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 |
) |
|
$ |
187 |
|
|
$ |
318 |
|
HOST HOTELS & RESORTS,
INC.
Schedule of All Owned Hotel Pro Forma Results
(1) (cont.)
(unaudited, in millions, except hotel statistics)
|
Year-to-date ended September 30, 2021 |
|
|
Year-to-date 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 |
$ |
1,237 |
|
|
$ |
— |
|
|
$ |
55 |
|
|
$ |
— |
|
|
$ |
1,292 |
|
|
$ |
813 |
|
|
$ |
— |
|
|
$ |
41 |
|
|
$ |
— |
|
|
$ |
854 |
|
Food and beverage |
|
405 |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
423 |
|
|
|
372 |
|
|
|
— |
|
|
|
24 |
|
|
|
— |
|
|
|
396 |
|
Other |
|
250 |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
263 |
|
|
|
168 |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
179 |
|
Total revenues |
|
1,892 |
|
|
|
— |
|
|
|
86 |
|
|
|
— |
|
|
|
1,978 |
|
|
|
1,353 |
|
|
|
— |
|
|
|
76 |
|
|
|
— |
|
|
|
1,429 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
|
324 |
|
|
|
1 |
|
|
|
10 |
|
|
|
— |
|
|
|
335 |
|
|
|
299 |
|
|
|
(13 |
) |
|
|
12 |
|
|
|
— |
|
|
|
298 |
|
Food and beverage |
|
313 |
|
|
|
1 |
|
|
|
15 |
|
|
|
— |
|
|
|
329 |
|
|
|
356 |
|
|
|
(24 |
) |
|
|
20 |
|
|
|
— |
|
|
|
352 |
|
Other |
|
919 |
|
|
|
3 |
|
|
|
33 |
|
|
|
— |
|
|
|
955 |
|
|
|
814 |
|
|
|
(7 |
) |
|
|
52 |
|
|
|
— |
|
|
|
859 |
|
Depreciation and amortization |
|
597 |
|
|
|
— |
|
|
|
— |
|
|
|
(597 |
) |
|
|
— |
|
|
|
498 |
|
|
|
— |
|
|
|
— |
|
|
|
(498 |
) |
|
|
— |
|
Corporate and other expenses |
|
73 |
|
|
|
— |
|
|
|
— |
|
|
|
(73 |
) |
|
|
— |
|
|
|
68 |
|
|
|
— |
|
|
|
— |
|
|
|
(68 |
) |
|
|
— |
|
Gain on insurance and business interruption settlements |
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total expenses |
|
2,221 |
|
|
|
5 |
|
|
|
58 |
|
|
|
(670 |
) |
|
|
1,614 |
|
|
|
2,035 |
|
|
|
(44 |
) |
|
|
84 |
|
|
|
(566 |
) |
|
|
1,509 |
|
Operating
Profit - All
Owned Hotel
Pro Forma EBITDA⁽⁴⁾ |
$ |
(329 |
) |
|
$ |
(5 |
) |
|
$ |
28 |
|
|
$ |
670 |
|
|
$ |
364 |
|
|
$ |
(682 |
) |
|
$ |
44 |
|
|
$ |
(8 |
) |
|
$ |
566 |
|
|
$ |
(80 |
) |
HOST HOTELS & RESORTS,
INC.
Schedule of All Owned Hotel Pro Forma Results
(1) (cont.)
