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117

^[1]

1,006

1,025

145

Host Hotels & Resorts, Inc. stockholders' equity:

5,753

5,477

Non-controlling interests - other consolidated partnerships

(1)

Host Hotels & Resorts, L.P. capital:

(1)

Property and equipment, net

ASSETS

11,383

10,514

Due from managers

Investments in affiliates

197

148

Deferred financing costs, net

Furniture, fixtures and equipment replacement fund

166

152

368

354

Restricted cash

Senior notes, including $902 million and $1,156 million, respectively, net of discount, of Exchangeable Senior Debentures

826

1,113

Total assets

13,068

12,411

Debt

4,543

4,249

117

1,006

1,025

145

Accounts payable and accrued expenses

5,753

5,477

175

161

Non-controlling interests - Host Hotels & Resorts, L.P.

269

250

Total liabilities

6,197

5,888

158

191

Host Hotels & Resorts, Inc. stockholders' equity:

Common stock, par value $.01, 1,050 million shares authorized; 705.1 million and 675.6 million shares issued and outstanding, respectively

Additional paid-in capital

7,750

7,236

Total equity of Host Hotels & Resorts, Inc. stockholders

(1)

Deficit

(1,079)

(965)

6,677

6,303

Non-controlling interests - other consolidated partnerships

Total equity

6,713

6,332

Total liabilities, limited partnership interest of third parties and capital

13,068

12,411

Host Hotels & Resorts, L.P. capital:

(1)

Property and equipment, net

ASSETS

11,383

10,514

Due from managers

Investments in affiliates

197

148

Deferred financing costs, net

Furniture, fixtures and equipment replacement fund

166

152

368

353

Restricted cash

Senior notes, including $902 million and $1,156 million, respectively, net of discount, of Exchangeable Senior Debentures

826

1,113

Total assets

13,068

12,410

Debt

4,543

4,249

117

1,006

1,025

145

Accounts payable and accrued expenses

5,753

5,477

175

161

Non-controlling interests - Host Hotels & Resorts, L.P.

269

250

Total liabilities

6,197

5,888

^[2]

158

191

Host Hotels & Resorts, Inc. stockholders' equity:

Total liabilities, limited partnership interest of third parties and capital

(1)

13,068

12,410

Host Hotels & Resorts, L.P. capital:

General partner

Limited partner

6,677

6,276

Total Host Hotels & Resorts, L.P. capital

(1)

6,677

6,302

Non-controlling interests - consolidated partnerships

Total capital

$ 6,713

$ 6,331

[1]	The amount of the assets stated above securing mortgage debt represents the book value of real estate assets, net of accumulated depreciation. These amounts do not represent the current fair value of the assets.
[2]	The book value recorded is equal to the greater of the redemption value or the historical cost.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Senior Notes	$ 4,543	$ 4,249
Common stock, par value	$ 0.01
Common stock, shares authorized	1,050.0
Common stock, shares outstanding	705.1	675.6
Exchangeable Debentures
Senior Notes	$ 902
HOST HOTELS & RESORTS, INC.
Senior Notes	$ 4,543	$ 4,249
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,050.0	1,050.0
Common stock, shares issued	705.1	675.6
Common stock, shares outstanding	705.1	675.6
HOST HOTELS & RESORTS, INC. \| Exchangeable Debentures
Senior Notes	$ 902	$ 1,156
HOST HOTELS & RESORTS L.P.
Senior Notes	4,543	4,249
HOST HOTELS & RESORTS L.P. \| Exchangeable Debentures
Senior Notes	$ 902	$ 1,156

CONSOLIDATED STATEMENTS OF OPERATIONS
$ in Millions

12 Months Ended

Dec. 31, 2011

USD ($)

$ / shares

$ / PartnershipUnit

Dec. 31, 2010

USD ($)

$ / shares

$ / PartnershipUnit

Dec. 31, 2009

USD ($)

$ / shares

$ / PartnershipUnit

REVENUES

Total revenues

$ 4,998

$ 4,428

$ 4,135

EXPENSES

Less: Net loss attributable to non-controlling interests

(371)

^[1]

(384)

^[1]

(379)

^[2]

LOSS BEFORE INCOME TAXES

(13)

(159)

(236)

REVENUES

3,022

2,661

2,484

1,427

1,291

1,234

296

277

310

Owned hotel revenues

4,745

4,229

4,028

Other revenues

253

199

107

Total revenues

4,998

4,428

4,135

EXPENSES

832

734

681

Other departmental and support expenses

1,062

965

933

1,261

1,151

1,099

Management fees

189

171

158

Other property-level expenses

569

488

386

Corporate and other expenses

652

591

613

111

108

116

Gain on insurance settlement

(2)

(3)

Total operating costs and expenses

4,674

4,205

3,986

OPERATING PROFIT

324

223

149

Interest income

(371)

(384)

(379)

Gain (loss) on foreign currency transactions and derivatives

(6)

Equity in earnings (losses) of affiliates

(1)

(32)

LOSS BEFORE INCOME TAXES

(13)

(159)

(236)

Benefit for income taxes

LOSS FROM CONTINUING OPERATIONS

(12)

(128)

(197)

Loss from discontinued operations, net of tax

(4)

(61)

Less: Net loss attributable to non-controlling interests

(16)

(132)

(258)

NET LOSS ATTRIBUTABLE TO REPORTING ENTITY

(15)

(130)

(252)

Less: Dividends on preferred stock

(4)

(9)

Issuance costs of redeemed preferred stock

(4)

Loss available to common stockholders

$ (15)

$ (138)

$ (261)

Basic loss per common share:

$ (0.01)

$ (0.20)

$ (0.34)

Basic loss per common share | $ / shares

(0.01)

(0.11)

(0.02)

(0.21)

(0.45)

Diluted loss per common share:

(0.01)

(0.20)

(0.34)

Diluted loss per common share | $ / shares

(0.01)

(0.11)

$ (0.02)

$ (0.21)

$ (0.45)

REVENUES

$ 3,022

$ 2,661

$ 2,484

1,427

1,291

1,234

296

277

310

Owned hotel revenues

4,745

4,229

4,028

Other revenues

253

199

107

Total revenues

4,998

4,428

4,135

EXPENSES

832

734

681

Other departmental and support expenses

1,062

965

933

1,261

1,151

1,099

Management fees

189

171

158

Other property-level expenses

569

488

386

Corporate and other expenses

652

591

613

111

108

116

Gain on insurance settlement

(2)

(3)

Total operating costs and expenses

4,674

4,205

3,986

OPERATING PROFIT

324

223

149

Interest income

(371)

(384)

(379)

Gain (loss) on foreign currency transactions and derivatives

(6)

Equity in earnings (losses) of affiliates

(1)

(32)

LOSS BEFORE INCOME TAXES

(13)

(159)

(236)

Benefit for income taxes

LOSS FROM CONTINUING OPERATIONS

(12)

(128)

(197)

Loss from discontinued operations, net of tax

(4)

(61)

Less: Net loss attributable to non-controlling interests

(16)

(132)

(258)

NET LOSS ATTRIBUTABLE TO REPORTING ENTITY

(15)

(132)

(257)

Issuance costs of redeemed preferred stock

^[3]

(4)

Diluted loss per common share:

Less: Distributions on preferred units

(4)

(9)

Loss available to common unitholders

$ (15)

$ (140)

$ (266)

Basic loss per common unit:

(0.01)

(0.21)

(0.34)

Basic loss per common unit | $ / PartnershipUnit

(0.01)

(0.10)

(0.02)

(0.21)

(0.44)

Diluted loss per common unit:

(0.01)

(0.21)

(0.35)

Diluted loss per common unit | $ / PartnershipUnit

(0.01)

(0.10)

(0.02)

(0.21)

(0.45)

[1]	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.
[2]	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.
[3]	Represents the original issuance costs associated with the Class E preferred OP units, which units were redeemed during 2010.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
HOST HOTELS & RESORTS, INC.
NET LOSS	$ (16)	$ (132)	$ (258)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Unrealized loss on common stock			(4)
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates	(27)	8	15
Change in fair value of derivative instruments	1	5	(4)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(26)	13	7
COMPREHENSIVE LOSS	(42)	(119)	(251)
Less: Comprehensive loss attributable to non-controlling interests	1	2	6
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE REPORTING ENTITY	(41)	(117)	(245)
HOST HOTELS & RESORTS L.P.
NET LOSS	(16)	(132)	(258)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Unrealized loss on common stock			(4)
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates	(27)	8	15
Change in fair value of derivative instruments	1	5	(4)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(26)	13	7
COMPREHENSIVE LOSS	(42)	(119)	(251)
Less: Comprehensive loss attributable to non-controlling interests	1		1
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE REPORTING ENTITY	$ (41)	$ (119)	$ (250)

CONSOLIDATED STATEMENTS OF EQUITY - HOST HOTELS & RESORTS, INC. - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests of Consolidated Partnerships	Non-controlling Interests of Host Hotels & Resorts, L.P
Beginning Balance at Dec. 31, 2008		$ 97	$ 5	$ 5,868	$ (385)	$ 5	$ 24	$ 158
Beginning Balance at Dec. 31, 2008		4.0	525.3
NET LOSS	$ (258)				(252)		(1)	(5)
Unrealized loss on common stock	(4)					(4)
Other changes in ownership				(19)				19
Foreign currency translation and other comprehensive income of unconsolidated affiliates	15					15
Change in fair value of derivative instruments	(4)					(4)
Common stock issuances			$ 1	766
Common stock issuances (shares)			103.8
Comprehensive stock and employee stock purchase plans				6
Comprehensive stock and employee stock purchase plans (shares)			0.4
Common stock dividends - cash					(16)
Common stock dividends - shares				139	(139)
Common stock dividends - shares			13.4
Dividends on preferred stock	(9)				(9)
Issuance of 2009 Exchangeable Senior Debentures				82
Redemptions of limited partner interests for common stock				33				(33)
Redemptions of limited partner interests for common stock			3.4
Contributions from non-controlling interests of consolidated partnerships							1
Distributions to non-controlling interests							(2)
Ending Balance at Dec. 31, 2009		$ 97	$ 6	6,875	(801)	12	22	139
Ending Balance at Dec. 31, 2009		4.0	646.3
NET LOSS	(132)				(130)			(2)
Other changes in ownership				(69)				69
Foreign currency translation and other comprehensive income of unconsolidated affiliates	8					8
Change in fair value of derivative instruments	5					5
Common stock issuances			$ 1	405
Common stock issuances (shares)			26.9
Comprehensive stock and employee stock purchase plans				10
Comprehensive stock and employee stock purchase plans (shares)			1.2
Common stock dividends - cash					(26)
Dividends on preferred stock	(4)				(4)
Redemption of preferred stock		$ (97)			(4)
Redemption of preferred stock (shares)		(4.0)
Redemptions of limited partner interests for common stock				15				(15)
Redemptions of limited partner interests for common stock			1.2
Contributions from non-controlling interests of consolidated partnerships							11
Distributions to non-controlling interests							(4)
Ending Balance at Dec. 31, 2010	6,332		$ 7	7,236	(965)	25	29	191
Ending Balance at Dec. 31, 2010			675.6
NET LOSS	(16)				(15)		(1)
Other changes in ownership				33				(33)
Foreign currency translation and other comprehensive income of unconsolidated affiliates	(27)					(27)
Change in fair value of derivative instruments	1					1
Common stock issuances				459
Common stock issuances (shares)			27.9
Common OP unit issuances								6
Comprehensive stock and employee stock purchase plans				17
Comprehensive stock and employee stock purchase plans (shares)			1.3
Common stock dividends - cash					(99)
Redemptions of limited partner interests for common stock				5				(5)
Redemptions of limited partner interests for common stock			0.3
Contributions from non-controlling interests of consolidated partnerships							12
Distributions to non-controlling interests							(4)	(1)
Ending Balance at Dec. 31, 2011	$ 6,713		$ 7	$ 7,750	$ (1,079)	$ (1)	$ 36	$ 158
Ending Balance at Dec. 31, 2011			705.1

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Discontinued operations:

Non-cash loss (gain) on extinguishment of debt

^[2]

$ 32

^[1]

$ 34

^[1]

$ 31

^[3]

Deferred income taxes

(11)

(36)

(38)

^[1]

(2)

^[3]

OPERATING ACTIVITIES

(Gain) loss on dispositions

(16)

(132)

(258)

Discontinued operations:

(26)

Depreciation

Amortization of deferred financing costs

652

591

613

Deferred income taxes

(11)

(36)

(38)

(Gain) loss on foreign currency transactions and derivatives

(7)

(1)

(14)

(3)

(5)

Non-cash loss (gain) on extinguishment of debt

(5)

Equity in (earnings) losses of affiliates

(4)

Distributions from equity investments

Change in due from managers

(9)

Change in cash restricted for operating activities

(25)

Changes in other assets

(9)

(12)

Changes in other liabilities

Cash provided by operating activities

661

520

552

INVESTING ACTIVITIES

Proceeds from sales of assets, net

199

Acquisitions

(1,047)

(342)

Deposits for acquisitions

(38)

Proceeds from transfer of Le Méridien Piccadilly to the Euro JV Fund II

Proceeds from sale of interest in CBM Joint Venture LLC

Deferred sale proceeds received from HPT

Investment in affiliates

(49)

(1)

(7)

Return of capital from investments

Purchase of mortgage note on a portfolio of hotels

(53)

Capital expenditures:

Renewals and replacements

(327)

(195)

(164)

Redevelopment and other investments

(215)

(114)

(176)

Change in furniture, fixtures & equipment (FF&E) replacement fund

(17)

(6)

Change in FF&E replacement funds designated as restricted cash

(14)

Property insurance proceeds

Cash used in investing activities

(1,576)

(706)

(116)

FINANCING ACTIVITIES

Financing costs

(23)

(10)

(20)

Issuances of debt

955

500

906

Draws on credit facility

153

Repayment on credit facility

(90)

(410)

Repurchase/redemption of senior notes, including exchangeable debentures

(404)

(821)

(139)

Mortgage debt prepayments and scheduled maturities

(210)

(364)

(342)

Scheduled principal repayments

(5)

(13)

(14)

Common stock issuance

323

406

767

Redemption of preferred stock

(101)

Dividends on common stock

(70)

(20)

(42)

Dividends on preferred stock

(6)

(9)

Distributions to non-controlling interests

(5)

(4)

(3)

Contributions from non-controlling interests

Change in cash restricted for financing activities

Cash provided by (used in) financing activities

628

(343)

698

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(287)

(529)

1,134

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

1,113

1,642

508

CASH AND CASH EQUIVALENTS, END OF YEAR

826

1,113

1,642

OPERATING ACTIVITIES

(Gain) loss on dispositions

(16)

(132)

(258)

Discontinued operations:

(26)

Depreciation

Amortization of deferred financing costs

652

591

613

Deferred income taxes

(11)

(36)

(38)

(Gain) loss on foreign currency transactions and derivatives

(7)

(1)

(14)

(3)

(5)

Non-cash loss (gain) on extinguishment of debt

(5)

Equity in (earnings) losses of affiliates

(4)

Distributions from equity investments

Change in due from managers

(9)

Change in cash restricted for operating activities

(25)

Changes in other assets

(9)

(12)

Changes in other liabilities

Cash provided by operating activities

661

520

552

INVESTING ACTIVITIES

Proceeds from sales of assets, net

199

Acquisitions

(1,047)

(342)

Deposits for acquisitions

(38)

Proceeds from transfer of Le Méridien Piccadilly to the Euro JV Fund II

Proceeds from sale of interest in CBM Joint Venture LLC

Deferred sale proceeds received from HPT

Investment in affiliates

(49)

(1)

(7)

Return of capital from investments

Purchase of mortgage note on a portfolio of hotels

(53)

Capital expenditures:

Renewals and replacements

(327)

(195)

(164)

Redevelopment and other investments

(215)

(114)

(176)

Change in furniture, fixtures & equipment (FF&E) replacement fund

(17)

(6)

Change in FF&E replacement funds designated as restricted cash

(14)

Property insurance proceeds

Cash used in investing activities

(1,576)

(706)

(116)

FINANCING ACTIVITIES

Financing costs

(23)

(10)

(20)

Issuances of debt

955

500

906

Draws on credit facility

153

Repayment on credit facility

(90)

(410)

Repurchase/redemption of senior notes, including exchangeable debentures

(404)

(821)

(139)

Mortgage debt prepayments and scheduled maturities

(210)

(364)

(342)

Scheduled principal repayments

(5)

(13)

(14)

Change in cash restricted for financing activities

Cash provided by (used in) financing activities

628

(343)

698

Common OP unit issuance

323

406

767

Redemption of preferred OP units

(101)

Distributions on common OP units

(71)

(20)

(43)

Distributions on preferred OP units

(6)

(9)

Distributions to non-controlling interests

(4)

(2)

Contributions from non-controlling interests

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(287)

(529)

1,134

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

1,113

1,642

508

CASH AND CASH EQUIVALENTS, END OF YEAR

$ 826

$ 1,113

$ 1,642

[1]	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.
[2]	Primarily represents the amortization of the debt discount on our Debentures, which is non-cash interest expense.
[3]	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.

Statement Of Partners Capital - HOST HOTELS & RESORTS L.P. - USD ($) shares in Millions, $ in Millions	Total	Preferred Limited Partner	General Partner	Limited Partner	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests of Consolidated Partnerships	Limited Partnership Interests of Third Parties
Beginning Balance at Dec. 31, 2008		$ 97	$ 1	$ 5,485	$ 5	$ 24	$ 158
Beginning Balance at Dec. 31, 2008		4.0	525.3
NET LOSS	$ (258)			(252)		(1)	(5)
Unrealized loss on HMS Host common stock	(4)				(4)
Other changes in ownership				(19)			19
Foreign currency translation and other comprehensive income of unconsolidated affiliates	15				15
Change in fair value of derivative instruments	(4)				(4)
Common OP unit issuances				767
Common OP unit issuances (units)			103.6
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans				6
Units issued to Host Inc for the comprehensive stock and employee stock purchase plans(units)			0.4
Distribution on common OP unit				(16)
Distribution on preferred OP unit				(9)
Issuance of 2009 Exchangeable Senior Debentures				82
Redemptions of limited partnership interests of third parties				33			(33)
Redemptions of limited partnership interests of third parties			3.4
Contributions from non-controlling interests of consolidated partnerships						1
Distributions to non-controlling interests						(2)
Ending Balance at Dec. 31, 2009		$ 97	$ 1	6,077	12	22	139
Ending Balance at Dec. 31, 2009		4.0	632.7
NET LOSS	(132)			(130)			(2)
Other changes in ownership				(69)			69
Foreign currency translation and other comprehensive income of unconsolidated affiliates	8				8
Change in fair value of derivative instruments	5				5
Common OP unit issuances				407
Common OP unit issuances (units)			26.4
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans				10
Units issued to Host Inc for the comprehensive stock and employee stock purchase plans(units)			1.1
Distribution on common OP unit				(26)
Distribution on preferred OP unit				(4)
Redemption of preferred units		$ (97)		(4)
Redemption of preferred units		(4.0)
Redemptions of limited partnership interests of third parties				15			(15)
Redemptions of limited partnership interests of third parties			1.2
Contributions from non-controlling interests of consolidated partnerships						11
Distributions to non-controlling interests						(4)
Ending Balance at Dec. 31, 2010	6,331		$ 1	6,276	25	29	191
Ending Balance at Dec. 31, 2010			661.4
NET LOSS	(16)			(15)		(1)
Other changes in ownership				33			(33)
Foreign currency translation and other comprehensive income of unconsolidated affiliates	(27)				(27)
Change in fair value of derivative instruments	1				1
Common OP unit issuances				460			6
Common OP unit issuances (units)			27.3
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans				17
Units issued to Host Inc for the comprehensive stock and employee stock purchase plans(units)			1.3
Distribution on common OP unit				(99)
Redemptions of limited partnership interests of third parties				5			(5)
Redemptions of limited partnership interests of third parties			0.3
Contributions from non-controlling interests of consolidated partnerships						12
Distributions to non-controlling interests						(4)	(1)
Ending Balance at Dec. 31, 2011	$ 6,713		$ 1	$ 6,677	$ (1)	$ 36	$ 158
Ending Balance at Dec. 31, 2011			690.3

Supplemental schedule of noncash investing and financing activities	12 Months Ended
	Dec. 31, 2011
HOST HOTELS & RESORTS, INC.
Supplemental schedule of noncash investing and financing activities	Supplemental schedule of noncash investing and financing activities: During 2011, 2010 and 2009, Host Inc. issued approximately 0.3 million, 1.2 million and 3.4 million shares of common stock, respectively, upon the conversion of Host L.P. units, or OP units, held by non-controlling interests valued at $5 million, $15 million and $18 million, respectively. In June 2011, holders of approximately $134 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 8.8 million shares of Host Inc. common stock. On June 28, 2011, we transferred the Le Méridien Piccadilly to the Euro JV Fund II at a price of £64 million ($102 million), including the assumption of the associated £32 million ($52 million) mortgage. We also transferred the capital lease asset and corresponding liability associated with the building, each valued at £38 million ($61 million), to the Euro JV Fund II. We retained a 33.4% interest in the property through our general and limited partner interests in the Euro JV Fund II and received cash proceeds on the transfer of £25 million ($40 million). We acquired a leasehold interest in the property in July 2010, at which time we assumed the mortgage loan and recorded the capital lease obligation. On April 29, 2011, we acquired a 75% controlling interest in the Hilton Melbourne South Wharf. In connection with the acquisition, we assumed A$80 million ($86 million) of mortgage debt and recorded such mortgage debt at its fair value at the acquisition date. On March 17, 2011, we acquired the Manchester Grand Hyatt San Diego, and certain related rights. In connection with the acquisition, Host Hotels & Resorts, L.P. issued approximately 0.3 million OP units valued at approximately $6 million. On September 2, 2010, we acquired a 90% controlling interest in the W New York, Union Square hotel. In connection with the acquisition, we assumed a $115 million mortgage debt with a fair value of $119 million, and other liabilities of $8.5 million. On December 18, 2009, Host Inc. issued 13.4 million shares of common stock valued at $140 million to its stockholders as part of a special common dividend.
HOST HOTELS & RESORTS L.P.
Supplemental schedule of noncash investing and financing activities	Supplemental schedule of noncash investing and financing activities: During 2011, 2010 and 2009, non-controlling partners converted common operating partnership units (“OP units”) valued at $5 million, $15 million and $18 million, respectively, in exchange for 0.3 million, 1.2 million and 3.4 million shares, respectively, of Host Inc. common stock. In June 2011, holders of approximately $134 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 8.8 million shares of Host Inc. common stock. On June 28, 2011, we transferred the Le Méridien Piccadilly to the Euro JV Fund II at a price of £64 million ($102 million), including the assumption of the associated £32 million ($52 million) mortgage. We also transferred the capital lease asset and corresponding liability associated with the building, each valued at £38 million ($61 million), to the Euro JV Fund II. We retained a 33.4% interest in the property through our general and limited partner interests in the Euro JV Fund II and received cash proceeds on the transfer of £25 million ($40 million). We acquired a leasehold interest in the property in July 2010, at which time we assumed the mortgage loan and recorded the capital lease obligation. On April 29, 2011, we acquired a 75% controlling interest in the Hilton Melbourne South Wharf. In connection with the acquisition, we assumed A$80 million ($86 million) of mortgage debt and recorded such mortgage debt at its fair value at the acquisition date. On March 17, 2011, we acquired the Manchester Grand Hyatt San Diego, and certain related rights. In connection with the acquisition, Host Hotels & Resorts, L.P. issued approximately 0.3 million OP units valued at approximately $6 million. On September 2, 2010, we acquired a 90% controlling interest in the W New York, Union Square hotel. In connection with the acquisition, we assumed a $115 million mortgage debt with a fair value of $119 million, and other liabilities of $8.5 million.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies

1.	Summary of Significant Accounting Policies

Description of Business

Host Hotels & Resorts Inc. operates as a self-managed and self-administered real estate investment trust, or REIT, with its operations conducted solely through Host Hotels & Resorts L.P. and its subsidiaries. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to the financial statements, we use the terms “we” or “our” to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term “Host Inc.” to refer specifically to Host Hotels & Resorts, Inc. and the term “Host L.P.” to refer specifically to Host Hotels & Resorts, L.P. (and its consolidated subsidiaries) in cases where it is important to distinguish between Host Inc. and Host L.P. Host Inc. holds approximately 98.5% of Host L.P.’s partnership interests, or OP units.

As of December 31, 2011, our lodging portfolio in the United States consisted of 105 hotels with approximately 60,700 rooms. Our U.S. portfolio is geographically diverse, with hotels in cities in 25 states and in Washington, D.C. We also own 16 hotels with approximately 4,300 rooms in Australia, Brazil, Canada, Chile, Mexico and New Zealand. Additionally, we own an approximate one-third interest in a European joint venture that owns 13 hotels with approximately 4,200 rooms located in Belgium, France, Italy, Poland, The Netherlands, Spain and the United Kingdom. We are the general partner of the joint venture and act as asset manager for these hotels. We also own a 25% interest in an Asian joint venture that has acquired a 36% interest in a joint venture to develop seven properties in India by 2014.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements include the consolidated accounts of Host Inc., Host L.P. and their subsidiaries and controlled affiliates, including joint ventures and partnerships. We consolidate subsidiaries when we have the ability to direct the activities that most significantly impact the economic performance of the entity. For those partnerships and joint ventures where we are the general partner, we review the rights of the limited partners to determine if those rights would overcome the assumption of control as the general partner. Limited partner rights which would overcome presumption of control by the general partner include the substantive ability to dissolve (liquidate) the limited partnership or otherwise remove the general partners without cause and substantive participating rights over activities considered most significant to the business of the partnership or joint venture, primarily voting rights.

We also evaluate our subsidiaries to determine if they should be considered variable interest entities (“VIEs”). Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. We consider an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with ASC 810, we reviewed our subsidiaries to determine if (i) they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics of these entities.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents.

Restricted Cash

Restricted cash includes reserves for debt service, real estate taxes, insurance, furniture, fixtures and equipment replacement, as well as cash collateral and excess cash flow deposits due to mortgage debt agreement restrictions and provisions, and a reserve required for potential legal damages. For purposes of the statements of cash flows, changes in restricted cash caused by changes in required legal reserves are shown as operating activities. Changes in restricted cash caused by using such funds for furniture, fixtures and equipment replacement are shown as investing activities. The remaining changes in restricted cash are the direct result of restrictions under our loan agreements, and, as such, are reflected in cash flows from financing activities.

Property and Equipment

Generally, property and equipment is recorded at cost. For properties we develop, cost includes interest and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets based on their fair value as of the acquisition date. Replacements and improvements and capital leases are capitalized, while repairs and maintenance are expensed as incurred. We depreciate our property and equipment using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets.

We capitalize certain inventory (such as china, glass, silver, linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service.

We maintain a furniture, fixtures and equipment replacement fund for renewal and replacement capital expenditures at certain hotels, which generally is funded with 5% of property revenues.

We analyze our assets for impairment when events or circumstances occur that indicate the carrying value may not be recoverable. We consider a property to be impaired when the sum of the future undiscounted cash flows over our remaining estimated holding period is less than the carrying value of the asset. We test for impairment in several situations, including when a property has a current or projected loss from operations, when it becomes more likely than not that a hotel will be sold before the end of its previously estimated useful life, or when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying value of an asset may not be recoverable. For impaired assets, we record an impairment charge equal to the excess of the asset’s carrying value over its fair value. In the evaluation of the impairment of our assets, we make many assumptions and estimates, including assumptions of the projected cash flows, both from operations and the eventual disposition, the expected useful life and holding period of the asset, the future required capital expenditures and fair values, including consideration of capitalization rates, discount rates and comparable selling prices. During 2011, we recognized impairment charges of $8 million on two properties based on a change in estimated hold period. One of the properties was disposed of in 2011.

We will classify a hotel as held for sale when the sale of the asset is probable, will be completed within one year and actions to complete the sale are unlikely to change or that the sale will not occur. Accordingly, we typically classify assets as held for sale when Host Inc.’s Board of Directors has approved the sale, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation and will record an impairment loss if the fair value less costs to sell is less than the carrying amount of the hotel. We will classify the loss, together with the related operating results, including interest expense on debt assumed by the buyer or that is required to be repaid as a result of the sale, as discontinued operations on our consolidated statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Gains on sales of properties are recognized at the time of sale or deferred and recognized as income in subsequent periods as conditions requiring deferral are satisfied or expire without further cost to us.

We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities, when incurred, which generally is upon acquisition, construction, or development and/or through the normal operation of the asset, if sufficient information exists with which to reasonably estimate the fair value of the obligation.

Intangible Assets

In conjunction with our acquisitions, we may identify intangible assets. Identifiable intangible assets typically include contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements.

Non-Controlling Interests

Other Consolidated Partnerships. As of December 31, 2011, we consolidate five majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-controlling interest-other consolidated partnerships on the consolidated balance sheets and totaled $36 million and $29 million as of December 31, 2011 and 2010, respectively. Three of the partnerships have finite lives ranging from 99 to 100 years that terminate between 2081 and 2095, and the associated non-controlling interests are mandatorily redeemable at the end of, but not prior to, the finite life. At December 31, 2011 and 2010, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $67 million and $65 million, respectively.

Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income (loss) attributable to non-controlling interests of third parties of $(1) million, $0.4 million and $(1) million for the years ended December 31, 2011, 2010 and 2009, respectively, is included in the determination of net income (loss) attributable to Host Inc. and Host L.P.

Host Inc.’s treatment of the non-controlling interests of Host L.P. Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying value based on the historical cost or its redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. Therefore, we have assumed that the redemption value is equivalent to the number of shares issuable upon conversion of the outside OP units valued at the market price of Host Inc. common stock at the balance sheet date. Subsequent to the stock dividend issued in 2009 (see Note 5 “Equity of Host Inc. and Capital of Host L.P.”), one OP unit now may be exchanged into 1.021494 shares of Host Inc. common stock. Non-controlling interests of Host L.P. are classified in the mezzanine section of the balance sheet as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. The table below details the historical cost and redemption values for the non-controlling interests (in millions):


	As of December 31,
	2011		2010
OP units outstanding (millions)		10.5		10.5
Market price per Host Inc. common share	$	14.77	$	17.87
Shares issuable upon conversion of one OP unit		1.021494		1.021494
Redemption value (millions)	$	158	$	191
Historical cost (millions)	$	102	$	101
Book value (millions) (1)	$	158	$	191

(1)	The book value recorded is equal to the greater of the redemption value or the historical cost.

Net income (loss) is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership percentage during the period. Net loss attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $2 million and $5 million for 2010 and 2009, respectively.

Distributions from Investments in Affiliates

We classify the distributions from our equity investments in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions from cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities.

Other-than-Temporary Impairments

We review our equity method investments for impairment based on the occurrence of any triggering events that would indicate that the carrying amount of the investment exceeds its fair value on an other-than-temporary basis. Triggering events can include a decline in distributable cash flows from the investment, a change in the expected useful life or other significant events which would decrease the value of the investment. Our investments primarily consist of joint ventures which own hotel properties; therefore, we generally will have few observable inputs and will determine fair value based on a discounted cash flow analysis of the investment, as well as consideration of the impact of other elements (i.e. control premiums, etc.). We use certain inputs such as available third-party appraisals and forecast net operating income for the hotel properties in order to estimate the expected cash flows. If an equity method investment is impaired, a loss is recorded for the difference between the fair value and the carrying value of the investment.

Income Taxes

Host Inc. has elected to be treated as a REIT under the provisions of the Internal Revenue Code and, as such, is not subject to federal income tax, provided that it distributes all of its taxable income, including net capital gains, annually to its stockholders and complies with certain other requirements. In addition to paying federal and state income tax on any retained income, one of our subsidiary REITs is subject to a tax on “built-in-gains” on sales of certain assets. As a partnership for federal income tax purposes, Host L.P. is not subject to federal income tax. Host L.P. is, however, subject to state, local and foreign income and franchise tax in certain jurisdictions. In addition, each of the Host L.P. taxable REIT subsidiaries is taxable as a regular C corporation and is subject to federal, state and foreign income tax. Our consolidated income tax provision or benefit includes the income tax provision or benefit related to the operations of our taxable REIT subsidiaries, state income and franchise taxes incurred by Host Inc. and Host L.P., and foreign income taxes incurred by Host L.P., as well as each of their respective subsidiaries.

Under the partnership agreement, Host L.P. generally is required to reimburse Host Inc. for any tax payments it is required to make. Accordingly, the tax information included herein represents disclosures regarding Host Inc. and its subsidiaries. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies.

Deferred Charges

Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method.

Foreign Currency Translation

As of December 31, 2011, our foreign operations consist of hotels located in Australia, Brazil, Chile, Canada, Mexico, and New Zealand, as well as an investment in joint ventures in Europe and Asia. The financial statements of these properties and our investments therein are maintained in their functional currency, which generally is the local currency, and are translated to U.S. dollars using the average exchange rates for the period. The assets and liabilities of the properties and the investments are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss).

