BETHESDA, Md., Nov. 03, 2021 (GLOBE NEWSWIRE) --
Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the
nation’s largest lodging real estate investment trust (“REIT”),
today announced results for third quarter 2021.
Operating Results
(unaudited, in millions, except per share and hotel statistics)
|
|
Quarter ended
September 30, |
|
|
Percent
Change |
|
Percent
Change |
|
|
Year-to-date ended
September 30, |
|
|
Percent
Change |
|
Percent
Change |
|
|
|
2021 |
|
|
2020 |
|
|
vs. Q3
2020 |
|
vs. Q3
2019⁽²⁾ |
|
|
2021 |
|
|
2020 |
|
|
vs. YTD
2020 |
|
vs. YTD
2019⁽²⁾ |
|
|
Revenues |
$ |
844 |
|
|
$ |
198 |
|
|
|
326.3 |
% |
|
(33.1 |
)% |
|
$ |
1,892 |
|
|
$ |
1,353 |
|
|
|
39.8 |
% |
|
(54.2 |
)% |
| All owned hotel revenues (pro
forma)⁽¹⁾ |
|
853 |
|
|
|
220 |
|
|
|
287.7 |
% |
|
(32.0 |
)% |
|
|
1,978 |
|
|
|
1,429 |
|
|
|
38.4 |
% |
|
(51.5 |
)% |
| All owned hotel (pro forma)
Total RevPAR - Constant US$ |
|
194.82 |
|
|
|
50.15 |
|
|
|
288.5 |
% |
|
(32.3 |
)% |
|
|
152.19 |
|
|
|
109.72 |
|
|
|
38.7 |
% |
|
(51.7 |
)% |
| All owned hotel (pro forma)
RevPAR - Constant US$ |
|
129.14 |
|
|
|
31.71 |
|
|
|
307.3 |
% |
|
(31.3 |
)% |
|
|
99.68 |
|
|
|
65.82 |
|
|
|
51.5 |
% |
|
(49.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
September 30, |
|
|
Percent |
|
|
|
|
Year-to-date ended
September 30, |
|
|
Percent |
|
|
|
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
|
| Net loss |
|
(120 |
) |
|
|
(316 |
) |
|
|
62.0 |
% |
|
|
|
$ |
(334 |
) |
|
$ |
(675 |
) |
|
|
50.5 |
% |
|
|
|
EBITDAre(1) |
|
179 |
|
|
|
(154 |
) |
|
N/M |
|
|
|
|
|
295 |
|
|
|
(180 |
) |
|
N/M |
|
|
|
| Adjusted
EBITDAre(1) |
|
177 |
|
|
|
(111 |
) |
|
N/M |
|
|
|
|
|
290 |
|
|
|
(136 |
) |
|
N/M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted
loss per common share |
|
(0.17 |
) |
|
|
(0.44 |
) |
|
|
61.4 |
% |
|
|
|
|
(0.47 |
) |
|
|
(0.95 |
) |
|
|
50.5 |
% |
|
|
| NAREIT FFO per diluted
share⁽¹⁾ |
|
0.20 |
|
|
|
(0.21 |
) |
|
N/M |
|
|
|
|
|
0.33 |
|
|
|
(0.25 |
) |
|
N/M |
|
|
|
| Adjusted FFO per diluted
share⁽¹⁾ |
|
0.20 |
|
|
|
(0.11 |
) |
|
N/M |
|
|
|
|
|
0.33 |
|
|
|
(0.14 |
) |
|
N/M |
|
|
|
* Additional detail on the Company’s
results, including data for 21 domestic markets, is available in
the Third Quarter 2021 Supplemental Financial Information available
on the Company’s website at www.hosthotels.com.
|
(1) |
NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted
FFO per diluted share, EBITDAre, Adjusted
EBITDAre and all owned hotel results (pro forma) 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. |
|
(2) |
Presentation includes comparisons to 2019 operating results in
order to allow investors to better understand the trajectory and
timing of any recovery from the COVID-19 impacts on hotel
operations. |
|
N/M = Not Meaningful |
James F. Risoleo, President and Chief Executive Officer, said,
“During the third quarter, we continued to see strong positive
operating trends and significant sequential improvements across our
portfolio. RevPAR was $129 for the quarter, representing a 26%
increase over the prior quarter. While much of the recovery has
been concentrated in Sunbelt markets, our urban markets also saw
significant RevPAR improvements during the third quarter."
Risoleo continued, “In September, we completed
another off-market acquisition, buying the Alila Ventana Big Sur in
California, bringing our total acquisitions for 2021 to $1.2
billion. Subsequent to quarter end, we disposed of five hotels,
totaling 2,323 keys, for $551 million. Additionally, our
positive hotel operating results led to improved credit metrics and
we exited the credit facility covenant waiver period three quarters
ahead of its expiration. We continue to believe we are in the early
stages of a prolonged lodging recovery, and remain focused on
improving the quality and EBITDA growth profile of our
portfolio."
Highlights:
Results for Third Quarter 2021
- GAAP net loss
worsened by $59 million to $120 million in the third quarter
compared to the second quarter of 2021, due to impairment expense
of $92 million recorded in the third quarter, which offset improved
operations. Excluding the impairment expense, the sequential
improvement in net loss was $33 million, or 54.1%.
- Achieved Adjusted
EBITDAre of $177 million, which, after interest expense of
$43 million, exceeded the Company's capital expenditures, totaling
$113 million for the quarter, by $21 million. The results benefited
from continued positive quarterly sequential improvements in RevPAR
and operations.
- Produced All Owned
Hotel Pro Forma EBITDA of $196 million, which included positive
hotel-level operating profit at 65 of the Company’s hotels, an
increase from 53 hotels achieved in the second quarter of
2021.
- Acquired the
Baker's Cay Resort Key Largo, Curio Collection by Hilton and a
223-room luxury downtown Houston hotel, as previously announced, as
well as the Alila Ventana Big Sur for a total investment of $415
million.
- Completed a
multi-year renovation at the New York Marriott Marquis, including a
complete upgrade of all 1,966 guestrooms, renovation of over
140,000 square feet of meeting space, the expansion of a skybridge
lined with two high-definition LED screens, and a reimagined lobby
with new bars and upgraded restaurants. Additionally, after quarter
end completed a multi-year renovation at the Orlando World Center
Marriott, including the transformation of all 2,010 guestrooms, a
redesigned 18th hole at the golf course and an updated lobby. The
projects at both properties were part of the Marriott
transformational capital program, bringing the total number of
completed projects in this program to 10 of 16 properties.
-
Ended the quarter with total available liquidity of approximately
$1.2 billion, including FF&E escrow reserves of $138 million.
Including the transactions completed subsequent to quarter end,
which are noted below, the Company’s total available liquidity was
approximately $1.7 billion, including the FF&E escrow
reserves.
Subsequent Events
- Sold five assets
for a total sales price of $551 million, including approximately
$11 million for the FF&E replacement funds.
- Preliminary
forecast October RevPAR is expected to be approximately $143, the
highest monthly result since the onset of the pandemic.
Balance Sheet
Subsequent to quarter end, the Company
terminated its credit facility's covenant waiver period, as it met
the required minimum fixed charge coverage ratio for its first
phase-in quarter test. The Company will be required to meet the
modified phase-in financial covenant thresholds for the following
five quarters and, after that time, will be subject to the original
covenant levels in the credit facility prior to amendment. Upon
termination of the waiver period, the 40 basis point additional
interest rate applicable to borrowings under the credit facility
was removed, in addition to lifting additional restrictions on
repayments, investments and distributions.
Sourav Ghosh, Executive Vice President, Chief
Financial Officer, stated, “The third quarter represents a turning
point in our recovery as continued sequential operating
improvements led to positive cash flow. As a result, we have met
the minimum covenant levels required under our senior notes,
lifting the restriction on incurring debt. In addition, we have
exited our credit facility waiver period, which provides immediate
savings through a decrease in our interest rate and reflects
the continued strength of our balance sheet. Despite the
challenging environment during the quarter, we improved our
flexibility for financing transactions and enhanced the quality of
our portfolio through hotel acquisitions, dispositions, and
reinvestment in our assets."
The Company maintains a robust balance sheet,
with the following balances at September 30, 2021:
- Total assets of
$12.7 billion.
- Debt balance of
$5.5 billion, with an average maturity of 4.2 years, an average
interest rate of 3.0%, and no maturities until October 2023.
- As of September 30,
2021, the Company has met the minimum financial covenant levels
under its senior notes indentures, which reinstates the Company's
ability to incur additional debt, so long as it maintains these
covenant levels and subject to the provisions of its senior notes
indentures and credit facility.