(unaudited, in millions, except hotel statistics)
|
Year-to-date ended September 30, 2021 |
|
|
Year-to-date 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 |
$ |
1,237 |
|
|
$ |
— |
|
|
$ |
55 |
|
|
$ |
— |
|
|
$ |
1,292 |
|
|
$ |
2,618 |
|
|
$ |
(61 |
) |
|
$ |
— |
|
|
$ |
2,557 |
|
Food and beverage |
|
405 |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
423 |
|
|
|
1,223 |
|
|
|
(6 |
) |
|
|
— |
|
|
|
1,217 |
|
Other |
|
250 |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
263 |
|
|
|
294 |
|
|
|
7 |
|
|
|
— |
|
|
|
301 |
|
Total revenues |
|
1,892 |
|
|
|
— |
|
|
|
86 |
|
|
|
— |
|
|
|
1,978 |
|
|
|
4,135 |
|
|
|
(60 |
) |
|
|
— |
|
|
|
4,075 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
|
324 |
|
|
|
1 |
|
|
|
10 |
|
|
|
— |
|
|
|
335 |
|
|
|
664 |
|
|
|
(17 |
) |
|
|
— |
|
|
|
647 |
|
Food and beverage |
|
313 |
|
|
|
1 |
|
|
|
15 |
|
|
|
— |
|
|
|
329 |
|
|
|
835 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
832 |
|
Other |
|
919 |
|
|
|
3 |
|
|
|
33 |
|
|
|
— |
|
|
|
955 |
|
|
|
1,426 |
|
|
|
(11 |
) |
|
|
— |
|
|
|
1,415 |
|
Depreciation and amortization |
|
597 |
|
|
|
— |
|
|
|
— |
|
|
|
(597 |
) |
|
|
— |
|
|
|
501 |
|
|
|
— |
|
|
|
(501 |
) |
|
|
— |
|
Corporate and other expenses |
|
73 |
|
|
|
— |
|
|
|
— |
|
|
|
(73 |
) |
|
|
— |
|
|
|
80 |
|
|
|
— |
|
|
|
(80 |
) |
|
|
— |
|
Gain on insurance and business interruption settlements |
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
(4 |
) |
|
|
— |
|
|
|
4 |
|
|
|
— |
|
Total expenses |
|
2,221 |
|
|
|
5 |
|
|
|
58 |
|
|
|
(670 |
) |
|
|
1,614 |
|
|
|
3,502 |
|
|
|
(31 |
) |
|
|
(577 |
) |
|
|
2,894 |
|
Operating
Profit - All
Owned Hotel
Pro Forma EBITDA⁽⁴⁾ |
$ |
(329 |
) |
|
$ |
(5 |
) |
|
$ |
28 |
|
|
$ |
670 |
|
|
$ |
364 |
|
|
$ |
633 |
|
|
$ |
(29 |
) |
|
$ |
577 |
|
|
$ |
1,181 |
|
(1) |
See the Notes to Financial Information for a discussion of non-GAAP
measures and the calculation of all owned hotel pro forma results,
including the limitations on their use. |
(2) |
Profit margins are calculated by dividing the applicable operating
profit by the related revenue amount. GAAP profit margins are
calculated using amounts presented in the unaudited condensed
consolidated statements of operations. Hotel margins are calculated
using amounts presented in the above tables. |
(3) |
Pro forma adjustments represent the following items: (i) the
elimination of results of operations of our sold hotels, which
operations are included in our unaudited condensed consolidated
statements of operations as continuing operations and (ii) the
addition of results for periods prior to our ownership for hotels
acquired as of September 30, 2021. All Owned Hotel Pro Forma
results also includes the results of our leased office buildings
and other non-hotel revenue and expense items. |
(4) |
All Owned Hotel Pro Forma EBITDA excludes the Laura Hotel, a luxury
downtown Houston hotel, acquired in July 2021, as it was closed for
the entirety of the quarter. Additionally, 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 made for pro forma results of the hotel for
periods prior to its opening. Results for the five hotels sold
subsequent to quarter end are included, as they were owned for the
entirety of the periods presented. |
HOST HOTELS & RESORTS,
INC.
