Host Hotels & Resorts (HST) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 Adjusted EBITDAre of $319 million, down 3.3% year-over-year, but year-to-date Adjusted EBITDAre and adjusted FFO per share rose 2.2% and 60 bps, respectively.

• Net income for Q3 2025 was $163 million, up 94% year-over-year, driven by a $122 million gain on the sale of Washington Marriott at Metro Center.

• Raised full-year 2025 guidance for comparable hotel RevPAR growth to 3.0% and Adjusted EBITDAre to $1,730 million.

• Maintained a strong investment grade balance sheet, with $2.2 billion in available liquidity and 99% of the portfolio unencumbered by debt as of September 30, 2025.

• Portfolio quality improved, with Adjusted EBITDAre per key up 18% from 2019 to 2024, despite a 7% reduction in key count.

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%.

• Comparable hotel EBITDA margin for Q3 2025 was 23.9%, down 50 bps year-over-year, due to higher wages and benefits.

• NAREIT FFO per diluted share for Q3 2025 was $0.34; Adjusted FFO per diluted share was $0.35.

• Interest expense increased to $60 million in Q3 2025, reflecting higher debt balances and rates.

• Collected $5 million in business interruption proceeds in Q3, totaling $24 million year-to-date.

Outlook and guidance

• Full-year 2025 guidance: comparable hotel RevPAR growth of 3.0%, Total RevPAR growth of 3.4%, and Adjusted EBITDAre of $1,730 million.

• Net income forecasted at $780 million, diluted EPS at $1.11, and operating profit margin at 13.9%.

• Comparable hotel EBITDA margin expected at 28.8%, 50 bps below 2024.

• 2025 CapEx guidance is $605–$640 million, including $75–$80 million for property damage reconstruction.

• 2026 group revenue pace is up 5% year-over-year, with strong citywide group room night pace in key markets.