Foreign currency transactions are recorded in the functional currency for each entity using the exchange rates prevailing at the dates of the transactions. Assets and liabilities denominated in foreign currencies are remeasured at period end exchange rates. The resulting exchange differences are recorded in gain (loss) on foreign currency transactions and derivatives on the accompanying consolidated statements of operations, except when deferred in accumulated other comprehensive income (loss) as qualifying net investment hedges.

Derivative Instruments

We are subject to market exposures in several aspects of our business and may enter into derivative instruments in order to hedge the effect of these market exposures on our operations. Potential market exposures for which we may use derivative instruments to hedge include: (i) changes in the fair value of our foreign investments due to fluctuations in currency exchange rates, (ii) changes in the fair value of our fixed-rate debt due to changes in the underlying interest rates, and (iii) variability in interest payments due to changes in the underlying interest rate for our floating-rate debt. Prior to entering into the derivative instrument, we evaluate whether the transaction will qualify for hedge accounting and continue to evaluate hedge effectiveness through the life of the instrument. Derivative instruments that meet the requirements for hedge accounting are recorded on the balance sheet at fair value, with offsetting changes recorded to net income (loss) or accumulated other comprehensive income (loss), based on the applicable hedge accounting guidance. We incorporate credit valuation adjustments to reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and accumulated guarantees.

Accumulated Other Comprehensive Income (Loss)

The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions):


	As of December 31,
	2011			2010
Gain on forward currency contracts	$	11		$	7
Loss on interest rate swap cash flow hedges		(3	)		—
Foreign currency translation		(9	)		18

Total accumulated other comprehensive income (loss)	$	(1	)	$	25

Revenues

Our results of operations include revenues and expenses of our hotels. Revenues are recognized when the services are provided. Additionally, we collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) on our statements of operations.

Host Inc. Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders, as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive.


	Year ended December 31,
	2011			2010			2009
	(in millions, except per share amounts)
Net loss	$	(16	)	$	(132	)	$	(258	)
Net loss attributable to non-controlling interests		1			2			6
Dividends on preferred stock		—			(4	)		(9	)
Issuance costs of redeemed preferred stock (1)		—			(4	)		—

Loss available to common stockholders		(15	)		(138	)		(261	)
Assuming deduction of gain recognized for the repurchase of 2004 Debentures (2)		—			—			(2	)

Diluted loss available to common stockholders	$	(15	)	$	(138	)	$	(263	)


Basic weighted average shares outstanding		693.0			656.1			586.3
Assuming weighted average shares for the repurchased 2004 Debentures		—			—			.9

Diluted weighted average shares outstanding (3)		693.0			656.1			587.2


Basic loss per share	$	(.02	)	$	(.21	)	$	(.45	)
Diluted loss per share	$	(.02	)	$	(.21	)	$	(.45	)

(1)	Represents the original issuance costs associated with the Class E preferred stock, which stock was redeemed during 2010.

(2)

During 2009, we repurchased $75 million face amount of our $500 million 3¹/4% exchangeable senior debentures (the “2004 Debentures”) with a carrying value of $72 million for approximately $69 million. We are required to determine the dilutive effect of the repurchased 2004 Debentures separately from the 2004 Debentures outstanding at December 31, 2009. The 2004 Debentures repurchased during 2009 are treated as having been converted to Host Inc. common stock equivalents at the start of the period. Accordingly, the 2009 adjustments to net income related to the repurchased 2004 Debentures include a $3 million gain, net of interest expense on the repurchased debentures.

(3)

There are 47 million, 53 million and 51 million potentially dilutive shares for our exchangeable senior debentures and shares granted under comprehensive stock plans which were not included in the computation of diluted EPS as of December 31, 2011, 2010 and 2009, respectively, because to do so would have been anti-dilutive for the period. See Note 4 “Debt” for the terms and conditions of our exchangeable senior debentures and Note 8 “Employee Stock Plans” for the terms and conditions of our comprehensive stock plans.

Host L.P. Earnings (Loss) Per Common Unit

Basic earnings (loss) per common unit is computed by dividing net income (loss) available to common unitholders by the weighted average number of common units outstanding. Diluted earnings (loss) per common unit is computed by dividing net income (loss) available to common unitholders, as adjusted for potentially dilutive securities, by the weighted average number of common units outstanding plus other potentially dilutive securities. Dilutive securities may include units distributed to Host Inc. to support Host Inc. common shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive.


	Year ended December 31,
	2011			2010			2009
	(in millions, except per unit amounts)
Net loss	$	(16	)	$	(132	)	$	(258	)
Net loss attributable to non-controlling interests		1			—			1
Distributions on preferred units		—			(4	)		(9	)
Issuance costs of redeemed preferred units (1)		—			(4	)		—

Loss available to common unitholders		(15	)		(140	)		(266	)
Assuming deduction of gain recognized for the repurchase of 2004 Debentures (2)		—			—			(2	)

Diluted loss available to common unitholders	$	(15	)	$	(140	)	$	(268	)


Basic weighted average units outstanding		688.9			653.0			598.3
Assuming weighted average units for the repurchased 2004 Debentures		—			—			.9

Diluted weighted average units outstanding (3)		688.9			653.0			599.2


Basic loss per unit	$	(.02	)	$	(.21	)	$	(.44	)
Diluted loss per unit	$	(.02	)	$	(.21	)	$	(.45	)

(1)	Represents the original issuance costs associated with the Class E preferred OP units, which units were redeemed during 2010.

(2)

During 2009, we repurchased $75 million face amount of our $500 million 3¹/4% exchangeable senior debentures (the “2004 Debentures”) with a carrying value of $72 million for approximately $69 million. We are required to determine the dilutive effect of the repurchased 2004 Debentures separately from the 2004 Debentures outstanding at December 31, 2009. The 2004 Debentures repurchased during 2009 are treated as having been converted to common unit equivalents at the start of the period. Accordingly, the 2009 adjustment to net income related to the repurchased 2004 Debentures include a $3 million gain, net of interest expense on the repurchased debentures.

(3)

There are 46 million, 51 million and 50 million potentially dilutive units for our exchangeable senior debentures and for units distributable to Host Inc. for Host Inc. shares granted under comprehensive stock plans which were not included in the computation of diluted earnings per unit as of December 31, 2011, 2010 and 2009, respectively, because to do so would have been anti-dilutive for the period. See Note 4 “Debt” for the terms and conditions of our Exchangeable Senior Debentures and Note 8 “Employee Stock Plans” for the terms and conditions of Host Inc.’s comprehensive stock plans.

Share-Based Payments

At December 31, 2011, Host Inc. maintained two stock-based employee compensation plans. Additionally, in connection with Host Inc.’s conversion to a REIT, Host L.P. assumed the employee obligations of Host Inc. Therefore, upon the issuance of Host’s common stock under the compensation plans, Host L.P. will issue to Host Inc. common OP units of an equivalent value. Accordingly, these liabilities and related disclosures are included in the consolidated financial statements for Host Inc. and Host L.P., respectively.

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions, access to our credit facility, and amounts due or payable under our derivative contracts. At December 31, 2011, our exposure risk related to our derivative instruments totaled $22 million and the counterparties to such instruments are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $883 million available under our credit facility is spread among a diversified group of investment grade financial institutions.

Business Combinations

We recognize identifiable assets acquired, liabilities (both specific and contingent) assumed, and non-controlling interests in a business combination at their fair values at the acquisition date based on the exit price (i.e. the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date). Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. Classification of a lease does not change if it is part of a business combination. Capital lease obligations that are assumed as part of the acquisition of a leasehold interest are fair valued and included as debt on the accompanying balance sheet and we will record the corresponding right-to-use assets. In certain situations, a deferred tax liability is created due to the difference between the fair value and the tax basis of the acquired asset at the acquisition date, which also may result in a goodwill asset being recorded.

Reclassifications

Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. We have changed the presentation for comprehensive income (loss) and have presented it in the consolidated statements of comprehensive income (loss).

Property and Equipment

12 Months Ended

Dec. 31, 2011

Property and Equipment

2.	Property and Equipment

Property and equipment consists of the following (in millions):


	As of December 31,
	2011			2010
Land and land improvements	$	1,852		$	1,669
Buildings and leasehold improvements		13,168			12,080
Furniture and equipment		2,079			1,895
Construction in progress		196			168

		17,295			15,812
Less accumulated depreciation and amortization		(5,912	)		(5,298	)

	$	11,383		$	10,514

The aggregate cost of real estate for federal income tax purposes is approximately $10,570 million at December 31, 2011.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

Investments in Affiliates

Investments in Affiliates

12 Months Ended

Dec. 31, 2011

3.	Investments in Affiliates

We own investments in joint ventures which we do not consolidate. These investments are accounted for under the equity method of accounting. The debt of these joint ventures is non-recourse to, and not guaranteed by, us. Investments in affiliates consist of the following (in millions):


	As of December 31, 2011
	Ownership Interests			Our Investment		Debt		Assets
Asia Pacific Hospitality Venture Pte. Ltd.		25.0	%	$	15	$	—	36% interest in the development of seven hotels in India
HHR Euro CV Fund I		32.1	%		141		899	Eleven hotels in Europe
HHR Euro CV Fund II		33.4	%		41		119	Two hotels in Europe

Total				$	197	$	1,018


	As of December 31, 2010
	Ownership Interests			Our Investment			Debt		Assets
Asia Pacific Hospitality Venture Pte. Ltd.		25.0	%	$	(1	)	$	—	None
HHR Euro CV		32.1	%		135			945	Eleven hotels located in Europe
Tiburon Golf Ventures, L.P.		49.0	%		14			—	36-hole golf club

Total				$	148		$	945

European Joint Venture

We have general and limited partner interests in a joint venture in Europe (HHR Euro CV, or the “Euro JV”) that consists of two separate funds with APG Strategic Real Estate Pool NV, an affiliate of a Dutch Pension Fund, and Jasmine Hotels Pte Ltd, an affiliate of the real estate investment company of the Government of Singapore Investment Corporation Pte Ltd (“GIC RE”). We serve as the general partner for the joint venture and have a combined 32.1% ownership interest in Euro JV Fund I and a combined 33.4% interest in Euro JV Fund II. Due to the ownership structure and substantive participating rights of the non-Host limited partners, including approval over financing, acquisitions and dispositions, and annual operating and capital expenditure budgets, the Euro JV is not consolidated in our financial statements. As of December 31, 2011, the aggregate size of the Euro JV is approximately €1.3 billion ($1.7 billion). Our aggregate investment is approximately €140 million ($182 million), of which approximately €109 million ($141 million) is attributable to Euro JV Fund I and approximately €31 million ($41 million) is attributable to Euro JV Fund II. As general partner, we earn a management fee based on the amount of equity commitments and equity investments. In 2011, 2010 and 2009, we recorded approximately $11 million, $5 million and $6 million of management fees, respectively.

As of December 31, 2011, the partners have funded approximately €487 million, or 90%, of the total equity commitment for Euro JV Fund I and expect to utilize the remaining commitment amount for capital expenditures and financing needs. On June 27, 2011, we expanded the Euro JV through the creation of Euro JV Fund II, in which each of the partners holds a 33.3% limited partner interest and we hold the 0.1% general partner interest. The Euro JV Fund II has a target size of approximately €450 million of new equity and a target investment of approximately €1 billion, after taking into account anticipated debt. As part of the expansion, we transferred the Le Méridien Piccadilly to Euro JV Fund II at a price of £64 million ($102 million), including the assumption of the associated £32 million ($52 million) mortgage. In addition to the expansion of the capacity of the Euro JV, we have extended its term from 2016 to 2021, subject to two one-year extensions.

On September 30, 2011, the Euro JV Fund II acquired the 396-room Pullman Bercy, Paris, for approximately €96 million, including certain acquisition costs of €6 million and a €52.6 million mortgage loan. We contributed €15 million ($20 million) to the Euro JV to finance our portion of the acquisition. The Euro JV will invest an additional €9 million in order to renovate the rooms and public space at the hotel.

The Euro JV has €786 million of mortgage debt, all of which is non-recourse to us and a default under this mortgage debt does not trigger a default under any of our debt. In 2010, the Euro JV negotiated various agreements with the lenders of a significant portion of this debt in order to cure actual or potential covenant defaults, cash sweeps, or non-payment defaults that expire throughout 2012. The €341 million mortgage secured by a portfolio of six hotels located in Spain, Italy, Poland and the United Kingdom and the £32 million mortgage secured by Le Méridien Piccadilly mature in 2013. Additionally, the €53 million mortgage secured by the Amsterdam hotel matures in 2013, but has two one-year extension options, subject to small fees and certain financial covenants. Due to the difficult economic climate in Europe, we expect that lenders may require more stringent financial covenants, higher rates of interest and lower loan-to-value ratios in connection with making new loans, which would require an equity contribution or debt paydowns with the proceeds from asset sales to reduce the current loan principal balance.

We have entered into five foreign currency forward sale contracts in order to hedge the foreign currency exposure resulting from the eventual repatriation of our net investment in the Euro JV. We have hedged €100 million (approximately $140 million) of our investment and the forward purchases will occur between October 2012 and August 2015. During 2011 and 2010, we recorded approximately $2 million and $5 million, respectively, related to the change in fair value of the forward sale contracts in other comprehensive income (loss). The current value of the forward contracts of $9 million is included in other assets in the accompanying balance sheet. The derivatives are considered a hedge of the foreign currency exposure of a net investment in a foreign operation, and, in accordance with applicable hedge accounting guidance, are marked-to-market with changes in fair value recorded in other comprehensive income (loss).

Asian Joint Venture

We own a 25% interest in a joint venture in Asia (the “Asian JV”) with RECO Hotels JV Private Limited, an affiliate of GIC RE. The initial term of the Asian JV is for a period of seven years. Due to the ownership structure and the substantive participating rights of the non-Host limited partner, including approval over financing, acquisitions and dispositions, and annual operating and capital expenditure budgets, the Asian JV is not consolidated in our financial statements. The commitment period for the equity contributions to the joint venture expires in March of 2012.

During 2011, the Asian JV invested approximately $53 million (of which our share was $13.3 million) of its $65 million commitment to acquire a 36% interest of a joint venture in India with Accor S.A. and InterGlobe Enterprises Limited. This joint venture is developing seven properties, totaling approximately 1,750 rooms in three major cities in India, Bengaluru, Chennai and Delhi, which properties will be managed by Accor under the Pullman, Novotel and ibis brands. The first two hotels are expected to be fully opened by March of 2012.

Other Investments

On September 1, 2011, we acquired the remaining 51% of the Tiburon Golf Ventures, L.P., which owns the golf club surrounding The Ritz-Carlton, Naples Golf Resort, for $11 million. We now own a 100% general and limited partner interest in Tiburon Golf Ventures, L.P. and consolidate its operations.

Combined Financial Information of Unconsolidated Investees

Combined summarized balance sheet information for our affiliates follows (in millions):


	As of December 31,
	2011		2010
Property and equipment, net	$	1,506	$	1,376
Other assets		205		132

Total assets	$	1,711	$	1,508

Debt	$	1,018	$	945
Other liabilities		109		142
Equity		584		421

Total liabilities and equity	$	1,711	$	1,508

Combined summarized operating results for our affiliates follows (in millions):


	Year ended December 31,
	2011			2010			2009
Total revenues	$	381		$	291		$	360
Operating expenses
Expenses		(294	)		(218	)		(274	)
Depreciation and amortization		(46	)		(41	)		(39	)

Operating profit		41			32			47
Interest income		—			—			3
Interest expense		(43	)		(44	)		(53	)

Net loss	$	(2	)	$	(12	)	$	(3	)

Debt

12 Months Ended

Dec. 31, 2011

Debt

Debt consists of the following (in millions):


	As of December 31,
	2011		2010
Series K senior notes, with a rate of 7¹/8% due November 2013	$	—	$	250
Series O senior notes, with a rate of 6³/8% due March 2015		650		650
Series Q senior notes, with a rate of 6³/4% due June 2016		800		800
Series S senior notes, with a rate of 6⁷/8% due November 2014		498		498
Series T senior notes, with a rate of 9% due May 2017		390		388
Series V senior notes, with a rate of 6% due November 2020		500		500
Series W senior notes, with a rate of 5⁷/8% due June 2019		496		—
Series Y senior notes, with a rate of 6% due October 2021		300		—
2004 Exchangeable Senior Debentures, with a rate of 3¹/4% due April 2024		175		325
2007 Exchangeable Senior Debentures, with a rate of 2⁵/8% due April 2027		385		502
2009 Exchangeable Senior Debentures, with a rate of 2¹/2% due October 2029		342		329
Senior notes, with rate of 10.0% due May 2012		7		7

Total senior notes		4,543		4,249
Credit facility		117		58
Mortgage debt (non-recourse) secured by $1.0 billion and $1.1 billion of real estate assets, with an average interest rate of 5.0% and 4.7% at December 31, 2011 and 2010, maturing through December 2023 (1)		1,006		1,025
Other		87		145

Total debt	$	5,753	$	5,477

(1)	The amount of the assets stated above securing mortgage debt represents the book value of real estate assets, net of accumulated depreciation. These amounts do not represent the current fair value of the assets.

Senior Notes

General. Under the terms of our senior notes indenture, which includes our Exchangeable Senior Debentures, our senior notes are equal in right of payment with all of our unsubordinated indebtedness and senior to all of our subordinated obligations. The face amount of our senior notes as of December 31, 2011 and 2010 was $4.6 billion and $4.4 billion, respectively. The senior notes balance as of December 31, 2011 and 2010 includes discounts of approximately $77 million and $109 million, respectively. We pay interest on each series of our senior notes semi-annually in arrears at the respective annual rates indicated in the table above.

Under the terms of the senior notes indenture, our ability to incur indebtedness and pay dividends is subject to restrictions and the satisfaction of various conditions. As of December 31, 2011, we are in compliance with all of these covenants.

We completed the following senior notes transactions during 2011 and 2010:

•

in November of 2011, we issued $300 million of 6% Series Y senior notes due October of 2021. We received proceeds from the issuance of approximately $295 million, net of underwriting fees and expenses. Interest on the Series Y senior notes is payable semi-annually in arrears on April 1 and October 1, beginning April 1, 2012.

•

in December and August of 2011, we repurchased a total of $138 million face amount of our 2⁵/8% exchangeable senior debentures (the “2007 Debentures”), with a carrying value of $134 million, and recorded a loss of approximately $5 million on the transaction. Following these repurchases, we have approximately $388 million face amount of the 2007 Debentures outstanding.

•

in June of 2011, we redeemed $150 million of our 3.25% exchangeable senior debentures (the “2004 Debentures”). Approximately $134 million face amount was exchanged for 8.8 million shares of Host Inc. common stock and $16 million face amount was redeemed for cash.

•

on May 11 and May 25, 2011, we issued $425 million and $75 million, respectively, of 5⁷/8% Series W senior notes due June 15, 2019. We received proceeds from these issuances of approximately $489 million, net of discounts, underwriting fees and expenses. Interest on the Series W senior notes is payable semi-annually in arrears on June 15 and December 15, beginning December 15, 2011. A portion of the proceeds were used to redeem the remaining $250 million of the 7¹/8% Series K senior notes due November of 2013, plus $3 million premium on the redemption. The Series W senior notes were exchanged for Series X senior notes in January of 2012. The terms are substantially identical in all respects, except that the new series are registered under the Securities Act of 1933 and are, therefore, freely transferable by the holders.

•

on October 25, 2010, we issued $500 million of 6% Series U senior notes due November 1, 2020 and received proceeds of approximately $492 million, net of underwriting fees and expenses. Interest on the Series U senior notes is payable semi-annually in arrears on February 1 and August 1, beginning on February 1, 2011. The Series U senior notes were exchanged for Series V senior notes in February of 2011. The terms are substantially identical in all respects, except that the new series are registered under the Securities Act of 1933 and are, therefore, freely transferable by the holders.

•

in November and August of 2010, we redeemed a total of $475 million of the then outstanding $725 million, 7¹/8% Series K senior notes that were due in November 2013. As a result of these redemptions, we recorded a $12 million loss on debt extinguishment, which loss is included in interest expense.

•

on January 20, 2010, we redeemed the remaining $346 million outstanding of our 7% Series M senior notes that were due in August 2012. As a result of the repurchase, we recorded an $8 million loss on debt extinguishments, which loss is included in interest expense.

Exchangeable Debentures

As of December 31, 2011, we have three issuances of exchangeable senior debentures outstanding: $400 million of 2¹/2% debentures that were issued on December 22, 2009, $388 million of 2⁵/8% debentures that were issued on March 23, 2007, and $175 million of 3¹/4% debentures that were issued on March 16, 2004, collectively, the “Debentures.” The Debentures are equal in right of payment with all of our other senior notes. Holders have the right to require us to purchase the Debentures at a price equal to 100% of the principal amount outstanding, plus accrued interest (the “put option”), on certain dates subsequent to their respective issuances. Holders of the Debentures also have the right to exchange the Debentures prior to maturity under certain conditions, including at any time at which the closing price of Host Inc.’s common stock is more than 120% (for the 2004 Debentures) or 130% (for the 2007 and 2009 Debentures) of the exchange price per share for at least 20 of 30 consecutive trading days during certain periods or at any time up to two days prior to the date on which the Debentures have been called for redemption. We can redeem for cash all, or a portion, of any of the Debentures at any time subsequent to each of their respective redemption dates at a redemption price of 100% of the principal amount plus accrued interest. If, at any time, we elect to redeem the Debentures and the exchange value exceeds the cash redemption price, we would expect the holders to elect to exchange the Debentures at the respective exchange value rather than receive the cash redemption price. The exchange value is equal to the applicable exchange rate multiplied by the price of Host Inc.’s common stock. Upon exchange, the 2004 Debentures would be exchanged for Host Inc.’s common stock, the 2007 Debentures would be exchanged for a combination of cash (for the principal balance of the debentures) and Host Inc.’s common stock (for the remainder of the exchange value, if any) and the 2009 Debentures would be exchanged for Host Inc.’s common stock, cash or a combination thereof, at our option. Based on Host Inc.’s stock price at December 31, 2011, the 2009 Debentures’ if-converted value would exceed the outstanding principal amount by $25 million. Currently, none of the Debentures are exchangeable by holders.

The following chart details our outstanding Debentures:

As of December 31, 2011

Maturity
date

Next put
option
date

Redemption
date

Outstanding
principal
amount

Current exchange
rate for each
$1,000 of principal

Current
equivalent
exchange price

Exchangeable
share
equivalents

(in millions)

(in shares)

2009 Debentures

10/15/2029

10/15/2015

10/20/2015

400

71.9264

13.90

28.8 million

2007 Debentures

4/15/2027

4/15/2012

4/20/2012

388

32.0239

31.23

12.4 million

2004 Debentures

4/15/2024

4/15/2014

4/19/2009

175

65.5744

15.25

11.5 million

Total

963

We account separately for the liability and equity components of our Debentures in order to reflect the fair value of the liability component based on our non-convertible borrowing cost at the issuance date. Accordingly, for the Debentures, we record the liability components thereof at fair value as of the date of issuance and amortize the resulting discount as an increase to interest expense over the expected life of the debt; however, there is no effect of this discount on our cash interest payments. We measured the fair value of the debt components of the 2009 Debentures, the 2007 Debentures and the 2004 Debentures at issuance based on effective interest rates of 6.9%, 6.5% and 6.8%, respectively. As a result, we attributed $247 million of the aggregate proceeds received to the conversion feature of the Debentures. This amount represents the excess proceeds received over the fair value of the debt at the date of issuance and is included in Host Inc.’s additional paid-in capital and Host L.P.’s capital on the consolidated balance sheets. The following chart details the initial allocations between the debt and equity components of the Debentures, net of the original issue discounts, based on the effective interest rate at the time of issuance, as well as the debt balances (in millions):


							As of December 31, 2011
	Initial Face Amount		Initial Debt Value		Initial Equity Value		Face Amount Outstanding		Debt Carrying Value		Unamortized Discount
2009 Debentures	$	400	$	316	$	82	$	400	$	342	$	58
2007 Debentures		600		502		89		388		385		3
2004 Debentures		500		413		76		175		175		—

Total	$	1,500	$	1,231	$	247	$	963	$	902	$	61

Interest expense recorded for the Debentures consists of the following (in millions):


	Year ended December 31,
	2011		2010		2009
Contractual interest expense (cash)	$	31	$	34	$	26
Non-cash interest expense due to discount amortization		31		32		27

Total interest expense	$	62	$	66	$	53

Losses on the repurchased debentures are recorded in interest expense in the consolidated financial statements. We evaluated the fair value of the repurchased debenture based on the fair value of the cash flows at the date of the repurchase, discounted at risk adjusted rates. Based on this calculation, the fair value of our repurchased debentures generally has been greater than the conversion price; therefore, substantially all of the repurchase price was allocated to the debt portion of the debentures.

Authorization for Senior Notes and Exchangeable Senior Debentures Repurchase

In February 2012, Host Inc.’s Board of Directors authorized repurchases of up to $500 million of senior notes, exchangeable debentures and mortgage debt (other than in accordance with its terms) and terminated the previous authorization. Any further redemption of the 2004 Debentures will not reduce the $500 million of Board authority noted above to repurchase other debt securities.

Credit Facility

On November 22, 2011, we entered into a new senior revolving credit facility with Bank of America, N.A., as administrative agent, JPMorgan Chase Bank, N.A., as syndication agent, Wells Fargo Bank, N.A., Deutsche Bank AG New York Branch and The Bank of Nova Scotia as co-documentation agents, and certain other agents and lenders. The new credit facility replaces the prior senior revolving credit facility which would have expired in September of 2012. The new credit facility allows for revolving borrowings in an aggregate principal amount of up to $1 billion, including a foreign currency subfacility for Canadian dollars, Australian dollars, New Zealand dollars, Japanese Yen, Euros and British Pounds Sterling of up to the foreign currency equivalent of $500 million, subject to a lower amount in the case of New Zealand dollar borrowings. The credit facility also provides a subfacility of up to $100 million for swingline borrowings and a subfacility of up to $100 million for issuances of letters of credit. Host L.P. also has the option to increase the aggregate principal amount of the credit facility by up to $500 million, subject to obtaining additional loan commitments and satisfaction of certain conditions. The credit facility has an initial scheduled maturity date of November 2015, with an option for Host L.P. to extend the term for one additional year, subject to certain conditions, including the payment of an extension fee.

Under the previous senior revolving credit facility, we had the following transactions during 2011 and 2010:

•

On June 28, 2011, we used the proceeds received from the transfer of the Le Méridien Piccadilly to the Euro JV Fund II to repay £25 million ($40 million) under the credit facility.

•

On April 26, 2011, to facilitate the acquisition of the Hilton Melbourne South Wharf, we drew $50 million on our credit facility, which draw subsequently was repaid on May 12, 2011.

•

On March 1, 2011, we repaid the C$129 million ($132 million) mortgage debt on our portfolio of four hotels in Canada. We drew C$100 million ($103 million) from our credit facility in the form of bankers’ acceptances in order to fund a portion of this repayment. The bankers’ acceptances had an initial average interest rate of 2.18%, based on the 30-day Canadian bankers’ acceptances rate, plus 90 basis points.

•

On July 20, 2010, we drew £37 million ($56 million) from our credit facility in order to fund the cash portion of the acquisition of Le Méridien Piccadilly in London.

The amounts outstanding at the time we entered into the new credit facility were transferred over to the new credit facility and remain outstanding. Based on our draws at December 31, 2011, we have $883 million of remaining available capacity under our credit facility.

Collateral and Guarantees. The credit facility initially does not include any subsidiary guarantees or pledges of equity interests in our subsidiaries, and the guarantees and pledges are required only in the event that Host L.P.’s leverage ratio exceeds 6.0x for two consecutive fiscal quarters at a time that Host L.P. does not have an investment grade long-term unsecured debt rating. In the event that such guarantee and pledge requirement is triggered, the guarantees and pledges ratably would benefit the credit facility, as well as the notes outstanding under Host L.P.’s senior notes indenture, interest rate and currency hedges and certain other hedging and bank product arrangements with lenders that are parties to the credit facility. Even when triggered, the guarantees and pledges only would be required by certain U.S. and Canadian subsidiaries of Host L.P. and a substantial portion of our subsidiaries would provide neither guarantees nor pledges of equity interests. As of December 31, 2011, our leverage ratio was 4.8x.

Financial Covenants. The credit facility contains covenants concerning allowable leverage, fixed charge coverage and unsecured interest coverage. Currently, we are permitted to borrow and maintain amounts outstanding under the credit facility so long as our leverage ratio is not in excess of 7.25x, our unsecured coverage ratio is not less than 1.75x and our fixed charge coverage ratio is not less than 1.25x. The financial covenants for the credit facility do not apply when there are no borrowings under the credit facility. Therefore, so long as there are no amounts outstanding, we would not be in default if we do not satisfy the financial covenants and we do not lose the potential to draw under the credit facility in the future if we were to regain compliance with the financial covenants. These calculations are performed based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions and financings as if they had occurred at the beginning of the period. Under the terms of the credit facility, interest expense excludes items such as gains and losses on the extinguishment of debt, deferred financing charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at acquisition of a loan in order to establish the debt at fair value and non-cash interest expense due to the implementation in 2009 of accounting standards related to our exchangeable debentures, all of which are included in interest expense on our consolidated statement of operations. Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. As of December 31, 2011, we are in compliance with the financial covenants under our credit facility.

Interest and Fees. We pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin (i) ranging from 175 to 275 basis points (depending on Host L.P.’s consolidated leverage ratio), or (ii) following the date on which Host L.P.’s long-term unsecured debt rating is investment grade and Host L.P. elects ratings-based pricing, ranging from 100 to 160 basis points (depending on Host LP’s unsecured long-term debt rating). Based on our leverage ratio at December 31, 2011 of 4.8x, we would be able to borrow at a rate of LIBOR plus 200 basis points. While we are using leverage-based pricing, to the extent that amounts under the credit facility remain unused, we pay a quarterly commitment fee on the unused portion of the loan commitment of 25 to 35 basis points, depending on our average revolver usage during the applicable period. Upon attainment of an investment grade unsecured debt rating and election of ratings-based pricing, in lieu of paying an unused commitment fee, we would instead pay a facility fee ranging from 15 basis points to 40 basis points, depending on our rating and regardless of usage.

Other Covenants and Events of Default. The credit facility contains restrictive covenants on customary matters. Certain covenants become less restrictive at any time that our leverage ratio falls below 6.0x. In particular, at any time that our leverage ratio is below 6.0x, we will not be subject to limitations on capital expenditures, and the limitations on acquisitions, investments and dividends contained in the credit facility will be superseded by the generally less restrictive corresponding covenants in our senior notes indenture. Additionally, the credit facility’s restrictions on the incurrence of debt and the payment of dividends generally are consistent with our senior notes indenture. These provisions, under certain circumstances, limit debt incurrence to debt incurred under the credit facility or in connection with a refinancing, and limit dividend payments to those necessary to maintain Host Inc.’s tax status as a REIT. The credit facility also includes usual and customary events of default for facilities of this nature, and provides that, upon the occurrence and continuance of an event of default, payment of all amounts owed under the credit facility may be accelerated, and the lenders’ commitments may be terminated. In addition, upon the occurrence of certain insolvency or bankruptcy related events of default, all amounts owed under the credit facility will become due and payable and the lenders’ commitments will terminate.

Mortgage Debt

All of our mortgage debt is recourse solely to specific assets, except for environmental liabilities, fraud, misapplication of funds and other customary recourse provisions. As of December 31, 2011, we have 14 assets that are secured by mortgage debt, with an average interest rate of 5.0%, that mature between 2013 and 2023. As of December 31, 2011, we are in compliance with the covenants under all of our mortgage debt obligations.

We had the following mortgage debt issuances and repayments since January 2010. Interest for our mortgage debt is payable on a monthly basis:


Transaction Date	Property	Rate			Maturity Date		Amount
							(in millions)
*Issuances/Assumptions*
November 2011	Hilton Melbourne South Wharf (1)		6.77	%		11/23/2016	$	79
February 2011	New Zealand Hotel Portfolio (2)		5.49	%		2/18/2016		80
*Repayments/Defeasance/Transfer*
June 2011	Le Méridien Piccadilly (3)		1.99	%		1/20/2012		(52	)
March 2011	Four Canadian properties		5.2	%		3/1/2011		(132	)
December 2010	Partial repayment of Orlando World Center mortgage (4)		3.76	%		12/30/2010		(54	)
December 2010	JW Marriott, Desert Springs		9.8	%		12/11/2022		(71	)
October 2010	W New York, Union Square (5)		6.39	%		10/11/2011		(119	)
February 2010	Atlanta Marriott Marquis		7.4	%		2/11/2023		(124	)

(1)

The floating interest rate is equal to the 3-month BBSY plus 230 basis points. In addition, we entered into separate swap agreements that fix 75% of the loan at an all-in rate of 6.7% and cap the remaining 25% at an all-in interest rate of 9.9%. The rate shown reflects the rate in effect at December 31, 2011. In connection with the acquisition of the property in April 2011, we assumed an $86 million mortgage loan. The issuance represents the refinancing of this mortgage loan.