Reconciliation of Net Income (Loss) to
EBITDA, EBITDAre
and Adjusted EBITDAre
(1)
(unaudited, in millions)
|
Quarter ended September 30, |
|
|
Year-to-date ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net loss⁽²⁾ |
$ |
(120 |
) |
|
$ |
(316 |
) |
|
$ |
(334 |
) |
|
$ |
(675 |
) |
Interest expense |
|
43 |
|
|
|
66 |
|
|
|
128 |
|
|
|
143 |
|
Depreciation and amortization |
|
171 |
|
|
|
166 |
|
|
|
505 |
|
|
|
498 |
|
Income taxes |
|
(13 |
) |
|
|
(73 |
) |
|
|
(81 |
) |
|
|
(156 |
) |
EBITDA⁽²⁾ |
|
81 |
|
|
|
(157 |
) |
|
|
218 |
|
|
|
(190 |
) |
Gain on dispositions |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Non-cash impairment expense |
|
92 |
|
|
|
— |
|
|
|
92 |
|
|
|
— |
|
Equity investment adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Equity in (earnings) losses of affiliates |
|
(2 |
) |
|
|
5 |
|
|
|
(36 |
) |
|
|
26 |
|
Pro rata EBITDAre of equity investments⁽³⁾ |
|
8 |
|
|
|
(1 |
) |
|
|
21 |
|
|
|
(15 |
) |
EBITDAre⁽²⁾ |
|
179 |
|
|
|
(154 |
) |
|
|
295 |
|
|
|
(180 |
) |
Adjustments to
EBITDAre: |
|
|
|
|
|
|
|
|
|
|
|
Severance expense (reversal) at hotel properties |
|
(2 |
) |
|
|
43 |
|
|
|
(5 |
) |
|
|
44 |
|
Adjusted
EBITDAre⁽²⁾ |
$ |
177 |
|
|
$ |
(111 |
) |
|
$ |
290 |
|
|
$ |
(136 |
) |
________
(1) |
See the Notes to Financial Information for discussion of non-GAAP
measures. |
(2) |
Net loss, EBITDA, EBITDAre, Adjusted EBITDAre,
NAREIT FFO and Adjusted FFO for the year-to-date ended September
30, 2020 include a gain of $12 million from the sale of land
adjacent to The Phoenician hotel and a loss of $14 million related
to inventory impairment expense recorded by our Maui timeshare
joint venture, reflected through equity in (earnings) losses of
affiliates. |
(3) |
Pro rata EBITDAre of equity investments and pro rata FFO
of equity investments for year-to-date ended September 30, 2021
include a realized gain of approximately $3 million related to
equity securities held by one of our unconsolidated partnerships,
Fifth Wall Ventures, L.P. Unrealized gains of our unconsolidated
investments are not recognized in our EBITDAre, Adjusted
EBITDAre, NAREIT FFO or Adjusted FFO until they have been
realized by the unconsolidated partnership. |
HOST HOTELS & RESORTS,
INC.
Reconciliation of Diluted Earnings (Loss) per Common Share
to
NAREIT and Adjusted Funds From Operations per Diluted
Share (1)
(unaudited, in millions, except per share amounts)
|
Quarter ended September 30, |
|
|
Year-to-date ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net loss⁽²⁾ |
$ |
(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 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Gain on dispositions |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Depreciation and amortization |
|
171 |
|
|
|
165 |
|
|
|
504 |
|
|
|
496 |
|
Non-cash impairment expense |
|
92 |
|
|
|
— |
|
|
|
92 |
|
|
|
— |
|
Equity investment adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Equity in (earnings) losses of affiliates |
|
(2 |
) |
|
|
5 |
|
|
|
(36 |
) |
|
|
26 |
|
Pro rata FFO of equity investments⁽³⁾ |
|
6 |
|
|
|
(4 |
) |
|
|
16 |
|
|
|
(21 |
) |
Consolidated partnership adjustments: |
|
|
|
|
|
|
|
|
|
|
|
FFO adjustment for non-controlling partnerships |
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
FFO adjustments for non-controlling interests of Host L.P. |
|
(3 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(5 |
) |
NAREIT
FFO⁽²⁾ |
|
145 |
|
|
|
(150 |
) |
|
|
238 |
|
|
|
(174 |
) |
Adjustments to NAREIT
FFO: |
|
|
|
|
|
|
|
|
|
|
|
Loss on debt extinguishment |
|
— |
|
|
|
27 |
|
|
|
— |
|
|
|
28 |
|
Severance expense (reversal) at hotel properties |
|
(2 |
) |
|
|
43 |
|
|
|
(5 |
) |
|
|
44 |
|
Adjusted
FFO⁽²⁾ |
$ |
143 |
|
|
$ |
(80 |
) |
|
$ |
233 |
|
|
$ |
(102 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
For calculation on a
per share basis:⁽⁴⁾ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average shares outstanding -
EPS |
|
713.9 |
|
|
|
705.2 |
|
|
|
709.0 |
|
|
|
706.1 |
|
Assuming issuance of common shares granted under the comprehensive
stock plans |
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
Diluted weighted
average shares outstanding - NAREIT FFO and
Adjusted FFO |
|
715.5 |
|
|
|
705.2 |
|
|
|
710.6 |
|
|
|
706.1 |
|
Diluted
loss per common share |
$ |
(.17 |
) |
|
$ |
(.44 |
) |
|
$ |
(.47 |
) |
|
$ |
(.95 |
) |
NAREIT FFO per diluted
share |
$ |
.20 |
|
|
$ |
(.21 |
) |
|
$ |
.33 |
|
|
$ |
(.25 |
) |
Adjusted FFO per
diluted share |
$ |
.20 |
|
|
$ |
(.11 |
) |
|
$ |
.33 |
|
|
$ |
(.14 |
) |
________
(1-3) |
Refer to corresponding footnote on the Reconciliation of Net Income
(Loss) to EBITDA, EBITDAre and Adjusted
EBITDAre. |
(4) |
Diluted loss per common share, NAREIT FFO per diluted share and
Adjusted FFO per diluted share are adjusted for the effects of
dilutive securities. Dilutive securities may include shares granted
under comprehensive stock plans, preferred OP units held by
non-controlling 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 securities if they are
anti-dilutive. |
HOST HOTELS & RESORTS, INC.
