Host Hotels & Resorts, Inc. (NASDAQ: HST), the nation’s largest lodging real estate investment trust, yesterday announced results for third quarter of 2022.
Operating Results
(unaudited, in millions, except per share and hotel statistics)
| Quarter ended September 30, |
Percent Change |
Percent Change |
Year-to-date ended September 30, |
Percent Change |
Percent Change |
|||||||||||||||||||||||||||
| 2022 | 2021 | vs. Q3 2021 |
vs. Q3 2019⁽²⁾ |
2022 | 2021 | vs. 2021 |
vs. 2019⁽²⁾ |
|||||||||||||||||||||||||
| Revenues | $ | 1,189 | $ | 844 | 40.9 | % | (5.8 | )% | $ | 3,644 | $ | 1,892 | 92.6 | % | (11.9 | )% | ||||||||||||||||
| All Owned Hotel revenues ⁽¹⁾ | 1,187 | 798 | 48.7 | % | 4.9 | % | 3,609 | 1,884 | 91.6 | % | (3.1 | )% | ||||||||||||||||||||
| All Owned Hotel Total RevPAR ⁽¹⁾ | 306.11 | 206.75 | 48.1 | % | 3.8 | % | 313.58 | 164.64 | 90.5 | % | (4.1 | )% | ||||||||||||||||||||
| All Owned Hotel RevPAR ⁽¹⁾ | 192.06 | 135.28 | 42.0 | % | 1.4 | % | 193.38 | 106.56 | 81.5 | % | (4.4 | )% | ||||||||||||||||||||
| Net income (loss) | $ | 116 | $ | (120 | ) | N/M | $ | 494 | $ | (334 | ) | N/M | ||||||||||||||||||||
| EBITDAre⁽¹⁾ | 328 | 179 | 83.2 | % | 1,140 | 295 | 286.4 | % | ||||||||||||||||||||||||
| Adjusted EBITDAre⁽¹⁾ | 328 | 177 | 85.3 | % | 1,134 | 290 | 291.0 | % | ||||||||||||||||||||||||
| Diluted earnings (loss) per common share | 0.16 | (0.17 | ) | N/M | 0.68 | (0.47 | ) | N/M | ||||||||||||||||||||||||
| NAREIT FFO per diluted share⁽¹⁾ | 0.38 | 0.20 | 90.0 | % | 1.35 | 0.33 | 309.1 | % | ||||||||||||||||||||||||
| Adjusted FFO per diluted share⁽¹⁾ | 0.38 | 0.20 | 90.0 | % | 1.35 | 0.33 | 309.1 | % | ||||||||||||||||||||||||
* Additional detail on the Company’s results, including data for 22 domestic markets, is available in the Third Quarter 2022 Supplemental Financial Information on the Company’s website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, “During the third quarter, we continued to see strong positive operating trends. RevPAR was $192 for the quarter, representing a 1.4% increase over the third quarter of 2019, the second consecutive quarter of improvement in comparison to 2019. Our results this quarter were driven by continued rate strength, with an increase of 15.8% compared to the same period in 2019, despite typical seasonality and shifting business and market mix.”
Risoleo continued, “In November, we completed another acquisition, buying the Four Seasons Resort and Residences Jackson Hole for $315 million. We are pleased to further diversify our portfolio with one of only a handful of ski-in/ski-out luxury resorts in the United States. The hotel is situated in close proximity to Yellowstone and Grand Teton National Parks in a year-round market with shrinking shoulder seasons, severely restricted supply and a history of strong RevPAR growth. This acquisition further demonstrates Host’s ability to utilize our strong balance sheet to improve the quality and EBITDA growth profile of our portfolio. As a result, we believe that Host is well-positioned for future growth.”
Highlights:
- All Owned Hotel Total RevPAR was $306.11 and All Owned Hotel RevPAR was $192.06 in the third quarter, a 3.8% and 1.4% increase, respectively, over third quarter of 2019. Average room rates were 15.8% above third quarter 2019, driven by continued strong leisure demand, while also benefiting from growth in urban markets, driven by increased group and business travel.
- Generated GAAP net income of $116 million in the third quarter and GAAP operating profit margin for the quarter was 12.4%, an improvement of 150 basis points compared to the third quarter of 2019.
- Achieved All Owned Hotel EBITDA of $341 million and Adjusted EBITDAre of $328 million, both of which exceeded 2019 third quarter results.
- The strong improvement in rate and more normalized staffing levels led to All Owned Hotel EBITDA margin of 28.7% for the third quarter, exceeding the third quarter 2019 margin by 250 basis points. GAAP operating profit margin and All Owned Hotel EBITDA margin benefited from receipt of business interruption insurance proceeds of $10 million related to the Orlando World Center Marriott, which, net of management fees, increased margins by 60 basis points.
- During the third quarter, sold the Chicago Marriott Suites Downers Grove for $16 million, including $2 million of furniture fixtures & equipment ("FF&E") funds retained by the Company. The hotel was expected to have capital expenditures needs of approximately $15 million within the next five years.
- Subsequent to quarter end, acquired the 125-room Four Seasons Resort and Residences Jackson Hole for $315 million. The luxury ski resort in Jackson Hole, Wyoming also features an additional 44 private residences, the owners of which may participate in a rental program through the resort. The resort, located steps from the gondola at the base of the Jackson Hole Mountain Resort, offers nearly 9,000 square feet of indoor meeting space, three upscale food and beverage outlets plus a pool café, two retail outlets and a 16-treatment room alpine spa.
Balance Sheet
The Company maintains a robust balance sheet, with the following balances at September 30, 2022:
- Total assets of $12.2 billion.
- Debt balance of $4.2 billion, with an average maturity of 4.8 years, an average interest rate of 4.1%, and no significant maturities until 2024.
- Total available liquidity of approximately $2.6 billion, including FF&E escrow reserves of $187 million and $1.5 billion available under the revolver portion of the credit facility. Following the cash acquisition of the Four Seasons Resort and Residences Jackson Hole that was completed subsequent to quarter end, the Company's total available liquidity was approximately $2.2 billion.
Dividend
The Company paid a third quarter cash dividend of $0.12 per share on its common stock on October 17, 2022 to stockholders of record on September 30, 2022. All future dividends are subject to approval by the Company’s Board of Directors. During the third quarter, the Board of Directors authorized an increase in the Company’s share repurchase program to $1 billion. No shares were repurchased during the third quarter under the program.
Operating Results
- All Owned Hotel RevPAR surpassed third quarter 2019 RevPAR, as strong leisure demand for resorts and hotels located in the Company’s Sunbelt markets and Hawaii continued. Results also benefited from group revenues surpassing third quarter 2019, as group demand improved quarter over quarter and rates exceeded 2019.
- Food and beverage revenues for the Company's current portfolio exceeded 2019 for the first time since the onset of the pandemic, improving approximately 3.8%, compared to the third quarter of 2019. Banquet and Catering revenues improved 6% compared to 2019 driven by higher contributions from group business, and outlet revenues also exceeded 2019.
- Hiring pace improved in the third quarter compared to the second quarter, leading to staffing more aligned with operators' desired levels.
- While the majority of the Company’s properties in Florida were affected by Hurricane Ian in September, the most significant damage sustained during the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. Due to evacuation mandates and/or loss of commercial power, five of the Company’s properties in Florida were temporarily closed, three of which reopened within days. Due to proximity of the event to quarter end, operating results for the third quarter 2022 were not materially impacted, however the impact will carry into the fourth quarter as well as into 2023, as The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa remain closed. The Company is still evaluating the complete property and business interruption impacts of the storm. Despite a brief loss of commercial power and damage to the property’s grounds, pools and amenities, the Hyatt Regency Coconut Point has remained open to first responders and the hotel is expected to reopen to guests in mid-November, as a phased reopening, with the waterpark reopening during the second quarter of 2023. The Ritz-Carlton, Naples is expected to remain closed for the remainder of the year and into 2023, with a phased reopening strategy being evaluated.
Hotel Business Mix Update
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 35%, and 4%, respectively, of its 2019 room sales.
While leisure demand continued to contribute to improvements in the third quarter compared to 2019, group demand also moved closer to 2019 levels, while maintaining a strong increase in rate compared to the third quarter of 2019. The following are the sequential results for transient, group and contract business in comparison to 2019 performance, for the Company's current portfolio:
| Quarter ended September 30, 2022 | Quarter ended June 30, 2022 | |||||||||||||||||||||||
| Transient | Group | Contract | Transient | Group | Contract | |||||||||||||||||||
| Room nights (in thousands) | 1,557 | 991 | 151 | 1,581 | 1,116 | 138 | ||||||||||||||||||
| Percentage change in room nights vs. same period in 2019 |
(18.4 | )% | (2.6 | )% | 21.2 | % | (10.3 | )% | (8.4 | )% | 12.4 | % | ||||||||||||
| Rooms Revenues (in millions) | $ | 487 | $ | 229 | $ | 28 | $ | 529 | $ | 289 | $ | 26 | ||||||||||||
| Percentage change in revenues vs. same period in 2019 |
1.7 | % | 3.3 | % | 9.4 | % | 9.7 | % | (2.9 | )% | 2.1 | % | ||||||||||||
Capital Expenditures
The following presents the Company’s capital expenditures spend for the third quarter and the forecast for full year 2022 (in millions):
| Year-to-date ended September 30, 2022 |
2022 Full Year Forecast | |||||||||||
| Actual | Low-end of range | High-end of range | ||||||||||
| ROI - Marriott Transformational Capital Program | $ | 70 | $ | 90 | $ | 115 | ||||||
| ROI - All other ROI projects | 170 | 230 | 240 | |||||||||
| Total ROI project spend | 240 | 320 | 355 | |||||||||
| Renewals and Replacements | 117 | 180 | 220 | |||||||||
| Total Capital Expenditures | $ | 357 | $ | 500 | $ | 575 | ||||||
The Company invested heavily in capital expenditures in the early phases of recovery in order to minimize future disruption and believes these renovations will position these hotels to capture additional revenue during the lodging recovery. In 2022, the Company expects to complete renovations to 4,000 guestrooms, approximately 33,000 square feet of meeting space and approximately 81,000 square feet of public space. The Company received $1 million of operating profit guarantees in the third quarter and $8 million year-to-date and expects to receive approximately $10 million in total operating profit guarantees in 2022 under the Marriott Transformational Capital Program. Fifteen of the 16 properties in the program are expected to be substantially complete by the end of 2022, with Washington Marriott at Metro Center expected to complete in the first half of 2023.
2022 Outlook
The Company estimates, based on information currently available, that Hurricane Ian will negatively impact its full year revenues by approximately $42 million, of which $36 million is in the fourth quarter, All Owned Hotel RevPAR by 70 basis points, but have a 250 basis points impact in the fourth quarter, and net income and Adjusted EBITDAre by $20 million, of which $17 million is in the fourth quarter. Full Year 2022 Guidance for operating profit margin under GAAP and All Owned Hotel EBITDA margin have also been reduced by 30 basis points and 10 basis points, respectively, due to the estimated impact of Hurricane Ian. As a result, the Company anticipates its full year 2022 operating results, as compared to 2021 and 2019, will be in the following range:
| Full Year 2022 Guidance(1) | |||||||||||
| Low-end of range |
High-end of range |
Change vs. 2021 | Change vs. 2019 | ||||||||
| All Owned Hotel Total RevPAR | $ | 313 | $ | 316 | 70.0% to 71.7% | (4.0)% to (3.0)% | |||||
| All Owned Hotel RevPAR | 193 | 195 | 63.7% to 65.4% | (3.75)% to (2.75)% | |||||||
| Total revenues under GAAP | 4,855 | 4,903 | 68.0% to 69.7% | (11.2)% to (10.3)% | |||||||
| Operating profit margin under GAAP | 15.3 | % | 15.8 | % | 2,400 bps to 2,450 bps | 70 bps to 120 bps | |||||
| All Owned Hotel EBITDA margin | 31.6 | % | 31.9 | % | 820 bps to 850 bps | 190 bps to 220 bps | |||||
___________
(1) All Owned Hotel guidance does not include the results of the Four Seasons Resort and Residences Jackson Hole, acquired on November 1, 2022.
