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Host Hotels & Resorts, Inc. Reports Strong Second Quarter 2022 Operating Results Surpassing 2019 RevPAR; Announces Second Consecutive Doubling of Quarterly Dividend to $0.12 Per Share

Host Hotels & Resorts, Inc. Reports Strong Second Quarter 2022 Operating Results Surpassing 2019 RevPAR; Announces Second Consecutive Doubling of Quarterly Dividend to $0.12 Per Share

08/03/2022

BETHESDA, Md., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for second quarter of 2022.

Operating Results
(unaudited, in millions, except per share and hotel statistics)

    Quarter ended June 30,     Percent
Change
    Percent
Change
    Year-to-date ended June 30,     Percent
Change
    Percent
Change
 
    2022     2021     vs. Q2
2021
    vs. Q2
2019⁽²⁾
    2022     2021     vs. 2021     vs. 2019⁽²⁾  
Revenues   $ 1,381     $ 649       112.8 %     (6.9 )%   $ 2,455     $ 1,048       134.3 %     (14.5 )%
All Owned Hotel revenues ⁽¹⁾     1,373       657       109.0 %     3.7 %     2,426       1,088       123.0 %     (6.6 )%
All Owned Hotel Total RevPAR ⁽¹⁾     355.88       171.23       107.8 %     2.7 %     315.94       142.57       121.6 %     (7.6 )%
All Owned Hotel RevPAR ⁽¹⁾     219.30       110.65       98.2 %     3.7 %     193.26       91.58       111.0 %     (7.1 )%
                                                 
                                                 
                                                 
Net income (loss)   $ 260     $ (61 )   N/M           $ 378     $ (214 )   N/M        
EBITDAre⁽¹⁾     506       111       355.9 %           812       116       600.0 %      
Adjusted EBITDAre⁽¹⁾     500       110       354.5 %           806       113       613.3 %      
                                                 
Diluted earnings (loss) per common share     0.36       (0.09 )   N/M             0.52       (0.30 )   N/M        
NAREIT FFO per diluted share⁽¹⁾     0.58       0.12       383.3 %           0.97       0.13       646.2 %      
Adjusted FFO per diluted share⁽¹⁾     0.58       0.12       383.3 %           0.97       0.13       646.2 %      

* Additional detail on the Company’s results, including data for 22 domestic markets, is available in the Second Quarter 2022 Supplemental Financial Information available on the Company’s website at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, said, "The operational recovery in the lodging sector continued to play out over the first half of the year. During the second quarter, RevPAR was $219 representing a 3.7% increase over the second quarter of 2019, and the first time our quarterly RevPAR exceeded 2019 levels since the onset of the pandemic. We saw significant improvements across markets and business mix during the quarter, driven by an increase in business travel and improvement in group revenues. While macroeconomic concerns are now competing with the lodging recovery, we believe we are very well positioned to continue our strong operating performance in the second half of the year given our portfolio diversification, our reinvestment in our assets, and our investment grade balance sheet."

_____________________

(1) NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and All Owned Hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, All Owned Hotel results and statistics include adjustments for dispositions and acquisitions. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period, without these adjustments.
(2) Presentation includes comparisons to 2019 operating results in order to allow investors to better understand the trajectory and timing of any recovery from the COVID-19 impacts on hotel operations.
N/M = Not Meaningful

Highlights:

  • All Owned Hotel Total RevPAR was $355.88 and All Owned Hotel RevPAR was $219.30 in the second quarter, reflecting continued sequential improvement. Improvements were driven by leisure travel, which drove strong rates at resort properties leading to average room rates of $296.91 as well as significant improvements in food and beverage and other revenues. At the same time, recovery at the Company's urban markets accelerated, fueled by an increase in group demand compared to the first quarter of 2022.
  • Generated GAAP net income of $260 million in the second quarter, an increase of $142 million from the first quarter, driven by the improvement in operations. GAAP operating profit margin for the quarter was 23.7%, an improvement of 480 basis points compared to the second quarter of 2019.
  • Achieved All Owned Hotel EBITDA of $510 million and Adjusted EBITDAre of $500 million, both of which exceeded 2019 second quarter results, benefiting from continued positive quarterly sequential improvements in RevPAR and operations.
  • The strong improvements in rate combined with a reduction in hotel expenses compared to 2019 led to All Owned Hotel EBITDA margin of 37.1% for the second quarter, exceeding the second quarter 2019 margin by 480 basis points.
  • As previously announced, sold the Sheraton New York Times Square Hotel in April for $373 million, which includes a $250 million bridge loan provided by the Company to the buyer, with an initial term of six months and three potential six-month extensions. Also sold YVE Hotel Miami for $50 million, including $1 million of FF&E funds.
  • Preliminary forecast All Owned Hotel RevPAR for July is expected to be approximately flat to 2019 with RevPAR of approximately $195, reflecting normal seasonality.

Balance Sheet

The Company maintains a robust balance sheet, with the following balances at June 30, 2022:

  • Total assets of $12.0 billion.
  • Debt balance of $4.2 billion, with an average maturity of 5 years, an average interest rate of 3.7%, and no significant maturities until 2024.
  • Total available liquidity of approximately $2.4 billion, including furniture fixtures & equipment ("FF&E") escrow reserves of $179 million and $1.5 billion available under the revolver portion of the credit facility.

Dividend and Share Repurchase Program

The Company paid a second quarter cash dividend of $0.06 per share on its common stock on July 15, 2022 to stockholders of record on June 30, 2022. On August 3, 2022, the Board of Directors authorized a regular quarterly cash dividend of $0.12 per share on its common stock. The dividend will be paid on October 17, 2022 to stockholders of record on September 30, 2022. All future dividends are subject to approval by the Company’s Board of Directors.

On August 3, 2022, the Board of Directors authorized an increase in the Company’s share repurchase program from the existing $371 million remaining under the prior Board authorization to $1 billion. The common stock may be purchased in the open market or by other means from time to time depending upon market conditions. No shares were repurchased during the second quarter.

Operating Results

  • All Owned Hotel RevPAR improved 31% compared to the first quarter of 2022 and surpassed second quarter 2019 RevPAR for the first time. Strong leisure demand for resorts and hotels located in the Company’s Sunbelt markets and Hawaii continued, while results also benefited from accelerated improvement at the Company's urban markets compared to first quarter of 2022. Hotels in New York, Washington, D.C. and San Francisco/San Jose experienced marked improvement in RevPAR compared to the first quarter, driven by improvements in group and transient business.
  • All Owned Hotel average room rates continued to hold strong, surpassing 2019 rates throughout the quarter, and average occupancy continued to close the gap to 2019.
  • Food and beverage revenues for the Company's current portfolio improved approximately 37%, compared to the first quarter. Banquet and Catering revenues improved as group room nights were down only 8.5% to 2019, compared to being down 42% to 2019 in the first quarter of 2022.
  • Hiring pace improved in the second quarter compared to the first quarter, but continues to lag demand. The Company expects hotel operating costs to increase as hiring pace catches up with demand.

Hotel Business Mix Update 

The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 35%, and 4%, respectively, of its 2019 room sales.

