Host Hotels & Resorts, Inc. (HST): Business Model Canvas [Dec-2025 Updated]

You're looking at the business model of Host Hotels & Resorts, Inc., and honestly, what you see is a highly disciplined, capital-recycling machine laser-focused on the upper-upscale and luxury hotel segments. After two decades in this space, I can tell you their success hinges on aggressive asset management-selling at 17.1x and buying at 13.6x since 2018-while reinvesting heavily, with capital expenditures guided between $605 million to $640 million for 2025. This strategy is designed to hit their full-year Adjusted EBITDAre guidance of $1.730 billion, supported by a Q3 2025 comparable hotel EBITDA margin of 23.9%, so if you want to understand how a major lodging REIT maintains an investment-grade balance sheet while delivering superior returns, check out the full canvas below.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Key Partnerships

You're analyzing the core relationships that drive Host Hotels & Resorts, Inc. (HST)'s asset management and growth strategy as of late 2025. This section focuses on the critical external entities that enable the REIT to operate its luxury and upper-upscale portfolio.

Global Hotel Brand Operators and Management

Host Hotels & Resorts, Inc. relies heavily on its relationships with premier global operators to manage its properties and maintain brand standards. This is a cornerstone of the business model, ensuring premium positioning and operational excellence across the portfolio of 79 hotels and resorts as of September 30, 2025.

The key brand affiliations include:

• Partnering with major global brands like Marriott®, Hyatt®, Hilton®, Four Seasons®, and others.
• Utilizing third-party hotel management companies for daily operations, alongside direct brand management.
• The portfolio includes properties managed under brands such as Ritz-Carlton®, Westin®, Sheraton®, W®, The Luxury Collection®, Fairmont®, 1 Hotels®, Swissôtel®, ibis®, and Novotel®.

The nature of these partnerships is often formalized through multi-year, comprehensive renovation programs.

Strategic Capital Programs with Brand Operators

Host Hotels & Resorts, Inc. actively reinvests capital in collaboration with its brand partners to enhance asset value and performance. The Marriott Transformational Capital Program (MTCP) is a prime example of this, targeting significant property upgrades.

For the second Marriott Transformational Capital Program, the total expected investment is in the range of $300 million to $350 million across 4 properties, scheduled over the next 4 years. Host is targeting average RevPAR index share gains of 3 to 5 points from these projects, similar to the first MTCP.

The Hyatt Transformational Capital Program, covering 6 of its Hyatt-managed hotels, is about 65% complete. For this program, Host received $8 million in operating guarantees in the third quarter of 2025 and expects to receive $24 million for the full year to offset disruptions.

Financial Institutions and Sustainable Financing

Access to capital, particularly capital tied to Environmental, Social, and Governance (ESG) metrics, is a key partnership area. Host Hotels & Resorts, Inc. has secured substantial sustainable financing, which helps lower the cost of capital.

The total sustainable financing achieved is nearly $5 billion. This includes the issuance of green bonds totaling $2.45 billion. Furthermore, a sustainability-linked credit facility of $2.5 billion was amended and restated, linking pricing incentives to sustainability targets.

Suppliers for Resilient and Sustainable Supply Chain Initiatives

Partnerships extend to suppliers to build a more resilient and environmentally sound portfolio. Host Hotels & Resorts, Inc. has implemented over 860 sustainability projects aimed at energy efficiency and resilience.

These projects are expected to generate approximately $24 million in annual utility savings. The company has also invested around $300 million in hurricane-resistant infrastructure since 2016. The average cash-on-cash return for these sustainability projects is estimated at 13% to 20% over a five-year period.

Finance: draft 13-week cash view by Friday.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Key Activities

You're looking at the core actions Host Hotels & Resorts, Inc. (HST) takes to run and grow its business, focusing on the hard numbers from late 2025.

Aggressive asset management to drive property-level EBITDA growth

Asset management centers on driving profitability from the existing portfolio. For the third quarter of 2025, comparable hotel EBITDA was $309 million, representing a 1.3% decrease year-over-year, with the comparable hotel EBITDA margin at 23.9%. However, year-to-date through Q3 2025, comparable hotel EBITDA actually increased by 2.0% to $1,283 million compared to 2024. The company raised its full-year 2025 Adjusted EBITDAre guidance to $1.730 billion. Host Hotels & Resorts is targeting stabilized annual cash-on-cash returns in the mid-teens on its reinvestment projects.