Based upon the above parameters, the Company estimates its full year 2022 guidance as follows:
| Full Year 2022 Guidance | |||||||
| Low-end of range | High-end of range | ||||||
| Net income (in millions) | $ | 617 | $ | 645 | |||
| Adjusted EBITDAre (in millions) | 1,470 | 1,500 | |||||
| Diluted earnings per common share | 0.85 | 0.89 | |||||
| NAREIT FFO per diluted share | 1.75 | 1.79 | |||||
| Adjusted FFO per diluted share | 1.75 | 1.79 | |||||
See the 2022 Full Year Forecast Schedule and the Notes to Financial Information for items that may affect forecast results.
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 73 properties in the United States and five properties internationally totaling approximately 42,200 rooms.
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)
| September 30, 2022 | December 31, 2021 | |||||||
| ASSETS | ||||||||
| Property and equipment, net | $ | 9,481 | $ | 9,994 | ||||
| Right-of-use assets | 558 | 551 | ||||||
| Assets held for sale | — | 270 | ||||||
| Due from managers | 118 | 113 | ||||||
| Advances to and investments in affiliates | 138 | 42 | ||||||
| Furniture, fixtures and equipment replacement fund | 187 | 144 | ||||||
| Notes receivable | 413 | — | ||||||
| Other | 389 | 431 | ||||||
| Cash and cash equivalents | 883 | 807 | ||||||
| Total assets | $ | 12,167 | $ | 12,352 | ||||
| LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY | ||||||||
| Debt⁽¹⁾ | ||||||||
| Senior notes | $ | 3,113 | $ | 3,109 | ||||
| Credit facility, including the term loans of $998 and $997, respectively | 993 | 1,673 | ||||||
| Mortgage and other debt | 108 | 109 | ||||||
| Total debt | 4,214 | 4,891 | ||||||
| Lease liabilities | 570 | 564 | ||||||
| Accounts payable and accrued expenses | 162 | 85 | ||||||
| Due to managers | 74 | 42 | ||||||
| Other | 165 | 198 | ||||||
| Total liabilities | 5,185 | 5,780 | ||||||
| Redeemable non-controlling interests - Host Hotels & Resorts, L.P. | 165 | 126 | ||||||
| Host Hotels & Resorts, Inc. stockholders’ equity: | ||||||||
| Common stock, par value $0.01, 1,050 million shares authorized, 714.9 million shares and 714.1 million shares issued and outstanding, respectively |
7 | 7 | ||||||
| Additional paid-in capital | 7,738 | 7,702 | ||||||
| Accumulated other comprehensive loss | (77 | ) | (76 | ) | ||||
| Deficit | (856 | ) | (1,192 | ) | ||||
| Total equity of Host Hotels & Resorts, Inc. stockholders | 6,812 | 6,441 | ||||||
| Non-redeemable non-controlling interests—other consolidated partnerships |
5 | 5 | ||||||
| Total equity | 6,817 | 6,446 | ||||||
| Total liabilities, non-controlling interests and equity | $ | 12,167 | $ | 12,352 | ||||
___________
(1) Please see our Third Quarter 2022 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 September 30, | Year-to-date ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenues | ||||||||||||||||
| Rooms | $ | 746 | $ | 557 | $ | 2,251 | $ | 1,237 | ||||||||
| Food and beverage | 330 | 191 | 1,032 | 405 | ||||||||||||
| Other | 113 | 96 | 361 | 250 | ||||||||||||
| Total revenues | 1,189 | 844 | 3,644 | 1,892 | ||||||||||||
| Expenses | ||||||||||||||||
| Rooms | 190 | 150 | 539 | 324 | ||||||||||||
| Food and beverage | 230 | 146 | 675 | 313 | ||||||||||||
| Other departmental and support expenses | 300 | 252 | 873 | 621 | ||||||||||||
| Management fees | 48 | 27 | 150 | 59 | ||||||||||||
| Other property-level expenses | 90 | 82 | 252 | 239 | ||||||||||||
| Depreciation and amortization | 164 | 263 | 498 | 597 | ||||||||||||
| Corporate and other expenses⁽¹⁾ | 29 | 24 | 77 | 73 | ||||||||||||
| Gain on insurance and business interruption settlements |
(10 | ) | (5 | ) | (17 | ) | (5 | ) | ||||||||
| Total operating costs and expenses | 1,041 | 939 | 3,047 | 2,221 | ||||||||||||
| Operating profit (loss) | 148 | (95 | ) | 597 | (329 | ) | ||||||||||
| Interest income | 10 | 1 | 17 | 2 | ||||||||||||
| Interest expense | (40 | ) | (43 | ) | (113 | ) | (128 | ) | ||||||||
| Other gains | 5 | 2 | 19 | 4 | ||||||||||||
| Equity in earnings (losses) of affiliates | (1 | ) | 2 | 3 | 36 | |||||||||||
| Income (loss) before income taxes | 122 | (133 | ) | 523 | (415 | ) | ||||||||||
| Benefit (provision) for income taxes | (6 | ) | 13 | (29 | ) | 81 | ||||||||||
| Net income (loss) | 116 | (120 | ) | 494 | (334 | ) | ||||||||||
| Less: Net (income) loss attributable to non- controlling interests |
(2 | ) | 1 | (8 | ) | 3 | ||||||||||
| Net income (loss) attributable to Host Inc. | $ | 114 | $ | (119 | ) | $ | 486 | $ | (331 | ) | ||||||
| Basic and diluted earnings (loss) per common share | $ | 0.16 | $ | (0.17 | ) | $ | 0.68 | $ | (0.47 | ) | ||||||
___________
(1) Corporate and other expenses include the following items:
| Quarter ended September 30, | Year-to-date ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| General and administrative costs | $ | 20 | $ | 20 | $ | 58 | $ | 60 | ||||||||
| Non-cash stock-based compensation expense | 9 | 4 | 19 | 13 | ||||||||||||
| Total | $ | 29 | $ | 24 | $ | 77 | $ | 73 | ||||||||
HOST HOTELS & RESORTS, INC.
Earnings (Loss) per Common Share
(unaudited, in millions, except per share amounts)
| Quarter ended September 30, | Year-to-date ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net income (loss) | $ | 116 | $ | (120 | ) | $ | 494 | $ | (334 | ) | ||||||
| Less: Net (income) loss attributable to non- controlling interests |
(2 | ) | 1 | (8 | ) | 3 | ||||||||||
| Net income (loss) attributable to Host Inc. | $ | 114 | $ | (119 | ) | $ | 486 | $ | (331 | ) | ||||||
| Basic weighted average shares outstanding | 714.9 | 713.9 | 714.7 | 709.0 | ||||||||||||
| Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 2.7 | — | 2.7 | — | ||||||||||||
| Diluted weighted average shares outstanding⁽¹⁾ | 717.6 | 713.9 | 717.4 | 709.0 | ||||||||||||
| Basic and diluted earnings (loss) per common share | $ | 0.16 | $ | (0.17 | ) | $ | 0.68 | $ | (0.47 | ) | ||||||
___________
(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority 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(1)(2)
All Owned Hotel Results by Location Compared to 2021
| As of September 30, 2022 | Quarter ended September 30, 2022 | Quarter ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
| Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
| Maui/Oahu | 4 | 2,007 | $ | 565.30 | 73.6 | % | $ | 416.12 | $ | 643.06 | $ | 514.34 | 82.8 | % | $ | 425.86 | $ | 635.28 | (2.3 | )% | 1.2 | % | ||||||||||||||
| Miami | 2 | 1,033 | 457.43 | 50.2 | 229.66 | 427.55 | 424.80 | 53.9 | 229.17 | 390.19 | 0.2 | 9.6 | ||||||||||||||||||||||||
| Jacksonville | 1 | 446 | 487.53 | 67.0 | 326.67 | 707.75 | 465.60 | 68.7 | 319.90 | 683.35 | 2.1 | 3.6 | ||||||||||||||||||||||||
| Florida Gulf Coast | 5 | 1,850 | 330.56 | 53.9 | 178.01 | 340.62 | 314.16 | 45.2 | 141.93 | 286.62 | 25.4 | 18.8 | ||||||||||||||||||||||||
| Orlando | 2 | 2,448 | 327.78 | 61.4 | 201.23 | 427.58 | 332.90 | 37.4 | 124.35 | 228.19 | 61.8 | 87.4 | ||||||||||||||||||||||||
| Phoenix | 4 | 1,822 | 251.77 | 58.1 | 146.25 | 372.05 | 245.88 | 57.7 | 141.92 | 321.83 | 3.0 | 15.6 | ||||||||||||||||||||||||
| Los Angeles/ Orange County | 3 | 1,067 | 303.74 | 86.4 | 262.42 | 372.72 | 263.40 | 72.4 | 190.80 | 263.83 | 37.5 | 41.3 | ||||||||||||||||||||||||
| New York | 2 | 2,486 | 309.77 | 84.3 | 260.99 | 351.90 | 238.23 | 45.3 | 107.97 | 138.91 | 141.7 | 153.3 | ||||||||||||||||||||||||
| San Diego | 3 | 3,288 | 292.38 | 85.4 | 249.83 | 440.67 | 247.61 | 72.1 | 178.55 | 281.14 | 39.9 | 56.7 | ||||||||||||||||||||||||
