The following is a summary of the Host Hotels & Resorts, Inc. (HST) Q1 2024 Earnings Call Transcript:
Financial Performance:
Host Hotels & Resorts Inc. reported Q1 2024 adjusted EBITDA of $483 million and adjusted FFO per share of $0.60, which includes $10 million from business interruption proceeds.
Year-over-year comparable hotel total RevPAR improved by 50 basis points while comparable hotel RevPAR declined by 1.2%.
Revenue from group per available room grew by 4% and business transient revenue per available room increased by 5%.
The company reported a total available liquidity of $1.7 billion and net leverage of 2.3x.
Business Progress:
The company has announced their acquisition of the 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown, expecting it to generate $29 million of adjusted EBITDA for the company.
The company continues to expect improvements in group business and a gradual recovery in business transient for FY 2024.
Renovations under the Hyatt Transformational Capital program are underway with positive results expected by the first half of 2025.
An emphasis has been placed on market expansion, especially in rapidly growing markets like Nashville and potentially, areas with limited exposure to the brand.
The company is monitoring the evolving demand situation in Maui, particularly following the wildfires, and plans to boost the tourism industry in the area.
More details: Host Hotels & Resorts IR
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