Notes to financial Information
All Owned Hotel Pro Forma Operating
Statistics and Results
To facilitate a quarter-to-quarter comparison of
our operations, we typically present certain operating statistics
(i.e., Total RevPAR, RevPAR, average daily rate and average
occupancy) and operating results (revenues, expenses, hotel EBITDA
and associated margins) for the periods included in this
presentation on a comparable hotel basis in order to enable our
investors to better evaluate our operating performance (discussed
in “Hotel Property Level Operating Results” below). 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 hotels
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.
Constant US$
and Nominal US$
Operating results denominated in foreign
currencies are translated using the prevailing exchange rates on
the date of the transaction, or monthly based on the weighted
average exchange rate for the period. For comparative purposes, we
also present the RevPAR results for the prior year assuming the
results of our foreign operations were translated using the same
exchange rates that were effective for the comparable periods in
the current year, thereby eliminating the effect of currency
fluctuation for the year-over-year comparisons. We believe this
presentation is useful to investors as it provides clarity with
respect to the change in RevPAR in the local currency of the hotel
consistent with the manner in which we would evaluate our domestic
portfolio. However, the estimated effect of changes in foreign
currency has been reflected in the results of net income (loss),
EBITDA, Adjusted EBITDAre, diluted earnings (loss) per
common share and Adjusted FFO per diluted share. Nominal US$
results include the effect of currency fluctuations, consistent
with our financial statement presentation.
Non-GAAP Financial Measures
Included in this press release are certain
“non-GAAP financial measures,” which are measures of our historical
or future financial performance that are not calculated and
presented in accordance with GAAP, within the meaning of applicable
SEC rules. They are as follows: (i) FFO and FFO per diluted share
(both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre
and Adjusted EBITDAre, and (iv) All Owned Hotel Pro Forma
Operating Statistics and Results. The following discussion defines
these measures and presents why we believe they are useful
supplemental measures of our performance.
NAREIT FFO and NAREIT FFO per Diluted
Share
We present NAREIT FFO and NAREIT FFO per diluted
share as non-GAAP measures of our performance in addition to our
earnings per share (calculated in accordance with GAAP). We
calculate NAREIT FFO per diluted share as our NAREIT FFO (defined
as set forth below) for a given operating period, as adjusted for
the effect of dilutive securities, divided by the number of fully
diluted shares outstanding during such period, in accordance with
NAREIT guidelines. Effective January 1, 2019, we adopted NAREIT’s
definition of FFO included in NAREIT’s Funds From Operations White
Paper – 2018 Restatement. NAREIT defines FFO as net income
(calculated in accordance with GAAP) excluding depreciation and
amortization related to real estate, gains and losses from the sale
of certain real estate assets, gains and losses from change in
control, impairment expense of certain real estate assets and
investments and adjustments for consolidated partially-owned
entities and unconsolidated affiliates. Adjustments for
consolidated partially-owned entities and unconsolidated affiliates
are calculated to reflect our pro rata share of the FFO of those
entities on the same basis.
We believe that NAREIT FFO per diluted share is
a useful supplemental measure of our operating performance and that
the presentation of NAREIT FFO per diluted share, when combined
with the primary GAAP presentation of earnings per share, provides
beneficial information to investors. By excluding the effect of
real estate depreciation, amortization, impairment expense and
gains and losses from sales of depreciable real estate, all of
which are based on historical cost accounting and which may be of
lesser significance in evaluating current performance, we believe
that such measures can facilitate comparisons of operating
performance between periods and with other REITs, even though
NAREIT FFO per diluted share does not represent an amount that
accrues directly to holders of our common stock. Historical cost
accounting for real estate assets implicitly assumes that the value
of real estate assets diminishes predictably over time. As noted by
NAREIT in its Funds From Operations White Paper – 2018 Restatement,
the primary purpose for including FFO as a supplemental measure of
operating performance of a REIT is to address the artificial nature
of historical cost depreciation and amortization of real estate and
real estate-related assets mandated by GAAP. For these reasons,
NAREIT adopted the FFO metric in order to promote a uniform
industry-wide measure of REIT operating performance.
