Host Hotels Q3 2021 Earnings Report

GAAP net loss worsened by $59 million to $120 million in the third quarter compared to the second quarter of 2021, due to impairment expense of $92 million recorded in the third quarter, which offset improved operations. Excluding the impairment expense, the sequential improvement in net loss was $33 million, or 54.1%.

Achieved Adjusted EBITDAre of $177 million, which, after interest expense of $43 million, exceeded the Company's capital expenditures, totaling $113 million for the quarter, by $21 million. The results benefited from continued positive quarterly sequential improvements in RevPAR and operations.

Produced All Owned Hotel Pro Forma EBITDA of $196 million, which included positive hotel-level operating profit at 65 of the Company’s hotels, an increase from 53 hotels achieved in the second quarter of 2021.

Acquired the Baker's Cay Resort Key Largo, Curio Collection by Hilton and a 223-room luxury downtown Houston hotel, as previously announced, as well as the Alila Ventana Big Sur for a total investment of $415 million.