While leisure demand continued to contribute to improvements in the second quarter compared to the first quarter of 2022, a resurgence in group demand also helped shift the second quarter mix of business closer to 2019 levels. The following are the sequential results for transient, group and contract business in comparison to 2019 performance, for the Company's current portfolio:

    Quarter ended June 30, 2022     Quarter ended March 31, 2022  
    Transient     Group     Contract     Transient     Group     Contract  
Room nights (in thousands)     1,592       1,118       138       1,278       682       123  
Percentage change in room nights
   vs. same period in 2019
    (10.3 )%     (8.5 )%     12.4 %     (19.1 )%     (42.0 )%     (1.4 )%
Rooms Revenues (in millions)   $ 531     $ 288     $ 26     $ 432     $ 184     $ 21  
Percentage change in revenues vs.
   same period in 2019
    9.6 %     (2.9 )%     2.1 %     (3.2 )%     (39.2 )%     (12.7 )%

Capital Expenditures

The following presents the Company’s capital expenditures spend for the second quarter and the forecast for full year 2022 (in millions):

    Year-to-date ended
June 30, 2022
    2022 Full Year Forecast  
                   
    Actual     Low-end of range     High-end of range  
ROI - Marriott Transformational Capital Program   $ 46     $ 90     $ 115  
ROI - All other ROI projects     116       230       240  
Total ROI project spend     162       320       355  
Renewals and Replacements     78       180       220  
Total Capital Expenditures   $ 240     $ 500     $ 575  

The Company invested heavily in capital expenditures in the early phases of recovery in order to minimize future disruption and believes these renovations will position these hotels to capture additional revenue during the lodging recovery. In 2022, the Company expects to complete renovations to 4,400 guestrooms, approximately 49,000 square feet of meeting space and approximately 123,000 square feet of public space. The Company received $3 million of operating profit guarantees in the second quarter and $7 million year-to-date and expects to receive approximately $11 million in total operating profit guarantees in 2022 under the Marriott Transformational Capital Program. The program is expected to be substantially complete by the end of 2022.

2022 Outlook

The Company anticipates its full year 2022 operating results, as compared to 2021 and 2019, will be in the following range:

  Full Year 2022 Guidance
  Low-end of range     High-end of range     Change vs. 2021   Change vs. 2019
All Owned Hotel Total RevPAR $ 307     $ 314     66.6% to 70.4%   (5.5)% to (3.3)%
All Owned Hotel RevPAR   191       195     62.5% to 65.9%   (4.5)% to (2.5)%
Total revenues under GAAP   4,781       4,889     65.4% to 69.2%   (12.6)% to (10.6)%
Operating profit margin under GAAP   15.1 %     16.1 %   2,380 bps to 2,480 bps   50 bps to 150 bps
All Owned Hotel EBITDA margin   31.5 %     32.1 %   810 bps to 870 bps   190 bps to 250 bps

Based upon the above parameters, the Company estimates its full year 2022 guidance as follows:

  Full Year 2022 Guidance  
  Low-end of range     High-end of range  
Net income (in millions) $ 588     $ 652  
Adjusted EBITDAre (in millions)   1,445       1,510  
Diluted earnings per common share   0.81       0.90  
NAREIT FFO per diluted share   1.71       1.80  
Adjusted FFO per diluted share   1.71       1.80  

See the 2022 Full Year Forecast Schedule and the Notes to Financial Information for items that may affect forecast results.

About Host Hotels & Resorts 

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 73 properties in the United States and five properties internationally totaling approximately 42,300 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Four Seasons®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements which include, but may not be limited to, our expectations regarding the impact of the COVID-19 pandemic on our business, the recovery of travel and the lodging industry and 2022 estimates with respect to our business, are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the duration and scope of the COVID-19 pandemic and its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic, including limiting travel or the size of gatherings; general economic uncertainty in U.S. markets where we own hotels and a worsening of economic conditions or low levels of economic growth in these markets; other changes (apart from the COVID-19 pandemic) in national and local economic and business conditions and other factors such as natural disasters and weather that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to make special dividends; and other risks and uncertainties associated with our business described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of August 3, 2022 and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.

*** Tables to Follow ***

Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of June 30, 2022, which are non-controlling interests in Host LP in our consolidated balance sheets and is included in net (income) loss attributable to non-controlling interests in our consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.

    

HOST HOTELS & RESORTS, INC. 
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)

    June 30, 2022     December 31, 2021  
             
ASSETS  
Property and equipment, net   $ 9,538     $ 9,994  
Right-of-use assets     560       551  
Assets held for sale           270  
Due from managers     164       113  
Advances to and investments in affiliates     126       42  
Furniture, fixtures and equipment replacement fund     179       144  
Notes receivable     413        
Other     365       431  
Cash and cash equivalents     699       807  
Total assets   $ 12,044     $ 12,352  
             
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY  
Debt⁽¹⁾            
Senior notes   $ 3,112     $ 3,109  
Credit facility, including the term loans of $998 and $997, respectively     992       1,673  
Mortgage and other debt     108       109  
Total debt     4,212       4,891  
Lease liabilities     572       564  
Accounts payable and accrued expenses     113       85  
Due to managers     35       42  
Other     167       198  
Total liabilities     5,099       5,780  
             
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.     163       126  
             
Host Hotels & Resorts, Inc. stockholders’ equity:            
Common stock, par value $0.01, 1,050 million shares authorized,
714.9 million shares and 714.1 million shares issued and
outstanding, respectively
    7       7  
Additional paid-in capital     7,729       7,702  
Accumulated other comprehensive loss     (74 )     (76 )
Deficit     (885 )     (1,192 )
Total equity of Host Hotels & Resorts, Inc. stockholders     6,777       6,441  
Non-redeemable non-controlling interests—other consolidated
partnerships
    5       5  
Total equity     6,782       6,446  
Total liabilities, non-controlling interests and equity   $ 12,044     $ 12,352  

___________

(1)   Please see our Second Quarter 2022 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.

 

HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)

    Quarter ended June 30,     Year-to-date ended June 30,  
    2022     2021     2022     2021  
Revenues                        
Rooms   $ 850     $ 423     $ 1,505     $ 680  
Food and beverage     405       137       702       214  
Other     126       89       248       154  
Total revenues     1,381       649       2,455       1,048  
Expenses                        
Rooms     189       109       349       174  
Food and beverage     245       105       445       167  
Other departmental and support expenses     300       209       573       369  
Management fees     62       21       102       32  
Other property-level expenses     78       79       162       157  
Depreciation and amortization     162       169       334       334  
Corporate and other expenses⁽¹⁾     25       25       48       49  
Gain on insurance and business interruption
settlements
    (7 )           (7 )      
Total operating costs and expenses     1,054       717       2,006       1,282  
Operating profit (loss)     327       (68 )     449       (234 )
Interest income     6             7       1  
Interest expense     (37 )     (43 )     (73 )     (85 )
Other gains     1       3       14       2  
Equity in earnings of affiliates     2       25       4       34  
Income (loss) before income taxes     299       (83 )     401       (282 )
Benefit (provision) for income taxes     (39 )     22       (23 )     68  
Net income (loss)     260       (61 )     378       (214 )
Less: Net (income) loss attributable to non-
controlling interests
    (4 )     1       (6 )     2  
Net income (loss) attributable to Host Inc.   $ 256     $ (60 )   $ 372     $ (212 )
Basic and diluted earnings (loss) per common share   $ 0.36     $ (0.09 )   $ 0.52     $ (0.30 )

___________

(1)   Corporate and other expenses include the following items:
 

    Quarter ended June 30,     Year-to-date ended June 30,  
    2022     2021     2022     2021  
                         
General and administrative costs   $ 20     $ 20     $ 38     $ 40  
Non-cash stock-based compensation expense     5       5       10       9  
Total   $ 25     $ 25     $ 48     $ 49  

 

HOST HOTELS & RESORTS, INC.
Earnings (Loss) per Common Share
(unaudited, in millions, except per share amounts)

    Quarter ended June 30,     Year-to-date ended June 30,  
    2022     2021     2022     2021  
Net income (loss)   $ 260     $ (61 )   $ 378     $ (214 )
Less: Net (income) loss attributable to non-
   controlling interests
    (4 )     1       (6 )     2  
Net income (loss) attributable to Host Inc.   $ 256     $ (60 )   $ 372     $ (212 )
                         
