BETHESDA, Md., May 06, 2026 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ:HST) (the "Company"), the nation's largest lodging real estate investment trust ("REIT"), today announced results for first quarter of 2026.
OPERATING RESULTS(unaudited, in millions, except per share and hotel statistics)
Quarter ended March 31,
2026
2025
Percent Change
Revenues
$
1,645
$
1,594
3.2
%
Comparable hotel revenues⁽¹⁾
1,544
1,474
4.7
%
Comparable hotel Total RevPAR⁽¹⁾
418.20
399.66
4.6
%
Comparable hotel RevPAR⁽¹⁾
244.11
233.77
4.4
%
Net income
$
501
$
251
99.6
%
EBITDAre⁽¹⁾
537
508
5.7
%
Adjusted EBITDAre⁽¹⁾
543
514
5.6
%
Diluted earnings per common share
$
0.72
$
0.35
105.7
%
NAREIT FFO per diluted share⁽¹⁾
0.66
0.63
4.8
%
Adjusted FFO per diluted share⁽¹⁾
0.67
0.64
4.7
%
* Additional detail on the Company's results, including data for 24 domestic markets, is available in the First Quarter 2026 Supplemental Financial Information on the Company's website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, "Our first quarter results exceeded expectations with comparable hotel RevPAR growth of 4.4% over the first quarter of 2025 as strong leisure demand continued to drive higher room rates coupled with solid group demand. Comparable hotel Total RevPAR increased 4.6% over the same period last year due to strong transient demand and increased out-of-room spending."
Risoleo continued, "As evidenced by our results, affluent consumers are continuing to prioritize spending on travel, and group demand remains steady. As a result, we are increasing our 2026 comparable hotel RevPAR growth guidance range to 3.0% to 4.5% over 2025 and our comparable hotel Total RevPAR growth guidance range to 3.5% to 5.0% over last year. We believe Host's investment grade balance sheet, strong liquidity position, and continued reinvestment in our diversified portfolio uniquely position the Company to capture additional upside in the current environment." _______________________________
(1)
NAREIT Funds From Operations ("FFO") per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues 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. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.
HIGHLIGHTS:
Comparable hotel Total RevPAR was $418.20 for the first quarter of 2026, representing an increase of 4.6% compared to the first quarter of 2025, primarily due to improvements in room revenues from increased transient leisure demand and continued strength in out-of-room spending.
Comparable hotel RevPAR was $244.11, representing an increase of 4.4% over the first quarter of 2025, driven primarily by an increase in room rates. This reflected robust leisure demand across the portfolio and an increase in group business, as well as strong performances in San Francisco around the Super Bowl, and in each of the Florida markets. These results were despite difficult comparisons to the first quarter of 2025 and reflect the impacts of the Kona Low rainstorm that affected the Company's Hawaii properties in March 2026.
GAAP net income was $501 million, a 99.6% increase compared to the first quarter of 2025, primarily due to the gain on sale of assets in the first quarter of 2026. GAAP operating profit margin was 19.4%, an improvement of 150 basis points compared to the first quarter of 2025, reflecting the improved operations.
Comparable hotel EBITDA was $505 million, an increase of 7.0% compared to the first quarter of 2025, leading to a comparable hotel EBITDA margin improvement of 70 basis points to 32.7%. The increase for the quarter was driven by rate improvements, which offset an increase in wage expenses.
Adjusted EBITDAre was $543 million, an increase of 5.6% compared to the first quarter of 2025. Results benefited from improved operations and comparable hotel EBITDA margins. In addition, the sale of four condominium units at the development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort contributed $4 million to net income and Adjusted EBITDAre.
As previously announced, the Company sold the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort and the 125-room Four Seasons Resort and Residences Jackson Hole in February 2026 for a sale price of $1.1 billion. The hotels were expected to have approximately $88 million of capital expenditures needs over the next five years. In addition, the Company sold the St. Regis Houston in January 2026 for $51 million, which was expected to have capital expenditures needs of approximately $49 million over the next five years. 1
On May 6, 2026, the Board of Directors authorized a second quarter cash dividend of $0.92 per share on its common stock, consisting of a regular quarterly dividend of $0.20 per share and a special dividend of $0.72 per share, which represents the distribution of the approximately $500 million taxable gain resulting from the Four Seasons sales completed in the first quarter of 2026. The dividend will be paid on July 15, 2026 to stockholders of record on June 30, 2026.
