Host Hotels & Resorts (NASDAQ: HST) reported Q1 EPS of ($0.22), $0.18 better than the analyst estimate of ($0.40). Revenue for the quarter came in at $399 million versus the consensus estimate of $333.5 million.

James F. Risoleo, President and Chief Executive Officer, said, “We significantly exceeded our expectations in the first quarter, and returned to profitability at the hotel level for the first time since the onset of the pandemic. As a result, for the quarter, while we recorded a GAAP net loss, we delivered positive Adjusted EBITDAre. As vaccine deployment accelerated and lockdowns eased across the nation, our portfolio continued to gather revenue momentum through February and inflected sharply upward in March, with Spring break travel driving high-rated leisure demand to our luxury resorts in the Sunbelt and other key leisure destinations.”

Risoleo continued, “With the lodging recovery underway, we are pleased to have completed the acquisitions of the Hyatt Regency Austin and Four Seasons Resort Orlando at Walt Disney World® Resort for a total of $771 million. These high-quality properties, located in attractive growth markets with strong demand drivers, are expected to benefit from robust recovery trajectories and are already performing better than we anticipated. In addition to executing meaningful acquisitions this year, we continue to work on redefining our hotel operating model with our managers and positioning our properties to gain market share, key strategic objectives that we believe will accelerate our recovery and strengthen our ability to deliver long-term growth for our stockholders. Overall, we are pleased to end the first quarter following the most challenging year in lodging history feeling optimistic about the recovery in travel and excited about our relative strength at the beginning of the new lodging cycle.”

For earnings history and earnings-related data on Host Hotels & Resorts (HST) click here.