Basic weighted average shares outstanding     714.8       707.6       714.6       706.6  
Assuming distribution of common shares granted under the comprehensive stock plans,
   less shares assumed purchased at market
    2.2             2.2        
Diluted weighted average shares outstanding⁽¹⁾     717.0       707.6       716.8       706.6  
Basic and diluted earnings (loss) per common share   $ 0.36     $ (0.09 )   $ 0.52     $ (0.30 )

___________
(1)   Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.
 

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels(1)(2)

All Owned Hotel Results by Location Compared to 2021

  As of June 30, 2022   Quarter ended June 30, 2022   Quarter ended June 30, 2021          
Location No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Miami   2     1,033   $ 618.60     67.4 % $ 416.89   $ 697.72   $ 574.38     60.9 % $ 349.81   $ 550.03     19.2 %   26.9 %
Maui/Oahu   4     2,007     567.20     78.0     442.56     690.02     457.70     78.5     359.35     543.98     23.2     26.8  
Jacksonville   1     446     572.46     81.1     463.99     974.04     559.42     68.9     385.55     730.42     20.3     33.4  
Florida Gulf Coast   5     1,850     411.67     70.2     288.94     596.48     404.15     66.5     268.58     506.14     7.6     17.8  
Phoenix   4     1,822     367.35     75.5     277.29     612.01     311.33     61.6     191.85     382.50     44.5     60.0  
Orlando   2     2,448     402.61     73.8     297.06     580.59     427.88     27.0     115.67     204.69     156.8     183.6  
Los Angeles/ Orange County   3     1,067     278.61     87.4     243.48     354.78     210.29     57.0     119.76     164.13     103.3     116.2  
Austin   2     767     272.13     80.7     219.57     383.03     200.85     56.9     114.34     174.39     92.0     119.6  
San Diego   3     3,288     271.84     81.0     220.07     391.37     194.88     46.0     89.63     134.93     145.5     190.1  
New York   2     2,486     326.39     80.3     261.97     385.41     181.25     38.5     69.86     79.52     275.0     384.7  
Philadelphia   2     810     229.82     86.6     199.08     303.95     160.86     59.6     95.82     147.30     107.8     106.4  
Washington, D.C. (CBD)   5     3,238     286.32     77.0     220.58     312.13     152.55     40.4     61.69     68.15     257.6     358.0  
New Orleans   1     1,333     219.22     76.4     167.55     237.37     125.59     44.8     56.27     77.37     197.8     206.8  
Northern Virginia   2     916     228.38     75.8     173.05     266.99     178.08     42.2     75.16     112.17     130.2     138.0  
San Antonio   2     1,512     202.69     70.3     142.44     213.86     154.53     39.2     60.58     87.18     135.1     145.3  
San Francisco/ San Jose   6     4,162     237.03     72.7     172.26     236.43     147.45     30.6     45.12     59.89     281.8     294.7  
Atlanta   2     810     186.06     77.5     144.28     236.30     154.11     55.3     85.28     114.63     69.2     106.1  
Boston   2     1,495     277.40     60.7     168.38     223.59     145.54     37.1     53.93     70.34     212.2     217.9  
Chicago   4     1,816     240.04     71.8     172.32     237.59     149.79     33.2     49.78     59.22     246.2     301.2  
Houston   5     1,942     184.11     67.1     123.53     175.70     141.99     61.3     87.08     117.76     41.9     49.2  
Seattle   2     1,315     228.80     74.6     170.62     218.92     166.90     22.2     37.13     45.54     359.6     380.7  
Denver   3     1,340     188.02     69.4     130.52     189.86     133.42     43.3     57.76     74.07     126.0     156.3  
Other   9     2,936     262.88     69.1     181.67     265.61     250.31     47.6     119.18     172.74     52.4     53.8  
Domestic   73     40,839     301.01     74.4     223.98     363.76     249.31     45.8     114.26     176.81     96.0     105.7  
                                                 
International   5     1,499     155.80     59.0     91.91     140.79     66.34     19.2     12.75     19.99     620.8     604.4  
All Locations   78     42,338     296.91     73.9     219.30     355.88     246.52     44.9     110.65     171.23     98.2     107.8  

All Owned Hotel Results by Location Compared to 2019

  As of June 30, 2022   Quarter ended June 30, 2022   Quarter ended June 30, 2019          
Location No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Miami   2     1,033   $ 618.60     67.4 % $ 416.89   $ 697.72   $ 339.61     80.5 % $ 273.24   $ 450.92     52.6 %   54.7 %
Maui/Oahu   4     2,007     567.20     78.0     442.56     690.02     384.31     92.3     354.62     577.55     24.8     19.5  
Jacksonville   1     446     572.46     81.1     463.99     974.04     414.11     84.1     348.40     753.61     33.2     29.2  
Florida Gulf Coast   5     1,850     411.67     70.2     288.94     596.48     313.53     73.9     231.56     496.76     24.8     20.1  
Phoenix   4     1,822     367.35     75.5     277.29     612.01     277.88     74.6     207.40     488.38     33.7     25.3  
Orlando   2     2,448     402.61     73.8     297.06     580.59     280.14     72.2     202.14     411.47     47.0     41.1  
Los Angeles/ Orange County   3     1,067     278.61     87.4     243.48     354.78     255.87     84.6     216.50     326.84     12.5     8.5  
Austin   2     767     272.13     80.7     219.57     383.03     248.55     91.2     226.69     382.10     (3.1 )   0.2  
San Diego   3     3,288     271.84     81.0     220.07     391.37     257.34     83.0     213.66     394.65     3.0     (0.8 )
New York   2     2,486     326.39     80.3     261.97     385.41     317.33     82.7     262.29     420.05     (0.1 )   (8.2 )
Philadelphia   2     810     229.82     86.6     199.08     303.95     247.35     89.7     221.94     366.74     (10.3 )   (17.1 )
Washington, D.C. (CBD)   5     3,238     286.32     77.0     220.58     312.13     278.76     91.5     255.04     367.23     (13.5 )   (15.0 )
New Orleans   1     1,333     219.22     76.4     167.55     237.37     196.98     81.0     159.65     233.90     5.0     1.5  
Northern Virginia   2     916     228.38     75.8     173.05     266.99     224.95     80.6     181.28     299.04     (4.5 )   (10.7 )
San Antonio   2     1,512     202.69     70.3     142.44     213.86     186.37     75.1     139.94     200.21     1.8     6.8  
San Francisco/ San Jose   6     4,162     237.03     72.7     172.26     236.43     272.24     83.4     227.04     321.62     (24.1 )   (26.5 )
Atlanta   2     810     186.06     77.5     144.28     236.30     180.64     82.7     149.41     248.11     (3.4 )   (4.8 )
Boston   2     1,495     277.40     60.7     168.38     223.59     277.53     87.6     243.15     342.58     (30.8 )   (34.7 )
Chicago   4     1,816     240.04     71.8     172.32     237.59     237.05     82.5     195.46     278.10     (11.8 )   (14.6 )
Houston   5     1,942     184.11     67.1     123.53     175.70     181.69     74.6     135.49     193.31     (8.8 )   (9.1 )
Seattle   2     1,315     228.80     74.6     170.62     218.92     234.35     85.1     199.47     271.52     (14.5 )   (19.4 )
Denver   3     1,340     188.02     69.4     130.52     189.86     176.07     79.4     139.88     210.69     (6.7 )   (9.9 )
Other   9     2,936     262.88     69.1     181.67     265.61     196.30     81.4     159.88     238.44     13.6     11.4  
Domestic   73     40,839     301.01     74.4     223.98     363.76     261.79     82.2     215.26     353.07     4.1     3.0  
                                                 
International   5     1,499     155.80     59.0     91.91     140.79     158.97     69.7     110.79     169.04     (17.0 )   (16.7 )
All Locations   78     42,338     296.91     73.9     219.30     355.88     258.66     81.8     211.52     346.49     3.7     2.7  

 

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels(1)(2) (cont.)