Adjusted FFO per Diluted Share
We also present Adjusted FFO per diluted share
when evaluating our performance because management believes that
the exclusion of certain additional items described below provides
useful supplemental information to investors regarding our ongoing
operating performance. Management historically has made the
adjustments detailed below in evaluating our performance, in our
annual budget process and for our compensation programs. We believe
that the presentation of Adjusted FFO per diluted share, when
combined with both the primary GAAP presentation of diluted
earnings per share and FFO per diluted share as defined by NAREIT,
provides useful supplemental information that is beneficial to an
investor’s understanding of our operating performance. We adjust
NAREIT FFO per diluted share for the following items, which may
occur in any period, and refer to this measure as Adjusted FFO per
diluted share:
- Gains and Losses on
the Extinguishment of Debt – We exclude the effect of finance
charges and premiums associated with the extinguishment of debt,
including the acceleration of the write-off of deferred financing
costs from the original issuance of the debt being redeemed or
retired and incremental interest expense incurred during the
refinancing period. We also exclude the gains on debt repurchases
and the original issuance costs associated with the retirement of
preferred stock. We believe that these items are not reflective of
our ongoing finance costs.
- Acquisition Costs –
Under GAAP, costs associated with completed property acquisitions
that are considered business combinations are expensed in the year
incurred. We exclude the effect of these costs because we believe
they are not reflective of the ongoing performance of the
Company.
- Litigation Gains
and Losses – We exclude the effect of gains or losses associated
with litigation recorded under GAAP that we consider outside the
ordinary course of business. We believe that including these items
is not consistent with our ongoing operating performance.
- Severance Expense
–In certain circumstances, we will add back hotel-level severance
expenses when we do not believe that such expenses are reflective
of the ongoing operation of our properties. Situations that would
result in a severance add-back include, but are not limited to, (i)
costs incurred as part of a broad-based reconfiguration of the
operating model with the specific hotel operator for a portfolio of
hotels and (ii) costs incurred at a specific hotel due to a
broad-based and significant reconfiguration of a hotel and/or its
workforce. We do not add back corporate-level severance costs or
severance costs at an individual hotel that we consider to be
incurred in the normal course of business.
In unusual circumstances, we also may adjust
NAREIT FFO for gains or losses that management believes are not
representative of the Company’s current operating performance. For
example, in 2017, as a result of the reduction of the U.S. federal
corporate income tax rate from 35% to 21% by the Tax Cuts and Jobs
Act, we remeasured our domestic deferred tax assets as of December
31, 2017 and recorded a one-time adjustment to reduce our deferred
tax assets and to increase the provision for income taxes by
approximately $11 million. We do not consider this adjustment to be
reflective of our on-going operating performance and, therefore, we
excluded this item from Adjusted FFO.
EBITDA
Earnings before Interest Expense, Income Taxes,
Depreciation and Amortization (“EBITDA”) is a commonly used measure
of performance in many industries. Management believes EBITDA
provides useful information to investors regarding our results of
operations because it helps us and our investors evaluate the
ongoing operating performance of our properties after removing the
impact of the Company’s capital structure (primarily interest
expense) and its asset base (primarily depreciation and
amortization). Management also believes the use of EBITDA
facilitates comparisons between us and other lodging REITs, hotel
owners that are not REITs and other capital-intensive companies.
Management uses EBITDA to evaluate property-level results and as
one measure in determining the value of acquisitions and
dispositions and, like FFO and Adjusted FFO per diluted share, it
is widely used by management in the annual budget process and for
our compensation programs.
EBITDAre and Adjusted EBITDAre
We present EBITDAre in accordance with
NAREIT guidelines, as defined in its September 2017 white paper
“Earnings Before Interest, Taxes, Depreciation and Amortization for
Real Estate,” to provide an additional performance measure to
facilitate the evaluation and comparison of the Company’s results
with other REITs. NAREIT defines EBITDAre as net income
(calculated in accordance with GAAP) excluding interest expense,
income tax, depreciation and amortization, gains or losses on
disposition of depreciated property (including gains or losses on
change of control), impairment expense of depreciated property and
of investments in unconsolidated affiliates caused by a decrease in
value of depreciated property in the affiliate, and adjustments to
reflect the entity’s pro rata share of EBITDAre of
unconsolidated affiliates.
