Host Hotels & Resorts HST

NASDAQ HST

$22.33 +0.05 (+0.25%)

As of: Sep 23, 2026 · 11:18 AM EDT

Key Stats

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About

Host Hotels & Resorts, Inc. is the largest publicly traded lodging real estate investment trust, owning and operating a geographically diverse portfolio of luxury and upper-upscale hotels. As of February 20, 2026, the company's consolidated lodging portfolio consists of 76 hotels containing approximately 41,700 rooms, with substantially all located in the United States and five hotels located outside the U. S. in Brazil and Canada. Host Hotels & Resorts, Inc. operates as a self-managed and self-administered REIT through its umbrella partnership structure, Host L. P., of which it is the sole general partner and holds approximately 99% of the partnership interests as of December 31, 2025.

Host Hotels & Resorts, Inc. generates revenue primarily from hotel operations, including rooms sales, food and beverage sales, and other ancillary revenues. Approximately 60% of hotel revenues in 2025 were generated from rooms sales, with the remainder derived from food and beverage, meeting and banquet facilities, spas, gift shops, parking, and other hotel amenities. The company serves transient business, group business, and contract business customers across its portfolio of luxury and upper-upscale properties.

The company operates through the following segments:

Luxury and Upper-Upscale Hotels: This segment encompasses the company's core business of owning and operating luxury and upper-upscale hotels under globally recognized brand names. The portfolio includes properties branded as Marriott, Ritz-Carlton, Westin, Hyatt, Hilton, and AccorHotels, among others. Specific brand names within the portfolio include Marriott, Ritz-Carlton, Autograph Collection, Tribute Portfolio, JW Marriott, AC Hotels, W, Luxury Collection, Westin, Sheraton, Alila, Andaz, Grand Hyatt, Hyatt Place, Hyatt Regency, Curio, Embassy Suites, Swissôtel, Fairmont, ibis, Novotel, and 1 Hotels.
Other Real Estate Interests: This segment consists of non-controlling interests in joint ventures and entities that own lodging-related properties and vacation ownership developments. As of February 20, 2026, these interests include investments in entities that own or have an interest in 90 properties and a vacation ownership development. Notable joint ventures include the Noble Joint Venture focused on select service and extended stay hotels, the Maui Joint Venture owning a vacation ownership development adjacent to the Hyatt Regency Maui Resort & Spa, the Hyatt Place Joint Venture owning the Hyatt Place Nashville Downtown, the Harbor Beach Joint Venture owning the Fort Lauderdale Marriott Harbor Beach Resort & Spa, and the Asia/Pacific Joint Venture, which sold its interests in Indian joint ventures in 2025.

Host Hotels & Resorts, Inc. holds a leading position in the lodging industry as the largest publicly traded lodging REIT, with a portfolio concentrated in the luxury and upper-upscale segments where it competes primarily with other high-end hotel owners and operators. The company's competitive advantages include its geographically diverse portfolio in major urban and resort destinations, its scale enabling integrated platform capabilities such as enterprise analytics and disciplined capital allocation, its investment grade balance sheet providing financial flexibility, and its focus on being an employer of choice and responsible corporate citizen. These strengths allow the company to navigate lodging cycles effectively and pursue superior long-term risk-adjusted returns for stockholders.

Host Hotels & Resorts, Inc. serves a diverse customer base comprising transient business travelers, including individual business and leisure guests; group business customers such as associations, corporations, and SMERF groups (social, military, educational, religious, fraternal, and youth and amateur sports teams); and contract business customers, including airline crews and other companies requiring extended-stay room blocks at discounted rates. The company's hotels attract both business and leisure travelers across its luxury and upper-upscale properties in the United States and select international locations.