All Owned Hotel Results by Location Compared to 2021

  As of June 30, 2022   Year-to-date ended June 30, 2022   Year-to-date ended June 30, 2021          
Location No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Miami   2     1,033   $ 677.26     69.1 % $ 468.18   $ 758.30   $ 618.08     57.7 % $ 356.49   $ 554.37     31.3 %   36.8 %
Maui/Oahu   4     2,007     556.16     77.2     429.37     665.43     440.07     59.4     261.61     401.86     64.1     65.6  
Jacksonville   1     446     555.35     70.8     393.31     846.75     534.27     52.3     279.35     539.18     40.8     57.0  
Florida Gulf Coast   5     1,850     485.09     72.1     349.66     687.58     455.98     59.7     272.11     497.88     28.5     38.1  
Phoenix   4     1,822     412.40     74.7     307.94     643.07     330.65     55.8     184.62     359.23     66.8     79.0  
Orlando   2     2,448     427.24     66.0     281.89     534.73     454.91     22.2     101.17     180.02     178.6     197.0  
Los Angeles/ Orange County   3     1,067     282.52     76.2     215.25     310.70     206.74     39.4     81.50     111.51     164.1     178.6  
Austin   2     767     274.92     71.3     196.03     334.68     177.66     48.8     86.61     134.48     126.3     148.9  
San Diego   3     3,288     265.79     71.3     189.62     343.77     184.52     31.6     58.33     91.91     225.1     274.0  
New York   2     2,486     303.32     61.0     184.91     269.63     169.79     29.1     49.48     58.28     273.7     362.6  
Philadelphia   2     810     206.81     76.7     158.68     244.18     151.04     48.3     72.98     108.91     117.4     124.2  
Washington, D.C. (CBD)   5     3,238     269.82     57.9     156.21     222.15     152.25     44.9     68.30     73.29     128.7     203.1  
New Orleans   1     1,333     212.83     66.2     140.90     202.78     121.54     29.1     35.40     52.52     298.0     286.1  
Northern Virginia   2     916     216.27     64.4     139.18     208.25     170.43     38.5     65.58     96.09     112.2     116.7  
San Antonio   2     1,512     195.73     68.8     134.67     205.78     142.95     33.2     47.42     67.74     184.0     203.8  
San Francisco/ San Jose   6     4,162     221.94     58.9     130.72     187.71     144.98     21.9     31.82     42.11     310.8     345.7  
Atlanta   2     810     180.13     72.0     129.60     207.01     145.54     49.3     71.70     94.90     80.8     118.1  
Boston   2     1,495     235.57     54.2     127.70     168.31     137.77     25.8     35.60     46.33     258.7     263.3  
Chicago   4     1,816     210.41     56.0     117.93     161.24     138.56     24.7     34.28     41.10     244.0     292.4  
Houston   5     1,942     182.12     64.0     116.60     162.56     134.73     56.1     75.63     102.44     54.2     58.7  
Seattle   2     1,315     211.55     55.1     116.53     153.56     162.69     14.8     24.06     30.12     384.4     409.9  
Denver   3     1,340     173.91     57.4     99.84     146.61     127.52     30.3     38.66     49.03     158.3     199.1  
Other   9     2,936     266.94     60.0     160.20     229.80     238.33     40.2     95.81     137.29     67.2     67.4  
Domestic   73     40,839     305.26     64.8     197.94     323.87     252.11     37.5     94.51     147.17     109.4     120.1  
                                                 
International   5     1,499     133.14     49.3     65.66     99.56     75.57     16.1     12.19     17.74     438.6     461.2  
All Locations   78     42,338     300.59     64.3     193.26     315.94     249.34     36.7     91.58     142.57     111.0     121.6  

All Owned Hotel Results by Location Compared to 2019

  As of June 30, 2022   Year-to-date ended June 30, 2022   Year-to-date ended June 30, 2019          
Location No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Miami   2     1,033   $ 677.26     69.1 % $ 468.18   $ 758.30   $ 402.26     82.9 % $ 333.47   $ 524.52     40.4 %   44.6 %
Maui/Oahu   4     2,007     556.16     77.2     429.37     665.43     410.35     90.6     371.89     589.24     15.5     12.9  
Jacksonville   1     446     555.35     70.8     393.31     846.75     391.86     81.4     318.88     722.04     23.3     17.3  
Florida Gulf Coast   5     1,850     485.09     72.1     349.66     687.58     379.76     78.4     297.90     612.66     17.4     12.2  
Phoenix   4     1,822     412.40     74.7     307.94     643.07     327.86     78.6     257.82     566.03     19.4     13.6  
Orlando   2     2,448     427.24     66.0     281.89     534.73     299.99     75.6     226.78     461.20     24.3     15.9  
Los Angeles/ Orange County   3     1,067     282.52     76.2     215.25     310.70     257.81     83.8     215.95     330.77     (0.3 )   (6.1 )
Austin   2     767     274.92     71.3     196.03     334.68     262.77     87.8     230.62     390.95     (15.0 )   (14.4 )
San Diego   3     3,288     265.79     71.3     189.62     343.77     255.23     80.0     204.18     372.23     (7.1 )   (7.6 )
New York   2     2,486     303.32     61.0     184.91     269.63     290.28     77.3     224.37     362.87     (17.6 )   (25.7 )
Philadelphia   2     810     206.81     76.7     158.68     244.18     220.90     83.9     185.41     304.83     (14.4 )   (19.9 )
Washington, D.C. (CBD)   5     3,238     269.82     57.9     156.21     222.15     265.11     82.5     218.62     312.73     (28.5 )   (29.0 )
New Orleans   1     1,333     212.83     66.2     140.90     202.78     203.37     81.3     165.38     241.84     (14.8 )   (16.2 )
Northern Virginia   2     916     216.27     64.4     139.18     208.25     223.51     76.4     170.75     279.04     (18.5 )   (25.4 )
San Antonio   2     1,512     195.73     68.8     134.67     205.78     191.24     76.2     145.81     215.02     (7.6 )   (4.3 )
San Francisco/ San Jose   6     4,162     221.94     58.9     130.72     187.71     291.25     80.8     235.43     330.93     (44.5 )   (43.3 )
Atlanta   2     810     180.13     72.0     129.60     207.01     198.45     84.2     167.15     275.94     (22.5 )   (25.0 )
Boston   2     1,495     235.57     54.2     127.70     168.31     240.24     80.6     193.67     283.11     (34.1 )   (40.5 )
Chicago   4     1,816     210.41     56.0     117.93     161.24     199.76     71.5     142.77     203.93     (17.4 )   (20.9 )
Houston   5     1,942     182.12     64.0     116.60     162.56     182.15     75.2     136.92     197.16     (14.8 )   (17.5 )
Seattle   2     1,315     211.55     55.1     116.53     153.56     215.31     81.3     174.95     237.90     (33.4 )   (35.5 )
Denver   3     1,340     173.91     57.4     99.84     146.61     169.71     72.1     122.41     184.62     (18.4 )   (20.6 )
Other   9     2,936     266.94     60.0     160.20     229.80     191.01     75.2     143.57     212.39     11.6     8.2  
Domestic   73     40,839     305.26     64.8     197.94     323.87     266.87     79.4     211.99     348.75     (6.6 )   (7.1 )
                                                 
International   5     1,499     133.14     49.3     65.66     99.56     151.58     68.7     104.09     155.00     (36.9 )   (35.8 )
All Locations   78     42,338     300.59     64.3     193.26     315.94     263.29     79.1     208.13     341.83     (7.1 )   (7.6 )

___________

(1)   To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics and operating results for the periods included in this presentation on a comparable hotel basis. However, due to the COVID-19 pandemic and its effects on operations there is little comparability between periods. For this reason, we temporarily are suspending our comparable hotel presentation and instead present hotel operating results for all consolidated hotels and, to facilitate comparisons between periods, we are presenting in these tables statistics which include the following adjustments: (1) operating results are presented for all consolidated properties owned as of June 30, 2022 but do not include the results of operations for properties sold or held-for-sale as of the reporting date; and (2) operating results for acquisitions as of June 30, 2022 are reflected for full calendar years, to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. See the Notes to Financial Information – All Owned Hotel Operating Statistics and Results for further information on these statistics. See the tables that follow for the Company’s actual operating statistics without these adjustments. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings. CBD of a location refers to the central business district.
(2)   Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.
N/M = Not meaningful

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (cont.)