| Austin | 2 | 767 | 233.32 | 68.3 | 159.46 | 289.77 | 210.96 | 58.1 | 122.67 | 207.76 | 30.0 | 39.5 | ||||||||||||||||||||||||
| Philadelphia | 2 | 810 | 221.65 | 85.9 | 190.48 | 286.56 | 191.85 | 79.1 | 151.74 | 223.07 | 25.5 | 28.5 | ||||||||||||||||||||||||
| Washington, D.C. (CBD) | 5 | 3,238 | 237.56 | 65.7 | 156.01 | 223.72 | 185.06 | 37.1 | 68.65 | 96.94 | 127.3 | 130.8 | ||||||||||||||||||||||||
| Chicago | 3 | 1,562 | 263.27 | 79.3 | 208.86 | 286.41 | 200.33 | 63.2 | 126.61 | 159.82 | 65.0 | 79.2 | ||||||||||||||||||||||||
| Seattle | 2 | 1,315 | 264.88 | 81.9 | 216.97 | 274.62 | 202.49 | 53.5 | 108.25 | 130.03 | 100.4 | 111.2 | ||||||||||||||||||||||||
| San Francisco/ San Jose | 6 | 4,162 | 244.45 | 71.3 | 174.35 | 249.76 | 165.10 | 50.0 | 82.54 | 105.04 | 111.2 | 137.8 | ||||||||||||||||||||||||
| Boston | 2 | 1,495 | 263.46 | 63.8 | 167.99 | 223.00 | 202.75 | 60.3 | 122.31 | 149.10 | 37.3 | 49.6 | ||||||||||||||||||||||||
| Northern Virginia | 2 | 916 | 214.33 | 67.2 | 144.06 | 219.78 | 187.15 | 58.9 | 110.22 | 162.40 | 30.7 | 35.3 | ||||||||||||||||||||||||
| Atlanta | 2 | 810 | 183.46 | 72.8 | 133.57 | 199.97 | 163.07 | 64.8 | 105.67 | 146.59 | 26.4 | 36.4 | ||||||||||||||||||||||||
| San Antonio | 2 | 1,512 | 190.72 | 64.5 | 122.96 | 194.39 | 181.30 | 55.8 | 101.18 | 149.13 | 21.5 | 30.3 | ||||||||||||||||||||||||
| New Orleans | 1 | 1,333 | 163.33 | 63.6 | 103.87 | 158.20 | 136.76 | 54.3 | 74.30 | 91.66 | 39.8 | 72.6 | ||||||||||||||||||||||||
| Denver | 3 | 1,340 | 197.50 | 76.5 | 151.18 | 214.65 | 169.25 | 65.4 | 110.75 | 141.64 | 36.5 | 51.5 | ||||||||||||||||||||||||
| Houston | 5 | 1,942 | 176.72 | 62.1 | 109.74 | 149.01 | 149.60 | 66.6 | 99.67 | 133.88 | 10.1 | 11.3 | ||||||||||||||||||||||||
| Other | 9 | 2,936 | 261.04 | 63.6 | 166.04 | 240.26 | 250.39 | 55.3 | 138.36 | 193.81 | 20.0 | 24.0 | ||||||||||||||||||||||||
| Domestic | 72 | 40,585 | 278.18 | 69.9 | 194.55 | 311.41 | 244.92 | 56.6 | 138.57 | 211.96 | 40.4 | 46.9 | ||||||||||||||||||||||||
| International | 5 | 1,499 | 200.98 | 62.0 | 124.66 | 162.44 | 90.99 | 51.4 | 46.77 | 66.43 | 166.5 | 144.5 | ||||||||||||||||||||||||
| All Locations | 77 | 42,084 | 275.73 | 69.7 | 192.06 | 306.11 | 239.89 | 56.4 | 135.28 | 206.75 | 42.0 | 48.1 | ||||||||||||||||||||||||
All Owned Hotel Results by Location Compared to 2019
| As of September 30, 2022 | Quarter ended September 30, 2022 | Quarter ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
| Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
| Maui/Oahu | 4 | 2,007 | $ | 565.30 | 73.6 | % | $ | 416.12 | $ | 643.06 | $ | 385.51 | 91.5 | % | $ | 352.78 | $ | 554.15 | 18.0 | % | 16.0 | % | ||||||||||||||
| Miami | 2 | 1,033 | 457.43 | 50.2 | 229.66 | 427.55 | 259.69 | 76.2 | 197.80 | 341.68 | 16.1 | 25.1 | ||||||||||||||||||||||||
| Jacksonville | 1 | 446 | 487.53 | 67.0 | 326.67 | 707.75 | 363.69 | 69.0 | 251.05 | 516.90 | 30.1 | 36.9 | ||||||||||||||||||||||||
| Florida Gulf Coast | 5 | 1,850 | 330.56 | 53.9 | 178.01 | 340.62 | 242.93 | 61.6 | 149.63 | 302.07 | 19.0 | 12.8 | ||||||||||||||||||||||||
| Orlando | 2 | 2,448 | 327.78 | 61.4 | 201.23 | 427.58 | 250.13 | 61.0 | 152.55 | 315.38 | 31.9 | 35.6 | ||||||||||||||||||||||||
| Phoenix | 4 | 1,822 | 251.77 | 58.1 | 146.25 | 372.05 | 197.07 | 57.9 | 114.19 | 287.59 | 28.1 | 29.4 | ||||||||||||||||||||||||
| Los Angeles/ Orange County | 3 | 1,067 | 303.74 | 86.4 | 262.42 | 372.72 | 271.42 | 86.6 | 235.06 | 344.41 | 11.6 | 8.2 | ||||||||||||||||||||||||
| New York | 2 | 2,486 | 309.77 | 84.3 | 260.99 | 351.90 | 291.70 | 92.3 | 269.15 | 381.03 | (3.0 | ) | (7.6 | ) | ||||||||||||||||||||||
| San Diego | 3 | 3,288 | 292.38 | 85.4 | 249.83 | 440.67 | 256.92 | 83.5 | 214.41 | 372.78 | 16.5 | 18.2 | ||||||||||||||||||||||||
| Austin | 2 | 767 | 233.32 | 68.3 | 159.46 | 289.77 | 213.65 | 84.4 | 180.39 | 304.72 | (11.6 | ) | (4.9 | ) | ||||||||||||||||||||||
| Philadelphia | 2 | 810 | 221.65 | 85.9 | 190.48 | 286.56 | 207.13 | 88.2 | 182.60 | 295.52 | 4.3 | (3.0 | ) | |||||||||||||||||||||||
| Washington, D.C. (CBD) | 5 | 3,238 | 237.56 | 65.7 | 156.01 | 223.72 | 211.15 | 84.4 | 178.19 | 254.63 | (12.4 | ) | (12.1 | ) | ||||||||||||||||||||||
| Chicago | 3 | 1,562 | 263.27 | 79.3 | 208.86 | 286.41 | 232.68 | 87.4 | 203.30 | 288.11 | 2.7 | (0.6 | ) | |||||||||||||||||||||||
| Seattle | 2 | 1,315 | 264.88 | 81.9 | 216.97 | 274.62 | 260.45 | 90.2 | 234.96 | 291.64 | (7.7 | ) | (5.8 | ) | ||||||||||||||||||||||
| San Francisco/ San Jose | 6 | 4,162 | 244.45 | 71.3 | 174.35 | 249.76 | 270.46 | 84.9 | 229.73 | 308.58 | (24.1 | ) | (19.1 | ) | ||||||||||||||||||||||
| Boston | 2 | 1,495 | 263.46 | 63.8 | 167.99 | 223.00 | 246.21 | 89.9 | 221.40 | 302.19 | (24.1 | ) | (26.2 | ) | ||||||||||||||||||||||
| Northern Virginia | 2 | 916 | 214.33 | 67.2 | 144.06 | 219.78 | 213.63 | 76.6 | 163.58 | 237.84 | (11.9 | ) | (7.6 | ) | ||||||||||||||||||||||
| Atlanta | 2 | 810 | 183.46 | 72.8 | 133.57 | 199.97 | 165.72 | 83.6 | 138.47 | 222.85 | (3.5 | ) | (10.3 | ) | ||||||||||||||||||||||
| San Antonio | 2 | 1,512 | 190.72 | 64.5 | 122.96 | 194.39 | 165.01 | 66.6 | 109.84 | 155.81 | 11.9 | 24.8 | ||||||||||||||||||||||||
| New Orleans | 1 | 1,333 | 163.33 | 63.6 | 103.87 | 158.20 | 156.82 | 77.0 | 120.78 | 175.05 | (14.0 | ) | (9.6 | ) | ||||||||||||||||||||||
| Denver | 3 | 1,340 | 197.50 | 76.5 | 151.18 | 214.65 | 184.28 | 84.5 | 155.64 | 218.16 | (2.9 | ) | (1.6 | ) | ||||||||||||||||||||||
| Houston | 5 | 1,942 | 176.72 | 62.1 | 109.74 | 149.01 | 170.32 | 67.0 | 114.07 | 159.84 | (3.8 | ) | (6.8 | ) | ||||||||||||||||||||||
| Other | 9 | 2,936 | 261.04 | 63.6 | 166.04 | 240.26 | 198.34 | 79.1 | 156.91 | 241.19 | 5.8 | (0.4 | ) | |||||||||||||||||||||||
| Domestic | 72 | 40,585 | 278.18 | 69.9 | 194.55 | 311.41 | 240.95 | 79.7 | 191.95 | 299.74 | 1.4 | 3.9 | ||||||||||||||||||||||||
| International | 5 | 1,499 | 200.98 | 62.0 | 124.66 | 162.44 | 159.14 | 75.9 | 120.86 | 166.88 | 3.1 | (2.7 | ) | |||||||||||||||||||||||
| All Locations | 77 | 42,084 | 275.73 | 69.7 | 192.06 | 306.11 | 238.14 | 79.5 | 189.39 | 294.96 | 1.4 | 3.8 | ||||||||||||||||||||||||
All Owned Hotel Results by Location Compared to 2021
| As of September 30, 2022 | Year-to-date ended September 30, 2022 | Year-to-date ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
| Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
| Maui/Oahu | 4 | 2,007 | $ | 559.15 | 76.0 | % | $ | 424.91 | $ | 657.89 | $ | 470.97 | 67.4 | % | $ | 317.20 | $ | 480.87 | 34.0 | % | 36.8 | % | ||||||||||||||
| Miami | 2 | 1,033 | 618.23 | 62.8 | 388.09 | 647.24 | 555.80 | 56.4 | 313.58 | 499.04 | 23.8 | 29.7 | ||||||||||||||||||||||||
| Jacksonville | 1 | 446 | 533.33 | 69.5 | 370.85 | 799.91 | 506.77 | 57.8 | 293.02 | 587.76 | 26.6 | 36.1 | ||||||||||||||||||||||||
| Florida Gulf Coast | 5 | 1,850 | 442.56 | 65.9 | 291.82 | 570.66 | 416.57 | 54.8 | 228.24 | 426.68 | 27.9 | 33.7 | ||||||||||||||||||||||||
| Orlando | 2 | 2,448 | 395.30 | 64.4 | 254.71 | 498.62 | 398.72 | 27.3 | 108.98 | 196.25 | 133.7 | 154.1 | ||||||||||||||||||||||||
| Phoenix | 4 | 1,822 | 366.88 | 69.1 | 253.45 | 551.73 | 301.23 | 56.5 | 170.12 | 346.53 | 49.0 | 59.2 | ||||||||||||||||||||||||
| Los Angeles/ Orange County | 3 | 1,067 | 290.28 | 79.6 | 231.14 | 331.60 | 234.10 | 50.5 | 118.33 | 162.84 | 95.3 | 103.6 | ||||||||||||||||||||||||
| New York | 2 | 2,486 | 305.98 | 68.8 | 210.55 | 297.35 | 200.01 | 34.6 | 69.19 | 85.45 | 204.3 | 248.0 | ||||||||||||||||||||||||