We make additional adjustments to
EBITDAre when evaluating our performance because we
believe that the exclusion of certain additional items described
below provides useful supplemental information to investors
regarding our ongoing operating performance. We believe that the
presentation of Adjusted EBITDAre, when combined with the
primary GAAP presentation of net income, is beneficial to an
investor’s understanding of our operating performance. Adjusted
EBITDAre also is similar to the measure used to calculate
certain credit ratios for our credit facility and senior notes. We
adjust EBITDAre for the following items, which may occur
in any period, and refer to this measure as Adjusted
EBITDAre:
- Property Insurance
Gains – We exclude the effect of property insurance gains reflected
in our consolidated statements of operations because we believe
that including them in Adjusted EBITDAre is not consistent
with reflecting the ongoing performance of our assets. In addition,
property insurance gains could be less important to investors given
that the depreciated asset book value written off in connection
with the calculation of the property insurance gain often does not
reflect the market value of real estate assets.
- Acquisition Costs –
Under GAAP, costs associated with completed property acquisitions
that are considered business combinations are expensed in the year
incurred. We exclude the effect of these costs because we believe
they are not reflective of the ongoing performance of the
Company.
- Litigation Gains
and Losses – We exclude the effect of gains or losses associated
with litigation recorded under GAAP that we consider outside the
ordinary course of business. We believe that including these items
is not consistent with our ongoing operating performance.
- Severance Expense –
In certain circumstances, we will add back hotel-level severance
expenses when we do not believe that such expenses are reflective
of the ongoing operation of our properties. Situations that would
result in a severance add-back include, but are not limited to, (i)
costs incurred as part of a broad-based reconfiguration of the
operating model with the specific hotel operator for a portfolio of
hotels and (ii) costs incurred at a specific hotel due to a
broad-based and significant reconfiguration of a hotel and/or its
workforce. We do not add back corporate-level severance costs or
severance costs at an individual hotel that we consider to be
incurred in the normal course of business.
In unusual circumstances, we also may adjust
EBITDAre for gains or losses that management believes are
not representative of the Company’s current operating performance.
The last adjustment of this nature was a 2013 exclusion of a gain
from an eminent domain claim.
Limitations on the Use of NAREIT FFO per
Diluted Share, Adjusted FFO per Diluted Share, EBITDA, EBITDAre and
Adjusted EBITDAre
We calculate EBITDAre and NAREIT FFO
per diluted share in accordance with standards established by
NAREIT, which may not be comparable to measures calculated by other
companies that do not use the NAREIT definition of
EBITDAre and FFO or do not calculate FFO per diluted share
in accordance with NAREIT guidance. In addition, although
EBITDAre and FFO per diluted share are useful measures
when comparing our results to other REITs, they may not be helpful
to investors when comparing us to non-REITs. We also calculate
Adjusted FFO per diluted share and Adjusted EBITDAre,
which are not in accordance with NAREIT guidance and may not be
comparable to measures calculated by other REITs or by other
companies. This information should not be considered as an
alternative to net income, operating profit, cash from operations
or any other operating performance measure calculated in accordance
with GAAP. Cash expenditures for various long-term assets (such as
renewal and replacement capital expenditures), interest expense
(for EBITDA, EBITDAre and Adjusted EBITDAre
purposes only), severance expense related to significant
property-level reconfiguration and other items have been, and will
be, made and are not reflected in the EBITDA, EBITDAre,
Adjusted EBITDAre, NAREIT FFO per diluted share and
Adjusted FFO per diluted share presentations. Management
compensates for these limitations by separately considering the
impact of these excluded items to the extent they are material to
operating decisions or assessments of our operating performance.
