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Host Hotels & Resorts (HMT) Q3 2026 Earnings Report

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CH:HMT Q3 2026 EPS Results

Actual EPS
CHF 0.08
Consensus EPS
CHF 0.08
Beat/Miss
Beat by +CHF 0.00
One Year Ago EPS
CHF 0.19

CH:HMT Q3 2026 Revenue Results

Actual Revenue
CHF 1.11B
Expected Revenue
CHF 1.12B
Beat/Miss
Missed by -CHF 11.57M
YoY Revenue Growth
+1.20%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/04/2026
Time
After Close
Conference Call
Wednesday, November 4, 2026
CH:HMT Upcoming Earnings

Host Hotels & Resorts's next earnings date is estimated for February 24, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

CH:HMT Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 04, 2026|% Change Since:―|
Earnings Call Sentiment|Positive

The call was strongly positive. Highlights significantly outweighed the challenges, with record or better-than-expected third-quarter operating results, broad-based demand growth, higher margins, raised 2026 guidance, accretive acquisitions, progress on major renovation programs, strong liquidity and an optimistic 2027 outlook. The principal challenges were weather-related disruption and costs, higher wages and other operating expenses, a remaining occupancy gap to pre-pandemic levels, and uncertainty around some insurance proceeds.

Company Guidance

For 2026, Host increased comparable hotel RevPAR and total RevPAR guidance estimates to approximately 6.756%, respectively, and later specified approximately 6.75% and 6%, respectively, compared to 2025; fourth-quarter RevPAR growth is expected to be high single digit, including estimated RevPAR growth of 6.5% in October, with comparable hotel EBITDA margin of approximately 30%, up 30 basis points from the midpoint of prior guidance and 80 basis points above 2025, wage rates increasing approximately 5%, and adjusted EBITDAre guidance of $1.865 billion, a $35 million or 2% improvement, including $31 million from Don Cesar, $11 million from Alila Ventana Big Sur, and $6 million from 1 Hotel Brooklyn Bridge and Renaissance Plano; Maui properties are expected to generate approximately $122 million of EBITDA, capital expenditure guidance is approximately $550 million to $600 million, including approximately $255 million to $280 million for redevelopment, repositioning, and ROI projects and $10 million to $15 million for Kona low reconstruction, and approximately $19 million of operating profit guarantees are expected from the 2 transformational capital programs; for 2027, total group revenue pace is 6% ahead of the same time last year, festive pace is 14% year over year, Maui’s fourth-quarter RevPAR forecast is 15%, San Francisco’s fourth-quarter group pace is 14%, and business transient room nights were up over 5% in the third quarter and 24% relative to 2019 pre pandemic.