Here are some key operating metrics from Q3 2025:

Accretive capital recycling: selling assets at 17.1x and acquiring at 13.6x since 2018

Host Hotels & Resorts, Inc. actively manages its portfolio by selling older assets and buying newer, higher-growth properties. Between 2018 and the end of Q3 2025, the company disposed of approximately $5.1 billion of hotels at a blended 17.1x EBITDA multiple. Over that same period, acquisitions totaled $4.9 billion at a blended 13.6x EBITDA multiple. This activity is clearly accretive based on the multiples. In Q3 2025 specifically, the company completed the sale of the Washington Marriott at Metro Center for $177 million.

Strategic reinvestment in high-ROI projects; $605 million to $640 million capex in 2025

The company is putting capital to work in its existing assets. The capital expenditure guidance for full-year 2025 is set between $605 million to $640 million. This planned spending includes between $75 million to $80 million designated for property damage reconstruction, which is mostly expected to be covered by insurance. Furthermore, Host Hotels & Resorts entered a new agreement with Marriott to complete transformational renovations at four properties, with the total investment expected to be between $300 million and $350 million over the next 4 years.

The reinvestment strategy focuses on projects that yield strong returns, evidenced by:

• Stabilized annual cash-on-cash returns targeted in the mid-teens.
• Average RevPAR index share gain of over 8.7 points for stabilized post-renovation hotels to date.
• A new agreement with Marriott includes $22 million in operating profit guarantees to cover renovation disruption.

Maintaining a fortress investment-grade balance sheet

A key activity is maintaining financial strength, which Host Hotels & Resorts, Inc. refers to as a fortress investment-grade balance sheet. As of September 30, 2025, the company reported total available liquidity of $2.2 billion. This liquidity includes approximately $205 million in FF&E reserves and $1.5 billion available under its credit facility. The leverage ratio stood at 2.8x (Net Leverage using GAAP metrics was 6.8x). Host Hotels & Resorts, Inc. is noted as the only investment grade rating among lodging REITs.

Proactive climate risk mitigation and resiliency investments

Host Hotels & Resorts, Inc. actively manages climate-related risks through capital allocation and due diligence. Over the past five years, the company completed 863 sustainability projects. As part of its climate risk and resiliency program, flood barriers were purchased for nine high-risk properties. The company is also allocating green bond proceeds to support a pipeline of 15 additional properties pursuing LEED certifications, in addition to renovation projects at 15 hotels already receiving such allocation. For risk assessment, surveys and onsite visits were completed with 24 properties, representing nearly 30% of 2024 consolidated portfolio EBITDA, focusing on flood and wind risks.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Key Resources

You're looking at the core assets that power Host Hotels & Resorts, Inc.'s strategy as of late 2025. These aren't just line items; they are the tangible and intangible foundations that let the company execute its luxury and upper-upscale focus.

The Real Estate Portfolio Foundation

The physical assets are the heart of Host Hotels & Resorts, Inc.'s value. As of the third quarter of 2025, the company owned a concentrated portfolio of high-quality hotels. This focus on luxury and upper-upscale segments is key to capturing premium demand, especially given the bifurcation in travel spending noted in late 2025 reports.

Here's a breakdown of the owned portfolio size as of Q3 2025:

The quality of these locations is paramount. These are iconic and irreplaceable real estate assets, strategically positioned where high-value travel demand concentrates. For example, the recovery strength in resort markets like Maui, which saw its Q3 2025 RevPAR hit $427.23, underscores the value of these specific holdings.

Financial Strength and Flexibility

A strong balance sheet provides the dry powder needed to act opportunistically, a major advantage in the REIT space. Host Hotels & Resorts, Inc. maintained a robust liquidity position heading into the end of 2025.

• Total available liquidity as of Q3 2025: approximately $2.2 billion.
• Cash and cash equivalents at the end of Q3 2025: $539 million.
• Available under the revolver portion of the credit facility (part of total liquidity): $1.5 billion.
• FF&E escrow reserves (part of total liquidity): $205 million.
• Leverage ratio as of Q3 2025: 2.8 times.

This financial discipline is recognized by rating agencies. Host Hotels & Resorts, Inc. holds investment-grade credit ratings, which is unique among lodging REITs. As of Q3 2025, Moody's upgraded the rating to Baa2 with a stable outlook. The ratings as of the latest investor presentation included:

Internal Operational Expertise

Host Hotels & Resorts, Inc. is a self-managed and self-administered real estate investment trust, meaning key value-add functions are kept in-house rather than outsourced entirely. This internal capability is a critical resource for maximizing asset performance.

