HST Host Hotels and Resorts Inc

BETHESDA, Md., Oct. 11 /PRNewswire-FirstCall/ -- Host Hotels & Resorts, Inc. (NYSE:HST), the nation's largest lodging real estate investment trust (REIT), today announced its results of operations for the third quarter ended September 8, 2006. The Company conducts its operations through Host Hotels & Resorts, L.P., of which it is the sole general partner and holds 96% of the partnership interests. Third quarter results for Host Hotels & Resorts, Inc. include the following: (Logo: http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO ) -- Total revenue increased $324 million, or 40.0%, to $1.1 billion for the third quarter and $635 million, or 24.9%, to $3.2 billion for year-to- date 2006, which includes $242 million and $396 million of revenues for the recently acquired Starwood portfolio for the third quarter and year-to-date 2006, respectively. -- Net income increased $45 million to $40 million for the third quarter and $450 million to $542 million for year-to-date 2006. Earnings per diluted share increased $.10 to $.07 for the third quarter and $.93 to $1.12 for year-to-date 2006. Net income includes a net gain of $1 million for the third quarter 2006 and $347 million, or $.74 per diluted share, for year-to-date 2006 from the following: gains on hotel dispositions, costs associated with the refinancing of senior notes and the redemption of preferred stock and non-recurring costs of the Starwood acquisition. By comparison, for year-to-date 2005, net income included a net gain of $15 million, or $.04 per diluted share, associated with similar transactions in 2005. There were no gains associated with similar transactions during the third quarter of 2005. For further detail, refer to the "Schedule of Significant Transactions Affecting Earnings per Share and Funds From Operations per Diluted Share" attached to this press release. -- Funds from Operations (FFO) per diluted share increased 47.4% to $.28 for the third quarter and 34.3% to $.94 for year-to-date 2006. FFO per diluted share was reduced by $.05 for year-to-date 2006 due to costs associated with refinancing the Company's senior notes and the redemption of its preferred stock and non-recurring costs associated with the Starwood acquisition. By comparison, FFO per diluted share was reduced by $.09 for year-to-date 2005 due to costs associated with refinancing transactions in 2005. The Company also announced the following third quarter results for Host Hotels & Resorts, L.P.: -- Net income increased $46 million to $41 million for the third quarter and $468 million to $565 million for year-to-date 2006. Net income of Host LP was also affected by certain transactions -- See "Schedule of Significant Transactions Affecting Earnings per Share and Funds From Operations Per Diluted Share." -- Adjusted EBITDA, which is Earnings before Interest Expense, Income Taxes, Depreciation, Amortization and other items, increased 58.1% to $253 million for the third quarter and 33.1% to $812 million for year- to-date 2006 primarily due to growth in EBITDA from the Company's comparable hotel portfolio and EBITDA generated by the recently acquired Starwood portfolio. Adjusted EBITDA, FFO per diluted share and comparable hotel adjusted operating profit margins (discussed below) are non-GAAP (generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (SEC). See the discussion included in this press release for information regarding these non-GAAP financial measures. Operating Results Comparable hotel RevPAR for the third quarter of 2006 increased 9.1% and comparable hotel adjusted operating profit margins increased 2.2 percentage points when compared to the third quarter of 2005. The third quarter increases were driven by a 10.5% increase in average room rate, while occupancy declined 1.0 percentage point. Year-to-date 2006 comparable hotel RevPAR increased 8.9% and comparable hotel adjusted operating profit margins increased 2.2 percentage points when compared to year-to-date 2005. The year-to-date increases were comprised of a 9.1% increase in average room rate, while occupancy remained stable, with a decline of only 0.2 percentage points. Comparable hotel adjusted operating profit margins were positively affected by the Company's food and beverage operations, which represent approximately 30% of the Company's revenues. Food and beverage revenue growth at the Company's comparable hotels was 5.4% and 7.0% for the third quarter and year-to-date 2006, respectively, with food and beverage margins increasing 1.2 percentage points and 1.9 percentage points for the third quarter and year-to-date, respectively. For the 27 recently acquired Starwood hotels that the Company consolidates, which are not included in our comparable hotel results, RevPAR increased 8.3% and 10.5% for the third quarter and year-to-date, respectively, when compared to the same period in 2005. Christopher J. Nassetta, president and chief executive officer, stated, "We are once again pleased with our quarterly results, as continued positive industry fundamentals led to revenue and earnings growth in the third quarter that met our expectations and consensus estimates." Acquisitions and Dispositions On September 1, 2006, the Company purchased The Westin Kierland Resort & Spa in Scottsdale, Arizona, for approximately $393 million, including the assumption of $135 million of mortgage debt with an interest rate of 5.08%. The 732-room resort, which opened in November 2002, is situated on 252 acres of fee simple property and includes a 27-hole golf course, a full-service spa and approximately five acres of undeveloped land. Additionally, on August 4, 2006, the Company's joint venture in Europe, in which the Company holds a 32.1% general and limited partnership interest, purchased the Hotel Arts Barcelona for euro 417 million ($537 million), including the assumption of euro 277 million ($357 million) of mortgage debt with an interest rate of approximately 5%. The hotel, which is located in Barcelona, Spain, contains 483 luxuriously-appointed and recently renovated guestrooms, including 28 two-story luxury suites. The Company increased its investment in the joint venture by euro 46 million, or $58 million, for the acquisition of the hotel. The Company sold the Detroit Marriott, Livonia during the third quarter for proceeds of approximately $21 million and recorded a gain of approximately $5 million. Additionally, during the fourth quarter, the Company sold the 444- room Ritz-Carlton, Atlanta for proceeds of approximately $80 million and will record a gain of approximately $26 million. 