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Host Hotels & Resorts Inc HST

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Delays to Business and Group Travel Create an Attractive Opportunity to Invest in Hotel REITs

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

Fundamentals across the hotel industry rapidly declined at the outbreak of the coronavirus pandemic, as many travel plans were canceled. The hotel REITs saw portfolio EBITDA go negative in 2020, leading to share prices quickly falling. After development of a vaccine in November 2020, leisure travel began to return to prepandemic levels, with the economy and midscale hotel segments returning to 2019 levels by the summer of 2021. However, business travel still remains low, as there is little reason for office workers to travel while many businesses are keeping employees home. Additionally, large organizations need to plan conventions months to years in advance, so the pandemic is creating a high level of short-term uncertainty about the safety of gathering indoors and delaying the return of group bookings. With the hotel REITs owning mostly upper-upscale hotels, which have a high exposure to business and group travel, the hotel REITs have reported revenue per available room growth below the U.S. hotel industry average.

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Company Profile

Business Description

Host Hotels & Resorts owns 82 predominantly urban and resort upper-upscale and luxury hotel properties representing over 47,000 rooms, mainly in the United States. Host recently sold off the company's interests in a joint venture owning a portfolio of hotels throughout Europe and also sold other joint ventures that owned properties in Asia and the United States. The majority of Host’s portfolio operates under the Marriott and Starwood brands.

4747 Bethesda Avenue, Suite 1300
Bethesda, MD, 20814
T +1 240 744-1000
Sector Real Estate
Industry REIT - Hotel & Motel
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 163


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