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Host Hotels & Resorts | 8-K: Current report

SEC announcement ·  Feb 21 17:02
Summary by Moomoo AI
On February 21, 2024, Host Hotels & Resorts, Inc. (NASDAQ: HST), the nation's largest lodging real estate investment trust (REIT), reported its financial results for the fourth quarter ended December 31, 2023. The company announced a 1.5% increase in comparable hotel RevPAR to $202.92 and a 0.7% increase in comparable hotel Total RevPAR to $333.43 for the quarter. Full year comparable hotel RevPAR grew by 8.1%, driven by rate and occupancy increases. Net income for the quarter was $134 million, a 10.1% decrease from the fourth quarter of 2022, while full year net income rose by 17.0% to $752 million. Adjusted EBITDAre for the full year exceeded the previous year by 8.7%, reaching $1,629 million. The company also announced a quarterly cash dividend increase to $0.20 per share, returning to pre-pandemic levels, and declared a $0.25 special...Show More
On February 21, 2024, Host Hotels & Resorts, Inc. (NASDAQ: HST), the nation's largest lodging real estate investment trust (REIT), reported its financial results for the fourth quarter ended December 31, 2023. The company announced a 1.5% increase in comparable hotel RevPAR to $202.92 and a 0.7% increase in comparable hotel Total RevPAR to $333.43 for the quarter. Full year comparable hotel RevPAR grew by 8.1%, driven by rate and occupancy increases. Net income for the quarter was $134 million, a 10.1% decrease from the fourth quarter of 2022, while full year net income rose by 17.0% to $752 million. Adjusted EBITDAre for the full year exceeded the previous year by 8.7%, reaching $1,629 million. The company also announced a quarterly cash dividend increase to $0.20 per share, returning to pre-pandemic levels, and declared a $0.25 special dividend. During the fourth quarter, Host repurchased $31 million of common stock, totaling $181 million for the year. The company highlighted its successful capital allocation through portfolio reinvestment, share repurchases, and dividend increases. Host Hotels & Resorts completed multi-year transformational reinvestment programs and development projects, including the Marriott Transformational Capital Program and renovations at Fairmont Kea Lani. The company also reached an agreement with Hyatt for transformational reinvestment projects at six properties and broke ground on a condominium development in Orlando. Host maintains a strong balance sheet with total assets of $12.2 billion and total available liquidity of approximately $2.9 billion. Looking ahead, the company provided a 2024 outlook with comparable hotel RevPAR growth guidance ranging from 2.5% to 5.5% over 2023.

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