Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | HST | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-14625 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 53-0085950 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 711,240,767 | |
HOST HOTELS & RESORTS L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-25087 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2095412 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Property and equipment, net | $ 9,720 | $ 9,748 | |
Right-of-use assets | 557 | 556 | |
Due from managers | 144 | 94 | |
Advances to and investments in affiliates | 150 | 132 | |
Cash included in furniture, fixtures and equipment replacement fund | 203 | 200 | |
Notes receivable | 485 | 413 | |
Other | 403 | 459 | |
Cash and cash equivalents | 563 | 667 | |
Total assets | 12,225 | 12,269 | |
Debt | |||
Senior notes | 3,116 | 3,115 | |
Credit facility, including the term loans of $997 and $998, respectively | 986 | 994 | |
Mortgage and other debt | 106 | 106 | |
Total debt | 4,208 | 4,215 | |
Lease liabilities | 570 | 568 | |
Accounts payable and accrued expenses | 219 | 372 | |
Due to managers | 30 | 67 | |
Other | 168 | 168 | |
Total liabilities | 5,195 | 5,390 | |
Partnership interests | 167 | 164 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 711.2 million shares and 713.4 million shares issued and outstanding, respectively | 7 | 7 | |
Additional paid-in capital | 7,663 | 7,717 | |
Accumulated other comprehensive loss | (73) | (75) | |
Deficit | (739) | (939) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,858 | 6,710 | |
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 5 | |
Total equity | 6,863 | 6,715 | |
Total liabilities, non-controlling interests and equity | 12,225 | 12,269 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (73) | (75) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,863 | 6,715 | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 9,720 | 9,748 | |
Right-of-use assets | 557 | 556 | |
Due from managers | 144 | 94 | |
Advances to and investments in affiliates | 150 | 132 | |
Cash included in furniture, fixtures and equipment replacement fund | 203 | 200 | |
Notes receivable | 485 | 413 | |
Other | 403 | 459 | |
Cash and cash equivalents | 563 | 667 | |
Total assets | 12,225 | 12,269 | |
Debt | |||
Senior notes | 3,116 | 3,115 | |
Credit facility, including the term loans of $997 and $998, respectively | 986 | 994 | |
Mortgage and other debt | 106 | 106 | |
Total debt | 4,208 | 4,215 | |
Lease liabilities | 570 | 568 | |
Accounts payable and accrued expenses | 219 | 372 | |
Due to managers | 30 | 67 | |
Other | 168 | 168 | |
Total liabilities | 5,195 | 5,390 | |
Partnership interests | [1] | 167 | 164 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (73) | (75) | |
Total equity | 12,225 | 12,269 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 6,930 | 6,784 | |
Accumulated other comprehensive loss | (73) | (75) | |
Total Host Hotels & Resorts, L.P. capital | 6,858 | 6,710 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 12,225 | 12,269 | |
Non-controlling interests—consolidated partnerships | 5 | 5 | |
Total capital | $ 6,863 | $ 6,715 | |
[1] The book value recorded is equal to the greater of redemption value or historical cost. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Credit facility | $ 986 | $ 994 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,050 | 1,050 |
Common stock, shares issued | 711.2 | 713.4 |
Common stock, shares outstanding | 711.2 | 713.4 |
Term Loan | ||
Credit facility | $ 997 | $ 998 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
REVENUES | ||
Revenues | $ 1,381 | $ 1,074 |
EXPENSES | ||
Other property-level expenses | 91 | 84 |
Depreciation and amortization | 169 | 172 |
Corporate and other expenses | 31 | 23 |
Total operating costs and expenses | 1,133 | 952 |
OPERATING PROFIT | 248 | 122 |
Interest income | 14 | 1 |
Interest expense | (49) | (36) |
Other gains | 69 | 13 |
Equity in earnings of affiliates | 7 | 2 |
INCOME BEFORE INCOME TAXES | 289 | 102 |
Benefit for income taxes | 2 | 16 |
NET INCOME | 291 | 118 |
Less: Net income attributable to non-controlling interests | (4) | (2) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 287 | $ 116 |
Basic earnings per common share | $ 0.40 | $ 0.16 |
Diluted earnings per common share | $ 0.40 | $ 0.16 |
HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | $ 1,381 | $ 1,074 |
EXPENSES | ||
Other property-level expenses | 91 | 84 |
Depreciation and amortization | 169 | 172 |
Corporate and other expenses | 31 | 23 |
Total operating costs and expenses | 1,133 | 952 |
OPERATING PROFIT | 248 | 122 |
Interest income | 14 | 1 |
Interest expense | (49) | (36) |
Other gains | 69 | 13 |
Equity in earnings of affiliates | 7 | 2 |
INCOME BEFORE INCOME TAXES | 289 | 102 |
Benefit for income taxes | 2 | 16 |
NET INCOME | 291 | 118 |
Less: Net income attributable to non-controlling interests | 0 | (1) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 291 | $ 117 |
Basic earnings per common share | $ 0.41 | $ 0.17 |
Diluted earnings per common share | $ 0.41 | $ 0.17 |
Rooms | ||
REVENUES | ||
Revenues | $ 820 | $ 655 |
EXPENSES | ||
Expenses | 193 | 160 |
Rooms | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 820 | 655 |
EXPENSES | ||
Expenses | 193 | 160 |
Food and Beverage | ||
REVENUES | ||
Revenues | 431 | 297 |
EXPENSES | ||
Expenses | 269 | 200 |
Food and Beverage | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 431 | 297 |
EXPENSES | ||
Expenses | 269 | 200 |
Other | ||
REVENUES | ||
Revenues | 130 | 122 |
EXPENSES | ||
Expenses | 315 | 273 |
Other | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 130 | 122 |
EXPENSES | ||
Expenses | 315 | 273 |
Management fees | ||
EXPENSES | ||
Expenses | 65 | 40 |
Management fees | HOST HOTELS & RESORTS L.P. | ||
EXPENSES | ||
Expenses | $ 65 | $ 40 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
NET INCOME | $ 291 | $ 118 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | 2 | 7 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 2 | 7 |
COMPREHENSIVE INCOME | 293 | 125 |
Less: Comprehensive income attributable to non-controlling interests | (4) | (2) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | 289 | 123 |
HOST HOTELS & RESORTS L.P. | ||
NET INCOME | 291 | 118 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | 2 | 7 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 2 | 7 |
COMPREHENSIVE INCOME | 293 | 125 |