2006 Outlook The Company expects comparable hotel RevPAR to increase approximately 7.0% to 8.0% for the fourth quarter and 8.0% to 8.75% the full year 2006. For full year 2006, the Company also expects its operating profit margins under GAAP to increase approximately 190 basis points to 220 basis points and its comparable hotel adjusted operating profit margins to increase approximately 170 basis points to 200 basis points. Based upon this guidance, the Company estimates that full year 2006 guidance for Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. would be as follows: Host Hotels & Resorts, Inc. -- earnings per diluted share should be approximately $.31 to $.34 for the fourth quarter and $1.43 to $1.46 for the full year; -- net income should be approximately $167 million to $182 million for the fourth quarter and $709 million to $724 million for the full year; and -- FFO per diluted share should be approximately $.55 to $.58 for the fourth quarter and $1.50 to $1.53 for the full year (including a charge of approximately $6 million and $34 million for the fourth quarter and full year, respectively, with a per diluted share effect of approximately $.01 and $.06 for the fourth quarter and full year, respectively, related to costs associated with debt and perpetual preferred stock that was or is expected to be refinanced or prepaid in 2006 and non-recurring costs related to the Starwood acquisition). Host Hotels & Resorts, L.P. -- net income should be approximately $739 million to $754 million; and -- Adjusted EBITDA should be approximately $1,255 million to $1,270 million. 2007 Outlook -- The Company is in the preliminary stages of its budget process for 2007. Accordingly, certain key items, including detailed property-level operating budgets, have not been determined which could significantly affect forecast results of operations. However, based on preliminary discussions with the Company's operators and hotel general managers, as well as a review of booking pace and other metrics, the Company believes that comparable hotel RevPAR for 2007 will increase approximately 6% to 8%. About Host Hotels & Resorts Host Hotels & Resorts, Inc. is the largest lodging real estate investment trust and one of the largest owners of luxury and upper upscale hotels. The Company currently owns 128 properties with approximately 67,000 rooms, and also holds a minority interest in a joint venture that owns seven hotels in Europe with approximately 2,700 rooms. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott(R), Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R), The Luxury Collection(R), Hyatt(R), Fairmont(R), Four Seasons(R), Hilton(R) and Swissotel(R)* in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company's website at http://www.hosthotels.com/. Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumption 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: national and local economic and business conditions, including the potential for terrorist attacks, that will affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; relationships with property managers; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; our ability to complete pending acquisitions and dispositions; and our ability to continue to satisfy complex rules in order for us to qualify as a Real Estate Investment Trust for federal income tax purposes and other risks and uncertainties associated with our business described in the Company's filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of October 10, 2006, 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" or "Host," is a self-managed and self-administered real estate investment trust (REIT) that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P., or Host LP, of which we are the sole general partner. For each share of our common stock, Host LP has issued to us one unit of operating partnership interest, or OP Unit. When distinguishing between Host and Host LP, the primary difference is approximately 4% of the partnership interests in Host LP held by outside partners as of October 10, 2006, which is reflected as minority interest in our consolidated balance sheets and minority interest expense 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. For information on our reporting periods and non-GAAP financial measures (including Adjusted EBITDA, FFO per diluted share and comparable hotel adjusted operating profit margin) which we believe is useful to investors, see the Notes to the Financial Information included in this release. HOST HOTELS & RESORTS, INC. Consolidated Balance Sheets (a) (unaudited, in millions, except share amounts) September 8, December 31, 2006 2005 ASSETS Property and equipment, net $10,685 $7,434 Assets held for sale 21 73 Due from managers 31 41 Investments in affiliates 151 41 Deferred financing costs, net 59 63 Furniture, fixtures and equipment replacement fund 166 143 Other 199 157 Restricted cash 129 109 Cash and cash equivalents 223 184 Total assets $11,664 $8,245 LIABILITIES AND STOCKHOLDERS' EQUITY Debt Senior notes, including $494 million and $493 million, respectively, net of discount, of Exchangeable Senior Debentures $3,712 $3,050 Mortgage debt 2,038 1,823 Convertible Subordinated Debentures - 387 Other 89 110 Total debt 5,839 5,370 Accounts payable and accrued expenses 145 165 Other 223 148 Total liabilities 6,207 5,683 Interest of minority partners of Host Hotels & Resorts, L.P. 188 119 Interest of minority partners of other consolidated partnerships 28 26 Stockholders' equity Cumulative redeemable preferred stock (liquidation preference $100 million and $250 million, respectively), 50 million shares authorized; 4.0 million shares and 10.0 million shares issued and outstanding, respectively 97 241 Common stock, par value $.01, 750 million shares authorized; 520.7 million shares and 361.0 million shares issued and outstanding, respectively 5 4 Additional paid-in capital 5,665 3,080 Accumulated other comprehensive income 17 15 Deficit (543) (923) Total stockholders' equity 5,241 2,417 Total liabilities and stockholders' equity $11,664 $8,245 (a) Our consolidated balance sheet as of September 8, 2006 has been prepared without audit. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. The consolidated balance sheets should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. HOST HOTELS & RESORTS, INC. Consolidated Statements of Operations (a) (unaudited, in millions, except per share amounts) Quarter ended Year-to-date ended September September September September 8, 9, 8, 9, 2006 2005 2006 2005 Revenues Rooms $736 $511 $1,977 $1,547 Food and beverage 303 223 935 763 Other 74 56 199 169 Total hotel sales 1,113 790 3,111 2,479 Rental income (b) 22 21 78 75 Total revenues 1,135 811 3,189 2,554 Expenses Rooms 182 128 470 374 Food and beverage 244 184 690 574 Hotel departmental expenses 303 234 794 684 Management fees 50 33 143 108 Other property-level expenses (b) 91 67 243 199 Depreciation and amortization 119 82 314 244 Corporate and other expenses 21 16 62 45 Total operating costs and expenses 1,010 744 2,716 2,228 Operating profit 125 67 473 326 Interest income 8 5 22 17 Interest expense (100) (94) (298) (317) Net gains (loss) on property transactions 1 - 3 77 Gain (loss) on foreign currency and derivative contracts - (1) - 1 Minority interest expense (1) - (30) (12) Equity in earnings (losses) of affiliates (3) - (8) (1) Income (loss) before income taxes 30 (23) 162 91 Benefit (provision) for income taxes 4 15 (14) (23) Income (loss) from continuing operations 34 (8) 148 68 Income from discontinued operations (c) 6 3 394 24 Net income (loss) 40 (5) 542 92 Less: Dividends on preferred stock (2) (6) (12) (21) Issuance costs of redeemed preferred stock (d) - - (6) (4) Net income (loss) available to common stockholders $38 $(11) $524 $67 Basic earnings (loss) per common share: Continuing operations $.06 $(.04) $.28 $.12 Discontinued operations .01 .01 .85 .07 Basic earnings (loss) per common share $.07 $(.03) $1.13 $.19 Diluted earnings (loss) per common share: Continuing operations $.06 $(.04) $.28 $.12 Discontinued operations .01 .01 .84 .07 Diluted earnings (loss) per common share $.07 $(.03) $1.12 $.19 (a) Our consolidated statements of operations presented above have been prepared without audit. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. The consolidated statements of operations should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. (b) Rental income and expense are as follows: Quarter ended Year-to-date ended September September September September 8, 9, 8, 9, 2006 2005 2006 2005 Rental income Full-service $4 $4 $24 $22 Limited service and office buildings 18 17 54 53 $22 $21 $78 $75 Rental and other expenses (included in other property level expenses) Full-service $2 $2 $5 $5 Limited service and office buildings 19 18 56 54 $21 $20 $61 $59 (c) Reflects the results of operations and gain (loss) on sale, net of the related income tax, for six properties sold in 2006 and one hotel classified as held-for-sale as of September 8, 2006 and five properties sold in 2005. (d) Represents the original issuance costs associated with the redemption of the Class C preferred stock in the second quarter of 2006 and the Class B preferred stock in the second quarter of 2005. HOST HOTELS & RESORTS, INC. Earnings (Loss) per Common Share (unaudited, in millions, except per share amounts) Quarter ended Quarter ended September 8, September 9, 2006 2005 Income Income (loss) Shares Per (loss) Shares Per (Numer- (Denom- Share (Numer- (Denom- Share ator) inator) Amount ator) inator) Amount Net income (loss) $40 520.5 $.08 $(5) 353.1 $(.01) Dividends on preferred stock (2) - (.01) (6) - (.02) Basic earnings (loss) available to common stockholders (a)(b) 38 520.5 .07 (11) 353.1 (.03) Assuming distribution of common shares granted under the comprehensive stock plan less shares assumed purchased at average market price - 1.8 - - - - Assuming conversion of minority OP units issuable - 2.3 - - - - Diluted earnings (loss) available to common stockholders (a)(b) $38 524.6 $.07 $(11) 353.1 $(.03) Year-to-date ended Year-to-date ended September 8, September 9, 2006 2005 Income Income (loss) Shares Per (loss) Shares Per (Numer- (Denom- Share (Numer- (Denom- Share ator) inator) Amount ator) inator) Amount Net income $542 464.1 $1.17 $92 352.6 $.26 Dividends on preferred stock (12) - (.03) (21) - (.06) Issuance costs of redeemed preferred stock (c) (6) - (.01) (4) - (.01) Basic earnings available to common stockholders (a)(b) 524 464.1 1.13 67 352.6 .19 Assuming distribution of common shares granted under the comprehensive stock plan less shares assumed purchased at average market price - 1.8 (.01) - 2.4 - Diluted earnings available to common stockholders (a)(b) $524 465.9 $1.12 $67 355.0 $.19 (a) Basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders as adjusted for potentially dilutive securities, by the weighted average number of shares of common stock outstanding plus potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP Units held by minority partners, convertible debt securities and other minority interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that are anti-dilutive. (b) Our results for certain periods presented were significantly affected by certain transactions, which are detailed in the table entitled, "Schedule of Significant Transactions Affecting Earnings per Share and Funds From Operations per Diluted Share." (c) Represents the original issuance costs associated with the redemption of the Company's Class C preferred stock in the second quarter of 2006 and the Company's Class B preferred stock in the second quarter of 2005. HOST HOTELS & RESORTS, INC. Comparable Hotel Operating Data (unaudited) Comparable Hotels by Region (a) As of September 8, Quarter ended September 8, 2006 2006 Average Average Occupancy No. of No. of Daily Percent Properties Rooms Rate -ages RevPAR Pacific 21 11,485 $202.86 79.3% $160.87 Florida 10 6,435 151.13 68.6 103.66 Mid-Atlantic 8 5,865 208.66 81.1 169.17 DC Metro 13 5,335 171.29 71.5 122.51 North Central 12 4,906 