Results by Location Compared to 2021 - actual, based on ownership period(1)

  As of June 30,                                          
  2022   2021   Quarter ended June 30, 2022   Quarter ended June 30, 2021          
Location No. of
Properties
  No. of
Properties
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Miami   2     3   $ 596.12     68.2 % $ 406.35   $ 676.00   $ 496.88     61.3 % $ 304.64   $ 469.79     33.4 %   43.9 %
Maui/Oahu   4     4     567.20     78.0     442.56     690.02     457.70     78.5     359.35     543.98     23.2     26.8  
Jacksonville   1     1     572.46     81.1     463.99     974.04     559.42     68.9     385.55     730.42     20.3     33.4  
Florida Gulf Coast   5     5     411.67     70.2     288.94     596.48     404.15     66.5     268.58     506.14     7.6     17.8  
Phoenix   4     4     367.35     75.5     277.29     612.01     311.33     61.6     191.85     382.50     44.5     60.0  
Orlando   2     2     402.61     73.8     297.06     580.59     354.97     26.3     93.22     171.52     218.7     238.5  
Los Angeles/ Orange County   3     5     278.61     87.4     243.48     354.78     171.25     63.5     108.66     147.12     124.1     141.2  
Austin   2     1     272.13     80.7     219.57     383.03     182.04     58.2     105.99     149.09     107.2     156.9  
San Diego   3     3     271.84     81.0     220.07     391.37     194.88     46.0     89.63     134.93     145.5     190.1  
New York   2     3     313.84     78.3     245.88     361.64     172.42     32.6     56.16     63.98     337.8     465.3  
Philadelphia   2     2     229.82     86.6     199.08     303.95     160.86     59.6     95.82     147.30     107.8     106.4  
Washington, D.C. (CBD)   5     5     286.32     77.0     220.58     312.13     152.55     40.4     61.69     68.15     257.6     358.0  
New Orleans   1     1     219.22     76.4     167.55     237.37     125.59     44.8     56.27     77.37     197.8     206.8  
Northern Virginia   2     3     228.38     75.8     173.05     266.99     157.97     42.4     67.01     101.80     158.2     162.3  
San Antonio   2     2     202.69     70.3     142.44     213.86     154.53     39.2     60.58     87.18     135.1     145.3  
San Francisco/ San Jose   6     7     237.03     72.7     172.26     236.43     145.03     30.8     44.69     59.49     285.4     297.5  
Atlanta   2     4     186.06     77.5     144.28     236.30     172.58     49.5     85.50     115.83     68.8     104.0  
Boston   2     3     277.40     60.7     168.38     223.59     145.54     20.4     29.70     38.73     467.0     477.2  
Chicago   4     4     240.04     71.8     172.32     237.59     149.79     33.2     49.78     59.22     246.2     301.2  
Houston   5     4     184.11     67.1     123.53     175.70     141.99     61.3     87.08     117.76     41.9     49.2  
Seattle   2     2     228.80     74.6     170.62     218.92     166.90     22.2     37.13     45.54     359.6     380.7  
Denver   3     3     188.02     69.4     130.52     189.86     133.42     43.3     57.76     74.07     126.0     156.3  
Other   9     6     262.88     69.1     181.67     265.61     145.72     40.7     59.29     78.10     206.4     240.1  
Domestic   73     77     300.15     74.3     223.13     362.11     231.73     43.8     101.54     155.37     119.8     133.1  
                                                 
International   5     5     155.80     59.0     91.91     140.79     66.34     19.2     12.75     19.99     620.8     604.4  
All Locations   78     82     296.11     73.8     218.53     354.36     229.38     43.0     98.71     151.06     121.4     134.6  

Results by Location Compared to 2019 - actual, based on ownership period(1)

  As of June 30,                                          
  2022   2019   Quarter ended June 30, 2022   Quarter ended June 30, 2019          
Location No. of
Properties
  No. of
Properties
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Miami   2     3   $ 596.12     68.2 % $ 406.35   $ 676.00   $ 299.54     80.6 % $ 241.56   $ 390.25     68.2 %   73.2 %
Maui/Oahu   4     4     567.20     78.0     442.56     690.02     384.31     92.3     354.62     563.56     24.8     22.4  
Jacksonville   1     1     572.46     81.1     463.99     974.04     414.11     84.1     348.40     753.61     33.2     29.2  
Florida Gulf Coast   5     5     411.67     70.2     288.94     596.48     313.53     73.9     231.56     496.76     24.8     20.1  
Phoenix   4     5     367.35     75.5     277.29     612.01     249.43     76.0     189.69     415.48     46.2     47.3  
Orlando   2     1     402.61     73.8     297.06     580.59     177.39     70.7     125.33     295.11     137.0     96.7  
Los Angeles/ Orange County   3     7     278.61     87.4     243.48     354.78     208.87     84.8     177.09     266.80     37.5     33.0  
Austin   2         272.13     80.7     219.57     383.03                          
San Diego   3     4     271.84     81.0     220.07     391.37     239.00     82.2     196.35     358.12     12.1     9.3  
New York   2     3     313.84     78.3     245.88     361.64     292.59     84.9     248.42     378.93     (1.0 )   (4.6 )
Philadelphia   2     2     229.82     86.6     199.08     303.95     247.35     89.7     221.94     366.74     (10.3 )   (17.1 )
Washington, D.C. (CBD)   5     5     286.32     77.0     220.58     312.13     278.76     91.5     255.04     367.23     (13.5 )   (15.0 )
New Orleans   1     1     219.22     76.4     167.55     237.37     196.98     81.0     159.65     233.90     5.0     1.5  
Northern Virginia   2     4     228.38     75.8     173.05     266.99     204.14     81.8     166.91     253.29     3.7     5.4  
San Antonio   2     2     202.69     70.3     142.44     213.86     186.37     75.1     139.94     200.21     1.8     6.8  
San Francisco/ San Jose   6     7     237.03     72.7     172.26     236.43     267.87     82.7     221.55     313.95     (22.3 )   (24.7 )
Atlanta   2     5     186.06     77.5     144.28     236.30     187.76     76.8     144.13     224.53     0.1     5.2  
Boston   2     4     277.40     60.7     168.38     223.59     269.77     87.9     237.25     323.53     (29.0 )   (30.9 )
Chicago   4     6     240.04     71.8     172.32     237.59     224.69     83.8     188.34     257.40     (8.5 )   (7.7 )
Houston   5     4     184.11     67.1     123.53     175.70     181.69     74.6     135.49     193.31     (8.8 )   (9.1 )
Seattle   2     2     228.80     74.6     170.62     218.92     234.35     85.1     199.47     271.52     (14.5 )   (19.4 )
Denver   3     3     188.02     69.4     130.52     189.86     176.07     79.4     139.88     210.69     (6.7 )   (9.9 )
Other   9     7     262.88     69.1     181.67     265.61     174.42     80.8     140.93     200.82     28.9     32.3  
Domestic   73     85     300.15     74.3     223.13     362.11     246.13     82.3     202.61     322.61     10.1     12.2  
                                                 
