Host Hotels and Resorts ( (HST) ) has released its Q3 earnings. Here is a breakdown of the information Host Hotels and Resorts presented to its investors.
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Host Hotels & Resorts, Inc., the largest lodging real estate investment trust in the United States, specializes in owning and managing luxury and upper-upscale hotels across the nation and internationally.
In their third-quarter earnings report for 2024, Host Hotels & Resorts revealed a 3.1% increase in Total RevPAR compared to the same quarter in 2023, driven by a robust performance in group business and food and beverage revenues. Despite challenges, including hurricanes in Florida, the company maintained its full-year guidance midpoint.
The company reported a revenue increase of 8.6% for the third quarter of 2024, reaching $1.319 billion, while net income saw a drop of 25.7% to $84 million, primarily due to a decrease in gains from insurance settlements. Host’s EBITDAre rose by 8.6% year-to-date, supported by strategic acquisitions, including The Ritz-Carlton O’ahu and 1 Hotel Central Park. Additionally, Host repurchased $57 million in common stock and issued $700 million in senior notes.
Despite the adverse effects of hurricanes and wildfires, Host Hotels & Resorts remains optimistic about its future growth, bolstered by a strong balance sheet and strategic investments. The ongoing recovery in Maui and consistent demand trends are expected to support the company’s performance in the upcoming quarters.