Key internal teams include:

• In-house Asset Management teams, driving performance across the portfolio.
• Engineering Technical Services (ETS) teams, handling technical oversight and capital project execution.

This structure supports active portfolio management, including the recent completion of a transformational capital program at four properties with Marriott and the sale of the Washington Marriott Metro Center for $177 million in Q3 2025. The company's full-year 2025 capital expenditure guidance was set between $605 million and $640 million.

Finance: draft 13-week cash view by Friday.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Value Propositions

Superior risk-adjusted returns for stockholders as a lodging REIT

Host Hotels & Resorts, Inc. focuses on delivering best-in-class EBITDA growth and robust, long-term risk-adjusted returns for stockholders. The company's financial positioning supports this, with total assets valued at $12.9 billion as of March 31, 2025, and a conservative total debt-to-equity ratio of 0.85. Liquidity remains ample, with approximately $2.2 billion in total available liquidity at the end of Q1 2025.

Operational performance in 2025 reflects this focus. For the first quarter ended March 31, 2025, comparable hotel RevPAR (Revenue Per Available Room) grew by 7.0% year-over-year, while comparable hotel Total RevPAR increased by 5.8%. For the third quarter of 2025, the company delivered an AFFO (Adjusted Funds From Operations) per share of $0.35, contributing to a year-to-date AFFO per share of $1.56. The stock offers a base dividend yield of nearly 5%. Looking at longer-term shareholder value creation, the five-year Total Shareholder Return reached 71.3%.

Here are some key financial and operational metrics that underpin the value proposition for stockholders:

Access to global brand loyalty programs and distribution systems

Host Hotels & Resorts, Inc. is the nation's largest lodging REIT, owning a portfolio concentrated in top US markets and internationally. The portfolio consists of 75 properties in the United States and 5 international properties, totaling approximately 42,900 rooms. The company partners with premier operators, mainly Marriott and Hyatt. This access is critical for driving demand through established, high-reach loyalty ecosystems.

High-quality, service-intensive experience for upper-upscale travelers

The portfolio is intentionally weighted toward the higher end of the service spectrum, which generally exhibits greater pricing power and resilience. The asset mix is approximately 70% upper upscale and 27% luxury hotels. The company's focus on premium assets supported a Q3 2025 occupancy rate of 69.7%. Operational efficiency is demonstrated by a healthy gross margin of 43.1% and an EBITDA margin clocking in at 27.9% for the year.

Resilient, well-maintained properties due to targeted capital investment

Host Hotels & Resorts, Inc. actively manages its portfolio quality through strategic capital allocation and recycling. Management expects total capital expenditures for 2025 to be within the range of $580-$670 million, following $146 million spent in the first quarter of 2025 alone. This investment bolsters resilience; for example, the company has invested approximately $300 million in hurricane-resistant infrastructure since 2016. The capital recycling program has been active, with total dispositions from 2021 through the end of 2024 amounting to $1.5 billion, redeployed into acquisitions totaling $3.3 billion during the same period.

The impact of these investments is measurable:

• Expected cash-on-cash returns from sustainability ROI projects over five years: 13-20%.
• Total capital allocated to sustainability projects (LEED, renewables): Proceeds from $2.45 billion in green bonds have supported renovation projects at 15 hotels.
• Properties with on-site renewable energy systems installed or under development: 16.

Sustainability leadership, including 21 LEED-certified properties

Host Hotels & Resorts, Inc. positions itself as a sustainability leader among lodging REITs. The company has achieved 21 properties with LEED certification, including four hotels that achieved LEED Gold status. Furthermore, there are 15 additional projects in the pipeline pursuing LEED certifications. This commitment is backed by significant financing, having secured nearly $5 billion in aggregate sustainable financing, which includes the issuance of $2.45 billion in green bonds. Since 2020, the company has executed over 863 sustainability projects. These efforts are projected to yield tangible operational savings, with $24 million in expected utility savings annually.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Customer Relationships

You're looking at how Host Hotels & Resorts, Inc. (HST) manages the connections with the people and entities that keep its luxury and upper-upscale hotels running and profitable. It's a multi-layered approach, balancing hands-off ownership with intense, on-the-ground service delivery.

