Host Hotels & Resorts, Inc. (Host Hotels & Resorts) reported its financial performance for the quarter ending September 30, 2024. The company saw total revenues increase by 8.6% to $1,319 million compared to $1,214 million in the same quarter of the previous year. Operating profit, however, decreased by 14.0% to $135 million from $157 million year-on-year. Net income also declined by 25.7% to $84 million, and diluted earnings per share dropped by 25.0% to $0.12. The company's EBITDAre decreased by 2.2% to $353 million, while Adjusted EBITDAre saw a more significant reduction of 10.2% to $324 million. Notably, the company made significant acquisitions, including the 234-room 1 Hotel Central Park and the 450-room Turtle Bay Resort, which has been rebranded as The Ritz-Carlton O'ahu, Turtle Bay. In terms of business development, Host Hotels & Resorts...Show More

Host Hotels & Resorts, Inc. (Host Hotels & Resorts) reported its financial performance for the quarter ending September 30, 2024. The company saw total revenues increase by 8.6% to $1,319 million compared to $1,214 million in the same quarter of the previous year. Operating profit, however, decreased by 14.0% to $135 million from $157 million year-on-year. Net income also declined by 25.7% to $84 million, and diluted earnings per share dropped by 25.0% to $0.12. The company's EBITDAre decreased by 2.2% to $353 million, while Adjusted EBITDAre saw a more significant reduction of 10.2% to $324 million. Notably, the company made significant acquisitions, including the 234-room 1 Hotel Central Park and the 450-room Turtle Bay Resort, which has been rebranded as The Ritz-Carlton O'ahu, Turtle Bay. In terms of business development, Host Hotels & Resorts expanded its portfolio with strategic acquisitions totaling $945 million. The company's future plans include continued investment in capital projects and potential acquisitions funded by proceeds from hotel sales, equity offerings, or available cash. Host Hotels & Resorts remains focused on maintaining a balanced capital structure and liquidity profile to support growth and manage industry volatility. The company's Board of Directors declared a quarterly cash dividend of $0.20 per share, reflecting a commitment to returning value to shareholders.