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Sep 30, 2024
Host Hotels Q3 2024 Earnings Report
Host Hotels & Resorts reported third quarter results with comparable hotel Total RevPAR growth driven by improvements in food and beverage revenues from group business and completed acquisitions of 1 Hotel Central Park and The Ritz-Carlton O’ahu, Turtle Bay.
Key Takeaways
Host Hotels & Resorts, Inc. reported results for the third quarter of 2024, with a comparable hotel Total RevPAR growth of 3.1%. The company maintained its previous full-year comparable hotel guidance at the midpoint despite the impact of hurricanes in Florida. During the quarter, the company repurchased $57 million of common stock and completed the issuance of $700 million of Series L senior notes.
Comparable hotel Total RevPAR was $328.86 for the third quarter of 2024, representing an increase of 3.1% compared to the same period in 2023, due primarily to improvements in food & beverage revenues driven by group business.
Comparable hotel RevPAR was $206.21 for the third quarter of 2024, representing an increase of 0.8%, compared to the same period in 2023 and reflecting continued strong group demand, along with moderating domestic leisure demand and the slow, yet improving, recovery in Maui.
GAAP net income was $84 million for the third quarter of 2024, reflecting a 25.7% decrease compared to the third quarter of 2023, affected by a $25 million decrease in gains on insurance settlements.
Adjusted EBITDAre was $324 million for the third quarter of 2024, a decrease of 10.2% compared to 2023. Third quarter 2023 results benefited from business interruption of $54 million, while none were recognized in third quarter 2024.
Host Hotels
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Host Hotels Revenue by Segment
Host Hotels Revenue by Geographic Location
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CapyFin.comRevenue by Geographic Location
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CapyFin.com Forward Guidance
The Company has maintained its previous midpoint full year comparable hotel guidance, which assumes a continued recovery in Maui and steady demand trends in the fourth quarter, despite the impacts of Hurricanes Helene and Milton.