Operating Results
The following presents the monthly pro forma
hotel operating results on a constant dollar basis for the full
portfolio owned as of September 30, 2021 compared to 2020 and 2019
for the months presented(3):
|
|
July |
|
|
July |
|
|
|
|
|
August |
|
|
August |
|
|
|
|
|
September |
|
|
September |
|
|
|
|
|
Quarter ended
September 30, |
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
Number of hotels |
|
84 |
|
|
|
83 |
|
|
|
|
|
|
84 |
|
|
|
83 |
|
|
|
|
|
|
84 |
|
|
|
83 |
|
|
|
|
|
|
84 |
|
|
|
83 |
|
|
|
|
| Number of rooms |
|
47,474 |
|
|
|
47,309 |
|
|
|
|
|
|
47,474 |
|
|
|
47,309 |
|
|
|
|
|
|
47,474 |
|
|
|
47,309 |
|
|
|
|
|
|
47,474 |
|
|
|
47,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Occupancy
Percentage |
|
57.2 |
% |
|
|
13.2 |
% |
|
44.0 pts |
|
|
|
54.1 |
% |
|
|
19.1 |
% |
|
35.0 pts |
|
|
|
55.4 |
% |
|
|
19.9 |
% |
|
35.5 pts |
|
|
|
55.6 |
% |
|
|
17.4 |
% |
|
38.2 pts |
|
Average Room
Rate |
$ |
240.10 |
|
|
$ |
190.38 |
|
|
26.1 |
% |
|
$ |
228.78 |
|
|
$ |
173.27 |
|
|
32.0 |
% |
|
$ |
227.85 |
|
|
$ |
186.16 |
|
|
22.4 |
% |
|
$ |
232.40 |
|
|
$ |
182.46 |
|
|
27.4 |
% |
| RevPAR |
$ |
137.32 |
|
|
$ |
25.04 |
|
|
448.3 |
% |
|
$ |
123.76 |
|
|
$ |
33.13 |
|
|
273.6 |
% |
|
$ |
126.23 |
|
|
$ |
37.13 |
|
|
240.0 |
% |
|
$ |
129.14 |
|
|
$ |
31.71 |
|
|
307.3 |
% |
|
|
July |
|
|
July |
|
|
|
|
|
August |
|
|
August |
|
|
|
|
|
September |
|
|
September |
|
|
|
|
|
Quarter ended
September 30, |
|
|
|
|
|
|
2021 |
|
|
2019 |
|
|
Change |
|
|
2021 |
|
|
2019 |
|
|
Change |
|
|
2021 |
|
|
2019 |
|
|
Change |
|
|
2021 |
|
|
2019 |
|
|
Change |
|
|
Number of hotels |
|
84 |
|
|
|
83 |
|
|
|
|
|
|
84 |
|
|
|
83 |
|
|
|
|
|
|
84 |
|
|
|
83 |
|
|
|
|
|
|
84 |
|
|
|
83 |
|
|
|
|
| Number of rooms |
|
47,474 |
|
|
|
47,309 |
|
|
|
|
|
|
47,474 |
|
|
|
47,309 |
|
|
|
|
|
|
47,474 |
|
|
|
47,309 |
|
|
|
|
|
|
47,474 |
|
|
|
47,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Occupancy
Percentage |
|
57.2 |
% |
|
|
82.4 |
% |
|
(25.2 pts) |
|
|
|
54.1 |
% |
|
|
80.5 |
% |
|
(26.4 pts) |
|
|
|
55.4 |
% |
|
|
78.2 |
% |
|
(22.8 pts) |
|
|
|
55.6 |
% |
|
|
80.4 |
% |
|
(24.8 pts) |
|
Average Room
Rate |
$ |
240.10 |
|
|
$ |
233.89 |
|
|
2.7 |
% |
|
$ |
228.78 |
|
|
$ |
222.06 |
|
|
3.0 |
% |
|
$ |
227.85 |
|
|
$ |
246.32 |
|
|
(7.5 |
)% |
|
$ |
232.40 |
|
|
$ |
233.84 |
|
|
(0.6 |
)% |
| RevPAR |
$ |
137.32 |
|
|
$ |
192.79 |
|
|
(28.8 |
)% |
|
$ |
123.76 |
|
|
$ |
178.73 |
|
|
(30.8 |
)% |
|
$ |
126.23 |
|
|
$ |
192.55 |
|
|
(34.4 |
)% |
|
$ |
129.14 |
|
|
$ |
187.97 |
|
|
(31.3 |
)% |
__________________
|
(3) |
The AC Hotel Scottsdale North is a new development hotel that
opened in January 2021. Therefore, there were no operations for the
hotel prior to January 2021 and no adjustments were made for pro
forma results of the hotel for periods prior to its opening.
Operations remained suspended at the Sheraton Boston Hotel for part
of the quarter and the hotel re-opened on August 1, 2021. Results
for the five hotels sold subsequent to quarter end are included, as
they were owned for the entirety of the periods presented. |
Third Quarter 2021 Revenue
Performance
- All Owned Hotel
Pro Forma RevPAR improved 26% compared to the second quarter of
2021, with average room rates nearly reaching third quarter 2019
rates. The sequential improvement was primarily due to strong
leisure demand for resorts and hotels located in the Company’s
Sunbelt markets and Hawaii.
- Food and beverage
pro forma revenues improved approximately $48 million, or 34%,
compared to the second quarter of 2021, as Banquet and Catering
revenues doubled over the prior quarter to $84 million,
representing an acceleration in Banquet and Catering recovery. Food
and beverage revenues throughout the pandemic had mostly been
driven by restaurants and other outlet revenue.
Third Quarter 2021 Hotel Operating Expense
Performance
- Portfolio-wide pro
forma hotel operating costs were approximately 30% lower compared
to the third quarter of 2019, with a 32% decrease in total revenues
compared to third quarter of 2019, and costs were only 21% higher
compared to the second quarter of 2021, despite an approximately
25% increase in total revenues quarter over quarter.
- Ramp up of staffing
at several properties continues to lag the pace of demand due to
the challenging labor environment across the industry. The Company
expects hotel operating costs to increase more in line with total
revenues over time as hotels continue to transition from their
contingency level operational plans to increased staffing levels
and controllable spending.
- Re-introduction of
marketing, maintenance and other support costs is expected to
increase other departmental and support expenses as the recovery
continues to gain momentum.
Hotel Business Mix Update
The Company’s customers fall into three broad
groups: transient, group and contract business, which accounted for
approximately 61%, 35%, and 4%, respectively, of its 2019 room
sales.
During the third quarter, demand continued to be
primarily driven by leisure at drive-to and resort destinations.
The following are the sequential results of the Company’s
consolidated portfolio, including all owned hotels at September 30,
2021 on a pro forma basis, for transient, group and contract
business in comparison to 2019 performance:
|
|
Quarter ended
September 30, 2021 |
|
|
Quarter ended
June 30, 2021 |
|
|
|
Transient |
|
|
Group |
|
|
Contract |
|
|
Transient |
|
|
Group |
|
|
Contract |
|
|
Room nights (in thousands) |
|
1,678 |
|
|
|
594 |
|
|
|
157 |
|
|
|
1,416 |
|
|
|
346 |
|
|
|
109 |
|
| Percentage change in room
nights vs. same period in 2019 |
|
(23.3 |
)% |
|
|
(47.8 |
)% |
|
|
(9.9 |
)% |
|
|
(29.6 |
)% |
|
|
(74.4 |
)% |
|
|
(34.3 |
)% |
| Room Revenues (in
millions) |
$ |
424 |
|
|
$ |
114 |
|
|
$ |
26 |
|
|
$ |
367 |
|
|
$ |
60 |
|
|
$ |
18 |
|
| Percentage change in revenues
vs. same period in 2019 |
|
(19.6 |
)% |
|
|
(54.0 |
)% |
|
|
(40.5 |
)% |
|
|
(30.6 |
)% |
|
|
(81.7 |
)% |
|
|
(59.0 |
)% |
Capital Allocation Strategy
The Company continued to execute on its capital
allocation strategy by recycling capital into assets that the
Company believes will improve the quality and EBITDA growth profile
of its portfolio. During the quarter, the Company acquired the
200-room Baker's Cay Resort Key Largo, Curio Collection by Hilton,
for $200 million, a 223-room luxury downtown Houston hotel for $65
million and the 59-room Alila Ventana Big Sur for $150 million. The
downtown Houston hotel has been rebranded as The Laura Hotel, as
part of the Autograph Collection by Marriott. It will be managed by
HEI Hotels & Resorts and is expected to open in the fourth
quarter of 2021. Year-to-date, the Company has acquired five hotels
and land for a total purchase price of $1.2 billion.
Subsequent to quarter end, the Company sold the
Westfields Marriott Washington Dulles, San Ramon Marriott, The
Westin Buckhead Atlanta, The Westin Los Angeles Airport and The
Whitley for $551 million, including approximately $11 million for
the FF&E replacement funds, and expects to record a gain on
sale of $300 million in the fourth quarter.
Capital Expenditures
The following presents the Company’s
year-to-date 2021 capital expenditures spend and the forecast for
full year 2021 (in millions):
|
|
Year-to-date ended
September 30, 2021 |
|
|
2021 Full Year Forecast |
|
|
|
Actuals |
|
|
Low-end of range |
|
|
High-end of range |
|
|
ROI - Marriott transformational capital program |
$ |
82 |
|
|
$ |
115 |
|
|
$ |
140 |
|
| ROI - All other ROI
projects |
|
119 |
|
|
|
170 |
|
|
|
180 |
|
| Total ROI project spend |
|
201 |
|
|
|
285 |
|
|
|
320 |
|
| Renewals and Replacements |
|
92 |
|
|
|
125 |
|
|
|
145 |
|
| Total Capital
Expenditures |
$ |
293 |
|
|
$ |
410 |
|
|
$ |
465 |
|
The Company is utilizing the lower occupancy
environment to accelerate certain projects and minimize future
disruption and believes the renovations will position these hotels
to capture additional revenue during the economic recovery. The
Company is on track to complete 85% of the Marriott
transformational capital program by the end of 2021. The Company
expects to receive approximately $14 million in operating profit
guarantees in 2021 under the Marriott transformational capital
program. As of September 30, 2021, the Company has received $12
million in operating profit guarantees for the year, with $2
million received in the third quarter.
2021 Outlook
Given the global economic uncertainty COVID-19
has created for the travel, airline, lodging and tourism and event
industries, the Company cannot provide guidance for its operations
or fully estimate the effect of COVID-19 or its variants and the
current U.S. vaccination deployment on its operations.
The Company believes that recovery within the
lodging industry will be driven by the strength of the economy,
increased consumer confidence that the risks associated with
travelling and contracting COVID-19 have been significantly
reduced, and the return of business and group customers.
While the Company is not providing guidance on
operations at this time, it estimates that for full year 2021,
interest expense and corporate and other expenses will be in the
following ranges (in millions):
|
|
Full Year 2021 |
|
|
|
Low-end of range |
|
|
High-end of range |
|
|
Interest expense |
$ |
169 |
|
|
$ |
171 |
|
| Corporate and other
expenses |
|
98 |
|
|
|
100 |
|
The Company does not intend to provide further
guidance updates unless deemed appropriate.