(2)

The floating interest rate is equal to the 3-month New Zealand Bank Bill Rate plus 120 basis points plus an additional commitment fee of 120 basis points per annum. In addition, we entered into a swap agreement that fixes 75% of the loan at an all-in rate of 7.15%. The rate shown reflects the rate in effect at December 31, 2011.

(3)

This floating rate mortgage is based on LIBOR plus 118 basis points. The rate shown reflects the rate in effect at the time of transfer. In connection with the transfer of Le Méridien Piccadilly to the Euro JV Fund II, we transferred the associated mortgage. The mortgage loan had been assumed at acquisition of the property in June 2010.

(4)

On December 17, 2010, we entered into an amendment under the $300 million mortgage loan secured by the Orlando World Center Marriott. As a result of the amendment, we repaid $54 million of the outstanding principal on December 30, 2010 and extended the maturity of the loan to July 1, 2013. We have a fixed annual interest rate of 4.75% on the remaining $246 million outstanding.

(5)

The amount shown reflects our recorded book value of the mortgage debt on the date defeasance. We defeased this loan on October 19, 2010, which released us from obligations under the mortgage. In connection with the acquisition of the property in September 2010, we assumed the $115 million mortgage loan.

Interest Rate Derivative Instruments

We have entered into several derivative instruments in order to manage our exposures to risks associated with changes in interest rates. None of our derivative instruments has been entered into for trading purposes.

Aggregate Debt Maturities

Aggregate debt maturities are as follows (in millions):


	As of December 31, 2011
2012	$	400
2013		359
2014		1,142
2015		1,179
2016		965
Thereafter		1,769

		5,814
Unamortized (discounts) premiums, net		(75	)
Fair value hedge adjustment		12
Capital lease obligations		2

	$	5,753

Interest

The following items are included in interest expense (in millions):


	Year ended December 31,
	2011 (1)			2010 (1)			2009 (2)
Interest expense	$	371		$	384		$	379
Amortization of debt premiums/discounts, net (3)		(32	)		(34	)		(31	)
Amortization of deferred financing costs		(11	)		(12	)		(12	)
Non-cash gains/(losses) on debt extinguishments		(4	)		(1	)		2
Change in accrued interest		(4	)		10			(11	)

Interest paid (4)	$	320		$	347		$	327

(1)	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.

(2)	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.

(3)	Primarily represents the amortization of the debt discount on our Debentures, which is non-cash interest expense.

(4)	Does not include capitalized interest of $4 million, $3 million and $5 million during 2011, 2010 and 2009, respectively.

Amortization of property and equipment under capital leases totaled $3 million, $1 million and $1 million for 2011, 2010 and 2009, respectively, and is included in depreciation and amortization on the accompanying consolidated statements of operations.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Equity of Host Inc. and Capital of Host L.P.

Equity of Host Inc. and Capital of Host L.P.

12 Months Ended

Dec. 31, 2011

5.	Equity of Host Inc. and Capital of Host L.P.

Equity of Host Inc.

Host Inc. has authorized 1,050 million shares of common stock, with a par value of $0.01 per share, of which 705.1 million and 675.6 million were outstanding as of December 31, 2011 and 2010, respectively. Fifty million shares of no par value preferred stock are authorized; none of such preferred shares were outstanding as of December 31, 2011 and 2010.

Capital of Host L.P.

As of December 31, 2011, Host Inc. is the owner of approximately 98.5% of Host L.P.’s OP units. The remaining 1.5% of the OP units are held by various third party limited partners. Each OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each OP unit.

As of December 31, 2011 and 2010, Host L.P. has 700.7 million and 671.8 million OP units outstanding, respectively, of which Host Inc. held 690.3 million and 661.4 million, respectively.

In exchange for any shares issued by Host Inc., Host L.P. will issue OP units based on the applicable conversion ratio. Following a 2009 Host Inc. stock dividend distribution, in which OP unitholders did not receive an equivalent per unit distribution for the dividend paid with Host Inc. common stock, the conversion factor used to convert OP units into shares of Host Inc. common stock was adjusted from 1.0 to 1.021494. Funds used by Host Inc. to pay dividends on its common stock are provided through distributions from Host L.P.

Issuances of Common Stock

During 2011, Host Inc. issued 19.1 million shares of common stock, at an average price of $17.09 per share, for net proceeds of approximately $323 million. These issuances were made in “at-the-market” offerings pursuant to Sales Agency Financing Agreements with BNY Mellon Capital Markets, LLC. There is approximately $174 million of issuance capacity remaining under the current agreement.

In 2010, Host Inc. issued 26.9 million shares of common stock, at an average price of $15.25 per share, for net proceeds of approximately $406 million under the same “at-the-market” programs.

During June 2011, $134 million of the 2004 Debentures were exchanged for shares of Host Inc. common stock, totaling approximately 8.8 million shares.

Dividends/Distributions

Host Inc. is required to distribute at least 90% of its annual taxable income, excluding net capital gains, to its stockholders in order to maintain its qualification as a REIT, including taxable income recognized for federal income tax purposes but with regard to which we do not receive cash. Funds used by Host Inc. to pay dividends on its common stock are provided through distributions from Host L.P. The amount of any future dividends will be determined by Host Inc.’s Board of Directors.

All common and preferred cash and stock dividends that were taxable to our stockholders in 2011 and 2010 were considered 100% ordinary income. None of such dividends was considered qualified dividends subject to a reduced tax rate. The table below presents the amount of common and preferred dividends declared per share and common and preferred distributions per unit as follows:


	Year ended December 31,
	2011		2010		2009
Common stock	$	.14	$	.04	$	.25
Class E preferred stock 8⁷/8%		—		.555		2.22
Common OP units		.143		.041		.025
Class E preferred OP units 8⁷/8%		—		.555		2.22

Preferred Stock Redemption

On June 18, 2010, Host Inc. redeemed 4,034,300 shares of its 8⁷/8% Class E cumulative redeemable preferred stock at a redemption price of $25.00 per share, plus accrued dividends. The original issuance costs for the Class E preferred stock are treated as a deemed dividend in Host Inc.’s consolidated statement of operations and have been reflected as a deduction to net income (loss) available to common stockholders for the purpose of calculating Host Inc.’s basic and diluted earnings (loss) per share. Similarly, the issuance costs have been treated as a deemed distribution in Host L.P.’s consolidated statement of operations and have been reflected as a reduction to Host L.P.’s earnings per diluted unit.

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes

6.	Income Taxes

Host Inc. elected to be taxed as a REIT effective January 1, 1999 pursuant to the U.S. Internal Revenue Code of 1986, as amended. In general, a corporation that elects REIT status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and complies with certain other requirements (relating primarily to the composition of its assets and the sources of its revenues) generally is not subject to federal and state income taxation on its operating income that is distributed to its stockholders. As a partnership for federal income tax purposes, Host L.P. is not subject to federal income tax. It is, however, subject to state, local and foreign income and franchise tax in certain jurisdictions. In addition to paying federal and state income taxes on any retained income, one of our subsidiary REITs is subject to taxes on “built-in-gains” that result from sales of certain assets. Additionally, each of our taxable REIT subsidiaries is taxable as a regular C corporation, subject to federal, state and foreign income tax. Our consolidated income tax provision or benefit includes the income tax provision or benefit related to the operations of our taxable REIT subsidiaries, state income taxes incurred by Host Inc. and Host L.P., and foreign income taxes incurred by Host L.P., as well as each of their respective subsidiaries.

Where required, deferred income taxes are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss, capital loss and tax credit carryovers based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies.

Total deferred tax assets and liabilities are as follows (in millions):


	As of December 31,
	2011			2010
Deferred tax assets	$	172		$	161
Less: Valuation allowance		(47	)		(44	)

Subtotal		125			117
Deferred tax liabilities		(24	)		(40	)

Net deferred tax asset	$	101		$	77

We have recorded a 100% valuation allowance of approximately $37.4 million against the deferred tax asset related to the net operating loss and asset tax credit carryovers as of December 31, 2011 with respect to our hotel in Mexico. There is a $2.2 million valuation allowance against the deferred tax asset related to the net operating loss and capital loss carryovers as of December 31, 2011 with respect to our hotels in Canada. Finally, there is a $7.4 million valuation allowance against the deferred tax asset related to the net operating loss carryovers as of December 31, 2011 with respect to certain of our U.S. taxable REIT subsidiaries that act as lessee pursuant to the HPT leases. We expect that the remaining net operating loss and alternative minimum tax credit carryovers for U.S. federal income tax purposes will be realized. The net increase in the valuation allowance for the year ending December 31, 2011 and December 31, 2010 is approximately $3 million and $7 million, respectively. The primary components of our net deferred tax asset are as follows (in millions):


	As of December 31,
	2011			2010
Accrued related party interest	$	16		$	12
Net operating loss and capital loss carryovers		99			74
Alternative minimum tax credits		4			4
Property and equipment		(18	)		(18	)
Investments in domestic and foreign affiliates		(3	)		(2	)
Derivatives		1			—
Deferred revenue and other		49			51

Subtotal		148			121
Less: Valuation allowance		(47	)		(44	)

Net deferred tax asset	$	101		$	77

At December 31, 2011, we have aggregate gross domestic and foreign net operating loss, capital loss and tax credit carryovers of approximately $276 million. We have deferred tax assets related to these loss and tax credit carryovers of approximately $99 million, with a valuation allowance of approximately $47 million. Our net operating loss carryovers expire through 2031, and our foreign capital loss carryovers have no expiration period. Our domestic alternative minimum tax credits have no expiration period and our foreign asset tax credits expire through 2017.

Our U.S. and foreign income (loss) from continuing operations before income taxes was as follows (in millions):


	Year ended December 31,
	2011			2010			2009
U.S. loss	$	(41	)	$	(170	)	$	(208	)
Foreign income (loss)		28			11			(28	)

Total	$	(13	)	$	(159	)	$	(236	)

The benefit for income taxes for continuing operations consists of (in millions):


	Year ended December 31,
	2011			2010			2009
Current — Federal	$	1		$	—		$	(7	)
— State		1			1			2
— Foreign		8			4			4

		10			5			(1	)


Deferred — Federal		(11	)		(31	)		(33	)
— State		(2	)		(6	)		(7	)
— Foreign		2			1			2

		(11	)		(36	)		(38	)

Income tax benefit — continuing operations	$	(1	)	$	(31	)	$	(39	)

The total benefit for income taxes, including the amounts associated with discontinued operations, was $2 million, $32 million and $40 million in 2011, 2010 and 2009, respectively.

The differences between the income tax benefit calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax benefit recorded for continuing operations are as follows (in millions):


	Year ended December 31,
	2011			2010			2009
Statutory federal income tax benefit — continuing operations	$	(5	)	$	(56	)	$	(83	)
Adjustment for nontaxable (income) loss of Host Inc. — continuing operations		(5	)		25			43
State income tax provision, net		(1	)		(5	)		(3	)
Uncertain tax positions benefit		—			—			(7	)
Foreign income tax provision		10			5			11

Income tax benefit — continuing operations	$	(1	)	$	(31	)	$	(39	)

Cash paid for income taxes, net of refunds received, was $8 million, $4 million and $5 million in 2011, 2010 and 2009, respectively.

GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. We must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2011		2010
Balance at January 1	$	5	$	5
Reductions due to expiration of certain statutes of limitation		—		—
Other increases (decreases)		—		—

Balance at December 31	$	5	$	5

All of such amount, if recognized, would impact our reconciliation between the income tax provision (benefit) calculated at the statutory federal income tax rate of 35% and the actual income tax provision (benefit) recorded each year.

It is reasonably possible that the total amount of unrecognized tax benefits will decrease within 12 months of the reporting date due to the expiration of certain statutes of limitation. An estimate of such decrease is approximately $4 million. As of December 31, 2011, the tax years that remain subject to examination by major tax jurisdictions generally include 2008-2011.

We recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2011, 2010 and 2009, we recognized approximately $0.2 million, $0.1 million and $0.1 million, respectively of interest expense related to the unrecognized tax benefits. We had approximately $0.4 million and $0.6 million of interest accrued at December 31, 2011 and 2010, respectively.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Leases

12 Months Ended

Dec. 31, 2011

Leases

7.	Leases

Taxable REIT Subsidiaries Leases

We lease substantially all of our hotels to a wholly owned subsidiary that qualifies as a taxable REIT subsidiary due to federal income tax restrictions on a REIT’s ability to derive revenue directly from the operation and management of a hotel.

Hospitality Properties Trust

We own a leasehold interest in 53 Courtyard by Marriott properties, which properties were sold to Hospitality Properties Trust (“HPT”) and leased back to us in 1995 and 1996. In connection with our conversion to a REIT, we entered into subleases with Barceló Crestline Corporation (“Barceló”) for these 53 properties, as well as 18 Residence Inn by Marriott properties. In June 2010, HPT sent notices of default because the subtenants failed to meet certain net worth covenants, which failure would have triggered an event of default by us under the leases between us and HPT. As a result, we terminated the subleases effective July 6, 2010 and resumed acting as owner under the management agreements. Effective upon termination of the subleases, we recorded the operations of the hotels as opposed to rental income for 2010 and 2011. On December 30, 2011, we entered into a settlement with Barceló, who had guaranteed rent payments to HPT as part of the sublease, related to the termination of the subleases, which resulted in an additional $7 million of income being recorded in 2011 to compensate us for a portion of our operating losses subsequent to the sublease termination.

We terminated the master lease with HPT on the 18 Residence Inn properties effective December 31, 2010 and received $17.2 million of deferred proceeds related to the initial sale and additional amounts held in the tenant collection account. On November 23, 2010, we gave notice that we will not extend the lease on the 53 Courtyard by Marriott properties, which will result in termination of the lease effective December 31, 2012. At the expiration of the lease, HPT is obligated to pay us deferred proceeds related to the initial sale of approximately $51 million, plus additional amounts held in a tenant collection account.

The chart below details the other revenue and other property-level expenses related to the HPT properties (in millions):


	Year ended December 31,
	2011		2010
Hotel sales revenue	$	214	$	123
Rental revenue		7		44

Total HPT revenue	$	221	$	167

Property-level expenses	$	159	$	96
Rental expense		68		84

Total HPT expenses	$	227	$	180

Ground Leases

As of December 31, 2011, all or a portion of 38 of our hotels are subject to ground leases, generally with multiple renewal options, all of which are accounted for as operating leases. For lease agreements with scheduled rent increases, we recognize the lease expense ratably over the term of the lease. Certain of these leases contain provisions for the payment of contingent rentals based on a percentage of sales in excess of stipulated amounts. Additionally, the rental payments under one lease are based on real estate tax assessments.

Other Lease Information

We also have leases on facilities used in our former restaurant business, all of which we subsequently subleased. These leases and subleases contain one or more renewal options, generally for five or ten-year periods. The restaurant leases are accounted for as operating leases. Our leasing activities also include leases entered into by our hotels for various types of equipment, such as computer equipment, vehicles and telephone systems. Equipment leases are accounted for either as operating or capital leases, depending on the characteristics of the particular lease arrangement. Equipment leases that are characterized as capital leases are classified as furniture and equipment and are depreciated over the life of the lease. The amortization charge applicable to capitalized leases is included in depreciation expense.

The following table presents the future minimum annual rental commitments required under non-cancelable leases for which we are the lessee (in millions):


	As of December 31, 2011
	Capital Leases		Operating Leases
2012	$	1	$	113
2013		1		45
2014		—		43
2015		—		41
2016		—		39
Thereafter		—		1,379
Total minimum lease payments	$	2	$	1,660

Minimum payments for the operating leases have not been reduced by aggregate minimum sublease rentals from restaurants of approximately $4 million that are payable to us under non-cancelable subleases.

We remain contingently liable on certain leases relating to our former restaurant business. Such contingent liabilities aggregated $14 million as of December 31, 2011. However, management considers the likelihood of any material funding related to these leases to be remote.

Rent expense is included in the other property-level expenses line item and consists of (in millions):


	Year ended December 31,
	2011		2010		2009
Minimum rentals on operating leases	$	114	$	128	$	122
Additional rentals based on sales		26		19		23
Rental payments based on real estate tax assessments		22		21		19
Less: sublease rentals		(3)		(44)		(83)
	$	159	$	124	$	81

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 23
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 840
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Employee Stock Plans

12 Months Ended

Dec. 31, 2011

Employee Stock Plans

8.	Employee Stock Plans

In connection with Host Inc.’s conversion to a REIT, Host L.P. assumed the employee obligations of Host Inc. Upon the issuance of Host Inc.’s common stock under either of the two stock-based compensation plans described below, Host L.P. will issue to Host Inc. common OP units of an equivalent value. Accordingly, these liabilities and related disclosures are included in both Host Inc.’s and Host L.P.’s consolidated financial statements.

Host Inc. maintains two stock-based compensation plans, the Comprehensive Stock and Cash Incentive Plan (the “2009 Comprehensive Plan”), under which Host Inc. may award to participating employees (i) restricted shares of Host Inc.’s common stock, (ii) options to purchase our common stock, and (iii) deferred shares of our common stock, and the employee stock purchase plan (“ESPP”). At December 31, 2011, there were approximately 19 million shares of Host Inc.’s common stock reserved and available for issuance under the 2009 Comprehensive Plan.

We recognize costs resulting from share-based payment transactions in our financial statements over their vesting periods. We classify share-based payment awards granted in exchange for employee services as either equity awards or as liability awards. The classification of restricted stock awards either as an equity award or a liability award is based upon cash settlement options. Equity awards are measured based on their fair value on the date of grant. Liability classified awards are re-measured to fair value each reporting period. The value of all restricted stock awards, less estimated forfeitures, is recognized over the period during which an employee is required to provide services in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. The senior executive restricted stock awards have been classified as liability awards, primarily due to settlement features that allow the recipient to have a percentage of the restricted stock awards withheld to meet tax requirements in excess of the statutory minimum withholding requirements. Other stock awards have been classified as equity awards, as these awards do not contain this optional tax withholding feature.

On May 14, 2009, our stockholders approved the 2009 Comprehensive Plan. The 2009 Comprehensive Plan currently has 25.5 million shares authorized, which includes incremental shares approved on May 7, 2010 to reflect our 2009 stock dividend, that can be issued for stock-based compensation to employees and directors. Shares described below that were granted after May 14, 2009 were issued under this plan. We granted 5.1 million restricted shares to senior executives that vest in 2010 and 2011 and 1.0 million stock options under this plan. We also granted 0.2 million restricted shares to other employees at a per share price of $10.40.

During 2011, 2010 and 2009, we recorded compensation expense of approximately $19 million, $40 million and $21 million, respectively. Shares granted in 2011, 2010 and 2009 totaled 0.2 million, 0.4 million and 9.0 million, respectively, while 1.5 million, 2.6 million and 2.2 million, respectively, vested during those years.

Senior Executive Restricted Stock

During 2009, Host Inc. granted shares to senior executives that vested through year end 2011 in three annual installments (the “2009 – 2011 Plan”). No awards were outstanding as of December 31, 2011. Vesting for these shares was determined based on (1) personal performance based on the achievement of specific management business objectives, and (2) market performance based on the achievement of total shareholder return on a relative basis. These awards were considered liability awards; therefore, we recognized compensation expense over the requisite period based on the fair value of the award at the balance sheet date. The fair value was based on the number of shares earned during the year at the December 31, 2011 stock price.

Under the 2009-2011 Plan, we granted a total of 7.6 million shares (0.1 million in 2011, 0.3 million in 2010 and 7.2 million in 2009). The grants in 2010 and 2011 primarily related to new hires or promotions. Of the 7.6 million shares granted, vesting for approximately 48% of the shares was based on the satisfaction of personal performance goals set by each executive, approximately 26% was based on the achievement of total shareholder return on a relative basis compared to the NAREIT index and approximately 26% was based on the achievement of total shareholder return in comparison to eight other lodging companies.

During 2011, 2010 and 2009, we recorded compensation expense of approximately $15 million, $36 million and $19 million, respectively, related to the restricted stock awards to senior executives. The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2011. The fair values for the awards below are based on the fair value at the respective transaction dates, as the awards are classified as liability awards.


	Year ended December 31,
	2011					2010					2009
	Shares (in millions)			Fair Value (per share)		Shares (in millions)			Fair Value (per share)		Shares (in millions)			Fair Value (per share)
Balance, at beginning of year		3.7		$	11		5.6		$	7		0.1		$	7
Granted		0.1			17		0.3			17		7.2			9
Vested (1)		(1.3	)		15		(1.9	)		18		(1.6	)		11
Forfeited/expired		(2.5	)		15		(0.3	)		11		(0.1	)		7

Balance, at end of year		—			—		3.7			11		5.6			7

Issued in calendar year (1)		1.1			15		0.8			11		0.1			7

(1)

Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 1.1 million shares issued in 2011 include shares vested at December 31, 2010, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $15.4 million, $6.9 million and $0.6 million, for 2011, 2010 and 2009, respectively.

Employee Stock Options

As of December 31, 2011, 1.3 million stock options were outstanding and exercisable with a weighted average remaining life of 7 years and a weighted average exercise price of $7.68. During 2011, 2010 and 2009, stock option grants totaled 22,000, 54,000 and 1.4 million, respectively. Stock compensation expense was $1.8 million during 2011 and 2010, respectively, and $0.8 million during 2009 and all stock options outstanding as of December 31, 2011 are fully vested. We expense stock options over the vesting period based on the estimated fair value of the options grant date using the simulation/Monte Carlo method. To calculate the fair value of options granted from 2009 to 2011, we assumed (i) a weighted average volatility of 56.1%, (ii) a weighted average risk free rate of 2.3%, and (iii) a weighted average dividend yield of 4.9%.

Other Stock Plans

In addition to the stock plans described above, we maintain an upper-middle management plan, an employee stock purchase plan and, in 2009, granted stock awards to all employees. These awards are all time-based equity awards that vest within three years of the grant date and expense is based on the grant date fair value. During 2011, 2010 and 2009 we granted 93,000 shares, 120,000 shares and 331,000 shares, respectively, under these programs and recorded expenses of $1.9 million, $2.2 million and $1.4 million, respectively.

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

Profit Sharing and Postemployment Benefit Plans

Profit Sharing and Postemployment Benefit Plans

12 Months Ended

Dec. 31, 2011

9.	Profit Sharing and Postemployment Benefit Plans

We contribute to defined contribution plans for the benefit of employees who meet certain eligibility requirements and who elect participation in the plans. The discretionary amount to be matched by us is determined annually by Host Inc.’s Board of Directors. Our recorded liability for this obligation is not material. Payments for these items were not material for the three years ended December 31, 2011.

The entire disclosure for pension and other postretirement benefits.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
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-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
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-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations

10.

Discontinued Operations

We disposed of one hotel in 2011, two hotels in 2010 and six hotels in 2009. The operations for these hotels are included in discontinued operations. The following table summarizes the revenues, loss before taxes, and the gain (loss) on dispositions, net of tax, of the hotels which have been reclassified to discontinued operations, which includes assets held for sale and the results of sold hotels prior to their disposition for the periods presented (in millions):


	Year ended December 31,
	2011			2010			2009
Revenues	$	5		$	14		$	81
Loss before taxes		(4	)		(3	)		(88	)
Gain (loss) on disposals, net of tax		—			(2	)		26

Net loss attributable to Host Inc. is allocated between continuing and discontinued operations as follows (in millions):


	Year ended December 31,
	2011			2010			2009
Loss from continuing operations, net of tax	$	(11	)	$	(126	)	$	(192	)
Discontinued operations, net of tax		(4	)		(4	)		(60	)

Net loss attributable to Host Hotels & Resorts, Inc.	$	(15	)	$	(130	)	$	(252	)

Net loss attributable to Host L.P. is allocated between continuing and discontinued operations as follows (in millions):


	Year ended December 31,
	2011			2010			2009
Loss from continuing operations, net of tax	$	(11	)	$	(128	)	$	(196	)
Discontinued operations, net of tax		(4	)		(4	)		(61	)

Net loss attributable to Host Hotels & Resorts, L.P.	$	(15	)	$	(132	)	$	(257	)

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

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-Name Accounting Standards Codification
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Acquisitions

12 Months Ended

Dec. 31, 2011

Acquisitions

11.

Acquisitions

We record the assets acquired, liabilities assumed and any non-controlling interests at the estimated fair value as of the acquisition date. Furthermore, acquisition-related costs, such as broker fees, transfer taxes, due diligence costs and legal and accounting fees, are expensed in the period incurred and are not capitalized or applied in determining the fair value of the acquired assets. We acquired 10 hotels during 2011 and recorded $5 million of acquisition-related expenses and acquired four hotels during 2010 and recorded $8 million of acquisition-related expenses. For 2011 and 2010, our acquisitions were as follows:

•

On September 1, 2011, we acquired the remaining 51% partnership interest in the Tiburon Golf Ventures, L.P., which owns the golf club surrounding The Ritz-Carlton, Naples Golf Resort, for $11 million.

•

On April 29, 2011, we acquired a 75% common voting interest and a preferred interest in the joint venture that owns the 364-room Hilton Melbourne South Wharf, Australia. The total transaction value, including the 25% voting interest retained by the previous owners, was A$142 million ($152 million) and included the assumption of an existing A$80 million ($86 million) mortgage loan. We are entitled to receive a cumulative priority return of 12% based on our initial investment of A$45 million ($48 million), plus 75% of the distributable cash after our partner’s subordinated preferred interest.

•

On March 23, 2011, we acquired the 775-room New York Helmsley Hotel for $313.5 million. The hotel is managed by Starwood and will be converted to the Westin brand in 2012.

•

On March 17, 2011, we acquired the 1,625-room Manchester Grand Hyatt San Diego for $572 million (which includes the payment of $19 million for the existing FF&E replacement fund). The transaction was comprised of cash consideration of $566 million, including the repayment of $403 million of existing loans, and the issuance of approximately 0.3 million OP units valued at $6 million. We also issued approximately 4 million Class F preferred units with a per unit liquidation preference of $25, for an aggregate amount of $99.5 million. We received a note from the seller equal in value to the preferred units issued. The interest rate on the note receivable is 25 basis points less than the dividend rate on the preferred units. In accordance with ASC 505, a right of setoff exists between the note receivable and the preferred units, as the proceeds from the redemption of the preferred units must be used to repay the note receivable. Therefore, these two instruments are recorded net on our consolidated balance sheet.

•

On February 18, 2011, we acquired a portfolio of hotels in New Zealand for approximately NZ$190 million ($145 million), at which time we entered into an NZ$105 million ($80 million) mortgage. The properties are operated by Accor under the ibis and Novotel brands. The portfolio is comprised of the following hotels:

•

The 273-room Hotel Novotel Queenstown Lakeside;

•

The 193-room Hotel Novotel Christchurch Cathedral Square;

•

The 147-room Hotel Novotel Auckland Ellerslie;

•

The 139-room Hotel Novotel Wellington;

•

The 200-room Hotel ibis Wellington;

•

The 155-room Hotel ibis Christchurch; and

•

The 100-room Hotel ibis Ellerslie.

•

On September 30, 2010, we acquired the 245-room JW Marriott, Rio de Janeiro for approximately R$80 million ($47 million).

•

On September 2, 2010, we formed a joint venture to purchase the 270-room W New York, Union Square. We have a 90% interest and serve as the managing member of the joint venture. The joint venture purchased the hotel for $188 million, which, in addition to cash consideration, included the assumption of $115 million of mortgage debt, with a fair value of $119 million, and other liabilities valued at $8.5 million. Additionally, in conjunction with the acquisition, the joint venture purchased restricted cash and FF&E reserve funds at the hotel of $11 million.

•

On August 11, 2010, we acquired the 424-room Westin Chicago River North for approximately $165 million.

•

On July 22, 2010, we acquired the leasehold interest in the 266-room Le Méridien Piccadilly in London, England for £64 million ($98 million), including cash consideration of approximately £31 million ($47 million) and the assumption of a £33 million ($51 million) mortgage, which approximates fair value. As part of the purchase of the leasehold interest, we acquired restricted cash at the hotel of £4 million ($6 million). In connection with the acquisition, we assumed a capital lease obligation which we valued at £38 million ($58 million). We also recorded a deferred tax liability of £19 million ($30 million) and a deferred tax asset of £11 million ($17 million) and goodwill of £8 million ($13 million) related to the difference in the hotel valuation measured at fair value on the acquisition date and the tax basis of the assets acquired. We drew £37 million ($56 million) from our credit facility to fund the cash portion of the acquisition. On June 28, 2011, we transferred the Le Méridien Piccadilly to the Euro JV Fund II (see Note 3 “Investments in Affiliates”).

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in our 2011 and 2010 acquisitions (in millions):


	As of December 31,
	2011			2010
Property and equipment	$	1,174		$	557
Goodwill		—			13
Intangible asset		7			—
Deferred tax asset		10			17
Restricted cash, FF&E reserve and other assets		20			24

Total assets	$	1,211		$	611


Mortgage debt	$	(86	)	$	(168	)
Capital lease obligation		—			(58	)
Deferred tax liability		(13	)		(30	)
Other liabilities		(6	)		(13	)

Net assets acquired	$	1,106		$	342

Our summarized unaudited consolidated pro forma results of operations, assuming the 2011 and 2010 acquisitions occurred on January 1, 2010 and excluding the acquisition costs discussed above, are as follows (in millions, except per share and per unit amounts):


	Year ended December 31,
	2011			2010
Revenues	$	5,062		$	4,789
Income (loss) from continuing operations		6			(118	)
Net income (loss) 332		2			(122	)

Host Inc.:
Net income (loss) available to common shareholders	$	3		$	(128	)
Basic earnings (loss) per common share:
Continuing operations	$	.01		$	(.19	)
Discontinued operations		(.01	)		(.01	)

Basic earnings (loss) per common share	$	—		$	(.20	)

Diluted earnings (loss) per common share:
Continuing operations	$	.01		$	(.19	)
Discontinued operations		(.01	)		(.01	)

Diluted earnings (loss) per common share	$	—		$	(.20	)


Host L.P.:
Net income (loss) available to common unitholders	$	3		$	(130	)
Basic earnings (loss) per common unit:
Continuing operations	$	.01		$	(.20	)
Discontinued operations		(.01	)		—

Basic earnings (loss) per common unit	$	—		$	(.20	)

Diluted earnings (loss) per common unit:
Continuing operations	$	.01		$	(.20	)
Discontinued operations		(.01	)		—

Diluted earnings (loss) per common unit	$	—		$	(.20	)

For 2011 and 2010, we have included $355 million and $57 million of revenues, respectively, and $35 million and $3 million of net income, respectively, in our consolidated statements of operations related to the operations of the hotels and golf club acquired in 2011 and 2010.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
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Notes Receivable

12 Months Ended

Dec. 31, 2011

Notes Receivable

12.

Notes Receivable

On April 13, 2010, we acquired, at a discount, the two most junior tranches of a €427 million ($581 million) mortgage loan that is secured by six hotels located in Europe with a face value of €64 million ($87 million). Interest payments for the tranches are based on the 90-day EURIBOR rate plus 303 basis points, or approximately 4.6%. The borrower is current on amounts due under the notes. We record interest income on the loan based on the implicit interest rate required to accrete the book value of the receivable to an amount equal to the expected cash receipts for both the principal and interest through maturity. For 2011 and 2010, we recorded interest income of €13 million ($17 million) and €3 million ($4 million), respectively. The loan matures on October 18, 2012.

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
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-Name Accounting Standards Codification
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Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements

13.

Fair Value Measurements

Overview

We have adopted the provisions under GAAP for both recurring and non-recurring fair value measurements. Our recurring fair value measurements consist of the valuation of our derivative instruments, the majority of which are designated as accounting hedges. Non-recurring fair value measurements during 2011 consisted of the impairment of two of our hotel properties, one of which was sold in 2011.

In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (“observable inputs”) and a reporting entity’s own assumptions about market data (“unobservable inputs”). The requirements are intended to increase the consistency and comparability of fair value measurements and related disclosures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability at the measurement date in an orderly transaction (an “exit price”). Assets and liabilities are measured using inputs from three levels of the fair value hierarchy. The three levels are as follows:

Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis.

Level 2—Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means.

Level 3—Unobservable inputs reflect our assumptions about the pricing of an asset or liability when observable inputs are not available.

The following table details the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, as well as non-recurring fair value measurements that we completed during 2011 (there were none in 2010) due to the impairment of non-financial assets (in millions):


			Fair Value at Measurement Date Using
	Balance at December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
*Fair Value Measurements on a Recurring Basis:*
Interest rate swap derivatives (1)	$	6.7	$	—	$	6.7	$	—
Forward currency sale contracts (1)		10.8		—		10.8		—
*Fair Value Measurements on a Non-recurring Basis:*
Impaired hotel properties held and used (2)		5		—		5		—
Impaired hotel properties sold (2)		—		—		6		—


			Fair Value at Measurement Date Using
	Balance at December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
*Fair Value Measurements on a Recurring Basis:*
Interest rate swap derivatives (1)	$	10.6	$	—	$	10.6	$	—
Forward currency sale contracts (1)		6.9		—		6.9		—

(1)	These derivative contracts have been designated as hedging instruments.