As previously reported, the Company received business interruption proceeds of $7 million in the first quarter of 2026 related to damage caused by Hurricanes Helene and Milton in 2024. To date, a total of $81 million of insurance proceeds have been received related to the claims, of which $31 million was related to business interruption proceeds.
1 The Four Seasons proceeds were net of $23 million for the buyer's acquisition of the furniture, fixture and equipment ("FF&E") reserves.
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at March 31, 2026:
Total assets of $13.2 billion.
Debt balance of $5.1 billion, with a weighted average maturity of 4.9 years and a weighted average interest rate of 4.8%, and no maturities in 2026.
Total available liquidity of approximately $3.4 billion, including furniture, fixtures and equipment escrow reserves of $151 million and $1.5 billion available under the revolver portion of the credit facility. The payment of the first and second quarter regular dividend and the special dividend discussed above will reduce the cash balance by approximately $767 million.
SHARE REPURCHASES AND DIVIDENDS
During the first quarter of 2026, the Company repurchased 4.0 million shares of common stock at an average price of $18.97 per share, exclusive of commissions, through its common share repurchase program for a total of $75 million. As of March 31, 2026, the Company had $405 million of remaining capacity under the repurchase program, pursuant to which its common stock may be purchased from time to time, depending upon market conditions.
The Company paid a first quarter common stock cash dividend of $0.20 per share on April 15, 2026 to stockholders of record on March 31, 2026. All future dividends, including any special dividends, are subject to approval by the Company's Board of Directors.
HOTEL BUSINESS MIX UPDATE
The Company's customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 34%, and 5%, respectively, of its full year 2025 room sales.
The following are the results for transient, group and contract business in comparison to 2025 performance, for the Company's current portfolio:
Quarter ended March 31, 2026
Transient
Group
Contract
Room nights (in thousands)
1,286
1,106
204
Percent change in room nights vs. same period in 2025
(0.6
%)
0.7
%
8.0
%
Rooms revenues (in millions)
$
498
$
356
$
47
Percent change in revenues vs. same period in 2025
5.5
%
2.4
%
10.4
%
CAPITAL EXPENDITURES
The following presents the Company's capital expenditures spend through the first quarter of 2026 and the forecast for the full year 2026 (in millions):
Quarter ended March 31, 2026
2026 Full Year Forecast
Actual
Low-end of range
High-end of range
ROI - Marriott and Hyatt Transformational Capital Programs
$
34
$
175
$
210
All other return on investment ("ROI") projects
17
75
90
Total ROI Projects
51
250
300
Renewals and Replacements ("R&R")
71
275
325
R&R and ROI Capital expenditures
122
525
625
R&R - Property Damage Reconstruction
—
20
30
Total Capital Expenditures
$
122
$
545
$
655
Inventory spend for condo development(1)
8
15
15
Total capital allocation
$
130
$
560
$
670
_______________________________
(1)
Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.
The forecast property damage reconstruction includes estimated spend for damage caused by the Kona Low rainstorm to the Company's properties in Hawaii. Remediation efforts are substantially complete, and the hotels remained operational with isolated instances of water damage. The Company is still evaluating the complete property and business interruption impacts of the storm, but currently estimates the total property costs to be approximately $25 million to $35 million, which includes remediation costs of up to $5 million. The Company expects its insurance coverage to substantially cover the property damage in excess of the insurance deductible.
Under the Hyatt and Marriott Transformational Capital Programs, the Company received $3 million of operating guarantees in the first quarter of 2026 to offset expected business disruption. The Company expects to receive a total of $19 million of operating guarantees in 2026 under the two programs. The transformational renovation at the Hyatt Regency Reston was completed in the first quarter of 2026.
2026 OUTLOOK
First quarter of 2026 results exceeded expectations with strong leisure demand driving an increase in rates. Comparable hotel RevPAR for April also grew approximately 4.4% over 2025. The 2026 guidance range contemplates a continuation of this trend in a stable operating environment, with leisure transient strength bolstered by special events, such as the FIFA World Cup games, and modest improvements to short-term group booking trends. Full year operating profit margins and comparable hotel EBITDA margins are expected to increase slightly compared to 2025, as first quarter rate improvements offset increases in wage expense, while year-over-year comparisons are expected to moderate, particularly for the second half of the year, primarily due to lower room rate growth expectations.
