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Host Hotels & Resorts (HST) investor relations material
Host Hotels & Resorts Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Outperformed expectations in Q3 2025, with strong operating and financial results, including a 94% year-over-year increase in net income to $163 million, driven by a $122 million gain on the sale of Washington Marriott at Metro Center.
Portfolio repositioning and capital allocation since 2018 have driven material outperformance, with guidance raised for both RevPAR and EBITDA every quarter in 2025.
Operates as a self-managed REIT with 79 hotels and 42,500 rooms in 21 top U.S. markets, focusing on luxury and upper-upscale properties.
Focus on upper-upscale and luxury hotels, with diversified business and geographic mix, and continued reinvestment in the portfolio.
Market cap of $11.9 billion and enterprise value of $16.7 billion as of September 30, 2025.
Financial highlights
Q3 2025 comparable hotel revenues were $1,293 million, up 0.9% year-over-year; year-to-date comparable hotel revenues reached $4,388 million, up 3.4%.
Q3 2025 Adjusted EBITDAre was $319 million, down 3.3% year-over-year; year-to-date Adjusted EBITDAre was $1,329 million, up 2.2%.
Net income for Q3 2025 was $163 million, up 94% year-over-year; diluted EPS was $0.23, up 91.7%.
Comparable hotel EBITDA margin for Q3 2025 was 23.9%, down 50 bps year-over-year; YTD margin was 29.2%, down 40 bps.
Collected $5 million in business interruption proceeds in Q3, totaling $24 million YTD.
Outlook and guidance
Raised full-year 2025 guidance: comparable hotel RevPAR growth to 3.0% and total RevPAR to 3.4%.
Adjusted EBITDAre guidance increased to $1,730 million, up $25 million from prior midpoint.
Net income forecasted at $780 million, Adjusted FFO per share at $0.35, and diluted EPS at $1.11 for 2025.
Comparable hotel EBITDA margin for 2025 expected at 28.8%, 20 bps above prior guidance but 50 bps below 2024.
Guidance includes $24 million in business interruption proceeds and $16 million EBITDA from condo development.
Marriott program: expected returns beyond guarantees?
Mitigate wage/benefit impact on hotel margins?
Condo project: future revenue recognition timing?
How are transformational renovations selected and supported?
Assess the sustainability of affluent consumer spend.
Given asset sale multiples, what's the M&A outlook?
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Next Host Hotels & Resorts earnings date
Q4 202519 Feb, 2026
Next Host Hotels & Resorts earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
REIT Focused on Hotels and Resorts
Host Hotels & Resorts, Inc. is an American real estate investment trust (REIT) and one of the largest owners of luxury and upper-upscale hotels in the country. The company's portfolio primarily consists of properties in key urban and resort markets in the U.S., but it also includes international holdings across the Americas. It is headquartered in Bethesda, Maryland, and its shares are listed on the Nasdaq.
Originally a Part of Marriott
The company has its roots in the Marriott Corporation and was originally known as Host Marriott. In 1993, Marriott underwent a significant restructuring and split into two separate companies: Marriott International, which continued the hotel management and franchise business, and Host Marriott Corporation, which took over the ownership of hotel properties. This move marked Host's transition to focusing primarily on real estate investment in the hospitality sector. In 1999, Host Marriott Corporation converted into a REIT, and the company got its current name in 2005.
Owning Luxury Hotels
Host Hotels & Resorts specializes in the acquisition, management, and renovation of upscale hospitality properties. The company strategically focuses on high-end, well-positioned hotels that command a premium cost per stay. Host frequently partners with large hotel chains such as Hyatt Hotels and Hilton Worldwide, and these partnerships are central to its business model. The company can let the partnering companies handle the marketing and operational aspects of the properties while it generates revenue from leasing out the properties.
A Real Estate Investment Trust
A REIT is a type of company that owns, and in some cases operates, income-producing real estate. The primary characteristic of REITs is that they must distribute at least 90% of their taxable income to shareholders annually in the form of dividends. Investors in REITs earn a share of the income produced without having to buy, manage, or finance any properties themselves. This makes REITs an accessible way for individuals to invest in large-scale, income-producing real estate, combining the potential for capital appreciation with the income generation of dividends.
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