(2)	The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2011 and 2010, respectively.

Derivatives and Hedging

Interest rate swap derivatives designated as cash flow hedges. We have designated our floating-to-fixed interest rate swap derivatives as cash flow hedges. The derivatives are valued based on the prevailing market yield curve on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the swaps. Changes in the fair value of the derivatives are recorded to other comprehensive income (loss) on the accompanying balance sheets. The hedges were fully effective as of December 31, 2011.

In connection with the acquisition of the Hilton Melbourne South Wharf on April 29, 2011, we assumed an interest rate swap agreement with a notional amount of A$80 million ($86 million) related to its mortgage debt. In November 2011, as part of the refinancing of this loan, we paid approximately $1 million to settle the original swap and entered into a new interest rate swap with a notional amount of A$61.5 million ($60 million) and a maturity date of November 23, 2016. The purpose of the interest rate swap is to hedge against changes in cash flows (interest payments) attributable to fluctuations in the Reuters BBSY. As a result, we will pay an all-in rate of 6.7% on the notional amount of the swap. We designated the derivative as a cash flow hedge. As a result of the change in fair value of this swap, a $0.3 million loss was recorded to other comprehensive income (loss), net of tax. As of December 31, 2011, we recorded a liability of $0.4 million related to the fair value of this swap.

On February 18, 2011, we entered into an interest rate swap agreement with a notional amount of NZ$79 million ($60 million) related to the mortgage debt on the seven properties acquired in New Zealand on February 18, 2011. We entered into the swap in order to hedge against changes in cash flows (interest payments) attributable to fluctuations in the 3-month NZ$ Bank Bill rate. As a result, we will pay an all-in rate of 7.15% on the notional amount of the swap. We have designated the derivative as a cash flow hedge. As a result of the change in fair value of this derivative, a $2.7 million loss was recorded to other comprehensive income (loss), net of tax. As of December 31, 2011, we recorded a liability of $3.8 million related to the fair value of this swap.

Interest rate swap derivatives designated as fair value hedges. We have designated our fixed-to-floating interest rate swap derivatives as fair value hedges. We enter into these derivative instruments to hedge changes in the fair value of fixed-rate debt that occur as a result of changes in market interest rates. The derivatives are valued based on the prevailing market yield curve on the date of measurement. We also evaluate counterparty credit risk in the calculation of the fair value of the swaps. The changes in the fair value of the derivatives are largely offset by corresponding changes in the fair value of the underlying debt due to changes in the 3-month LIBOR rate, which change is recorded as an adjustment to the carrying amount of the debt. Any difference between the change in the fair value of the swap and the change in the fair value in the underlying debt, which was not significant for the periods presented, is considered the ineffective portion of the hedging relationship and is recognized in net income (loss).

We have three fixed-to-floating interest rate swap agreements for an aggregate notional amount totaling $300 million related to The Ritz-Carlton, Naples and Newport Beach Marriott Hotel & Spa mortgage loan in the amount of $300 million. As of December 31, 2011 and December 31, 2010, we recorded assets of $10.9 million and $10.6 million, respectively, related to the fair value of the swaps. During 2011 and 2010, the fair value of the swaps increased $0.3 million and $11.6 million, respectively. As a result, we will pay a floating interest rate equal to the 3-month LIBOR plus a spread which ranges from 2.7% to 3.2%, as opposed to the fixed rate of 5.531%, on the notional amount of $300 million through March 1, 2014.

Foreign Currency Forward Sale Contracts. We have six foreign currency forward sale contracts that hedge a portion of the foreign currency exposure resulting from the eventual repatriation of our net investment in foreign operations. These derivatives are considered hedges of the foreign currency exposure of a net investment in a foreign operation and are marked-to-market with changes in fair value recorded to accumulated other comprehensive income (loss) within the equity portion of our balance sheet. The forward sale contracts are valued based on the forward yield curve of the foreign currency to U.S. Dollar forward exchange rate on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the derivatives. The following table summarizes our foreign currency sale contracts (in millions):


Transaction Date Range	Total Transaction Amount in Foreign		Total Transaction Amount		Forward Purchase	Fair Value As of December 31,				Change in Fair Value Year ended December 31,
Transaction Date Range	Currency		in Dollars		Date Range	2011		2010		2011		2010
February 2008-July 2011	€	100	$	140	October 2012-August 2015	$	8.8	$	6.9	$	1.9	$	5.2
July 2011	NZ$	30	$	25	August 2013	$	1.9	$	—	$	1.9	$	—

During 2011, we entered into the following forward sale contracts, all of which are reflected in the chart above:

•

On July 15, 2011, we entered into two forward sale contracts totaling €50 million ($69 million) in order to hedge a portion of the foreign currency exposure resulting from the eventual repatriation of our net investment in the Euro JV. Under the contract, we will sell the Euro amount and receive the U.S. dollar amount on the forward purchase dates of October 22, 2012 and August 18, 2015. Additionally, we entered into a forward purchase contract to net-settle the existing February 2008 €30 million foreign currency sale contract and received cash of $0.4 million on the settlement date of August 18, 2011. Following these transactions, we have hedged our foreign currency exposure related to €100 million ($140 million) of our net investment in the Euro JV.

•

On July 29, 2011, we entered into an NZ$30 million ($25 million) forward sale contract in order to hedge a portion of the foreign currency exposure resulting from the eventual repatriation of our net investment in HHR New Zealand Holdings Limited. Under the contract, we will sell the NZ dollar amount and receive the U.S. dollar amount on August 2, 2013.

Other Assets and Liabilities

Fair Value of Other Financial Assets and Liabilities. We did not elect the fair value measurement option for any of our other financial assets or liabilities. Notes receivable and other financial assets are valued based on the expected future cash flows discounted at risk-adjusted rates and are adjusted to reflect the effects of foreign currency translation. Valuations for secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Senior Notes and the Exchangeable Senior Debentures are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial assets and liabilities and other financial instruments are shown below (in millions):


	As of December 31,
	2011				2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Mortgage notes	$	65	$	76	$	55	$	77
Financial liabilities
Senior notes		3,641		3,772		3,093		3,200
Exchangeable Senior Debentures		902		1,076		1,156		1,471
Credit facility		117		117		58		58
Mortgage debt and other, net of capital leases		1,091		1,114		1,110		1,107

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Gain on Insurance Settlement

Gain on Insurance Settlement

12 Months Ended

Dec. 31, 2011

14.

Gain on Insurance Settlement

On February 22, 2011, Christchurch, New Zealand experienced an earthquake that resulted in substantial damage to two of the hotels we purchased as part of the seven hotel New Zealand portfolio in the first quarter of 2011. These hotels included the Hotel Novotel Christchurch Cathedral Square and the Hotel ibis Christchurch. Repairs are in progress at both properties; however, the historic portion of the Novotel, the Warners building, has been demolished. The properties are expected to remain closed until at least the third quarter of 2012 and potentially longer. We believe we have sufficient coverage under the insurance policy of our property manager for both property and business interruption. We estimate that the economic loss will be capped at approximately $3 million based on the maximum deductible under our insurance policy and we accrued this loss in the second quarter of 2011. The city also experienced a second significant earthquake on June 13, 2011 and further aftershocks in December of 2011. While evaluations of the properties are ongoing, we do not believe the effects of these earthquakes and aftershocks were significant and have not accrued any additional losses.

During 2011, as a result of the earthquake, we estimate we incurred approximately $22 million of property damage, which amount represents the book value of the properties and equipment written off, and the related repairs and clean-up costs incurred. Gains on property insurance proceeds represent proceeds received in excess of the insurance receivable, which receivable represents the book value of the damaged assets that were written-off. Any gains resulting from insurance proceeds are not recognized until all contingencies are resolved. During 2011, we recognized a gain of $2 million for the receipt of business interruption insurance proceeds. As of December 31, 2011, we have received $8 million of cash and an outstanding insurance receivable of $13 million was included in other assets, representing claims for property damage and business interruption.

Relationship with Marriott International

12 Months Ended

Dec. 31, 2011

Relationship with Marriott International

15.

Relationship with Marriott International

We have entered into various agreements with Marriott, or one of their subsidiaries, including agreements for the management of approximately 61% of our owned hotels, the management of 53 hotels leased from HPT, financing for the JW Marriott, Mexico City, Mexico and certain limited administrative services.

In 2011, 2010 and 2009, we paid Marriott $119 million, $111 million and $105 million, respectively, of hotel management fees for our owned hotels and approximately $1 million in franchise fees for each of 2011, 2010 and 2009. Additionally, in 2011 and 2010, we paid $11 million and $7 million, respectively, of management fees for the hotels leased from HPT.

We enter into negotiations with Marriott from time to time in order to secure mutually beneficial modifications to the terms of management agreements on an individual or portfolio-wide basis, typically in connection with repositioning projects or substantial capital investments at our properties. We have negotiated amendments to various management agreements with Marriott and have agreed, among other matters, to waive performance termination tests, modify certain extension tests which condition the manager’s ability to renew the management agreements, and to extend certain contracts. As part of these negotiations, Marriott agreed to make cash payments to us, over time, to reduce an existing cap on the costs and expenses related to chain services that are provided on a centralized basis, as well as to establish a cap on certain other costs, to provide us with an incentive to increase our capital expenditures at the hotels, to waive certain deferred management fees and to modify the incentive management fee on certain contracts. We agreed to use a portion of Marriott’s cash payments for brand reinvestment projects at various hotels in our portfolio.

Hotel Management Agreements and Operating and License Agreements

12 Months Ended

Dec. 31, 2011

Hotel Management Agreements and Operating and License Agreements

16.

Hotel Management Agreements and Operating and License Agreements

All of our hotels are managed by third parties pursuant to management or operating agreements, with some of those hotels also being subject to separate license agreements addressing matters pertaining to operation under the designated brand. Under these agreements, the managers generally have sole responsibility for all activities necessary for the day-to-day operation of the hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. The managers also provide all employees for the hotels, prepare reports, budgets and projections, and provide other administrative and accounting support services to the hotels. For the majority of our properties, we have approval rights over budgets, capital expenditures, significant leases and contractual commitments, and various other matters.

The initial term of our agreements generally is 15 to 25 years, with one or more renewal terms at the option of the manager. The majority of our agreements condition the manager’s right to exercise options for renewal upon the satisfaction of specified economic performance criteria. The manager typically receives a base management fee, which is calculated as a percentage (generally 2-3%) of annual gross revenues, and an incentive management fee, which typically is calculated as a percentage (generally 10-20%) of operating profit after the owner has received a priority return on its investment. In the case of our Starwood-managed hotels, the base management fee is only 1% of annual gross revenues, but that amount is supplemented by license fees payable to Starwood under a separate license agreement pertaining to the designated brand, including rights to use trademarks, service marks and logos, matters relating to compliance with certain brand standards and policies, and the provision of certain system programs and centralized services. Under the license agreement Starwood generally receives 5% of gross revenues attributable to room sales and 2% of gross revenues attributable to food and beverage sales in addition to a base management fee.

As part of the agreements, the manager furnishes the hotels with certain chain services, which are generally provided on a central or regional basis to all hotels in the manager’s hotel system. Chain services include central training, advertising and promotion, national reservation systems, computerized payroll and accounting services, and such additional services as needed which may be more efficiently performed on a centralized basis. Costs and expenses incurred in providing such services are allocated among the hotels managed, owned or leased by the manager on a fair and equitable basis. In addition, our managers generally will sponsor a guest rewards program, the costs of which will be charged to all of the hotels that participate in such program.

We are obligated to provide the manager with sufficient funds, generally 5% of the revenue generated at the hotel, to cover the cost of (a) certain non-routine repairs and maintenance to the hotels which are normally capitalized, and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Under certain circumstances, we will be required to establish escrow accounts for such purposes under terms outlined in the agreements.

We generally are limited in our ability to sell, lease or otherwise transfer the hotels unless the transferee assumes the related management agreement. However, most agreements include owner rights to terminate the agreements on the basis of the manager’s failure to meet certain performance-based metrics. Typically, these criteria are subject to the manager’s ability to ‘cure’ and avoid termination by payment to us of specified deficiency amounts (or, in some instances, waiver of the right to receive specified future management fees).

In addition to any performance-based or other termination rights, we have negotiated with Marriott and Starwood specific termination rights related to specific agreements. These termination rights can take a number of different forms, including termination of agreements upon sale that leave the property unencumbered by any agreement; termination upon sale provided that the property continues to be operated under a license or franchise agreement with continued brand affiliation; as well as termination without sale or other condition, which may require payment of a fee. These termination rights also may restrict the number of agreements that may be terminated over any annual or other period; impose limitations on the number of agreements terminated as measured by EBITDA; require that a certain number of properties continue to maintain the brand affiliation; or be restricted to a specific pool of assets.

The entire disclosure for long-term contracts or programs.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 11
-Section A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 45
-Paragraph 12, 15, 16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 81-1
-Paragraph 94
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 6
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 11
-Section B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 11
-Section C
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3(c))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 275
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6471736&loc=d3e54651-109401

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 605
-SubTopic 35
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6407836&loc=d3e58033-111643

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(d))
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6471944&loc=d3e56414-109416

Geographic and Business Segment Information

Geographic and Business Segment Information

12 Months Ended

Dec. 31, 2011

17.

Geographic and Business Segment Information

We consider each one of our hotels to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual hotels. All of our other real estate investment activities (primarily our office buildings) are immaterial and meet the aggregation criteria, and thus, we report one segment: hotel ownership. Our foreign operations consist of hotels in six countries. In June 2011, we transferred our hotel in the United Kingdom to the Euro JV Fund II. There were no intersegment sales during the periods presented. The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions):


	2011				2010				2009
	Revenues		Property and Equipment, net		Revenues		Property and Equipment, net		Revenues		Property and Equipment, net
United States	$	4,722	$	10,874	$	4,244	$	10,095	$	3,997	$	10,013
Australia		27		136		—		—		—		—
Brazil		33		42		8		48		—		—
Canada		115		126		109		131		96		135
Chile		28		58		29		56		25		53
Mexico		24		23		21		29		17		30
New Zealand		32		124		—		—		—		—
United Kingdom		17		—		17		155		—		—

Total	$	4,998	$	11,383	$	4,428	$	10,514	$	4,135	$	10,231

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
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Guarantees and Contingencies

Guarantees and Contingencies

12 Months Ended

Dec. 31, 2011

18.

Guarantees and Contingencies

We have certain guarantees which consist of commitments made to third parties for leases or debt that are not recognized in our consolidated financial statements due to various dispositions, spin-offs and contractual arrangements, but that we have agreed to pay in the event of certain circumstances, including the default by an unrelated party. We consider the likelihood of any material payments under these guarantees to be remote. The guarantees are listed below:

•

We remain contingently liable for rental payments on certain divested non-lodging properties. These primarily represent certain restaurants that were sold subject to our guarantee of the future rental payments. The aggregate amount of these future rental payments is approximately $14 million as of December 31, 2011.

•

In 1997, we owned Leisure Park Venture Limited Partnership, which owns and operates a senior living facility. We spun-off the partnership to Barceló as part of the REIT conversion, but we remain obligated under a guarantee of interest and principal with respect to $14.7 million of municipal bonds issued by the New Jersey Economic Development Authority through their maturity in 2027. However, to the extent we are required to make any payments under the guarantee, we have been indemnified by Barceló, who, in turn, is indemnified by the current owner of the facility.

•

In connection with the sale of two hotels in January 2005, we remain contingently liable for the amounts due under the respective ground leases. The future minimum lease payments are approximately $13 million through the full term of the leases, including renewal options. We believe that the likelihood of any material payments related to these ground leases is remote, and in each case, we have been indemnified by the purchaser of the hotel.

•

We acquired two properties with environmental liabilities, primarily asbestos in non-public areas of the properties, for which we have recorded the present value of the liability, or approximately $3 million. The amount is based on management’s estimate of the timing and future costs to remediate the liability. We will record the accretion expense over the period we intend to hold the hotel or until the item is remediated.

The entire disclosure for commitments and contingencies.

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Legal Proceedings

12 Months Ended

Dec. 31, 2011

Legal Proceedings

19.

Legal Proceedings

On April 27, 2005, we initiated a lawsuit against Keystone-Texas Property Holding Corporation (“Keystone”) seeking a declaration that a provision of the ground lease for the property under the San Antonio Marriott Rivercenter was valid and claiming that Keystone had breached that lease provision. On October 18, 2006, Keystone filed an amended counterclaim and later, a third party claim, alleging that we had tortuously interfered with Keystone’s attempted sale of the property and that we slandered Keystone’s title to the property.

On February 8, 2010, we received an adverse jury verdict in the 166th Judicial District Court of Bexar County, Texas. The jury found that we tortuously interfered with the attempted sale by Keystone of the land under the San Antonio Marriott Rivercenter and awarded Keystone $34.3 million in damages, plus statutory interest. In addition, the jury found that we slandered Keystone’s title to the property and awarded Keystone $39 million in damages, plus statutory interest. Keystone only will be entitled to receive one of these damage awards. On February 12, 2010, the jury awarded Keystone $7.5 million in exemplary damages with respect to the second claim. The trial court, however, subsequently granted our motion to disregard the jury’s exemplary damages award. On June 3, 2010, the trial court issued its final judgment, awarding Keystone: $39 million in damages for slander of title; alternatively, $34.3 million for tortuous interference of contract; as well as pre-judgment and post-judgment interest and attorneys’ fees, expenses, and costs.

On November 23, 2011, a three-judge panel of the San Antonio Court of Appeals issued its memorandum opinion denying our appeal of the trial court’s June 3, 2010 final judgment. In addition, the panel overturned the trial court’s decision to grant our motion to disregard the jury’s $7.5 million award of exemplary damages.

We believe that the memorandum opinion contains numerous legal errors and we intend to continue to vigorously pursue these issues on appeal. On January 17, 2012, we filed a motion seeking rehearing from the three-judge panel and a motion for rehearing by the entire seven-judge court of appeals. Based on the court decisions reached to date, we believe our maximum exposure for the Keystone litigation is $63 million. After consideration of the range of possible outcomes, we have accrued a potential litigation loss of approximately $56 million.

We are involved in various legal proceedings in the normal course of business regarding the operation of our hotels. To the extent not covered by insurance, these legal proceedings generally fall into the following broad categories: disputes involving hotel-level contracts, employment litigation, compliance with laws, such as the Americans with Disabilities Act, and other general matters. Under our management agreements, our operators have broad latitude to resolve individual hotel-level claims generally for amounts less than $150,000. However, for matters exceeding such threshold, our operators may not settle claims without our consent. Based on our analysis of legal proceedings with which we are currently involved or of which we are aware and our experience in resolving similar claims in the past, we have accrued approximately $5 million as of December 31, 2011 and estimate that, in the aggregate, our losses related to these proceedings could be as much as $12 million. We are not aware of any other matters with a reasonably possible negative outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings.

Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data

20.

Quarterly Financial Data (unaudited)


	2011
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in millions, except per share/unit amounts)
Host Hotels & Resorts, Inc.:
Revenues	$	902		$	1,296		$	1,142		$	1,658
Operating profit (loss)		(3	)		152			55			119
Income (loss) from continuing operations		(59	)		67			(35	)		16
Loss from discontinued operations		(1	)		(3	)		—			—
Net income (loss)		(60	)		64			(35	)		16
Net income (loss) attributable to Host Hotels & Resorts, Inc.		(60	)		62			(33	)		17
Net income (loss) available to common stockholders		(60	)		62			(33	)		17
Basic income (loss) per common share:
Continuing operations		(.09	)		.10			(.05	)		.02
Discontinued operations		—			(.01	)		—			—
Net income (loss)		(.09	)		.09			(.05	)		.02
Diluted income (loss) per common share:
Continuing operations		(.09	)		.10			(.05	)		.02
Discontinued operations		—			(.01	)		—			—
Net income (loss)		(.09	)		.09			(.05	)		.02
Host Hotels & Resorts, L.P.(1):
Net income (loss) attributable to Host Hotels & Resorts, L.P.		(61	)		63			(34	)		17
Net income (loss) available to common unitholders		(61	)		63			(34	)		17
Basic income (loss) per common unit:
Continuing operations		(.09	)		.10			(.05	)		.02
Discontinued operations		—			(.01	)		—			—
Net income (loss)		(.09	)		.09			(.05	)		.02
Diluted income (loss) per common unit:
Continuing operations		(.09	)		.10			(.05	)		.02
Discontinued operations		—			(.01	)		—			—
Net income (loss)		(.09	)		.09			(.05	)		.02


	2010
	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
	(in millions, except per share/unit amounts)
Host Hotels & Resorts, Inc.:
Revenues	$	822		$	1,112	$	1,003		$	1,491
Operating profit (loss)		(1	)		110		23			91
Income (loss) from continuing operations		(82	)		19		(61	)		(4	)
Loss from discontinued operations		(2	)		—		—			(2	)
Net income (loss)		(84	)		19		(61	)		(6	)
Net income (loss) attributable to Host Hotels & Resorts, Inc.		(84	)		18		(58	)		(6	)
Net income (loss) available to common stockholders		(86	)		12		(58	)		(6	)
Basic income (loss) per common share:
Continuing operations		(.13	)		.02		(.09	)		(.01	)
Discontinued operations		—			—		—			—
Net income (loss)		(.13	)		.02		(.09	)		(.01	)
Diluted income (loss) per common share:
Continuing operations		(.13	)		.02		(.09	)		(.01	)
Discontinued operations		—			—		—			—
Net income (loss)		(.13	)		.02		(.09	)		(.01	)
Host Hotels & Resorts, L.P.(1):
Net income (loss) attributable to Host Hotels & Resorts, L.P.		(85	)		18		(59	)		(6	)
Net income (loss) available to common unitholders		(87	)		12		(59	)		(6	)
Basic income (loss) per common unit:
Continuing operations		(.14	)		.02		(.09	)		(.01	)
Discontinued operations		—			—		—			—
Net income (loss)		(.14	)		.02		(.09	)		(.01	)
Diluted income (loss) per common unit:
Continuing operations		(.14	)		.02		(.09	)		(.01	)
Discontinued operations		—			—		—			—
Net income (loss)		(.14	)		.02		(.09	)		(.01	)

(1)	Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc.

The sum of the basic and diluted earnings per common share and OP units for the four quarters in all years presented differs from the annual earnings per common share and OP units due to the required method of computing the weighted average number of shares and OP units in the respective periods.

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

REAL ESTATE AND ACCUMULATED DEPRECIATION

REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2011

HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2011

(in millions)


Description	Debt		Initial Costs				Subsequent			Gross Amount at December 31, 2011								Date of		Date Acquired		Depreciation Life
Description	Debt		Land		Buildings & Improvements		Costs Capitalized			Land		Buildings & Improvements		Total		Accumulated Depreciation		Completion of Construction		Date Acquired		Depreciation Life
Hotels:
Arlington Pentagon City Residence Inn	$	—	$	6	$	29	$	6		$	6	$	35	$	41	$	15		—		1996		40
Atlanta Marriott Marquis		—		13		184		159			16		340		356		103		—		1998		40
Atlanta Marriott Perimeter Center		—		—		7		38			15		30		45		19		—		1976		40
Atlanta Marriott Suites Midtown		—		—		26		8			—		34		34		14		—		1996		40
Boston Marriott Copley Place		—		—		203		53			—		256		256		75		—		2002		40
Calgary Marriott		—		5		18		14			5		32		37		17		—		1996		40
Chicago Downtown Courtyard River North		—		7		27		12			7		39		46		19		—		1992		40
Chicago Marriott O’Hare		—		4		26		39			4		65		69		41		—		1998		40
Chicago Marriott Suites Downers Grove		—		2		14		5			2		19		21		9		—		1989		40
Chicago Marriott Suites O’Hare		—		5		36		8			5		44		49		16		—		1997		40
Coronado Island Marriott Resort		—		—		53		26			—		79		79		32		—		1997		40
Costa Mesa Marriott		—		3		18		6			3		24		27		11		—		1996		40
Courtyard Nashua		—		3		14		6			3		20		23		12		—		1989		40
Dallas/Addison Marriott Quorum by the Galleria		—		14		27		18			14		45		59		23		—		1994		40
Dayton Marriott		—		2		30		8			2		38		40		14		—		1998		40
Delta Meadowvale Resort & Conference Center		—		4		20		19			4		39		43		21		—		1996		40
Denver Marriott Tech Center Hotel		—		6		26		27			6		53		59		24		—		1994		40
Denver Marriott West		—		—		12		10			—		22		22		14		—		1983		40
Embassy Suites Chicago –Downtown/Lakefront		—		—		86		6			—		92		92		19		—		2004		40
Four Seasons Hotel Atlanta		—		5		48		18			6		65		71		24		—		1998		40
Four Seasons Hotel Philadelphia		—		26		60		20			27		79		106		31		—		1998		40
Gaithersburg Marriott Washingtonian Center		—		7		22		8			7		30		37		14		—		1993		40
Grand Hyatt Atlanta in Buckhead		—		8		88		21			8		109		117		39		—		1998		40
Greensboro-Highpoint Marriott Airport		—		—		19		8			—		27		27		14		—		1983		40
Harbor Beach Marriott Resort & Spa		134		—		62		99			—		161		161		71		—		1997		40
Hartford Marriott Rocky Hill		—		—		17		—			—		17		17		12		—		1991		40
Hilton Melbourne South Wharf		84		—		136		(7	)		—		129		129		4		—		2011		31
Hilton Singer Island Oceanfront Resort		—		2		10		15			2		25		27		13		—		1986		40
Houston Airport Marriott		—		—		10		38			—		48		48		39		—		1984		40
Houston Marriott at the Texas Medical Center		—		—		19		17			—		36		36		19		—		1998		40
Hyatt Regency Cambridge		—		18		84		4			19		87		106		37		—		1998		40
Hyatt Regency Maui Resort & Spa on Kaanapali Beach		—		92		212		30			92		242		334		56		—		2003		40
Hyatt Regency Reston		—		11		78		18			12		95		107		34		—		1998		40
Hyatt Regency San Francisco, Burlingame		—		16		119		49			20		164		184		58		—		1998		40
Hyatt Regency Washington on Capitol Hill		—		40		230		21			40		251		291		43		—		2006		40
JW Marriott Desert Springs Resort & Spa		—		13		143		117			14		259		273		99		—		1997		40
JW Marriott Hotel Buckhead Atlanta		—		16		21		23			16		44		60		24		—		1990		40
JW Marriott Hotel Houston		—		4		26		22			6		46		52		26		—		1994		40
JW Marriott Mexico City		—		11		35		7			10		43		53		31		—		1996		40
JW Marriott Rio de Janeiro		—		13		29		(4	)		12		26		38		1		—		2010		40
JW Marriott Washington, DC		114		26		98		42			26		140		166		52		—		2003		40
Kansas City Airport Marriott		—		—		8		24			—		32		32		26		—		1993		40
Key Bridge Marriott		—		—		38		31			—		69		69		56		—		1997		40
Manchester Grand Hyatt, San Diego		—		—		548		—			—		548		548		14		—		2011		35
Manhattan Beach Marriott		—		7		29		14			—		50		50		24		—		1997		40
Marina del Rey Marriott		—		—		13		23			—		36		36		17		—		1995		40
Marriott at Metro Center		—		20		24		19			20		43		63		21		—		1994		40
Memphis Marriott Downtown		—		—		16		35			—		51		51		22		—		1998		40
Miami Marriott Biscayne Bay		—		—		27		29			—		56		56		26		—		1998		40
Minneapolis Marriott City Center		—		—		27		39			—		66		66		42		—		1986		40
New Orleans Marriott		—		16		96		109			16		205		221		96		—		1996		40
New York Helmsley Hotel		—		155		152		—			155		152		307		4		—		2011		34
New York Marriott Downtown		—		19		79		39			19		118		137		52		—		1997		40
New York Marriott Marquis Times Square		—		—		552		152			—		704		704		436		—		1986		40
Newark Liberty International Airport Marriott		—		—		30		4			—		34		34		23		—		1984		40
Newport Beach Marriott Bayview		—		6		14		8			6		22		28		10		—		1975		40
Newport Beach Marriott Hotel & Spa		104		11		13		112			11		125		136		65		—		1975		40
New Zealand Hotel Portfolio		81		16		123		(18	)		16		105		121		3		—		2011		35
Orlando World Center Marriott Resort & Convention Center		246		18		157		322			29		468		497		165		—		1997		40
Park Ridge Marriott		—		—		20		10			—		30		30		12		—		1987		40
Philadelphia Airport Marriott		—		—		42		8			—		50		50		21		—		1995		40
Philadelphia Marriott Downtown		—		3		144		104			11		240		251		87		—		1995		40
Portland Marriott Downtown Waterfront		—		6		40		20			6		60		66		29		—		1994		40
San Antonio Marriott Rivercenter		—		—		86		79			—		165		165		63		—		1996		40
San Antonio Marriott Riverwalk		—		—		45		17			—		62		62		27		—		1995		40
San Cristobal Tower, Santiago		—		7		15		1			7		16		23		2		—		2006		40
San Diego Marriott Marquis & Marina		—		—		202		253			—		455		455		156		—		1996		40
San Diego Marriott Mission Valley		—		4		23		10			4		33		37		15		—		1998		40
San Francisco Airport Marriott		—		11		48		37			12		84		96		41		—		1994		40
San Francisco Marriott Fisherman’s Wharf		—		6		20		20			6		40		46		20		—		1994		40
San Francisco Marriott Marquis		—		—		278		91			—		369		369		188		—		1989		40
San Ramon Marriott		—		—		22		17			—		39		39		16		—		1996		40
Santa Clara Marriott		—		—		39		54			—		93		93		67		—		1989		40
Scottsdale Marriott at McDowell Mountains		—		8		48		3			8		51		59		10		—		2004		40
Scottsdale Marriott Suites Old Town		—		3		20		9			3		29		32		11		—		1988		40
Seattle Airport Marriott		—		3		42		18			3		60		63		32		—		1998		40
Sheraton Boston Hotel		—		42		262		45			42		307		349		48		—		2006		40
Sheraton Indianapolis Hotel at Keystone Crossing		—		3		51		9			3		60		63		9		—		2006		40
Sheraton Needham Hotel		—		5		27		5			5		32		37		5		—		1986		40
Sheraton New York Hotel & Towers		—		346		409		120			346		529		875		79		—		2006		40
Sheraton Parsippany Hotel		—		8		30		8			8		38		46		7		—		2006		40
Sheraton San Diego Hotel & Marina		—		—		328		24			—		352		352		53		—		2006		40
Sheraton Santiago Hotel & Convention Center		—		19		11		(1	)		19		10		29		2		—		2006		40
St. Regis Hotel, Houston		—		6		33		15			6		48		54		9		—		2006		40
Swissôtel Chicago		—		29		132		77			30		208		238		59		—		1998		40
Tampa Airport Marriott		—		—		9		20			—		29		29		22		—		2000		40
Tampa Marriott Waterside Hotel & Marina		—		—		—		106			11		95		106		31		2000		—		40
The Fairmont Kea Lani Maui		—		55		294		20			55		314		369		63		—		2003		40
The Ritz-Carlton, Amelia Island		—		25		115		58			25		173		198		60		—		1998		40
The Ritz-Carlton, Buckhead		—		14		81		58			15		138		153		59		—		1996		40
The Ritz-Carlton, Marina del Rey		—		—		52		24			—		76		76		36		—		1997		40
The Ritz-Carlton, Naples		208		19		126		97			21		221		242		105		—		1996		40
The Ritz-Carlton, Naples Golf Resort		—		6		—		92			22		76		98		18		2002		—		40
The Ritz-Carlton, Phoenix		—		10		63		7			10		70		80		27		—		1998		40
The Ritz-Carlton, San Francisco		—		31		123		23			31		146		177		54		—		1998		40
The Ritz-Carlton, Tysons Corner		—		—		89		15			—		104		104		40		—		1998		40
The Westin Buckhead Atlanta		—		5		84		21			6		104		110		37		—		1998		40
The Westin Chicago River North		—		33		116		1			33		117		150		4		—		2010		40
The Westin Cincinnati		—		—		54		11			—		65		65		12		—		2006		40
The Westin Denver Downtown		35		—		89		8			—		97		97		15		—		2006		40
The Westin Georgetown, Washington, D.C.		—		16		80		11			16		91		107		16		—		2006		40
The Westin Indianapolis		—		12		100		7			12		107		119		17		—		2006		40
The Westin Kierland Resort & Spa		—		100		280		16			100		296		396		40		—		2006		40
The Westin Los Angeles Airport		—		—		102		14			—		116		116		19		—		2006		40
The Westin Mission Hills Resort & Spa		—		40		47		12			38		61		99		12		—		2006		40
The Westin Seattle		—		39		175		3			39		178		217		26		—		2006		40
The Westin South Coast Plaza		—		—		46		9			—		55		55		18		—		2006		40
The Westin Waltham-Boston		—		9		59		8			9		67		76		12		—		2006		40
Toronto Marriott Airport		—		5		24		15			5		39		44		19		—		1996		40
Toronto Marriott Downtown Eaton Centre		—		—		27		17			—		44		44		20		—		1995		40
W New York		—		138		102		37			138		139		277		27		—		2006		40
W New York – Union Square		—		48		145		—			48		145		193		5		—		2010		40
W Seattle		—		11		125		1			11		126		137		18		—		2006		40
Washington Dulles Airport Marriott		—		—		3		36			—		39		39		30		—		1970		40
Westfields Marriott Washington Dulles		—		7		32		15			7		47		54		22		—		1994		40

Total hotels:		1,006		1,782		9,427		3,791			1,852		13,148		15,000		4,293
Other properties, each less than 5% of total		—		—		4		16			—		20		20		13		—		various		40

TOTAL	$	1,006	$	1,782	$	9,431	$	3,807		$	1,852	$	13,168	$	15,020	$	4,306

HOST HOTELS & RESORTS, INC., AND SUBSIDIARIES

HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2011

(in millions)

Notes:

(A)	The change in total cost of properties for the fiscal years ended December 31, 2011, 2010 and 2009 is as follows:


Balance at December 31, 2008	$	13,115
Additions:
Acquisitions		2
Capital expenditures and transfers from construction-in-progress		326
Deductions:
Dispositions and other		(265	)
Impairments		(94	)
Assets held for sale		(8	)

Balance at December 31, 2009		13,076
Additions:
Acquisitions		532
Capital expenditures and transfers from construction-in-progress		161
Deductions:
Dispositions and other		(20	)

Balance at December 31, 2010		13,749
Additions:
Acquisitions		1,155
Capital expenditures and transfers from construction-in-progress		338
Deductions:
Dispositions and other		(214	)
Impairments		(8	)

Balance at December 31, 2011	$	15,020

(B)	The change in accumulated depreciation and amortization of real estate assets for the fiscal years ended December 31, 2011, 2010 and 2009 is as follows:


Balance at December 31, 2008	$	3,075
Depreciation and amortization		451
Dispositions and other		(121	)
Depreciation on assets held for sale		(1	)

Balance at December 31, 2009		3,404
Depreciation and amortization		450
Dispositions and other		(20	)

Balance at December 31, 2010		3,834
Depreciation and amortization		496
Dispositions and other		(24	)

Balance at December 31, 2011	$	4,306

(C)	The aggregate cost of real estate for federal income tax purposes is approximately $10,570 million at December 31, 2011.

