Acquired the 234-room 1 Hotel Central Park for $265 million and the 450-room Turtle Bay Resort for $680 million, net of key money received from Marriott International as part of an agreement to transition management to Marriott and convert the property to The Ritz-Carlton brand. These acquisitions demonstrate a strategic focus on expanding the portfolio with luxury and upper upscale hotels.

Group business continues to drive improvements in food and beverage revenues. This suggests a successful strategy in targeting and attracting group events.

Initiated a transformational capital program in 2023 on six properties in our portfolio. These investments are intended to position the targeted hotels to compete better in their respective markets while seeking to enhance long-term performance. This shows a commitment to improving existing assets.

The company expects total capital expenditures of $485 million to $580 million, consisting of ROI projects of approximately $225 million to $255 million, renewal and replacement expenditures of $225 million to $275 million, and $35 million to $50 million for reconstruction projects. This demonstrates a commitment to maintaining and improving the quality of the hotel portfolio.

During the third quarter, the company issued $700 million of 5.500% Series L senior notes for proceeds of $683 million, net of original issue discount, underwriting fees and expenses. The net proceeds from this issuance were used in part to repay all $525 million of borrowings then outstanding under the revolver portion of our credit facility, including amounts borrowed in connection with the acquisitions noted above. This demonstrates the company's ability to access capital markets.

Comparable hotel EBITDA margin decreased to 25.3% for the quarter and 29.8% year-to-date, driven by Maui performance and the business interruption proceeds included in 2023, while the revenue growth was offset by higher wages and other inflationary pressures. This indicates a decrease in operational efficiency.

Many of our hotels in Florida were affected by Hurricanes Helene and Milton, which made landfall in September and October 2024, respectively. Due to evacuation mandates and/or loss of commercial power, four of our properties in Florida were temporarily closed. The most significant damage sustained during the storms occurred at The Don CeSar, which closed on September 25, 2024. This highlights the vulnerability of the company's properties to natural disasters.

The current outlook for the lodging industry remains uncertain reflecting varying analyst assumptions surrounding the impact of higher interest rates, inflation, ongoing labor shortages in key industries, the recovery in Maui and escalating geopolitical conflicts. This highlights the uncertainty in the lodging industry.

The company is subject to various deductibles on our claims as a result of the two storms and the various properties affected, and costs at certain properties may not meet the deductible threshold. This highlights the financial risk associated with natural disasters.

Comparable hotel Total RevPAR in our New Orleans and Miami markets led the portfolio with increases of 35.2% and 15.7%, respectively, in the third quarter, driven by occupancy growth as a result of strong group demand. This indicates a strong position in these markets.

Downtown markets such as Houston, Boston and New York also outperformed our portfolio with comparable hotel Total RevPAR growth of 9.8%, 8.8% and 8.3%, respectively, driven by strong group performance, which resulted in both occupancy improvements and rate increases. This indicates a strong position in these markets.

Comparable hotel Total RevPAR declines in our Atlanta, San Francisco/San Jose and Austin markets of 13.6%, 7.0% and 6.7%, respectively. The declines were driven primarily by a decline in business travel. This indicates a weaker position in these markets.

Wage and benefit rate inflation is expected to be approximately 5% in 2024. This indicates a potential increase in operating costs.

Comparable hotel EBITDA margin decreased to 25.3% for the quarter and 29.8% year-to-date, driven by Maui performance and the business interruption proceeds included in 2023, while the revenue growth was offset by higher wages and other inflationary pressures. This indicates a decrease in operational efficiency.

The company is still evaluating the scope of property damage and business interruption loss at our Florida properties. This indicates a potential disruption in operations.

The filing does not contain any significant information on Innovation & Technology.

During the third quarter of 2024, the company repurchased 3.5 million shares of Host Inc. common stock at an average price of $16.33 per share, exclusive of commissions, through our common share repurchase program for a total of $57 million. This indicates a commitment to returning capital to shareholders.

During the third quarter, the company issued $700 million of 5.500% Series L senior notes for proceeds of $683 million, net of original issue discount, underwriting fees and expenses. The net proceeds from this issuance were used in part to repay all $525 million of borrowings then outstanding under the revolver portion of our credit facility, including amounts borrowed in connection with the acquisitions noted above. This demonstrates the company's ability to access capital markets.

Capital Projects. Year-to-date in 2024, we spent approximately $164 million on return on investment ("ROI") capital projects, $181 million on renewal and replacement projects, and $30 million on hurricane and other restoration work. This demonstrates a commitment to improving existing assets.

The filing does not contain any significant information on ESG initiatives.

Comparable hotel Total RevPAR increased 3.1% and 1.6% for the third quarter and year-to-date 2024, respectively, compared to 2023, due primarily to improvements in food and beverage revenues driven by continued strength in group business, as well as an increase in other revenues from ancillary spend. This indicates a positive trend in the market.

Further growth has been hampered by the slow recovery from the wildfires in Maui, one of our largest markets by revenues, moderating domestic leisure transient demand driven by elevated travel to international destinations, and slow recovery post-pandemic in certain markets, such as San Francisco. This indicates a negative trend in the market.

As a result, leading indicators point toward slower economic growth in the coming months. This indicates a potential negative trend in the market.