| San Diego | 3 | 3,288 | 275.85 | 76.1 | 209.91 | 376.43 | 218.39 | 45.3 | 98.85 | 155.68 | 112.4 | 141.8 | ||||||||||||||||||||||||
| Austin | 2 | 767 | 261.29 | 70.3 | 183.71 | 319.55 | 190.23 | 51.9 | 98.76 | 159.17 | 86.0 | 100.8 | ||||||||||||||||||||||||
| Philadelphia | 2 | 810 | 212.19 | 79.8 | 169.40 | 258.46 | 169.58 | 58.7 | 99.52 | 147.38 | 70.2 | 75.4 | ||||||||||||||||||||||||
| Washington, D.C. (CBD) | 5 | 3,238 | 258.02 | 60.5 | 156.14 | 222.68 | 161.96 | 42.2 | 68.41 | 81.26 | 128.2 | 174.0 | ||||||||||||||||||||||||
| Chicago | 3 | 1,562 | 238.34 | 64.8 | 154.44 | 212.39 | 176.19 | 37.4 | 65.84 | 81.71 | 134.6 | 159.9 | ||||||||||||||||||||||||
| Seattle | 2 | 1,315 | 234.51 | 64.1 | 150.37 | 194.36 | 188.47 | 27.8 | 52.43 | 63.79 | 186.8 | 204.7 | ||||||||||||||||||||||||
| San Francisco/ San Jose | 6 | 4,162 | 230.51 | 63.1 | 145.43 | 208.62 | 155.78 | 31.4 | 48.92 | 63.32 | 197.3 | 229.5 | ||||||||||||||||||||||||
| Boston | 2 | 1,495 | 246.01 | 57.4 | 141.27 | 186.74 | 173.03 | 37.5 | 64.82 | 80.96 | 117.9 | 130.6 | ||||||||||||||||||||||||
| Northern Virginia | 2 | 916 | 215.60 | 65.3 | 140.83 | 212.13 | 177.75 | 45.4 | 80.62 | 118.44 | 74.7 | 79.1 | ||||||||||||||||||||||||
| Atlanta | 2 | 810 | 181.26 | 72.2 | 130.94 | 204.64 | 152.57 | 54.5 | 83.14 | 112.32 | 57.5 | 82.2 | ||||||||||||||||||||||||
| San Antonio | 2 | 1,512 | 194.11 | 67.3 | 130.73 | 201.94 | 160.63 | 40.8 | 65.54 | 95.17 | 99.5 | 112.2 | ||||||||||||||||||||||||
| New Orleans | 1 | 1,333 | 196.59 | 65.3 | 128.42 | 187.76 | 128.95 | 37.6 | 48.51 | 65.71 | 164.7 | 185.7 | ||||||||||||||||||||||||
| Denver | 3 | 1,340 | 183.44 | 63.9 | 117.14 | 169.54 | 149.35 | 42.1 | 62.95 | 80.24 | 86.1 | 111.3 | ||||||||||||||||||||||||
| Houston | 5 | 1,942 | 180.33 | 63.4 | 114.29 | 158.00 | 140.32 | 59.7 | 83.73 | 113.03 | 36.5 | 39.8 | ||||||||||||||||||||||||
| Other | 9 | 2,936 | 264.87 | 61.2 | 162.17 | 233.33 | 243.29 | 45.3 | 110.15 | 156.34 | 47.2 | 49.2 | ||||||||||||||||||||||||
| Domestic | 72 | 40,585 | 296.19 | 66.6 | 197.36 | 320.69 | 249.37 | 44.0 | 109.63 | 169.48 | 80.0 | 89.2 | ||||||||||||||||||||||||
| International | 5 | 1,499 | 159.59 | 53.6 | 85.55 | 120.75 | 85.10 | 28.0 | 23.85 | 34.15 | 258.8 | 253.6 | ||||||||||||||||||||||||
| All Locations | 77 | 42,084 | 292.25 | 66.2 | 193.38 | 313.58 | 245.57 | 43.4 | 106.56 | 164.64 | 81.5 | 90.5 | ||||||||||||||||||||||||
All Owned Hotel Results by Location Compared to 2019
| As of September 30, 2022 | Year-to-date ended September 30, 2022 | Year-to-date ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
| Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
| Maui/Oahu | 4 | 2,007 | $ | 559.15 | 76.0 | % | $ | 424.91 | $ | 657.89 | $ | 401.92 | 90.9 | % | $ | 365.45 | $ | 577.41 | 16.3 | % | 13.9 | % | ||||||||||||||
| Miami | 2 | 1,033 | 618.23 | 62.8 | 388.09 | 647.24 | 356.95 | 80.6 | 287.82 | 463.01 | 34.8 | 39.8 | ||||||||||||||||||||||||
| Jacksonville | 1 | 446 | 533.33 | 69.5 | 370.85 | 799.91 | 383.37 | 77.2 | 296.02 | 652.91 | 25.3 | 22.5 | ||||||||||||||||||||||||
| Florida Gulf Coast | 5 | 1,850 | 442.56 | 65.9 | 291.82 | 570.66 | 340.73 | 72.8 | 247.94 | 507.99 | 17.7 | 12.3 | ||||||||||||||||||||||||
| Orlando | 2 | 2,448 | 395.30 | 64.4 | 254.71 | 498.62 | 285.49 | 70.7 | 201.76 | 412.06 | 26.2 | 21.0 | ||||||||||||||||||||||||
| Phoenix | 4 | 1,822 | 366.88 | 69.1 | 253.45 | 551.73 | 292.22 | 71.7 | 209.42 | 472.19 | 21.0 | 16.8 | ||||||||||||||||||||||||
| Los Angeles/ Orange County | 3 | 1,067 | 290.28 | 79.6 | 231.14 | 331.60 | 262.50 | 84.7 | 222.39 | 335.37 | 3.9 | (1.1 | ) | |||||||||||||||||||||||
| New York | 2 | 2,486 | 305.98 | 68.8 | 210.55 | 297.35 | 290.81 | 82.3 | 239.46 | 368.99 | (12.1 | ) | (19.4 | ) | ||||||||||||||||||||||
| San Diego | 3 | 3,288 | 275.85 | 76.1 | 209.91 | 376.43 | 255.81 | 81.2 | 207.62 | 372.41 | 1.1 | 1.1 | ||||||||||||||||||||||||
| Austin | 2 | 767 | 261.29 | 70.3 | 183.71 | 319.55 | 246.64 | 86.6 | 213.69 | 361.89 | (14.0 | ) | (11.7 | ) | ||||||||||||||||||||||
| Philadelphia | 2 | 810 | 212.19 | 79.8 | 169.40 | 258.46 | 216.10 | 85.4 | 184.46 | 301.70 | (8.2 | ) | (14.3 | ) | ||||||||||||||||||||||
| Washington, D.C. (CBD) | 5 | 3,238 | 258.02 | 60.5 | 156.14 | 222.68 | 246.65 | 83.1 | 204.99 | 293.15 | (23.8 | ) | (24.0 | ) | ||||||||||||||||||||||
| Chicago | 3 | 1,562 | 238.34 | 64.8 | 154.44 | 212.39 | 218.02 | 77.8 | 169.55 | 243.43 | (8.9 | ) | (12.8 | ) | ||||||||||||||||||||||
| Seattle | 2 | 1,315 | 234.51 | 64.1 | 150.37 | 194.36 | 231.59 | 84.3 | 195.17 | 256.01 | (23.0 | ) | (24.1 | ) | ||||||||||||||||||||||
| San Francisco/ San Jose | 6 | 4,162 | 230.51 | 63.1 | 145.43 | 208.62 | 284.01 | 82.2 | 233.51 | 323.40 | (37.7 | ) | (35.5 | ) | ||||||||||||||||||||||
| Boston | 2 | 1,495 | 246.01 | 57.4 | 141.27 | 186.74 | 242.40 | 83.8 | 203.01 | 289.54 | (30.4 | ) | (35.5 | ) | ||||||||||||||||||||||
| Northern Virginia | 2 | 916 | 215.60 | 65.3 | 140.83 | 212.13 | 220.18 | 76.5 | 168.33 | 265.16 | (16.3 | ) | (20.0 | ) | ||||||||||||||||||||||
| Atlanta | 2 | 810 | 181.26 | 72.2 | 130.94 | 204.64 | 187.48 | 84.0 | 157.49 | 258.05 | (16.9 | ) | (20.7 | ) | ||||||||||||||||||||||
| San Antonio | 2 | 1,512 | 194.11 | 67.3 | 130.73 | 201.94 | 183.18 | 73.0 | 133.69 | 195.06 | (2.2 | ) | 3.5 | |||||||||||||||||||||||
| New Orleans | 1 | 1,333 | 196.59 | 65.3 | 128.42 | 187.76 | 188.24 | 79.9 | 150.35 | 219.33 | (14.6 | ) | (14.4 | ) | ||||||||||||||||||||||
| Denver | 3 | 1,340 | 183.44 | 63.9 | 117.14 | 169.54 | 175.15 | 76.3 | 133.61 | 195.92 | (12.3 | ) | (13.5 | ) | ||||||||||||||||||||||
| Houston | 5 | 1,942 | 180.33 | 63.4 | 114.29 | 158.00 | 178.46 | 72.4 | 129.22 | 184.58 | (11.6 | ) | (14.4 | ) | ||||||||||||||||||||||
| Other | 9 | 2,936 | 264.87 | 61.2 | 162.17 | 233.33 | 193.56 | 76.5 | 148.07 | 222.10 | 9.5 | 5.1 | ||||||||||||||||||||||||
| Domestic | 72 | 40,585 | 296.19 | 66.6 | 197.36 | 320.69 | 258.57 | 79.6 | 205.77 | 333.27 | (4.1 | ) | (3.8 | ) | ||||||||||||||||||||||
| International | 5 | 1,499 | 159.59 | 53.6 | 85.55 | 120.75 | 154.30 | 71.1 | 109.74 | 159.00 | (22.0 | ) | (24.1 | ) | ||||||||||||||||||||||
| All Locations | 77 | 42,084 | 292.25 | 66.2 | 193.38 | 313.58 | 255.20 | 79.3 | 202.32 | 327.00 | (4.4 | ) | (4.1 | ) | ||||||||||||||||||||||
___________
(1) To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics and operating results for the periods included in this presentation on a comparable hotel basis. However, due to the COVID-19 pandemic and its effects on operations there is little comparability between periods. For this reason, we temporarily are suspending our comparable hotel presentation and instead present hotel operating results for all consolidated hotels and, to facilitate comparisons between periods, we are presenting in these tables statistics which include the following adjustments: (1) operating results are presented for all consolidated properties owned as of September 30, 2022 but do not include the results of operations for properties sold or held-for-sale as of the reporting date; and (2) operating results for acquisitions as of September 30, 2022 are reflected for full calendar years, to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. See the Notes to Financial Information – All Owned Hotel Operating Statistics and Results for further information on these statistics. See the tables that follow for the Company’s actual operating statistics without these adjustments. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings. CBD of a location refers to the central business district.