In comparison to 2025, the guidance reflects a reduction in earnings due to the 2026 and 2025 dispositions. The guidance for net income and Adjusted EBITDAre also includes an estimated $20 million to $25 million net contribution for the year from total sales expected to close at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort. Additionally, the final determination on insurance claims related to Hurricanes Helene and Milton is expected in 2026, but no additional amounts from what was received in first quarter are included in guidance.
The Company anticipates its 2026 operating results as compared to 2025 will be in the following range:
Current Full Year 2026 Guidance
Current Full Year 2026 Guidance Change vs. 2025
Previous Full Year 2026 Guidance Change vs. 2025
Change in Full Year 2026 Guidanceto the Mid-Point
Comparable hotel Total RevPAR
$386 to $391
3.5% to 5.0%
2.5% to 4.0%
100 bps
Comparable hotel RevPAR
$230 to $233
3.0% to 4.5%
2.0% to 3.5%
100 bps
Total revenues under GAAP (in millions)
$6,097 to $6,184
(0.3%) to 1.1%
(1.4%) to 0.1%
100 bps
Operating profit margin under GAAP
14.4% to 15.1%
40 bps to 110 bps
(10) bps to 60 bps
50 bps
Comparable hotel EBITDA margin
29.4% to 29.7%
20 bps to 50 bps
(20) bps to 20 bps
30 bps
Based upon the above parameters, the Company estimates its 2026 guidance as follows:
Current Full Year2026 Guidance
Previous Full Year 2026 Guidance
Change in Full Year 2026 Guidanceto the Mid-Point
Net income (in millions)
$908 to $955
$836 to $891
$67
Adjusted EBITDAre (in millions)
$1,785 to $1,835
$1,740 to $1,800
$40
Diluted earnings per common share
$1.30 to $1.37
$1.19 to $1.27
$0.10
NAREIT FFO per diluted share
$2.06 to $2.12
$1.99 to $2.07
$0.06
Adjusted FFO per diluted share
$2.10 to $2.16
$2.03 to $2.11
$0.06
See the 2026 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the First Quarter 2026 Supplemental Financial Information for additional detail on the mid-point of full year 2026 guidance.
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 71 properties in the United States and five properties internationally totaling approximately 41,700 rooms. The Company also holds non-controlling interests in seven domestic 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®, W®, The Luxury Collection®, Hyatt®, Fairmont®, 1 Hotels®, Hilton®, 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, but may not be limited to, our expectations regarding the strength of lodging demand, the continued recovery in Maui from the 2023 wildfires, and 2026 estimates with respect to our business, including our anticipated capital expenditures and financial and operating 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, those described in the Company's annual report on Form 10-K and other 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 May 6, 2026, 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 have 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 March 31, 2026, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed 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)
March 31,2026
December 31, 2025
ASSETS
Property and equipment, net
$
9,698
$
10,636
Right-of-use assets
563
560
Assets held for sale
9
34
Due from managers
129
39
Advances to and investments in affiliates
284
259
Furniture, fixtures and equipment replacement fund
151
167
Notes receivable
114
114
Other
503
472
Cash and cash equivalents
1,703
768
Total assets
$
13,154
$
13,049
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes
$
3,988
$
3,986
Credit facility, including the term loans of $999
997
996
Mortgage and other debt
94
95
Total debt
5,079
5,077
Lease liabilities
566
563
Accounts payable and accrued expenses
246
355
Due to managers
4
76
Other
245
246
Total liabilities
6,140
6,317
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.
184
171
Host Hotels & Resorts, Inc. stockholders' equity:
Common stock, par value $0.01, 1,050 million shares authorized, 684.9 million shares and 687.8 million shares issued and outstanding, respectively
7
7
Additional paid-in capital
7,199
7,289
Accumulated other comprehensive loss
(65
)
(68
)
Deficit
(314
)
(670
)
Total equity of Host Hotels & Resorts, Inc. stockholders
6,827
6,558
Non-redeemable non-controlling interests—other consolidated partnerships
3
3
Total equity
6,830
6,561
Total liabilities, non-controlling interests and equity
$
13,154
$
13,049
_______________________________
(1)
Please see our First Quarter 2026 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 March 31,
2026
2025
Revenues
Rooms
$
943
$
938
Food and beverage
517
503
Other
159
153
Condominium sales
26
—
Total revenues
1,645
1,594
Expenses
Rooms
224
225
Food and beverage
327
323
Other departmental and support expenses
373
364
Management fees
67
69
Other property-level expenses
103
111
Depreciation and amortization
190
196
Cost of goods sold
21
—
Corporate and other expenses⁽¹⁾
28
31
Net gain on insurance settlements
(7
)
(10
)
Total operating costs and expenses
1,326
1,309
Operating profit
319
285
Interest income
12
8
Interest expense
(59
)
(57
)
Other gains
242
4
Equity in earnings of affiliates
4
10
Income before income taxes
518
250
Benefit (provision) for income taxes
(17
)
1
Net income
501
251
Less: Net income attributable to non-controlling interests
(7
)
(3
)
Net income attributable to Host Inc.