(D)	The total cost of properties excludes construction-in-progress properties.

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

Basis of Presentation and Principles of Consolidation

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2011

Basis of Presentation and Principles of Consolidation

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity of 90 days or less at the date of purchase to be cash equivalents.

Restricted Cash

Restricted Cash

Property and Equipment

Property and Equipment

We maintain a furniture, fixtures and equipment replacement fund for renewal and replacement capital expenditures at certain hotels, which generally is funded with 5% of property revenues.

Intangible Assets

Intangible Assets

Non-Controlling Interests

Non-Controlling Interests


	As of December 31,
	2011		2010
OP units outstanding (millions)		10.5		10.5
Market price per Host Inc. common share	$	14.77	$	17.87
Shares issuable upon conversion of one OP unit		1.021494		1.021494
Redemption value (millions)	$	158	$	191
Historical cost (millions)	$	102	$	101
Book value (millions) (1)	$	158	$	191

(1)	The book value recorded is equal to the greater of the redemption value or the historical cost.

Distributions from Investments in Affiliates

Distributions from Investments in Affiliates

Other-than-Temporary Impairments

Other-than-Temporary Impairments

Income Taxes

Income Taxes

Deferred Charges

Deferred Charges

Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method.

Foreign Currency Translation

Foreign Currency Translation

Derivative Instruments

Derivative Instruments

Earnings (Loss) Per Common Share

Revenues

Host Inc. Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Unit

Host L.P. Earnings (Loss) Per Common Unit

Share-Based Payments

Share-Based Payments

Concentrations of Credit Risk

Concentrations of Credit Risk

Business Combinations

Business Combinations

Reclassifications

Reclassifications

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Historical Cost and Redemption Values for the Non-Controlling Interests

The table below details the historical cost and redemption values for the non-controlling interests (in millions):


	As of December 31,
	2011		2010
OP units outstanding (millions)		10.5		10.5
Market price per Host Inc. common share	$	14.77	$	17.87
Shares issuable upon conversion of one OP unit		1.021494		1.021494
Redemption value (millions)	$	158	$	191
Historical cost (millions)	$	102	$	101
Book value (millions) (1)	$	158	$	191

(1)	The book value recorded is equal to the greater of the redemption value or the historical cost.

Components of Total Accumulated Other Comprehensive Income in the Balance Sheets

The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions):


	As of December 31,
	2011			2010
Gain on forward currency contracts	$	11		$	7
Loss on interest rate swap cash flow hedges		(3	)		—
Foreign currency translation		(9	)		18

Total accumulated other comprehensive income (loss)	$	(1	)	$	25

Earnings (Loss) Per Common Share Table

Host Inc. Earnings (Loss) Per Common Share


	Year ended December 31,
	2011			2010			2009
	(in millions, except per share amounts)
Net loss	$	(16	)	$	(132	)	$	(258	)
Net loss attributable to non-controlling interests		1			2			6
Dividends on preferred stock		—			(4	)		(9	)
Issuance costs of redeemed preferred stock (1)		—			(4	)		—

Loss available to common stockholders		(15	)		(138	)		(261	)
Assuming deduction of gain recognized for the repurchase of 2004 Debentures (2)		—			—			(2	)

Diluted loss available to common stockholders	$	(15	)	$	(138	)	$	(263	)


Basic weighted average shares outstanding		693.0			656.1			586.3
Assuming weighted average shares for the repurchased 2004 Debentures		—			—			.9

Diluted weighted average shares outstanding (3)		693.0			656.1			587.2


Basic loss per share	$	(.02	)	$	(.21	)	$	(.45	)
Diluted loss per share	$	(.02	)	$	(.21	)	$	(.45	)

(1)	Represents the original issuance costs associated with the Class E preferred stock, which stock was redeemed during 2010.

(2)

(3)

Earnings (Loss) Per Common Unit Table

Host L.P. Earnings (Loss) Per Common Unit


	Year ended December 31,
	2011			2010			2009
	(in millions, except per unit amounts)
Net loss	$	(16	)	$	(132	)	$	(258	)
Net loss attributable to non-controlling interests		1			—			1
Distributions on preferred units		—			(4	)		(9	)
Issuance costs of redeemed preferred units (1)		—			(4	)		—

Loss available to common unitholders		(15	)		(140	)		(266	)
Assuming deduction of gain recognized for the repurchase of 2004 Debentures (2)		—			—			(2	)

Diluted loss available to common unitholders	$	(15	)	$	(140	)	$	(268	)


Basic weighted average units outstanding		688.9			653.0			598.3
Assuming weighted average units for the repurchased 2004 Debentures		—			—			.9

Diluted weighted average units outstanding (3)		688.9			653.0			599.2


Basic loss per unit	$	(.02	)	$	(.21	)	$	(.44	)
Diluted loss per unit	$	(.02	)	$	(.21	)	$	(.45	)

(1)	Represents the original issuance costs associated with the Class E preferred OP units, which units were redeemed during 2010.

(2)

During 2009, we repurchased $75 million face amount of our $500 million 3¹/4% exchangeable senior debentures (the “2004 Debentures”) with a carrying value of $72 million for approximately $69 million. We are required to determine the dilutive effect of the repurchased 2004 Debentures separately from the 2004 Debentures outstanding at December 31, 2009. The 2004 Debentures repurchased during 2009 are treated as having been converted to common unit equivalents at the start of the period. Accordingly, the 2009 adjustment to net income related to the repurchased 2004 Debentures include a $3 million gain, net of interest expense on the repurchased debentures.

(3)

Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 41
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 42
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number D-98
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 25
-Appendix A

Summary of Investments in Affiliates

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2011

Property and Equipment

Property and equipment consists of the following (in millions):


	As of December 31,
	2011			2010
Land and land improvements	$	1,852		$	1,669
Buildings and leasehold improvements		13,168			12,080
Furniture and equipment		2,079			1,895
Construction in progress		196			168

		17,295			15,812
Less accumulated depreciation and amortization		(5,912	)		(5,298	)

	$	11,383		$	10,514

Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2011

Investments in affiliates consist of the following (in millions):


	As of December 31, 2011
	Ownership Interests			Our Investment		Debt		Assets
Asia Pacific Hospitality Venture Pte. Ltd.		25.0	%	$	15	$	—	36% interest in the development of seven hotels in India
HHR Euro CV Fund I		32.1	%		141		899	Eleven hotels in Europe
HHR Euro CV Fund II		33.4	%		41		119	Two hotels in Europe

Total				$	197	$	1,018


	As of December 31, 2010
	Ownership Interests			Our Investment			Debt		Assets
Asia Pacific Hospitality Venture Pte. Ltd.		25.0	%	$	(1	)	$	—	None
HHR Euro CV		32.1	%		135			945	Eleven hotels located in Europe
Tiburon Golf Ventures, L.P.		49.0	%		14			—	36-hole golf club

Total				$	148		$	945

Combined Summarized Balance Sheet Information

Combined summarized balance sheet information for our affiliates follows (in millions):


	As of December 31,
	2011		2010
Property and equipment, net	$	1,506	$	1,376
Other assets		205		132

Total assets	$	1,711	$	1,508

Debt	$	1,018	$	945
Other liabilities		109		142
Equity		584		421

Total liabilities and equity	$	1,711	$	1,508

Combined Summarized Operating Results For Affiliates

Combined summarized operating results for our affiliates follows (in millions):


	Year ended December 31,
	2011			2010			2009
Total revenues	$	381		$	291		$	360
Operating expenses
Expenses		(294	)		(218	)		(274	)
Depreciation and amortization		(46	)		(41	)		(39	)

Operating profit		41			32			47
Interest income		—			—			3
Interest expense		(43	)		(44	)		(53	)

Net loss	$	(2	)	$	(12	)	$	(3	)

Debt (Tables)

12 Months Ended

Dec. 31, 2011

Initial Allocations Between Debt and Equity Components of the Debenture

Debt consists of the following (in millions):


	As of December 31,
	2011		2010
Series K senior notes, with a rate of 7¹/8% due November 2013	$	—	$	250
Series O senior notes, with a rate of 6³/8% due March 2015		650		650
Series Q senior notes, with a rate of 6³/4% due June 2016		800		800
Series S senior notes, with a rate of 6⁷/8% due November 2014		498		498
Series T senior notes, with a rate of 9% due May 2017		390		388
Series V senior notes, with a rate of 6% due November 2020		500		500
Series W senior notes, with a rate of 5⁷/8% due June 2019		496		—
Series Y senior notes, with a rate of 6% due October 2021		300		—
2004 Exchangeable Senior Debentures, with a rate of 3¹/4% due April 2024		175		325
2007 Exchangeable Senior Debentures, with a rate of 2⁵/8% due April 2027		385		502
2009 Exchangeable Senior Debentures, with a rate of 2¹/2% due October 2029		342		329
Senior notes, with rate of 10.0% due May 2012		7		7

Total senior notes		4,543		4,249
Credit facility		117		58
Mortgage debt (non-recourse) secured by $1.0 billion and $1.1 billion of real estate assets, with an average interest rate of 5.0% and 4.7% at December 31, 2011 and 2010, maturing through December 2023 (1)		1,006		1,025
Other		87		145

Total debt	$	5,753	$	5,477

(1)	The amount of the assets stated above securing mortgage debt represents the book value of real estate assets, net of accumulated depreciation. These amounts do not represent the current fair value of the assets.

Outstanding Debentures

The following chart details our outstanding Debentures:

As of December 31, 2011

Maturity
date

Next put
option
date

Redemption
date

Outstanding
principal
amount

Current exchange
rate for each
$1,000 of principal

Current
equivalent
exchange price

Exchangeable
share
equivalents

(in millions)

(in shares)

2009 Debentures

10/15/2029

10/15/2015

10/20/2015

400

71.9264

13.90

28.8 million

2007 Debentures

4/15/2027

4/15/2012

4/20/2012

388

32.0239

31.23

12.4 million

2004 Debentures

4/15/2024

4/15/2014

4/19/2009

175

65.5744

15.25

11.5 million

Total

963

The following chart details the initial allocations between the debt and equity components of the Debentures, net of the original issue discounts, based on the effective interest rate at the time of issuance, as well as the debt balances (in millions):


							As of December 31, 2011
	Initial Face Amount		Initial Debt Value		Initial Equity Value		Face Amount Outstanding		Debt Carrying Value		Unamortized Discount
2009 Debentures	$	400	$	316	$	82	$	400	$	342	$	58
2007 Debentures		600		502		89		388		385		3
2004 Debentures		500		413		76		175		175		—

Total	$	1,500	$	1,231	$	247	$	963	$	902	$	61

Interest Expense for the Debentures

Interest expense recorded for the Debentures consists of the following (in millions):


	Year ended December 31,
	2011		2010		2009
Contractual interest expense (cash)	$	31	$	34	$	26
Non-cash interest expense due to discount amortization		31		32		27

Total interest expense	$	62	$	66	$	53

Mortgage Debt Issuances and Repayments

We had the following mortgage debt issuances and repayments since January 2010. Interest for our mortgage debt is payable on a monthly basis:


Transaction Date	Property	Rate			Maturity Date		Amount
							(in millions)
*Issuances/Assumptions*
November 2011	Hilton Melbourne South Wharf (1)		6.77	%		11/23/2016	$	79
February 2011	New Zealand Hotel Portfolio (2)		5.49	%		2/18/2016		80
*Repayments/Defeasance/Transfer*
June 2011	Le Méridien Piccadilly (3)		1.99	%		1/20/2012		(52	)
March 2011	Four Canadian properties		5.2	%		3/1/2011		(132	)
December 2010	Partial repayment of Orlando World Center mortgage (4)		3.76	%		12/30/2010		(54	)
December 2010	JW Marriott, Desert Springs		9.8	%		12/11/2022		(71	)
October 2010	W New York, Union Square (5)		6.39	%		10/11/2011		(119	)
February 2010	Atlanta Marriott Marquis		7.4	%		2/11/2023		(124	)

(1)

(2)

(3)

(4)

(5)

Aggregate Debt Maturities

Aggregate debt maturities are as follows (in millions):


	As of December 31, 2011
2012	$	400
2013		359
2014		1,142
2015		1,179
2016		965
Thereafter		1,769

		5,814
Unamortized (discounts) premiums, net		(75	)
Fair value hedge adjustment		12
Capital lease obligations		2

	$	5,753

Interest Expense

The following items are included in interest expense (in millions):


	Year ended December 31,
	2011 (1)			2010 (1)			2009 (2)
Interest expense	$	371		$	384		$	379
Amortization of debt premiums/discounts, net (3)		(32	)		(34	)		(31	)
Amortization of deferred financing costs		(11	)		(12	)		(12	)
Non-cash gains/(losses) on debt extinguishments		(4	)		(1	)		2
Change in accrued interest		(4	)		10			(11	)

Interest paid (4)	$	320		$	347		$	327

(1)	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.

(2)	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.

(3)	Primarily represents the amortization of the debt discount on our Debentures, which is non-cash interest expense.

(4)	Does not include capitalized interest of $4 million, $3 million and $5 million during 2011, 2010 and 2009, respectively.

Equity of Host Inc. and Capital of Host L.P. (Tables)

12 Months Ended

Dec. 31, 2011

Common And Preferred Dividends Declared Per Share And Common And Preferred Distributions Per Unit

The table below presents the amount of common and preferred dividends declared per share and common and preferred distributions per unit as follows:


	Year ended December 31,
	2011		2010		2009
Common stock	$	.14	$	.04	$	.25
Class E preferred stock 8⁷/8%		—		.555		2.22
Common OP units		.143		.041		.025
Class E preferred OP units 8⁷/8%		—		.555		2.22

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Deferred Tax Assets and Liabilities

Total deferred tax assets and liabilities are as follows (in millions):


	As of December 31,
	2011			2010
Deferred tax assets	$	172		$	161
Less: Valuation allowance		(47	)		(44	)

Subtotal		125			117
Deferred tax liabilities		(24	)		(40	)

Net deferred tax asset	$	101		$	77

Primary Components of Net Deferred Tax Asset

The primary components of our net deferred tax asset are as follows (in millions):


	As of December 31,
	2011			2010
Accrued related party interest	$	16		$	12
Net operating loss and capital loss carryovers		99			74
Alternative minimum tax credits		4			4
Property and equipment		(18	)		(18	)
Investments in domestic and foreign affiliates		(3	)		(2	)
Derivatives		1			—
Deferred revenue and other		49			51

Subtotal		148			121
Less: Valuation allowance		(47	)		(44	)

Net deferred tax asset	$	101		$	77

Income (Loss) From Continuing Operations Before Income Taxes

Our U.S. and foreign income (loss) from continuing operations before income taxes was as follows (in millions):


	Year ended December 31,
	2011			2010			2009
U.S. loss	$	(41	)	$	(170	)	$	(208	)
Foreign income (loss)		28			11			(28	)

Total	$	(13	)	$	(159	)	$	(236	)

Benefit for Income Taxes for Continuing Operations

The benefit for income taxes for continuing operations consists of (in millions):


	Year ended December 31,
	2011			2010			2009
Current — Federal	$	1		$	—		$	(7	)
— State		1			1			2
— Foreign		8			4			4

		10			5			(1	)


Deferred — Federal		(11	)		(31	)		(33	)
— State		(2	)		(6	)		(7	)
— Foreign		2			1			2

		(11	)		(36	)		(38	)

Income tax benefit — continuing operations	$	(1	)	$	(31	)	$	(39	)

Income Tax (Benefit) Provision Calculated at the Statutory U.S. Federal Income Tax Rate and the Actual Income Tax (Benefit) Provision Recorded


	Year ended December 31,
	2011			2010			2009
Statutory federal income tax benefit — continuing operations	$	(5	)	$	(56	)	$	(83	)
Adjustment for nontaxable (income) loss of Host Inc. — continuing operations		(5	)		25			43
State income tax provision, net		(1	)		(5	)		(3	)
Uncertain tax positions benefit		—			—			(7	)
Foreign income tax provision		10			5			11

Income tax benefit — continuing operations	$	(1	)	$	(31	)	$	(39	)

Unrecognized Tax Benefits Reconciliation

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2011		2010
Balance at January 1	$	5	$	5
Reductions due to expiration of certain statutes of limitation		—		—
Other increases (decreases)		—		—

Balance at December 31	$	5	$	5

Leases (Tables)

12 Months Ended

Dec. 31, 2011

Other Revenue and Other Property-Level Expenses

The chart below details the other revenue and other property-level expenses related to the HPT properties (in millions):


	Year ended December 31,
	2011		2010
Hotel sales revenue	$	214	$	123
Rental revenue		7		44

Total HPT revenue	$	221	$	167

Property-level expenses	$	159	$	96
Rental expense		68		84

Total HPT expenses	$	227	$	180

Future Minimum Annual Rental Commitments Required Under Non-Cancelable Leases

The following table presents the future minimum annual rental commitments required under non-cancelable leases for which we are the lessee (in millions):


	As of December 31, 2011
	Capital Leases		Operating Leases
2012	$	1	$	113
2013		1		45
2014		—		43
2015		—		41
2016		—		39
Thereafter		—		1,379
Total minimum lease payments	$	2	$	1,660

Rent Expense

Rent expense is included in the other property-level expenses line item and consists of (in millions):


	Year ended December 31,
	2011		2010		2009
Minimum rentals on operating leases	$	114	$	128	$	122
Additional rentals based on sales		26		19		23
Rental payments based on real estate tax assessments		22		21		19
Less: sublease rentals		(3)		(44)		(83)
	$	159	$	124	$	81

Employee Stock Plans (Tables)

12 Months Ended

Dec. 31, 2011

Fair Values for the Awards Below are Based on the Fair Value at the Respective Transaction Dates, as the Awards are Classified as Liability Awards

The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2011. The fair values for the awards below are based on the fair value at the respective transaction dates, as the awards are classified as liability awards.


	Year ended December 31,
	2011					2010					2009
	Shares (in millions)			Fair Value (per share)		Shares (in millions)			Fair Value (per share)		Shares (in millions)			Fair Value (per share)
Balance, at beginning of year		3.7		$	11		5.6		$	7		0.1		$	7
Granted		0.1			17		0.3			17		7.2			9
Vested (1)		(1.3	)		15		(1.9	)		18		(1.6	)		11
Forfeited/expired		(2.5	)		15		(0.3	)		11		(0.1	)		7

Balance, at end of year		—			—		3.7			11		5.6			7

Issued in calendar year (1)		1.1			15		0.8			11		0.1			7

(1)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2011

Revenues, Income Before Taxes, and Gain on Dispositions, Net of Tax in Discontinued Operations

The following table summarizes the revenues, loss before taxes, and the gain (loss) on dispositions, net of tax, of the hotels which have been reclassified to discontinued operations, which includes assets held for sale and the results of sold hotels prior to their disposition for the periods presented (in millions):


	Year ended December 31,
	2011			2010			2009
Revenues	$	5		$	14		$	81
Loss before taxes		(4	)		(3	)		(88	)
Gain (loss) on disposals, net of tax		—			(2	)		26

Net Loss Attributable to Host Inc.

Net loss attributable to Host Inc. is allocated between continuing and discontinued operations as follows (in millions):


	Year ended December 31,
	2011			2010			2009
Loss from continuing operations, net of tax	$	(11	)	$	(126	)	$	(192	)
Discontinued operations, net of tax		(4	)		(4	)		(60	)

Net loss attributable to Host Hotels & Resorts, Inc.	$	(15	)	$	(130	)	$	(252	)

Net Loss Attributable to Host L.P.

Net loss attributable to Host L.P. is allocated between continuing and discontinued operations as follows (in millions):


	Year ended December 31,
	2011			2010			2009
Loss from continuing operations, net of tax	$	(11	)	$	(128	)	$	(196	)
Discontinued operations, net of tax		(4	)		(4	)		(61	)

Net loss attributable to Host Hotels & Resorts, L.P.	$	(15	)	$	(132	)	$	(257	)

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

Fair Value of Financial Assets and Liabilities

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011


			Fair Value at Measurement Date Using
	Balance at December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
*Fair Value Measurements on a Recurring Basis:*
Interest rate swap derivatives (1)	$	6.7	$	—	$	6.7	$	—
Forward currency sale contracts (1)		10.8		—		10.8		—
*Fair Value Measurements on a Non-recurring Basis:*
Impaired hotel properties held and used (2)		5		—		5		—
Impaired hotel properties sold (2)		—		—		6		—


			Fair Value at Measurement Date Using
	Balance at December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
*Fair Value Measurements on a Recurring Basis:*
Interest rate swap derivatives (1)	$	10.6	$	—	$	10.6	$	—
Forward currency sale contracts (1)		6.9		—		6.9		—

(1)	These derivative contracts have been designated as hedging instruments.

(2)	The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2011 and 2010, respectively.

Foreign Currency Forwards Purchase Contracts

The following table summarizes our foreign currency sale contracts (in millions):


Transaction Date Range	Total Transaction Amount in Foreign		Total Transaction Amount		Forward Purchase	Fair Value As of December 31,				Change in Fair Value Year ended December 31,
Transaction Date Range	Currency		in Dollars		Date Range	2011		2010		2011		2010
February 2008-July 2011	€	100	$	140	October 2012-August 2015	$	8.8	$	6.9	$	1.9	$	5.2
July 2011	NZ$	30	$	25	August 2013	$	1.9	$	—	$	1.9	$	—

Fair Value of Certain Financial Assets and Liabilities and Other Financial Instruments

The fair value of certain financial assets and liabilities and other financial instruments are shown below (in millions):


	As of December 31,
	2011				2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Mortgage notes	$	65	$	76	$	55	$	77
Financial liabilities
Senior notes		3,641		3,772		3,093		3,200
Exchangeable Senior Debentures		902		1,076		1,156		1,471
Credit facility		117		117		58		58
Mortgage debt and other, net of capital leases		1,091		1,114		1,110		1,107

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Revenues and Long-Lived Assets by Geographical Area

Geographic and Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions):


	2011				2010				2009
	Revenues		Property and Equipment, net		Revenues		Property and Equipment, net		Revenues		Property and Equipment, net
United States	$	4,722	$	10,874	$	4,244	$	10,095	$	3,997	$	10,013
Australia		27		136		—		—		—		—
Brazil		33		42		8		48		—		—
Canada		115		126		109		131		96		135
Chile		28		58		29		56		25		53
Mexico		24		23		21		29		17		30
New Zealand		32		124		—		—		—		—
United Kingdom		17		—		17		155		—		—

Total	$	4,998	$	11,383	$	4,428	$	10,514	$	4,135	$	10,231

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data

Quarterly Financial Data (unaudited)


	2011
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in millions, except per share/unit amounts)
Host Hotels & Resorts, Inc.:
Revenues	$	902		$	1,296		$	1,142		$	1,658
Operating profit (loss)		(3	)		152			55			119
Income (loss) from continuing operations		(59	)		67			(35	)		16
Loss from discontinued operations		(1	)		(3	)		—			—
Net income (loss)		(60	)		64			(35	)		16
Net income (loss) attributable to Host Hotels & Resorts, Inc.		(60	)		62			(33	)		17
Net income (loss) available to common stockholders		(60	)		62			(33	)		17
Basic income (loss) per common share:
Continuing operations		(.09	)		.10			(.05	)		.02
Discontinued operations		—			(.01	)		—			—
Net income (loss)		(.09	)		.09			(.05	)		.02
Diluted income (loss) per common share:
Continuing operations		(.09	)		.10			(.05	)		.02
Discontinued operations		—			(.01	)		—			—
Net income (loss)		(.09	)		.09			(.05	)		.02
Host Hotels & Resorts, L.P.(1):
Net income (loss) attributable to Host Hotels & Resorts, L.P.		(61	)		63			(34	)		17
Net income (loss) available to common unitholders		(61	)		63			(34	)		17
Basic income (loss) per common unit:
Continuing operations		(.09	)		.10			(.05	)		.02
Discontinued operations		—			(.01	)		—			—
Net income (loss)		(.09	)		.09			(.05	)		.02
Diluted income (loss) per common unit:
Continuing operations		(.09	)		.10			(.05	)		.02
Discontinued operations		—			(.01	)		—			—
Net income (loss)		(.09	)		.09			(.05	)		.02


	2010
	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
	(in millions, except per share/unit amounts)
Host Hotels & Resorts, Inc.:
Revenues	$	822		$	1,112	$	1,003		$	1,491
Operating profit (loss)		(1	)		110		23			91
Income (loss) from continuing operations		(82	)		19		(61	)		(4	)
Loss from discontinued operations		(2	)		—		—			(2	)
Net income (loss)		(84	)		19		(61	)		(6	)
Net income (loss) attributable to Host Hotels & Resorts, Inc.		(84	)		18		(58	)		(6	)
Net income (loss) available to common stockholders		(86	)		12		(58	)		(6	)
Basic income (loss) per common share:
Continuing operations		(.13	)		.02		(.09	)		(.01	)
Discontinued operations		—			—		—			—
Net income (loss)		(.13	)		.02		(.09	)		(.01	)
Diluted income (loss) per common share:
Continuing operations		(.13	)		.02		(.09	)		(.01	)
Discontinued operations		—			—		—			—
Net income (loss)		(.13	)		.02		(.09	)		(.01	)
Host Hotels & Resorts, L.P.(1):
Net income (loss) attributable to Host Hotels & Resorts, L.P.		(85	)		18		(59	)		(6	)
Net income (loss) available to common unitholders		(87	)		12		(59	)		(6	)
Basic income (loss) per common unit:
Continuing operations		(.14	)		.02		(.09	)		(.01	)
Discontinued operations		—			—		—			—
Net income (loss)		(.14	)		.02		(.09	)		(.01	)
Diluted income (loss) per common unit:
Continuing operations		(.14	)		.02		(.09	)		(.01	)
Discontinued operations		—			—		—			—
Net income (loss)		(.14	)		.02		(.09	)		(.01	)

(1)	Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc.

Supplemental Schedule of Noncash Investing and Financing Activities (HOST HOTELS & RESORTS, INC) - Additional Information (Detail) £ in Millions, shares in Millions, $ in Millions, $ in Millions	1 Months Ended							12 Months Ended
	Jun. 30, 2011 USD ($) shares	Jun. 28, 2011 USD ($)	Jun. 28, 2011 GBP (£)	Jun. 27, 2011 USD ($)	Jun. 27, 2011 GBP (£)	Sep. 02, 2010 USD ($)	Dec. 18, 2009 USD ($) shares	Dec. 31, 2011 USD ($) shares	Dec. 31, 2010 USD ($) shares	Dec. 31, 2009 USD ($) shares	Jun. 28, 2011 GBP (£)	Apr. 29, 2011 USD ($)	Apr. 29, 2011 AUD ($)	Mar. 17, 2011 USD ($) PartnershipUnit
Hilton Melbourne South Wharf
Schedule of Cash Flow, Supplemental [Line Items]
Mortgage debt assumed in connection with acquisition												$ 86.0	$ 80
Le Meridien Piccadilly \| European Joint Venture
Schedule of Cash Flow, Supplemental [Line Items]
Property transfer price				$ 102.0	£ 64
Mortgage debt assumed				$ 52.0	£ 32
W New York Union Square
Schedule of Cash Flow, Supplemental [Line Items]
Ownership percentage acquired						90.00%
Mortgage debt assumed in connection with acquisition						$ 115.0
Fair value of mortgage debt assumed in acquisition						119.0
Other liabilities						$ 8.5
HOST HOTELS & RESORTS, INC.
Schedule of Cash Flow, Supplemental [Line Items]
Shares issued for converted units, shares \| shares								0.3	1.2	3.4
Value of shares issued								$ 5.0	$ 15.0	$ 18.0
Proceeds from transfer of Le Meridien Piccadilly to the Euro JV Fund II								$ 40.0
Common stock dividends paid in shares (shares) \| shares							13.4
Common stock dividends - value							$ 140.0
HOST HOTELS & RESORTS, INC. \| Exchangeable Senior Debentures 3.25 Percent
Schedule of Cash Flow, Supplemental [Line Items]
Value of debentures converted to equity	$ 134.0
Debt interest rate	3.25%
Debt converted into shares of Host Inc. common stock \| shares	8.8
HOST HOTELS & RESORTS, INC. \| Hilton Melbourne South Wharf
Schedule of Cash Flow, Supplemental [Line Items]
Ownership percentage acquired												75.00%	75.00%
Mortgage debt assumed in connection with acquisition												$ 86.0	$ 80
HOST HOTELS & RESORTS, INC. \| Manchester Grand Hyatt San Diego \| Common Units
Schedule of Cash Flow, Supplemental [Line Items]
OP Units exchanged for ownership right, units \| PartnershipUnit														300,000
OP Units exchanged for ownership right, value														$ 6.0
HOST HOTELS & RESORTS, INC. \| Le Meridien Piccadilly \| European Joint Venture
Schedule of Cash Flow, Supplemental [Line Items]
Property transfer price		$ 102.0	£ 64
Mortgage debt assumed		52.0	32
Capital lease transferred		61.0									£ 38
Proceeds from transfer of Le Meridien Piccadilly to the Euro JV Fund II		$ 40.0	£ 25
HOST HOTELS & RESORTS, INC. \| Secondary Fund \| European Joint Venture
Schedule of Cash Flow, Supplemental [Line Items]
Host's limited partner interest		33.40%									33.40%
HOST HOTELS & RESORTS, INC. \| W New York Union Square
Schedule of Cash Flow, Supplemental [Line Items]
Ownership percentage acquired						90.00%
Mortgage debt assumed in connection with acquisition						$ 115.0
Fair value of mortgage debt assumed in acquisition						119.0
Other liabilities						$ 8.5