(2) Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels
Results by Location Compared to 2021 - actual, based on ownership period(1)
| As of September 30, | ||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | Quarter ended September 30, 2022 | Quarter ended September 30, 2021 | |||||||||||||||||||||||||||||||||
| Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
| Maui/Oahu | 4 | 4 | $ | 565.30 | 73.6 | % | $ | 416.12 | $ | 643.06 | $ | 514.34 | 82.8 | % | $ | 425.86 | $ | 635.28 | (2.3 | )% | 1.2 | % | ||||||||||||||
| Miami | 2 | 3 | 457.43 | 50.2 | 229.66 | 427.55 | 364.54 | 55.2 | 201.40 | 333.79 | 14.0 | 28.1 | ||||||||||||||||||||||||
| Jacksonville | 1 | 1 | 487.53 | 67.0 | 326.67 | 707.75 | 465.60 | 68.7 | 319.90 | 683.35 | 2.1 | 3.6 | ||||||||||||||||||||||||
| Florida Gulf Coast | 5 | 5 | 330.56 | 53.9 | 178.01 | 340.62 | 314.16 | 45.2 | 141.93 | 286.62 | 25.4 | 18.8 | ||||||||||||||||||||||||
| Orlando | 2 | 2 | 327.78 | 61.4 | 201.23 | 427.58 | 332.90 | 37.4 | 124.35 | 228.19 | 61.8 | 87.4 | ||||||||||||||||||||||||
| Phoenix | 4 | 4 | 251.77 | 58.1 | 146.25 | 372.05 | 245.88 | 57.7 | 141.92 | 321.83 | 3.0 | 15.6 | ||||||||||||||||||||||||
| Los Angeles/ Orange County | 3 | 5 | 303.74 | 86.4 | 262.42 | 372.72 | 218.60 | 71.1 | 155.40 | 216.04 | 68.9 | 72.5 | ||||||||||||||||||||||||
| New York | 2 | 3 | 309.77 | 84.3 | 260.99 | 351.90 | 217.90 | 46.2 | 100.72 | 130.88 | 159.1 | 168.9 | ||||||||||||||||||||||||
| San Diego | 3 | 3 | 292.38 | 85.4 | 249.83 | 440.67 | 247.61 | 72.1 | 178.55 | 281.14 | 39.9 | 56.7 | ||||||||||||||||||||||||
| Austin | 2 | 1 | 233.32 | 68.3 | 159.46 | 289.77 | 181.59 | 57.2 | 103.84 | 162.10 | 53.6 | 78.8 | ||||||||||||||||||||||||
| Philadelphia | 2 | 2 | 221.65 | 85.9 | 190.48 | 286.56 | 191.85 | 79.1 | 151.74 | 223.07 | 25.5 | 28.5 | ||||||||||||||||||||||||
| Washington, D.C. (CBD) | 5 | 5 | 237.56 | 65.7 | 156.01 | 223.72 | 185.06 | 37.1 | 68.65 | 96.94 | 127.3 | 130.8 | ||||||||||||||||||||||||
| Chicago | 3 | 4 | 253.75 | 77.8 | 197.54 | 269.26 | 191.01 | 62.4 | 119.27 | 149.38 | 65.6 | 80.3 | ||||||||||||||||||||||||
| Seattle | 2 | 2 | 264.88 | 81.9 | 216.97 | 274.62 | 202.49 | 53.5 | 108.25 | 130.03 | 100.4 | 111.2 | ||||||||||||||||||||||||
| San Francisco/ San Jose | 6 | 7 | 244.45 | 71.3 | 174.35 | 249.76 | 163.42 | 50.0 | 81.72 | 104.30 | 113.4 | 139.5 | ||||||||||||||||||||||||
| Boston | 2 | 3 | 263.46 | 63.8 | 167.99 | 223.00 | 204.56 | 48.1 | 98.46 | 117.58 | 70.6 | 89.7 | ||||||||||||||||||||||||
| Northern Virginia | 2 | 3 | 214.33 | 67.2 | 144.06 | 219.78 | 169.41 | 60.6 | 102.70 | 156.44 | 40.3 | 40.5 | ||||||||||||||||||||||||
| Atlanta | 2 | 4 | 183.46 | 72.8 | 133.57 | 199.97 | 178.31 | 56.6 | 100.94 | 142.30 | 32.3 | 40.5 | ||||||||||||||||||||||||
| San Antonio | 2 | 2 | 190.72 | 64.5 | 122.96 | 194.39 | 181.30 | 55.8 | 101.18 | 149.13 | 21.5 | 30.3 | ||||||||||||||||||||||||
| New Orleans | 1 | 1 | 163.33 | 63.6 | 103.87 | 158.20 | 136.76 | 54.3 | 74.30 | 91.66 | 39.8 | 72.6 | ||||||||||||||||||||||||
| Denver | 3 | 3 | 197.50 | 76.5 | 151.18 | 214.65 | 169.25 | 65.4 | 110.75 | 141.64 | 36.5 | 51.5 | ||||||||||||||||||||||||
| Houston | 5 | 4 | 176.72 | 62.1 | 109.74 | 149.01 | 149.60 | 66.6 | 99.67 | 133.88 | 10.1 | 11.3 | ||||||||||||||||||||||||
| Other | 9 | 8 | 261.04 | 63.6 | 166.04 | 240.26 | 203.77 | 53.2 | 108.38 | 150.97 | 53.2 | 59.1 | ||||||||||||||||||||||||
| Domestic | 72 | 79 | 277.68 | 69.9 | 194.13 | 310.58 | 233.85 | 55.7 | 130.18 | 196.75 | 49.1 | 57.9 | ||||||||||||||||||||||||
| International | 5 | 5 | 200.98 | 62.0 | 124.66 | 162.44 | 90.99 | 51.4 | 46.77 | 66.43 | 166.5 | 144.5 | ||||||||||||||||||||||||
| All Locations | 77 | 84 | 275.25 | 69.6 | 191.66 | 305.33 | 229.68 | 55.5 | 127.54 | 192.63 | 50.3 | 58.5 | ||||||||||||||||||||||||
Results by Location Compared to 2019 - actual, based on ownership period(1)
| As of September 30, | ||||||||||||||||||||||||||||||||||||
| 2022 | 2019 | Quarter ended September 30, 2022 | Quarter ended September 30, 2019 | |||||||||||||||||||||||||||||||||
| Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
| Maui/Oahu | 4 | 4 | $ | 565.30 | 73.6 | % | $ | 416.12 | $ | 643.06 | $ | 385.51 | 91.5 | % | $ | 352.78 | $ | 543.42 | 18.0 | % | 18.3 | % | ||||||||||||||
| Miami | 2 | 3 | 457.43 | 50.2 | 229.66 | 427.55 | 235.65 | 73.9 | 174.18 | 294.09 | 31.8 | 45.4 | ||||||||||||||||||||||||
| Jacksonville | 1 | 1 | 487.53 | 67.0 | 326.67 | 707.75 | 363.69 | 69.0 | 251.05 | 516.90 | 30.1 | 36.9 | ||||||||||||||||||||||||
| Florida Gulf Coast | 5 | 5 | 330.56 | 53.9 | 178.01 | 340.62 | 242.93 | 61.6 | 149.63 | 302.07 | 19.0 | 12.8 | ||||||||||||||||||||||||
| Orlando | 2 | 1 | 327.78 | 61.4 | 201.23 | 427.58 | 155.29 | 59.2 | 91.97 | 231.78 | 118.8 | 84.5 | ||||||||||||||||||||||||
| Phoenix | 4 | 3 | 251.77 | 58.1 | 146.25 | 372.05 | 187.65 | 58.4 | 109.56 | 266.45 | 33.5 | 39.6 | ||||||||||||||||||||||||
| Los Angeles/ Orange County | 3 | 6 | 303.74 | 86.4 | 262.42 | 372.72 | 226.14 | 85.8 | 194.13 | 288.91 | 35.2 | 29.0 | ||||||||||||||||||||||||
| New York | 2 | 3 | 309.77 | 84.3 | 260.99 | 351.90 | 271.11 | 92.0 | 249.40 | 341.59 | 4.6 | 3.0 | ||||||||||||||||||||||||
| San Diego | 3 | 4 | 292.38 | 85.4 | 249.83 | 440.67 | 235.94 | 84.9 | 200.22 | 347.13 | 24.8 | 26.9 | ||||||||||||||||||||||||
| Austin | 2 | — | 233.32 | 68.3 | 159.46 | 289.77 | — | — | — | — | — | — | ||||||||||||||||||||||||
| Philadelphia | 2 | 2 | 221.65 | 85.9 | 190.48 | 286.56 | 207.13 | 88.2 | 182.60 | 295.52 | 4.3 | (3.0 | ) | |||||||||||||||||||||||
| Washington, D.C. (CBD) | 5 | 5 | 237.56 | 65.7 | 156.01 | 223.72 | 211.15 | 84.4 | 178.19 | 254.63 | (12.4 | ) | (12.1 | ) | ||||||||||||||||||||||
| Chicago | 3 | 4 | 253.75 | 77.8 | 197.54 | 269.26 | 217.96 | 85.2 | 185.76 | 259.62 | 6.3 | 3.7 | ||||||||||||||||||||||||
| Seattle | 2 | 2 | 264.88 | 81.9 | 216.97 | 274.62 | 260.45 | 90.2 | 234.96 | 291.64 | (7.7 | ) | (5.8 | ) | ||||||||||||||||||||||
| San Francisco/ San Jose | 6 | 7 | 244.45 | 71.3 | 174.35 | 249.76 | 266.18 | 84.2 | 224.20 | 301.99 | (22.2 | ) | (17.3 | ) | ||||||||||||||||||||||
| Boston | 2 | 4 | 263.46 | 63.8 | 167.99 | 223.00 | 243.62 | 91.4 | 222.58 | 293.17 | (24.5 | ) | (23.9 | ) | ||||||||||||||||||||||
| Northern Virginia | 2 | 3 | 214.33 | 67.2 | 144.06 | 219.78 | 199.70 | 72.7 | 145.09 | 217.46 | (0.7 | ) | 1.1 | |||||||||||||||||||||||
| Atlanta | 2 | 4 | 183.46 | 72.8 | 133.57 | 199.97 | 168.45 | 85.0 | 143.25 | 215.95 | (6.8 | ) | (7.4 | ) | ||||||||||||||||||||||
| San Antonio | 2 | 2 | 190.72 | 64.5 | 122.96 | 194.39 | 165.01 | 66.6 | 109.84 | 155.81 | 11.9 | 24.8 | ||||||||||||||||||||||||
| New Orleans | 1 | 1 | 163.33 | 63.6 | 103.87 | 158.20 | 156.82 | 77.0 | 120.78 | 175.05 | (14.0 | ) | (9.6 | ) | ||||||||||||||||||||||
| Denver | 3 | 3 | 197.50 | 76.5 | 151.18 | 214.65 | 184.28 | 84.5 | 155.64 | 218.16 | (2.9 | ) | (1.6 | ) | ||||||||||||||||||||||
| Houston | 5 | 4 | 176.72 | 62.1 | 109.74 | 149.01 | 170.32 | 67.0 | 114.07 | 159.84 | (3.8 | ) | (6.8 | ) | ||||||||||||||||||||||
| Other | 9 | 6 | 261.04 | 63.6 | 166.04 | 240.26 | 172.44 | 80.7 | 139.19 | 195.48 | 19.3 | 22.9 | ||||||||||||||||||||||||
| Domestic | 72 | 77 | 277.68 | 69.9 | 194.13 | 310.58 | 229.97 | 80.9 | 186.05 | 283.16 | 4.3 | 9.7 | ||||||||||||||||||||||||
| International | 5 | 5 | 200.98 | 62.0 | 124.66 | 162.44 | 159.14 | 75.9 | 120.86 | 166.88 | 3.1 | (2.7 | ) | |||||||||||||||||||||||
| All Locations | 77 | 82 | 275.25 | 69.6 | 191.66 | 305.33 | 227.93 | 80.8 | 184.06 | 279.60 | 4.1 | 9.2 | ||||||||||||||||||||||||
Results by Location Compared to 2021 - actual, based on ownership period(1)
