
—
(1
)
148
—
Equity in earnings (losses) of affiliates
2
(5
)
18
7
Income before income taxes
144
103
818
721
Benefit (provision) for income taxes
(7
)
6
(42
)
(14
)
Net income
137
109
776
707
Less: Net income attributable to non-controlling interests
(2
)
(1
)
(11
)
(10
)
Net income attributable to Host Inc.
$
135
$
108
$
765
$
697
Basic earnings per common share
$
0.20
$
0.15
$
1.11
$
0.99
Diluted earnings per common share
$
0.20
$
0.15
$
1.10
$
0.99
______________________
(1)
Corporate and other expenses include the following items:
Quarter endedDecember 31,
Year endedDecember 31,
2025
2024
2025
2024
General and administrative costs
$
31
$
29
$
98
$
93
Non-cash stock-based compensation expense
10
7
26
24
Litigation accruals
—
6
—
6
Total
$
41
$
42
$
124
$
123
HOST HOTELS & RESORTS, INC.Earnings per Common Share(unaudited, in millions, except per share amounts)
Quarter ended December 31,
Year ended December 31,
2025
2024
2025
2024
Net income
$
137
$
109
$
776
$
707
Less: Net income attributable to non-controlling interests
(2
)
(1
)
(11
)
(10
)
Net income attributable to Host Inc.
$
135
$
108
$
765
$
697
Basic weighted average shares outstanding
687.7
699.0
691.4
702.1
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market
2.8
1.9
2.7
1.9
Diluted weighted average shares outstanding⁽¹⁾
690.5
700.9
694.1
704.0
Basic earnings per common share
$
0.20
$
0.15
$
1.11
$
0.99
Diluted earnings per common share
$
0.20
$
0.15
$
1.10
$
0.99
______________________
(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 December 31, 2025
Quarter ended December 31, 2025
Quarter ended December 31, 2024
Location
No. ofProperties
No. ofRooms
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
PercentChange inRevPAR
PercentChange inTotal RevPAR
Maui
3
1,580
$
695.25
69.9
%
$
486.21
$
729.05
$
675.53
62.6
%
$
422.84
$
646.58
15.0
%
12.8
%
Oahu
2
876
508.27
79.5
%
403.87
602.60
468.41
77.4
%
362.69
536.20
11.4
%
12.4
%
Miami
2
1,038
572.20
73.1
%
418.49
733.00
543.45
70.3
%
381.89
656.15
9.6
%
11.7
%
Jacksonville
1
446
523.35
63.0
%
329.71
802.29
479.66
62.4
%
299.52
733.55
10.1
%
9.4
%
New York
3
2,720
521.39
90.2
%
470.15
665.17
482.16
89.9
%
433.68
586.91
8.4
%
13.3
%
Florida Gulf Coast
4
1,529
513.52
62.1
%
318.94
672.71
451.08
62.7
%
282.72
591.92
12.8
%
13.6
%
Phoenix
3
1,545
406.39
68.7
%
279.35
678.84
401.26
70.4
%
282.47
688.85
(1.1
%)
(1.5
%)
Nashville
2
721
363.74
77.3
%
281.27
473.35
354.34
76.4
%
270.87
456.11
3.8
%
3.8
%
Orlando
2
2,448
473.90
60.0
%
284.43
585.83
457.96
55.4
%
253.73
528.74
12.1
%
10.8
%
Los Angeles/Orange County
3
1,067
301.26
72.6
%
218.66
348.68
296.49
75.3
%
223.12
350.33
(2.0
%)
(0.5
%)
San Diego
3
3,294
273.17
66.9
%
182.62
351.35
275.76
70.9
%
195.51
377.07
(6.6
%)
(6.8
%)
Boston
2
1,496
284.38
72.3
%
205.70
271.09
279.69
73.0
%
204.26
272.85
0.7
%
(0.6
%)
Philadelphia
2
810
244.85
78.4
%
191.92
300.82
246.18
80.1
%
197.07
300.45
(2.6
%)
0.1
%
Washington, D.C. (CBD)
4
2,788
299.93
57.1
%
171.13
252.14
287.48
62.3
%
179.13
265.48
(4.5
%)
(5.0
%)
Northern Virginia
2
916
267.28
71.3
%
190.56
334.49
265.46
71.0
%
188.58
324.74
1.0
%
3.0
%
Chicago
3
1,562
251.05
69.6
%
174.82
254.63
257.17
70.3
%
180.84
249.48
(3.3
%)
2.1
%
San Francisco/San Jose
6
4,162
252.61
65.1
%
164.53
248.87
226.27
56.4
%
127.70
191.78
28.8
%
29.8
%
Seattle
2
1,315
225.26
54.1
%
121.83
175.33
230.58
61.8
%
142.52
205.28
(14.5
%)
(14.6
%)
Atlanta
2
810
206.01
62.8
%
129.35
224.30
198.53
62.9
%
124.90
200.77
3.6
%
11.7
%
Houston
4
1,710
204.61
65.4
%
133.86
190.72
200.05
68.0
%
136.03
189.48
(1.6
%)
0.7
%
Austin
2
769
274.74
62.0
%
170.38
298.62
281.60
66.8
%
188.13
323.46
(9.4
%)
(7.7
%)
San Antonio
2
1,512
235.14
55.7
%
131.02
211.52
217.39
63.7
%
138.50
231.76
(5.4
%)
(8.7
%)
New Orleans
1
1,333
193.13
63.8
%
123.23
198.22
202.74
68.9
%
139.61
215.85
(11.7
%)
(8.2
%)
Denver
3
1,342
193.82
53.7
%
104.10
169.37
191.18
55.9
%
106.88
176.34
(2.6
%)
(4.0
%)
Other
8
2,551
266.19
67.7
%
180.13
288.45
270.70
65.5
%
177.33
288.06
1.6
%
0.1
%
Domestic
71
40,340
344.12
67.0
%
230.56
386.89
327.63
67.2
%
220.04
367.00
4.8
%
5.4
%
International
5
1,499
208.59
64.7
%
134.98
212.84
215.21
64.1
%
138.01
199.77
(2.2
%)
6.5
%
All Locations
76
41,839
$
339.44
66.9
%
$
227.14
$
380.71
$
323.78
67.1
%
$
217.11
$
361.07
4.6
%
5.4
%
______________________
(1)
See the Notes to Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.
Comparable Hotel Results by Location(1)
As of December 31, 2025
Year ended December 31, 2025
Year ended December 31, 2024
Location
No. ofProperties
No. ofRooms
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
PercentChange inRevPAR
PercentChange inTotal RevPAR
Maui
3
1,580
$
654.62
71.3
%
$
467.04
$
728.79
$
663.09
60.1