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 75 properties in the United States and
five properties internationally totaling approximately 45,400
rooms. The Company also holds non-controlling interests in six
domestic and one international 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®, St. Regis®, The
Luxury Collection®, Hyatt®,
Fairmont®, 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 forecast
results and are identified by their use of terms and phrases such
as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “should,” “plan,” “predict,” “project,” “will,”
“continue” and other similar terms and phrases, including
references to assumptions and forecasts of future 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: the duration
and scope of the COVID-19 pandemic and its short and longer-term
impact on the demand for travel, transient and group business, and
levels of consumer confidence; actions governments, businesses and
individuals take in response to the pandemic, including limiting or
banning travel or the size of gatherings; the impact of the
pandemic and actions taken in response to the pandemic on global
and regional economies, travel, and economic activity, including
the duration and magnitude of its impact on unemployment rates,
business investment and consumer discretionary spending; the pace
of recovery when the COVID-19 pandemic subsides; general economic
uncertainty in U.S. markets where we own hotels and a worsening of
economic conditions or low levels of economic growth in these
markets; the effects of steps we and our hotel managers take to
reduce operating costs in response to the COVID-19 pandemic; other
changes (apart from the COVID-19 pandemic) in national and local
economic and business conditions and other factors such as natural
disasters and weather that will affect occupancy rates at our
hotels and the demand for hotel products and services; the impact
of geopolitical developments outside the U.S. on lodging demand;
volatility in global financial and credit markets; operating risks
associated with the hotel business; risks and limitations in our
operating flexibility associated with the level of our indebtedness
and our ability to meet covenants in our debt agreements; risks
associated with our relationships with property managers and joint
venture partners; our ability to maintain our properties in a
first-class manner, including meeting capital expenditure
requirements; the effects of hotel renovations on our hotel
occupancy and financial results; our ability to compete effectively
in areas such as access, location, quality of accommodations and
room rate structures; risks associated with our ability to complete
acquisitions and develop new properties and the risks that
acquisitions and new developments may not perform in accordance
with our expectations; our ability to continue to satisfy complex
rules in order for us to remain a REIT for federal income tax
purposes; risks associated with our ability to effectuate our
dividend policy, including factors such as operating results and
the economic outlook influencing our board’s decision whether to
pay further dividends at levels previously disclosed or to use
available cash to make special dividends; and other risks and
uncertainties associated with our business described in the
Company’s annual report on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K filed 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 3, 2021 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 has 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, 2021, which is
non-controlling interests in Host LP in our consolidated balance
sheets and is included in net (income) loss attributable to
non-controlling interests in our 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,
2021 |
|
|
December 31,
2020 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
Property and equipment, net |
$ |
10,124 |
|
|
$ |
9,416 |
|
| Right-of-use assets |
|
559 |
|
|
|
597 |
|
| Assets held for sale |
|
280 |
|
|
|
— |
|
| Due from managers |
|
58 |
|
|
|
22 |
|
| Advances to and investments in
affiliates |
|
62 |
|
|
|
21 |
|
| Furniture, fixtures and
equipment replacement fund |
|
138 |
|
|
|
139 |
|
| Other |
|
453 |
|
|
|
360 |
|
| Cash and cash equivalents |
|
1,038 |
|
|
|
2,335 |
|
|
Total assets |
$ |
12,712 |
|
|
$ |
12,890 |
|
|
|
|
|
|
|
|
|
LIABILITIES, NON-CONTROLLING INTERESTS AND
EQUITY |
|
| Debt⁽¹⁾ |
|
|
|
|
|
|
Senior notes |
$ |
3,068 |
|
|
$ |
3,065 |
|
|
Credit facility, including the term loans of $997 |
|
2,472 |
|
|
|
2,471 |
|
|
Other debt |
|
5 |
|
|
|
5 |
|
|
Total debt |
|
5,545 |
|
|
|
5,541 |
|
| Lease liabilities |
|
572 |
|
|
|
610 |
|
| Accounts payable and accrued
expenses |
|
91 |
|
|
|
71 |
|
| Due to managers |
|
55 |
|
|
|
64 |
|
| Liabilities held for sale |
|
37 |
|
|
|
— |
|
| Other |
|
167 |
|
|
|
170 |
|
|
Total liabilities |
|
6,467 |
|
|
|
6,456 |
|
|
|
|
|
|
|
|
| Redeemable non-controlling
interests - Host Hotels & Resorts, L.P. |
|
119 |
|
|
|
108 |
|
|
|
|
|
|
|
|
| Host Hotels & Resorts,
Inc. stockholders’ equity: |
|
|
|
|
|
|
Common stock, par value $.01, 1,050 million shares authorized,
714.0 million shares and 705.4 million shares issued and
outstanding, respectively |
|
7 |
|
|
|
7 |
|
|
Additional paid-in capital |
|
7,700 |
|
|
|
7,568 |
|
|
Accumulated other comprehensive loss |
|
(75 |
) |
|
|
(74 |
) |
|
Deficit |
|
(1,511 |
) |
|
|
(1,180 |
) |
|
Total equity of Host Hotels & Resorts, Inc. stockholders |
|
6,121 |
|
|
|
6,321 |
|
| Non-redeemable non-controlling
interests—other consolidated partnerships |
|
5 |
|
|
|
5 |
|
|
Total equity |
|
6,126 |
|
|
|
6,326 |
|
|
Total liabilities, non-controlling interests and equity |
$ |
12,712 |
|
|
$ |
12,890 |
|
________
|
(1) |
Please see our Third Quarter 2021 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 ended
September 30, |
|
|
Year-to-date ended
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Rooms |
$ |
557 |
|
|
$ |
126 |
|
|
$ |
1,237 |
|
|
$ |
813 |
|
|
Food and beverage |
|
191 |
|
|
|
31 |
|
|
|
405 |
|
|
|
372 |
|
|
Other |
|
96 |
|
|
|
41 |
|
|
|
250 |
|
|
|
168 |
|
|
Total revenues |
|
844 |
|
|
|
198 |
|
|
|
1,892 |
|
|
|
1,353 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Rooms |
|
150 |
|
|
|
69 |
|
|
|
324 |
|
|
|
299 |
|
|
Food and beverage |
|
146 |
|
|
|
72 |
|
|
|
313 |
|
|
|
356 |
|
|
Other departmental and support expenses |
|
252 |
|
|
|
109 |
|
|
|
621 |
|
|
|
541 |
|
|
Management fees |
|
27 |
|
|
|
5 |
|
|
|
59 |
|
|
|
33 |
|
|
Other property-level expenses |
|
82 |
|
|
|
77 |
|
|
|
239 |
|
|
|
240 |
|
|
Depreciation and amortization |
|
263 |
|
|
|
166 |
|
|
|
597 |
|
|
|
498 |
|
|
Corporate and other expenses⁽¹⁾ |
|
24 |
|
|
|
18 |
|
|
|
73 |
|
|
|
68 |
|
|
Gain on insurance and business interruption settlements |
|
(5 |
) |
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
Total operating costs and expenses |
|
939 |
|
|
|
516 |
|
|
|
2,221 |
|
|
|
2,035 |
|
| Operating
loss |
|
(95 |
) |
|
|
(318 |
) |
|
|
(329 |
) |
|
|
(682 |
) |
|
Interest income |
|
1 |
|
|
|
— |
|
|
|
2 |
|
|
|
7 |
|
|
Interest expense |
|
(43 |
) |
|
|
(66 |
) |
|
|
(128 |
) |
|
|
(143 |
) |
|
Other gains |
|
2 |
|
|
|
— |
|
|
|
4 |
|
|
|
13 |
|
|
Equity in earnings (losses) of affiliates⁽²⁾ |
|
2 |
|
|
|
(5 |
) |
|
|
36 |
|
|
|
(26 |
) |
| Loss before income
taxes |
|
(133 |
) |
|
|
(389 |
) |
|
|
(415 |
) |
|
|
(831 |
) |
| Benefit for income
taxes⁽³⁾ |
|
13 |
|
|
|
73 |
|
|
|
81 |
|
|
|
156 |
|
| Net loss |
|
(120 |
) |
|
|
(316 |
) |
|
|
(334 |
) |
|
|
(675 |
) |
| Less: Net loss attributable to
non-controlling interests |
|
1 |
|
|
|
3 |
|
|
|
3 |
|
|
|
7 |
|
| Net loss attributable
to Host Inc. |
$ |
(119 |
) |
|
$ |
(313 |
) |
|
$ |
(331 |
) |
|
$ |
(668 |
) |
| Basic and diluted
loss per common share |
$ |
(.17 |
) |
|
$ |
(.44 |
) |
|
$ |
(.47 |
) |
|
$ |
(.95 |
) |
__________
|
(1) |
Corporate and other expenses include the following items: |
|
|
Quarter ended September 30, |
|
|
Year-to-date ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative costs |
$ |
20 |
|
|
$ |
14 |
|
|
$ |
60 |
|
|
$ |
57 |
|
| Non-cash stock-based
compensation expense |
|
4 |
|
|
|
4 |
|
|
|
13 |
|
|
|
11 |
|
|
Total |
$ |
24 |
|
|
$ |
18 |
|
|
$ |
73 |
|
|
$ |
68 |
|
|
(2) |
Equity in earnings of affiliates for the year-to-date 2021
primarily represents unrealized gains in our investment in Fifth
Wall Ventures, L.P.
|
| (3) |
We recorded an income tax benefit in each quarter year-to-date 2021
and in each quarter in 2020 to reflect net operating losses
incurred in those years. A portion of the 2020 net operating loss,
as a result of legislation enacted by the CARES Act, may be carried
back up to five years in order to procure a refund of U.S. federal
corporate income taxes previously paid. Any net operating loss not
carried back pursuant to these rules and the 2021 net operating
loss may be carried forward indefinitely, subject to an annual
limit on the use thereof of 80% of annual taxable income. We expect
to generate additional net operating losses in 2021 and will record
an income tax benefit for all of such net operating loss during and
throughout 2021. |
HOST HOTELS & RESORTS,
INC.