International   5     5     155.80     59.0     91.91     140.79     158.97     69.7     110.79     169.04     (17.0 )   (16.7 )
All Locations   78     90     296.11     73.8     218.53     354.36     243.96     82.0     199.93     318.12     9.3     11.4  

Results by Location Compared to 2021 - actual, based on ownership period(1)

  As of June 30,                                          
  2022   2021   Year-to-date ended June 30, 2022   Year-to-date ended June 30, 2021          
Location No. of
Properties
  No. of
Properties
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total
RevPAR
  Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Miami   2     3   $ 609.44     70.9 % $ 432.20   $ 690.16   $ 525.00     58.5 % $ 306.95   $ 470.12     40.8 %   46.8 %
Maui/Oahu   4     4     556.16     77.2     429.37     665.43     440.07     59.4     261.61     394.93     64.1     68.5  
Jacksonville   1     1     555.35     70.8     393.31     846.75     534.27     52.3     279.35     539.18     40.8     57.0  
Florida Gulf Coast   5     5     485.09     72.1     349.66     687.58     455.98     59.7     272.11     497.88     28.5     38.1  
Phoenix   4     4     412.40     74.7     307.94     643.07     330.65     55.8     184.62     359.23     66.8     79.0  
Orlando   2     2     427.24     66.0     281.89     534.73     293.63     20.2     59.36     116.46     374.9     359.1  
Los Angeles/ Orange County   3     5     282.52     76.2     215.25     310.70     167.63     44.0     73.73     98.96     191.9     214.0  
Austin   2     1     274.92     71.3     196.03     334.68     181.24     59.9     108.65     151.16     80.4     121.4  
San Diego   3     3     265.79     71.3     189.62     343.77     184.52     31.6     58.33     91.91     225.1     274.0  
New York   2     3     276.49     56.1     155.17     222.91     162.82     24.3     39.56     46.67     292.2     377.7  
Philadelphia   2     2     206.81     76.7     158.68     244.18     151.04     48.3     72.98     108.91     117.4     124.2  
Washington, D.C. (CBD)   5     5     269.82     57.9     156.21     222.15     152.25     44.9     68.30     73.29     128.7     203.1  
New Orleans   1     1     212.83     66.2     140.90     202.78     121.54     29.1     35.40     52.52     298.0     286.1  
Northern Virginia   2     3     216.27     64.4     139.18     208.25     154.95     36.0     55.79     82.65     149.5     152.0  
San Antonio   2     2     195.73     68.8     134.67     205.78     142.95     33.2     47.42     67.74     184.0     203.8  
San Francisco/ San Jose   6     7     221.94     58.9     130.72     187.71     142.47     22.1     31.47     41.73     315.4     349.8  
Atlanta   2     4     180.13     72.0     129.60     207.01     165.27     43.6     72.11     95.56     79.7     116.6  
Boston   2     3     228.61     51.8     118.39     155.01     137.77     14.2     19.61     25.51     503.9     507.6  
Chicago   4     4     210.41     56.0     117.93     161.24     138.56     24.7     34.28     41.10     244.0     292.4  
Houston   5     4     182.12     64.0     116.60     162.56     134.73     56.1     75.63     102.44     54.2     58.7  
Seattle   2     2     211.55     55.1     116.53     153.56     162.69     14.8     24.06     30.12     384.4     409.9  
Denver   3     3     173.91     57.4     99.84     146.61     127.52     30.3     38.66     49.03     158.3     199.1  
Other   9     6     266.94     60.0     160.20     229.80     141.77     34.0     48.19     63.11     232.5     264.1  
Domestic   73     77     302.36     64.3     194.28     316.79     232.76     35.5     82.63     126.99     135.1     149.5  
                                                 
International   5     5     133.14     49.3     65.66     99.56     75.57     16.1     12.19     17.74     438.6     461.2  
All Locations   78     82     297.88     63.7     189.88     309.35     230.43     34.9     80.37     123.48     136.2     150.5  

Results by Location Compared to 2019 - actual, based on ownership period(1)

  As of June 30,                                          
  2022   2019   Year-to-date ended June 30, 2022   Year-to-date ended June 30, 2019          
Location No. of
Properties
  No. of
Properties
  Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
  RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Miami   2     3   $ 609.44     70.9 % $ 432.20   $ 690.16   $ 322.71     83.1 % $ 268.20   $ 407.70     61.2 %   69.3 %
Maui/Oahu   4     4     556.16     77.2     429.37     665.43     410.35     90.6     371.89     573.91     15.5     15.9  
Jacksonville   1     1     555.35     70.8     393.31     846.75     391.86     81.4     318.88     722.04     23.3     17.3  
Florida Gulf Coast   5     5     485.09     72.1     349.66     687.58     379.76     78.4     297.90     612.66     17.4     12.2  
Phoenix   4     5     412.40     74.7     307.94     643.07     296.68     80.1     237.53     486.65     29.6     32.1  
Orlando   2     1     427.24     66.0     281.89     534.73     193.57     74.8     144.76     339.92     94.7     57.3  
Los Angeles/ Orange County   3     7     282.52     76.2     215.25     310.70     209.76     83.7     175.65     265.93     22.5     16.8  
Austin   2         274.92     71.3     196.03     334.68                          
San Diego   3     4     265.79     71.3     189.62     343.77     237.09     79.8     189.18     344.22     0.2     (0.1 )
New York   2     3     276.49     56.1     155.17     222.91     266.36     78.3     208.64     321.80     (25.6 )   (30.7 )
Philadelphia   2     2     206.81     76.7     158.68     244.18     220.90     83.9     185.41     304.83     (14.4 )   (19.9 )
Washington, D.C. (CBD)   5     5     269.82     57.9     156.21     222.15     265.11     82.5     218.62     312.73     (28.5 )   (29.0 )
New Orleans   1     1     212.83     66.2     140.90     202.78     203.37     81.3     165.38     241.84     (14.8 )   (16.2 )
Northern Virginia   2     4     216.27     64.4     139.18     208.25     197.37     75.6     149.16     228.98     (6.7 )   (9.1 )
San Antonio   2     2     195.73     68.8     134.67     205.78     191.24     76.2     145.81     215.02     (7.6 )   (4.3 )
San Francisco/ San Jose   6     7     221.94     58.9     130.72     187.71     286.10     80.0     228.99     322.35     (42.9 )   (41.8 )
Atlanta   2     5     180.13     72.0     129.60     207.01     206.28     77.3     159.48     244.63     (18.7 )   (15.4 )
Boston   2     4     228.61     51.8     118.39     155.01     233.09     78.2     182.20     256.05     (35.0 )   (39.5 )
Chicago   4     6     210.41     56.0     117.93     161.24     189.47     73.2     138.60     191.07     (14.9 )   (15.6 )
Houston   5     4     182.12     64.0     116.60     162.56     182.15     75.2     136.92     197.16     (14.8 )   (17.5 )
Seattle   2     2     211.55     55.1     116.53     153.56     215.31     81.3     174.95     237.90     (33.4 )   (35.5 )
Denver   3     3     173.91     57.4     99.84     146.61     169.71     72.1     122.41     184.62     (18.4 )   (20.6 )
Other   9     7     266.94     60.0     160.20     229.80     174.23     75.2     131.09     198.06     22.2     16.0  
Domestic   73     85     302.36     64.3     194.28     316.79     246.29     79.1     194.79     312.95     (0.3 )   1.2  
                                                 
International   5     5     133.14     49.3     65.66     99.56     151.58     68.7     104.09     155.00     (36.9 )   (35.8 )
All Locations   78     90     297.88     63.7     189.88     309.35     243.88     78.8     192.15     308.34     (1.2 )   0.3  

(1) Represents the results of the portfolio for the time period of our ownership, including dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.


