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.
The increase was driven by recent acquisitions and strong group business performance, as stated in the Management's Discussion and Analysis section. Total revenues reached $5,684 million.
Net income was $707 million, a decrease from $752 million in the prior year, primarily due to decreased gains on asset sales and increased interest expense, as noted in the Management's Discussion and Analysis.
The increase in RevPAR was due to higher average room rates, but occupancy remained flat, reflecting strong group demand offset by imbalances in travel and slow recovery in Maui, as mentioned in the Management's Discussion and Analysis.