Earnings (Loss) per Common Share
(unaudited, in millions, except per share amounts)
|
|
Quarter ended September 30, |
|
|
Year-to-date ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Net loss |
$ |
(120 |
) |
|
$ |
(316 |
) |
|
$ |
(334 |
) |
|
$ |
(675 |
) |
|
Less: Net loss attributable to non-controlling interests |
|
1 |
|
|
|
3 |
|
|
|
3 |
|
|
|
7 |
|
| Net loss attributable to Host
Inc. |
$ |
(119 |
) |
|
$ |
(313 |
) |
|
$ |
(331 |
) |
|
$ |
(668 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Basic weighted average shares
outstanding |
|
713.9 |
|
|
|
705.2 |
|
|
|
709.0 |
|
|
|
706.1 |
|
| Diluted weighted average
shares outstanding⁽¹⁾ |
|
713.9 |
|
|
|
705.2 |
|
|
|
709.0 |
|
|
|
706.1 |
|
| Basic and diluted
loss per common share |
$ |
(.17 |
) |
|
$ |
(.44 |
) |
|
$ |
(.47 |
) |
|
$ |
(.95 |
) |
__________
|
(1) |
Dilutive securities may include shares granted under comprehensive
stock plans, preferred operating partnership units (“OP Units”)
held by minority 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
(1)(2)
All Owned Hotels (pro forma) by Location in Constant US$
Compared to 2020
|
|
As of
September 30, 2021 |
|
Quarter ended September 30, 2021 |
|
Quarter ended September 30, 2020 |
|
|
|
|
|
|
Location |
No. of
Properties |
|
No. of
Rooms |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Percent
Change in
RevPAR |
|
Percent
Change in
Total RevPAR |
|
|
Maui/Oahu |
|
4 |
|
|
2,007 |
|
$ |
514.34 |
|
|
82.8 |
% |
$ |
425.86 |
|
$ |
635.28 |
|
$ |
172.74 |
|
|
11.3 |
% |
$ |
19.47 |
|
$ |
25.42 |
|
|
2,087.7 |
% |
|
2,399.1 |
% |
| Jacksonville |
|
1 |
|
|
446 |
|
|
465.60 |
|
|
68.7 |
|
|
319.90 |
|
|
683.35 |
|
|
419.23 |
|
|
43.3 |
|
|
181.67 |
|
|
383.23 |
|
|
76.1 |
|
|
78.3 |
|
| Miami |
|
3 |
|
|
1,276 |
|
|
364.54 |
|
|
55.2 |
|
|
201.40 |
|
|
333.79 |
|
|
209.34 |
|
|
26.8 |
|
|
56.08 |
|
|
98.65 |
|
|
259.1 |
|
|
238.3 |
|
| Florida Gulf Coast |
|
5 |
|
|
1,842 |
|
|
314.16 |
|
|
45.2 |
|
|
141.93 |
|
|
286.62 |
|
|
288.56 |
|
|
33.7 |
|
|
97.38 |
|
|
194.67 |
|
|
45.7 |
|
|
47.2 |
|
| Phoenix |
|
4 |
|
|
1,822 |
|
|
245.88 |
|
|
57.7 |
|
|
141.92 |
|
|
321.83 |
|
|
201.12 |
|
|
22.0 |
|
|
44.33 |
|
|
110.66 |
|
|
220.1 |
|
|
190.8 |
|
| Orlando |
|
2 |
|
|
2,448 |
|
|
332.90 |
|
|
37.4 |
|
|
124.35 |
|
|
228.19 |
|
|
433.28 |
|
|
7.0 |
|
|
30.40 |
|
|
63.13 |
|
|
309.1 |
|
|
261.5 |
|
| Los Angeles/Orange County |
|
5 |
|
|
2,119 |
|
|
218.60 |
|
|
71.1 |
|
|
155.40 |
|
|
216.04 |
|
|
182.68 |
|
|
26.4 |
|
|
48.15 |
|
|
62.24 |
|
|
222.8 |
|
|
247.1 |
|
| Philadelphia |
|
2 |
|
|
810 |
|
|
191.85 |
|
|
79.1 |
|
|
151.74 |
|
|
223.07 |
|
|
147.01 |
|
|
32.2 |
|
|
47.36 |
|
|
68.09 |
|
|
220.4 |
|
|
227.6 |
|
| San Diego |
|
3 |
|
|
3,288 |
|
|
247.61 |
|
|
72.1 |
|
|
178.55 |
|
|
281.14 |
|
|
203.85 |
|
|
15.6 |
|
|
31.78 |
|
|
52.66 |
|
|
461.8 |
|
|
433.9 |
|
| Houston |
|
4 |
|
|
1,716 |
|
|
149.60 |
|
|
66.6 |
|
|
99.67 |
|
|
133.88 |
|
|
105.12 |
|
|
32.4 |
|
|
34.07 |
|
|
47.93 |
|
|
192.5 |
|
|
179.3 |
|
| Atlanta |
|
4 |
|
|
1,682 |
|
|
178.31 |
|
|
56.6 |
|
|
100.94 |
|
|
142.30 |
|
|
139.03 |
|
|
31.6 |
|
|
43.89 |
|
|
60.57 |
|
|
130.0 |
|
|
134.9 |
|
| Northern Virginia |
|
3 |
|
|
1,252 |
|
|
169.41 |
|
|
60.6 |
|
|
102.70 |
|
|
156.44 |
|
|
157.90 |
|
|
19.7 |
|
|
31.11 |
|
|
43.91 |
|
|
230.1 |
|
|
256.3 |
|
| San Antonio/Austin |
|
3 |
|
|
1,960 |
|
|
181.37 |
|
|
56.1 |
|
|
101.79 |
|
|
152.09 |
|
|
130.06 |
|
|
15.4 |
|
|
20.04 |
|
|
28.10 |
|
|
408.0 |
|
|
441.3 |
|
| Washington, D.C. (CBD) |
|
5 |
|
|
3,238 |
|
|
185.06 |
|
|
37.1 |
|
|
68.65 |
|
|
96.94 |
|
|
163.25 |
|
|
6.3 |
|
|
10.22 |
|
|
12.42 |
|
|
571.6 |
|
|
680.6 |
|
| Denver |
|
3 |
|
|
1,340 |
|
|
169.25 |
|
|
65.4 |
|
|
110.75 |
|
|
141.64 |
|
|
122.10 |
|
|
21.5 |
|
|
26.24 |
|
|
34.58 |
|
|
322.0 |
|
|
309.6 |
|
| Chicago |
|
4 |
|
|
1,816 |
|
|
191.01 |
|
|
62.4 |
|
|
119.27 |
|
|
149.38 |
|
|
124.78 |
|
|
17.6 |
|
|
21.95 |
|
|
26.96 |
|
|
443.2 |
|
|
454.1 |
|
| New York |
|
3 |
|
|
4,261 |
|
|
217.90 |
|
|
46.2 |
|
|
100.72 |
|
|
130.88 |
|
|
187.37 |
|
|
11.0 |
|
|
20.70 |
|
|
23.16 |
|
|
386.5 |
|
|
465.2 |
|
| Seattle |
|
2 |
|
|
1,315 |
|
|
202.49 |
|
|
53.5 |
|
|
108.25 |
|
|
130.03 |
|
|
172.32 |
|
|
6.1 |
|
|
10.48 |
|
|
12.33 |
|
|
932.5 |
|
|
954.7 |
|
| New Orleans |
|
1 |
|
|
1,333 |
|
|
136.76 |
|
|
54.3 |
|
|
74.30 |
|
|
91.66 |
|
|
112.64 |
|
|
26.6 |
|
|
30.00 |
|
|
35.57 |
|
|
147.7 |
|
|
157.7 |
|
| San Francisco/San Jose |
|
7 |
|
|
4,530 |
|
|
163.42 |
|
|
50.0 |
|
|
81.72 |
|
|
104.30 |
|
|
165.35 |
|
|
13.1 |
|
|
21.59 |
|
|
27.13 |
|
|
278.4 |
|
|
284.5 |
|
| Boston |
|
3 |
|
|
2,715 |
|
|
204.56 |
|
|
48.1 |
|
|
98.46 |
|
|
117.58 |
|
|
135.30 |
|
|
4.9 |
|
|
6.62 |
|
|
9.43 |
|
|
1,387.8 |
|
|
1,146.4 |
|
| Other |
|
8 |
|
|
2,759 |
|
|
252.92 |
|
|
53.8 |
|
|
136.07 |
|
|
189.18 |
|
|
198.70 |
|
|
26.0 |
|
|
51.63 |
|
|
73.67 |
|
|
163.6 |
|
|
156.8 |
|
| Domestic |
|
79 |
|
|
45,975 |
|
|
236.65 |
|
|
55.7 |
|
|
131.82 |
|
|
199.00 |
|
|
184.34 |
|
|
17.6 |
|
|
32.40 |
|
|
51.32 |
|
|
306.8 |
|
|
287.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
|
5 |
|
|
1,499 |
|
|
90.99 |
|
|
51.4 |
|
|
46.77 |
|
|
66.43 |
|
|
93.15 |
|
|
11.3 |
|
|
10.56 |
|
|
14.14 |
|
|
342.8 |
|
|
369.8 |
|
All Locations -
Constant
US$ |
|
84 |
|
|
47,474 |
|
|
232.40 |
|
|
55.6 |
|
|
129.14 |
|
|
194.82 |
|
|
182.46 |
|
|
17.4 |
|
|
31.71 |
|
|
50.15 |
|
|
307.3 |
|
|
288.5 |
|
All Owned Hotels (pro forma) in Nominal US$ Compared to
2020
|
|
As of September 30, 2021 |
|
Quarter ended September 30, 2021 |
|
Quarter ended September 30, 2020 |
|
|
|
|
|
| |
No. of
Properties |
|
No. of
Rooms |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Percent
Change in
RevPAR |
|
Percent
Change in
Total RevPAR |
|
|
International |
|
5 |
|
|
1,499 |
|
$ |
90.99 |
|
|
51.4 |
% |
$ |
46.77 |
|
$ |
66.43 |
|
$ |
88.93 |
|
|
11.3 |
% |
$ |
10.08 |
|
$ |
13.50 |
|
|
363.8 |
% |
|
392.0 |
% |
| Domestic |
|
79 |
|
|
45,975 |
|
|
236.65 |
|
|
55.7 |
|
|
131.82 |
|
|
199.00 |
|
|
184.34 |
|
|
17.6 |
|
|
32.40 |
|
|
51.32 |
|
|
306.8 |
|
|
287.7 |
|
|
All Locations |
|
84 |
|
|
47,474 |
|
|
232.40 |
|
|
55.6 |
|
|