Less: Comprehensive income attributable to non-controlling interests | 0 | (1) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 293 | $ 124 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 291 | $ 118 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 169 | 172 |
Amortization of finance costs, discounts and premiums, net | 2 | 3 |
Loss on extinguishment of debt | 4 | 0 |
Stock compensation expense | 7 | 5 |
Other gains | (69) | (13) |
Equity in earnings of affiliates | (7) | (2) |
Change in due from/to managers | (88) | (5) |
Distributions from investments in affiliates | 7 | 2 |
Property insurance proceeds - remediation costs | 31 | 0 |
Changes in other assets | 3 | (5) |
Changes in other liabilities | (42) | (14) |
Net cash provided by operating activities | 308 | 261 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 35 | 74 |
Advances to and investments in affiliates | (18) | (44) |
Capital expenditures: | ||
Renewals and replacements | (95) | (39) |
Return on investment | (51) | (83) |
Property insurance proceeds | 24 | 0 |
Net cash used in investing activities | (105) | (92) |
FINANCING ACTIVITIES | ||
Financing costs | (10) | 0 |
Repayment of credit facility | 0 | (683) |
Debt extinguishment costs | (3) | 0 |
Common stock repurchase | (50) | 0 |
Dividends on common stock | (228) | 0 |
Distributions and payments to non-controlling interests | (3) | 0 |
Other financing activities | (14) | (10) |
Net cash used in financing activities | 308 | 693 |
Effects of exchange rate changes on cash held | 1 | 1 |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (104) | (523) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 874 | 953 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 770 | 430 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 563 | 266 |
Restricted cash (included in other assets) | 4 | 1 |
Cash included in furniture, fixtures and equipment replacement fund | 203 | 163 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 770 | 430 |
Total interest paid | 40 | 28 |
Income tax refunds received | (1) | (8) |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
Net income | 291 | 118 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 169 | 172 |
Amortization of finance costs, discounts and premiums, net | 2 | 3 |
Loss on extinguishment of debt | 4 | 0 |
Stock compensation expense | 7 | 5 |
Other gains | (69) | (13) |
Equity in earnings of affiliates | (7) | (2) |
Change in due from/to managers | (88) | (5) |
Distributions from investments in affiliates | 7 | 2 |
Property insurance proceeds - remediation costs | 31 | 0 |
Changes in other assets | 3 | (5) |
Changes in other liabilities | (42) | (14) |
Net cash provided by operating activities | 308 | 261 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 35 | 74 |
Advances to and investments in affiliates | (18) | (44) |
Capital expenditures: | ||
Renewals and replacements | (95) | (39) |
Return on investment | (51) | (83) |
Property insurance proceeds | 24 | 0 |
Net cash used in investing activities | (105) | (92) |
FINANCING ACTIVITIES | ||
Financing costs | (10) | 0 |
Repayment of credit facility | 0 | (683) |
Debt extinguishment costs | (3) | 0 |
Repurchase of common OP units | (50) | 0 |
Distributions on common OP units | (231) | 0 |
Other financing activities | (14) | (10) |
Net cash used in financing activities | (308) | (693) |
Effects of exchange rate changes on cash held | 1 | 1 |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (104) | (523) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 874 | 953 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 770 | 430 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 563 | 266 |
Restricted cash (included in other assets) | 4 | 1 |
Cash included in furniture, fixtures and equipment replacement fund | 203 | 163 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 770 | 430 |
Total interest paid | 40 | 28 |
Income tax refunds received | (1) | $ (8) |
Host Hotels Resorts Lp [Member] | Noble Investment Group LLC | ||
Noncash Investing And Financing Items [Abstract] | ||
Noncash financial or equity instrument consideration, shares issued | 3.2 | |
Joint venture investment, value of shares issued | $ 56 | |
Host Hotels Resorts Lp [Member] | HOST HOTELS & RESORTS L.P. | Noble Investment Group LLC | ||
Noncash Investing And Financing Items [Abstract] | ||
Noncash financial or equity instrument consideration, shares issued | 3.2 | |
Joint venture investment, value of shares issued | $ 56 | |
The Camby Autograph Collection [Member] | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | 72 | |
The Camby Autograph Collection [Member] | HOST HOTELS & RESORTS L.P. | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | $ 72 | |
Sheraton Boston Hotel [Member] | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | 163 | |
Sheraton Boston Hotel [Member] | HOST HOTELS & RESORTS L.P. | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | $ 163 |
Supplemental Schedule of Noncas
Supplemental Schedule of Noncash Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: In connection with the sales of The Camby, Autograph Collection in March 2023 and the Sheraton Boston Hotel in February 2022, we issued loans to the buyers for $ 72 million and $ 163 million, respectively. The proceeds received from the sales are net of the loans. On January 20, 2022, we entered into definitive agreements with Noble Investment Group, LLC, and certain other entities and persons related to Noble Investment Group, LLC, pursuant to which we made an investment in a joint venture with Noble Investment Group. In connection with the investment, Host Hotels & Resorts, L.P. issued approximately 3.2 million OP units valued at approximately $ 56 million. |