| As of September 30, | ||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | Year-to-date ended September 30, 2022 | Year-to-date ended September 30, 2021 | |||||||||||||||||||||||||||||||||
| Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
| Maui/Oahu | 4 | 4 | $ | 559.15 | 76.0 | % | $ | 424.91 | $ | 657.89 | $ | 470.97 | 67.4 | % | $ | 317.20 | $ | 476.28 | 34.0 | % | 38.1 | % | ||||||||||||||
| Miami | 2 | 3 | 573.01 | 64.5 | 369.80 | 609.25 | 472.94 | 57.4 | 271.38 | 424.17 | 36.3 | 43.6 | ||||||||||||||||||||||||
| Jacksonville | 1 | 1 | 533.33 | 69.5 | 370.85 | 799.91 | 506.77 | 57.8 | 293.02 | 587.76 | 26.6 | 36.1 | ||||||||||||||||||||||||
| Florida Gulf Coast | 5 | 5 | 442.56 | 65.9 | 291.82 | 570.66 | 416.57 | 54.8 | 228.24 | 426.68 | 27.9 | 33.7 | ||||||||||||||||||||||||
| Orlando | 2 | 2 | 395.30 | 64.4 | 254.71 | 498.62 | 313.90 | 26.5 | 83.14 | 157.35 | 206.4 | 216.9 | ||||||||||||||||||||||||
| Phoenix | 4 | 4 | 366.88 | 69.1 | 253.45 | 551.73 | 301.23 | 56.5 | 170.12 | 346.53 | 49.0 | 59.2 | ||||||||||||||||||||||||
| Los Angeles/ Orange County | 3 | 5 | 290.28 | 79.6 | 231.14 | 331.60 | 190.62 | 53.1 | 101.25 | 138.42 | 128.3 | 139.6 | ||||||||||||||||||||||||
| New York | 2 | 3 | 288.08 | 63.5 | 182.96 | 256.78 | 189.90 | 31.7 | 60.17 | 75.05 | 204.1 | 242.2 | ||||||||||||||||||||||||
| San Diego | 3 | 3 | 275.85 | 76.1 | 209.91 | 376.43 | 218.39 | 45.3 | 98.85 | 155.68 | 112.4 | 141.8 | ||||||||||||||||||||||||
| Austin | 2 | 1 | 261.29 | 70.3 | 183.71 | 319.55 | 181.39 | 58.7 | 106.44 | 156.20 | 72.6 | 104.6 | ||||||||||||||||||||||||
| Philadelphia | 2 | 2 | 212.19 | 79.8 | 169.40 | 258.46 | 169.58 | 58.7 | 99.52 | 147.38 | 70.2 | 75.4 | ||||||||||||||||||||||||
| Washington, D.C. (CBD) | 5 | 5 | 258.02 | 60.5 | 156.14 | 222.68 | 161.96 | 42.2 | 68.41 | 81.26 | 128.2 | 174.0 | ||||||||||||||||||||||||
| Chicago | 3 | 4 | 227.82 | 63.1 | 143.86 | 196.43 | 168.03 | 37.4 | 62.92 | 77.59 | 128.6 | 153.2 | ||||||||||||||||||||||||
| Seattle | 2 | 2 | 234.51 | 64.1 | 150.37 | 194.36 | 188.47 | 27.8 | 52.43 | 63.79 | 186.8 | 204.7 | ||||||||||||||||||||||||
| San Francisco/ San Jose | 6 | 7 | 230.51 | 63.1 | 145.43 | 208.62 | 153.68 | 31.5 | 48.40 | 62.82 | 200.4 | 232.1 | ||||||||||||||||||||||||
| Boston | 2 | 3 | 240.93 | 55.5 | 133.65 | 175.93 | 180.00 | 25.7 | 46.18 | 56.54 | 189.4 | 211.2 | ||||||||||||||||||||||||
| Northern Virginia | 2 | 3 | 215.60 | 65.3 | 140.83 | 212.13 | 161.62 | 44.3 | 71.60 | 107.52 | 96.7 | 97.3 | ||||||||||||||||||||||||
| Atlanta | 2 | 4 | 181.26 | 72.2 | 130.94 | 204.64 | 170.45 | 48.0 | 81.83 | 111.31 | 60.0 | 83.8 | ||||||||||||||||||||||||
| San Antonio | 2 | 2 | 194.11 | 67.3 | 130.73 | 201.94 | 160.63 | 40.8 | 65.54 | 95.17 | 99.5 | 112.2 | ||||||||||||||||||||||||
| New Orleans | 1 | 1 | 196.59 | 65.3 | 128.42 | 187.76 | 128.95 | 37.6 | 48.51 | 65.71 | 164.7 | 185.7 | ||||||||||||||||||||||||
| Denver | 3 | 3 | 183.44 | 63.9 | 117.14 | 169.54 | 149.35 | 42.1 | 62.95 | 80.24 | 86.1 | 111.3 | ||||||||||||||||||||||||
| Houston | 5 | 4 | 180.33 | 63.4 | 114.29 | 158.00 | 140.32 | 59.7 | 83.73 | 113.03 | 36.5 | 39.8 | ||||||||||||||||||||||||
| Other | 9 | 8 | 264.87 | 61.2 | 162.17 | 233.33 | 170.49 | 40.8 | 69.58 | 94.34 | 133.1 | 147.3 | ||||||||||||||||||||||||
| Domestic | 72 | 79 | 293.77 | 66.1 | 194.23 | 314.75 | 233.25 | 42.4 | 98.82 | 150.74 | 96.5 | 108.8 | ||||||||||||||||||||||||
| International | 5 | 5 | 159.59 | 53.6 | 85.55 | 120.75 | 85.10 | 28.0 | 23.85 | 34.15 | 258.8 | 253.6 | ||||||||||||||||||||||||
| All Locations | 77 | 84 | 289.98 | 65.7 | 190.46 | 308.03 | 230.09 | 41.9 | 96.43 | 147.02 | 97.5 | 109.5 | ||||||||||||||||||||||||
Results by Location Compared to 2019 - actual, based on ownership period(1)
| As of September 30, | ||||||||||||||||||||||||||||||||||||
| 2022 | 2019 | Year-to-date ended September 30, 2022 | Year-to-date ended September 30, 2019 | |||||||||||||||||||||||||||||||||
| Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
| Maui/Oahu | 4 | 4 | $ | 559.15 | 76.0 | % | $ | 424.91 | $ | 657.89 | $ | 401.92 | 90.9 | % | $ | 365.45 | $ | 563.64 | 16.3 | % | 16.7 | % | ||||||||||||||
| Miami | 2 | 3 | 573.01 | 64.5 | 369.80 | 609.25 | 293.90 | 79.8 | 234.60 | 367.10 | 57.6 | 66.0 | ||||||||||||||||||||||||
| Jacksonville | 1 | 1 | 533.33 | 69.5 | 370.85 | 799.91 | 383.37 | 77.2 | 296.02 | 652.91 | 25.3 | 22.5 | ||||||||||||||||||||||||
| Florida Gulf Coast | 5 | 5 | 442.56 | 65.9 | 291.82 | 570.66 | 340.73 | 72.8 | 247.94 | 507.99 | 17.7 | 12.3 | ||||||||||||||||||||||||
| Orlando | 2 | 1 | 395.30 | 64.4 | 254.71 | 498.62 | 182.58 | 69.5 | 126.97 | 303.48 | 100.6 | 64.3 | ||||||||||||||||||||||||
| Phoenix | 4 | 3 | 366.88 | 69.1 | 253.45 | 551.73 | 270.22 | 73.4 | 198.47 | 419.43 | 27.7 | 31.5 | ||||||||||||||||||||||||
| Los Angeles/ Orange County | 3 | 6 | 290.28 | 79.6 | 231.14 | 331.60 | 214.91 | 84.4 | 181.37 | 273.04 | 27.4 | 21.5 | ||||||||||||||||||||||||
| New York | 2 | 3 | 288.08 | 63.5 | 182.96 | 256.78 | 268.13 | 82.9 | 222.31 | 328.43 | (17.7 | ) | (21.8 | ) | ||||||||||||||||||||||
| San Diego | 3 | 4 | 275.85 | 76.1 | 209.91 | 376.43 | 236.69 | 81.5 | 192.90 | 345.20 | 8.8 | 9.0 | ||||||||||||||||||||||||
| Austin | 2 | — | 261.29 | 70.3 | 183.71 | 319.55 | — | — | — | — | — | — | ||||||||||||||||||||||||
| Philadelphia | 2 | 2 | 212.19 | 79.8 | 169.40 | 258.46 | 216.10 | 85.4 | 184.46 | 301.70 | (8.2 | ) | (14.3 | ) | ||||||||||||||||||||||
| Washington, D.C. (CBD) | 5 | 5 | 258.02 | 60.5 | 156.14 | 222.68 | 246.65 | 83.1 | 204.99 | 293.15 | (23.8 | ) | (24.0 | ) | ||||||||||||||||||||||
| Chicago | 3 | 4 | 227.82 | 63.1 | 143.86 | 196.43 | 198.58 | 76.6 | 152.16 | 210.78 | (5.5 | ) | (6.8 | ) | ||||||||||||||||||||||
| Seattle | 2 | 2 | 234.51 | 64.1 | 150.37 | 194.36 | 231.59 | 84.3 | 195.17 | 256.01 | (23.0 | ) | (24.1 | ) | ||||||||||||||||||||||
| San Francisco/ San Jose | 6 | 7 | 230.51 | 63.1 | 145.43 | 208.62 | 279.15 | 81.5 | 227.38 | 315.49 | (36.0 | ) | (33.9 | ) | ||||||||||||||||||||||
| Boston | 2 | 4 | 240.93 | 55.5 | 133.65 | 175.93 | 237.01 | 82.6 | 195.81 | 268.56 | (31.7 | ) | (34.5 | ) | ||||||||||||||||||||||
| Northern Virginia | 2 | 3 | 215.60 | 65.3 | 140.83 | 212.13 | 197.94 | 74.8 | 148.13 | 226.05 | (4.9 | ) | (6.2 | ) | ||||||||||||||||||||||
| Atlanta | 2 | 4 | 181.26 | 72.2 | 130.94 | 204.64 | 193.39 | 79.8 | 154.29 | 235.46 | (15.1 | ) | (13.1 | ) | ||||||||||||||||||||||
| San Antonio | 2 | 2 | 194.11 | 67.3 | 130.73 | 201.94 | 183.18 | 73.0 | 133.69 | 195.06 | (2.2 | ) | 3.5 | |||||||||||||||||||||||
| New Orleans | 1 | 1 | 196.59 | 65.3 | 128.42 | 187.76 | 188.24 | 79.9 | 150.35 | 219.33 | (14.6 | ) | (14.4 | ) | ||||||||||||||||||||||
| Denver | 3 | 3 | 183.44 | 63.9 | 117.14 | 169.54 | 175.15 | 76.3 | 133.61 | 195.92 | (12.3 | ) | (13.5 | ) | ||||||||||||||||||||||
| Houston | 5 | 4 | 180.33 | 63.4 | 114.29 | 158.00 | 178.46 | 72.4 | 129.22 | 184.58 | (11.6 | ) | (14.4 | ) | ||||||||||||||||||||||
| Other | 9 | 6 | 264.87 | 61.2 | 162.17 | 233.33 | 173.68 | 76.9 | 133.48 | 197.30 | 21.5 | 18.3 | ||||||||||||||||||||||||
| Domestic | 72 | 77 | 293.77 | 66.1 | 194.23 | 314.75 | 240.89 | 79.7 | 191.94 | 303.24 | 1.2 | 3.8 | ||||||||||||||||||||||||
| International | 5 | 5 | 159.59 | 53.6 | 85.55 | 120.75 | 154.30 | 71.1 | 109.74 | 159.00 | (22.0 | ) | (24.1 | ) | ||||||||||||||||||||||
| All Locations | 77 | 82 | 289.98 | 65.7 | 190.46 | 308.03 | 238.59 | 79.4 | 189.51 | 298.97 | 0.5 | 3.0 | ||||||||||||||||||||||||
(1) Represents the results of the portfolio for the time period of our ownership, including dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.
HOST HOTELS & RESORTS, INC.