HOST HOTELS & RESORTS, INC. 
Schedule of All Owned Hotel Results (1)
(unaudited, in millions, except hotel statistics)

    Quarter ended June 30,     Year-to-date ended June 30,  
    2022     2021     2019     2022     2021     2019  
Number of hotels     78       77       76       78       77       76  
Number of rooms     42,338       42,115       41,950       42,338       42,115       41,950  
Change in All Owned Hotel Total RevPAR     107.8 %                 121.6 %            
Change in All Owned Hotel RevPAR     98.2 %                 111.0 %            
Operating profit (loss) margin⁽²⁾     23.7 %     (10.5 )%     18.9 %     18.3 %     (22.3 )%     17.3 %
All Owned Hotel EBITDA margin⁽²⁾     37.1 %     23.0 %     32.3 %     34.6 %     18.4 %     31.9 %
Food and beverage profit margin⁽²⁾     39.5 %     23.4 %     35.4 %     36.6 %     22.0 %     34.8 %
All Owned Hotel food and beverage
   profit margin⁽²⁾
    39.7 %     24.6 %     36.5 %     37.3 %     22.4 %     36.3 %
                                     
Net income (loss)   $ 260     $ (61 )   $ 290     $ 378     $ (214 )   $ 479  
Depreciation and amortization     162       169       166       334       334       336  
Interest expense     37       43       43       73       85       86  
Provision (benefit) for income taxes     39       (22 )     16       23       (68 )     18  
Gain on sale of property and
   corporate level
   income/expense
    10       (3 )     (44 )     17       12       (33 )
Severance expense (reversal) at
   hotel properties
          (1 )           2       (3 )      
All Owned Hotel adjustments⁽¹⁾     2       26       (44 )     12       54       (58 )
All Owned Hotel EBITDA⁽¹⁾   $ 510     $ 151     $ 427     $ 839     $ 200     $ 828  

___________
(1)   See the Notes to Financial Information for a discussion of non-GAAP measures and the limitations on their use. All Owned Hotel adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of June 30, 2022, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations and (ii) the addition of results for periods prior to our ownership for hotels acquired as of June 30, 2022. All Owned Hotel results also include the results of our leased office buildings and other non-hotel revenue and expense items. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings.
(2)   Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. All Owned Hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:

  Quarter ended June 30, 2022     Quarter ended June 30, 2021  
        Adjustments                 Adjustments        
  GAAP Results     All Owned Hotel adjustments     Depreciation
and corporate level items
    All Owned Hotel Results     GAAP Results     Severance at hotel properties     All Owned Hotel adjustments     Depreciation
and corporate level items
    All Owned Hotel Results  
Revenues                                                    
Room $ 850     $ (5 )   $     $ 845     $ 423     $     $ 1     $     $ 424  
Food and
beverage
  405       (2 )           403       137             5             142  
Other   126       (1 )           125       89             2             91  
Total revenues   1,381       (8 )           1,373       649             8             657  
Expenses                                                    
Room   189       (3 )           186       109             (7 )           102  
Food and
beverage
  245       (2 )           243       105             2             107  
Other   440       (5 )           435       309       1       (13 )           297  
Depreciation
and
amortization
  162             (162 )           169                   (169 )      
Corporate and
other
expenses
  25             (25 )           25                   (25 )      
Gain on
insurance and
business
interruption
settlements
  (7 )           6       (1 )                              
Total expenses   1,054       (10 )     (181 )     863       717       1       (18 )     (194 )     506  
Operating Profit
- All Owned
 Hotel EBITDA
$ 327     $ 2     $ 181     $ 510     $ (68 )   $ (1 )   $ 26     $ 194     $ 151  

 

    Quarter ended June 30, 2022     Quarter ended June 30, 2019  
          Adjustments                 Adjustments        
    GAAP Results     All Owned Hotel adjustments     Depreciation
and corporate level items
    All Owned Hotel Results     GAAP Results     All Owned Hotel adjustments     Depreciation
and corporate level items
    All Owned Hotel Results  
Revenues                                                
Room   $ 850     $ (5 )   $     $ 845     $ 931     $ (124 )   $     $ 807  
Food and
beverage
    405       (2 )           403       449       (30 )           419  
Other     126       (1 )           125       103       (5 )           98  
Total revenues     1,381       (8 )           1,373       1,483       (159 )           1,324  
Expenses                                                
Room     189       (3 )           186       226       (37 )           189  
Food and
beverage
    245       (2 )           243       290       (24 )           266  
Other     440       (5 )           435       496       (54 )           442  
Depreciation
and
amortization
    162             (162 )           166             (166 )      
Corporate and
other
expenses
    25             (25 )           25             (25 )      
Gain on insurance
and business
interruption
settlements
    (7 )           6       (1 )                        
Total expenses     1,054       (10 )     (181 )     863       1,203       (115 )     (191 )     897  
Operating Profit
- All Owned
 Hotel EBITDA
  $ 327     $ 2     $ 181     $ 510     $ 280     $ (44 )   $ 191     $ 427  

 

    Year-to-date ended June 30, 2022     Year-to-date ended June 30, 2021  
          Adjustments                 Adjustments        
    GAAP Results     Severance at hotel properties     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results     GAAP Results     Severance at hotel properties     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results  
Revenues                                                            
Room   $ 1,505     $     $ (23 )   $     $ 1,482     $ 680     $     $ 18     $     $ 698  
Food and
beverage
    702             (5 )           697       214             14             228  
Other     248             (1 )           247       154             8             162  
Total revenues     2,455             (29 )           2,426       1,048             40             1,088  
Expenses                                                            
Room     349             (14 )           335       174             (7 )           167  
Food and
beverage
    445             (8 )           437       167             10             177  
Other     837       (2 )     (19 )           816       558       3       (17 )           544  
Depreciation
and
amortization
    334                   (334 )           334                   (334 )      
Corporate and
other
expenses
    48                   (48 )           49                   (49 )      
Gain on
insurance and
business
interruption
settlements
    (7 )                 6       (1 )                              
Total expenses     2,006       (2 )     (41 )     (376 )     1,587       1,282       3       (14 )     (383 )     888  
Operating Profit
- All Owned
 Hotel EBITDA
  $ 449     $ 2     $ 12     $ 376     $ 839     $ (234 )   $ (3 )   $ 54     $ 383     $ 200  

 

    Year-to-date ended June 30, 2022     Year-to-date ended June 30, 2019  
          Adjustments                 Adjustments        
    GAAP Results     Severance at hotel properties     All Owned Hotel adjustments     Depreciation
and corporate level items
    All Owned Hotel Results     GAAP Results     All Owned Hotel adjustments     Depreciation
and corporate level items
    All Owned Hotel Results  
Revenues                                                      
Room   $ 1,505     $     $ (23 )   $     $ 1,482     $ 1,788     $ (208 )   $     $ 1,580  
Food and
beverage
    702             (5 )           697       882       (57 )           825  
Other     248             (1 )           247       203       (11 )           192  
Total revenues     2,455             (29 )           2,426       2,873       (276 )           2,597  
Expenses                                                      
Room     349             (14 )           335       443       (70 )           373  
Food and
beverage
    445             (8 )           437       575       (49 )           526  
Other     837       (2 )     (19 )           816       969       (99 )           870  
Depreciation
and
amortization
    334                   (334 )           336             (336 )      
Corporate and
other
expenses
    48                   (48 )           54             (54 )      
Gain on insurance
and business
interruption
settlements
    (7 )                 6       (1 )                        
Total expenses     2,006       (2 )     (41 )     (376 )     1,587       2,377       (218 )     (390 )     1,769  
Operating Profit
- All Owned
 Hotel EBITDA
  $ 449     $ 2     $ 12     $ 376     $ 839     $ 496     $ (58 )   $ 390     $ 828  

