Host Hotels & Resorts (HST) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 2025 results with adjusted EBITDAre of $496M (up 3.1% YoY), adjusted FFO/share of $0.58 (up 1.8% YoY), and 4.2% comparable hotel Total RevPAR growth, driven by transient demand and Maui recovery.

• Q2 2025 revenues were $1.586B (up 8.2% YoY); net income was $225M (down 7.0% YoY), impacted by lower insurance gains and higher expenses.

• Maui recovery led to 19% RevPAR growth at Maui resorts, contributing 100 bps to portfolio RevPAR growth.

• Group room revenue declined 5% YoY due to renovation disruptions, calendar shifts, and business mix changes.

• Completed the sale of The Westin Cincinnati for $60M, recording a $21M gain, and repurchased $205M in shares YTD.

Financial highlights

• Q2 2025 comparable hotel revenues were $1,554M, up from $1,491M in Q2 2024; comparable hotel EBITDA was $481M, up from $479.6M YoY.

• Comparable hotel EBITDA margin declined 120 bps YoY to 31%, mainly due to lower insurance gains and higher wages.

• F&B revenue grew 4% YoY, with outlet revenue up 9% and banquet revenue up 1%.

• Other revenue (golf, spa) increased 13% YoY.

• Q2 diluted EPS was $0.32 (down from $0.34 YoY); NAREIT FFO/share was $0.57 (flat); Adjusted FFO/share was $0.58 (up 1.8%).

Outlook and guidance

• Raised 2025 guidance: comparable hotel RevPAR growth of 1.5%-2.5%, Total RevPAR growth of 2.0%-3.0%, and total revenues of $6,054-$6,109M.

• Net income guidance for 2025 increased to $601-$631M; Adjusted EBITDAre guidance raised to $1,690-$1,720M.

• Margins expected to decline due to wage and benefit inflation, with wage growth at approximately 6% for 2025.

• Expect negative YoY RevPAR in Q3, with Q4 growth driven by calendar shifts and election timing.

• Full-year capital expenditures forecasted at $590M–$660M, including $270M–$305M for ROI projects.