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Jun 30, 2024
Host Hotels Q2 2024 Earnings Report
Host Hotels & Resorts reported earnings for the second quarter of 2024, marked by strategic acquisitions and comparable hotel Total RevPAR growth.
Key Takeaways
Host Hotels & Resorts, Inc. announced its second-quarter results for 2024, featuring a 0.5% increase in comparable hotel Total RevPAR and a 13.1% rise in net income compared to Q2 2023. The company completed acquisitions of 1 Hotel Central Park and anticipated closing on The Ritz-Carlton O’ahu, Turtle Bay, while also managing the ongoing impacts of the Maui wildfires.
Comparable hotel Total RevPAR increased by 0.5% compared to Q2 2023, driven by group business and food & beverage revenues.
Net income rose by 13.1% to $242 million, with operating profit margin improving to 19.9%.
Adjusted EBITDAre increased by 6.7% to $476 million, supported by recent acquisitions.
The company completed the restoration efforts at The Ritz-Carlton, Naples and reached a $308 million insurance settlement for Hurricane Ian damage.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company has reduced its full year guidance range as a result of a slower than expected recovery from the wildfires in Maui and moderating leisure transient demand.
Positive Outlook
- Net income (in millions) $683 to $741
- Adjusted EBITDAre (in millions) $1,615 to $1,675
- Diluted earnings per common share $0.95 to $1.03
- NAREIT and Adjusted FFO per diluted share $1.90 to $1.98
- Comparable hotel RevPAR$208 to $213
Challenges Ahead
- Comparable hotel Total RevPAR$344 to $351
- Operating profit margin under GAAP15.3% to 16.0%
- Comparable hotel EBITDA margin29.1% to 29.6%
- the impact from Maui operations is expected to be an approximate decline of 180 basis points in RevPAR and 120 basis points in Total RevPAR.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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