Host Hotels & Resorts, Inc. (Host Inc.) reported a solid financial performance for the quarter ended June 30, 2024. The company's net income rose to $242 million, a 13.1% increase from the $214 million reported in the same quarter of the previous year. Operating profit also saw a significant rise of 17.3%, reaching $292 million. The operating profit margin under GAAP improved by 200 basis points to 19.9%. Diluted earnings per common share increased by 17.2% to $0.34. The company's EBITDAre, a key metric for real estate investment trusts, grew by 12.6% to $502 million, while Adjusted EBITDAre increased by 6.7% to $476 million. In terms of business development, Host Inc. made notable acquisitions, including the 215-room 1 Hotel Nashville and 506-room Embassy Suites by Hilton Nashville Downtown for $530 million. Post-quarter, the company also...Show More

Host Hotels & Resorts, Inc. (Host Inc.) reported a solid financial performance for the quarter ended June 30, 2024. The company's net income rose to $242 million, a 13.1% increase from the $214 million reported in the same quarter of the previous year. Operating profit also saw a significant rise of 17.3%, reaching $292 million. The operating profit margin under GAAP improved by 200 basis points to 19.9%. Diluted earnings per common share increased by 17.2% to $0.34. The company's EBITDAre, a key metric for real estate investment trusts, grew by 12.6% to $502 million, while Adjusted EBITDAre increased by 6.7% to $476 million. In terms of business development, Host Inc. made notable acquisitions, including the 215-room 1 Hotel Nashville and 506-room Embassy Suites by Hilton Nashville Downtown for $530 million. Post-quarter, the company also acquired the 234-room 1 Hotel Central Park for $265 million and the 450-room Turtle Bay Resort for $680 million, net of key money from Marriott International. The latter property has been rebranded as The Ritz-Carlton O'ahu, Turtle Bay. Looking ahead, Host Inc. plans to continue its strategic initiatives with a focus on acquisitions and capital projects. The company repaid $400 million of 3⅞% Series G senior notes and issued $600 million of 5.700% Series K senior notes. The company also maintains a robust liquidity position with $805 million in cash and cash equivalents and $1.5 billion available under its credit facility. For the future, Host Inc. remains cautious due to potential economic headwinds but is prepared to leverage its strong balance sheet and strategic investments to navigate the market and pursue growth opportunities.