Q3 2024 Host Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Host Hotels & Resorts Inc (HST) delivered adjusted EBITDAre of $324 million and adjusted FFO per share of $0.36, showing resilience despite challenges.
- The company reported a year-over-year comparable hotel total RevPAR improvement of 3.1%, highlighting strong out-of-room revenue.
- Thanksgiving and festive revenue pace for the three Maui resorts is up over 35% and 65%, respectively, indicating a positive recovery trend.
- Host Hotels & Resorts Inc (HST) repurchased 3.5 million shares of stock, demonstrating a commitment to returning capital to shareholders.
- The Ritz-Carlton, Naples showed minimal water intrusion during hurricanes due to prior resilience investments, underscoring effective risk management.
- Hurricanes Helene and Milton caused significant disruptions, with The Don CeSar remaining closed and impacting full-year guidance.
- Maui wildfires resulted in a 190 basis point drag on third-quarter RevPAR, with group bookings expected to take longer to recover.
- Comparable hotel EBITDA margin declined by 130 basis points due to increased wages and benefits, and impacts from Maui and hurricanes.
- The company revised its 2024 full-year adjusted EBITDAre guidance down by approximately 1% due to hurricane impacts.
- Business transient demand was down 2% in the third quarter, driven by fewer government room nights, indicating challenges in this segment.
Good morning, and welcome to the Host Hotels & Resorts third-quarter 2024 earnings conference call. Today's conference is being recorded.
At this time, I would like to turn the call over to Jamie Marcus, Senior Vice President of Investor Relations.
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Thank you, and good morning, everyone. Before we begin, please note that many of the comments made today are considered to be forward-looking statements under federal securities law. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and we are not obligated to publicly update or revise these forward-looking statements.
In addition, on today's call we will discuss certain non-GAAP financial information, such as FFO, adjusted EBITDAre and comparable hotel level results. You can find this information together with reconciliations to the most directly comparable GAAP
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