155.29 77.7 120.64 South Central 7 4,126 132.06 67.3 88.85 Atlanta 8 3,069 185.00 66.8 123.57 New England 6 3,032 175.83 83.0 146.02 Mountain 6 2,210 104.06 68.9 71.74 International 5 1,953 153.27 71.5 109.61 All Regions 96 48,416 174.51 74.7 130.32 Quarter ended September 9, 2005 Percent Change Average Average in Daily Occupancy RevPAR RevPAR Rate Percentages Pacific $182.79 82.1% $150.03 7.2% Florida 141.14 68.7 97.00 6.9 Mid-Atlantic 191.93 78.3 150.29 12.6 DC Metro 161.21 76.0 122.52 - North Central 139.46 76.4 106.59 13.2 South Central 119.24 70.9 84.53 5.1 Atlanta 163.11 65.1 106.12 16.4 New England 151.03 81.6 123.22 18.5 Mountain 90.43 70.9 64.14 11.8 International 134.49 74.4 100.00 9.6 All Regions 157.87 75.7 119.49 9.1 HOST HOTELS & RESORTS, INC. Comparable Hotel Operating Data (unaudited) As of September 8, Year-to-date ended September 8, 2006 2006 No. of No. of Average Average Properties Rooms Daily Occupancy Rate Percentages RevPAR Pacific 21 11,485 $201.15 76.4% $153.71 Florida 10 6,435 196.13 73.9 144.84 Mid-Atlantic 8 5,865 213.03 78.8 167.87 DC Metro 13 5,335 182.29 72.6 132.31 North Central 12 4,906 145.57 73.0 106.28 South Central 7 4,126 142.03 72.2 102.58 Atlanta 8 3,069 187.40 71.1 133.23 New England 6 3,032 168.18 77.1 129.70 Mountain 6 2,210 131.66 65.9 86.77 International 5 1,953 150.17 71.8 107.77 All Regions 96 48,416 181.74 74.3 135.00 Year-to-date ended September 9, 2005 Average Percent Average Occupancy Change in Daily Rate Percentages RevPAR RevPAR Pacific $ 184.52 78.3% $144.50 6.4% Florida 181.72 74.6 135.50 6.9 Mid-Atlantic 193.70 78.5 152.04 10.4 DC Metro 169.99 77.3 131.46 0.7 North Central 134.40 68.2 91.63 16.0 South Central 130.50 74.2 96.89 5.9 Atlanta 167.30 67.4 112.68 18.2 New England 151.15 71.4 107.98 20.1 Mountain 117.88 66.1 77.92 11.4 International 131.45 72.2 94.95 13.5 All Regions 166.62 74.4 124.02 8.9 HOST HOTELS & RESORTS, INC. Comparable Hotel Operating Data (unaudited) Comparable Hotels by Property Type (a) As of September 8, Quarter ended September 8, 2006 2006 Average Average No. of No. of Daily Occupancy Properties Rooms Rate Percentages RevPAR Urban 40 23,124 $185.84 78.4% $145.78 Suburban 29 11,139 143.37 68.6 98.35 Airport 16 7,328 127.12 73.7 93.72 Resort/Convention 11 6,825 230.30 72.9 167.82 All Types 96 48,416 174.51 74.7 130.32 Quarter ended September 9, 2005 Average Average Percent Daily Occupancy Change in Rate Percentages RevPAR RevPAR Urban $166.23 78.0% $129.67 12.4% Suburban 132.15 71.1 93.94 4.7 Airport 115.45 78.5 90.63 3.4 Resort/Convention 215.63 72.4 156.22 7.4 All Types 157.87 75.7 119.49 9.1 As of September 8, Year-to-date ended 2006 September 8, 2006 Average Average No. of No. of Daily Occupancy Properties Rooms Rate Percentages RevPAR Urban 40 23,124 $190.39 77.3% $147.15 Suburban 29 11,139 145.13 68.0 98.74 Airport 16 7,328 133.02 73.6 97.91 Resort/Convention 11 6,825 257.19 75.0 192.92 All Types 96 48,416 181.74 74.3 135.00 Year-to-date ended September 9, 2005 Average Average Percent Daily Occupancy Change in Rate Percentages RevPAR RevPAR Urban $173.93 76.9% $133.76 10.0% Suburban 133.36 68.3 91.03 8.5 Airport 120.53 76.0 91.62 6.9 Resort/Convention 241.28 74.5 179.67 7.4 All Types 166.62 74.4 124.02 8.9 (a) See the notes to financial information for a discussion of reporting periods and comparable hotel results. HOST HOTELS & RESORTS, INC. Comparable Hotel Operating Data Schedule of Comparable Hotel Results (a) (unaudited, in millions, except hotel statistics) Quarter ended Year-to-date ended September September September September 8, 9, 8, 9, 2006 2005 2006 2005 Number of hotels 96 96 96 96 Number of rooms 48,416 48,416 48,416 48,416 Percent change in Comparable Hotel RevPAR 9.1% - 8.9% - Operating profit margin under GAAP (b) 11.0% 8.3% 14.8% 12.8% Comparable hotel adjusted operating profit margin (c) 23.2% 21.0% 26.5% 24.3% Comparable hotel sales Room $542 $497 $1,633 $1,500 Food and beverage 233 221 803 751 Other 58 56 176 173 Comparable hotel sales (d) 833 774 2,612 2,424 Comparable hotel expenses Room 132 125 386 362 Food and beverage 188 181 587 563 Other 36 37 104 108 Management fees, ground rent and other costs 284 268 842 801 Comparable hotel expenses (e) 640 611 1,919 1,834 Comparable hotel adjusted operating profit 193 163 693 590 Non-comparable hotel results, net (f) 73 3 158 26 Office buildings and limited service properties, net (g) (1) (1) (2) (1) Depreciation and amortization (119) (82) (314) (244) Corporate and other expenses (21) (16) (62) (45) Operating profit $125 $67 $473 $326 (a) See the notes to the financial information for discussion of non-GAAP measures, reporting periods and comparable hotel results. (b) Operating profit margin under GAAP is calculated as the operating profit divided by the total revenues per the consolidated statements of operations. (c) Comparable hotel adjusted operating profit margin is calculated as the comparable hotel adjusted operating profit divided by the comparable hotel sales per the table above. (d) The reconciliation of total revenues per the consolidated statements of operations to the comparable hotel sales is as follows: Quarter ended Year-to-date ended September September September September 8, 9, 8, 9, 2006 2005 2006 2005 Revenues per the consolidated statements of operations $1,135 $811 $3,189 $2,554 Non-comparable hotel sales (295) (31) (567) (112) Hotel sales for the property for which we record rental income, net 11 11 37 35 Rental income for office buildings and limited service hotels (18) (17) (54) (53) Adjustment for hotel sales for comparable hotels to reflect Marriott's fiscal year for Marriott-managed hotels - - 7 - Comparable hotel sales $833 $774 $2,612 $2,424 (e) The reconciliation of operating costs per the consolidated statements of operations to the comparable hotel expenses is as follows (in millions): Quarter ended Year-to-date ended September September September September 8, 9, 8, 9, 2006 2005 2006 2005 Operating costs and expenses per the consolidated statements of operations $1,010 $744 $2,716 $2,228 Non-comparable hotel expenses (220) (26) (408) (87) Hotel expenses for the property for which we record rental income 9 9 38 36 Rent expense for office buildings and limited service