HOST HOTELS & RESORTS L.P. | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: In connection with the sales of The Camby, Autograph Collection in March 2023 and the Sheraton Boston Hotel in February 2022, we issued loans to the buyers for $ 72 million and $ 163 million, respectively. The proceeds received from the sales are net of the loans. On January 20, 2022, we entered into definitive agreements with Noble Investment Group, LLC, and certain other entities and persons related to Noble Investment Group, LLC, pursuant to which we made an investment in a joint venture with Noble Investment Group. In connection with the investment, Host Hotels & Resorts, L.P. issued approximately 3.2 million OP units valued at approximately $ 56 million. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”), with its operations conducted solely through Host Hotels & Resorts, L.P. and its subsidiaries. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to these unaudited condensed consolidated financial statements, we use the terms “we” or “our” to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term “Host Inc.” specifically to refer to Host Hotels & Resorts, Inc., and the term “Host L.P.” specifically to refer to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. As of March 31, 2023, Host Inc. holds approximately 99 % of Host L.P.’s partnership interests. Consolidated Portfolio As of March 31, 2023, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 72 Brazil 3 Canada 2 Total 77 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10–K for the year ended December 31, 2022. The preparation of financial statements in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2023, and the results of our operations and cash flows for the quarter ended March 31, 2023 and 2022, respectively. Interim results are not necessarily indicative of full year performance because of the effect of seasonal variations. Four of the partnerships in which we own an interest are considered variable interest entities (VIEs), as the general partner of these partnerships maintains control over the decisions that most significantly impact such partnerships. These VIEs include the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the sole general partner and holds approximately 99 % of the limited partner interests; the consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental; and two unconsolidated partnerships that own hotel properties, of which we hold limited partner interests ranging from 11 % - 19 %. Host Inc.’s sole significant asset is its investment in Host L.P. and, consequently, substantially all of Host Inc.’s assets and liabilities consists of the assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P. and may be settled only with assets of Host L.P. |
Earnings Per Common Share (Unit
Earnings Per Common Share (Unit) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share (Unit) | 3. Earnings Per Common Share (Unit) Basic earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders) by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding. Diluted earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders), as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans or the Host L.P. common units distributed to Host Inc. to support such granted shares, and other non-controlling interests that have the option to convert their limited partner interests to Host L.P. common units. No effect is shown for any securities that are anti-dilutive. We have 9.9 million Host L.P. common units, which are convertible into 10.1 million Host Inc. common shares, that are not included in Host Inc.’s calculation of earnings (loss) per share as their effect is not dilutive. The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Quarter ended March 31, 2023 2022 Net income $ 291 $ 118 Less: Net income attributable to non-controlling interests ( 4 ) ( 2 ) Net income attributable to Host Inc. $ 287 $ 116 Basic weighted average shares outstanding 713.4 714.3 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.5 1.8 Diluted weighted average shares outstanding 714.9 716.1 Basic earnings per common share $ 0.40 $ 0.16 Diluted earnings per common share $ 0.40 $ 0.16 The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2023 2022 Net income $ 291 $ 118 Less: Net income attributable to non-controlling interests — ( 1 ) Net income attributable to Host L.P. $ 291 $ 117 Basic weighted average units outstanding 708.3 708.9 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 1.5 1.7 Diluted weighted average units outstanding 709.8 710.6 Basic earnings per common unit $ 0.41 $ 0.17 Diluted earnings per common unit $ 0.41 $ 0.17 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 4. Revenue Substantially all our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenue at quarter end. We collect sales, use, occupancy and similar taxes from our customers, which we present on a net basis (excluded from revenues) on our statements of operations. Disaggregation of Revenues. While we do not consider the following disclosure of hotel revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 10 – Geographic Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended March 31, Location 2023 2022 Orlando $ 141 $ 108 Phoenix 129 111 Maui/Oahu 126 116 San Diego 125 87 San Francisco/San Jose 100 52 Florida Gulf Coast 96 131 Miami 83 83 Washington, D.C. (Central Business District) 76 38 New York 70 50 Houston 37 26 San Antonio 36 27 Los Angeles/Orange County 34 25 Jacksonville 31 29 Boston 29 18 New Orleans 29 20 Austin 25 20 Chicago 19 14 Northern Virginia 19 12 Seattle 18 10 Atlanta 18 13 Philadelphia 17 13 Denver 14 12 Other 90 51 Domestic 1,362 1,066 International 19 8 Total $ 1,381 $ 1,074 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following (in millions): March 31, 2023 December 31, 2022 Land and land improvements $ 2,011 $ 2,020 Buildings and leasehold improvements 13,797 13,849 Furniture and equipment 2,217 2,249 Construction in progress 388 313 18,413 18,431 Less accumulated depreciation and amortization ( 8,693 ) ( 8,683 ) $ 9,720 $ 9,748 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Credit Facility. As of March 31, 2023 , we have $ 1.5 billion of available capacity under the revolver portion of our credit facility. During the first quarter, we entered into the sixth amended and restated senior revolving credit and term loan facility, with Bank of America, N.A., as administrative agent, Wells Fargo Bank, N.A. and JPMorgan Chase Bank, N.A. as co-syndication agents, and certain other agents and lenders. The credit facility allows for revolving borrowings in an aggregate principal amount of up to $ 1.5 billion. The credit facility also provides for a term loan facility of $ 1 billion (which is fully utilized), a subfacility of up to $ 100 million for swingline borrowings in currencies other than U.S. dollars and a subfacility of up to $ 100 million for issuances of letters of credit. Host L.P. also has the option to add in the future $ 500 million of commitments which may be used for additional revolving credit facility borrowings and/or term loans, subject to obtaining additional loan commitments (which we have not currently obtained) and the satisfaction of certain conditions. The revolving credit facility has an initial scheduled maturity date of January 4, 2027 , which date may be extended by up to a year by the exercise of either a 1-year extension option or two 6-month extension options , each of which is subject to certain conditions, including the payment of an extension fee and the accuracy of representations and warranties. One $ 500 million term loan tranche has an initial maturity date of January 4, 2027 , which date may be extended up to a year by the exercise of one 1-year extension option , which is subject to certain conditions, including the payment of an extension fee; and the second $ 500 million term loan tranche has a maturity date of January 4, 2028 , which date may not be extended. The amendment also converted the underlying reference rate from LIBOR to SOFR plus a credit spread adjustment of 10 basis points. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 7. Equity of Host Inc. and Capital of Host L.P. Equity of Host Inc. The components of the equity of Host Inc. are as follows (in millions): Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2022 $ 7 $ 7,717 $ ( 75 ) $ ( 939 ) $ 5 $ 6,715 $ 164 Net income — — — 287 — 287 4 Issuance of common stock for comprehensive stock plans, net — ( 4 ) — — — ( 4 ) — Repurchase of common — ( 50 ) — — — ( 50 ) — Dividends declared on common stock — — — ( 87 ) — ( 87 ) — Distributions to non-controlling interests — — — — — — ( 1 ) Other comprehensive income — — 2 — — 2 — Balance, March 31, 2023 $ 7 $ 7,663 $ ( 73 ) $ ( 739 ) $ 5 $ 6,863 $ 167 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2021 $ 7 $ 7,702 $ ( 76 ) $ ( 1,192 ) $ 5 $ 6,446 $ 126 Net income — — — 116 1 117 1 Issuance of common stock for comprehensive stock plans, net — ( 9 ) — — — ( 9 ) — Dividends declared on common stock — — — ( 22 ) — ( 22 ) — Issuance of common OP units — — — — — — 56 Changes in ownership and other — ( 13 ) — — ( 1 ) ( 14 ) 20 Other comprehensive income — — 7 — — 7 — Balance, March 31, 2022 $ 7 $ 7,680 $ ( 69 ) $ ( 1,098 ) $ 5 $ 6,525 $ 203 Capital of Host L.P. As of March 31, 2023, Host Inc. is the owner of approximately 99 % of Host L.P.’s common OP units. The remaining common OP units are owned by unaffiliated limited partners. Each common OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each common OP unit. In exchange for any shares issued by Host Inc., Host L.P. will issue common OP units to Host Inc. based on the applicable conversion ratio. Additionally, funds used by Host Inc. to pay dividends on its common stock are provided by distributions from Host L.P. The components of the Capital of Host L.P. are as follows (in millions): General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2022 $ 1 $ 6,784 $ ( 75 ) $ 5 $ 6,715 $ 164 Net income — 287 — — 287 4 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — ( 4 ) — — ( 4 ) — Repurchase of common OP units — ( 50 ) — — ( 50 ) — Distributions declared on common OP units — ( 87 ) — — ( 87 ) ( 1 ) Other comprehensive income — — 2 — 2 — Balance, March 31, 2023 $ 1 $ 6,930 $ ( 73 ) $ 5 $ 6,863 $ 167 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2021 $ 1 $ 6,516 $ ( 76 ) $ 5 $ 6,446 $ 126 Net income — 116 — 1 117 1 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — ( 9 ) — — ( 9 ) — Distributions declared on common OP units — ( 22 ) — — ( 22 ) — Issuance of common OP units — — — — — 56 Changes in ownership and other — ( 13 ) — ( 1 ) ( 14 ) 20 Other comprehensive income — — 7 — 7 — Balance, March 31, 2022 $ 1 $ 6,588 $ ( 69 ) $ 5 $ 6,525 $ 203 Share Repurchases During the first quarter of 2023, we repurchased 3.2 million shares at an average price of $ 15.65 per share, exclusive of commissions, through our common share repurchase program for a total of $ 50 million . As of March 31, 2023, there was $ 923 million available for repurchase under our common share repurchase program. Issuance of Common Stock As of March 31, 2023, there was $ 460 million of remaining capacity under the distribution agreement we entered into in 2021 with various investment banks to sell shares of Host Inc. common stock in "at-the-market" offerings. No shares were issued during the first quarter of 2023. Dividends/Distributions On February 15, 2023, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $ 0.12 per share on its common stock. The dividend was paid on April 17, 2023 to stockholders of record as of March 31, 2023. Accordingly, Host L.P. made a distribution of $ 0.12257928 per unit on its common OP units based on the current conversion ratio. |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2023 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | 8. Dispositions During the first quarter , we sold The Camby, Autograph Collection for $ 110 million, including a $ 72 million loan we provided to the buyer. We recorded a gain on sale of $ 69 million, which is included in other gains on the unaudited condensed consolidated statement of operations. The loan, which is included in notes receivable on our unaudited condensed consolidated balance sheet, has an initial interest rate equal to Term SOFR plus 425 basis points and an initial scheduled maturity date of June 10, 2025 , which date may be extended to March 10, 2026 . Up to an additional $ 12 million in funding is available to the buyer under the loan for property improvement plan financing not to exceed a 65 % loan to cost ratio. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements We did not elect the fair value measurement option for any of our financial assets or liabilities. The fair values of notes receivable, secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Our senior notes are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial assets and financial liabilities is shown below (in millions): March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Financial assets Notes receivable (Level 2) $ 485 $ 480 $ 413 $ 404 Financial liabilities Senior notes (Level 1) 3,116 2,806 3,115 2,768 Credit facility (Level 2) 986 1,000 994 1,000 Mortgage debt (Level 2) 101 92 102 95 |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Geographic Information | 10. Geographic Information We consider each one of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting and our other real estate investment activities (primarily our retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our consolidated foreign operations consist of hotels in two countries as of March 31, 2023. There were no intersegment sales during the periods presented. The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended March 31, March 31, December 31, 2023 2022 2023 2022 United States $ 1,362 $ 1,066 $ 9,650 $ 9,678 Brazil 6 4 34 33 Canada 13 4 36 37 Total $ 1,381 $ 1,074 $ 9,720 $ 9,748 |