Supplemental Schedule of Noncash Investing and Financing Activities (HOST HOTELS & RESORTS, L.P.) - Additional Information (Detail) £ in Millions, shares in Millions, $ in Millions, $ in Millions	1 Months Ended				12 Months Ended
	Jun. 30, 2011 USD ($) shares	Jun. 28, 2011 USD ($)	Jun. 28, 2011 GBP (£)	Sep. 02, 2010 USD ($)	Dec. 31, 2011 USD ($) shares	Dec. 31, 2010 USD ($) shares	Dec. 31, 2009 USD ($) shares	Jun. 28, 2011 GBP (£)	Apr. 29, 2011 USD ($)	Apr. 29, 2011 AUD ($)	Mar. 17, 2011 USD ($) PartnershipUnit
Hilton Melbourne South Wharf
Cash Flow Supplemental Disclosures [Line Items]
Mortgage debt assumed in connection with acquisition									$ 86.0	$ 80
W New York Union Square
Cash Flow Supplemental Disclosures [Line Items]
Ownership percentage acquired				90.00%
Mortgage debt assumed in connection with acquisition				$ 115.0
Mortgage debt at fair value, premium				119.0
Other liabilities				$ 8.5
HOST HOTELS & RESORTS L.P.
Cash Flow Supplemental Disclosures [Line Items]
Common operating partnership units, value					$ 5.0	$ 15.0	$ 18.0
Shares issued for converted units, shares \| shares					0.3	1.2	3.4
Proceeds from transfer of Le Meridien Piccadilly to the Euro JV Fund II					$ 40.0
HOST HOTELS & RESORTS L.P. \| Secondary Fund
Cash Flow Supplemental Disclosures [Line Items]
Host's limited partner interest		33.40%						33.40%
HOST HOTELS & RESORTS L.P. \| Hilton Melbourne South Wharf
Cash Flow Supplemental Disclosures [Line Items]
Ownership percentage acquired									75.00%	75.00%
Mortgage debt assumed in connection with acquisition									$ 86.0	$ 80
HOST HOTELS & RESORTS L.P. \| Manchester Grand Hyatt San Diego \| Common Units
Cash Flow Supplemental Disclosures [Line Items]
OP Units exchanged for ownership right, units \| PartnershipUnit											300,000
OP Units exchanged for ownership right, value											$ 6.0
HOST HOTELS & RESORTS L.P. \| Le Meridien Piccadilly
Cash Flow Supplemental Disclosures [Line Items]
Property transfer price		$ 102.0	£ 64
Mortgage debt assumed		52.0	32
Capital lease transferred		61.0						£ 38
Proceeds from transfer of Le Meridien Piccadilly to the Euro JV Fund II		$ 40.0	£ 25
HOST HOTELS & RESORTS L.P. \| W New York Union Square
Cash Flow Supplemental Disclosures [Line Items]
Ownership percentage acquired				90.00%
Mortgage debt assumed in connection with acquisition				$ 115.0
Mortgage debt at fair value, premium				119.0
Other liabilities				$ 8.5
HOST HOTELS & RESORTS L.P. \| Exchangeable Senior Debentures 3.25 Percent
Cash Flow Supplemental Disclosures [Line Items]
Value of debentures converted to equity	$ 134.0
Debt interest rate	3.25%
Debt converted into shares of Host Inc. common stock \| shares	8.8

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) Year Room Property Hotel Contract Entity	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Significant Accounting Policies [Line Items]
Number of rooms \| Room	1,750
Equity investment, percentage ownership acquired	36.00%
Number of properties to be developed with Accor and InterGlobe with agreement \| Property	7
Percentage of property revenue allocated for renewal and replacement capital expenditures	5.00%
Impairment charges	$ 8.0
Number of impaired assets \| Property	2
Number of properties disposed \| Property	1
Net (income) loss attributable to non-controlling interests outside partnerships	$ (1.0)	$ 0.4	$ (1.0)
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated \| Entity	5
Number of majority-owned partnerships that have third-party, non-controlling ownership interests with finite lives \| Entity	3
Non-controlling interests in outside partnerships	$ 36.0	29.0
Net income (loss) attributable to non-controlling interests, Host Inc.		(2.0)	(5.0)
Stock-based employee compensation plans \| Contract	2
Exposure risk related for derivative contracts	$ 22.0
Amount of borrowing capacity currently available under the credit facility	$ 883.0
European Joint Venture
Significant Accounting Policies [Line Items]
Number of luxury and upper-upscale, hotel lodging properties \| Hotel	13
Number of rooms \| Room	4,200
Asian Joint Venture
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	25.00%
United States
Significant Accounting Policies [Line Items]
Number of luxury and upper-upscale, hotel lodging properties \| Hotel	105
Number of rooms \| Room	60,700
Outside United States
Significant Accounting Policies [Line Items]
Number of luxury and upper-upscale, hotel lodging properties \| Hotel	16
Number of rooms \| Room	4,300
Lower Limit
Significant Accounting Policies [Line Items]
Majority-owned partnerships with manditorily redeemable non-controlling interests, finite life (years)	99 years
Majority-owned partnerships with manditorily redeemable non-controlling interests, termination year	2081
Upper Limit
Significant Accounting Policies [Line Items]
Majority-owned partnerships with manditorily redeemable non-controlling interests, finite life (years)	100 years
Majority-owned partnerships with manditorily redeemable non-controlling interests, termination year	2095
HOST HOTELS & RESORTS, INC.
Significant Accounting Policies [Line Items]
Percentage of the common OP Units	98.50%
Non-controlling interests in outside partnerships	$ 36.0	29.0
Net income (loss) attributable to non-controlling interests, Host Inc.	(1.0)	$ (2.0)	(6.0)
HOST HOTELS & RESORTS L.P.
Significant Accounting Policies [Line Items]
OP units conversion basis		One OP unit now may be exchanged into 1.021494 shares of Host common stock
Net income (loss) attributable to non-controlling interests, Host Inc.	(1.0)		$ (1.0)
Portion at Fair Value, Fair Value Disclosure
Significant Accounting Policies [Line Items]
Non-controlling interests in outside partnerships	$ 67.0	$ 65.0
Property, Plant and Equipment, Other Types
Significant Accounting Policies [Line Items]
Estimated useful lives, maximum (in years) \| Year	3

Historical Cost and Redemption Values for the Non-Controlling Interests (Detail) - HOST HOTELS & RESORTS L.P. - USD ($)
$ / shares in Units, $ in Millions

Dec. 31, 2011

Dec. 31, 2010

Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]

OP units outstanding

10,500,000

Market price per Host Inc. common share

$ 14.77

$ 17.87

Shares issuable upon conversion of one OP unit

1.021494

Redemption value

$ 158

$ 191

Historical cost

102

101

Book value

^[1]

$ 158

$ 191

[1]	The book value recorded is equal to the greater of the redemption value or the historical cost.

The carrying value (book value) of an entity's issued and outstanding stock which is not included within permanent equity in Stockholders Equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

Components of Total Accumulated Other Comprehensive Income in the Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gain on forward currency contracts	$ 11	$ 7
Loss on interest rate swap cash flow hedges	(3)
Foreign currency translation	(9)	18
Total accumulated other comprehensive income (loss)	$ (1)	$ 25

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

Host Inc Earnings (Loss) Per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

4 Months Ended

12 Months Ended

Sep. 09, 2011

Jun. 17, 2011

Mar. 25, 2011

Sep. 10, 2010

Jun. 18, 2010

Mar. 26, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

$ 2

$ 5

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

$ (35)

$ 64

$ (60)

$ (61)

$ 19

$ (84)

$ 16

$ (6)

$ (16)

(132)

(258)

Dividends on preferred stock

(4)

(9)

Issuance costs of redeemed preferred stock

^[1]

(4)

Loss available to common stockholders

$ (33)

$ 62

$ (60)

$ (58)

$ 12

$ (86)

$ 17

$ (6)

(15)

(138)

(261)

Assuming deduction of gain recognized for the repurchase of 2004 Debentures

^[2]

(2)

Diluted loss available to common stockholders

$ (15)

$ (138)

$ (263)

Basic weighted average shares outstanding

693.0

656.1

586.3

Assuming weighted average shares for the repurchased 2004 Debentures

0.9

Diluted weighted average shares outstanding

^[3]

693.0

656.1

587.2

Basic loss per share

$ (0.05)

$ 0.09

$ (0.09)

$ 0.02

$ (0.13)

$ 0.02

$ (0.01)

$ (0.02)

$ (0.21)

$ (0.45)

Diluted loss per share

$ (0.05)

$ 0.09

$ (0.09)

$ 0.02

$ (0.13)

$ 0.02

$ (0.01)

$ (0.02)

$ (0.21)

$ (0.45)

[1]	Represents the original issuance costs associated with the Class E preferred stock, which stock was redeemed during 2010.
[2]	During 2009, we repurchased $75 million face amount of our $500 million 3 1/4% exchangeable senior debentures (the "2004 Debentures") with a carrying value of $72 million for approximately $69 million. We are required to determine the dilutive effect of the repurchased 2004 Debentures separately from the 2004 Debentures outstanding at December 31, 2009. The 2004 Debentures repurchased during 2009 are treated as having been converted to Host Inc. common stock equivalents at the start of the period. Accordingly, the 2009 adjustments to net income related to the repurchased 2004 Debentures include a $3 million gain, net of interest expense on the repurchased debentures.
[3]	There are 47 million, 53 million and 51 million potentially dilutive shares for our exchangeable senior debentures and shares granted under comprehensive stock plans which were not included in the computation of diluted EPS as of December 31, 2011, 2010 and 2009, respectively, because to do so would have been anti-dilutive for the period. See Note 4 "Debt" for the terms and conditions of our exchangeable senior debentures and Note 8 "Employee Stock Plans" for the terms and conditions of our comprehensive stock plans.

Host Inc Earnings (Loss) Per Common Share (Parenthetical) (Detail) - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

$ 5,814

(4)

^[1]

$ (1)

^[1]

$ 2

^[2]

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

404

821

139

Anti-dilutive shares which were not included in the computation of diluted EPS

$ (4)

$ (1)

$ 5

HOST HOTELS & RESORTS, INC. | Exchangeable Senior Debentures 3.25 Percent

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

HOST HOTELS & RESORTS, INC. | Repurchased Amount | Exchangeable Senior Debentures 3.25 Percent

$ 500

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

$ 3

[1]	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.
[2]	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

Host LP Earnings (Loss) Per Common Unit (Detail)
PartnershipUnit in Millions, $ in Millions

3 Months Ended

4 Months Ended

12 Months Ended

Sep. 09, 2011

USD ($)

$ / PartnershipUnit

^[2]

Jun. 17, 2011

USD ($)

$ / PartnershipUnit

^[2]

Mar. 25, 2011

USD ($)

$ / PartnershipUnit

^[2]

Sep. 10, 2010

USD ($)

$ / PartnershipUnit

^[2]

Jun. 18, 2010

USD ($)

$ / PartnershipUnit

^[2]

Mar. 26, 2010

USD ($)

$ / PartnershipUnit

^[2]

Dec. 31, 2011

USD ($)

$ / PartnershipUnit

^[2]

Dec. 31, 2010

USD ($)

$ / PartnershipUnit

^[2]

Dec. 31, 2011

USD ($)

PartnershipUnit

$ / PartnershipUnit

Dec. 31, 2010

USD ($)

PartnershipUnit

$ / PartnershipUnit

Dec. 31, 2009

USD ($)

PartnershipUnit

$ / PartnershipUnit

$ 2

$ 5

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

$ (16)

(132)

(258)

Distributions on preferred units

(4)

(9)

Issuance costs of redeemed preferred units

^[1]

(4)

Loss available to common unitholders

$ (34)

$ 63

$ (61)

$ (59)

$ 12

$ (87)

$ 17

$ (6)

(15)

(140)

(266)

Assuming deduction of gain recognized for the repurchase of 2004 Debentures

^[3]

(2)

Diluted loss available to common unitholders

$ (15)

$ (140)

$ (268)

Basic weighted average units outstanding | PartnershipUnit

688.9

653.0

598.3

Assuming weighted average units for the repurchased 2004 Debentures | PartnershipUnit

0.9

Diluted weighted average units outstanding | PartnershipUnit

^[4]

688.9

653.0

599.2

Basic loss per unit | $ / PartnershipUnit

(0.05)

0.09

(0.09)

0.02

(0.14)

0.02

(0.01)

(0.02)

(0.21)

(0.44)

Diluted loss per unit | $ / PartnershipUnit

(0.05)

0.09

(0.09)

0.02

(0.14)

0.02

(0.01)

(0.02)

(0.21)

(0.45)

[1]	Represents the original issuance costs associated with the Class E preferred OP units, which units were redeemed during 2010.
[2]	Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc.
[3]	During 2009, we repurchased $75 million face amount of our $500 million 3 1/4% exchangeable senior debentures (the "2004 Debentures") with a carrying value of $72 million for approximately $69 million. We are required to determine the dilutive effect of the repurchased 2004 Debentures separately from the 2004 Debentures outstanding at December 31, 2009. The 2004 Debentures repurchased during 2009 are treated as having been converted to common unit equivalents at the start of the period. Accordingly, the 2009 adjustment to net income related to the repurchased 2004 Debentures include a $3 million gain, net of interest expense on the repurchased debentures.
[4]	There are 46 million, 51 million and 50 million potentially dilutive units for our exchangeable senior debentures and for units distributable to Host Inc. for Host Inc. shares granted under comprehensive stock plans which were not included in the computation of diluted earnings per unit as of December 31, 2011, 2010 and 2009, respectively, because to do so would have been anti-dilutive for the period. See Note 4 "Debt" for the terms and conditions of our Exchangeable Senior Debentures and Note 8 "Employee Stock Plans" for the terms and conditions of Host Inc.'s comprehensive stock plans.

Host LP Earnings (Loss) Per Common Unit (Parenthetical) (Detail) - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

$ 5,814

(4)

^[1]

$ (1)

^[1]

$ 2

^[2]

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

404

821

139

Anti-dilutive units which were not included in the computation of diluted earnings per unit

$ (4)

$ (1)

$ 5

HOST HOTELS & RESORTS L.P. | Exchangeable Senior Debentures 3.25 Percent

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

HOST HOTELS & RESORTS L.P. | Repurchased Amount | Exchangeable Senior Debentures 3.25 Percent

$ 500

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

$ 3

[1]	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.
[2]	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.

Summary of Property and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 1,852	$ 1,669
Buildings and leasehold improvements	13,168	12,080
Furniture and equipment	2,079	1,895
Construction in progress	196	168
Property, Plant and Equipment, Gross, Total	17,295	15,812
Less accumulated depreciation and amortization	(5,912)	(5,298)
Property and equipment, net	$ 11,383	$ 10,514	$ 10,231

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

Property and Equipment - Additional Information (Detail) $ in Millions	Dec. 31, 2011 USD ($)
Property, Plant, and Equipment Disclosure [Line Items]
Cost of real estate for federal income tax purposes	$ 10,570

Summary of Investments in Affiliates (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Sep. 30, 2011
Schedule of Investments [Line Items]
Our Investment	$ 197	$ 148
Debt	$ 1,018	$ 945
Asia Pacific Hospitality Venture Pte Ltd
Schedule of Investments [Line Items]
Ownership Interests	25.00%	25.00%
Our Investment	$ 15	$ (1)
Assets	36% interest in the development of seven hotels in India	None
HHR Euro CV
Schedule of Investments [Line Items]
Ownership Interests		32.10%
Our Investment		$ 135
Debt		$ 945
Assets		Eleven hotels located in Europe
HHR Euro CV \| Fund I
Schedule of Investments [Line Items]
Ownership Interests	32.10%
Our Investment	$ 141
Debt	$ 899
Assets	Eleven hotels in Europe
HHR Euro CV \| Fund II
Schedule of Investments [Line Items]
Ownership Interests	33.40%
Our Investment	$ 41
Debt	$ 119
Assets	Two hotels in Europe
Tiburon Golf Ventures LP
Schedule of Investments [Line Items]
Ownership Interests		49.00%	51.00%
Our Investment		$ 14
Assets		36-hole golf club

Investments in Affiliates - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions	1 Months Ended						12 Months Ended
	Sep. 30, 2011 USD ($) Room	Sep. 30, 2011 EUR (€)	Jun. 28, 2011 USD ($)	Jun. 28, 2011 GBP (£)	Jun. 27, 2011 USD ($)	Jun. 27, 2011 GBP (£)	Dec. 31, 2011 USD ($) Room Property Hotel Year Contract	Dec. 31, 2011 EUR (€)	Dec. 31, 2010 USD ($) Contract	Dec. 31, 2009 USD ($)	Dec. 31, 2011 EUR (€) Room Property Hotel Year Contract	Sep. 30, 2011 EUR (€) Room	Jun. 27, 2011 EUR (€)	Dec. 31, 2010 GBP (£) Contract	Dec. 31, 2010 EUR (€) Contract	Jul. 22, 2010 Room
Schedule of Investments [Line Items]
Investment in joint venture							$ 197.0		$ 148.0
Commitment amount to acquire a 36% interest of a joint venture							$ 65.0
Equity investment, percentage ownership acquired							36.00%	36.00%
Number of properties to be developed with Accor and InterGlobe with agreement \| Property							7				7
Number of rooms \| Room							1,750				1,750
Period in which first two hotel is expected to open							March 2012	March 2012
Acquisition costs							$ 5.0		8.0
Mortgage debt principal							1,018.0		945.0
Pullman Bercy, Paris
Schedule of Investments [Line Items]
Number of rooms \| Room	396											396
Acquisition purchase price \| €												€ 96.0
Acquisition costs \| €		€ 6.0
Mortgage debt assumed \| €		52.6
Cash contribution for acquisition	$ 20.0	€ 15.0
Renovation cost \| €												€ 9.0
Limited Partner
Schedule of Investments [Line Items]
Equity investment, percentage ownership acquired	100.00%											100.00%
Le Meridien Piccadilly
Schedule of Investments [Line Items]
Number of rooms \| Room																266
HOST HOTELS & RESORTS, INC.
Schedule of Investments [Line Items]
Investment in joint venture							197.0		148.0
Cash contribution for acquisition							13.3
Change in fair value of derivative instruments							1.0		5.0	$ (4.0)
Asian Joint Venture
Schedule of Investments [Line Items]
Cash contribution for acquisition							$ 53.0
Equity investment, percentage ownership acquired							25.00%				25.00%
Initial term of entity \| Year							7				7
European Joint Venture
Schedule of Investments [Line Items]
Partners contribution \| €								€ 487.0
Percentage of total equity commitment funded							90.00%				90.00%
Host's limited partner interest					33.30%	33.30%
Host's general partner interest					0.10%	0.10%
Fund target size, new equity \| €													€ 450.0
Fund investment potential \| €													€ 1,000.0
Aggregate size of Euro JV							$ 1,700.0				€ 1,300.0
Management fees							11.0		5.0	$ 6.0
Extensions subject to partner approval					Two one-year extensions	Two one-year extensions
Mortgage debt principal \| €											786.0
Hedged amount of our net investment in the European joint venture							$ 140.0				100.0
European Joint Venture \| Fund I
Schedule of Investments [Line Items]
Host's general partner interest							32.10%	32.10%
Investment in joint venture							$ 141.0				109.0
European Joint Venture \| Fund II
Schedule of Investments [Line Items]
Host's general partner interest							33.40%	33.40%
Investment in joint venture							$ 41.0				€ 31.0
European Joint Venture \| Forward currency purchase contracts
Schedule of Investments [Line Items]
Foreign currency forward purchase contract \| Contract							5				5
Change in fair value of derivative instruments							$ 2.0		$ 5.0
Value of forward contracts							$ 9.0
European Joint Venture \| Prior Agreement
Schedule of Investments [Line Items]
Term of joint venture													2016
European Joint Venture \| After Amendment
Schedule of Investments [Line Items]
Term of joint venture													2021
European Joint Venture \| Le Meridien Piccadilly
Schedule of Investments [Line Items]
Property transfer price					$ 102.0	£ 64
Mortgage debt assumed					$ 52.0	£ 32
European Joint Venture \| 2013 Senior Notes
Schedule of Investments [Line Items]
Number of hotels \| Hotel							6				6
European Joint Venture \| 2013 Senior Notes \| Group Seven
Schedule of Investments [Line Items]
Mortgage debt principal \| €															€ 341.0
European Joint Venture \| 2013 Senior Notes \| Group Eight
Schedule of Investments [Line Items]
Mortgage debt principal \| £														£ 32
European Joint Venture \| 2013 Senior Notes \| Group Nine
Schedule of Investments [Line Items]
Mortgage debt principal \| €															€ 53.0
Number of renewal options \| Contract									2					2	2
Extension period									1 year
European Joint Venture \| HOST HOTELS & RESORTS, INC.
Schedule of Investments [Line Items]
Investment in joint venture							$ 182.0				€ 140.0
European Joint Venture \| HOST HOTELS & RESORTS, INC. \| Le Meridien Piccadilly
Schedule of Investments [Line Items]
Property transfer price			$ 102.0	£ 64
Mortgage debt assumed			$ 52.0	£ 32
Tiburon Golf Ventures LP
Schedule of Investments [Line Items]
Investment in joint venture									$ 14.0
Equity investment, percentage ownership acquired	51.00%								49.00%			51.00%		49.00%	49.00%
Equity investment acquired	$ 11.0

Combined Summarized Balance Sheet Information (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting, Asset Reconciling Item [Line Items]
Property and equipment, net	$ 1,506	$ 1,376
Other assets	205	132
Total assets	1,711	1,508
Debt	1,018	945
Other liabilities	109	142
Equity	584	421
Total liabilities and equity	$ 1,711	$ 1,508

The amount of assets reported by an equity method investment of the entity.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph bb
-Article 1

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph w
-Article 1

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph g
-Subparagraph 1, 2

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(g))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

The amount of liabilities and equity reported by an equity method investment of the entity.

The amount of noncurrent liabilities reported by an equity method investment of the entity.

Combined Summarized Operating Results For Affiliates (Detail) - Other Investments - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 381	$ 291	$ 360
Expenses	(294)	(218)	(274)
Depreciation and amortization	(46)	(41)	(39)
Operating profit	41	32	47
Interest income			3
Interest expense	(43)	(44)	(53)
Net loss	$ (2)	$ (12)	$ (3)

The amount of gross profit (loss) reported by an equity method investment of the entity.

The amount of net income (loss) reported by an equity method investment of the entity.

Debt (Detail) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

$ 4,543

$ 4,249

Mortgage debt (non-recourse) secured by $1.0 billion and $1.1 billion of real estate assets, with an average interest rate of 5.0% and 4.7% at December 31, 2011 and 2010, maturing through December 2023

117

^[1]

1,006

1,025

145

Series K Senior Notes 7.125 Percent Due November 2013

5,753

5,477

Series O Senior Notes 6.375 Percent Due March 2015

250

Series Q Senior Notes 6.75 Percent Due June 2016

650

Series S Senior Notes 6.875 Percent Due November 2014

800

Series T Senior Notes 9 Percent Due May 2017

498

Series V Senior Notes 6 Percent Due November 2020

390

388

Series W Senior Notes 5.875 Percent Due June 15, 2019

500

Series Y Senior Notes 6 Percent Due October 2021

496

Exchangeable 2004 Senior Debentures 3.25 Percent Due April 2024

300

Exchangeable 2007 Senior Debentures 2.625 Percent Due April 2027

175

325

Exchangeable 2009 Senior Debentures 2.5 Percent Due October 2029

385

502

Senior Notes 10.0 Percent Due May 2012

342

329

$ 7

[1]	The amount of the assets stated above securing mortgage debt represents the book value of real estate assets, net of accumulated depreciation. These amounts do not represent the current fair value of the assets.

Debt (Parenthetical) (Detail) - Mortgages - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Real estate assets use to secure mortgage debt	$ 1.0	$ 1.1
Average interest rate	5.00%	4.70%
Debt maturity date	Dec. 31, 2023

Debt - Additional Information (Detail)
£ in Millions, shares in Millions, $ in Millions, $ in Millions

1 Months Ended

4 Months Ended

12 Months Ended

Nov. 30, 2011

USD ($)

Aug. 31, 2011

USD ($)

Jun. 30, 2011

USD ($)

Jun. 28, 2011

USD ($)

Jun. 28, 2011

GBP (£)

May 31, 2011

USD ($)

May 12, 2011

USD ($)

Apr. 26, 2011

USD ($)

Mar. 01, 2011

USD ($)

Hotel

Mar. 01, 2011

CAD ($)

Hotel

Oct. 25, 2010

USD ($)

Jul. 20, 2010

USD ($)

Jul. 20, 2010

GBP (£)

Jan. 20, 2010

USD ($)

Nov. 30, 2010

USD ($)

Dec. 31, 2011

USD ($)

Entity

Dec. 31, 2010

USD ($)

Dec. 31, 2009

USD ($)

Feb. 28, 2012

USD ($)

Nov. 22, 2011

USD ($)

Apr. 30, 2011

USD ($)

Dec. 31, 2008

USD ($)

Senior Notes frequency of payment

Semi-annually

$ (4)

^[1]

$ (1)

^[1]

$ 2

^[2]

5,814

Additional borrowing capacity

$ 1,000

500

Remaining borrowing capacity

$ 883

Assets that are secured by mortgage debt | Entity

Line of credit interest terms

4.8

We pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin (i) ranging from 175 to 275 basis points (depending on Host L.P.’s consolidated leverage ratio), or (ii) following the date on which Host L.P.’s long-term unsecured debt rating is investment grade and Host L.P. elects ratings-based pricing, ranging from 100 to 160 basis points (depending on Host LP’s unsecured long-term debt rating). Based on our leverage ratio at December 31, 2011 of 4.8x, we would be able to borrow at a rate of LIBOR plus 200 basis points. While we are using leverage-based pricing, to the extent that amounts under the credit facility remain unused, we pay a quarterly commitment fee on the unused portion of the loan commitment of 25 to 35 basis points, depending on our average revolver usage during the applicable period.

Line of credit commitment fee

To the extent that amounts under the credit facility remain unused, we pay a quarterly commitment fee on the unused portion of the loan commitment of 25 to 35 basis points, depending on our average revolver usage during the applicable period.

Commitment fee minimum

0.25%

Commitment fee maximum

0.35%

Amortization of property and equipment under capital leases

$ 3

Canada

Canada | Bankers Acceptance

Number of hotels | Hotel

$ 103

$ 100

2.18%

0.90%

Le Meridien Piccadilly

Repayment of line of credit

$ 56

£ 37

$ 40

£ 25

$ 86

Repayment of line of credit

$ 50

$ 50

2.30%

Upper Limit

Upper Limit | Credit Facility

Facility fee

0.40%

7.25

Lower Limit

Lower Limit | Credit Facility

Facility fee

0.15%

Unsecured interest coverage ratio

1.75

Fixed charge coverage ratio

1.25

Foreign Currency Borrowings

500

Swingline Loans

100

Letter of Credit

$ 100

LIBOR

Basis points over index on available credit

2.00%

LIBOR | Upper Limit | Credit Facility

LIBOR | Lower Limit | Credit Facility

Interest rate margin

2.75%

Interest rate margin

1.75%

Series Y Senior Notes 6 Percent Due October 2021

$ 4,600

4,400

Unamortized Discount

109

Procced from issuance of note

$ 300

$ 295

Exchangeable 2007 Senior Debentures 2.625 Percent Due April 2027

Repurchase of debt, carrying value

$ 138

134

$ (5)

Debt exchange description

$ 388

Debt issuance date

Mar. 23, 2007

At any time at which the closing price of Host Inc.'s common stock is more than 120% (for the 2004 Debentures) or 130% (for the 2007 and 2009 Debentures) of the exchange price per share for at least 20 of 30 consecutive trading days during certain periods or at any time up to two days prior to the date on which the Debentures have been called for redemption.

Effective interest rates of debt

6.50%

Exchangeable 2004 Senior Debentures 3.25 Percent Due April 2024

Value of debentures converted to equity

$ 150

$ 134

Debt converted into shares of Host Inc. common stock | shares

8.8

Debentures redeemed for cash

$ 16

Debt exchange description

$ 175

Debt issuance date

Mar. 16, 2004

Effective interest rates of debt

6.80%

Series W Senior Notes 5.875 Percent Due June 15, 2019

Procced from issuance of note

$ 489

Series W Senior Notes 5.875 Percent Due June 15, 2019 | Group Three

Series W Senior Notes 5.875 Percent Due June 15, 2019 | Group Four

425

Series K Senior Notes 7.125 Percent Due November 2013

250

$ 475

Premium on redemption

$ 3

(12)

Series U Senior Notes 6 Percent Due November 1st 2020

$ 725

Procced from issuance of note

$ 500

$ 492

Series M Senior Notes 7 Percent Due August 2012

$ 346

Exchangeable 2009 Senior Debentures 2.5 Percent Due October 2029

$ (8)

Excess fair value over principal value

$ 400

Debt issuance date

Dec. 22, 2009

$ 25

Debt exchange description

Effective interest rates of debt

6.90%

Exchangeable Debentures

Equity carrying value of debentures

$ 963

$ 247

Mortgages

Average interest rate

5.00%

Debt covenant compliance

We are in compliance with the covenants under all of our mortgage debt obligations.

Mortgages | Canada

Repayment of debt

$ 132

$ 129

Debt Covenant

6.0

Covenant Requirement

Debt instrument covenant description

Additionally, total debt used in the calculation of our leverage ratio is based on a "net debt" concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance.

Covenant Requirement | Lower Limit

Investment grade | Upper Limit | Credit Facility

$ 100

Unsecured debt instrument interest rate stated percentage

1.60%

Investment grade | Lower Limit | Credit Facility

Unsecured debt instrument interest rate stated percentage

1.00%

Settlement of Debt | Senior Notes | Upper Limit

Debt repurchase, authorized amount

$ 500

$ (4)

(1)

Repayment of line of credit

153

410

HOST HOTELS & RESORTS L.P. | Debt Covenant

$ 826

$ 1,113

$ 1,642

$ 508

6.0

[1]	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.
[2]	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.

Outstanding Debentures (Detail) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) shares $ / shares
Debt Instrument [Line Items]
Outstanding principal amount	$ 5,814
Exchangeable 2009 Senior Debentures 2.5 Percent Due October 2029
Debt Instrument [Line Items]
Maturity date	Oct. 15, 2029
Next put option date	Oct. 15, 2015
Redemption date	Oct. 20, 2015
Outstanding principal amount	$ 400
Current exchange rate for each $1,000 of principal	71.9264
Current equivalent exchange price \| $ / shares	$ 13.90
Exchangeable share equivalents (in shares) \| shares	28.8
Exchangeable 2007 Senior Debentures 2.625 Percent Due April 2027
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2027
Next put option date	Apr. 15, 2012
Redemption date	Apr. 20, 2012
Outstanding principal amount	$ 388
Current exchange rate for each $1,000 of principal	32.0239
Current equivalent exchange price \| $ / shares	$ 31.23
Exchangeable share equivalents (in shares) \| shares	12.4
Exchangeable 2004 Senior Debentures 3.25 Percent Due April 2024
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2024
Next put option date	Apr. 15, 2014
Redemption date	Apr. 19, 2009
Outstanding principal amount	$ 175
Current exchange rate for each $1,000 of principal	65.5744
Current equivalent exchange price \| $ / shares	$ 15.25
Exchangeable share equivalents (in shares) \| shares	11.5
Exchangeable Debentures
Debt Instrument [Line Items]
Outstanding principal amount	$ 963

Initial Allocations Between Debt and Equity Components of the Debentures (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Debt Instrument [Line Items]
Face Amount Outstanding	$ 5,814
Debt Carrying Value	4,543	$ 4,249
Exchangeable 2009 Senior Debentures 2.5 Percent Due October 2029
Debt Instrument [Line Items]
Face Amount Outstanding	400
Debt Carrying Value	342	329
Exchangeable 2007 Senior Debentures 2.625 Percent Due April 2027
Debt Instrument [Line Items]
Face Amount Outstanding	388
Debt Carrying Value	385	502
Exchangeable 2004 Senior Debentures 3.25 Percent Due April 2024
Debt Instrument [Line Items]
Face Amount Outstanding	175
Debt Carrying Value	175	$ 325
Exchangeable Debentures
Debt Instrument [Line Items]
Initial Face Amount	1,500
Initial Liability Value	1,231
Initial Equity Value	247
Face Amount Outstanding	963
Debt Carrying Value	902
Unamortized Discount	61
Exchangeable Debentures \| Exchangeable 2009 Senior Debentures 2.5 Percent Due October 2029
Debt Instrument [Line Items]
Initial Face Amount	400
Initial Liability Value	316
Initial Equity Value	82
Face Amount Outstanding	400
Debt Carrying Value	342
Unamortized Discount	58
Exchangeable Debentures \| Exchangeable 2007 Senior Debentures 2.625 Percent Due April 2027
Debt Instrument [Line Items]
Initial Face Amount	600
Initial Liability Value	502
Initial Equity Value	89
Face Amount Outstanding	388
Debt Carrying Value	385
Unamortized Discount	3
Exchangeable Debentures \| Exchangeable 2004 Senior Debentures 3.25 Percent Due April 2024
Debt Instrument [Line Items]
Initial Face Amount	500
Initial Liability Value	413
Initial Equity Value	76
Face Amount Outstanding	175
Debt Carrying Value	$ 175

Interest Expense for the Debentures (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Total interest expense

$ 371

^[1]

$ 384

^[1]

$ 379

^[2]

Exchangeable Debentures

Contractual interest expense (cash)

Non-cash interest expense due to discount amortization

Total interest expense

$ 62

$ 66

$ 53

[1]	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.
[2]	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.

