The following is a summary of the Host Hotels & Resorts, Inc. (HST) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Host Hotels & Resorts Inc. reported Q1 2024 adjusted EBITDA of $483 million and adjusted FFO per share of $0.60, which includes $10 million from business interruption proceeds.

• Year-over-year comparable hotel total RevPAR improved by 50 basis points while comparable hotel RevPAR declined by 1.2%.

• Revenue from group per available room grew by 4% and business transient revenue per available room increased by 5%.

• The company reported a total available liquidity of $1.7 billion and net leverage of 2.3x.

Business Progress:

• The company has announced their acquisition of the 1 Hotel Nashville and Embassy Suites by Hilton Nashville Downtown, expecting it to generate $29 million of adjusted EBITDA for the company.

• The company continues to expect improvements in group business and a gradual recovery in business transient for FY 2024.

• Renovations under the Hyatt Transformational Capital program are underway with positive results expected by the first half of 2025.

• An emphasis has been placed on market expansion, especially in rapidly growing markets like Nashville and potentially, areas with limited exposure to the brand.

• The company is monitoring the evolving demand situation in Maui, particularly following the wildfires, and plans to boost the tourism industry in the area.

More details: Host Hotels & Resorts IR

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