hotels (19) (18) (56) (54) Adjustment for hotel expenses for comparable hotels to reflect Marriott's fiscal year for Marriott-managed hotels - - 5 - Depreciation and amortization (119) (82) (314) (244) Corporate and other expenses (21) (16) (62) (45) Comparable hotel expenses $640 $611 $1,919 $1,834 (f) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels whose operations are included in our consolidated statement of operations as continuing operations and (ii) the difference between the number of days of operations reflected in the comparable hotel results and the number of days of operations reflected in the consolidated statements of operations. (g) Represents rental income less rental expense for limited service properties and office buildings. HOST HOTELS & RESORTS, INC. Other Financial and Operating Data (unaudited, in millions, except per share amounts) September 8, December 31, 2006 2005 Equity Common shares outstanding 520.7 361.0 Common shares and minority held common OP Units outstanding 539.7 380.8 Preferred OP Units outstanding .02 .02 Class C Preferred shares outstanding (a) - 6.0 Class E Preferred shares outstanding 4.0 4.0 Security pricing (per share price) Common (b) $22.66 $18.95 Class C Preferred (a) (b) $ - $25.25 Class E Preferred (b) $26.60 $26.75 Convertible Preferred Securities (c) $ - $61.02 Exchangeable Senior Debentures (d) $1,369.90 $1,163.70 Dividends declared per share for calendar year Common (e) $.51 $.41 Class B Preferred (f) $ - $.87 Class C Preferred (a) $.86 $2.50 Class E Preferred (e) $1.66 $2.22 HOST HOTELS & RESORTS, INC. Other Financial and Operating Data (unaudited, in millions, except per share amounts) Debt Series B senior notes, with a rate of 7 7/8% due August 2008 (g) $ - $136 Series G senior notes, with a rate of 9 1/4% due October 2007 (h) 235 236 Series I senior notes, with a rate of 9 1/2% due January 2007 (i) 448 451 Series K senior notes, with a rate of 7 1/8% due November 2013 725 725 Series M senior notes, with a rate of 7% due August 2012 347 346 Series O senior notes, with a rate of 6 3/8% due March 2015 650 650 Series Q senior notes, with a rate of 6 3/4% due June 2016 800 - Exchangeable Senior Debentures, with a rate of 3.25% due April 2024 494 493 Senior notes, with an average rate of 9.7%, maturing through May 2012 13 13 Total senior notes 3,712 3,050 Mortgage debt (non-recourse) secured by $3.4 billion of real estate assets, with an average interest rate of 7.5% and 7.8% at September 8, 2006 and December 31, 2005, respectively, maturing through December 2023 (j) 2,038 1,823 Credit facility (k) - 20 Convertible Subordinated Debentures, with a rate of 6 3/4% due December 2026 (c) - 387 Other 89 90 Total debt $5,839 $5,370 Percentage of fixed rate debt 87% 85% Weighted average interest rate 7.2% 7.2% Weighted average debt maturity 5.6 years 6.4 years Quarter ended Year-to-date ended September 8, September 9, September 8, September 9, 2006 2005 2006 2005 Hotel Operating Statistics for All Full Service Properties (l) Average daily rate $171.26 $155.59 $178.81 $164.46 Average occupancy 74.9% 74.5% 74.2% 73.7% RevPAR $128.31 $115.97 $132.72 $121.22 (a) On May 19, 2006, the Company redeemed, at par, all of the shares of its 10% Class C Cumulative Redeemable Preferred stock for approximately $151 million, including accrued dividends. (b) Share prices are the closing price as reported by the New York Stock Exchange. (c) During the period of December 2005 through February 10, 2006, the Company issued 30.8 million shares of its common stock to converting holders of its Convertible Preferred Securities. The remaining $2 million of securities were redeemed for cash on April 5, 2006. Market price for December 31, 2005 is as quoted by Bloomberg L.P. and reflects the price of a single $50 security. (d) Market price as quoted by Bloomberg L.P. Amount reflects the price of a single $1,000 debenture, which is exchangeable for common stock upon the occurrence of certain events. (e) On September 15, 2006, the Company declared a third quarter common dividend of $.20 per share and a third quarter preferred dividend of $.5546875 per share for its Class E preferred stock. (f) On May 20, 2005, the Company redeemed, at par, all four million shares of its 10% Class B Cumulative Redeemable Preferred stock for approximately $101 million, including accrued dividends. (g) The Company redeemed the outstanding 7 7/8% Series B senior notes on May 15, 2006. (h) Includes the fair value of interest rate swap agreements of $(7) million and $(6) million as of September 8, 2006 and December 31, 2005, respectively. (i) Includes the fair value of an interest rate swap agreement of $(2) million and $1 million as of September 8, 2006 and December 31, 2005, respectively. (j) Includes the $135 million mortgage (with a fair value of $133 million at September 1, 2006) assumed in connection with the acquisition of the Westin Kierland Resort & Spa on September 1, 2006. (k) The outstanding balance on the Company's credit facility of $20 million as of December 31, 2005 was repaid on January 13, 2006. Currently, the Company has $575 million of available capacity under its credit facility. (l) The operating statistics reflect all consolidated properties as of September 8, 2006 and September 9, 2005, respectively. The operating statistics include the results of operations for six properties sold as of September 8, 2006 and five properties sold in 2005 prior to their disposition. HOST HOTELS & RESORTS, INC. Reconciliation of Net Income (Loss) Available to Common Stockholders to Funds From Operations per Diluted Share (unaudited, in millions, except per share amounts) Quarter ended Quarter ended September 8, 2006 September 9, 2005 Per Per Share Income Share Income Amo- (loss) Shares Amount (loss) Shares unt Net income (loss) available to common stockholders $38 520.5 $.07 $(11) 353.1 $(.03) Adjustments: Gains on dispositions, net of taxes (5) - (.01) - - - Amortization of deferred gains and other property transactions, net of taxes (1) - - (1) - - Depreciation and amortization 119 - .23 85 - .24 Partnership adjustments 2 - - 1 - - FFO of minority partners of Host LP (a) (5) - (.01) (4) - (.01) Adjustments for dilutive securities: Assuming distribution