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Host Hotels & Resorts Inc HST

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Host Hotels Returns to the Black with Positive Results in 2Q

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

Host Hotels & Resorts reported a strong second quarter, leading us to reaffirm our $16.50 fair value estimate for the no-moat company. Occupancy came in at 43.0% for the quarter, which is a big improvement over the 8.7% reported in the second quarter of 2020 but below the portfolio's 82.0% in the second quarter of 2019. Average daily rate is similarly up 43.4% year over year but 8.6% the level the company was at in 2019, which leads to revenue per available room up 607.7% year over year but still 52.1% below 2019. While expenses also increased by 93.1% as management brought hotels back on line, Host was able to achieve a 19.1% EBITDA margin and comparable hotel EBITDA of $126 million in the second quarter. The positive operating results from the quarter also allowed Host to report a positive $0.12 funds from operation, which is well below the $0.53 the company reported in the second quarter of 2019 but far better than the $0.26 loss reported last year.

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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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