Non-Controlling Interests
Non-Controlling Interests | 3 Months Ended |
Mar. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 11. Non-controlling Interests Host Inc.’s treatment of the non-controlling interests of Host L.P.: Host Inc. adjusts the amount of the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying amount based on accumulated historical cost or its redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the common unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. common stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. We have estimated that the redemption value of the common OP units is equivalent to the number of common shares issuable upon conversion of the common OP units held by third parties valued at the market price of Host Inc. common stock at the balance sheet date. One common OP unit may be exchanged for 1.021494 shares of Host Inc. common stock. Redeemable non-controlling interests of Host L.P. are classified in the mezzanine section of our balance sheets as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. The table below details the historical cost and redemption values for the non-controlling interests of Host L.P.: March 31, 2023 December 31, 2022 Common OP units outstanding (millions) 9.9 10.0 Market price per Host Inc. common share $ 16.49 $ 16.05 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 167 $ 164 Historical cost (millions) 99 97 Book value (millions) ⁽¹⁾ 167 164 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. Other Consolidated Partnerships. As of March 31, 2023 , we consolidate two majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party limited partner interests are included in non-redeemable non-controlling interests — other consolidated partnerships on the balance sheets and totaled $ 5 million as of both March 31, 2023 and December 31, 2022 . |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | 12. Contingencies While the majority of our hotels in Florida were affected by Hurricane Ian, which made landfall on September 28, 2022, the most significant damage sustained during the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. The Hyatt Regency Coconut Point is open to guests, and the final phase of reconstruction, the resort's waterpark, is scheduled to reopen mid-June 2023. As of March 31, 2023, The Ritz-Carlton, Naples remains closed, and the reopening of the guestrooms, suites and amenities, including the new tower expansion, is targeted for July 2023. We are still evaluating the complete property and business interruption impacts of the storm. However, our current estimate of the book value of the property and equipment written off and remediation costs is approximately $ 105 million, for which we have recorded a corresponding insurance receivable of $ 105 million. Provided planned reopening dates can be maintained, we believe our insurance coverage should be sufficient to cover substantially all of the property remediation and reconstruction costs and the near-term loss of business; however, there can be no assurances that this coverage will be sufficient to cover the entirety of the business interruption impact from the storm, especially if the hotel is unable to open as currently anticipated. As of March 31, 2023 , we have received $ 55 million of property insurance proceeds related to these claims, reducing the receivable to $ 50 million. Subsequent to quarter end, we received an additional $ 43 million of property insurance proceeds. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 13. Legal Proceedings We are involved in various legal proceedings in the ordinary course of business regarding the operation of our hotels and Company matters. To the extent not covered by insurance, these legal proceedings generally fall into the following broad categories: disputes involving hotel-level contracts, employment litigation, compliance with laws such as the Americans with Disabilities Act, tax disputes and other general matters. Under our management agreements, our operators have broad latitude to resolve individual hotel-level claims for amounts generally less than $ 150,000 . However, for matters exceeding such threshold, our operators may not settle claims without our consent. Based on our analysis of legal proceedings with which we are involved or of which we currently are aware and our experience in resolving similar claims in the past, we have recorded immaterial accruals as of March 31, 2023 related to such claims. We have estimated that, in the aggregate, our losses related to these proceedings will not be material. We are not aware of any matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings. |
Organization (Tables)
Organization (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Portfolio of Hotels by Location | As of March 31, 2023, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 72 Brazil 3 Canada 2 Total 77 |
Earnings Per Common Share (Un_2
Earnings Per Common Share (Unit) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Quarter ended March 31, 2023 2022 Net income $ 291 $ 118 Less: Net income attributable to non-controlling interests ( 4 ) ( 2 ) Net income attributable to Host Inc. $ 287 $ 116 Basic weighted average shares outstanding 713.4 714.3 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.5 1.8 Diluted weighted average shares outstanding 714.9 716.1 Basic earnings per common share $ 0.40 $ 0.16 Diluted earnings per common share $ 0.40 $ 0.16 |