Schedule of All Owned Hotel Results (1)
(unaudited, in millions, except hotel statistics)
| Quarter ended September 30, | Year-to-date ended September 30, | |||||||||||||||||||||||
| 2022 | 2021 | 2019 | 2022 | 2021 | 2019 | |||||||||||||||||||
| Number of hotels | 77 | 76 | 75 | 77 | 76 | 75 | ||||||||||||||||||
| Number of rooms | 42,084 | 41,861 | 41,696 | 42,084 | 41,861 | 41,696 | ||||||||||||||||||
| Change in All Owned Hotel Total RevPAR | 48.1 | % | — | — | 90.5 | % | — | — | ||||||||||||||||
| Change in All Owned Hotel RevPAR | 42.0 | % | — | — | 81.5 | % | — | — | ||||||||||||||||
| Operating profit (loss) margin⁽²⁾ | 12.4 | % | (11.3 | )% | 10.9 | % | 16.4 | % | (17.4 | )% | 15.3 | % | ||||||||||||
| All Owned Hotel EBITDA margin⁽²⁾ | 28.7 | % | 24.9 | % | 26.2 | % | 32.7 | % | 21.1 | % | 30.2 | % | ||||||||||||
| Food and beverage profit margin⁽²⁾ | 30.3 | % | 23.6 | % | 23.8 | % | 34.6 | % | 22.7 | % | 31.7 | % | ||||||||||||
| All Owned Hotel food and beverage profit margin⁽²⁾ |
30.3 | % | 24.3 | % | 25.2 | % | 35.1 | % | 23.2 | % | 33.2 | % | ||||||||||||
| Net income (loss) | $ | 116 | $ | (120 | ) | $ | 372 | $ | 494 | $ | (334 | ) | $ | 851 | ||||||||||
| Depreciation and amortization | 164 | 263 | 165 | 498 | 597 | 501 | ||||||||||||||||||
| Interest expense | 40 | 43 | 46 | 113 | 128 | 132 | ||||||||||||||||||
| Provision (benefit) for income taxes | 6 | (13 | ) | 4 | 29 | (81 | ) | 22 | ||||||||||||||||
| Gain on sale of property and corporate level income/expense |
15 | 19 | (263 | ) | 32 | 31 | (296 | ) | ||||||||||||||||
| Severance expense (reversal) at hotel properties |
— | (2 | ) | — | 2 | (5 | ) | — | ||||||||||||||||
| All Owned Hotel adjustments⁽¹⁾ | — | 8 | (28 | ) | 11 | 62 | (87 | ) | ||||||||||||||||
| All Owned Hotel EBITDA⁽¹⁾ | $ | 341 | $ | 198 | $ | 296 | $ | 1,179 | $ | 398 | $ | 1,123 | ||||||||||||
___________
(1) See the Notes to Financial Information for a discussion of non-GAAP measures and the limitations on their use. All Owned Hotel adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of September 30, 2022, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations and (ii) the addition of results for periods prior to our ownership for hotels acquired as of September 30, 2022. All Owned Hotel results also include the results of our leased office buildings and other non-hotel revenue and expense items. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings.
(2) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. All Owned Hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:
| Quarter ended September 30, 2022 | Quarter ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
| Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||
| GAAP Results |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
GAAP Results |
Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
|||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Room | $ | 746 | $ | (2 | ) | $ | — | $ | 744 | $ | 557 | $ | — | $ | (36 | ) | $ | — | $ | 521 | |||||||||||||||
| Food and beverage |
330 | — | — | 330 | 191 | — | (7 | ) | — | 184 | |||||||||||||||||||||||||
| Other | 113 | — | — | 113 | 96 | — | (3 | ) | — | 93 | |||||||||||||||||||||||||
| Total revenues | 1,189 | (2 | ) | — | 1,187 | 844 | — | (46 | ) | — | 798 | ||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||
| Room | 190 | (1 | ) | — | 189 | 150 | 1 | (16 | ) | — | 135 | ||||||||||||||||||||||||
| Food and beverage |
230 | — | — | 230 | 146 | 1 | (8 | ) | — | 139 | |||||||||||||||||||||||||
| Other | 438 | (1 | ) | — | 437 | 361 | — | (30 | ) | — | 331 | ||||||||||||||||||||||||
| Depreciation and amortization |
164 | — | (164 | ) | — | 263 | — | — | (263 | ) | — | ||||||||||||||||||||||||
| Corporate and other expenses |
29 | — | (29 | ) | — | 24 | — | — | (24 | ) | — | ||||||||||||||||||||||||
| Gain on insurance and business interruption settlements |
(10 | ) | — | — | (10 | ) | (5 | ) | — | — | — | (5 | ) | ||||||||||||||||||||||
| Total expenses | 1,041 | (2 | ) | (193 | ) | 846 | 939 | 2 | (54 | ) | (287 | ) | 600 | ||||||||||||||||||||||
| Operating Profit - All Owned Hotel EBITDA |
$ | 148 | $ | — | $ | 193 | $ | 341 | $ | (95 | ) | $ | (2 | ) | $ | 8 | $ | 287 | $ | 198 | |||||||||||||||
| Quarter ended September 30, 2022 | Quarter ended September 30, 2019 | |||||||||||||||||||||||||||||||
| Adjustments | Adjustments | |||||||||||||||||||||||||||||||
| GAAP Results |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
GAAP Results |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
|||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||
| Room | $ | 746 | $ | (2 | ) | $ | — | $ | 744 | $ | 830 | $ | (104 | ) | $ | — | $ | 726 | ||||||||||||||
| Food and beverage |
330 | — | — | 330 | 341 | (23 | ) | — | 318 | |||||||||||||||||||||||
| Other | 113 | — | — | 113 | 91 | (3 | ) | — | 88 | |||||||||||||||||||||||
| Total revenues | 1,189 | (2 | ) | — | 1,187 | 1,262 | (130 | ) | — | 1,132 | ||||||||||||||||||||||
| Expenses | ||||||||||||||||||||||||||||||||
| Room | 190 | (1 | ) | — | 189 | 221 | (34 | ) | — | 187 | ||||||||||||||||||||||
| Food and beverage |
230 | — | — | 230 | 260 | (22 | ) | — | 238 | |||||||||||||||||||||||
| Other | 438 | (1 | ) | — | 437 | 457 | (46 | ) | — | 411 | ||||||||||||||||||||||
| Depreciation and amortization |
164 | — | (164 | ) | — | 165 | — | (165 | ) | — | ||||||||||||||||||||||
| Corporate and other expenses |
29 | — | (29 | ) | — | 26 | — | (26 | ) | — | ||||||||||||||||||||||
| Gain on insurance and business interruption settlements |
(10 | ) | — | — | (10 | ) | (4 | ) | — | 4 | — | |||||||||||||||||||||
| Total expenses | 1,041 | (2 | ) | (193 | ) | 846 | 1,125 | (102 | ) | (187 | ) | 836 | ||||||||||||||||||||
| Operating Profit - All Owned Hotel EBITDA |
$ | 148 | $ | — | $ | 193 | $ | 341 | $ | 137 | $ | (28 | ) | $ | 187 | $ | 296 | |||||||||||||||
| Year-to-date ended September 30, 2022 | Year-to-date ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||
| Adjustments | Adjustments | |||||||||||||||||||||||||||||||||||||||
| GAAP Results |
Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
GAAP Results |
Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
|||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||
| Room | $ | 2,251 | $ | — | $ | (28 | ) | $ | — | $ | 2,223 | $ | 1,237 | $ | — | $ | (20 | ) | $ | — | $ | 1,217 | ||||||||||||||||||
| Food and beverage |
1,032 | — | (5 | ) | — | 1,027 | 405 | — | 7 | — | 412 | |||||||||||||||||||||||||||||
| Other | 361 | — | (2 | ) | — | 359 | 250 | — | 5 | — | 255 | |||||||||||||||||||||||||||||
| Total revenues | 3,644 | — | (35 | ) | — | 3,609 | 1,892 | — | (8 | ) | — | 1,884 | ||||||||||||||||||||||||||||
| Expenses | ||||||||||||||||||||||||||||||||||||||||
| Room | 539 | — | (16 | ) | — | 523 | 324 | 1 | (24 | ) | — | 301 | ||||||||||||||||||||||||||||
| Food and beverage |
675 | — | (8 | ) | — | 667 | 313 | 1 | 2 | — | 316 | |||||||||||||||||||||||||||||
| Other | 1,275 | (2 | ) | (22 | ) | — | 1,251 | 919 | 3 | (48 | ) | — | 874 | |||||||||||||||||||||||||||
| Depreciation and amortization |
498 | — | — | (498 | ) | — | 597 | — | — | (597 | ) | — | ||||||||||||||||||||||||||||
| Corporate and other expenses |
77 | — | — | (77 | ) | — | 73 | — | — | (73 | ) | — | ||||||||||||||||||||||||||||
| Gain on insurance and business interruption settlements |
(17 | ) | — | — | 6 | (11 | ) | (5 | ) | — | — | — | (5 | ) | ||||||||||||||||||||||||||
| Total expenses | 3,047 | (2 | ) | (46 | ) | (569 | ) | 2,430 | 2,221 | 5 | (70 | ) | (670 | ) | 1,486 | |||||||||||||||||||||||||
| Operating Profit - All Owned Hotel EBITDA |
$ | 597 | $ | 2 | $ | 11 | $ | 569 | $ | 1,179 | $ | (329 | ) | $ | (5 | ) | $ | 62 | $ | 670 | $ | 398 | ||||||||||||||||||
| Year-to-date ended September 30, 2022 | Year-to-date ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
| Adjustments | Adjustments | |||||||||||||||||||||||||||||||||||
| GAAP Results |
Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
GAAP Results |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||
| Room | $ | 2,251 | $ | — | $ | (28 | ) | $ | — | $ | 2,223 | $ | 2,618 | $ | (316 | ) | $ | — | $ | 2,302 | ||||||||||||||||
| Food and beverage |
1,032 | — | (5 | ) | — | 1,027 | 1,223 | (80 | ) | — | 1,143 | |||||||||||||||||||||||||
| Other | 361 | — | (2 | ) | — | 359 | 294 | (15 | ) | — | 279 | |||||||||||||||||||||||||
| Total revenues | 3,644 | — | (35 | ) | — | 3,609 | 4,135 | (411 | ) | — | 3,724 | |||||||||||||||||||||||||
| Expenses | ||||||||||||||||||||||||||||||||||||
| Room | 539 | — | (16 | ) | — | 523 | 664 | (105 | ) | — | 559 | |||||||||||||||||||||||||
| Food and beverage |
675 | — | (8 | ) | — | 667 | 835 | (72 | ) | — | 763 | |||||||||||||||||||||||||
| Other | 1,275 | (2 | ) | (22 | ) | — | 1,251 | 1,426 | (147 | ) | — | 1,279 | ||||||||||||||||||||||||
| Depreciation and amortization |
498 | — | — | (498 | ) | — | 501 | — | (501 | ) | — | |||||||||||||||||||||||||
| Corporate and other expenses |
77 | — | — | (77 | ) | — | 80 | — | (80 | ) | — | |||||||||||||||||||||||||
| Gain on insurance and business interruption settlements |
(17 | ) | — | — | 6 | (11 | ) | (4 | ) | — | 4 | — | ||||||||||||||||||||||||
| Total expenses | 3,047 | (2 | ) | (46 | ) | (569 | ) | 2,430 | 3,502 | (324 | ) | (577 | ) | 2,601 | ||||||||||||||||||||||
| Operating Profit - All Owned Hotel EBITDA |
$ | 597 | $ | 2 | $ | 11 | $ | 569 | $ | 1,179 | $ | 633 | $ | (87 | ) | $ | 577 | $ | 1,123 | |||||||||||||||||
HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income (Loss) to
EBITDA, EBITDAre and Adjusted EBITDAre (1)
(unaudited, in millions)
| Quarter ended September 30, | Year-to-date ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net income (loss) | $ | 116 | $ | (120 | ) | $ | 494 | $ | (334 | ) | ||||||
| Interest expense | 40 | 43 | 113 | 128 | ||||||||||||
| Depreciation and amortization | 164 | 171 | 498 | 505 | ||||||||||||
| Income taxes | 6 | (13 | ) | 29 | (81 | ) | ||||||||||
| EBITDA | 326 | 81 | 1,134 | 218 | ||||||||||||
| Gain on dispositions⁽²⁾ | (5 | ) | — | (18 | ) | — | ||||||||||
| Non-cash impairment expense | — | 92 | — | 92 | ||||||||||||
| Equity investment adjustments: | ||||||||||||||||
| Equity in (earnings) losses of affiliates | 1 | (2 | ) | (3 | ) | (36 | ) | |||||||||
| Pro rata EBITDAre of equity investments⁽³⁾ | 6 | 8 | 27 | 21 | ||||||||||||
| EBITDAre | 328 | 179 | 1,140 | 295 | ||||||||||||
| Adjustments to EBITDAre: | ||||||||||||||||
| Gain on property insurance settlement | — | — | (6 | ) | — | |||||||||||
| Severance expense (reversal) at hotel properties |
— | (2 | ) | — | (5 | ) | ||||||||||
| Adjusted EBITDAre | $ | 328 | $ | 177 | $ | 1,134 | $ | 290 | ||||||||
___________
(1) See the Notes to Financial Information for discussion of non-GAAP measures.