129.14 |
|
|
194.82 |
|
|
182.37 |
|
|
17.4 |
|
|
31.69 |
|
|
50.13 |
|
|
307.5 |
|
|
288.7 |
|
All Owned Hotels (pro forma) by Location in Constant US$
Compared to 2019
|
|
As of September 30, 2021 |
|
Quarter ended September 30, 2021 |
|
Quarter ended September 30, 2019 |
|
|
|
|
|
|
Location |
No. of
Properties |
|
No. of
Rooms |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total RevPAR |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total RevPAR |
|
Percent
Change in
RevPAR |
|
Percent
Change in
Total RevPAR |
|
|
Maui/Oahu |
|
4 |
|
|
2,007 |
|
$ |
514.34 |
|
|
82.8 |
% |
$ |
425.86 |
|
$ |
635.28 |
|
$ |
385.51 |
|
|
91.5 |
% |
$ |
352.78 |
|
$ |
554.15 |
|
|
20.7 |
% |
|
14.6 |
% |
| Jacksonville |
|
1 |
|
|
446 |
|
|
465.60 |
|
|
68.7 |
|
|
319.90 |
|
|
683.35 |
|
|
363.69 |
|
|
69.0 |
|
|
251.05 |
|
|
516.90 |
|
|
27.4 |
|
|
32.2 |
|
| Miami |
|
3 |
|
|
1,276 |
|
|
364.54 |
|
|
55.2 |
|
|
201.40 |
|
|
333.79 |
|
|
235.65 |
|
|
73.9 |
|
|
174.18 |
|
|
294.09 |
|
|
15.6 |
|
|
13.5 |
|
| Florida Gulf Coast |
|
5 |
|
|
1,842 |
|
|
314.16 |
|
|
45.2 |
|
|
141.93 |
|
|
286.62 |
|
|
242.93 |
|
|
61.6 |
|
|
149.63 |
|
|
302.07 |
|
|
(5.1 |
) |
|
(5.1 |
) |
| Phoenix |
|
4 |
|
|
1,822 |
|
|
245.88 |
|
|
57.7 |
|
|
141.92 |
|
|
321.83 |
|
|
197.07 |
|
|
57.9 |
|
|
114.19 |
|
|
287.59 |
|
|
24.3 |
|
|
11.9 |
|
| Orlando |
|
2 |
|
|
2,448 |
|
|
332.90 |
|
|
37.4 |
|
|
124.35 |
|
|
228.19 |
|
|
250.13 |
|
|
61.0 |
|
|
152.55 |
|
|
315.38 |
|
|
(18.5 |
) |
|
(27.6 |
) |
| Los Angeles/Orange County |
|
5 |
|
|
2,119 |
|
|
218.60 |
|
|
71.1 |
|
|
155.40 |
|
|
216.04 |
|
|
229.84 |
|
|
86.3 |
|
|
198.43 |
|
|
289.80 |
|
|
(21.7 |
) |
|
(25.5 |
) |
| Philadelphia |
|
2 |
|
|
810 |
|
|
191.85 |
|
|
79.1 |
|
|
151.74 |
|
|
223.07 |
|
|
207.13 |
|
|
88.2 |
|
|
182.60 |
|
|
295.52 |
|
|
(16.9 |
) |
|
(24.5 |
) |
| San Diego |
|
3 |
|
|
3,288 |
|
|
247.61 |
|
|
72.1 |
|
|
178.55 |
|
|
281.14 |
|
|
256.92 |
|
|
83.5 |
|
|
214.41 |
|
|
372.78 |
|
|
(16.7 |
) |
|
(24.6 |
) |
| Houston |
|
4 |
|
|
1,716 |
|
|
149.60 |
|
|
66.6 |
|
|
99.67 |
|
|
133.88 |
|
|
170.32 |
|
|
67.0 |
|
|
114.07 |
|
|
159.84 |
|
|
(12.6 |
) |
|
(16.2 |
) |
| Atlanta |
|
4 |
|
|
1,682 |
|
|
178.31 |
|
|
56.6 |
|
|
100.94 |
|
|
142.30 |
|
|
168.37 |
|
|
85.6 |
|
|
144.09 |
|
|
219.82 |
|
|
(29.9 |
) |
|
(35.3 |
) |
| Northern Virginia |
|
3 |
|
|
1,252 |
|
|
169.41 |
|
|
60.6 |
|
|
102.70 |
|
|
156.44 |
|
|
199.70 |
|
|
72.7 |
|
|
145.09 |
|
|
217.46 |
|
|
(29.2 |
) |
|
(28.1 |
) |
| San Antonio/Austin |
|
3 |
|
|
1,960 |
|
|
181.37 |
|
|
56.1 |
|
|
101.79 |
|
|
152.09 |
|
|
171.99 |
|
|
70.8 |
|
|
121.83 |
|
|
182.42 |
|
|
(16.4 |
) |
|
(16.6 |
) |
| Washington, D.C. (CBD) |
|
5 |
|
|
3,238 |
|
|
185.06 |
|
|
37.1 |
|
|
68.65 |
|
|
96.94 |
|
|
211.15 |
|
|
84.4 |
|
|
178.19 |
|
|
254.63 |
|
|
(61.5 |
) |
|
(61.9 |
) |
| Denver |
|
3 |
|
|
1,340 |
|
|
169.25 |
|
|
65.4 |
|
|
110.75 |
|
|
141.64 |
|
|
184.28 |
|
|
84.5 |
|
|
155.64 |
|
|
218.16 |
|
|
(28.8 |
) |
|
(35.1 |
) |
| Chicago |
|
4 |
|
|
1,816 |
|
|
191.01 |
|
|
62.4 |
|
|
119.27 |
|
|
149.38 |
|
|
220.91 |
|
|
85.5 |
|
|
188.78 |
|
|
264.29 |
|
|
(36.8 |
) |
|
(43.5 |
) |
| New York |
|
3 |
|
|
4,261 |
|
|
217.90 |
|
|
46.2 |
|
|
100.72 |
|
|
130.88 |
|
|
271.11 |
|
|
92.0 |
|
|
249.40 |
|
|
341.59 |
|
|
(59.6 |
) |
|
(61.7 |
) |
| Seattle |
|
2 |
|
|
1,315 |
|
|
202.49 |
|
|
53.5 |
|
|
108.25 |
|
|
130.03 |
|
|
260.45 |
|
|
90.2 |
|
|
234.96 |
|
|
291.64 |
|
|
(53.9 |
) |
|
(55.4 |
) |
| New Orleans |
|
1 |
|
|
1,333 |
|
|
136.76 |
|
|
54.3 |
|
|
74.30 |
|
|
91.66 |
|
|
156.82 |
|
|
77.0 |
|
|
120.78 |
|
|
175.05 |
|
|
(38.5 |
) |
|
(47.6 |
) |
| San Francisco/San Jose |
|
7 |
|
|
4,530 |
|
|
163.42 |
|
|
50.0 |
|
|
81.72 |
|
|
104.30 |
|
|
266.18 |
|
|
84.2 |
|
|
224.20 |
|
|
301.99 |
|
|
(63.6 |
) |
|
(65.5 |
) |
| Boston |
|
3 |
|
|
2,715 |
|
|
204.56 |
|
|
48.1 |
|
|
98.46 |
|
|
117.58 |
|
|
243.00 |
|
|
91.1 |
|
|
221.28 |
|
|
291.41 |
|
|
(55.5 |
) |
|
(59.6 |
) |
| Other |
|
8 |
|
|
2,759 |
|
|
252.92 |
|
|
53.8 |
|
|
136.07 |
|
|
189.18 |
|
|
199.21 |
|
|
80.2 |
|
|
159.70 |
|
|
245.36 |
|
|
(14.8 |
) |
|
(22.9 |
) |
| Domestic |
|
79 |
|
|
45,975 |
|
|
236.65 |
|
|
55.7 |
|
|
131.82 |
|
|
199.00 |
|
|
236.51 |
|
|
80.5 |
|
|
190.47 |
|
|
291.96 |
|
|
(30.8 |
) |
|
(31.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
|
5 |
|
|
1,499 |
|
|
90.99 |
|
|
51.4 |
|
|
46.77 |
|
|
66.43 |
|
|
147.24 |
|
|
75.9 |
|
|
111.82 |
|
|
155.21 |
|
|
(58.2 |
) |
|
(57.2 |
) |
All Locations -
Constant
US$ |
|
84 |
|
|
47,474 |
|
|
232.40 |
|
|
55.6 |
|
|
129.14 |
|
|
194.82 |
|
|
233.84 |
|
|
80.4 |
|
|
187.97 |
|
|
287.63 |
|
|
(31.3 |
) |
|
(32.3 |
) |
All Owned Hotels (pro forma) in Nominal
US$ Compared to 2019
|
|
As of September 30, 2021 |
|
Quarter ended September 30, 2021 |
|
Quarter ended September 30, 2019 |
|
|
|
|
|
| |
No. of
Properties |
|
No. of
Rooms |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Percent
Change in
RevPAR |
|
Percent
Change in
Total RevPAR |
|
|
International |
|
5 |
|
|
1,499 |
|
$ |
90.99 |
|
|
51.4 |
% |
$ |
46.77 |
|
$ |
66.43 |
|
$ |
159.14 |
|
|
75.9 |
% |
$ |
120.86 |
|
$ |
166.88 |
|
|
(61.3 |
)% |
|
(60.2 |
)% |
| Domestic |
|
79 |
|
|
45,975 |
|
|
236.65 |
|
|
55.7 |
|
|
131.82 |
|
|
199.00 |
|
|
236.51 |
|
|
80.5 |
|
|
190.47 |
|
|
291.96 |
|
|
(30.8 |
) |
|
(31.8 |
) |
|
All Locations |
|
84 |
|
|
47,474 |
|
|
232.40 |
|
|
55.6 |
|
|
129.14 |
|
|
194.82 |
|
|
234.20 |
|
|
80.4 |
|
|
188.26 |
|
|
288.00 |
|
|
(31.4 |
) |
|
(32.4 |
) |
All Owned Hotels (pro forma) by Location in Constant US$
Compared to 2020
|
|
As of September 30, 2021 |
|
Year-to-date ended September 30, 2021 |
|
Year-to-date ended September 30, 2020 |
|
|
|
|
|
|
Location |
No. of
Properties |
|
No. of
Rooms |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Percent
Change in
RevPAR |
|
Percent
Change in
Total RevPAR |
|
|
Maui/Oahu |
|
4 |
|
|
2,007 |
|
$ |
470.97 |
|
|
67.4 |
% |
$ |
317.20 |
|
$ |
480.87 |
|
$ |
415.84 |
|
|
29.7 |
% |
$ |
123.66 |
|
$ |
186.54 |
|
|
156.5 |
% |
|
157.8 |
% |
| Jacksonville |
|
1 |
|
|
446 |
|
|
506.77 |
|
|
57.8 |
|
|
293.02 |
|
|
587.76 |
|
|
405.40 |
|
|