HOST HOTELS & RESORTS L.P. | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2023 2022 Net income $ 291 $ 118 Less: Net income attributable to non-controlling interests — ( 1 ) Net income attributable to Host L.P. $ 291 $ 117 Basic weighted average units outstanding 708.3 708.9 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 1.5 1.7 Diluted weighted average units outstanding 709.8 710.6 Basic earnings per common unit $ 0.41 $ 0.17 Diluted earnings per common unit $ 0.41 $ 0.17 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregated Hotel Revenues by Market Location | The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended March 31, Location 2023 2022 Orlando $ 141 $ 108 Phoenix 129 111 Maui/Oahu 126 116 San Diego 125 87 San Francisco/San Jose 100 52 Florida Gulf Coast 96 131 Miami 83 83 Washington, D.C. (Central Business District) 76 38 New York 70 50 Houston 37 26 San Antonio 36 27 Los Angeles/Orange County 34 25 Jacksonville 31 29 Boston 29 18 New Orleans 29 20 Austin 25 20 Chicago 19 14 Northern Virginia 19 12 Seattle 18 10 Atlanta 18 13 Philadelphia 17 13 Denver 14 12 Other 90 51 Domestic 1,362 1,066 International 19 8 Total $ 1,381 $ 1,074 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): March 31, 2023 December 31, 2022 Land and land improvements $ 2,011 $ 2,020 Buildings and leasehold improvements 13,797 13,849 Furniture and equipment 2,217 2,249 Construction in progress 388 313 18,413 18,431 Less accumulated depreciation and amortization ( 8,693 ) ( 8,683 ) $ 9,720 $ 9,748 |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Components of Equity | The components of the equity of Host Inc. are as follows (in millions): Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2022 $ 7 $ 7,717 $ ( 75 ) $ ( 939 ) $ 5 $ 6,715 $ 164 Net income — — — 287 — 287 4 Issuance of common stock for comprehensive stock plans, net — ( 4 ) — — — ( 4 ) — Repurchase of common — ( 50 ) — — — ( 50 ) — Dividends declared on common stock — — — ( 87 ) — ( 87 ) — Distributions to non-controlling interests — — — — — — ( 1 ) Other comprehensive income — — 2 — — 2 — Balance, March 31, 2023 $ 7 $ 7,663 $ ( 73 ) $ ( 739 ) $ 5 $ 6,863 $ 167 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2021 $ 7 $ 7,702 $ ( 76 ) $ ( 1,192 ) $ 5 $ 6,446 $ 126 Net income — — — 116 1 117 1 Issuance of common stock for comprehensive stock plans, net — ( 9 ) — — — ( 9 ) — Dividends declared on common stock — — — ( 22 ) — ( 22 ) — Issuance of common OP units — — — — — — 56 Changes in ownership and other — ( 13 ) — — ( 1 ) ( 14 ) 20 Other comprehensive income — — 7 — — 7 — Balance, March 31, 2022 $ 7 $ 7,680 $ ( 69 ) $ ( 1,098 ) $ 5 $ 6,525 $ 203 |
Components of Capital | The components of the Capital of Host L.P. are as follows (in millions): General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2022 $ 1 $ 6,784 $ ( 75 ) $ 5 $ 6,715 $ 164 Net income — 287 — — 287 4 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — ( 4 ) — — ( 4 ) — Repurchase of common OP units — ( 50 ) — — ( 50 ) — Distributions declared on common OP units — ( 87 ) — — ( 87 ) ( 1 ) Other comprehensive income — — 2 — 2 — Balance, March 31, 2023 $ 1 $ 6,930 $ ( 73 ) $ 5 $ 6,863 $ 167 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2021 $ 1 $ 6,516 $ ( 76 ) $ 5 $ 6,446 $ 126 Net income — 116 — 1 117 1 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — ( 9 ) — — ( 9 ) — Distributions declared on common OP units — ( 22 ) — — ( 22 ) — Issuance of common OP units — — — — — 56 Changes in ownership and other — ( 13 ) — ( 1 ) ( 14 ) 20 Other comprehensive income — — 7 — 7 — Balance, March 31, 2022 $ 1 $ 6,588 $ ( 69 ) $ 5 $ 6,525 $ 203 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Certain Financial Assets and Financial Liabilities | The fair value of certain financial assets and financial liabilities is shown below (in millions): March 31, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Financial assets Notes receivable (Level 2) $ 485 $ 480 $ 413 $ 404 Financial liabilities Senior notes (Level 1) 3,116 2,806 3,115 2,768 Credit facility (Level 2) 986 1,000 994 1,000 Mortgage debt (Level 2) 101 92 102 95 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographical Area | The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended March 31, March 31, December 31, 2023 2022 2023 2022 United States $ 1,362 $ 1,066 $ 9,650 $ 9,678 Brazil 6 4 34 33 Canada 13 4 36 37 Total $ 1,381 $ 1,074 $ 9,720 $ 9,748 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Historical Cost and Redemption Values for the Non-Controlling Interests | The table below details the historical cost and redemption values for the non-controlling interests of Host L.P.: March 31, 2023 December 31, 2022 Common OP units outstanding (millions) 9.9 10.0 Market price per Host Inc. common share $ 16.49 $ 16.05 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 167 $ 164 Historical cost (millions) 99 97 Book value (millions) ⁽¹⁾ 167 164 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Mar. 31, 2023 |
Host L.P. | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Percentage of the common OP units | 99% |
Consolidated Portfolio of Hotel
Consolidated Portfolio of Hotels by Location (Detail) | Mar. 31, 2023 Hotel |
Real Estate Properties [Line Items] | |
Hotels | 77 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 72 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entity Not Primary Beneficiary Member | Maximum | |
Significant Accounting Policies [Line Items] | |
General partner and limited partner interest | 19% |
Variable Interest Entity Not Primary Beneficiary Member | Minimum | |
Significant Accounting Policies [Line Items] | |
General partner and limited partner interest | 11% |
Host L.P. | |
Significant Accounting Policies [Line Items] | |
Investment ownership percentage | 99% |
Earnings Per Common Share (Un_3
Earnings Per Common Share (Unit) - Additional Information (Detail) - HOST HOTELS & RESORTS, INC. shares in Millions | Mar. 31, 2023 shares |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
Common units outstanding | 9.9 |
Number of common shares that would be outstanding if OP units were converted | 10.1 |
Host Inc. Earnings (Loss) Per C
Host Inc. Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income | $ 291 | $ 118 |
Less: Net income attributable to non-controlling interests | (4) | (2) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 287 | $ 116 |
Basic weighted average shares outstanding | 713.4 | 714.3 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.5 | 1.8 |
Diluted weighted average shares outstanding | 714.9 | 716.1 |
Basic earnings per common share | $ 0.40 | $ 0.16 |
Diluted earnings per common share | $ 0.40 | $ 0.16 |
Host LP Earnings (Loss) Per Com
Host LP Earnings (Loss) Per Common Unit (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share Diluted [Line Items] | ||
Net income | $ 291 | $ 118 |
Less: Net income attributable to non-controlling interests | (4) | (2) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 287 | $ 116 |
Basic weighted average shares outstanding | 713.4 | 714.3 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.5 | 1.8 |
Diluted weighted average shares outstanding | 714.9 | 716.1 |
