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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Host Hotels & Resorts
Host Hotels & Resorts (HST) investor relations material
Host Hotels & Resorts Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 comparable RevPAR rose 8.8% and Total RevPAR 7.3%; Adjusted EBITDAre increased 8.8% to $347M and Adjusted FFO per diluted share rose 11.4% to $0.39.
Q3 revenue increased 1.2% to $1.347B, while net income fell to $71M from $163M, mainly due to lower asset-sale gains.
Broad-based market and demand strength supported performance; 23 of 24 domestic markets posted comparable RevPAR growth.
Financial highlights
Comparable hotel EBITDA was $331M, up 11.4%; margin expanded 90 bps to 25.2%. Comparable hotel revenue was $1.312B, up 7.4%.
YTD Adjusted EBITDAre increased 6.5% to $1.415B and Adjusted FFO per diluted share rose 8.3% to $1.69; YTD net income was $813M.
Q3 diluted EPS was $0.10 versus $0.23; YTD diluted EPS was $1.16 versus $0.91, with YTD asset-sale gains contributing to net income growth.
Q3 total expenses rose ~6%, expenses per occupied room increased 3%, and Adjusted EBITDAre flow-through was 38%.
Outlook and guidance
FY2026 comparable RevPAR growth guidance increased to 6.75% and Total RevPAR growth to 6.0%; Adjusted EBITDAre guidance rose $35M to $1.865B.
FY2026 comparable hotel EBITDA forecast is $1.757B, with margin expected to improve ~80 bps to 30%; revenue guidance is $6.213B.
October comparable RevPAR growth was ~6.5%; Q4 outlook cited strong group pace, sustained rates and high-single-digit comparable RevPAR growth.
FY2026 guidance includes $3M net income and $6M EBITDA from October acquisitions, plus an estimated $18M contribution from condominium sales; remaining sales are expected to shift to 2027.
2027 group revenue pace was 6% above the prior-year level; acquisitions, renovations, Maui and San Francisco recovery, business travel and moderating costs support the outlook.
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Latest events from Host Hotels & Resorts
- Q2 2026 saw 7.0% RevPAR growth, higher margins, and raised guidance amid strong demand.HST
Q2 2026 - 2025 saw operational gains, major reinvestment, and all proposals approved by shareholders.HSTAGM 2026
- Q1 2026 delivered strong RevPAR growth, doubled net income, and a special dividend from asset sales.HSTQ1 2026
- 2026 proxy highlights strong results, ESG leadership, and performance-based executive pay.HSTProxy filing
- Virtual annual meeting set for May 20, 2026, with key votes on directors, auditors, and pay.HSTProxy filing
- 2025 delivered robust RevPAR and earnings growth; 2026 guidance projects further gains and capital returns.HSTQ4 2025
- Net income surged 94% in Q3 2025, with raised guidance and strong liquidity.HSTQ3 2025
- Q2 2025 saw strong RevPAR and revenue growth, but net income declined on higher costs.HSTQ2 2025
- Q2 revenue and net income rose, but 2024 guidance was trimmed amid Maui and leisure headwinds.HSTQ2 2024
Next Host Hotels & Resorts earnings date
Q4 202618 Feb, 2027
Host Hotels & Resorts
Next Host Hotels & Resorts earnings date
Q4 202618 Feb, 2027
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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.