$
494
$
248
Basic and diluted earnings per common share
$
0.72
$
0.35
_______________________________
(1)
Corporate and other expenses include the following items:
Quarter ended March 31,
2026
2025
General and administrative costs
$
22
$
25
Non-cash stock-based compensation expense
6
6
Total
$
28
$
31
HOST HOTELS & RESORTS, INC.Earnings per Common Share (unaudited, in millions, except per share amounts)
Quarter ended March 31,
2026
2025
Net income
$
501
$
251
Less: Net income attributable to non-controlling interests
(7
)
(3
)
Net income attributable to Host Inc.
$
494
$
248
Basic weighted average shares outstanding
687.5
697.8
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market
1.8
0.5
Diluted weighted average shares outstanding⁽¹⁾
689.3
698.3
Basic and diluted earnings per common share
$
0.72
$
0.35
_______________________________
(1)
Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units ("OP Units") held by non-controlling limited 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
Comparable Hotel Results by Location(1)
As of March 31, 2026
Quarter ended March 31, 2026
Quarter ended March 31, 2025
Location
No. ofProperties
No. ofRooms
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
PercentChange inRevPAR
PercentChange inTotal RevPAR
Miami
2
1,038
$
723.32
87.2
%
$
630.77
$
1,069.78
$
652.77
84.1
%
$
548.88
$
921.13
14.9
%
16.1
%
Florida Gulf Coast
4
1,529
693.90
79.2
%
549.46
1,158.45
637.22
81.6
%
519.77
1,103.93
5.7
%
4.9
%
Maui
3
1,580
668.13
78.0
%
520.91
800.88
683.78
75.0
%
513.04
788.61
1.5
%
1.6
%
Phoenix
3
1,565
528.97
83.2
%
439.93
922.54
500.68
81.3
%
407.28
890.19
8.0
%
3.6
%
Jacksonville
1
446
565.94
73.3
%
414.58
989.96
524.64
68.0
%
356.95
828.70
16.1
%
19.5
%
Oahu
2
876
495.26
76.7
%
379.96
571.86
483.66
83.8
%
405.20
625.53
(6.2
%)
(8.6
%)
New York
3
2,720
343.81
80.5
%
276.66
418.04
327.97
79.0
%
258.99
382.34
6.8
%
9.3
%
Nashville
2
721
339.15
76.7
%
260.04
445.92
324.92
80.4
%
261.13
451.22
(0.4
%)
(1.2
%)
Los Angeles/Orange County
3
1,067
314.80
78.6
%
247.31
364.97
311.12
79.2
%
246.38
368.36
0.4
%
(0.9
%)
San Francisco/San Jose
6
4,162
344.91
69.6
%
239.89
346.89
300.24
63.6
%
191.05
285.73
25.6
%
21.4
%
San Diego
3
3,294
312.85
75.1
%
234.98
463.12
301.96
72.7
%
219.60
433.52
7.0
%
6.8
%
Orlando
1
2,004
268.46
76.2
%
204.64
508.55
260.42
74.9
%
195.13
488.25
4.9
%
4.2
%
Washington, D.C. (CBD)
4
2,788
304.15
62.9
%
191.30
291.68
333.42
67.2
%
223.90
328.62
(14.6
%)
(11.2
%)
Northern Virginia
2
916
268.57
69.2
%
185.73
287.38
271.39
65.4
%
177.61
289.32
4.6
%
(0.7
%)
Austin
2
769
271.16
67.6
%
183.24
330.58
267.21
67.4
%
180.05
324.90
1.8
%
1.7
%
Houston
4
1,710