42.8 |
|
|
173.66 |
|
|
356.40 |
|
|
68.7 |
|
|
64.9 |
|
| Miami |
|
3 |
|
|
1,276 |
|
|
472.94 |
|
|
57.4 |
|
|
271.38 |
|
|
424.17 |
|
|
370.39 |
|
|
35.3 |
|
|
130.64 |
|
|
211.54 |
|
|
107.7 |
|
|
100.5 |
|
| Florida Gulf Coast |
|
5 |
|
|
1,842 |
|
|
416.57 |
|
|
54.8 |
|
|
228.24 |
|
|
426.68 |
|
|
369.22 |
|
|
40.7 |
|
|
150.28 |
|
|
314.92 |
|
|
51.9 |
|
|
35.5 |
|
| Phoenix |
|
4 |
|
|
1,822 |
|
|
301.23 |
|
|
56.5 |
|
|
170.12 |
|
|
346.53 |
|
|
317.49 |
|
|
32.0 |
|
|
101.46 |
|
|
238.55 |
|
|
67.7 |
|
|
45.3 |
|
| Orlando |
|
2 |
|
|
2,448 |
|
|
398.72 |
|
|
27.3 |
|
|
108.98 |
|
|
196.25 |
|
|
347.84 |
|
|
21.5 |
|
|
74.64 |
|
|
159.82 |
|
|
46.0 |
|
|
22.8 |
|
| Los Angeles/Orange County |
|
5 |
|
|
2,119 |
|
|
190.62 |
|
|
53.1 |
|
|
101.25 |
|
|
138.42 |
|
|
204.60 |
|
|
33.9 |
|
|
69.42 |
|
|
100.22 |
|
|
45.9 |
|
|
38.1 |
|
| Philadelphia |
|
2 |
|
|
810 |
|
|
169.58 |
|
|
58.7 |
|
|
99.52 |
|
|
147.38 |
|
|
160.15 |
|
|
35.2 |
|
|
56.35 |
|
|
88.08 |
|
|
76.6 |
|
|
67.3 |
|
| San Diego |
|
3 |
|
|
3,288 |
|
|
218.39 |
|
|
45.3 |
|
|
98.85 |
|
|
155.68 |
|
|
234.30 |
|
|
26.4 |
|
|
61.82 |
|
|
120.05 |
|
|
59.9 |
|
|
29.7 |
|
| Houston |
|
4 |
|
|
1,716 |
|
|
140.32 |
|
|
59.7 |
|
|
83.73 |
|
|
113.03 |
|
|
145.80 |
|
|
35.9 |
|
|
52.30 |
|
|
76.89 |
|
|
60.1 |
|
|
47.0 |
|
| Atlanta |
|
4 |
|
|
1,682 |
|
|
170.45 |
|
|
48.0 |
|
|
81.83 |
|
|
111.31 |
|
|
171.23 |
|
|
34.7 |
|
|
59.48 |
|
|
91.63 |
|
|
37.6 |
|
|
21.5 |
|
| Northern Virginia |
|
3 |
|
|
1,252 |
|
|
161.62 |
|
|
44.3 |
|
|
71.60 |
|
|
107.52 |
|
|
187.00 |
|
|
26.7 |
|
|
50.00 |
|
|
79.88 |
|
|
43.2 |
|
|
34.6 |
|
| San Antonio/Austin |
|
3 |
|
|
1,960 |
|
|
162.63 |
|
|
43.8 |
|
|
71.26 |
|
|
103.90 |
|
|
176.22 |
|
|
23.1 |
|
|
40.72 |
|
|
65.85 |
|
|
75.0 |
|
|
57.8 |
|
| Washington, D.C. (CBD) |
|
5 |
|
|
3,238 |
|
|
161.96 |
|
|
42.2 |
|
|
68.41 |
|
|
81.26 |
|
|
223.18 |
|
|
21.5 |
|
|
48.07 |
|
|
68.76 |
|
|
42.3 |
|
|
18.2 |
|
| Denver |
|
3 |
|
|
1,340 |
|
|
149.35 |
|
|
42.1 |
|
|
62.95 |
|
|
80.24 |
|
|
145.92 |
|
|
26.5 |
|
|
38.63 |
|
|
56.80 |
|
|
63.0 |
|
|
41.3 |
|
| Chicago |
|
4 |
|
|
1,816 |
|
|
168.03 |
|
|
37.4 |
|
|
62.92 |
|
|
77.59 |
|
|
134.05 |
|
|
25.0 |
|
|
33.45 |
|
|
45.13 |
|
|
88.1 |
|
|
71.9 |
|
| New York |
|
3 |
|
|
4,261 |
|
|
189.90 |
|
|
31.7 |
|
|
60.17 |
|
|
75.05 |
|
|
190.05 |
|
|
32.4 |
|
|
61.49 |
|
|
87.59 |
|
|
(2.1 |
) |
|
(14.3 |
) |
| Seattle |
|
2 |
|
|
1,315 |
|
|
188.47 |
|
|
27.8 |
|
|
52.43 |
|
|
63.79 |
|
|
191.36 |
|
|
20.4 |
|
|
38.98 |
|
|
55.62 |
|
|
34.5 |
|
|
14.7 |
|
| New Orleans |
|
1 |
|
|
1,333 |
|
|
128.95 |
|
|
37.6 |
|
|
48.51 |
|
|
65.71 |
|
|
176.44 |
|
|
30.6 |
|
|
54.04 |
|
|
78.28 |
|
|
(10.2 |
) |
|
(16.1 |
) |
| San Francisco/San Jose |
|
7 |
|
|
4,530 |
|
|
153.68 |
|
|
31.5 |
|
|
48.40 |
|
|
62.82 |
|
|
266.39 |
|
|
25.5 |
|
|
67.87 |
|
|
98.41 |
|
|
(28.7 |
) |
|
(36.2 |
) |
| Boston |
|
3 |
|
|
2,715 |
|
|
180.00 |
|
|
25.7 |
|
|
46.18 |
|
|
56.54 |
|
|
173.40 |
|
|
19.3 |
|
|
33.48 |
|
|
50.97 |
|
|
37.9 |
|
|
10.9 |
|
| Other |
|
8 |
|
|
2,759 |
|
|
245.69 |
|
|
43.7 |
|
|
107.40 |
|
|
151.39 |
|
|
187.25 |
|
|
32.7 |
|
|
61.21 |
|
|
88.43 |
|
|
75.5 |
|
|
71.2 |
|
| Domestic |
|
79 |
|
|
45,975 |
|
|
240.30 |
|
|
42.5 |
|
|
102.15 |
|
|
156.04 |
|
|
235.37 |
|
|
28.5 |
|
|
67.02 |
|
|
111.88 |
|
|
52.4 |
|
|
39.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
|
5 |
|
|
1,499 |
|
|
85.10 |
|
|
28.0 |
|
|
23.85 |
|
|
34.15 |
|
|
119.06 |
|
|
24.3 |
|
|
28.94 |
|
|
43.76 |
|
|
(17.6 |
) |
|
(22.0 |
) |
All Locations -
Constant
US$ |
|
84 |
|
|
47,474 |
|
|
237.03 |
|
|
42.1 |
|
|
99.68 |
|
|
152.19 |
|
|
232.21 |
|
|
28.3 |
|
|
65.82 |
|
|
109.72 |
|
|
51.5 |
|
|
38.7 |
|
All Owned Hotels (pro forma) in Nominal
US$ Compared to 2020
|
|
As of September 30, 2021 |
|
Year-to-date ended September 30, 2021 |
|
Year-to-date ended September 30, 2020 |
|
|
|
|
|
| |
No. of
Properties |
|
No. of
Rooms |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Percent
Change in
RevPAR |
|
Percent
Change in
Total RevPAR |
|
|
International |
|
5 |
|
|
1,499 |
|
$ |
85.10 |
|
|
28.0 |
% |
$ |
23.85 |
|
$ |
34.15 |
|
$ |
121.49 |
|
|
24.3 |
% |
$ |
29.53 |
|
$ |
44.01 |
|
|
(19.3 |
)% |
|
(22.4 |
)% |
| Domestic |
|
79 |
|
|
45,975 |
|
|
240.30 |
|
|
42.5 |
|
|
102.15 |
|
|
156.04 |
|
|
235.37 |
|
|
28.5 |
|
|
67.02 |
|
|
111.88 |
|
|
52.4 |
|
|
39.5 |
|
|
All Locations |
|
84 |
|
|
47,474 |
|
|
237.03 |
|
|
42.1 |
|
|
99.68 |
|
|
152.19 |
|
|
232.27 |
|
|
28.3 |
|
|
65.84 |
|
|
109.73 |
|
|
51.4 |
|
|
38.7 |
|
All Owned Hotels (pro forma) by Location in Constant US$
Compared to 2019
|
|
As of September 30, 2021 |
|
Year-to-date ended September 30, 2021 |
|
Year-to-date ended September 30, 2019 |
|
|
|
|
|
|
Location |
No. of
Properties |
|
No. of
Rooms |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total RevPAR |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total RevPAR |
|
Percent
Change in
RevPAR |
|
Percent
Change in
Total RevPAR |
|
|
Maui/Oahu |
|
4 |
|
|
2,007 |
|
$ |
470.97 |
|
|
67.4 |
% |
$ |
317.20 |
|
$ |
480.87 |
|
$ |
401.92 |
|
|
90.9 |
% |
$ |
365.45 |
|
$ |
577.41 |
|
|
(13.2 |
)% |
|
(16.7 |
)% |
| Jacksonville |
|
1 |
|
|
446 |
|
|
506.77 |
|
|
57.8 |
|
|
293.02 |
|
|
587.76 |
|
|
383.37 |
|
|
77.2 |
|
|
296.02 |
|
|
652.91 |
|
|
(1.0 |
) |
|
(10.0 |
) |
| Miami |
|
3 |
|
|
1,276 |
|
|
472.94 |
|
|
57.4 |
|
|
271.38 |
|
|
424.17 |
|
|
318.31 |
|
|
80.1 |
|
|
254.98 |
|
|
401.39 |
|
|
6.4 |
|
|
5.7 |
|
| Florida Gulf Coast |
|
5 |
|
|
1,842 |
|
|
416.57 |
|
|
54.8 |
|
|
228.24 |
|
|
426.68 |
|
|
340.73 |
|
|
72.8 |
|
|
247.94 |
|
|
507.99 |
|
|
(7.9 |
) |
|
(16.0 |
) |
| Phoenix |
|
4 |
|
|
1,822 |
|
|
301.23 |
|
|
56.5 |
|
|
170.12 |
|
|
346.53 |
|
|
292.22 |
|
|
71.7 |
|
|
209.42 |
|
|
472.19 |
|
|
(18.8 |
) |
|
(26.6 |
) |
| Orlando |
|
2 |
|
|
2,448 |
|
|
398.72 |
|
|
27.3 |
|
|
108.98 |
|
|
196.25 |
|
|
285.49 |
|
|
70.7 |
|
|
201.76 |
|
|
412.06 |
|
|
(46.0 |
) |
|
(52.4 |
) |
| Los Angeles/Orange County |
|
5 |
|
|
2,119 |
|
|
190.62 |
|
|
53.1 |
|
|
101.25 |
|
|
138.42 |
|
|
223.42 |
|
|
86.0 |
|
|
192.10 |
|
|
285.12 |
|
|
(47.3 |
) |
|
(51.5 |
) |