(2) Reflects the sale of four hotels in 2022.
(3) Pro rata EBITDAre of equity investments and pro rata FFO of equity investments for the year-to-date ended September 30, 2021 include a realized gain of approximately $3 million related to equity securities held by one of our unconsolidated partnerships, Fifth Wall Ventures, L.P. Unrealized gains of our unconsolidated investments are not recognized in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO until they have been realized by the unconsolidated partnership.
HOST HOTELS & RESORTS, INC.
Reconciliation of Diluted Earnings (Loss) per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share (1)
(unaudited, in millions, except per share amounts)
| Quarter ended September 30, | Year-to-date ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net income (loss) | $ | 116 | $ | (120 | ) | $ | 494 | $ | (334 | ) | ||||||
| Less: Net (income) loss attributable to non- controlling interests |
(2 | ) | 1 | (8 | ) | 3 | ||||||||||
| Net income (loss) attributable to Host Inc. | 114 | (119 | ) | 486 | (331 | ) | ||||||||||
| Adjustments: | ||||||||||||||||
| Gain on dispositions⁽²⁾ | (5 | ) | — | (18 | ) | — | ||||||||||
| Gain on property insurance settlement | — | — | (6 | ) | — | |||||||||||
| Depreciation and amortization | 164 | 171 | 497 | 504 | ||||||||||||
| Non-cash impairment expense | — | 92 | — | 92 | ||||||||||||
| Equity investment adjustments: | ||||||||||||||||
| Equity in (earnings) losses of affiliates | 1 | (2 | ) | (3 | ) | (36 | ) | |||||||||
| Pro rata FFO of equity investments⁽³⁾ | 4 | 6 | 21 | 16 | ||||||||||||
| Consolidated partnership adjustments: | ||||||||||||||||
| FFO adjustment for non-controlling partnerships |
(1 | ) | — | (1 | ) | (1 | ) | |||||||||
| FFO adjustments for non-controlling interests of Host L.P. |
(2 | ) | (3 | ) | (6 | ) | (6 | ) | ||||||||
| NAREIT FFO | 275 | 145 | 970 | 238 | ||||||||||||
| Adjustments to NAREIT FFO: | ||||||||||||||||
| Severance expense (reversal) at hotel properties |
— | (2 | ) | — | (5 | ) | ||||||||||
| Adjusted FFO | $ | 275 | $ | 143 | $ | 970 | $ | 233 | ||||||||
| For calculation on a per share basis:⁽⁴⁾ | ||||||||||||||||
| Diluted weighted average shares outstanding - EPS |
717.6 | 713.9 | 717.4 | 709.0 | ||||||||||||
| Assuming issuance of common shares granted under the comprehensive stock plans |
— | 1.6 | — | 1.6 | ||||||||||||
| Diluted weighted average shares outstanding - NAREIT FFO and Adjusted FFO |
717.6 | 715.5 | 717.4 | 710.6 | ||||||||||||
| Diluted earnings (loss) per common share | $ | 0.16 | $ | (0.17 | ) | $ | 0.68 | $ | (0.47 | ) | ||||||
| NAREIT FFO per diluted share | $ | 0.38 | $ | 0.20 | $ | 1.35 | $ | 0.33 | ||||||||
| Adjusted FFO per diluted share | $ | 0.38 | $ | 0.20 | $ | 1.35 | $ | 0.33 | ||||||||
___________
(1-3) Refer to corresponding footnote on the Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre.
(4) Diluted earnings (loss) per common share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling 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 securities if they are anti-dilutive.
HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income to
EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2022 Forecasts (1)
(unaudited, in millions)
| Full Year 2022 | ||||||||
| Low-end of range | High-end of range | |||||||
| Net income | $ | 617 | $ | 645 | ||||
| Interest expense | 158 | 158 | ||||||
| Depreciation and amortization | 663 | 663 | ||||||
| Income taxes | 30 | 32 | ||||||
| EBITDA | 1,468 | 1,498 | ||||||
| Gain on dispositions | (18 | ) | (18 | ) | ||||
| Equity investment adjustments: | ||||||||
| Equity in (earnings) losses of affiliates | (8 | ) | (8 | ) | ||||
| Pro rata EBITDAre of equity investments | 34 | 34 | ||||||
| EBITDAre | 1,476 | 1,506 | ||||||
| Adjustments to EBITDAre: | ||||||||
| Gain on property insurance settlement | (6 | ) | (6 | ) | ||||
| Adjusted EBITDAre | $ | 1,470 | $ | 1,500 | ||||
| Full Year 2022 | ||||||||
| Low-end of range | High-end of range | |||||||
| Net income | $ | 617 | $ | 645 | ||||
| Less: Net income attributable to non-controlling interests | (10 | ) | (10 | ) | ||||
| Net income attributable to Host Inc. | 607 | 635 | ||||||
| Adjustments: | ||||||||
| Gain on dispositions | (18 | ) | (18 | ) | ||||
| Gain on property insurance settlement | (6 | ) | (6 | ) | ||||
| Depreciation and amortization | 662 | 662 | ||||||
| Equity investment adjustments: | ||||||||
| Equity in earnings of affiliates | (8 | ) | (8 | ) | ||||
| Pro rata FFO of equity investments | 27 | 27 | ||||||
| Consolidated partnership adjustments: | ||||||||
| FFO adjustment for non-controlling partnerships | (1 | ) | (1 | ) | ||||
| FFO adjustment for non-controlling interests of Host LP | (9 | ) | (9 | ) | ||||
| NAREIT FFO and Adjusted FFO | $ | 1,254 | $ | 1,282 | ||||
| Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO | 717.4 | 717.4 | ||||||
| Diluted earnings per common share | $ | 0.85 | $ | 0.89 | ||||
| NAREIT and Adjusted FFO per diluted share | $ | 1.75 | $ | 1.79 | ||||
___________
(1) The Forecasts are based on the below assumptions:
- All Owned Hotel RevPAR will increase 63.7% to 65.4% compared to 2021 for the low and high end of the forecast range.
- All Owned Hotel EBITDA margins will increase 820 to 850 basis points compared to 2021 for the low and high ends of the forecasted All Owned Hotel RevPAR range, respectively.
- We expect to spend approximately $500 million to $575 million on capital expenditures.
- There will be no additional hotel acquisitions or dispositions in 2022.
- The Ritz-Carlton, Naples will remain closed due to Hurricane Ian for the fourth quarter and Hyatt Regency Coconut Point Resort and Spa will remain closed for part of the fourth quarter.
For a discussion of items that may affect forecast results, see the Notes to Financial Information.
HOST HOTELS & RESORTS, INC.
Schedule of All Owned Hotel Results for Full Year 2022 Forecasts (1)
(unaudited, in millions)
| Full Year 2022 | ||||||||
| Low-end of range | High-end of range | |||||||
| Operating profit margin (2) | 15.3 | % | 15.8 | % | ||||
| All Owned Hotel EBITDA margin (2) | 31.6 | % | 31.9 | % | ||||
| Net income | $ | 617 | $ | 645 | ||||
| Depreciation and amortization | 663 | 663 | ||||||
| Interest expense | 158 | 158 | ||||||
| Provision for income taxes | 30 | 32 | ||||||
| Gain on sale of property and corporate level income/expense | 42 | 42 | ||||||
| Severance expense at hotel properties | 2 | 2 | ||||||
| All Owned Hotel adjustments (1) | 11 | 11 | ||||||
| All Owned Hotel EBITDA (1) | $ | 1,523 | $ | 1,553 | ||||
___________
(1) See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2022 Forecasts" for other forecast assumptions. All Owned Hotel adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of September 30, 2022, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations and (ii) the addition of results for periods prior to our ownership for hotels acquired as September 30, 2022. All Owned Hotel guidance does not include the results of the Four Seasons Resort and Residences Jackson Hole, acquired on November 1, 2022. All Owned Hotel results also include the results of our leased office buildings and other non-hotel revenue and expense items.
(2) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. All Owned Hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:
| Low-end of range | High-end of range | ||||||||||||||||||||||||||||||
| Adjustments | Adjustments | ||||||||||||||||||||||||||||||
| GAAP Results | Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
GAAP Results | Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned Hotel Results |
||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||
| Rooms | $ | 2,993 | $ | — | $ | (28 | ) | $ | — | $ | 2,965 | $ | 3,024 | $ | — | $ | (28 | ) | $ | — | $ | 2,996 | |||||||||
| Food and beverage | 1,402 | — | (5 | ) | — | 1,397 | 1,415 | — | (5 | ) | — | 1,410 | |||||||||||||||||||
| Other | 460 | — | (2 | ) | — | 458 | 464 | — | (2 | ) | — | 462 | |||||||||||||||||||
| Total revenues | 4,855 | — | (35 | ) | — | 4,820 | 4,903 | — | (35 | ) | — | 4,868 | |||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||
| Hotel expenses | 3,356 | (2 | ) | (46 | ) | — | 3,308 | 3,374 | (2 | ) | (46 | ) | — | 3,326 | |||||||||||||||||
| Depreciation | 663 | — | — | (663 | ) | — | 663 | — | — | (663 | ) | — | |||||||||||||||||||
| Corporate and other expenses | 108 | — | — | (108 | ) | — | 108 | — | — | (108 | ) | — | |||||||||||||||||||
| Gain on insurance and business interruption settlements | (17 | ) | — | — | 6 | (11 | ) | (17 | ) | — | — | 6 | (11 | ) | |||||||||||||||||
| Total expenses | 4,110 | (2 | ) | (46 | ) | (765 | ) | 3,297 | 4,128 | (2 | ) | (46 | ) | (765 | ) | 3,315 | |||||||||||||||
| Operating Profit - All Owned Hotel EBITDA | $ | 745 | $ | 2 | $ | 11 | $ | 765 | $ | 1,523 | $ | 775 | $ | 2 | $ | 11 | $ | 765 | $ | 1,553 | |||||||||||
HOST HOTELS & RESORTS, INC.