Indirect relationship managed by third-party brand operators

Host Hotels & Resorts, Inc. maintains an indirect relationship with the vast majority of its end customers, as the day-to-day operations and brand experience are managed by world-class third-party operators. This relationship is formalized through long-term agreements and strategic capital programs. For instance, Host Hotels & Resorts, Inc. is actively engaged in transformational capital programs with major brands like Marriott and Hyatt to enhance property performance. Host Hotels & Resorts, Inc. expects to benefit from approximately $24 million in operating profit guarantees related to the Hyatt Transformational Capital Program in 2025 to offset EBITDA disruption. Furthermore, for a Marriott program, the company has secured operating profit guarantees of approximately $22 million over four years, including $2 million expected in the second half of 2025. This structure means the brand operator manages the customer relationship, while Host Hotels & Resorts, Inc. focuses on asset value creation through reinvestment.

High-touch, service-focused experience at the property level

While the management is indirect, the service experience itself is designed to be high-touch, which is critical for luxury and upper-upscale segments. The performance metrics reflect this focus on service quality and rate strength. For the year-to-date period ending September 30, 2025, Host Hotels & Resorts, Inc.'s comparable hotel Total RevPAR (Revenue Per Available Room) grew by 3.7% over the same period in 2024, reaching $383.54. This growth is driven by improvements in room revenues and ancillary spend, which points directly to successful on-property customer engagement. The comparable hotel EBITDA margin for the year-to-date 2025 period stood at 29.2%, showing operational efficiency alongside service delivery.

Leveraging brand loyalty programs for repeat transient business

The transient segment is a major driver of revenue, and Host Hotels & Resorts, Inc. relies heavily on the strength of its operators' loyalty programs to secure repeat business. For the full year 2024, transient business accounted for approximately 60% of room sales. To put that into perspective within the broader industry context, loyalty members are known to book more than 59.2% of room nights at major hotel chains, and they contribute between 30% and 60% of room revenue. The strong performance in Q3 2025 saw transient revenue grow by 2%, driven by double-digit growth at resorts, such as the 20% RevPAR growth seen in Maui.

Here's a quick look at the business mix that relies on these loyalty relationships:

Direct sales teams for securing large group and convention bookings

For the significant group segment, Host Hotels & Resorts, Inc. utilizes dedicated direct sales teams to secure large, high-value bookings. While group room revenue faced headwinds in Q3 2025, down about 5% year over year due to planned renovations and calendar shifts, the forward-looking pace remains important. As of the third quarter of 2025, definite group room nights on the books for the full year totaled 4 million. The full-year 2025 total group revenue pace is up 1.2% compared to the same period in 2024, showing the success of securing future commitments.

• Group banquet and catering business led Q1 2025 Total RevPAR improvements.
• Group room revenue in San Francisco was up 14% in Q3 2025, driven by association group room nights.
• The total group revenue pace for Q4 2025 is strong, driven by rate and banquet strength at resorts.

Long-term, defintely stable relationships with institutional investors

The relationship with institutional investors is characterized by stability, transparency, and a focus on long-term risk-adjusted returns, as Host Hotels & Resorts, Inc. is the largest lodging REIT in the world. This stability is underscored by its investment-grade credit ratings: S&P BBB-, Moody's Baa2, and Fitch BBB. Host Hotels & Resorts, Inc. actively manages its capital structure to maintain this stability, evidenced by its November 2025 pricing of $400 Million of 4.250% Senior Notes Due 2028. The ownership structure itself is highly concentrated in institutional hands, with outside partners holding only approximately 1% of the partnership interests in Host Hotels & L.P. as of June 30, 2025. The company maintains a strong balance sheet with total assets of $13.0 billion and total available liquidity of approximately $2.2 billion as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Channels

You're looking at how Host Hotels & Resorts, Inc. (HST) gets its rooms booked across its portfolio of 79 luxury and upper upscale hotels as of late 2025. The distribution strategy is a mix of leveraging major brand power and driving direct bookings.

The transient segment, which includes individual leisure and business travelers, was a significant driver, accounting for approximately 60% of full-year 2024 room sales. For the third quarter of 2025, overall transient revenue increased by approximately 2% compared to the third quarter of 2024. However, business transient revenue specifically saw a 2% decrease in the third quarter of 2025, largely due to a reduction in government room nights.

