Host Hotels & Resorts, Inc., the largest lodging REIT in the US, reported mixed financial results for the first quarter of 2024, showcasing growth in key metrics amidst challenging comparisons. Total RevPAR for comparable hotels increased by 0.5%, fueled by robust group business and higher food and beverage revenues. However, RevPAR declined by 1.2% due to tough prior-year comparisons and impacts from Maui wildfires and unseasonable weather. Despite a 6.5% decline in net income, Adjusted EBITDAre surged by 8.8%, reflecting the company’s strategic capital allocation and strong performance at The Ritz-Carlton, Naples. Host also acquired two hotels in Nashville, underscoring its commitment to portfolio quality and presence in top performing markets. With a strong balance sheet and positive outlook, Host Hotels remains well-positioned for continued growth in 2024.
