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Did Host Hotels & Resorts beat or miss consensus estimates last quarter?

- **Revenue Beat**: Comparable hotel total RevPAR growth of 80 bps YoY, driven by resort transient demand (Maui +20%). 2025 RevPAR guidance raised to 3%.
- **Margin Recovery**: 2025 EBITDA margin expected to improve 20 bps to 28.8%, offsetting wage pressures.
- **Strategic Investments**: $280M-$295M in 2025 renovations (Hyatt/Marriott programs) targeting mid-teens returns. Sold assets at 12.7x EBITDA, vs. 9.4x company multiple.
- **2026 Momentum**: Group revenue pace up 5% YoY, with San Francisco (+20%), New York (+8%), and Maui (+13%). World Cup and Super Bowl events to boost 10 markets.
- **Balance Sheet Strength**: 2.8x leverage, $2.2B liquidity, and Baa2 rating support capital allocation flexibility.

**【CEO Summary Section】**
- **Revenue Growth**: Comparable hotel total RevPAR increased by 80 basis points YoY, driven by short-term transient demand and rate growth, particularly in resorts like Maui (20% RevPAR growth). Transient revenue grew 2%, with double-digit growth at resorts.
- **Expense Management**: Comparable hotel EBITDA margin declined 50 bps YoY to 23.9% due to wage and benefit increases, but long-term investments (e.g., Hyatt and Marriott renovations) are expected to yield mid-teens cash-on-cash returns.
- **Strategic Investments**: Completed 65% of Hyatt Transformational Capital Program under budget; announced 4 new Marriott renovations with $22M in operating profit guarantees. 2025 capital expenditures guidance is $605M-$640M, including $280M-$295M for redevelopments.
- **Outperformance**: Raised 2025 comparable hotel RevPAR guidance to 3% (from 1.5%) and adjusted EBITDAre to $1.73B, up $25M YoY. Maui's 2026 group revenue pace is up 13%.

**【CFO Financial Commentary】**
- **Financial Results**: Q3 2025 adjusted EBITDAre of $319M (-3.3% YoY), adjusted FFO per share of $0.35 (-2.8% YoY). Year-to-date EBITDAre up 2.2% YoY. Received $5M in hurricane business interruption proceeds, total 2025 proceeds $24M.
- **Margins and Costs**: EBITDA margin decline driven by wage growth, but 2025 EBITDA margin expected to improve 20 bps to 28.8%. 2025 FFO guidance includes $16M from Four Seasons condo sales and $6M from Don CeSar.
- **Balance Sheet**: $2.2B liquidity, 2.8x leverage ratio, and Baa2 credit rating. No stock buybacks in Q3 due to higher returns from asset investments.

**【Q&A Highlights】**
- **Asset Trading Strategy**: Sold Washington Marriott Metro Center at 12.7x EBITDA, highlighting ability to execute accretive dispositions. No immediate plans for acquisitions, focusing on portfolio reinvestment.
- **Group Booking Momentum**: 2026 group revenue pace up 5% YoY, with San Francisco (+20%), New York (+8%), and Maui (+13%) leading. Banquet and catering contribution per group room night up mid-single digits.
- **Wage Outlook**: 2025 wage growth ~6%, expected to moderate in 2026. New York labor contract renegotiations in mid-2026.
- **2026 Outlook**: Maui recovery, World Cup events in 10 markets, and Hyatt/Marriott renovations driving RevPAR index gains of 3-5 points. Q4 2025 RevPAR growth expected at low single digits, with October up 5.5%.


Host Hotels & Resorts, Inc. (HST) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HST

HST fundamentals

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