| Philadelphia |
|
2 |
|
|
810 |
|
|
169.58 |
|
|
58.7 |
|
|
99.52 |
|
|
147.38 |
|
|
216.10 |
|
|
85.4 |
|
|
184.46 |
|
|
301.70 |
|
|
(46.0 |
) |
|
(51.1 |
) |
| San Diego |
|
3 |
|
|
3,288 |
|
|
218.39 |
|
|
45.3 |
|
|
98.85 |
|
|
155.68 |
|
|
255.81 |
|
|
81.2 |
|
|
207.62 |
|
|
372.41 |
|
|
(52.4 |
) |
|
(58.2 |
) |
| Houston |
|
4 |
|
|
1,716 |
|
|
140.32 |
|
|
59.7 |
|
|
83.73 |
|
|
113.03 |
|
|
178.46 |
|
|
72.4 |
|
|
129.22 |
|
|
184.58 |
|
|
(35.2 |
) |
|
(38.8 |
) |
| Atlanta |
|
4 |
|
|
1,682 |
|
|
170.45 |
|
|
48.0 |
|
|
81.83 |
|
|
111.31 |
|
|
193.72 |
|
|
79.7 |
|
|
154.41 |
|
|
241.44 |
|
|
(47.0 |
) |
|
(53.9 |
) |
| Northern Virginia |
|
3 |
|
|
1,252 |
|
|
161.62 |
|
|
44.3 |
|
|
71.60 |
|
|
107.52 |
|
|
208.03 |
|
|
72.1 |
|
|
150.02 |
|
|
245.90 |
|
|
(52.3 |
) |
|
(56.3 |
) |
| San Antonio/Austin |
|
3 |
|
|
1,960 |
|
|
162.63 |
|
|
43.8 |
|
|
71.26 |
|
|
103.90 |
|
|
192.68 |
|
|
76.3 |
|
|
146.98 |
|
|
225.63 |
|
|
(51.5 |
) |
|
(54.0 |
) |
| Washington, D.C. (CBD) |
|
5 |
|
|
3,238 |
|
|
161.96 |
|
|
42.2 |
|
|
68.41 |
|
|
81.26 |
|
|
246.65 |
|
|
83.1 |
|
|
204.99 |
|
|
293.15 |
|
|
(66.6 |
) |
|
(72.3 |
) |
| Denver |
|
3 |
|
|
1,340 |
|
|
149.35 |
|
|
42.1 |
|
|
62.95 |
|
|
80.24 |
|
|
175.15 |
|
|
76.3 |
|
|
133.61 |
|
|
195.92 |
|
|
(52.9 |
) |
|
(59.0 |
) |
| Chicago |
|
4 |
|
|
1,816 |
|
|
168.03 |
|
|
37.4 |
|
|
62.92 |
|
|
77.59 |
|
|
207.76 |
|
|
76.2 |
|
|
158.28 |
|
|
224.27 |
|
|
(60.2 |
) |
|
(65.4 |
) |
| New York |
|
3 |
|
|
4,261 |
|
|
189.90 |
|
|
31.7 |
|
|
60.17 |
|
|
75.05 |
|
|
268.50 |
|
|
83.0 |
|
|
222.99 |
|
|
329.67 |
|
|
(73.0 |
) |
|
(77.2 |
) |
| Seattle |
|
2 |
|
|
1,315 |
|
|
188.47 |
|
|
27.8 |
|
|
52.43 |
|
|
63.79 |
|
|
231.59 |
|
|
84.3 |
|
|
195.17 |
|
|
256.01 |
|
|
(73.1 |
) |
|
(75.1 |
) |
| New Orleans |
|
1 |
|
|
1,333 |
|
|
128.95 |
|
|
37.6 |
|
|
48.51 |
|
|
65.71 |
|
|
188.24 |
|
|
79.9 |
|
|
150.35 |
|
|
219.33 |
|
|
(67.7 |
) |
|
(70.0 |
) |
| San Francisco/San Jose |
|
7 |
|
|
4,530 |
|
|
153.68 |
|
|
31.5 |
|
|
48.40 |
|
|
62.82 |
|
|
279.15 |
|
|
81.5 |
|
|
227.38 |
|
|
315.49 |
|
|
(78.7 |
) |
|
(80.1 |
) |
| Boston |
|
3 |
|
|
2,715 |
|
|
180.00 |
|
|
25.7 |
|
|
46.18 |
|
|
56.54 |
|
|
238.71 |
|
|
82.8 |
|
|
197.72 |
|
|
271.22 |
|
|
(76.6 |
) |
|
(79.2 |
) |
| Other |
|
8 |
|
|
2,759 |
|
|
245.69 |
|
|
43.7 |
|
|
107.40 |
|
|
151.39 |
|
|
193.55 |
|
|
77.3 |
|
|
149.55 |
|
|
224.34 |
|
|
(28.2 |
) |
|
(32.5 |
) |
| Domestic |
|
79 |
|
|
45,975 |
|
|
240.30 |
|
|
42.5 |
|
|
102.15 |
|
|
156.04 |
|
|
252.14 |
|
|
79.7 |
|
|
200.84 |
|
|
320.24 |
|
|
(49.1 |
) |
|
(51.3 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
|
5 |
|
|
1,499 |
|
|
85.10 |
|
|
28.0 |
|
|
23.85 |
|
|
34.15 |
|
|
142.14 |
|
|
71.1 |
|
|
101.09 |
|
|
147.50 |
|
|
(76.4 |
) |
|
(76.8 |
) |
All Locations -
Constant
US$ |
|
84 |
|
|
47,474 |
|
|
237.03 |
|
|
42.1 |
|
|
99.68 |
|
|
152.19 |
|
|
249.02 |
|
|
79.4 |
|
|
197.68 |
|
|
314.77 |
|
|
(49.6 |
) |
|
(51.7 |
) |
All Owned Hotels (pro forma) in Nominal
US$ Compared to 2019
|
|
As of September 30, 2021 |
|
Year-to-date ended September 30, 2021 |
|
Year-to-date ended September 30, 2019 |
|
|
|
|
|
| |
No. of
Properties |
|
No. of
Rooms |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Average
Room Rate |
|
Average
Occupancy
Percentage |
|
RevPAR |
|
Total
RevPAR |
|
Percent
Change in
RevPAR |
|
Percent
Change in
Total
RevPAR |
|
|
International |
|
5 |
|
|
1,499 |
|
$ |
85.10 |
|
|
28.0 |
% |
$ |
23.85 |
|
$ |
34.15 |
|
$ |
154.30 |
|
|
71.1 |
% |
$ |
109.74 |
|
$ |
159.00 |
|
|
(78.3 |
)% |
|
(78.5 |
)% |
| Domestic |
|
79 |
|
|
45,975 |
|
|
240.30 |
|
|
42.5 |
|
|
102.15 |
|
|
156.04 |
|
|
252.14 |
|
|
79.7 |
|
|
200.84 |
|
|
320.24 |
|
|
(49.1 |
) |
|
(51.3 |
) |
|
All Locations |
|
84 |
|
|
47,474 |
|
|
237.03 |
|
|
42.1 |
|
|
99.68 |
|
|
152.19 |
|
|
249.36 |
|
|
79.4 |
|
|
197.95 |
|
|
315.13 |
|
|
(49.6 |
) |
|
(51.7 |
) |
___________
|
(1) |
To facilitate a quarter-to-quarter comparison of our operations, we
typically present certain operating statistics and operating
results for the periods included in this presentation on a
comparable hotel basis. However, due to the COVID-19 pandemic and
its effects on operations there is little comparability between
periods. For this reason, we temporarily are suspending our
comparable hotel presentation and instead present hotel operating
results for all consolidated hotels and, to facilitate comparisons
between periods, we are presenting results on a pro forma basis
including the following adjustments: (1) operating results are
presented for all consolidated properties owned as of September 30,
2021 but do not include the results of operations for properties
sold through the reporting date; and (2) operating results for
acquisitions as of September 30, 2021 are reflected for full
calendar years, to include results for periods prior to our
ownership. For these hotels, since the year-over-year comparison
includes periods prior to our ownership, the changes will not
necessarily correspond to changes in our actual results. See the
Notes to Financial Information – All Owned Hotel Pro Forma
Operating Statistics and Results for further information on these
pro forma statistics and – Constant US$ and Nominal US$ for a
discussion on constant US$ presentation. Nominal US$ results
include the effect of currency fluctuations, consistent with our
financial statement presentation. The AC Hotel Scottsdale North is
a new development hotel that opened in January 2021. Therefore,
there were no operations for the hotel prior to January 2021 and no
adjustments were made for pro forma results of the hotel for
periods prior to its opening. In addition, hotel results exclude
the Laura Hotel, a luxury downtown Houston hotel, acquired in July
2021, as it was closed for the entirety of the quarter. Results for
the five hotels sold subsequent to quarter end are included, as
they were owned for the entirety of the periods presented. CBD of a
location refers to the central business district. |
|
(2) |
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. |
|
|
|
|
N/M = Not meaningful |
HOST HOTELS & RESORTS,
INC.