  • Strong Third-Quarter EBITDA and FFO GrowthThird-quarter adjusted EBITDAre was $347 million, an increase of 8.8% year over year, while adjusted FFO per share was $0.39, up 11.4% compared to the third quarter of 2025. Year-to-date adjusted EBITDAre and adjusted FFO per share increased 6.5% and 8.3%, respectively.
  • Broad-Based RevPAR and Margin ExpansionComparable hotel RevPAR improved 8.8% and comparable hotel total RevPAR increased 7.3%, driven by rate growth, strong leisure, group and business transient demand, and higher food and beverage revenues. Comparable hotel EBITDA margin increased 90 basis points year over year to 25.2%, as rate growth more than offset higher wage expense.
  • Growth Across Nearly All Domestic MarketsRevPAR growth meaningfully exceeded expectations, with 23 of the company's 24 domestic markets delivering comparable hotel RevPAR increases in the quarter. Growth was driven by leisure transient demand, special events, group demand pickup and improving business transient demand.
  • World Cup Contribution to RevPARThe World Cup contributed approximately 100 basis points of RevPAR growth in the third quarter. For the full year, the event contributed approximately 70 basis points of gross RevPAR growth, consistent with prior expectations.
  • Transient Revenue AcceleratedTransient revenue grew approximately 12%, the strongest growth since early 2023, and accounted for more than 80% of the room revenue increase in the third quarter. Growth was driven by both rate and occupancy, with particularly strong performance in Maui, Washington DC, San Francisco and New York.
  • Maui OutperformanceStrong demand drove Maui RevPAR growth of nearly 14% and total RevPAR growth of 12% despite weather-related disruptions. Maui accounted for more than two-thirds of resort RevPAR growth in the quarter, and expected 2026 Maui EBITDA was increased by $2 million to approximately $122 million.
  • Business Transient MomentumBusiness transient revenue increased 9% in the third quarter, led by both room-night and rate growth. Business transient room nights increased in the mid-single digits, with monthly room-night growth of approximately 2.5% in July, close to 8.5% in August and 4% in September. Growth was seen across markets, particularly in technology, financial services and consulting.
  • Group Revenue and Booking Pace GrowthThird-quarter group room revenue increased 5% year over year, driven by short-term bookings and corporate groups. Definite group room nights on the books reached 4 million for 2026, and full-year 2026 total group revenue pace was up 6% year over year, with fourth-quarter pace up nearly 10%. Corporate groups accounted for nearly 90% of the quarterly group revenue increase.
  • Strong Holiday and Forward Transient PaceRevenue for the July 4 and Labor Day weekends grew 27% and 10%, respectively. Total portfolio transient revenue pace was up 24% for Thanksgiving week and 14% for the festive period compared with the same time last year.
  • Ancillary Revenue GrowthFood and beverage revenue grew 6%, spa revenue grew 2% and golf revenue grew 4%. Banquet and catering revenue increased 8%, driven by 6% growth in banquet and catering contribution per group room night and higher group room-night volume. Restaurant and bar revenue grew 5%, driven by Maui, Oahu and the Orlando World Center Marriott.
  • Acquisition of 1 Hotel Brooklyn BridgeHost acquired the leasehold interest in the 195-room 1 Hotel Brooklyn Bridge for $202 million in cash. The purchase price represented a 10.2x EBITDA multiple and an approximately 8.2% cap rate based on estimated 2026 results. The property has 82 years remaining on its ground lease, estimated total RevPAR of $1.13 thousand, RevPAR of $615 and EBITDA per key of approximately $100 thousand, and is expected to rank among Host's top-10 assets.
  • Acquisition of Renaissance Dallas at Plano Legacy WestHost acquired the fee simple interest in the 308-room Renaissance Dallas at Plano Legacy West Hotel for approximately $172 million in cash. The purchase price represented an 11.2x EBITDA multiple and an approximately 7.9% cap rate based on estimated 2026 results. The property is expected to rank among the company's top-25 assets, with expected total RevPAR of $380, RevPAR of $200 and EBITDA per key of approximately $50 thousand.
  • Accretive Portfolio AcquisitionsThe two acquisitions had a blended 10.7x EBITDA multiple, more than one turn below the recent trading multiple of Host's shares. They were immediately accretive to earnings and are expected to generate $6 million of EBITDA during the 2026 ownership period, including $4 million of incremental adjusted EBITDAre compared with interest income on the invested cash.
  • Progress on Transformational Capital ProgramsThe Hyatt transformational capital program was approximately 90% complete and on track for completion by the end of 2026. The second Marriott transformational capital program was approximately 50% complete, tracking on time and under budget. Renovations at the Ritz-Carlton Naples, Tiburon and the guest-room renovation phase at the New Orleans Marriott were complete.