 

HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income (Loss) to
EBITDA, EBITDAre and Adjusted EBITDAre (1)
(unaudited, in millions)

    Quarter ended June 30,     Year-to-date ended June 30,  
    2022     2021     2022     2021  
Net income (loss)   $ 260     $ (61 )   $ 378     $ (214 )
Interest expense     37       43       73       85  
Depreciation and amortization     162       169       334       334  
Income taxes     39       (22 )     23       (68 )
EBITDA     498       129       808       137  
Gain on dispositions⁽²⁾     (1 )           (13 )      
Equity investment adjustments:                        
Equity in earnings of affiliates     (2 )     (25 )     (4 )     (34 )
Pro rata EBITDAre of equity investments⁽³⁾     11       7       21       13  
EBITDAre     506       111       812       116  
Adjustments to EBITDAre:                        
Gain on property insurance settlement     (6 )           (6 )      
Severance expense (reversal) at hotel
properties
          (1 )           (3 )
Adjusted EBITDAre   $ 500     $ 110     $ 806     $ 113  
                         

___________
(1)   See the Notes to Financial Information for discussion of non-GAAP measures.
(2)   Reflects the sale of three hotels in 2022.
(3)   Pro rata EBITDAre of equity investments and pro rata FFO of equity investments for the quarter and year-to-date ended June 30, 2021 include a realized gain of approximately $3 million related to equity securities held by one of our unconsolidated partnerships, Fifth Wall Ventures, L.P. Unrealized gains of our unconsolidated investments are not recognized in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO until they have been realized by the unconsolidated partnership.
 

HOST HOTELS & RESORTS, INC.
Reconciliation of Diluted Earnings (Loss) per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share (1)
(unaudited, in millions, except per share amounts)

    Quarter ended June 30,     Year-to-date ended June 30,  
    2022     2021     2022     2021  
Net income (loss)   $ 260     $ (61 )   $ 378     $ (214 )
Less: Net (income) loss attributable to non-
controlling interests
    (4 )     1       (6 )     2  
Net income (loss) attributable to Host Inc.     256       (60 )     372       (212 )
Adjustments:                        
Gain on dispositions⁽²⁾     (1 )           (13 )      
Gain on property insurance settlement     (6 )           (6 )      
Depreciation and amortization     162       168       333       333  
Equity investment adjustments:                        
Equity in earnings of affiliates     (2 )     (25 )     (4 )     (34 )
Pro rata FFO of equity investments⁽³⁾     8       6       17       10  
Consolidated partnership adjustments:                        
FFO adjustment for non-controlling
partnerships
          (1 )           (1 )
FFO adjustments for non-controlling interests
of Host L.P.
    (1 )     (2 )     (4 )     (3 )
NAREIT FFO     416       86       695       93  
Adjustments to NAREIT FFO:                        
Severance expense (reversal) at hotel
properties
          (1 )           (3 )
Adjusted FFO   $ 416     $ 85     $ 695     $ 90  
                         
For calculation on a per share basis:⁽⁴⁾                        
                         
Diluted weighted average shares
outstanding - EPS
  717.0       707.6       716.8       706.6  
Assuming issuance of common shares granted
under the comprehensive stock plans
          1.6             1.6  
Diluted weighted average shares outstanding
- NAREIT FFO and Adjusted FFO
    717.0       709.2       716.8       708.2  
Diluted earnings (loss) per common share   $ 0.36     $ (0.09 )   $ 0.52     $ (0.30 )
NAREIT FFO per diluted share   $ 0.58     $ 0.12     $ 0.97     $ 0.13  
Adjusted FFO per diluted share   $ 0.58     $ 0.12     $ 0.97     $ 0.13  

___________
(1-3) Refer to corresponding footnote on the Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre.
(4)   Diluted earnings (loss) per common share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP units. No effect is shown for securities if they are anti-dilutive.

 

HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income to
EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2022 Forecasts (1)
(unaudited, in millions)

    Full Year 2022  
    Low-end of range     High-end of range  
Net income   $ 588     $ 652  
Interest expense     159       159  
Depreciation and amortization     662       662  
Income taxes     32       33  
EBITDA     1,441       1,506  
Gain on dispositions     (13 )     (13 )
Equity investment adjustments:            
Equity in earnings of affiliates     (9 )     (10 )
Pro rata EBITDAre of equity investments     32       33  
EBITDAre     1,451       1,516  
Adjustments to EBITDAre:            
Gain on property insurance settlement     (6 )     (6 )
Adjusted EBITDAre   $ 1,445     $ 1,510  

 

    Full Year 2022  
    Low-end of range     High-end of range  
Net income   $ 588     $ 652  
Less: Net income attributable to non-controlling interests     (9 )     (10 )
Net income attributable to Host Inc.     579       642  
Adjustments:            
Gain on dispositions     (13 )     (13 )
Gain on property insurance settlement     (6 )     (6 )
Depreciation and amortization     661       661  
Equity investment adjustments:            
Equity in earnings of affiliates     (9 )     (10 )
Pro rata FFO of equity investments     25       26  
Consolidated partnership adjustments:            
FFO adjustment for non-controlling partnerships     (1 )     (1 )
FFO adjustment for non-controlling interests of Host LP     (9 )     (9 )
NAREIT FFO and Adjusted FFO   $ 1,227     $ 1,290  
             
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO     717.0       717.0  
Diluted earnings per common share   $ 0.81     $ 0.90  
NAREIT and Adjusted FFO per diluted share   $ 1.71     $ 1.80  

___________

(1)   The Forecasts are based on the below assumptions:

  • All Owned Hotel RevPAR will increase 62.5% to 65.9% compared to 2021 for the low and high end of the forecast range.
  • All Owned Hotel EBITDA margins will increase 810 to 870 basis points for the low and high ends of the forecasted All Owned Hotel RevPAR range, respectively.
  • We expect to spend approximately $500 million to $575 million on capital expenditures.
  • There will be no additional hotel acquisitions or dispositions in 2022.

For a discussion of items that may affect forecast results, see the Notes to Financial Information.


HOST HOTELS & RESORTS, INC. 
Schedule of All Owned Hotel Results for Full Year 2022 Forecasts (1)
(unaudited, in millions)

    Full Year 2022  
    Low-end of range     High-end of range  
Operating profit margin (2)     15.1 %     16.1 %
All Owned Hotel EBITDA margin (2)     31.5 %     32.1 %
             
Net income   $ 588     $ 652  
Depreciation and amortization     662       662  
Interest expense     159       159  
Provision for income taxes     32       33  
Gain on sale of property and corporate level income/expense     42       40  
Severance expense at hotel properties     2       2  
All Owned Hotel adjustments (1)     12       12  
All Owned Hotel EBITDA (1)   $ 1,497     $ 1,560  

___________

(1)   See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2022 Forecasts" for other forecast assumptions. All Owned Hotel adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of June 30, 2022, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations and (ii) the addition of results for periods prior to our ownership for hotels acquired as of June 30, 2022. All Owned Hotel results also include the results of our leased office buildings and other non-hotel revenue and expense items.
(2)   Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. All Owned Hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:

  Low-end of range     High-end of range  
      Adjustments             Adjustments      
  GAAP Results   Severance at hotel properties   All Owned Hotel adjustments   Depreciation and corporate level items   All Owned Hotel Results     GAAP Results   Severance at hotel properties   All Owned Hotel adjustments   Depreciation and corporate level items   All Owned Hotel Results  
Revenues