Mortgage Debt Issuances and Repayments (Detail)
$ in Millions

12 Months Ended

Dec. 31, 2011

USD ($)

New Zealand Hotel Portfolio | Issuance of Debt

5.49%

^[1]

Feb. 18, 2016

^[1]

Orlando World Center Marriott Resort Convention Center | Repayment of Debt

$ 80

^[1]

3.76%

^[2]

Dec. 30, 2010

^[2]

Hilton Melbourne South Wharf | Issuance of Debt

$ (54)

^[2]

6.77%

^[3]

Nov. 23, 2016

^[3]

Le Meridien Piccadilly | Repayment of Debt

$ 79

^[3]

1.99%

^[4]

Jan. 20, 2012

^[4]

Canada | Repayment of Debt

$ (52)

^[4]

5.20%

Mar. 01, 2011

JW Marriott Desert Springs Resort Spa | Repayment of Debt

$ (132)

9.80%

Dec. 11, 2022

W New York Union Square | Repayment of Debt

$ (71)

6.39%

^[5]

Oct. 11, 2011

^[5]

Atlanta Marriott Marquis | Repayment of Debt

$ (119)

^[5]

7.40%

Feb. 11, 2023

$ (124)

[1]	The floating interest rate is equal to the 3-month New Zealand Bank Bill Rate plus 120 basis points plus an additional commitment fee of 120 basis points per annum. In addition, we entered into a swap agreement that fixes 75% of the loan at an all-in rate of 7.15%. The rate shown reflects the rate in effect at December 31, 2011.
[2]	On December 17, 2010, we entered into an amendment under the $300 million mortgage loan secured by the Orlando World Center Marriott. As a result of the amendment, we repaid $54 million of the outstanding principal on December 30, 2010 and extended the maturity of the loan to July 1, 2013. We have a fixed annual interest rate of 4.75% on the remaining $246 million outstanding.
[3]	The floating interest rate is equal to the 3-month BBSY plus 230 basis points. In addition, we entered into separate swap agreements that fix 75% of the loan at an all-in rate of 6.7% and cap the remaining 25% at an all-in interest rate of 9.9%. The rate shown reflects the rate in effect at December 31, 2011. In connection with the acquisition of the property in April 2011, we assumed an $86 million mortgage loan. The issuance represents the refinancing of this mortgage loan.
[4]	This floating rate mortgage is based on LIBOR plus 118 basis points. The rate shown reflects the rate in effect at the time of transfer. In connection with the transfer of Le Méridien Piccadilly to the Euro JV Fund II, we transferred the associated mortgage. The mortgage loan had been assumed at acquisition of the property in June 2010.
[5]	The amount shown reflects our recorded book value of the mortgage debt on the date defeasance. We defeased this loan on October 19, 2010, which released us from obligations under the mortgage. In connection with the acquisition of the property in September 2010, we assumed the $115 million mortgage loan.

Mortgage Debt Issuances and Repayments (Parenthetical) (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Apr. 30, 2011

$ 5,814

Face principal of mortgage debt

2.30%

$ 86

Hilton Melbourne South Wharf | Interest rate swap derivatives

Perentage of loan amount

75.00%

Hilton Melbourne South Wharf | Interest rate cap derivative

6.70%

Perentage of loan amount

25.00%

New Zealand Hotel Portfolio

9.90%

Additional commitment fee

1.20%

1.20%

New Zealand Hotel Portfolio | Interest rate swap derivatives

Perentage of loan amount

75.00%

7.15%

Le Meridien Piccadilly

Le Meridien Piccadilly | Repayment of Debt

Basis points over LIBOR

1.18%

^[1]

1.99%

^[1]

$ 52

Orlando World Center Marriott Resort Convention Center | Repayment of Debt

^[1]

Jan. 20, 2012

^[2]

3.76%

^[2]

$ 54

Orlando World Center Marriott Resort Convention Center | Extended Term | Repayment of Debt

^[2]

Dec. 30, 2010

Face principal of mortgage debt

$ 300

$ 54

4.75%

$ 246

Jul. 01, 2013

W New York Union Square

Face principal of mortgage debt

$ 115

W New York Union Square | Repayment of Debt

^[3]

6.39%

^[3]

$ 119

^[3]

Oct. 11, 2011

[1]	This floating rate mortgage is based on LIBOR plus 118 basis points. The rate shown reflects the rate in effect at the time of transfer. In connection with the transfer of Le Méridien Piccadilly to the Euro JV Fund II, we transferred the associated mortgage. The mortgage loan had been assumed at acquisition of the property in June 2010.
[2]	On December 17, 2010, we entered into an amendment under the $300 million mortgage loan secured by the Orlando World Center Marriott. As a result of the amendment, we repaid $54 million of the outstanding principal on December 30, 2010 and extended the maturity of the loan to July 1, 2013. We have a fixed annual interest rate of 4.75% on the remaining $246 million outstanding.
[3]	The amount shown reflects our recorded book value of the mortgage debt on the date defeasance. We defeased this loan on October 19, 2010, which released us from obligations under the mortgage. In connection with the acquisition of the property in September 2010, we assumed the $115 million mortgage loan.

Aggregate Debt Maturities (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Debt Instrument [Line Items]
2012	$ 400
2013	359
2014	1,142
2015	1,179
2016	965
Thereafter	1,769
Debt carrying value	5,814
Unamortized (discounts) premiums, net	(75)
Fair value hedge adjustment	12
Capital lease obligations	2
Total debt	$ 5,753	$ 5,477

Interest Expense (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

^[1]

Dec. 31, 2010

^[1]

Dec. 31, 2009

^[2]

$ 371

$ 384

$ 379

Amortization of deferred financing costs

^[3]

(32)

(34)

(31)

(11)

(12)

Non-cash gains/(losses) on debt extinguishments

(4)

(1)

Change in accrued interest

(4)

(11)

Interest paid

^[4]

$ 320

$ 347

$ 327

[1]	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.
[2]	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.
[3]	Primarily represents the amortization of the debt discount on our Debentures, which is non-cash interest expense.
[4]	Does not include capitalized interest of $4 million, $3 million and $5 million during 2011, 2010 and 2009, respectively.

The net increase(decrease) in interest income during the period representing the allocation of deferred loan origination fees less deferred loan origination costs using the effective interest method over the term of the debt arrangement to which they pertain taking into account the effect of prepayments.

Interest Expense (Parenthetical) (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Gain on debt extinquishment

Prepayment premiums

$ 5

$ 20

(4)

^[1]

(1)

^[1]

$ 2

^[2]

Capitalized interest

$ 4

$ 3

DefeasedCMBSDebtSecurities

Gain on debt extinquishment

Collateralized mortgage-backed securities

$ 514

[1]	Interest expense and interest paid for 2011 and 2010 includes cash prepayment premiums of approximately $5 million and $20 million, respectively. No significant prepayment premium was paid in 2009.
[2]	Interest expense and interest paid for 2009 is net of $7 million received in connection with the 2007 defeasance of $514 million in collateralized mortgage-backed securities.

Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2011 USD ($) shares	Jun. 18, 2010 $ / shares shares	Dec. 31, 2011 USD ($) shares $ / shares	Dec. 31, 2010 USD ($) $ / shares shares	Dec. 31, 2009 USD ($) shares
Stockholders Equity Note [Line Items]
Common stock, shares authorized			1,050,000,000
Common stock, par value \| $ / shares			$ 0.01
Common stock, shares outstanding			705,100,000	675,600,000
Preferred stock, shares authorized			50,000,000
Preferred stock, no par value \| $ / shares
Preferred stock, shares outstanding			0	0
Dividend policy			The amount of any future dividends will be determined by Host Inc.'s Board of Directors.
8 7/8% Class E cumulative redeemable preferred stock , shares redeemed		4,034,300
8 7/8% Class E cumulative redeemable preferred stock , redemption price \| $ / shares		$ 25.00
Lower Limit
Stockholders Equity Note [Line Items]
Percentage of annual taxable income Host Inc is required to distribute			90.00%
Limited Partner
Stockholders Equity Note [Line Items]
Percentage of the common OP Units			1.50%
Shares issuable upon conversion of one OP unit			1.021494		1.000000
Common OP units, outstanding			700,700,000	671,800,000
Exchangeable 2004 Senior Debentures 3.25 Percent Due April 2024
Stockholders Equity Note [Line Items]
Value of debentures converted to equity \| $	$ 134
Debt converted into shares of Host Inc. common stock	8,800,000
HOST HOTELS & RESORTS, INC.
Stockholders Equity Note [Line Items]
Common stock, shares authorized			1,050,000,000	1,050,000,000
Common stock, par value \| $ / shares			$ 0.01	$ 0.01
Common stock, shares outstanding			705,100,000	675,600,000
Percentage of the common OP Units			98.50%
Common stock issuance \| $			$ 323	$ 406	$ 767
HOST HOTELS & RESORTS, INC. \| Limited Partner
Stockholders Equity Note [Line Items]
Common OP units, outstanding			690,300,000	661,400,000
HOST HOTELS & RESORTS, INC. \| 2011 Sales Agency Financing Agreement
Stockholders Equity Note [Line Items]
Common stock issued			19,100,000	26,900,000
Average price per share for stock issued \| $ / shares			$ 17.09	$ 15.25
Common stock issuance \| $			$ 323	$ 406
Issuance capacity remaining under the current agreement \| $			$ 174

Common and Preferred Dividends Declared Per Share (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Stockholders Equity Note [Line Items]
Common stock	$ 0.14	$ 0.04	$ 0.25
Class E preferred stock 8 7/8%		0.555	2.220
Common OP units	$ 0.143	0.041	0.025
Class E preferred OP units 8 7/8%		$ 0.555	$ 2.220

Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Income Taxes [Line Items]
Deferred tax assets	$ 172	$ 161
Less: Valuation allowance	(47)	(44)
Subtotal	125	117
Deferred tax liabilities	(24)	(40)
Net deferred tax asset	$ 101	$ 77

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Line Items]
Domestic and foreign net operating loss, capital loss and tax credit carryovers	$ 276.0
Deferred tax asset operating loss carryforwards	99.0
Valuation allowance	$ 47.0	$ 44.0
Net operating loss carryover expiration date	Our net operating loss carryovers expire through 2031
Expiration of tax credits	Our domestic alternative minimum tax credits have no expiration period and our foreign asset tax credits expire through 2017.
Net increase in valuation allowance	$ 3.0	7.0
Income tax benefit continuing and discountinued operations	2.0	32.0	$ 40.0
Cash paid for income taxes, net of refunds received	8.0	4.0	5.0
Interest expense related to the unrecognized tax benefits	0.2	0.1	$ 0.1
Interest accrued on unrecognized tax benefits	$ 0.4	$ 0.6
Percentage greater than threshold of income tax examination minimum likelihood of tax benefits being realized upon settlement	50.00%
Statutory federal income tax rate	35.00%
Unrecognized tax benefits that would impact effective tax rate	$ 4.0
Open tax years by major tax jurisdiction	Tax years that remain subject to examination by major tax jurisdictions generally include 2008-2011.
Mexico
Income Taxes [Line Items]
Valuation allowance	$ 37.4
Canada
Income Taxes [Line Items]
Valuation allowance	2.2
United States
Income Taxes [Line Items]
Valuation allowance	$ 7.4

Primary Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Accrued related party interest	$ 16	$ 12
Net operating loss and capital loss carryovers	99	74
Alternative minimum tax credits	4	4
Property and equipment	(18)	(18)
Investments in domestic and foreign affiliates	(3)	(2)
Derivatives	1
Deferred revenue and other	49	51
Subtotal	148	121
Less: Valuation allowance	(47)	(44)
Net deferred tax asset	$ 101	$ 77

Income (Loss) From Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Line Items]
U.S. loss	$ (41)	$ (170)	$ (208)
Foreign income (loss)	28	11	(28)
LOSS BEFORE INCOME TAXES	$ (13)	$ (159)	$ (236)

Benefit for Income Taxes for Continuing Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of Provision of Income Taxes [Line Items]
Current Federal	$ 1		$ (7)
Current State	1	$ 1	2
Current Foreign	8	4	4
Current Income Tax Expense (Benefit), Total	10	5	(1)
Deferred Federal	(11)	(31)	(33)
Deferred State	(2)	(6)	(7)
Deferred Foreign	2	1	2
Deferred income taxes	(11)	(36)	(38)
Income tax (benefit) - continuing operations	$ (1)	$ (31)	$ (39)

Income Tax (Benefit) Provision Calculated at the Statutory U.S. Federal Income Tax Rate and the Actual Income Tax (Benefit) Provision Recorded (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of Statutory Federal Tax Rate [Line Items]
Statutory federal income tax benefit - continuing operations	$ (5)	$ (56)	$ (83)
Adjustment for nontaxable (income) loss of Host Inc. - continuing operations	(5)	25	43
State income tax provision, net	(1)	(5)	(3)
Uncertain tax positions benefit			(7)
Foreign income tax provision	10	5	11
Income tax (benefit) - continuing operations	$ (1)	$ (31)	$ (39)

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 15, 16, 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45, 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e32247-109318

Unrecognized Tax Benefits Reconciliation (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Income Taxes [Line Items]
Beginning Balance	$ 5	$ 5
Reductions due to expiration of certain statutes of limitation
Other increases (decreases)
Ending Balance	$ 5	$ 5

Leases - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
Leases - Additional Information (Detail) $ in Millions	Nov. 23, 2010 USD ($) Property	Dec. 31, 2011 USD ($) Hotel	Dec. 31, 2010 USD ($) Year Property Contract	Dec. 31, 1995 Property
Leases Disclosure [Line Items]
Operating leases information			Leases and subleases contain one or more renewal options
Minimum additional renewal option period \| Year			5
Maximum additional renewal option period \| Year			10
Minimum payments from restaurants and the Sublessee payable to us under non-cancelable subleases		$ 4.0
Aggregate contingent liabilities relating to our former restaurant business		14.0
Lower Limit
Leases Disclosure [Line Items]
Number of renewal options \| Contract			1
Courtyard By Marriott Hotel
Leases Disclosure [Line Items]
Number of properties \| Property	53
Deferred proceeds related to the initial sale	$ 51.0
Courtyard By Marriott Hotel \| Leasehold Interest
Leases Disclosure [Line Items]
Number of properties \| Property				53
Residence Inn By Marriott
Leases Disclosure [Line Items]
Number of properties \| Property			18
Deferred sale proceeds received from HPT			$ 17.2
Hospitality Properties Trust
Leases Disclosure [Line Items]
Rental revenue		$ 7.0	$ 44.0
Property Subject to Operating Lease \| Upper Limit
Leases Disclosure [Line Items]
Number of hotels subject to ground leases \| Hotel		38

Other Revenue and Other Property-Level Expenses (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Lease and Rental Expense [Line Items]
Total revenues	$ 4,998	$ 4,428	$ 4,135
Hospitality Properties Trust
Lease and Rental Expense [Line Items]
Hotel sales revenue	214	123
Rental revenue	7	44
Total revenues	221	167
Property-level expenses	159	96
Rental expense	68	84
Total operating costs and expenses	$ 227	$ 180

Future Minimum Annual Rental Commitments Required Under Non-Cancelable Leases (Detail) $ in Millions	Dec. 31, 2011 USD ($)
Schedule of Operating Leases [Line Items]
2012	$ 1
2013	1
2014
2015
2016
Thereafter
Total minimum lease payments	2
2012	113
2013	45
2014	43
2015	41
2016	39
Thereafter	1,379
Total minimum lease payments	$ 1,660

Rent Expense (Detail) - USD ($) $ in Millions	12 Months Ended
Rent Expense (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Schedule of Operating Leases [Line Items]
Minimum rentals on operating leases	$ 114	$ 128	$ 122
Additional rentals based on sales	26	19	23
Rental payments based on real estate tax assessments	22	21	19
Less: sublease rentals	(3)	(44)	(83)
Operating Leases, Rent Expense, Total	$ 159	$ 124	$ 81

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 16
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 98-9
-Paragraph 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Rentals
-URI http://asc.fasb.org/extlink&oid=6508509

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 40
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6452616&loc=d3e36728-112689

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 25
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6931615&loc=d3e35050-112683

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 106, 122
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

This element represents the payments that the lessee is obligated to make or can be required to make in connection with a property under the terms of an agreement classified as an operating lease, excluding contingent rentals and a guarantee by the lessee of the lessor's debt and the lessee's obligation to pay (apart from the rental payments) executory costs such as insurance, maintenance, and taxes.

Employee Benefits Disclosure [Line Items]

Employee Stock Plans - Additional Information (Detail) $ / shares in Units, $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2011 USD ($) Year $ / shares shares	Dec. 31, 2010 USD ($) $ / shares shares	Dec. 31, 2009 USD ($) $ / shares shares	Dec. 31, 2011 Year $ / shares shares	Dec. 31, 2008 $ / shares
Employee Benefits Disclosure [Line Items]
Common stock reserved and available for issuance under the Comprehensive Plan	19,000,000			19,000,000
Shares - granted	200,000	400,000	9,000,000
Compensation expense \| $	$ 19.0	$ 40.0	$ 21.0
Vested - shares	1,500,000	2,600,000	2,200,000
Restricted Stock \| Executive Officer
Employee Benefits Disclosure [Line Items]
Shares - granted	100,000	300,000	7,200,000
Exercise price per share for granted shares \| $ / shares		$ 11	$ 7		$ 7
Compensation expense \| $	$ 15.0	$ 36.0	$ 19.0
Employee Stock Option
Employee Benefits Disclosure [Line Items]
Stock options - outstanding	1,300,000			1,300,000
Stock options - exercisable	1,300,000			1,300,000
Weighted average remaining life - outstanding \| Year	7			7
Weighted average remaining life - exercisable \| Year	7
Weighted average exercise price - outstanding \| $ / shares	$ 7.68			$ 7.68
Weighted average exercise price - exercisable \| $ / shares	$ 7.68			$ 7.68
Stock options - granted	22,000	54,000	1,400,000
Compensation expense \| $	$ 1.8	$ 1.8	$ 0.8
Weighted average volatility	56.10%	56.10%	56.10%
Weighted average risk free rate	2.30%	2.30%	2.30%
Weighted average dividend yield	4.90%	4.90%	4.90%
Incentive Compensation Plan 2009 \| Restricted Stock
Employee Benefits Disclosure [Line Items]
Stock authorized that can be issued for stock-based compensation to employees and directors	25,500,000			25,500,000
Incentive Compensation Plan 2009 \| Restricted Stock \| Broad Based
Employee Benefits Disclosure [Line Items]
Shares - granted	200,000
Exercise price per share for granted shares \| $ / shares	$ 10.40			$ 10.40
Incentive Compensation Plan 2009 \| Restricted Stock \| Executive Officer
Employee Benefits Disclosure [Line Items]
Shares - granted	5,100,000
Incentive Compensation Plan 2009 \| Employee Stock Option \| Executive Officer
Employee Benefits Disclosure [Line Items]
Stock options - granted	1,000,000
Incentive Plan, 2009 Through 2011 \| Restricted Stock \| Executive Officer
Employee Benefits Disclosure [Line Items]
Shares - granted	100,000	300,000	7,200,000	7,600,000
Payout comparison	Of the 7.6 million shares granted, vesting for approximately 48% of the shares was based on the satisfaction of personal performance goals set by each executive, approximately 26% was based on the achievement of total shareholder return on a relative basis compared to the NAREIT index and approximately 26% was based on the achievement of total shareholder return in comparison to eight other lodging companies.
Incentive Plan, 2009 Through 2011 \| Restricted Stock \| Executive Officer \| Performance Awards
Employee Benefits Disclosure [Line Items]
Shares vesting percentage	48.00%
Incentive Plan, 2009 Through 2011 \| Restricted Stock \| Executive Officer \| Total Shareholders Return
Employee Benefits Disclosure [Line Items]
Shares vesting percentage	26.00%
Incentive Plan, 2009 Through 2011 \| Restricted Stock \| Executive Officer \| NAREIT
Employee Benefits Disclosure [Line Items]
Shares vesting percentage	26.00%
Other Stock Plans
Employee Benefits Disclosure [Line Items]
Vesting term	3 years
Shares - granted	93,000	120,000	331,000
Compensation expense \| $	$ 1.9	$ 2.2	$ 1.4

Fair Values for the Awards Below are Based on the Fair Value at the Respective Transaction Dates, as the Awards are Classified as Liability Awards (Detail) - $ / shares
shares in Millions

12 Months Ended

36 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Dec. 31, 2011

Granted

0.2

0.4

9.0

Executive Officer | Restricted Stock

Employee Benefits Disclosure [Line Items]

Balance, at beginning of year

3.7

5.6

0.1

Granted

0.1

0.3

7.2

Vested

^[1]

(1.3)

(1.9)

(1.6)

Forfeited/expired

(2.5)

(0.3)

(0.1)

Balance, at end of year

3.7

5.6

Issued in calendar year

^[1]

1.1

0.8

0.1

1.1

Balance, at beginning of year

$ 11

$ 7

Granted

Vested

^[1]

Forfeited/expired

Balance, at end of year

Issued in calendar year

^[1]

$ 15

$ 11

$ 7

$ 15

[1]

Fair Values for the Awards Below are Based on the Fair Value at the Respective Transaction Dates, as the Awards are Classified as Liability Awards (Parenthetical) (Detail) - Restricted Stock - Executive Officer - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Employee Benefits Disclosure [Line Items]
Value of shares withheld for employee tax requirements	$ 15.4	$ 6.9	$ 0.6
Shares issued	1.1

Discontinued Operations - Additional Information (Detail) - Hotel	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels sold	1	2	6

Revenues, Income Before Taxes, and Gain on Dispositions, net of tax in Discontinued Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 5	$ 14	$ 81
Loss before taxes	$ (4)	(3)	(88)
Gain (loss) on disposals, net of tax		$ (2)	$ 26

Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group.

Net Loss Attributable to Host Inc. (Detail) - HOST HOTELS & RESORTS, INC. - USD ($) $ in Millions	3 Months Ended						4 Months Ended		12 Months Ended
	Sep. 09, 2011	Jun. 17, 2011	Mar. 25, 2011	Sep. 10, 2010	Jun. 18, 2010	Mar. 26, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from continuing operations, net of tax									$ (11)	$ (126)	$ (192)
Discontinued operations, net of tax									(4)	(4)	(60)
NET LOSS ATTRIBUTABLE TO THE REPORTING ENTITY	$ (33)	$ 62	$ (60)	$ (58)	$ 18	$ (84)	$ 17	$ (6)	$ (15)	$ (130)	$ (252)

This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph b(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4613673-111683

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.13)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Loss Attributable to Host Hotels L.P. (Detail) - HOST HOTELS & RESORTS L.P. - USD ($)
$ in Millions

3 Months Ended

4 Months Ended

12 Months Ended

Sep. 09, 2011

^[1]

Jun. 17, 2011

^[1]

Mar. 25, 2011

^[1]

Sep. 10, 2010

^[1]

Jun. 18, 2010

^[1]

Mar. 26, 2010

^[1]

Dec. 31, 2011

^[1]

Dec. 31, 2010

^[1]

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Loss from continuing operations, net of tax

$ (11)

$ (128)

$ (196)

Discontinued operations, net of tax

(4)

(61)

NET LOSS ATTRIBUTABLE TO REPORTING ENTITY

$ (34)

$ 63

$ (61)

$ (59)

$ 18

$ (85)

$ 17

$ (6)

$ (15)

$ (132)

$ (257)

[1]	Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Business Acquisition, Contingent Consideration [Line Items]

Acquisitions - Additional Information (Detail)
£ in Millions, shares in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions

1 Months Ended

12 Months Ended

Apr. 29, 2011

USD ($)

Room

Mar. 17, 2011

USD ($)

Room

$ / PartnershipUnit

Sep. 02, 2010

USD ($)

Room

Jul. 22, 2010

USD ($)

Room

Jul. 22, 2010

GBP (£)

Jul. 20, 2010

USD ($)

Jul. 20, 2010

GBP (£)

Dec. 31, 2011

USD ($)

Room

Hotel

Dec. 31, 2010

USD ($)

Hotel

Dec. 31, 2009

USD ($)

Sep. 30, 2011

USD ($)

Apr. 29, 2011

AUD ($)

Room

Mar. 23, 2011

USD ($)

Room

Feb. 18, 2011

USD ($)

Room

Feb. 18, 2011

NZD ($)

Room

Sep. 30, 2010

USD ($)

Room

Sep. 30, 2010

BRL (R$)

Room

Aug. 11, 2010

USD ($)

Room

Jul. 22, 2010

GBP (£)

Room

Number of hotel acquired | Hotel

Acquisition-related expenses

$ 5.0

$ 8.0

1,750

Capital lease obligation assumed in acquisition

^[1]

$ 1,006.0

1,025.0

58.0

Deferred tax Asset assumed in acquisition

10.0

17.0

Goodwill assumed in acquisition

13.0

Business Acquisition, Contingent Consideration [Line Items]

4,998.0

4,428.0

$ 4,135.0

Acquisition

Business Acquisition, Contingent Consideration [Line Items]

355.0

57.0

Net income (loss)

35.0

$ 3.0

New Zealand

$ 145.0

$ 190

$ 80.0

$ 105

$ 32.0

Business Acquisition, Contingent Consideration [Line Items]

Percentage of voting interest retained by the previous owners

364

25.00%

Mortgage debt assumed in acquisition

$ 152.0

$ 142

$ 86.0

Return on initial investment

12.00%

Business acquisition initial investment

$ 48.0

$ 45

Hilton Melbourne South Wharf | Cash Distribution

Business Acquisition, Contingent Consideration [Line Items]

Cash distribution

75.00%

New York Helmsley Hotel

Business Acquisition, Contingent Consideration [Line Items]

775

Manchester Grand Hyatt San Diego

$ 313.5

Business Acquisition, Contingent Consideration [Line Items]

1,625

$ 572.0

Restricted cash and FF&E reserve funds purchased in acqusition

566.0

19.0

Repayment of existing loans

$ 403.0

Issuance of class F preferred units | shares

4.0

Interest rate difference between dividend payable percentage and note receivable percentage

0.25%

Manchester Grand Hyatt San Diego | Common Class A

Business Acquisition, Contingent Consideration [Line Items]

Issuance of common stock units | shares

0.3

Units issued, value assigned

$ 6.0

Manchester Grand Hyatt San Diego | Series F Preferred Stock

Business Acquisition, Contingent Consideration [Line Items]

Preferred units liquidation preference value per unit | $ / PartnershipUnit

Units issued, value assigned

$ 99.5

Hotel Novotel Queenstown Lake Side | Acquisition

Business Acquisition, Contingent Consideration [Line Items]

Hotel Novotel Christchurch Cathedral Square | Acquisition

273

Business Acquisition, Contingent Consideration [Line Items]

Hotel Novotel Auckland Ellerslie | Acquisition

193

Business Acquisition, Contingent Consideration [Line Items]

Hotel Novotel Wellington | Acquisition

147

Business Acquisition, Contingent Consideration [Line Items]

Hotel Ibis Wellington | Acquisition

139

Business Acquisition, Contingent Consideration [Line Items]

Hotel Ibis Christchurch | Acquisition

200

Business Acquisition, Contingent Consideration [Line Items]

Hotel Ibis Ellerslie | Acquisition

155

Business Acquisition, Contingent Consideration [Line Items]

Common And Preferred Stock | Hilton Melbourne South Wharf

100

Business Acquisition, Contingent Consideration [Line Items]

Ownership percentage acquired

75.00%

Tiburon Golf Ventures LP

Business Acquisition, Contingent Consideration [Line Items]

Equity investment, percentage ownership acquired

49.00%

51.00%

JW Marriott Rio De Janeiro

$ 11.0

Business Acquisition, Contingent Consideration [Line Items]

245

Business Acquisition, Contingent Consideration [Line Items]

$ 47.0

R$ 80

W New York Union Square

Ownership percentage acquired

270

90.00%

Mortgage debt assumed in acquisition

$ 188.0

115.0

Fair value of mortgage debt assumed in acquisition

119.0

Other liabilities

8.5

Restricted cash and FF&E reserve funds purchased in acqusition

$ 11.0

The Westin Chicago River North

Business Acquisition, Contingent Consideration [Line Items]

424

Business Acquisition, Contingent Consideration [Line Items]

$ 165.0

Le Meridien Piccadilly

Le Meridien Piccadilly | Leasehold Interest

266

Draw on credit facility

$ 56.0

£ 37

Business Acquisition, Contingent Consideration [Line Items]

$ 98.0

£ 64

Fair value of mortgage debt assumed in acquisition

47.0

51.0

Restricted cash and FF&E reserve funds purchased in acqusition

6.0

Capital lease obligation assumed in acquisition

58.0

Deferred tax liability assumed in acquisition

30.0

Deferred tax Asset assumed in acquisition

17.0

Goodwill assumed in acquisition

13.0

£ 8

Draw on credit facility

$ 56.0

£ 37

[1]	The amount of the assets stated above securing mortgage debt represents the book value of real estate assets, net of accumulated depreciation. These amounts do not represent the current fair value of the assets.

Estimated Fair Value of the Assets Acquired and Liabilities Assumed in our Acquisitions (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Business Acquisition [Line Items]
Property and equipment	$ 1,174	$ 557
Goodwill		13
Intangible asset	7
Deferred tax asset	10	17
Restricted cash, FF&E reserve and other assets	20	24
Total assets	1,211	611
Mortgage debt	(86)	(168)
Capital lease obligation		(58)
Deferred tax liability	(13)	(30)
Other liabilities	(6)	(13)
Net assets acquired	$ 1,106	$ 342

Summary of Unaudited Consolidated Pro Forma Results of Operations (Detail) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 17, 2011 $ / shares	Dec. 31, 2011 USD ($) $ / shares $ / PartnershipUnit	Dec. 31, 2010 USD ($) $ / shares $ / PartnershipUnit	Dec. 31, 2009 $ / shares
Business Acquisition, Pro Forma Information [Line Items]
Revenues \| $		$ 5,062	$ 4,789
Income (loss) from continuing operations \| $		6	(118)
Net income (loss) \| $		2	(122)
HOST HOTELS & RESORTS, INC.
Business Acquisition, Pro Forma Information [Line Items]
Net income (loss) available to common shareholders \| $		$ 3	$ (128)
Basic earnings (loss) per common share:
Continuing operations \| $ / shares		$ 0.01	$ (0.19)
Discontinued operations \| $ / shares	$ (0.01)	(0.01)	(0.01)	$ (0.11)
Basic earnings (loss) per common share \| $ / shares			(0.20)
Diluted earnings (loss) per common share:
Continuing operations \| $ / shares		0.01	(0.19)
Discontinued operations \| $ / shares	$ (0.01)	$ (0.01)	(0.01)	$ (0.11)
Diluted earnings (loss) per common share \| $ / shares			$ (0.20)
HOST HOTELS & RESORTS L.P.
Diluted earnings (loss) per common share:
Net income (loss) available to common unitholders \| $		$ 3	$ (130)
Basic earnings (loss) per common unit:
Continuing operations \| $ / PartnershipUnit		0.01	(0.20)
Discontinued operations \| $ / PartnershipUnit		(0.01)
Basic earnings (loss) per common unit \| $ / PartnershipUnit			(0.20)
Diluted earnings (loss) per common unit:
Continuing operations \| $ / PartnershipUnit		0.01	(0.20)
Discontinued operations \| $ / PartnershipUnit		(0.01)
Diluted earnings (loss) per common unit \| $ / PartnershipUnit			(0.20)

Notes Receivable - Additional Information (Detail) - Note Receivable € in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 13, 2010 USD ($) Hotel	Dec. 31, 2011 USD ($)	Dec. 31, 2011 EUR (€)	Dec. 31, 2010 USD ($)	Dec. 31, 2010 EUR (€)	Apr. 13, 2010 EUR (€)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate value of Mortgage Note Receivable, including amount attributable to other note holders	$ 581					€ 427
Other Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of hotels that secure notes receivable	6
Mortgage loan, face value	$ 87					€ 64
Interest rate	4.60%					4.60%
Recorded interest income		$ 17	€ 13	$ 4	€ 3
Other Investments \| Three Month LIBOR
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis points in addition to LIBOR	3.03%					3.03%

Fair Value of Financial Assets and Liabilities (Detail) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Fair Value Measurements on a Recurring Basis | Interest rate swap derivatives

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value Measurements on a Recurring Basis | Forward currency purchase contracts

^[1]

$ 6.7

$ 10.6

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Measurements, Nonrecurring | Impaired Hotel Properties Held And Used

^[1]

10.8

6.9

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Property and equipment

^[2]

5.0

Significant Other Observable Inputs (Level 2) | Fair Value Measurements on a Recurring Basis | Interest rate swap derivatives

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Significant Other Observable Inputs (Level 2) | Fair Value Measurements on a Recurring Basis | Forward currency purchase contracts

^[1]

6.7

10.6

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Impaired Hotel Properties Held And Used

^[1]

10.8

$ 6.9

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Property and equipment

^[2]

5.0

Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Impaired Hotel Properties Sold

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Property and equipment

^[2]

$ 6.0

[1]	These derivative contracts have been designated as hedging instruments.
[2]	The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2011 and 2010, respectively.