of common shares granted under the comprehensive stock plan less shares assumed purchased at average market price - 1.8 - - 2.3 - Assuming conversion of Exchangeable Senior Debentures 4 28.5 - 4 27.7 (.01) FFO per diluted share (b) (c) $152 550.8 $.28 $74 383.1 $.19 Year-to-date ended Year-to-date ended September 8, 2006 September 9, 2005 Per Per Share Income Share Income Amo- (loss) Shares Amount (loss) Shares unt Net income available to common stockholders $524 464.1 $1.13 $67 352.6 $.19 Adjustments: Gains on dispositions, net of taxes (390) - (.84) (54) - (.15) Amortization of deferred gains and other property transactions, net of taxes (3) - (.01) (5) - (.02) Depreciation and amortization 314 - .68 254 - .72 Partnership adjustments 24 - .05 9 - .03 FFO of minority partners of Host LP (a) (18) - (.04) (15) - (.04) Adjustments for dilutive securities: Assuming distribution of common shares granted under the comprehensive stock plan less shares assumed purchased at average market price - 1.8 - - 2.4 (.01) Assuming conversion of Exchangeable Senior Debentures 13 28.5 (.03) 13 27.7 (.02) Assuming conversion of Convertible Subordinated Debentures 2 2.7 - - - - FFO per diluted share (b) (c) $466 497.1 $.94 $269 382.7 $.70 (a) Represents FFO attributable to the minority interests in Host LP. (b) FFO per diluted share in accordance with NAREIT is adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP Units held by minority partners, convertible debt securities and other minority interests that have the option to convert their limited partnership interest to common OP Units. No effect is shown for securities if they are anti-dilutive. (c) FFO per diluted share for certain periods presented was significantly affected by certain transactions, which are detailed in the table entitled, "Schedule of Significant Transactions Affecting Earnings per Share and Funds from Operations per Diluted Share." HOST HOTELS & RESORTS, INC. Schedule of Significant Transactions Affecting Earnings per Share and Funds From Operations per Diluted Share (unaudited, in millions, except per share amounts) Quarter ended Quarter ended September 8, 2006 September 9, 2005 Net Income Net Income (Loss) FFO (Loss) FFO Gain on hotel dispositions, net of taxes 5 - - - Non-recurring Starwood acquisition costs (a) (4) (4) - - Total (b) $ 1 $ (4) $ - $ - Per diluted share $ - $ - $ - $ - Year-to-date ended Year-to-date ended September 8, 2006 September 9, 2005 Net Income Net Income (Loss) FFO (Loss) FFO Non-recurring Starwood acquisition costs (a) $ (17) $ (17) $ - $ - Senior notes redemptions and debt prepayments (c) (4) (4) (34) (34) Preferred stock redemptions (d) (8) (8) (4) (4) Gain on CBM Joint Venture LLC sale (e) - - 42 - Gain on hotel dispositions, net of taxes 390 - 12 - Minority interest income (expense) (f) (14) 1 (1) 2 Total (b) $ 347 $ (28) $ 15 $ (36) Per diluted share $ .74 $ (.05) $ .04 $ (.09) (a) Represents non-recurring costs incurred in conjunction with the acquisition of the Starwood portfolio that are required to be expensed under GAAP, including start-up costs, bridge loan fees and expenses and the Company's portion of a foreign currency hedge loss by the European joint venture as the venture hedged a portion of its initial investment for the acquisition of six of its European hotels. (b) Net income of Host LP was also affected by the transactions discussed above, with the exception of the minority interest income (expense) item discussed in footnote (f). Accordingly, the total adjustments on the net income of Host LP were approximately $361 million and $16 million for year-to-date 2006 and year-to-date 2005, respectively. (c) Represents call premiums and the acceleration of original issue discounts and deferred financing costs, as well as incremental interest during the call or prepayment notice period, included in interest expense in the consolidated statements of operations. We recognized these costs in conjunction with the prepayment or refinancing of senior notes and mortgages during certain periods presented. (d) Represents the original issuance costs and the incremental dividends during the redemption notice period associated with the redemption of the Class C preferred stock in 2006 and the Class B preferred stock in 2005. (e) Represents the gain, net of tax, on the sale of 85% of our interest in CBM Joint Venture LLC. (f) Represents the portion of the significant transactions attributable to minority partners in Host LP. HOST HOTELS & RESORTS, L.P. Consolidated Statements of Operations (a) (unaudited, in millions, except per unit amounts) Quarter ended Year-to-date ended September September September September 8, 9, 8, 9, 2006 2005 2006 2005 Revenues Rooms $736 $511 $1,977 $1,547 Food and beverage 303 223 935 763 Other 74 56 199 169 Total hotel sales 1,113 790 3,111 2,479 Rental income 22 21 78 75 Total revenues 1,135 811 3,189 2,554 Expenses Rooms 182 128 470 374 Food and beverage 244 184 690 574 Hotel departmental expenses 303 234 794 684 Management fees 50 33 143 108 Other property-level expenses 91 67 243 199 Depreciation and amortization 119 82 314 244 Corporate and other expenses 21 16 62 45 Total operating costs and expenses 1,010 744 2,716 2,228 Operating profit 125 67 473 326 Interest income 8 5 22 17 Interest expense (100) (94) (298) (318) Net gains (loss) on property transactions 1 - 3 77 Gain (loss) on foreign currency and derivative contracts - (1) - 1 Minority interest expense - - (7) (6) Equity in earnings (losses) of affiliates (3) - (8) (1) Income (loss) before income taxes 31 (23) 185 96 Benefit (provision) for income taxes 4 15 (14) (23) Income (loss) from continuing operations 35 (8) 171 73 Income from discontinued operations (b) 6 3 394 24 Net income (loss) 41 (5) 565 97 Less: Distributions on preferred units (2) (6) (12) (21) Issuance costs of redeemed preferred units (c) - - (6) (4) Net income (loss) available to common unitholders $39 $(11) $547 $72 Basic earnings (loss) per common unit: Continuing operations $.06 $(.04) $.32 $.13 Discontinued operations .01 .01 .81 .06 Basic earnings (loss) per common unit $.07 $(.03) $1.13 $.19 Diluted earnings (loss) per common unit: Continuing operations $.06 $(.04) $.32 $.13 Discontinued operations .01 .01 .81 .06 Diluted earnings (loss) per common unit $.07 $(.03) $1.13 $.19 (a) Our consolidated statements of operations presented above have been prepared without audit. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. When distinguishing between Host and Host LP, the primary difference is the partnership interests in Host LP held by outside partners, which is reflected as minority interest in our consolidated balance sheets and minority interest expense in our consolidated statements of operations. The consolidated statements of operations should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. (b) Reflects the results of operations and gain (loss) on sale, net of the related income tax, for six properties sold in 2006 and one hotel classified as held-for-sale as of September 8, 2006 and five properties sold in 2005. (c) Represents the original issuance costs associated with the redemption of the Class C preferred units in the second quarter of 2006 and the Class B preferred units in the second quarter of 2005. Reconciliation of Net Income (loss) to EBITDA and Adjusted EBITDA (unaudited), in millions Quarter ended Year-to-date ended September September September September 8, 9, 8, 9, 2006 2005 2006 2005 Net income (loss) $41 $(5) $565 $97 Interest expense 100 94 298 318 Depreciation and amortization 119 82 314 244 Income taxes (4) (15) 14 23 Discontinued operations (a) (1) 4 2 12 EBITDA 255 160 1,193 694 Gains on dispositions (5) - (392) (83) Amortization of deferred gains (1) (1) (3) (7) Consolidated partnership adjustments: Minority interest expense - - 7 6 Distributions to minority partners - - (4) (3) Equity investment adjustments: Equity in (earnings) losses of affiliates 3 - 8 1 Distributions received from equity investments 1 1 3 2 Adjusted EBITDA of Host LP $253 $160 $812 $610 (a) Reflects the interest expense, depreciation and amortization and income taxes included in discontinued operations. HOST HOTELS & RESORTS, INC. Reconciliation of Net Income Available to Common Stockholders to Funds From Operations per Diluted Share for Fourth Quarter 2006 Forecasts (a) (unaudited, in millions, except per share amounts) Low-end of Range Fourth Quarter 2006 Forecast Per Share Income (Loss) Shares Amount Forecast net income available to common stockholders $165 521.0 $.32 Adjustments: Depreciation and amortization 164 - .31 Gain on dispositions, net of taxes (27) - (.05) Partnership adjustments 8 - .02 FFO of minority partners of Host LP (b) (11) - (.02) Adjustment for dilutive securities: Assuming distribution of common shares granted under the comprehensive stock plan less shares assumed purchased at average market price - 1.8 (.01) Assuming conversion of Exchangeable Senior Debentures 6 28.8 (.02) FFO per diluted share $305 551.6 $.55 High-end of Range Fourth Quarter 2006 Forecast Per Share Income (Loss) Shares Amount Forecast net income available to common stockholders $180 521.0 $.35 Adjustments: Depreciation and amortization 164 - .31 Gain on dispositions, net of taxes (27) - (.05) Partnership adjustments 8 - .02 FFO of minority partners of Host LP (b) (11) - (.02) Adjustment for dilutive securities: Assuming distribution of common shares granted under the comprehensive stock plan less shares assumed purchased at average market price - 1.8 (.01) Assuming conversion of Exchangeable Senior Debentures 6 28.8 (.02) FFO per diluted share $320 551.6 $.58 HOST HOTELS & RESORTS, INC. Reconciliation of Net Income Available to Common Stockholders to Funds From Operations per Diluted Share for Full Year 2006 Forecasts (a) (unaudited, in millions, except per share amounts) Low-end of Range Full Year 2006 Forecast Income Per Share (Loss) Shares Amount Forecast net income available to common stockholders $689 481.9 $1.43 Adjustments: Depreciation and amortization 478 - .99 Gain on dispositions, net of taxes (420) - (.87) Partnership adjustments 33 - .07 FFO of minority partners of Host LP (b) (30) - (.06) Adjustment for dilutive securities: Assuming distribution of common shares granted under the comprehensive stock plan less shares assumed purchased at average market price - 1.8 (.01) Assuming conversion of Exchangeable Senior Debentures 19 28.8 (.05) Assuming conversion of Convertible Subordinated Debentures 2 1.9 - FFO per diluted share $771 514.4 $1.50 High-end of Range Full Year 2006 Forecast Income Per Share (Loss) Shares Amount Forecast net income available to common stockholders $704 481.9 $1.46 Adjustments: Depreciation and amortization 478 - .99 Gain on dispositions, net of taxes (420) - (.87) Partnership adjustments 34 - .07 FFO of minority partners of Host LP (b) (30) - (.06) Adjustment for dilutive securities: Assuming distribution of common shares granted under the comprehensive stock plan less shares assumed purchased at average market price - 1.8 (.01) Assuming conversion of Exchangeable Senior Debentures 19 28.8 (.05) Assuming conversion of Convertible Subordinated Debentures 2 1.9 - FFO per diluted share $787 514.4 $1.53 (a) The fourth quarter and full year 2006 forecasts were based on the following assumptions (the comparable hotel guidance listed below does not include the Starwood portfolio): * Comparable hotel RevPAR will increase 7.0% to 8.0% for the fourth quarter and 8.0% to 8.75% for the full year for the low and high ends of the forecasted range, respectively. * Comparable hotel adjusted operating profit margins will increase 170 basis points and 200 basis points for the full year for the low and high ends of the forecasted range, respectively. * RevPAR growth for the Starwood portfolio will be modestly higher than the RevPAR for the Company's comparable hotels for full year 2006. * Approximately $820 million of debt and perpetual preferred stock has been, or will be, refinanced. Charges, net of the minority interest benefit, totaling approximately $6 million ($.01 of FFO per diluted share effect) and $34 million ($.06 of FFO per diluted share) related to costs associated with the debt and perpetual preferred stock repayments and non-recurring costs related to the Starwood acquisition will be incurred for the fourth quarter and full year 2006, respectively. * Fully diluted weighted average shares for FFO per