Host Hotels reports Q3 adjusted FFO 41c, consensus 35c

Reports Q3 revenue $1.214B, consensus $1.21B. James F. Risoleo, President and Chief Executive Officer, said, “Host delivered comparable hotel RevPAR growth of 1.8% over the third quarter of 2022, driven by improvements in group business, which were offset by moderating rates at our resort properties. We continued to see positive operating trends at our convention and downtown hotels leading to an increase in occupancy of 150 basis points for the quarter.” Risoleo continued, “We have also reached an agreement with Hyatt to complete transformational reinvestment capital projects at six properties as we build on our successful capital allocation strategy over the past few years. In addition, we repurchased approximately $100 million of our common stock and paid a third quarter dividend of $0.18 per share, a 20% increase over the second quarter dividend. Despite the impact of the wildfires in Maui, we maintained the midpoint of our previous full year comparable hotel RevPAR growth at 8% and tightened our full year guidance range to 7.25% to 8.75%, which remains relatively wide given the evolving nature of demand on Maui. We believe our strong balance sheet puts us in a position to execute on multiple fronts, and as a result, leaves Host well positioned for future growth.”