Basic earnings per common share | $ 0.40 | $ 0.16 |
Diluted earnings per common share | $ 0.40 | $ 0.16 |
HOST HOTELS & RESORTS L.P. | ||
Earnings Per Share Diluted [Line Items] | ||
Net income | $ 291 | $ 118 |
Less: Net income attributable to non-controlling interests | 0 | (1) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 291 | $ 117 |
Basic weighted average shares outstanding | 708.3 | 708.9 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.5 | 1.7 |
Diluted weighted average shares outstanding | 709.8 | 710.6 |
Basic earnings per common share | $ 0.41 | $ 0.17 |
Diluted earnings per common share | $ 0.41 | $ 0.17 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 1,381 | $ 1,074 |
Maui/Oahu | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 126 | 116 |
San Diego | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 125 | 87 |
Orlando | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 141 | 108 |
Florida Gulf Coast | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 96 | 131 |
Phoenix | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 129 | 111 |
San Francisco/San Jose | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 100 | 52 |
New York | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 70 | 50 |
Washington, D.C. (Central Business District) | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 76 | 38 |
Miami | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 83 | 83 |
Jacksonville | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 31 | 29 |
Los Angeles/Orange County | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 34 | 25 |
Chicago | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 19 | 14 |
Houston | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 37 | 26 |
San Antonio | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 36 | 27 |
Boston | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 29 | 18 |
Seattle | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 18 | 10 |
New Orleans | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 29 | 20 |
Austin | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 25 | 20 |
Denver | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 14 | 12 |
Philadelphia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 17 | 13 |
Northern Virginia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 19 | 12 |
Atlanta | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 18 | 13 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 90 | 51 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 1,362 | 1,066 |
International | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 19 | $ 8 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 2,011 | $ 2,020 |
Buildings and leasehold improvements | 13,797 | 13,849 |
Furniture and equipment | 2,217 | 2,249 |
Construction in progress | 388 | 313 |
Property, Plant and Equipment, Gross, Total | 18,413 | 18,431 |
Less accumulated depreciation and amortization | (8,693) | (8,683) |
Property and equipment, net | $ 9,720 | $ 9,748 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Aggregate borrowing capacity | $ 1,500 | |
Additional borrowing capacity | 500 | |
Credit facility | 986 | $ 994 |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Aggregate borrowing capacity | 1,000 | |
Credit facility | $ 997 | $ 998 |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.10% | |
Line of Credit [Member] | Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Aggregate borrowing capacity | $ 100 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility maturity date | Jan. 04, 2027 | |
Renewal period of credit facility | 1-year extension option or two 6-month extension options | |
Swingline Loans [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Aggregate borrowing capacity | $ 100 | |
Credit Facility Term Loan Tranche1 [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility maturity date | Jan. 04, 2027 | |
Renewal period of credit facility | one 1-year extension option | |
Credit facility | $ 500 | |
Credit Facility Term Loan Tranche2 [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility maturity date | Jan. 04, 2028 | |
Credit facility | $ 500 |
Equity of Host Inc. and Capit_3
Equity of Host Inc. and Capital of Host L.P. - Components of Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stockholders Equity Note [Line Items] | ||
Beginning Balance | $ 6,715 | $ 6,446 |
Net income loss | 287 | 116 |
Issuance of common stock for comprehensive stock plans, net | (4) | (9) |
Dividends declared on common stock | (87) | (22) |
Repurchase of common stock | (50) | |
Changes in ownership and other | (14) | |
Other comprehensive income/(loss) | 2 | 7 |
Ending Balance | 6,863 | 6,525 |
Common Stock | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7 | 7 |
Ending Balance | 7 | 7 |
Additional Paid-in Capital | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7,717 | 7,702 |
Issuance of common stock for comprehensive stock plans, net | (4) | (9) |
Repurchase of common stock | (50) | |
Changes in ownership and other | (13) | |
Ending Balance | 7,663 | 7,680 |
Accumulated Other Comprehensive Income (Loss) | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | (75) | (76) |
Other comprehensive income/(loss) | 2 | 7 |
Ending Balance | (73) | (69) |
Retained Earnings / (Deficit) | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | (939) | (1,192) |
Net income loss | 287 | 116 |
Dividends declared on common stock | (87) | (22) |
Ending Balance | (739) | (1,098) |
Non-redeemable, non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 5 | 5 |
Net income loss | 1 | |
Changes in ownership and other | (1) | |
Ending Balance | 5 | 5 |
Redeemable, non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 164 | 126 |
Net income loss | 4 | 1 |
Issuance of common OP units | 56 | |
Distributions to non-controlling interests | (1) | |
Changes in ownership and other | 20 | |
Ending Balance | 167 | 203 |
Total Equity of HST | ||
Stockholders Equity Note [Line Items] | ||
Net income loss | $ 287 | $ 117 |
Equity of Host Inc. and Capit_4
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Feb. 15, 2023 $ / shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 | |
Stockholders Equity Note [Line Items] | |||
Repurchase of common stock, amount | $ 50 | ||
Units issued | shares | 0 | ||
Stock issuance remaining capacity | $ 460 | ||
Host L.P. | |||
Stockholders Equity Note [Line Items] | |||
Percentage of the common OP units | 99% | ||
HOST HOTELS & RESORTS L.P. | |||
