Host Hotels reports Q1 adjusted FFO 55c, consensus 48c

Reports Q1 revenue $1.381B, consensus $1.31B. James Risoleo, President and Chief Executive Officer, said, "Host delivered strong results in the first quarter as we continued to benefit from operational improvements across our portfolio. Notably, comparable hotel RevPAR increased 31% over the first quarter of 2022, exceeding the top end of our guidance by four percentage points. Our results in the first quarter were driven by continued rate strength and increases in occupancy, with meaningful improvement in the group business segment."Risoleo continued, "We continued to successfully execute our capital allocation strategy through reinvestment in our portfolio and the repurchase of $50 million of stock in the first quarter. Host’s stellar performance coupled with our improved outlook for the rest of the year allowed us to raise our full year RevPAR growth guidance range to 7.5% to 10.5%. We continue to believe that our fortress balance sheet, diversified portfolio, high-quality assets, and unique capabilities position us to further elevate Host’s EBITDA growth profile and extend our company’s long track record of shareholder value creation."