diluted share will be 551.6 million for the fourth quarter and 514.4 million for the full year and for earnings per diluted share will be 551.6 million for the fourth quarter and 483.7 million for the full year. The amounts shown in these forecasts are based on these and other assumptions, as well as management's estimate of operations for 2006. These forecasts are forward-looking and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause actual transactions, results and performance to differ materially from those expressed or implied by these forecasts. Although we believe the expectations reflected in the forecasts are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that the results will be materially different. Risks that may affect these assumptions and forecasts include the following: * the level of RevPAR and margin growth may change significantly; * the amount and timing of acquisitions and dispositions of hotel properties is an estimate that can substantially affect financial results, including such items as net income, depreciation and gains (losses) on dispositions; * the level of capital expenditures may change significantly, which will directly affect the level of depreciation expense and net income; and * other risks and uncertainties associated with our business described herein and in the Company's filings with the SEC. (b) Represents FFO attributable to the minority interests in Host LP. HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Adjusted Operating Profit Margin for Full Year 2006 Forecasts (a) (unaudited, in millions, except hotel statistics) Full Year 2006 Forecast Low-end High-end of range of range Percent change in Comparable Hotel RevPAR 8.0% 8.75% Operating profit margin under GAAP (b) 15.2% 15.5% Comparable hotel adjusted operating profit margin (c) 26.5% 26.8% Comparable hotel sales Room $2,355 $2,371 Other 1,438 1,442 Comparable hotel sales (d) 3,793 3,813 Comparable hotel expenses Rooms and other departmental costs 1,561 1,564 Management fees, ground rent and other costs 1,228 1,229 Comparable hotel expenses (e) 2,789 2,793 Comparable hotel adjusted operating profit 1,004 1,020 Non-comparable hotel results, net 300 300 Office buildings and limited service properties, net 7 7 Depreciation and amortization (479) (479) Corporate and other expenses (86) (86) Operating profit $746 $762 (a) Forecasted comparable hotel results include assumptions on the number of hotels that will be included in our comparable hotel set in 2006. We have assumed that 95 hotels will be classified as comparable as of December 31, 2006. No assurances can be made as to the hotels that will be in the comparable hotel set for 2006. Also, see the notes following the table reconciling net income available to common shareholders to Funds From Operations per Diluted Share for assumptions relating to the full year 2006 forecasts. (b) Operating profit margin under GAAP is calculated as the operating profit divided by the forecast total revenues per the consolidated statements of operations. See (d) below for forecasted revenues. (c) Comparable hotel adjusted operating profit margin is calculated as the comparable hotel adjusted operating profit divided by the comparable hotel sales per the table above. We forecasted an increase in margins of 170 basis points to 200 basis points over the comparable adjusted operating profit margin of 24.8%. (d) The reconciliation of forecast total revenues to the forecast comparable hotel sales is as follows (in millions): Full Year 2006 Low-end High-end of range of range Revenues $4,893 $4,901 Non-comparable hotel sales (1,064) (1,052) Hotel sales for the property for which we record rental income, net 52 52 Rental income for office buildings and limited service hotels (88) (88) Comparable hotel sales $3,793 $3,813 (e) The reconciliation of forecast operating costs and expenses to the comparable hotel expenses is as follows (in millions): Full Year 2006 Low-end High-end of range of range Operating costs and expenses $4,147 $4,139 Non-comparable hotel expenses (764) (752) Hotel expenses for the property for which we record rental income 52 52 Rent expense for office buildings and limited service hotels (81) (81) Depreciation and amortization (479) (479) Corporate and other expenses (86) (86) Comparable hotel expenses $2,789 $2,793 HOST HOTELS & RESORTS, L.P. Reconciliation of Net Income to EBITDA and Adjusted EBITDA for Full Year 2006 Forecasts (a) (unaudited, in millions) Full Year 2006 Low-end High-end of range of range Net income $739 $754 Interest expense 438 438 Depreciation and amortization 479 479 Income taxes 7 7 EBITDA 1,663 1,678 Gains on dispositions (420) (420) Consolidated partnership adjustments: Minority interest expense 8 8 Distributions to minority partners (6) (6) Equity investment adjustments: Equity in losses of affiliates 6 6 Distributions received from equity investments 4 4 Adjusted EBITDA of Host LP $1,255 $1,270 (a) The amounts shown in these reconciliations are based on management's estimate of operations for 2006. These tables are forward-looking and as such contain assumptions by management based on known and unknown risks, uncertainties and other factors which may cause the actual transactions, results, performance, or achievements to be materially different from any future transactions, results, performance or achievements expressed or implied by this table. General economic condition, competition and governmental actions will affect future transactions, results performance and achievements. Although we believe the expectations in this reconciliation are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviations will not be material. For purposes of the full year forecasts, we have utilized the same, previously detailed assumptions as those utilized for the full year forecasts for Host Hotels & Resorts, Inc. http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO http://photoarchive.ap.org/ DATASOURCE: Host Hotels & Resorts, Inc. CONTACT: Kevin J. Jacobs, Vice President Corporate Finance, +1-240-744-5212, or Gregory J. Larson, Treasurer, Senior Vice President Investor Relations, +1-240-744-5120, both of Host Hotels & Resorts, Inc. Web site: http://www.hosthotels.com/

Copyright