Stockholders Equity Note [Line Items] | |||
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Repurchase of common stock, amount | $ 50 | ||
Cash dividend | $ / shares | $ 0.12257928 | ||
HOST HOTELS & RESORTS, INC. | |||
Stockholders Equity Note [Line Items] | |||
Share repurchase program, shares repurchased | shares | 3,200,000 | ||
Repurchase of common stock, amount | $ 50 | ||
Stock Repurchase Program, Authorized Amount | $ 923 | ||
Shares repurchased, average price | $ / shares | $ 15.65 | ||
Cash dividend | $ / shares | $ 0.12 |
Equity of Host Inc. and Capit_5
Equity of Host Inc. and Capital of Host L.P. - Components of Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Limited Partners Capital Account [Line Items] | ||
Net income loss | $ 287 | $ 116 |
Dividends declared on common stock | (87) | (22) |
Repurchase of common OP units | (50) | |
Other comprehensive income/(loss) | 2 | 7 |
Accumulated Other Comprehensive Income (Loss) | ||
Limited Partners Capital Account [Line Items] | ||
Other comprehensive income/(loss) | 2 | 7 |
Non-controlling Interests | ||
Limited Partners Capital Account [Line Items] | ||
Net income loss | 1 | |
HOST HOTELS & RESORTS L.P. | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 6,715 | 6,446 |
Net income loss | 291 | 117 |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | (4) | (9) |
Repurchase of common OP units | (50) | |
Distributions declared on common OP units | (87) | (22) |
Changes in ownership and other | (14) | |
Other comprehensive income/(loss) | 2 | 7 |
Ending Balance | 6,863 | 6,525 |
HOST HOTELS & RESORTS L.P. | General Partner | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 1 | 1 |
Ending Balance | 1 | 1 |
HOST HOTELS & RESORTS L.P. | Limited Partner | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 6,784 | 6,516 |
Net income loss | 287 | 116 |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | (4) | (9) |
Repurchase of common OP units | (50) | |
Distributions declared on common OP units | (87) | (22) |
Changes in ownership and other | (13) | |
Ending Balance | 6,930 | 6,588 |
HOST HOTELS & RESORTS L.P. | Total Capital | ||
Limited Partners Capital Account [Line Items] | ||
Net income loss | 287 | 117 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | (75) | (76) |
Other comprehensive income/(loss) | 2 | 7 |
Ending Balance | (73) | (69) |
HOST HOTELS & RESORTS L.P. | Non-controlling Interests | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 5 | 5 |
Net income loss | 1 | |
Changes in ownership and other | (1) | |
Ending Balance | 5 | 5 |
HOST HOTELS & RESORTS L.P. | Limited partnership interests of third parties | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 164 | 126 |
Net income loss | 4 | 1 |
Distributions declared on common OP units | (1) | |
Common OP unit issuances | 56 | |
Changes in ownership and other | 20 | |
Ending Balance | $ 167 | $ 203 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - The Camby Autograph Collection [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from sales of assets, net | $ 110 |
Other Income [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gain on disposition of assets | 69 |
Notes Receivable [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Loans provided to the buyer | $ 72 |
Debt instrument basis spread on variable basis point | 4.25% |
Loan, maturity date | Jun. 10, 2025 |
Loan, extended date | Mar. 10, 2026 |
Loan, additional funding available | $ 12 |
Maximum loan to cost ratio | 0.65 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Certain Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Notes receivable | $ 485 | $ 413 |
Financial liabilities | ||
Senior notes | 3,116 | 3,115 |
Credit facility, including the term loans of $997 and $998, respectively | 986 | 994 |
Mortgage debt | 101 | 102 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1) and (Level 2), fair value | 2,806 | 2,768 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Notes receivable (Level 2), fair value | 480 | 404 |
Financial liabilities | ||
Credit facility (Level 2), fair value | 1,000 | 1,000 |
Mortgage debt | $ 92 | $ 95 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment Country | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 1 |
Non-US | |
Segment Reporting Information [Line Items] | |
Foreign operations, number of countries | Country | 2 |
Geographic Information - Revenu
Geographic Information - Revenues and Long-lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,381 | $ 1,074 | |
Property and equipment, net | 9,720 | $ 9,748 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,362 | 1,066 | |
Property and equipment, net | 9,650 | 9,678 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 6 | 4 | |
Property and equipment, net | 34 | 33 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13 | 4 | |
Property and equipment, net | $ 36 | $ 37 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Entity | Dec. 31, 2022 USD ($) | |
Minority Interest [Line Items] | ||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | Entity | 2 | |
Non-redeemable non-controlling interests - other consolidated partnerships | $ | $ 5 | $ 5 |
HOST HOTELS & RESORTS L.P. | ||
Minority Interest [Line Items] | ||
OP units conversion basis | One common OP unit may be exchanged for 1.021494 shares of Host Inc. | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 |
Historical Cost and Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 167 | $ 164 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Common OP units outstanding (millions) | shares | 9.9 | 10 | |
Market price per Host Inc. common share | $ / shares | $ 16.49 | $ 16.05 | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 167 | $ 164 | |
Historical cost (millions) | 99 | 97 | |
Book value (millions) | [1] | $ 167 | $ 164 |
[1] The book value recorded is equal to the greater of redemption value or historical cost. |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
May 05, 2023 | Mar. 31, 2023 | |
Subsequent Event [Member] | ||
Loss Contingencies | ||
Property Insurance Proceeds | $ 43 | |
Hurricane Ian | ||
Loss Contingencies | ||
Loss contingency, estimate of possible loss | $ 105 | |
Insurance receivable, Beginning Balance | 105 | |
Insurance receivable, Ending Balance | 50 | |
Property Insurance Proceeds | $ 55 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Mar. 31, 2023 USD ($) |
Other Litigation Cases | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency , estimate of possible loss | $ 150,000 |