Our consolidated statements of operations and consolidated
statements of cash flows (“Statements of Cash Flows”) in the
Company’s annual report on Form 10-K and quarterly reports on Form
10-Q include interest expense, capital expenditures, and other
excluded items, all of which should be considered when evaluating
our performance, as well as the usefulness of our non-GAAP
financial measures. Additionally, NAREIT FFO per diluted share,
Adjusted FFO per diluted share, EBITDA, EBITDAre and
Adjusted EBITDAre should not be considered as a measure of
our liquidity or indicative of funds available to fund our cash
needs, including our ability to make cash distributions. In
addition, NAREIT FFO per diluted share and Adjusted FFO per diluted
share do not measure, and should not be used as a measure of,
amounts that accrue directly to stockholders’ benefit.
Similarly, EBITDAre, Adjusted
EBITDAre, NAREIT FFO and Adjusted FFO per diluted share
include adjustments for the pro rata share of our equity
investments and NAREIT FFO and Adjusted FFO per diluted share
include adjustments for the pro rata share of non-controlling
partners in consolidated partnerships. Our equity investments
consist of interests ranging from 11% to 67% in seven domestic and
international partnerships that own a total of 10 properties and a
vacation ownership development. Due to the voting rights of the
outside owners, we do not control and, therefore, do not
consolidate these entities. The non-controlling partners in
consolidated partnerships primarily consist of the approximate 1%
interest in Host LP held by outside partners, and a 15% interest
held by outside partners in a partnership owning one hotel for
which we do control the entity and, therefore, consolidate its
operations. These pro rata results for NAREIT FFO and Adjusted FFO
per diluted share, EBITDAre and Adjusted EBITDAre
were calculated as set forth in the definitions above. Readers
should be cautioned that the pro rata results presented in these
measures for consolidated partnerships (for NAREIT FFO and Adjusted
FFO per diluted share) and equity investments may not accurately
depict the legal and economic implications of our investments in
these entities.
Hotel Property Level Operating
Results
We present certain operating results for our
hotels, such as hotel revenues, expenses, food and beverage profit,
and EBITDA (and the related margins), on a hotel-level pro forma
basis as supplemental information for our investors. Our hotel
results reflect the operating results of our hotels as discussed in
“All Owned Hotel Pro Forma Operating Statistics and Results” above.
We present all owned hotel pro forma EBITDA to help us and our
investors evaluate the ongoing operating performance of our hotels
after removing the impact of the Company’s capital structure
(primarily interest expense) and its asset base (primarily
depreciation and amortization expense). Corporate-level costs and
expenses also are removed to arrive at property-level results. We
believe these property-level results provide investors with
supplemental information about the ongoing operating performance of
our hotels. All owned hotel pro forma results are presented both by
location and for the Company’s properties in the aggregate. While
severance expense is not uncommon at the individual property level
in the normal course of business, we eliminate from our hotel level
operating results severance costs related to broad-based and
significant property-level reconfiguration that is not considered
to be within the normal course of business, as we believe this
elimination provides useful supplemental information that is
beneficial to an investor’s understanding of our ongoing operating
performance. We also eliminate depreciation and amortization
expense because, even though depreciation and amortization expense
are property-level expenses, these non-cash expenses, which are
based on historical cost accounting for real estate assets,
implicitly assume that the value of real estate assets diminishes
predictably over time. As noted earlier, because real estate values
historically have risen or fallen with market conditions, many real
estate industry investors have considered presentation of
historical cost accounting for operating results to be
insufficient.
Because of the elimination of corporate-level
costs and expenses, gains or losses on disposition, certain
severance expenses and depreciation and amortization expense, the
hotel operating results we present do not represent our total
revenues, expenses, operating profit or net income and should not
be used to evaluate our performance as a whole. Management
compensates for these limitations by separately considering the
impact of these excluded items to the extent they are material to
operating decisions or assessments of our operating performance.
Our consolidated statements of operations include such amounts, all
of which should be considered by investors when evaluating our
performance.
While management believes that presentation of
all owned hotel results is a supplemental measure that provides
useful information in evaluating our ongoing performance, this
measure is not used to allocate resources or to assess the
operating performance of each of our hotels, as these decisions are
based on data for individual hotels and are not based on all owned
hotel results in the aggregate. For these reasons, we believe all
owned hotel operating results, when combined with the presentation
of GAAP operating profit, revenues and expenses, provide useful
information to investors and management.
SOURAV GHOSH
Chief Financial Officer
(240) 744-5267
|
JAIME MARCUS
Investor Relations
(240) 744-5117
ir@hosthotels.com |
A PDF accompanying this announcement is available
at: http://ml.globenewswire.com/Resource/Download/743883f9-1cbb-4fdc-8708-c406644b7929
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