Investment Thesis

▲ Bull case

Host Hotels & Resorts demonstrates strong underlying demand in its luxury and resort segments with Maui contributing $111 million of EBITDA in 2025 and a guided $120 million for 2026 which exceeds early expectations. The property’s recovery ahead of schedule provides a clear runway for further EBITDA growth as group demand returns and leisure spending remains robust. This upside is not fully reflected in current guidance which assumes only a modest contribution from Maui to RevPAR growth. Investors may be underestimating the potential for Maui to deliver incremental EBITDA beyond the $120 million forecast if group bookings accelerate faster than anticipated.
The company’s transformational capital program continues to generate outsized returns with 21 stabilized hotels delivering an average RevPAR Index share gain of 8.7 points versus a target of three to five points. This outperformance indicates that reinvestment is creating sustainable competitive advantages that translate into higher room rates and market share gains. Future phases including the second Marriott program at The Ritz Carlton Naples Tiburon and The Westin Kierland are set to commence in the Q2 FY26. The associated operating profit guarantees are expected to offset most of the short term EBITDA disruption from these renovations.
Host’s disciplined capital allocation is evident in its asset recycling strategy having sold $6.4 billion of assets since 2018 at a blended 16.7x EBITDA multiple while acquiring $4.9 billion at 13.6x. This spread creates a built in source of value creation that is not fully priced into the stock. The recent sale of the two Four Seasons resorts at a 14.9x multiple generated a taxable gain of roughly $500 million which management intends to return to shareholders via a special dividend of about $0.72 per share if no accretive acquisition is found. This pending capital return represents an immediate yield boost that is not reflected in the current dividend yield.
Group booking trends show meaningful strength with 2026 group room nights on the books up 16% and total group revenue pace up 5% driven by strong performance in key cities such as San Francisco Washington D C and San Antonio. The World Cup is expected to add 60 basis points to full year RevPAR partially offset by a 20 basis point headwind from the prior year’s presidential inauguration. These special events provide a near term catalyst that could push RevPAR above the guided 2.5% to 4% range especially if group demand exceeds expectations. The strong citywide room night pace in these markets also supports pricing power and occupancy stability heading into the peak travel season.
The balance sheet remains fortress like with a leverage ratio of 2.6x $2.4 billion of available liquidity and a weighted average interest rate of 4.8% with no debt maturities in 2026. This financial flexibility allows Host to pursue opportunistic acquisitions return capital to shareholders or fund further reinvestment without being constrained by covenants or refinancing risk. The strong liquidity position also provides a buffer against any macroeconomic softness that could affect travel demand. Additionally the investment grade rating affords the company access to low cost debt should it choose to leverage the balance sheet for accretive growth opportunities.

Host Hotels & Resorts demonstrates strong underlying demand in its luxury and resort segments with Maui contributing $111 million of EBITDA in 2025 and a guided $120 million for 2026 which exceeds early expectations. The property’s recovery ahead of schedule provides a clear runway for further EBITDA growth as group demand returns and leisure spending remains robust. This upside is not fully reflected in current guidance which assumes only a modest contribution from Maui to RevPAR growth. Investors may be underestimating the potential for Maui to deliver incremental EBITDA beyond the $120 million forecast if group bookings accelerate faster than anticipated.
The company’s transformational capital program continues to generate outsized returns with 21 stabilized hotels delivering an average RevPAR Index share gain of 8.7 points versus a target of three to five points. This outperformance indicates that reinvestment is creating sustainable competitive advantages that translate into higher room rates and market share gains. Future phases including the second Marriott program at The Ritz Carlton Naples Tiburon and The Westin Kierland are set to commence in the Q2 FY26. The associated operating profit guarantees are expected to offset most of the short term EBITDA disruption from these renovations.
Host’s disciplined capital allocation is evident in its asset recycling strategy having sold $6.4 billion of assets since 2018 at a blended 16.7x EBITDA multiple while acquiring $4.9 billion at 13.6x. This spread creates a built in source of value creation that is not fully priced into the stock. The recent sale of the two Four Seasons resorts at a 14.9x multiple generated a taxable gain of roughly $500 million which management intends to return to shareholders via a special dividend of about $0.72 per share if no accretive acquisition is found. This pending capital return represents an immediate yield boost that is not reflected in the current dividend yield.
Group booking trends show meaningful strength with 2026 group room nights on the books up 16% and total group revenue pace up 5% driven by strong performance in key cities such as San Francisco Washington D C and San Antonio. The World Cup is expected to add 60 basis points to full year RevPAR partially offset by a 20 basis point headwind from the prior year’s presidential inauguration. These special events provide a near term catalyst that could push RevPAR above the guided 2.5% to 4% range especially if group demand exceeds expectations. The strong citywide room night pace in these markets also supports pricing power and occupancy stability heading into the peak travel season.
The balance sheet remains fortress like with a leverage ratio of 2.6x $2.4 billion of available liquidity and a weighted average interest rate of 4.8% with no debt maturities in 2026. This financial flexibility allows Host to pursue opportunistic acquisitions return capital to shareholders or fund further reinvestment without being constrained by covenants or refinancing risk. The strong liquidity position also provides a buffer against any macroeconomic softness that could affect travel demand. Additionally the investment grade rating affords the company access to low cost debt should it choose to leverage the balance sheet for accretive growth opportunities.