The group business, which covers large-scale bookings for conventions and events, showed some headwinds in Q3 2025. Group room revenue decreased by approximately 5% year-over-year for the third quarter of 2025, driven by factors like planned renovation disruption and a holiday calendar shift. Still, looking forward, Host Hotels & Resorts, Inc. had 4 million definite group room nights on the books for the full year 2025, and the total group revenue pace for full year 2025 was up 1.2% compared to 2024.

For context on direct channels, industry data suggests a strong push: 37 percent of U.S. travelers planned to book their 2025 stays directly, with 23.5 percent intending to use a hotel's website.

Here is a breakdown of the channel focus areas:

• Major global brand reservation systems (e.g., Marriott, Hyatt)
• Direct hotel websites and mobile applications
• Group and convention sales channels for large-scale bookings
• Online Travel Agencies (OTAs) for transient demand
• Corporate travel managers and consortia networks

The performance across segments in Q3 2025 highlights the channel dynamics:

The reliance on brand systems is inherent given Host Hotels & Resorts, Inc.'s portfolio affiliation with major global brands. The company also benefits from its scale, which helps in negotiating terms with third-party channels like OTAs.

The direct channel usage, which includes both website and phone/email, is a key focus area for margin improvement, mirroring the general U.S. traveler preference where 13 percent planned to book by phone or email for 2025 stays.

Corporate travel managers and consortia networks are critical for securing the group business mentioned above, which for Q3 2025 saw a year-over-year decrease in revenue but remains a core component of future pacing.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Host Hotels & Resorts, Inc. (HST) as we move through late 2025. The business model relies on a well-established mix, though recent operational data shows the transient side is currently providing the strongest lift.

The overall historical room sales composition, based on Host Hotels & Resorts, Inc.'s full year 2024 figures, sets the stage for the current strategy:

• Transient Travelers: Leisure and business guests, accounting for approximately 60% of room sales.
• Group Business: Conventions, corporate meetings, and social events, approximately 36% of room sales.
• Contract Business: Long-term stays and negotiated rates, approximately 4% of room sales.

This mix is being actively shaped by current demand dynamics. For instance, in the second quarter of 2025, room nights for the transient business saw a year-over-year increase of 6.8%, and contract room nights jumped by 21.7% year-over-year. The group business, however, experienced a decline of 4.9% from the prior-year period in that same quarter.

To be fair, the third quarter of 2025 showed a slight shift in the revenue story. Transient revenue grew by 2%, which was heavily supported by double-digit growth at resorts within the portfolio. Still, group room revenue was down about 5% year-over-year in Q3 2025, partly due to planned renovation disruption and a calendar shift. On a forward-looking basis, full-year 2025 total group revenue pace is up 1.2% compared to the same period in 2024, and definite group room nights on the books reached 4 million for 2025.

The structure of Host Hotels & Resorts, Inc.'s portfolio-focused on luxury and upper-upscale properties-positions it to capitalize on the ongoing bifurcation of travel demand. This trend means the high-end consumer segment is showing resilience and driving outperformance for properties like those Host owns. You can see how the key segments stack up against each other based on the most recent full-year historical data and the operational changes seen in 2025:

The performance in specific markets highlights where the high-end consumer is spending. In Maui, for example, leisure transient demand recovery was strong, with Host's hotels there seeing 20% RevPAR growth and 19% TRevPAR growth in the third quarter of 2025. This is exactly where the high-end consumer segment is benefiting from travel demand bifurcation, favoring luxury and upper-upscale experiences.

The company's focus on this higher-end customer base is a key strategic advantage, as management believes this bifurcation will lead to continued outperformance for their properties.

• High-end consumer segment benefiting from travel demand bifurcation.
• Resort properties saw double-digit growth in transient revenue.
• Comparable hotel RevPAR for Q3 2025 increased by 0.2%, driven by transient leisure demand.
• Year-to-date comparable hotel RevPAR for 2025 was $229.95, up 3.5%.

Finance: draft 13-week cash view by Friday.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Cost Structure

You're looking at the major drains on Host Hotels & Resorts, Inc.'s (HST) cash flow, which is the core of understanding their Cost Structure block in the Business Model Canvas. Honestly, operating a portfolio of upper-upscale and luxury hotels means costs are inherently high, especially with labor pressures right now.

High operating costs are definitely being driven by increased wages and benefits. For the third quarter of 2025, the comparable hotel EBITDA margin dipped to 23.9%, a 50 basis point decrease from the prior year, directly attributed to these elevated wage rates. Looking at the full year 2025 forecast, management expects overall wage and benefits expenses to increase over 6% year-over-year, which is a huge chunk, making up approximately 57% of total hotel operating expenses.

