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Host Hotels & Resorts
Host Hotels & Resorts (HST) investor relations material
Host Hotels & Resorts Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Delivered strong operational improvements in 2025, exceeding guidance for RevPAR, Adjusted EBITDAre, and Adjusted FFO per share, with continued recovery in key markets, especially Maui, and robust demand in major urban and resort destinations.
Operates as a self-managed REIT with 76 luxury and upper-upscale hotels totaling 41,700 rooms in 21 top U.S. markets, with a $12.4B market cap and $17.0B enterprise value as of December 31, 2025.
Sold $1.4 billion in real estate across five properties in 2025 and early 2026, and reinvested $644 million in capital expenditures and resiliency investments.
Returned nearly $860 million to shareholders in 2025 through dividends and share repurchases.
Financial highlights
Full-year 2025 Adjusted EBITDAre reached $1.757 billion, up 4.6% year-over-year; Adjusted FFO per share was $2.07, up 3.5%.
Comparable hotel total RevPAR grew 4.2% and comparable hotel RevPAR grew 3.8% year-over-year; full-year comparable hotel revenues were $5,856.2M.
Net income for 2025 was $776 million, up 9.8% from 2024, with operating profit margin at 14.0%.
Fourth quarter 2025 revenues were $1.60 billion, up 12.3% year-over-year; Q4 comparable hotel RevPAR was $227.14.
Comparable hotel EBITDA margin for 2025 was 28.9%, down 40 bps due to prior year business interruption proceeds.
Outlook and guidance
2026 guidance: comparable hotel total RevPAR growth of 2.5%-4%, RevPAR growth of 2%-3.5%, and net income expected between $836 million and $891 million.
Comparable hotel EBITDA margin expected to be flat to up 20 bps; Adjusted EBITDAre midpoint of $1.77 billion, up 1% year-over-year despite asset sales.
Diluted EPS guidance for 2026 is $1.19 to $1.27; Adjusted FFO per diluted share is $2.03 to $2.11.
Capital expenditure guidance for 2026 is $525-$625 million, with $250-$300 million focused on redevelopment and ROI projects.
Dispositions of The St. Regis Houston and two Four Seasons properties in Q1 2026 expected to generate ~$500M capital gain.
Capital redeployment priority for asset sale proceeds
Factors offsetting RevPAR growth on EBITDA margins?
Group business recovery strategy post-renovations?
Future high-value asset disposition strategy
Maui EBITDA recovery path to pre-fire levels
Best use of remaining Four Seasons sale proceeds
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Next Host Hotels & Resorts earnings date
Q1 202630 Apr, 2026
Host Hotels & Resorts
Next Host Hotels & Resorts earnings date
Q1 202630 Apr, 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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