Fair Value Measurements - Additional Information (Detail) € in Millions, $ in Millions, $ in Millions, $ in Millions	1 Months Ended					12 Months Ended
	Nov. 30, 2011 USD ($)	Jul. 29, 2011 USD ($)	Jul. 29, 2011 NZD ($)	Jul. 15, 2011 USD ($) Contract	Jul. 15, 2011 EUR (€) Contract	Dec. 31, 2011 USD ($) Contract	Dec. 31, 2011 EUR (€)	Dec. 31, 2011 NZD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2011 EUR (€) Contract	Nov. 30, 2011 AUD ($)	Apr. 29, 2011 USD ($)	Apr. 29, 2011 AUD ($)	Feb. 18, 2011 USD ($) Property	Feb. 18, 2011 NZD ($) Property
Fair Value, Measurement Inputs, Disclosure [Line Items]
Number of foreign currency forward contracts outstanding \| Contract						6				6
European Joint Venture
Fair Value, Measurement Inputs, Disclosure [Line Items]
Hedged amount of our net investment in the European joint venture						$ 140.0				€ 100
Group One
Fair Value, Measurement Inputs, Disclosure [Line Items]
Transaction Amount						140.0	€ 100
Group One \| Foreign currency forward purchase contracts
Fair Value, Measurement Inputs, Disclosure [Line Items]
Transaction Amount				$ 69.0	€ 50
Foreign currency forward purchase contract \| Contract				2	2
Amount of cash that will be received on settlement date				$ 0.4
Settlement date				Aug. 18, 2011	Aug. 18, 2011
Group One \| Foreign currency forward purchase contracts \| Transaction Date 01
Fair Value, Measurement Inputs, Disclosure [Line Items]
Derivative, maturity date				Oct. 22, 2012	Oct. 22, 2012
Group One \| Foreign currency forward purchase contracts \| Transaction Date 02
Fair Value, Measurement Inputs, Disclosure [Line Items]
Derivative, maturity date				Aug. 18, 2015	Aug. 18, 2015
Group One \| Gain (Loss) on Settlement of Derivative Instrument \| Foreign currency forward purchase contracts
Fair Value, Measurement Inputs, Disclosure [Line Items]
Transaction Amount \| €					€ 30
Group Two
Fair Value, Measurement Inputs, Disclosure [Line Items]
Transaction Amount						$ 25.0		$ 30
Group Two \| Foreign currency forward purchase contracts
Fair Value, Measurement Inputs, Disclosure [Line Items]
Transaction Amount		$ 25.0	$ 30
Derivative, maturity date		Aug. 02, 2013	Aug. 02, 2013
Interest rate swap derivatives
Fair Value, Measurement Inputs, Disclosure [Line Items]
Number of interest rate derivative agreements \| Contract						3				3
Interest rate notional amount						$ 300.0
Interest rate fair value hedge asset at fair value						10.9			$ 10.6
Fair value of swaps increased						$ 0.3			$ 11.6
Derivative, fixed rate						5.531%				5.531%
Derivative, maturity date						Mar. 01, 2014	Mar. 01, 2014	Mar. 01, 2014
Interest rate swap derivatives \| Three Month LIBOR
Fair Value, Measurement Inputs, Disclosure [Line Items]
Derivative spread in addition to LIBOR, lower range						2.70%				2.70%
Derivative spread in addition to LIBOR, upper range						3.20%				3.20%
Australia
Fair Value, Measurement Inputs, Disclosure [Line Items]
Payment for settlement of original swap	$ 1.0
Interest rate notional amount	$ 60.0										$ 61.5
Derivative, maturity date	Nov. 23, 2016
Derivative fixed interest rate	6.70%										6.70%
Change in fair value of derivative instruments						$ (0.3)
Interest rate cash flow hedge liability at fair value						0.4
Australia \| Hilton Melbourne South Wharf
Fair Value, Measurement Inputs, Disclosure [Line Items]
Interest rate notional amount												$ 86.0	$ 80.0
New Zealand
Fair Value, Measurement Inputs, Disclosure [Line Items]
Interest rate notional amount														$ 60.0	$ 79
Number of Properties acquired \| Property														7	7
Derivative fixed interest rate														7.15%	7.15%
Change in fair value of derivative instruments						(2.7)
Interest rate cash flow hedge liability at fair value						$ 3.8

Foreign Currency Forwards Purchase Contracts (Detail) € in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)	Dec. 31, 2011 EUR (€)	Dec. 31, 2011 NZD ($)	Dec. 31, 2010 USD ($)
Group One
Derivative [Line Items]
Transaction Date Range	February 2008-July 2011	February 2008-July 2011	February 2008-July 2011
Transaction Amount	$ 140.0	€ 100
Forward Purchase Date Range	October 2012-August 2015	October 2012-August 2015	October 2012-August 2015
Fair Value	$ 8.8			$ 6.9
Change in Fair Value	$ 1.9			$ 5.2
Group Two
Derivative [Line Items]
Transaction Date Range	July 2011	July 2011	July 2011
Transaction Amount	$ 25.0		$ 30
Forward Purchase Date Range	August 2013	August 2013	August 2013
Fair Value	$ 1.9
Change in Fair Value	$ 1.9

Fair Value of Certain Financial Assets and Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Carrying (Reported) Amount, Fair Value Disclosure \| Collateralized Mortgage Backed Securities
Financial assets
Financial assets	$ 65	$ 55
Carrying (Reported) Amount, Fair Value Disclosure \| Senior Notes
Financial liabilities
Financial liabilities	3,641	3,093
Carrying (Reported) Amount, Fair Value Disclosure \| Exchangeable Debentures
Financial liabilities
Financial liabilities	902	1,156
Carrying (Reported) Amount, Fair Value Disclosure \| Credit Facility
Financial liabilities
Financial liabilities	117	58
Carrying (Reported) Amount, Fair Value Disclosure \| Mortgage Backed Securities, Other
Financial liabilities
Financial liabilities	1,091	1,110
Portion at Fair Value, Fair Value Disclosure \| Collateralized Mortgage Backed Securities
Financial assets
Financial assets	76	77
Portion at Fair Value, Fair Value Disclosure \| Senior Notes
Financial liabilities
Financial liabilities	3,772	3,200
Portion at Fair Value, Fair Value Disclosure \| Exchangeable Debentures
Financial liabilities
Financial liabilities	1,076	1,471
Portion at Fair Value, Fair Value Disclosure \| Credit Facility
Financial liabilities
Financial liabilities	117	58
Portion at Fair Value, Fair Value Disclosure \| Mortgage Backed Securities, Other
Financial liabilities
Financial liabilities	$ 1,114	$ 1,107

Gain on Insurance Settlement - Additional Information (Detail) - New Zealand $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Jun. 13, 2011	Feb. 22, 2011 USD ($) Hotel	Mar. 25, 2011 Hotel	Dec. 31, 2011 USD ($)
Number of hotels acquired \| Hotel			7
Loss from Catastrophes
Number of hotels \| Hotel		2
Estimate of maximum insurance deductible amount for property loss		$ 3
Description of loss due to earthquake		On February 22, 2011, Christchurch, New Zealand experienced an earthquake that resulted in substantial damage to two of the hotels we purchased as part of the seven hotel New Zealand portfolio in the first quarter of 2011. These hotels included the Hotel Novotel Christchurch Cathedral Square and the Hotel ibis Christchurch.
Property damage incurred				$ 22
Gain on business interruption insurance proceeds				2
Property insurance proceeds				8
Insurance receivable				$ 13
Loss from Catastrophes \| Hotel Novotel Christchurch Cathedral Square and Hotel ibis Christchurch
Description of loss due to earthquake	The city also experienced a second significant earthquake on June 13, 2011 and further aftershocks in December of 2011. While evaluations of the properties are ongoing, we do not believe the effects of these earthquakes and aftershocks were significant and have not accrued any additional losses.	The properties are expected to remain closed until at least the third quarter of 2012

Relationship with Marriott International - Additional Information (Detail) - Marriott International Inc $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) Hotel	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Related Party Transaction [Line Items]
Percentage related to the management of our hotels, financing for joint ventures or partnerships, and certain limited administrative services	61.00%
Number of leased hotels \| Hotel	53
Management fees	$ 119	$ 111	$ 105
Franchise fees	1	1	$ 1
Leasing fees	$ 11	$ 7

Hotel Management Agreements and Operating and License Agreements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2011 Year Contract	Dec. 31, 2010 Contract
Long-term Contracts or Programs Disclosure [Line Items]
Percentage of revenue we are obligated to provide the manager	5.00%
Lower Limit
Long-term Contracts or Programs Disclosure [Line Items]
Number of renewal options \| Contract		1
Base fee percentage	2.00%
Management incentive fee percentage	10.00%
Upper Limit
Long-term Contracts or Programs Disclosure [Line Items]
Base fee percentage	3.00%
Management incentive fee percentage	20.00%
Contractual Rights
Long-term Contracts or Programs Disclosure [Line Items]
Agreement initial term, minimum (in years) \| Year	15
Agreement initial term, maximum (in years) \| Year	25
Contractual Rights \| Lower Limit
Long-term Contracts or Programs Disclosure [Line Items]
Number of renewal options \| Contract	1
Starwood
Long-term Contracts or Programs Disclosure [Line Items]
Base fee percentage	1.00%
Starwood \| Nonsoftware License Arrangement \| Occupancy
Long-term Contracts or Programs Disclosure [Line Items]
Percentage sales paid for fees	5.00%
Starwood \| Nonsoftware License Arrangement \| Food And Beverage
Long-term Contracts or Programs Disclosure [Line Items]
Percentage sales paid for fees	2.00%

Geographic and Business Segment Information - Additional Information (Detail)	Dec. 31, 2011 Country
Foreign
Segment Reporting Information [Line Items]
Number of countries in which entity operates	6

Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Segment Reporting Information [Line Items]
Revenues	$ 4,998	$ 4,428	$ 4,135
Property and equipment, net	11,383	10,514	10,231
United States
Segment Reporting Information [Line Items]
Revenues	4,722	4,244	3,997
Property and equipment, net	10,874	10,095	10,013
Australia
Segment Reporting Information [Line Items]
Revenues	27
Property and equipment, net	136
Brazil
Segment Reporting Information [Line Items]
Revenues	33	8
Property and equipment, net	42	48
Canada
Segment Reporting Information [Line Items]
Revenues	115	109	96
Property and equipment, net	126	131	135
Chile
Segment Reporting Information [Line Items]
Revenues	28	29	25
Property and equipment, net	58	56	53
Mexico
Segment Reporting Information [Line Items]
Revenues	24	21	17
Property and equipment, net	23	29	$ 30
New Zealand
Segment Reporting Information [Line Items]
Revenues	32
Property and equipment, net	124
United Kingdom
Segment Reporting Information [Line Items]
Revenues	$ 17	17
Property and equipment, net		$ 155

Guarantees and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2005 Hotel	Dec. 31, 2011 USD ($) Property Hotel	Dec. 31, 2010 Hotel	Dec. 31, 2009 Hotel
Commitments and Contingencies Disclosure [Line Items]
Aggregate contingent liabilities relating to our former restaurant business		$ 14.0
Hotel sold that are still contingently liable for ground lease \| Hotel		1	2	6
Future minimum lease payments		$ 1,660.0
Starwood
Commitments and Contingencies Disclosure [Line Items]
Environmental liabilities		3.0
Contingent Consideration
Commitments and Contingencies Disclosure [Line Items]
Hotel sold that are still contingently liable for ground lease \| Hotel	2
Indemnification Agreement
Commitments and Contingencies Disclosure [Line Items]
Future minimum lease payments		$ 13.0
Environmental Remediation Expense \| Starwood
Commitments and Contingencies Disclosure [Line Items]
Number of properties \| Property		2
Municipal Bonds
Commitments and Contingencies Disclosure [Line Items]
Guarantee obligation amount		$ 14.7
Debt maturity date		2027

Legal Proceedings - Additional Information (Detail) - USD ($)	1 Months Ended
	Nov. 23, 2011	Dec. 31, 2011	Jun. 03, 2010	Feb. 12, 2010	Feb. 08, 2010
Keystone
Commitments and Contingencies Disclosure [Line Items]
Damages awarded, accrual		$ 56,000,000
Maximum exposure of litigation		63,000,000
Keystone \| Breach of Contract \| Legal Claim 1
Commitments and Contingencies Disclosure [Line Items]
Damages awarded			$ 39,000,000		$ 34,300,000
Keystone \| Slander \| Legal Claim 1
Commitments and Contingencies Disclosure [Line Items]
Damages awarded			$ 34,300,000		$ 39,000,000
Keystone \| Exemplary Member \| Legal Claim 2
Commitments and Contingencies Disclosure [Line Items]
Damages awarded				$ 7,500,000
Description of action taken by three-judge panel of San Antonio Court	On November 23, 2011, a three-judge panel of the San Antonio Court of Appeals issued its memorandum opinion denying our appeal of the trial court's June 3, 2010 final judgment. In addition, the panel overturned the trial court's decision to grant our motion to disregard the jury's $7.5 million award of exemplary damages.
Other Litigation Cases
Commitments and Contingencies Disclosure [Line Items]
Damages awarded, accrual		5,000,000
Maximum exposure of litigation		12,000,000
Other Litigation Cases \| Individual
Commitments and Contingencies Disclosure [Line Items]
Maximum exposure of litigation		$ 150,000

Quarterly Financial Data (Detail)
$ / shares in Units, $ in Millions

3 Months Ended

4 Months Ended

12 Months Ended

Sep. 09, 2011

USD ($)

$ / shares

$ / PartnershipUnit

Jun. 17, 2011

USD ($)

$ / shares

$ / PartnershipUnit

Mar. 25, 2011

USD ($)

$ / shares

$ / PartnershipUnit

Sep. 10, 2010

USD ($)

$ / shares

$ / PartnershipUnit

Jun. 18, 2010

USD ($)

$ / shares

$ / PartnershipUnit

Mar. 26, 2010

USD ($)

$ / shares

$ / PartnershipUnit

Dec. 31, 2011

USD ($)

$ / shares

$ / PartnershipUnit

Dec. 31, 2010

USD ($)

$ / shares

$ / PartnershipUnit

Dec. 31, 2011

USD ($)

$ / shares

$ / PartnershipUnit

Dec. 31, 2010

USD ($)

$ / shares

$ / PartnershipUnit

Dec. 31, 2009

USD ($)

$ / shares

$ / PartnershipUnit

Quarterly Financial Information [Line Items]

$ 4,998

$ 4,428

$ 4,135

Quarterly Financial Information [Line Items]

Income (loss) from continuing operations

$ 1,142

$ 1,296

$ 902

$ 1,003

$ 1,112

$ 822

$ 1,658

$ 1,491

4,998

4,428

4,135

Operating profit (loss)

152

(3)

110

(1)

119

324

223

149

(35)

(59)

(61)

(82)

(4)

(12)

(128)

(197)

Loss from discontinued operations

(3)

(1)

(2)

(4)

(61)

Net income (loss)

(35)

(60)

(61)

(84)

(6)

(16)

(132)

(258)

NET INCOME (LOSS) ATTRIBUTABLE TO REPORTING ENTITY

(33)

(60)

(58)

(84)

(6)

(15)

(130)

(252)

Net income (loss) available to common stockholders

$ (33)

$ 62

$ (60)

$ (58)

$ 12

$ (86)

$ 17

$ (6)

$ (15)

$ (138)

$ (261)

Basic income (loss) per common share:

$ (0.05)

$ 0.10

$ (0.09)

$ 0.02

$ (0.13)

$ 0.02

$ (0.01)

$ (0.20)

$ (0.34)

Net income (loss) | $ / shares

(0.01)

(0.11)

(0.05)

0.09

(0.09)

0.02

(0.13)

0.02

(0.01)

(0.02)

(0.21)

(0.45)

Diluted income (loss) per common share:

(0.05)

0.10

(0.09)

0.02

(0.13)

0.02

(0.01)

(0.20)

(0.34)

Diluted loss per common share | $ / shares

(0.01)

(0.11)

$ (0.05)

$ 0.09

$ (0.09)

$ 0.02

$ (0.13)

$ 0.02

$ (0.01)

$ (0.02)

$ (0.21)

$ (0.45)

Quarterly Financial Information [Line Items]

Income (loss) from continuing operations

$ 4,998

$ 4,428

$ 4,135

Operating profit (loss)

324

223

149

(12)

(128)

(197)

Loss from discontinued operations

(4)

(61)

Net income (loss)

(16)

(132)

(258)

NET INCOME (LOSS) ATTRIBUTABLE TO REPORTING ENTITY

$ (34)

^[1]

$ 63

^[1]

$ (61)

^[1]

$ (59)

^[1]

$ 18

^[1]

$ (85)

^[1]

$ 17

^[1]

$ (6)

^[1]

(15)

(132)

(257)

Net income (loss) available to common unitholders

$ (34)

^[1]

$ 63

^[1]

$ (61)

^[1]

$ (59)

^[1]

$ 12

^[1]

$ (87)

^[1]

$ 17

^[1]

$ (6)

^[1]

$ (15)

$ (140)

$ (266)

Basic income (loss) per common unit:

(0.05)

^[1]

0.10

^[1]

(0.09)

^[1]

(0.09)

^[1]

0.02

^[1]

(0.14)

^[1]

0.02

^[1]

(0.01)

^[1]

(0.01)

(0.21)

(0.34)

Net income (loss) | $ / PartnershipUnit

(0.01)

^[1]

(0.01)

(0.10)

(0.05)

^[1]

0.09

^[1]

(0.09)

^[1]

(0.09)

^[1]

0.02

^[1]

(0.14)

^[1]

0.02

^[1]

(0.01)

^[1]

(0.02)

(0.21)

(0.44)

Diluted income (loss) per common unit:

(0.05)

^[1]

0.10

^[1]

(0.09)

^[1]

(0.09)

^[1]

0.02

^[1]

(0.14)

^[1]

0.02

^[1]

(0.01)

^[1]

(0.01)

(0.21)

(0.35)

Net income (loss) | $ / PartnershipUnit

(0.01)

^[1]

(0.01)

(0.10)

(0.05)

^[1]

0.09

^[1]

(0.09)

^[1]

(0.09)

^[1]

0.02

^[1]

(0.14)

^[1]

0.02

^[1]

(0.01)

^[1]

(0.02)

(0.21)

(0.45)

[1]	Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc.

Real Estate And Accumulated Depreciation (Detail)
$ in Millions

12 Months Ended

Dec. 31, 2011

USD ($)

Year

Dec. 31, 2010

USD ($)

Dec. 31, 2009

USD ($)

Dec. 31, 2008

USD ($)

Real Estate and Accumulated Depreciation [Line Items]

^[1]

$ 1,006

$ 1,025

1,782

9,431

3,807

1,852

13,168

15,020

13,749

$ 13,076

$ 13,115

Arlington Pentagon City Residence Inn

4,306

$ 3,834

$ 3,404

$ 3,075

Real Estate and Accumulated Depreciation [Line Items]

$ 15

1996

Real Estate and Accumulated Depreciation [Line Items]

Atlanta Marriott Marquis

$ 13

184

159

340

356

$ 103

1998

Atlanta Marriott Perimeter Center

Real Estate and Accumulated Depreciation [Line Items]

$ 7

$ 19

1976

Atlanta Marriott Suites Midtown

Real Estate and Accumulated Depreciation [Line Items]

$ 26

$ 14

1996

Boston Marriott Copley Place

Real Estate and Accumulated Depreciation [Line Items]

$ 203

256

256

$ 75

2002

Real Estate and Accumulated Depreciation [Line Items]

Calgary Marriott

$ 5

$ 17

1996

Chicago Downtown Courtyard River North

Real Estate and Accumulated Depreciation [Line Items]

$ 7

$ 19

1992

Real Estate and Accumulated Depreciation [Line Items]

Chicago Marriott O Hare

$ 4

$ 41

1998

Chicago Marriott Suites Downers Grove

Real Estate and Accumulated Depreciation [Line Items]

$ 2

$ 9

1989

Chicago Marriott Suites O Hare

Real Estate and Accumulated Depreciation [Line Items]

$ 5

$ 16

1997

Coronado Island Marriott Resort

Real Estate and Accumulated Depreciation [Line Items]

$ 53

$ 32

1997

Real Estate and Accumulated Depreciation [Line Items]

Costa Mesa Marriott

$ 3

$ 11

1996

Real Estate and Accumulated Depreciation [Line Items]

Courtyard Nashua

$ 3

$ 12

1989

Dallas, Addison Marriott Quorum By The Galleria

Real Estate and Accumulated Depreciation [Line Items]

$ 14

$ 23

1994

Real Estate and Accumulated Depreciation [Line Items]

Dayton Marriott

$ 2

$ 14

1998

Delta Meadowvale Resort Conference Center

Real Estate and Accumulated Depreciation [Line Items]

$ 4

$ 21

1996

Denver Marriott Tech Center Hotel

Real Estate and Accumulated Depreciation [Line Items]

$ 6

$ 24

1994

Real Estate and Accumulated Depreciation [Line Items]

Denver Marriott West

$ 12

$ 14

1983

Embassy Suites Chicago Downtown Lakefront

Real Estate and Accumulated Depreciation [Line Items]

$ 86

$ 19

2004

Four Seasons Hotel Atlanta

Real Estate and Accumulated Depreciation [Line Items]

$ 5

$ 24

1998

Four Seasons Hotel Philadelphia

Real Estate and Accumulated Depreciation [Line Items]

$ 26

106

$ 31

1998

Gaithersburg Marriott Washingtonian Center

Real Estate and Accumulated Depreciation [Line Items]

$ 7

$ 14

1993

Grand Hyatt Atlanta In Buckhead

Real Estate and Accumulated Depreciation [Line Items]

$ 8

109

117

$ 39

1998

Greensboro Highpoint Marriott Airport

Real Estate and Accumulated Depreciation [Line Items]

$ 19

$ 14

1983

Harbor Beach Marriott Resort Spa

Real Estate and Accumulated Depreciation [Line Items]

$ 134

161

161

$ 71

1997

Hartford Marriott Rocky Hill

Real Estate and Accumulated Depreciation [Line Items]

$ 17

$ 12

1991

Real Estate and Accumulated Depreciation [Line Items]

$ 84

136

(7)

129

129

$ 4

2011

Hilton Singer Island Oceanfront Resort

Real Estate and Accumulated Depreciation [Line Items]

$ 2

$ 13

1986

Real Estate and Accumulated Depreciation [Line Items]

Houston Airport Marriott

$ 10

$ 39

1984

Houston Marriott At The Texas Medical Center

Real Estate and Accumulated Depreciation [Line Items]

$ 19

$ 19

1998

Real Estate and Accumulated Depreciation [Line Items]

Hyatt Regency Cambridge

$ 18

106

$ 37

1998

Hyatt Regency Maui Resort Spa On Kaanapali Beach

Real Estate and Accumulated Depreciation [Line Items]

$ 92

212

242

334

$ 56

2003

Real Estate and Accumulated Depreciation [Line Items]

Hyatt Regency Reston

$ 11

107

$ 34

1998

Hyatt Regency San Francisco, Burlingame

Real Estate and Accumulated Depreciation [Line Items]

$ 16

119

164

184

$ 58

1998

Hyatt Regency Washington On Capitol Hill

Real Estate and Accumulated Depreciation [Line Items]

$ 40

230

251

291

$ 43

2006

JW Marriott Desert Springs Resort Spa

Real Estate and Accumulated Depreciation [Line Items]

$ 13

143

117

259

273

$ 99

1997

JW Marriott Hotel Buckhead Atlanta

Real Estate and Accumulated Depreciation [Line Items]

$ 16

$ 24

1990

JW Marriott Hotel Houston

Real Estate and Accumulated Depreciation [Line Items]

$ 4

$ 26

1994

Real Estate and Accumulated Depreciation [Line Items]

JW Marriott Mexico City

$ 11

$ 31

1996

JW Marriott Rio De Janeiro

Real Estate and Accumulated Depreciation [Line Items]

$ 13

(4)

$ 1

2010

JW Marriott Washington, DC

Real Estate and Accumulated Depreciation [Line Items]

$ 114

140

166

$ 52

2003

Kansas City Airport Marriott

Real Estate and Accumulated Depreciation [Line Items]

$ 8

$ 26

1993

Real Estate and Accumulated Depreciation [Line Items]

Key Bridge Marriott

$ 38

$ 56

1997

Manchester Grand Hyatt San Diego

Real Estate and Accumulated Depreciation [Line Items]

$ 548

548

548

$ 14

2011

Real Estate and Accumulated Depreciation [Line Items]

Manhattan Beach Marriott

$ 7

$ 24

1997

Real Estate and Accumulated Depreciation [Line Items]

Marina Del Rey Marriott

$ 13

$ 17

1995

Real Estate and Accumulated Depreciation [Line Items]

Marriott At Metro Center

$ 20

$ 21

1994

Memphis Marriott Downtown

Real Estate and Accumulated Depreciation [Line Items]

$ 16

$ 22

1998

Miami Marriott Biscayne Bay

Real Estate and Accumulated Depreciation [Line Items]

$ 27

$ 26

1998

Minneapolis Marriott City Center

Real Estate and Accumulated Depreciation [Line Items]

$ 27

$ 42

1986

Real Estate and Accumulated Depreciation [Line Items]

New Orleans Marriott

$ 16

109

205

221

$ 96

1996

Real Estate and Accumulated Depreciation [Line Items]

New York Helmsley Hotel

$ 155

152

155

152

307

$ 4

2011

New York Marriott Downtown

Real Estate and Accumulated Depreciation [Line Items]

$ 19

118

137

$ 52

1997

New York Marriott Marquis Times Square

Real Estate and Accumulated Depreciation [Line Items]

$ 552

152

704

704

$ 436

1986

Newark Liberty International Airport Marriott

Real Estate and Accumulated Depreciation [Line Items]

$ 30

$ 23

1984

Newport Beach Marriott Bayview

Real Estate and Accumulated Depreciation [Line Items]

$ 6

$ 10

1975

Newport Beach Marriott Hotel Spa

Real Estate and Accumulated Depreciation [Line Items]

$ 104

112

125

136

$ 65

1975

New Zealand Hotel Portfolio

Real Estate and Accumulated Depreciation [Line Items]

$ 81

123

(18)

105

121

$ 3

2011

Orlando World Center Marriott Resort Convention Center

Real Estate and Accumulated Depreciation [Line Items]

$ 246

157

322

468

497

$ 165

1997

Real Estate and Accumulated Depreciation [Line Items]

Park Ridge Marriott

$ 20

$ 12

1987

Philadelphia Airport Marriott

Real Estate and Accumulated Depreciation [Line Items]

$ 42

$ 21

1995

Philadelphia Marriott Downtown

Real Estate and Accumulated Depreciation [Line Items]

$ 3

144

104

240

251

$ 87

1995

Portland Marriott Downtown Waterfront

Real Estate and Accumulated Depreciation [Line Items]

$ 6

$ 29

1994

San Antonio Marriott Rivercenter

Real Estate and Accumulated Depreciation [Line Items]

$ 86

165

165

$ 63

1996

San Antonio Marriott Riverwalk

Real Estate and Accumulated Depreciation [Line Items]

$ 45

$ 27

1995

San Cristobal Tower, Santiago

Real Estate and Accumulated Depreciation [Line Items]

$ 7

$ 2

2006

San Diego Marriott Hotel Marina

Real Estate and Accumulated Depreciation [Line Items]

$ 202

253

455

455

$ 156

1996

San Diego Marriott Mission Valley

Real Estate and Accumulated Depreciation [Line Items]

$ 4

$ 15

1998

San Francisco Airport Marriott

Real Estate and Accumulated Depreciation [Line Items]

$ 11

$ 41

1994

San Francisco Marriott Fisherman Wharf

Real Estate and Accumulated Depreciation [Line Items]

$ 6

$ 20

1994

San Francisco Marriott Marquis

Real Estate and Accumulated Depreciation [Line Items]

$ 278

369

369

$ 188

1989

Real Estate and Accumulated Depreciation [Line Items]

San Ramon Marriott

$ 22

$ 16

1996

Real Estate and Accumulated Depreciation [Line Items]

Santa Clara Marriott

$ 39

$ 67

1989

Scottsdale Marriott At McDowell Mountains

Real Estate and Accumulated Depreciation [Line Items]

$ 8

$ 10

2004

Scottsdale Marriott Suites Old Town

Real Estate and Accumulated Depreciation [Line Items]

$ 3

$ 11

1988

Real Estate and Accumulated Depreciation [Line Items]

Seattle Airport Marriott

$ 3

$ 32

1998

Real Estate and Accumulated Depreciation [Line Items]

Sheraton Boston Hotel

$ 42

262

307

349

$ 48

2006

Sheraton Indianapolis Hotel Suites

Real Estate and Accumulated Depreciation [Line Items]

$ 3

$ 9

2006

Real Estate and Accumulated Depreciation [Line Items]

Sheraton Needham Hotel

$ 5

$ 5

1986

Sheraton New York Hotel Towers

Real Estate and Accumulated Depreciation [Line Items]

$ 346

409

120

346

529

875

$ 79

2006

Sheraton Parsippany Hotel

Real Estate and Accumulated Depreciation [Line Items]

$ 8

$ 7

2006

Sheraton San Diego Hotel Marina

Real Estate and Accumulated Depreciation [Line Items]

$ 328

352

352

$ 53

2006

Sheraton Santiago Hotel Convention Center

Real Estate and Accumulated Depreciation [Line Items]

$ 19

(1)

$ 2

2006

Real Estate and Accumulated Depreciation [Line Items]

St Regis Hotel, Houston

$ 6

$ 9

2006

Real Estate and Accumulated Depreciation [Line Items]

Swissotel Chicago

$ 29

132

208

238

$ 59

1998

Real Estate and Accumulated Depreciation [Line Items]

Tampa Airport Marriott

$ 9

$ 22

2000

Tampa Marriott Waterside Hotel Marina

Real Estate and Accumulated Depreciation [Line Items]

$ 106

106

$ 31

2000

The Fairmont Kea Lani Maui

Real Estate and Accumulated Depreciation [Line Items]

$ 55

294

314

369

$ 63

2003

The Ritz Carlton, Amelia Island

Real Estate and Accumulated Depreciation [Line Items]

$ 25

115

173

198

$ 60

1998

The Ritz Carlton, Buckhead

Real Estate and Accumulated Depreciation [Line Items]

$ 14

138

153

$ 59

1996

The Ritz Carlton, Marina Del Rey

Real Estate and Accumulated Depreciation [Line Items]

$ 52

$ 36

1997

Real Estate and Accumulated Depreciation [Line Items]

The Ritz Carlton, Naples

$ 208

126

221

242

$ 105

1996

The Ritz Carlton, Naples Golf Resort

Real Estate and Accumulated Depreciation [Line Items]

$ 6

$ 18

2002

The Ritz Carlton, Phoenix

Real Estate and Accumulated Depreciation [Line Items]

$ 10

$ 27

1998

The Ritz Carlton, San Francisco

Real Estate and Accumulated Depreciation [Line Items]

$ 31

123

146

177

$ 54

1998

The Ritz Carlton, Tysons Corner

Real Estate and Accumulated Depreciation [Line Items]

$ 89

104

104

$ 40

1998

The Westin Buckhead Atlanta

Real Estate and Accumulated Depreciation [Line Items]

$ 5

104

110

$ 37

1998

The Westin Chicago River North

Real Estate and Accumulated Depreciation [Line Items]

$ 33

116

117

150

$ 4

2010

Real Estate and Accumulated Depreciation [Line Items]

The Westin Cincinnati

$ 54

$ 12

2006

The Westin Denver Downtown

Real Estate and Accumulated Depreciation [Line Items]

$ 35

$ 15

2006

The Westin Georgetown, Washington, DC

Real Estate and Accumulated Depreciation [Line Items]

$ 16

107

$ 16

2006

Real Estate and Accumulated Depreciation [Line Items]

The Westin Indianapolis

$ 12

100

107

119

$ 17

2006

The Westin Kierland Resort Spa

Real Estate and Accumulated Depreciation [Line Items]

$ 100

280

100

296

396

$ 40

2006

The Westin Los Angeles Airport

Real Estate and Accumulated Depreciation [Line Items]

$ 102

116

116

$ 19

2006

The Westin Mission Hills Resort Spa

Real Estate and Accumulated Depreciation [Line Items]

$ 40

$ 12

2006

Real Estate and Accumulated Depreciation [Line Items]

The Westin Seattle

$ 39

175

178

217

$ 26

2006

The Westin South Coast Plaza

Real Estate and Accumulated Depreciation [Line Items]

$ 46

$ 18

2006

The Westin Waltham Boston

Real Estate and Accumulated Depreciation [Line Items]

$ 9

$ 12

2006

Real Estate and Accumulated Depreciation [Line Items]

Toronto Marriott Airport

$ 5

$ 19

1996

Toronto Marriott Downtown Eaton Center

Real Estate and Accumulated Depreciation [Line Items]

$ 27

$ 20

1995

Real Estate and Accumulated Depreciation [Line Items]

W New York

$ 138

102

138

139

277

$ 27

2006

Real Estate and Accumulated Depreciation [Line Items]

W New York Union Square

$ 48

145

145

193

$ 5

2010

Real Estate and Accumulated Depreciation [Line Items]

W Seattle

$ 11

125

126

137

$ 18

2006

Washington Dulles Airport Marriott

Real Estate and Accumulated Depreciation [Line Items]

$ 3

$ 30

1970

Westfields Marriott Washington Dulles

Real Estate and Accumulated Depreciation [Line Items]

$ 7

$ 22

1994

Real Estate and Accumulated Depreciation [Line Items]

Total Hotels

$ 1,006

1,782

9,427

3,791

1,852

13,148

15,000

Real Estate and Accumulated Depreciation [Line Items]

4,293

Other Properties

$ 13

various