Then there's the capital intensity of owning premium real estate. Host Hotels & Resorts, Inc. has significant capital expenditures for property renovations and maintenance to keep that luxury standard. From the start of the year through September 30, 2025, capital expenditure aggregated $454 million. For the full year 2025, the guidance for total capital expenditure is set between $605 million to $640 million.

Property-level expenses, outside of direct labor, are also substantial, including real estate taxes and insurance costs. For instance, in Q3 2025, there was a $24 million decrease in net gains on insurance settlements compared to Q3 2024. You collected $5 million in business interruption proceeds for Hurricanes Helene and Milton in Q3 2025, bringing the year-to-date total to $24 million.

Financing costs are a fixed, non-negotiable part of the structure. As of the first quarter of 2025, the total debt balance stood at $5.1 billion. That debt carried a weighted average interest rate of 4.7% at that time, and the increase in interest expense was a factor affecting the GAAP net income in Q1 2025.

Here's a quick look at some of those key cost and margin figures as of the latest reporting periods:

The breakdown of capital spending year-to-date through September 30, 2025, shows where that $454 million was allocated:

• Total return on investment project spend: $184 million
• Renewal and replacement expenditure: $200 million
• Renewal and replacement property damage reconstruction: $70 million

Furthermore, you have the long-term reinvestment commitment, which is a future cost driver. Host Hotels & Resorts, Inc. agreed with Marriott International on a second transformational capital program expected to cost between $300 million and $350 million over the next four years, through 2029.

To be fair, the year-to-date operational efficiency was better than Q3 alone suggests; the comparable hotel EBITDA margin year-to-date through Q3 2025 was 29.2%. Finance: draft 13-week cash view by Friday.

Host Hotels & Resorts, Inc. (HST) - Canvas Business Model: Revenue Streams

You're looking at how Host Hotels & Resorts, Inc. (HST) brings in the money, focusing on the numbers that defined their late 2025 performance. It's all about maximizing revenue from their high-end, luxury-weighted portfolio.

The primary driver remains room revenue from transient and group bookings, measured by RevPAR (Revenue Per Available Room). For the third quarter of 2025, comparable hotel RevPAR hit $208.07, marking a 0.2% increase compared to the third quarter of 2024,. Year-to-date through Q3 2025, comparable hotel RevPAR was $229.95, up 3.5%. Host Hotels & Resorts, Inc. updated its full-year 2025 comparable hotel RevPAR growth guidance to approximately 3% over 2024.

Ancillary revenue from food & beverage and other services, captured by TRevPAR (Total Revenue Per Available Room), shows the success of driving out-of-room spend. Comparable hotel Total RevPAR in Q3 2025 was $335.42, a 0.8% increase year-over-year,. The revised full-year 2025 comparable hotel Total RevPAR growth guidance was raised to approximately 3.4% over 2024.

Here's a quick look at how those key per-room metrics stacked up in Q3 2025:

The overall financial target for the year is reflected in the guidance for Adjusted EBITDAre (Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization, and Rents). Host Hotels & Resorts, Inc. raised its full-year 2025 Adjusted EBITDAre guidance to $1.730 billion,. This represented a $110 million increase from the initial full-year guidance laid out in February 2025,.

Revenue is also supplemented by capital events, specifically gains on asset sales. Host Hotels & Resorts, Inc. sold the Washington Marriott at Metro Center in the third quarter of 2025 for $177 million, recording a gain on sale of approximately $122 million in that same quarter,.

Another non-recurring but significant revenue source involves business interruption insurance proceeds for property damage recovery. For the full year 2025, the guidance includes $24 million in business interruption proceeds received for damages from Hurricanes Helene and Milton,. The company noted receiving $5 million in July 2025 related to these hurricane damages.

You can see the impact of these various streams on the year-to-date performance:

• Year-to-date Adjusted EBITDAre through Q3 2025 was $1,329 million, exceeding 2024 by 2.2%.
• The Q3 2025 Adjusted EBITDAre was $319 million,.
• The Q3 2025 GAAP net income was $163 million, a 94.0% increase compared to Q3 2024, heavily benefitting from the asset sale gain.
• The company's 2025 full-year guidance also includes an estimated $25 million contribution from sales at the Four Seasons Resort Orlando at Walt Disney Resort condominium development, though some villa closings are now expected in 2026,.