HST · Host Hotels & Resorts, Inc.

Host Hotels & Resorts delivered strong Q1 2026 results, with comparable hotel RevPAR up 4.4% to $244.11, driven by robust leisure transient demand, higher room rates, and solid group business despite challenges like the Kona Low rainstorm in Hawaii. Total RevPAR rose 4.6% to $418.20, reflecting increased out-of-room spending. GAAP net income surged 99.6% to $501 million, primarily from gains on asset sales including the $1.1 billion disposition of Four Seasons Resort Orlando at Walt Disney World Resort and Jackson Hole, plus St. Regis Houston for $51 million, which also avoided future capex needs. Comparable hotel EBITDA grew 7.0% to $505 million with margins expanding 70 bps to 32.7%, offsetting wage pressures with rate gains. Management highlighted affluent consumer travel prioritization and steady group demand, prompting an upward revision in FY2026 guidance: comparable RevPAR now 3.0%-4.5% (up 100 bps at midpoint), Total RevPAR 3.5%-5.0%, Adjusted EBITDAre $1,785-$1,835 million, and Adjusted FFO per share $2.10-$2.16. Balance sheet remains solid with $3.4 billion liquidity, debt at 4.8% weighted rate, no 2026 maturities. Capital return includes $0.92 Q2 dividend ($0.72 special from sale gains) and $75 million share repurchases, with $405 million capacity left. Business mix showed transient rooms revenues up 5.5%, group 2.4%. Outlook assumes stable environment with leisure strength, special events like FIFA World Cup, and modest group improvements, tempered by dispositions and moderating comps.