▼ Bear case

Comparable hotel EBITDA margin declined 40 basis points in 2025 and is guided to be flat or down up to 20 basis points in 2026 primarily due to the lapse of $21 million of business interruption proceeds received in 2024 and a $7 million reduction in operating profit guarantees. Without these non recurring benefits the underlying margin trajectory appears to be under pressure from rising wage costs which are expected to increase approximately 5% and represent about half of total operating expenses. This wage inflation could erode profitability if productivity gains do not keep pace. Historically margins have shown limited ability to expand when labor costs rise faster than revenue per available room.
The company’s growth outlook for 2026 relies heavily on the disposition proceeds from the Four Seasons sale to fund special dividends or buybacks rather than on organic operational expansion. The midpoint guidance for adjusted EBITDAre reflects only a 1% increase despite the loss of $87 million of EBITDA from dispositions. This suggests that the core portfolio is struggling to generate meaningful growth and that management is leaning on asset sales to sustain shareholder returns. Investors should question whether the current pace of asset recycling can continue to deliver accretive returns without depleting the pipeline of high quality assets.
While group booking pace shows strength in certain markets there are notable weaknesses in others such as San Diego Chicago Boston and Seattle where citywide impacts are dragging performance. The concentration of group revenue growth in a limited set of geographies creates vulnerability if demand in those markets softens. Additionally the reliance on special events like the World Cup for a meaningful RevPAR boost introduces volatility as the benefit is temporary and could be offset by weaker leisure demand later in the year. A slowdown in leisure travel after the World Cup could leave the company exposed to a double hit of lower group and transient demand.
Maui’s recovery while impressive remains contingent on the return of group business which historically has a longer lead time than leisure demand. The Hyatt Regency Maui is still expected to grow from $28 million to $34 million of EBITDA in 2026 indicating that a significant portion of the property’s potential remains unrealized. Any delay in group recovery could curb the anticipated $120 million EBITDA contribution and put pressure on overall earnings. Furthermore the property’s exposure to natural disaster risk such as hurricanes or wildfires adds an additional layer of uncertainty to its earnings outlook.
The capital expenditure guidance for 2026 ranges from $525 million to $625 million with a large portion earmarked for redevelopment and ROI projects. This elevated spending level suggests that the company is investing heavily to maintain competitiveness but the returns on these investments are not guaranteed. If the transformational renovations fail to deliver the expected RevPAR Index share gains the increased depreciation and operating costs could weigh on EBITDA without commensurate revenue upside. Moreover the timing of these projects coincides with rising wage and material costs which could pressure budgets and compress projected returns.

Comparable hotel EBITDA margin declined 40 basis points in 2025 and is guided to be flat or down up to 20 basis points in 2026 primarily due to the lapse of $21 million of business interruption proceeds received in 2024 and a $7 million reduction in operating profit guarantees. Without these non recurring benefits the underlying margin trajectory appears to be under pressure from rising wage costs which are expected to increase approximately 5% and represent about half of total operating expenses. This wage inflation could erode profitability if productivity gains do not keep pace. Historically margins have shown limited ability to expand when labor costs rise faster than revenue per available room.
The company’s growth outlook for 2026 relies heavily on the disposition proceeds from the Four Seasons sale to fund special dividends or buybacks rather than on organic operational expansion. The midpoint guidance for adjusted EBITDAre reflects only a 1% increase despite the loss of $87 million of EBITDA from dispositions. This suggests that the core portfolio is struggling to generate meaningful growth and that management is leaning on asset sales to sustain shareholder returns. Investors should question whether the current pace of asset recycling can continue to deliver accretive returns without depleting the pipeline of high quality assets.
While group booking pace shows strength in certain markets there are notable weaknesses in others such as San Diego Chicago Boston and Seattle where citywide impacts are dragging performance. The concentration of group revenue growth in a limited set of geographies creates vulnerability if demand in those markets softens. Additionally the reliance on special events like the World Cup for a meaningful RevPAR boost introduces volatility as the benefit is temporary and could be offset by weaker leisure demand later in the year. A slowdown in leisure travel after the World Cup could leave the company exposed to a double hit of lower group and transient demand.
Maui’s recovery while impressive remains contingent on the return of group business which historically has a longer lead time than leisure demand. The Hyatt Regency Maui is still expected to grow from $28 million to $34 million of EBITDA in 2026 indicating that a significant portion of the property’s potential remains unrealized. Any delay in group recovery could curb the anticipated $120 million EBITDA contribution and put pressure on overall earnings. Furthermore the property’s exposure to natural disaster risk such as hurricanes or wildfires adds an additional layer of uncertainty to its earnings outlook.
The capital expenditure guidance for 2026 ranges from $525 million to $625 million with a large portion earmarked for redevelopment and ROI projects. This elevated spending level suggests that the company is investing heavily to maintain competitiveness but the returns on these investments are not guaranteed. If the transformational renovations fail to deliver the expected RevPAR Index share gains the increased depreciation and operating costs could weigh on EBITDA without commensurate revenue upside. Moreover the timing of these projects coincides with rising wage and material costs which could pressure budgets and compress projected returns.

Peer group

Peer Comparison

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S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	WELL	Welltower Inc.	165.94 Bn	105.37	13.00	14.30 Bn
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3	SPG	Simon Property Group Inc.	67.22 Bn	14.54	10.56	28.43 Bn
4	O	Realty Income Corp	53.47 Bn	41.56	8.83	26.49 Bn
5	PSA	Public Storage	50.86 Bn	27.55	10.40	10.18 Bn
6	VTR	Ventas, Inc.	44.55 Bn	161.76	6.92	-
7	EXR	Extra Space Storage Inc.	28.52 Bn	32.22	8.28	9.46 Bn
8	VICI	Vici Properties Inc.	26.41 Bn	9.40	6.45	16.93 Bn

Host Hotels & Resorts HST

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