Schedule of All Owned Hotel Pro Forma Results
(1)
(unaudited, in millions, except hotel statistics)
|
|
Quarter ended September 30, |
|
|
Year-to-date ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Number of hotels |
|
84 |
|
|
|
83 |
|
|
|
83 |
|
|
|
84 |
|
|
|
83 |
|
|
|
83 |
|
| Number of rooms |
|
47,474 |
|
|
|
47,309 |
|
|
|
47,309 |
|
|
|
47,474 |
|
|
|
47,309 |
|
|
|
47,309 |
|
| Change in hotel Total RevPAR
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant US$ |
|
288.5 |
% |
|
|
— |
|
|
|
— |
|
|
|
38.7 |
% |
|
|
— |
|
|
|
— |
|
|
Nominal US$ |
|
288.7 |
% |
|
|
— |
|
|
|
— |
|
|
|
38.7 |
% |
|
|
— |
|
|
|
— |
|
| Change in hotel RevPAR - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant US$ |
|
307.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
51.5 |
% |
|
|
— |
|
|
|
— |
|
|
Nominal US$ |
|
307.5 |
% |
|
|
— |
|
|
|
— |
|
|
|
51.4 |
% |
|
|
— |
|
|
|
— |
|
| Operating profit (loss)
margin⁽²⁾ |
|
(11.3 |
)% |
|
|
(160.6 |
)% |
|
|
10.9 |
% |
|
|
(17.4 |
)% |
|
|
(50.4 |
)% |
|
|
15.3 |
% |
| All Owned Hotel Pro Forma
EBITDA margin⁽²⁾ |
|
23.0 |
% |
|
|
(44.5 |
)% |
|
|
25.3 |
% |
|
|
18.4 |
% |
|
|
(5.6 |
)% |
|
|
29.0 |
% |
| Food and beverage profit
margin⁽²⁾ |
|
23.6 |
% |
|
|
(132.3 |
)% |
|
|
23.8 |
% |
|
|
22.7 |
% |
|
|
4.3 |
% |
|
|
31.7 |
% |
| All Owned Hotel Pro Forma food
and beverage profit margin⁽²⁾ |
|
22.9 |
% |
|
|
(47.4 |
)% |
|
|
23.5 |
% |
|
|
22.2 |
% |
|
|
11.1 |
% |
|
|
31.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income
(loss) |
$ |
(120 |
) |
|
$ |
(316 |
) |
|
$ |
372 |
|
|
$ |
(334 |
) |
|
$ |
(675 |
) |
|
$ |
851 |
|
| Depreciation and
amortization |
|
263 |
|
|
|
166 |
|
|
|
165 |
|
|
|
597 |
|
|
|
498 |
|
|
|
501 |
|
| Interest expense |
|
43 |
|
|
|
66 |
|
|
|
46 |
|
|
|
128 |
|
|
|
143 |
|
|
|
132 |
|
| Provision (benefit) for income
taxes |
|
(13 |
) |
|
|
(73 |
) |
|
|
4 |
|
|
|
(81 |
) |
|
|
(156 |
) |
|
|
22 |
|
| Gain on sale of property and
corporate level income/expense |
|
19 |
|
|
|
23 |
|
|
|
(263 |
) |
|
|
31 |
|
|
|
74 |
|
|
|
(296 |
) |
| Severance expense (reversal)
at hotel properties |
|
(2 |
) |
|
|
43 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
44 |
|
|
|
— |
|
| Pro forma adjustments⁽³⁾ |
|
6 |
|
|
|
(7 |
) |
|
|
(6 |
) |
|
|
28 |
|
|
|
(8 |
) |
|
|
(29 |
) |
| All Owned Hotel Pro
Forma EBITDA⁽⁴⁾ |
$ |
196 |
|
|
$ |
(98 |
) |
|
$ |
318 |
|
|
$ |
364 |
|
|
$ |
(80 |
) |
|
$ |
1,181 |
|
HOST HOTELS & RESORTS,
INC.
Schedule of All Owned Hotel Pro Forma Results
(1) (cont.)
(unaudited, in millions, except hotel statistics)
| |
Quarter ended September 30, 2021 |
|
|
Quarter ended September 30, 2020 |
|
| |
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
| |
GAAP
Results |
|
|
Severance
at hotel
properties |
|
|
Pro forma
adjustments⁽³⁾ |
|
|
Depreciation
and
corporate
level items |
|
|
All
Owned
Hotel Pro
Forma
Results⁽⁴⁾ |
|
|
GAAP
Results |
|
|
Severance
at hotel
properties |
|
|
Pro forma
adjustments⁽³⁾ |
|
|
Depreciation
and
corporate
level items |
|
|
All
Owned
Hotel Pro
Forma
Results⁽⁴⁾ |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
$ |
557 |
|
|
$ |
— |
|
|
$ |
7 |
|
|
$ |
— |
|
|
$ |
564 |
|
|
$ |
126 |
|
|
$ |
— |
|
|
$ |
12 |
|
|
$ |
— |
|
|
$ |
138 |
|
|
Food and beverage |
|
191 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
192 |
|
|
|
31 |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
38 |
|
|
Other |
|
96 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
97 |
|
|
|
41 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
44 |
|
|
Total revenues |
|
844 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
853 |
|
|
|
198 |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
220 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
|
150 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
152 |
|
|
|
69 |
|
|
|
(13 |
) |
|
|
4 |
|
|
|
— |
|
|
|
60 |
|
|
Food and beverage |
|
146 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
148 |
|
|
|
72 |
|
|
|
(24 |
) |
|
|
8 |
|
|
|
— |
|
|
|
56 |
|
|
Other |
|
361 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
362 |
|
|
|
191 |
|
|
|
(6 |
) |
|
|
17 |
|
|
|
— |
|
|
|
202 |
|
|
Depreciation and amortization |
|
263 |
|
|
|
— |
|
|
|
— |
|
|
|
(263 |
) |
|
|
— |
|
|
|
166 |
|
|
|
— |
|
|
|
— |
|
|
|
(166 |
) |
|
|
— |
|
|
Corporate and other expenses |
|
24 |
|
|
|
— |
|
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
— |
|
|
|
(18 |
) |
|
|
— |
|
|
Gain on insurance and business interruption settlements |
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total expenses |
|
939 |
|
|
|
2 |
|
|
|
3 |
|
|
|
(287 |
) |
|
|
657 |
|
|
|
516 |
|
|
|
(43 |
) |
|
|
29 |
|
|
|
(184 |
) |
|
|
318 |
|
| Operating
Profit - All
Owned Hotel
Pro Forma EBITDA⁽⁴⁾ |
$ |
(95 |
) |
|
$ |
(2 |
) |
|
$ |
6 |
|
|
$ |
287 |
|
|
$ |
196 |
|
|
$ |
(318 |
) |
|
$ |
43 |
|
|
$ |
(7 |
) |
|
$ |
184 |
|
|
$ |
(98 |
) |
HOST HOTELS & RESORTS,
INC.
Schedule of All Owned Hotel Pro Forma Results
(1) (cont.)
(unaudited, in millions, except hotel statistics)
| |
Quarter ended September 30, 2021 |
|
|
Quarter ended September 30, 2019 |
|
| |
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
| |
GAAP
Results |
|
|
Severance
at hotel
properties |
|
|
Pro forma
adjustments⁽³⁾ |
|
|
Depreciation
and
corporate
level items |
|
|
All
Owned
Hotel Pro
Forma
Results⁽⁴⁾ |
|
|
GAAP
Results |
|
|
Pro forma
adjustments⁽³⁾ |
|
|
Depreciation
and
corporate
level items |
|
|
All
Owned
Hotel Pro
Forma
Results⁽⁴⁾ |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
$ |
557 |
|
|
$ |
— |
|
|
$ |
7 |
|
|
$ |
— |
|
|
$ |
564 |
|
|
$ |
830 |
|
|
$ |
(11 |
) |
|
$ |
— |
|
|
$ |
819 |
|
|
Food and beverage |
|
191 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
192 |
|
|
|
341 |
|
|
|
— |
|
|
|
— |
|
|
|
341 |
|
|
Other |
|
96 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
97 |
|
|
|
91 |
|
|
|
4 |
|
|
|
— |
|
|
|
95 |
|
|
Total revenues |
|
844 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
853 |
|
|
|
1,262 |
|
|
|
(7 |
) |
|
|
— |
|
|
|
1,255 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
|
150 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
152 |
|
|
|
221 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
219 |
|
|
Food and beverage |
|
146 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
148 |
|
|
|
260 |
|
|
|
1 |
|
|
|
— |
|
|
|
261 |
|
|
Other |
|
361 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
362 |
|
|
|
457 |
|
|
|
— |
|
|
|
— |
|
|
|
457 |
|
|
Depreciation and amortization |
|
263 |
|
|
|
— |
|
|
|
— |
|
|
|
(263 |
) |
|
|
— |
|
|
|
165 |
|
|
|
— |
|
|
|
(165 |
) |
|
|
— |
|
|
Corporate and other expenses |
|
24 |
|
|
|
— |
|
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
|
26 |
|
|
|
— |
|
|
|
(26 |
) |
|
|
— |
|
|
Gain on insurance and business interruption settlements |
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
(4 |
) |
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
Total expenses |
|
939 |
|
|
|
2 |
|
|
|
3 |
|
|
|
(287 |
) |
|
|
657 |
|
|
|
1,125 |
|
|
|
(1 |
) |
|
|
(187 |
) |
|
|
937 |
|
| Operating
Profit - All
Owned Hotel
Pro Forma EBITDA⁽⁴⁾ |
$ |
(95 |
) |
|
$ |
(2 |
) |
|
$ |
6 |
|
|
$ |
287 |
|
|
$ |
196 |
|
|
$ |
137 |
|
|
$ |
(6 |
) |