Host Hotels & Resorts (HST) Tops Q3 FFO by 2c

Host Hotels & Resorts (NYSE: HST) reported Q3 FFO of $0.34, $0.02 better than the analyst estimate of $0.32. Revenue for the quarter came in at $1.29 billion versus the consensus estimate of $1.29 billion.

Comparable RevPAR on a constant dollar basis improved 2.8% for the quarter, driven by a 2.3% increase in average room rate and a 30 basis point increase in occupancy to 80.3%. Year-to-date, the Company’s comparable RevPAR on a constant dollar basis increased 3.9%, reflecting rate growth of 3.8%, while occupancy improved to 78.6%. The RevPAR growth was negatively impacted by approximately 20 basis points in both the quarter and year-to-date due to the previously disclosed adoption of the 11th Edition of the Uniform System of Accounts for the Lodging Industry (“USALI”). The Company anticipated the third quarter’s RevPAR growth would lag full year results due to difficult comparisons to prior year when Comparable RevPAR increased 7.9%, as well as the shifting of holidays in the third quarter 2015. Additionally, softer than expected leisure business and international travel in August offset above forecast performance in July and September.

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

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• HSBC Downgrades China Power International (2380:HK) (CPWIF) to Hold
• Sky Harbour adds $10M via share sale to M-Cor Capital