Sector: Real Estate|Industry: REIT - Hotel & Motel|Market Cap: $12.08B|Employees: 163
Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 76 properties in the United States and five properties internationally totaling approximately 43,400 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott, Ritz-Carlton, Westin, Sheraton, W, St. Regis, The Luxury Collection, Hyatt, Fairmont, 1 Hotels, Hilton, Four Seasons, Swissôtel, ibis and Novotel, as well as independent brands.
Total revenues reached $1,471 million, up from $1,381 million in the first quarter of 2023. This increase was primarily attributed to strong group business leading to increases in food and beverage revenues, in addition to improvements in other revenues.
Net income decreased to $272 million from $291 million in the first quarter of 2023. This decrease was primarily due to a decline in gain on asset sales, partially offset by gains on insurance settlements recognized in the first quarter.
Comparable hotel RevPAR decreased to $215.37 from $218.08 in the first quarter of 2023, due to a decrease in average rates, as occupancy remained flat. Comparable hotel Total RevPAR increased to $369.58 from $367.56, benefiting from an increase in food and beverage and other revenues.