  • Operating Guarantees From Renovation ProgramsHost received $7 million of operating guarantees related to its transformational capital programs in the third quarter and expects approximately $19 million of operating profit guarantees from the two programs in 2026.
  • Four Seasons Orlando Condo Development ProgressThe final phase of the Four Seasons-branded condominium development at Walt Disney World was completed during the second quarter on time and within budget. Host had closed on 29 of 40 units, including 21 of 31 mid-rise units and 8 of 9 villas, and expects approximately $18 million of EBITDA in 2026, with $5 million expected to be recognized in 2027.
  • Significant Portfolio Reinvestment and Renovation ReturnsHost expects to have invested approximately $2 billion in comprehensive renovations across 34 hotels by 2029, with those hotels projected to generate more than 60% of 2026 hotel EBITDA. At 21 properties where post-renovation performance had stabilized, RevPAR index share increased by nearly 9 points on average.
  • Raised 2026 RevPAR and EBITDA GuidanceThe company increased its 2026 comparable hotel RevPAR and total RevPAR growth guidance to approximately 6.75% and 6%, respectively. Adjusted EBITDAre guidance was increased to $1.865 billion, a $35 million or 2% improvement over the prior guidance midpoint. Since initial full-year guidance in February, Host increased its RevPAR expectations by 400 basis points and adjusted EBITDAre expectations by $95 million.
  • Positive Fourth-Quarter OutlookHost expects high-single-digit RevPAR growth in the fourth quarter, supported in part by estimated October RevPAR growth of 6.5%. Fourth-quarter comparable hotel EBITDA margin is expected to expand year over year, and full-year comparable hotel EBITDA margin is expected to be approximately 30%, up 30 basis points from the midpoint of prior guidance and 80 basis points above 2025.
  • Favorable 2027 Demand SetupManagement remained optimistic about 2027, citing a favorable demand environment, strength of the high-end consumer, continued growth in business travel and historically low supply growth. Host also expects contributions from acquisitions, a healthy 2027 total group revenue pace 6% above the same time last year, continued recoveries in Maui and San Francisco, transformational capital projects, moderating labor cost growth and lower property insurance expense.
  • Maui and San Francisco Recovery IndicatorsFourth-quarter Maui RevPAR was forecast to grow 15%, while fourth-quarter San Francisco group revenue pace was up 14%. San Francisco's third-quarter RevPAR increased 9%, and management cited both group pace and business transient growth as meaningful potential contributors in 2027.
  • Improving Occupancy With Continued Pricing PowerThird-quarter occupancy growth reflected both leisure transient and business transient demand, including meaningful midweek growth. Host said its occupancy gap relative to pre-pandemic levels had narrowed from 8 points to approximately 7 points while pricing power remained evident.
  • Favorable Hotel Supply EnvironmentManagement described the supply setup as highly favorable to hotel owners. The hotel construction pipeline remained 31% below pre-pandemic levels, while elevated construction costs, interest rates, labor constraints and demand on construction resources were cited as limiting new competitive hotel development.
  • Enhanced Liquidity and Debt ProfileHost recast its $2.5 billion credit facility, extending the revolver and term loans through 2031 and 2032, expanding the accordion to $1.25 billion and reducing pricing by 12.5 basis points on revolver draws, 15 basis points on term loans and 5 basis points on the facility fee. Debt had a weighted average maturity of 5.2 years and a weighted average interest rate of 4.8%.
  • Strong Balance Sheet and Capital FlexibilityAfter adjusting cash for recent acquisitions and the October dividend, Host had $2.6 billion of available liquidity, including $157 million of FF&E reserves and $1.5 billion of revolver capacity. The adjusted leverage ratio was 2.3x.
  • Shareholder DividendHost paid a quarterly cash dividend of $0.20 per share in October.

CH:HMT Earnings History

CH:HMT earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 24, 20272026 (Q4)0.20-0.17――
Nov 04, 20262026 (Q3)0.080.080.19-56.52% (-0.11)
Aug 05, 20262026 (Q2)0.280.290.269.38% (+0.02)
May 06, 20262026 (Q1)0.290.590.29105.71% (+0.31)
Feb 18, 20262025 (Q4)0.150.170.1233.33% (+0.04)
Nov 05, 20252025 (Q3)0.040.190.191.67% (+0.09)
Jul 30, 20252025 (Q2)0.180.260.28-5.88% (-0.02)
Apr 30, 20252025 (Q1)0.230.290.31-7.89% (-0.02)
Feb 19, 20252024 (Q4)0.100.120.16-21.05% (-0.03)
Nov 06, 20242024 (Q3)0.080.100.13-25.00% (-0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed