Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 02, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
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, $0.01 par value | |
Trading Symbol | HST | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-14625 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 53-0085950 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 711,604,872 | |
HOST HOTELS & RESORTS L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-25087 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2095412 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Property and equipment, net | $ 9,717 | $ 9,748 | |
Right-of-use assets | 555 | 556 | |
Due from managers | 87 | 94 | |
Advances to and investments in affiliates | 144 | 132 | |
Cash included in furniture, fixtures and equipment replacement fund | 213 | 200 | |
Notes receivable | 485 | 413 | |
Other | 362 | 459 | |
Cash and cash equivalents | 802 | 667 | |
Total assets | 12,365 | 12,269 | |
Debt | |||
Senior notes | 3,117 | 3,115 | |
Credit facility, including the term loans of $997 and $998, respectively | 987 | 994 | |
Mortgage and other debt | 106 | 106 | |
Total debt | 4,210 | 4,215 | |
Lease liabilities | 567 | 568 | |
Accounts payable and accrued expenses | 209 | 372 | |
Due to managers | 67 | 67 | |
Other | 167 | 168 | |
Total liabilities | 5,220 | 5,390 | |
Partnership interests | 168 | 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 | 7,671 | 7,717 | |
Accumulated other comprehensive loss | (70) | (75) | |
Deficit | (636) | (939) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,972 | 6,710 | |
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 5 | |
Total equity | 6,977 | 6,715 | |
Total liabilities, non-controlling interests and equity | 12,365 | 12,269 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (70) | (75) | |
Equity, Including Portion Attributable to Noncontrolling Interest | 6,977 | 6,715 | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 9,717 | 9,748 | |
Right-of-use assets | 555 | 556 | |
Due from managers | 87 | 94 | |
Advances to and investments in affiliates | 144 | 132 | |
Cash included in furniture, fixtures and equipment replacement fund | 213 | 200 | |
Notes receivable | 485 | 413 | |
Other | 362 | 459 | |
Cash and cash equivalents | 802 | 667 | |
Total assets | 12,365 | 12,269 | |
Debt | |||
Senior notes | 3,117 | 3,115 | |
Credit facility, including the term loans of $997 and $998, respectively | 987 | 994 | |
Mortgage and other debt | 106 | 106 | |
Total debt | 4,210 | 4,215 | |
Lease liabilities | 567 | 568 | |
Accounts payable and accrued expenses | 209 | 372 | |
Due to managers | 67 | 67 | |
Other | 167 | 168 | |
Total liabilities | 5,220 | 5,390 | |
Partnership interests | [1] | 168 | 164 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (70) | (75) | |
Total equity | 12,365 | 12,269 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 7,041 | 6,784 | |
Accumulated other comprehensive loss | (70) | (75) | |
Total Host Hotels & Resorts, L.P. capital | 6,972 | 6,710 | |
Equity, Including Portion Attributable to Noncontrolling Interest | 12,365 | 12,269 | |
Non-controlling interests—consolidated partnerships | 5 | 5 | |
Total capital | $ 6,977 | $ 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 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Credit facility | $ 987 | $ 994 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 1,050 | 1,050 | |
Common stock, shares issued | 711.4 | 713.4 | |
Common stock, shares outstanding | 711.4 | 713.4 | |
Term Loan | |||
Credit facility | $ 997 | $ 997 | $ 998 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
REVENUES | ||||
Revenues | $ 1,393 | $ 1,381 | $ 2,774 | $ 2,455 |
EXPENSES | ||||
Other property-level expenses | 93 | 78 | 184 | 162 |
Depreciation and amortization | 168 | 162 | 337 | 334 |
Corporate and other expenses | 30 | 25 | 61 | 48 |
Gain on insurance and business interruption settlements | (3) | (7) | (3) | (7) |
Total operating costs and expenses | 1,144 | 1,054 | 2,277 | 2,006 |
OPERATING PROFIT | 249 | 327 | 497 | 449 |
Interest income | 20 | 6 | 34 | 7 |
Interest expense | (45) | (37) | (94) | (73) |
Other gains | 0 | 1 | 69 | 14 |
Equity in earnings of affiliates | 4 | 2 | 11 | 4 |
INCOME BEFORE INCOME TAXES | 228 | 299 | 517 | 401 |
Provision for income taxes | (14) | (39) | (12) | (23) |
NET INCOME | 214 | 260 | 505 | 378 |
Less: Net income attributable to non-controlling interests | (4) | (4) | (8) | (6) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 210 | $ 256 | $ 497 | $ 372 |
Basic earnings per common share | $ 0.30 | $ 0.36 | $ 0.70 | $ 0.52 |
Diluted earnings per common share | $ 0.29 | $ 0.36 | $ 0.70 | $ 0.52 |
HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | $ 1,393 | $ 1,381 | $ 2,774 | $ 2,455 |
EXPENSES | ||||
Other property-level expenses | 93 | 78 | 184 | 162 |
Depreciation and amortization | 168 | 162 | 337 | 334 |
Corporate and other expenses | 30 | 25 | 61 | 48 |
Gain on insurance and business interruption settlements | (3) | (7) | (3) | (7) |
Total operating costs and expenses | 1,144 | 1,054 | 2,277 | 2,006 |
OPERATING PROFIT | 249 | 327 | 497 | 449 |
Interest income | 20 | 6 | 34 | 7 |
Interest expense | (45) | (37) | (94) | (73) |
Other gains | 0 | 1 | 69 | 14 |
Equity in earnings of affiliates | 4 | 2 | 11 | 4 |
INCOME BEFORE INCOME TAXES | 228 | 299 | 517 | 401 |
Provision for income taxes | (14) | (39) | (12) | (23) |
NET INCOME | 214 | 260 | 505 | 378 |
Less: Net income attributable to non-controlling interests | (1) | 1 | (1) | 0 |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 213 | $ 261 | $ 504 | $ 378 |
Basic earnings per common share | $ 0.30 | $ 0.37 | $ 0.71 | $ 0.53 |
Diluted earnings per common share | $ 0.30 | $ 0.37 | $ 0.71 | $ 0.53 |
Rooms | ||||
REVENUES | ||||
Revenues | $ 850 | $ 850 | $ 1,670 | $ 1,505 |
EXPENSES | ||||
Expenses | 201 | 189 | 394 | 349 |
Rooms | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 850 | 850 | 1,670 | 1,505 |
EXPENSES | ||||
Expenses | 201 | 189 | 394 | 349 |
Food and Beverage | ||||
REVENUES | ||||
Revenues | 415 | 405 | 846 | 702 |
EXPENSES | ||||
Expenses | 263 | 245 | 532 | 445 |
Food and Beverage | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 415 | 405 | 846 | 702 |
EXPENSES | ||||
Expenses | 263 | 245 | 532 | 445 |
Other | ||||
REVENUES | ||||
Revenues | 128 | 126 | 258 | 248 |
EXPENSES | ||||
Expenses | 323 | 300 | 638 | 573 |
Other | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 128 | 126 | 258 | 248 |
EXPENSES | ||||
Expenses | 323 | 300 | 638 | 573 |
Management fees | ||||
EXPENSES | ||||
Expenses | 69 | 62 | 134 | 102 |
Management fees | HOST HOTELS & RESORTS L.P. | ||||
EXPENSES | ||||
Expenses | $ 69 | $ 62 | $ 134 | $ 102 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
NET INCOME | $ 214 | $ 260 | $ 505 | $ 378 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | 4 | (6) | 6 | 1 |
Change in fair value of derivative instruments | (1) | 1 | (1) | 1 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3 | (5) | 5 | 2 |
COMPREHENSIVE INCOME | 217 | 255 | 510 | 380 |
Less: Comprehensive (income) loss attributable to non-controlling interests | (4) | (4) | (8) | (6) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | 213 | 251 | 502 | 374 |
HOST HOTELS & RESORTS L.P. | ||||
NET INCOME | 214 | 260 | 505 | 378 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | 4 | (6) | 6 | 1 |
Change in fair value of derivative instruments | (1) | 1 | (1) | 1 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3 | (5) | 5 | 2 |
COMPREHENSIVE INCOME | 217 | 255 | 510 | 380 |
Less: Comprehensive (income) loss attributable to non-controlling interests | (1) | 1 | (1) | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 216 | $ 256 | $ 509 | $ 380 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 505 | $ 378 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 337 | 334 |
Amortization of finance costs, discounts and premiums, net | 5 | 5 |
Loss on extinguishment of debt | 4 | 0 |
Stock compensation expense | 13 | 10 |
Other gains | (69) | (14) |
Gain on property insurance settlement | 0 | (6) |
Equity in earnings of affiliates | (11) | (4) |
Change in due from/to managers | 3 | (53) |
Distributions from investments in affiliates | 18 | 20 |
Property insurance proceeds - remediation costs | 83 | 0 |
Changes in other assets | 16 | (43) |
Changes in other liabilities | (84) | (5) |
Net cash provided by operating activities | 820 | 708 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 34 | 217 |
Advances to and investments in affiliates | (20) | (44) |
Capital expenditures: | ||
Renewals and replacements | (226) | (78) |
Return on investment | (97) | (162) |
Property insurance proceeds | 34 | 7 |
Net cash used in investing activities | (275) | (60) |
FINANCING ACTIVITIES | ||
Financing costs | (10) | 0 |
Repayment of credit facility | 0 | (683) |
Mortgage debt and other prepayments and scheduled maturities | (1) | (1) |
Debt extinguishment costs | (3) | 0 |
Common stock repurchases | (50) | 0 |
Dividends on common stock | (313) | (21) |
Distributions and payments to non-controlling interests | (6) | 0 |
Other financing activities | (13) | (10) |
Net cash used in financing activities | (396) | (715) |
Effects of exchange rate changes on cash held | 2 | (1) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 151 | (68) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 874 | 953 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,025 | 885 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 802 | 699 |
Restricted cash (included in other assets) | 10 | 7 |
Cash included in furniture, fixtures and equipment replacement fund | 213 | 179 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,025 | 885 |
Total interest paid | 90 | 69 |
Income taxes paid (refunds received) | 2 | (7) |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
Net income | 505 | 378 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 337 | 334 |
Amortization of finance costs, discounts and premiums, net | 5 | 5 |
Loss on extinguishment of debt | 4 | 0 |
Stock compensation expense | 13 | 10 |
Other gains | (69) | (14) |
Gain on property insurance settlement | 0 | (6) |
Equity in earnings of affiliates | (11) | (4) |
Change in due from/to managers | 3 | (53) |
Distributions from investments in affiliates | 18 | 20 |
Property insurance proceeds - remediation costs | 83 | 0 |
Changes in other assets | 16 | 43 |
Changes in other liabilities | (84) | (5) |
Net cash provided by operating activities | 820 | 708 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 34 | 217 |
Advances to and investments in affiliates | (20) | (44) |
Capital expenditures: | ||
Renewals and replacements | (226) | (78) |
Return on investment | (97) | (162) |
Property insurance proceeds | 34 | 7 |
Net cash used in investing activities | (275) | (60) |
FINANCING ACTIVITIES | ||
Financing costs | (10) | 0 |
Repayment of credit facility | 0 | (683) |
Mortgage debt and other prepayments and scheduled maturities | (1) | (1) |
Debt extinguishment costs | (3) | 0 |
Repurchase of common OP units | (50) | 0 |
Distributions on common OP units | (318) | (21) |
Distributions and payments to non-controlling interests | (1) | 0 |
Other financing activities | (13) | (10) |
Net cash used in financing activities | (396) | (715) |
Effects of exchange rate changes on cash held | 2 | (1) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 151 | (68) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 874 | 953 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,025 | 885 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 802 | 699 |
Restricted cash (included in other assets) | 10 | 7 |
Cash included in furniture, fixtures and equipment replacement fund | 213 | 179 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,025 | 885 |
Total interest paid | 90 | 69 |
Income taxes paid (refunds received) | 2 | $ (7) |
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 | |
Sheraton New York Times Square Hotel | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | 250 | |
Sheraton New York Times Square Hotel | HOST HOTELS & RESORTS L.P. | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | $ 250 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 210 | $ 256 | $ 497 | $ 372 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Supplemental Schedule of Noncas
Supplemental Schedule of Noncash Investing and Financing Activities | 6 Months Ended |
Jun. 30, 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, the Sheraton Boston Hotel in February 2022, and the Sheraton New York Times Square Hotel in April 2022, we issued loans to the buyers for $ 72 million, $ 163 million, and $ 250 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, the Sheraton Boston Hotel in February 2022, and the Sheraton New York Times Square Hotel in April 2022, we issued loans to the buyers for $ 72 million, $ 163 million, and $ 250 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2023, Host Inc. holds approximately 99 % of Host L.P.’s partnership interests. Consolidated Portfolio As of June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2023, and the results of our operations for the quarter and year-to-date periods ended June 30, 2023 and 2022, respectively, and cash flows for the year-to-date periods ended June 30, 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) | 6 Months Ended |
Jun. 30, 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 9.8 million Host L.P. common units, which are convertible into 10.0 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 per common share is shown below (in millions, except per share amounts): Quarter ended June 30, Year-to-date ended June 30, 2023 2022 2023 2022 Net income $ 214 $ 260 $ 505 $ 378 Less: Net income attributable to non-controlling interests ( 4 ) ( 4 ) ( 8 ) ( 6 ) Net income attributable to Host Inc. $ 210 $ 256 $ 497 $ 372 Basic weighted average shares outstanding 711.3 714.8 712.3 714.6 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.9 2.2 1.9 2.2 Diluted weighted average shares outstanding 713.2 717.0 714.2 716.8 Basic earnings per common share $ 0.30 $ 0.36 $ 0.70 $ 0.52 Diluted earnings per common share $ 0.29 $ 0.36 $ 0.70 $ 0.52 The calculation of Host L.P. basic and diluted earnings per unit is shown below (in millions, except per unit amounts): Quarter ended June 30, Year-to-date ended June 30, 2023 2022 2023 2022 Net income $ 214 $ 260 $ 505 $ 378 Less: Net (income) loss attributable to non-controlling interests ( 1 ) 1 ( 1 ) — Net income attributable to Host L.P. $ 213 $ 261 $ 504 $ 378 Basic weighted average units outstanding 706.3 710.0 707.3 709.5 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 1.8 2.2 1.8 2.1 Diluted weighted average units outstanding 708.1 712.2 709.1 711.6 Basic earnings per common unit $ 0.30 $ 0.37 $ 0.71 $ 0.53 Diluted earnings per common unit $ 0.30 $ 0.37 $ 0.71 $ 0.53 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 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 8 – 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 June 30, Year-to-date ended June 30, Location 2023 2022 2023 2022 Orlando $ 121 $ 129 $ 262 $ 237 San Diego 130 118 255 205 Maui/Oahu 124 126 250 242 Phoenix 92 101 221 212 San Francisco/San Jose 88 90 188 142 Washington, D.C. (Central Business District) 102 92 178 130 Florida Gulf Coast 71 100 167 231 New York 96 93 166 143 Miami 63 69 146 152 Houston 36 31 73 57 Boston 42 30 71 48 Jacksonville 39 39 70 68 Los Angeles/Orange County 34 35 68 60 San Antonio 30 29 66 56 Chicago 43 39 62 53 New Orleans 29 29 58 49 Austin 23 26 48 46 Seattle 29 27 47 37 Northern Virginia 24 23 43 35 Philadelphia 25 23 42 36 Denver 23 24 37 36 Atlanta 17 17 35 30 Other 86 72 176 123 Domestic 1,367 1,362 2,729 2,428 International 26 19 45 27 Total $ 1,393 $ 1,381 $ 2,774 $ 2,455 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following (in millions): June 30, 2023 December 31, 2022 Land and land improvements $ 2,012 $ 2,020 Buildings and leasehold improvements 13,919 13,849 Furniture and equipment 2,247 2,249 Construction in progress 403 313 18,581 18,431 Less accumulated depreciation and amortization ( 8,864 ) ( 8,683 ) $ 9,717 $ 9,748 |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 6. 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 — — — 497 1 498 7 Issuance of common stock for comprehensive stock plans, net — 4 — — — 4 — Repurchase of common — ( 50 ) — — — ( 50 ) — Dividends declared on common stock — — — ( 194 ) — ( 194 ) — Distributions to non-controlling interests — — — — ( 1 ) ( 1 ) ( 3 ) Other comprehensive income — — 5 — — 5 — Balance, June 30, 2023 $ 7 $ 7,671 $ ( 70 ) $ ( 636 ) $ 5 $ 6,977 $ 168 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, March 31, 2023 $ 7 $ 7,663 $ ( 73 ) $ ( 739 ) $ 5 $ 6,863 $ 167 Net income — — — 210 1 211 3 Issuance of common stock for comprehensive stock plans, net — 8 — — — 8 — Dividends declared on common stock — — — ( 107 ) — ( 107 ) — Distributions to non-controlling interests — — — — ( 1 ) ( 1 ) ( 2 ) Other comprehensive income — — 3 — — 3 — Balance, June 30, 2023 $ 7 $ 7,671 $ ( 70 ) $ ( 636 ) $ 5 $ 6,977 $ 168 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 — — — 372 — 372 6 Issuance of common stock for comprehensive stock plans, net — 3 — — — 3 — Dividends declared on common stock — — — ( 65 ) — ( 65 ) — Issuance of common OP units — — — — — — 56 Distributions to non-controlling interests — — — — — — ( 1 ) Changes in ownership and other — 24 — — — 24 ( 24 ) Other comprehensive income — — 2 — — 2 — Balance, June 30, 2022 $ 7 $ 7,729 $ ( 74 ) $ ( 885 ) $ 5 $ 6,782 $ 163 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, March 31, 2022 $ 7 $ 7,680 $ ( 69 ) $ ( 1,098 ) $ 5 $ 6,525 $ 203 Net income (loss) — — — 256 ( 1 ) 255 5 Issuance of common stock for comprehensive stock plans, net — 12 — — — 12 — Dividends declared on common — — — ( 43 ) — ( 43 ) — Distributions to non-controlling — — — — — — ( 1 ) Changes in ownership and other — 37 — — 1 38 ( 44 ) Other comprehensive loss — — ( 5 ) — — ( 5 ) — Balance, June 30, 2022 $ 7 $ 7,729 $ ( 74 ) $ ( 885 ) $ 5 $ 6,782 $ 163 Capital of Host L.P. As of June 30, 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 — 497 — 1 498 7 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 — ( 194 ) — — ( 194 ) ( 3 ) Distributions to non-controlling interests — — — ( 1 ) ( 1 ) — Other comprehensive income — — 5 — 5 — Balance, June 30, 2023 $ 1 $ 7,041 $ ( 70 ) $ 5 $ 6,977 $ 168 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, March 31, 2023 $ 1 $ 6,930 $ ( 73 ) $ 5 $ 6,863 $ 167 Net income — 210 — 1 211 3 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 8 — — 8 — Distributions declared on common OP units — ( 107 ) — — ( 107 ) ( 2 ) Distributions to non-controlling interests — — — ( 1 ) ( 1 ) — Other comprehensive income — — 3 — 3 — Balance, June 30, 2023 $ 1 $ 7,041 $ ( 70 ) $ 5 $ 6,977 $ 168 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 — 372 — — 372 6 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 3 — — 3 — Distributions declared on common OP units — ( 65 ) — — ( 65 ) ( 1 ) Issuance of common OP units — — — — — 56 Changes in ownership and other — 24 — — 24 ( 24 ) Other comprehensive income — — 2 — 2 — Balance, June 30, 2022 $ 1 $ 6,850 $ ( 74 ) $ 5 $ 6,782 $ 163 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, March 31, 2022 $ 1 $ 6,588 $ ( 69 ) $ 5 $ 6,525 $ 203 Net income (loss) — 256 — ( 1 ) 255 5 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 12 — — 12 — Distributions declared on common — ( 43 ) — — ( 43 ) ( 1 ) Changes in ownership and other — 37 — 1 38 ( 44 ) Other comprehensive loss — — ( 5 ) — ( 5 ) — Balance, June 30, 2022 $ 1 $ 6,850 $ ( 74 ) $ 5 $ 6,782 $ 163 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. There were no share repurchases in the second quarter of 2023. As of June 30, 2023, there was $ 923 million available for repurchase under our common share repurchase program. Issuance of Common Stock On May 31, 2023, we entered into a distribution agreement with J. P. Morgan Securities LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, Jefferies LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as sales agents pursuant to which Host Inc. may offer and sell, from time to time, shares of Host Inc. common stock having an aggregate offering price of up to $ 600 million. The sales will be made in transactions that are deemed to be “at the market” offerings under the SEC rules. We may sell shares of Host Inc. common stock under this program from time to time based on market conditions, although we are not under an obligation to sell any shares. The agreement also contemplates that, in addition to the offering and sale of shares to or through the sales agents, we may enter into separate forward sale agreements with each of the forward purchasers named in the agreement. No shares were issued during the first half of 2023. As of June 30, 2023, there was $ 600 million of remaining capacity under the agreement. Dividends/Distributions On June 14, 2023, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $ 0.15 per share on its common stock. The dividend was paid on July 17, 2023 to stockholders of record as of June 30, 2023. Accordingly, Host L.P. made a distribution of $ 0.1532241 per unit on its common OP units based on the current conversion ratio. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. 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): June 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Financial assets Notes receivable (Level 2) $ 485 $ 483 $ 413 $ 404 Financial liabilities Senior notes (Level 1) 3,117 2,815 3,115 2,768 Credit facility (Level 2) 987 1,000 994 1,000 Mortgage debt (Level 2) 101 87 102 95 Notes receivable consists of three loans issued to the buyers in connection with the sales of The Camby, Autograph Collection, the Sheraton Boston Hotel and the Sheraton New York Times Square Hotel. The loan to the buyer of the Sheraton Boston Hotel matured on August 1, 2023 . We entered into a forbearance agreement with the buyer on August 1, 2023, by which we will forbear exercising our remedies until September 30, 2023. In exchange, the all-in interest rate on the loan was increased from 6.5 % to 12 % and the buyer made a principal paydown of 10 % of the outstanding principal balance, among other consideration. |
Geographic Information
Geographic Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Geographic Information | 8. 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 June 30, 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 June 30, Year-to-date ended June 30, June 30, December 31, 2023 2022 2023 2022 2023 2022 United States $ 1,367 $ 1,362 $ 2,729 $ 2,428 $ 9,645 $ 9,678 Brazil 5 3 11 7 37 33 Canada 21 16 34 20 35 37 Total $ 1,393 $ 1,381 $ 2,774 $ 2,455 $ 9,717 $ 9,748 |
Non-Controlling Interests
Non-Controlling Interests | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 9. 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.: June 30, 2023 December 31, 2022 Common OP units outstanding (millions) 9.8 10.0 Market price per Host Inc. common share $ 16.83 $ 16.05 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 168 $ 164 Historical cost (millions) 99 97 Book value (millions) ⁽¹⁾ 168 164 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. Other Consolidated Partnerships. As of June 30, 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 June 30, 2023 and December 31, 2022 . |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | 10. 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 reopened to guests in November 2022, and the final phase of reconstruction, the resort's waterpark, was completed in June 2023. On July 6, 2023, The Ritz-Carlton, Naples reopened the guestrooms, suites and amenities, including the new tower expansion. We are still evaluating the complete property and business interruption impacts of the storm. During the second quarter of 2023, we recorded an additional $ 25 million of property damage and remediation costs, increasing our total estimate to $ 130 million. We have recorded a corresponding insurance receivable of $ 130 milli on. As of June 30, 2023 , we have received $ 113 million of property insurance proceeds related to these claims, reducing the receivable to $ 17 million. Our expected potential insurance recovery is $ 310 million for covered costs, including 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 impact from the storm. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 11. 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 June 30, 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) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Portfolio of Hotels by Location | As of June 30, 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) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Common Share (Unit) | The calculation of Host Inc. basic and diluted earnings per common share is shown below (in millions, except per share amounts): Quarter ended June 30, Year-to-date ended June 30, 2023 2022 2023 2022 Net income $ 214 $ 260 $ 505 $ 378 Less: Net income attributable to non-controlling interests ( 4 ) ( 4 ) ( 8 ) ( 6 ) Net income attributable to Host Inc. $ 210 $ 256 $ 497 $ 372 Basic weighted average shares outstanding 711.3 714.8 712.3 714.6 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.9 2.2 1.9 2.2 Diluted weighted average shares outstanding 713.2 717.0 714.2 716.8 Basic earnings per common share $ 0.30 $ 0.36 $ 0.70 $ 0.52 Diluted earnings per common share $ 0.29 $ 0.36 $ 0.70 $ 0.52 |
HOST HOTELS & RESORTS L.P. | |
Earnings Per Common Share (Unit) | The calculation of Host L.P. basic and diluted earnings per unit is shown below (in millions, except per unit amounts): Quarter ended June 30, Year-to-date ended June 30, 2023 2022 2023 2022 Net income $ 214 $ 260 $ 505 $ 378 Less: Net (income) loss attributable to non-controlling interests ( 1 ) 1 ( 1 ) — Net income attributable to Host L.P. $ 213 $ 261 $ 504 $ 378 Basic weighted average units outstanding 706.3 710.0 707.3 709.5 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 1.8 2.2 1.8 2.1 Diluted weighted average units outstanding 708.1 712.2 709.1 711.6 Basic earnings per common unit $ 0.30 $ 0.37 $ 0.71 $ 0.53 Diluted earnings per common unit $ 0.30 $ 0.37 $ 0.71 $ 0.53 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Year-to-date ended June 30, Location 2023 2022 2023 2022 Orlando $ 121 $ 129 $ 262 $ 237 San Diego 130 118 255 205 Maui/Oahu 124 126 250 242 Phoenix 92 101 221 212 San Francisco/San Jose 88 90 188 142 Washington, D.C. (Central Business District) 102 92 178 130 Florida Gulf Coast 71 100 167 231 New York 96 93 166 143 Miami 63 69 146 152 Houston 36 31 73 57 Boston 42 30 71 48 Jacksonville 39 39 70 68 Los Angeles/Orange County 34 35 68 60 San Antonio 30 29 66 56 Chicago 43 39 62 53 New Orleans 29 29 58 49 Austin 23 26 48 46 Seattle 29 27 47 37 Northern Virginia 24 23 43 35 Philadelphia 25 23 42 36 Denver 23 24 37 36 Atlanta 17 17 35 30 Other 86 72 176 123 Domestic 1,367 1,362 2,729 2,428 International 26 19 45 27 Total $ 1,393 $ 1,381 $ 2,774 $ 2,455 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): June 30, 2023 December 31, 2022 Land and land improvements $ 2,012 $ 2,020 Buildings and leasehold improvements 13,919 13,849 Furniture and equipment 2,247 2,249 Construction in progress 403 313 18,581 18,431 Less accumulated depreciation and amortization ( 8,864 ) ( 8,683 ) $ 9,717 $ 9,748 |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 6 Months Ended |
Jun. 30, 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 — — — 497 1 498 7 Issuance of common stock for comprehensive stock plans, net — 4 — — — 4 — Repurchase of common — ( 50 ) — — — ( 50 ) — Dividends declared on common stock — — — ( 194 ) — ( 194 ) — Distributions to non-controlling interests — — — — ( 1 ) ( 1 ) ( 3 ) Other comprehensive income — — 5 — — 5 — Balance, June 30, 2023 $ 7 $ 7,671 $ ( 70 ) $ ( 636 ) $ 5 $ 6,977 $ 168 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, March 31, 2023 $ 7 $ 7,663 $ ( 73 ) $ ( 739 ) $ 5 $ 6,863 $ 167 Net income — — — 210 1 211 3 Issuance of common stock for comprehensive stock plans, net — 8 — — — 8 — Dividends declared on common stock — — — ( 107 ) — ( 107 ) — Distributions to non-controlling interests — — — — ( 1 ) ( 1 ) ( 2 ) Other comprehensive income — — 3 — — 3 — Balance, June 30, 2023 $ 7 $ 7,671 $ ( 70 ) $ ( 636 ) $ 5 $ 6,977 $ 168 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 — — — 372 — 372 6 Issuance of common stock for comprehensive stock plans, net — 3 — — — 3 — Dividends declared on common stock — — — ( 65 ) — ( 65 ) — Issuance of common OP units — — — — — — 56 Distributions to non-controlling interests — — — — — — ( 1 ) Changes in ownership and other — 24 — — — 24 ( 24 ) Other comprehensive income — — 2 — — 2 — Balance, June 30, 2022 $ 7 $ 7,729 $ ( 74 ) $ ( 885 ) $ 5 $ 6,782 $ 163 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, March 31, 2022 $ 7 $ 7,680 $ ( 69 ) $ ( 1,098 ) $ 5 $ 6,525 $ 203 Net income (loss) — — — 256 ( 1 ) 255 5 Issuance of common stock for comprehensive stock plans, net — 12 — — — 12 — Dividends declared on common — — — ( 43 ) — ( 43 ) — Distributions to non-controlling — — — — — — ( 1 ) Changes in ownership and other — 37 — — 1 38 ( 44 ) Other comprehensive loss — — ( 5 ) — — ( 5 ) — Balance, June 30, 2022 $ 7 $ 7,729 $ ( 74 ) $ ( 885 ) $ 5 $ 6,782 $ 163 |
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 — 497 — 1 498 7 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 — ( 194 ) — — ( 194 ) ( 3 ) Distributions to non-controlling interests — — — ( 1 ) ( 1 ) — Other comprehensive income — — 5 — 5 — Balance, June 30, 2023 $ 1 $ 7,041 $ ( 70 ) $ 5 $ 6,977 $ 168 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, March 31, 2023 $ 1 $ 6,930 $ ( 73 ) $ 5 $ 6,863 $ 167 Net income — 210 — 1 211 3 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 8 — — 8 — Distributions declared on common OP units — ( 107 ) — — ( 107 ) ( 2 ) Distributions to non-controlling interests — — — ( 1 ) ( 1 ) — Other comprehensive income — — 3 — 3 — Balance, June 30, 2023 $ 1 $ 7,041 $ ( 70 ) $ 5 $ 6,977 $ 168 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 — 372 — — 372 6 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 3 — — 3 — Distributions declared on common OP units — ( 65 ) — — ( 65 ) ( 1 ) Issuance of common OP units — — — — — 56 Changes in ownership and other — 24 — — 24 ( 24 ) Other comprehensive income — — 2 — 2 — Balance, June 30, 2022 $ 1 $ 6,850 $ ( 74 ) $ 5 $ 6,782 $ 163 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, March 31, 2022 $ 1 $ 6,588 $ ( 69 ) $ 5 $ 6,525 $ 203 Net income (loss) — 256 — ( 1 ) 255 5 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 12 — — 12 — Distributions declared on common — ( 43 ) — — ( 43 ) ( 1 ) Changes in ownership and other — 37 — 1 38 ( 44 ) Other comprehensive loss — — ( 5 ) — ( 5 ) — Balance, June 30, 2022 $ 1 $ 6,850 $ ( 74 ) $ 5 $ 6,782 $ 163 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value Financial assets Notes receivable (Level 2) $ 485 $ 483 $ 413 $ 404 Financial liabilities Senior notes (Level 1) 3,117 2,815 3,115 2,768 Credit facility (Level 2) 987 1,000 994 1,000 Mortgage debt (Level 2) 101 87 102 95 |
Geographic Information (Tables)
Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Year-to-date ended June 30, June 30, December 31, 2023 2022 2023 2022 2023 2022 United States $ 1,367 $ 1,362 $ 2,729 $ 2,428 $ 9,645 $ 9,678 Brazil 5 3 11 7 37 33 Canada 21 16 34 20 35 37 Total $ 1,393 $ 1,381 $ 2,774 $ 2,455 $ 9,717 $ 9,748 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 6 Months Ended |
Jun. 30, 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.: June 30, 2023 December 31, 2022 Common OP units outstanding (millions) 9.8 10.0 Market price per Host Inc. common share $ 16.83 $ 16.05 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 168 $ 164 Historical cost (millions) 99 97 Book value (millions) ⁽¹⁾ 168 164 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Jun. 30, 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) | Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2023 shares |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
Common units outstanding | 9.8 |
Number of common shares that would be outstanding if OP units were converted | 10 |
Host Inc. Earnings Per Common S
Host Inc. Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 214 | $ 260 | $ 505 | $ 378 |
Less: Net (income) loss attributable to non-controlling interests | (4) | (4) | (8) | (6) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 210 | $ 256 | $ 497 | $ 372 |
Basic weighted average shares outstanding | 711.3 | 714.8 | 712.3 | 714.6 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.9 | 2.2 | 1.9 | 2.2 |
Diluted weighted average shares outstanding | 713.2 | 717 | 714.2 | 716.8 |
Basic earnings per common share | $ 0.30 | $ 0.36 | $ 0.70 | $ 0.52 |
Diluted earnings per common share | $ 0.29 | $ 0.36 | $ 0.70 | $ 0.52 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share Diluted [Line Items] | ||||
Net income | $ 214 | $ 260 | $ 505 | $ 378 |
Less: Net (income) loss attributable to non-controlling interests | (4) | (4) | (8) | (6) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 210 | $ 256 | $ 497 | $ 372 |
Basic weighted average shares outstanding | 711.3 | 714.8 | 712.3 | 714.6 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.9 | 2.2 | 1.9 | 2.2 |
Diluted weighted average shares outstanding | 713.2 | 717 | 714.2 | 716.8 |
Basic earnings per common share | $ 0.30 | $ 0.36 | $ 0.70 | $ 0.52 |
Diluted earnings per common share | $ 0.29 | $ 0.36 | $ 0.70 | $ 0.52 |
HOST HOTELS & RESORTS L.P. | ||||
Earnings Per Share Diluted [Line Items] | ||||
Net income | $ 214 | $ 260 | $ 505 | $ 378 |
Less: Net (income) loss attributable to non-controlling interests | (1) | 1 | (1) | 0 |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 213 | $ 261 | $ 504 | $ 378 |
Basic weighted average shares outstanding | 706.3 | 710 | 707.3 | 709.5 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.8 | 2.2 | 1.8 | 2.1 |
Diluted weighted average shares outstanding | 708.1 | 712.2 | 709.1 | 711.6 |
Basic earnings per common share | $ 0.30 | $ 0.37 | $ 0.71 | $ 0.53 |
Diluted earnings per common share | $ 0.30 | $ 0.37 | $ 0.71 | $ 0.53 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 1,393 | $ 1,381 | $ 2,774 | $ 2,455 |
Orlando | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 121 | 129 | 262 | 237 |
San Diego | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 130 | 118 | 255 | 205 |
Maui/Oahu | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 124 | 126 | 250 | 242 |
Phoenix | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 92 | 101 | 221 | 212 |
San Francisco/San Jose | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 88 | 90 | 188 | 142 |
Washington, D.C. (Central Business District) | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 102 | 92 | 178 | 130 |
Florida Gulf Coast | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 71 | 100 | 167 | 231 |
New York | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 96 | 93 | 166 | 143 |
Miami | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 63 | 69 | 146 | 152 |
Houston | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 36 | 31 | 73 | 57 |
Boston | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 42 | 30 | 71 | 48 |
Jacksonville | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 39 | 39 | 70 | 68 |
Los Angeles/Orange County | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 34 | 35 | 68 | 60 |
San Antonio | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 30 | 29 | 66 | 56 |
Chicago | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 43 | 39 | 62 | 53 |
New Orleans | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 29 | 29 | 58 | 49 |
Austin | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 23 | 26 | 48 | 46 |
Seattle | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 29 | 27 | 47 | 37 |
Northern Virginia | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 24 | 23 | 43 | 35 |
Philadelphia | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 25 | 23 | 42 | 36 |
Denver | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 23 | 24 | 37 | 36 |
Atlanta | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 17 | 17 | 35 | 30 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 86 | 72 | 176 | 123 |
United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 1,367 | 1,362 | 2,729 | 2,428 |
International | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 26 | $ 19 | $ 45 | $ 27 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 2,012 | $ 2,020 |
Buildings and leasehold improvements | 13,919 | 13,849 |
Furniture and equipment | 2,247 | 2,249 |
Construction in progress | 403 | 313 |
Property, Plant and Equipment, Gross, Total | 18,581 | 18,431 |
Less accumulated depreciation and amortization | (8,864) | (8,683) |
Property and equipment, net | $ 9,717 | $ 9,748 |
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 | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders Equity Note [Line Items] | |||||
Beginning Balance | $ 6,863 | $ 6,715 | $ 6,525 | $ 6,715 | $ 6,446 |
Net Income (Loss) | 210 | 256 | 497 | 372 | |
Issuance of common stock for comprehensive stock plans, net | 8 | 12 | 4 | 3 | |
Repurchase of common stock | (50) | ||||
Dividends declared on common stock | (107) | (43) | (194) | (65) | |
Distributions to non-controlling interests | (1) | (1) | |||
Changes in ownership and other | 38 | 24 | |||
Other comprehensive income/(loss) | 3 | (5) | 5 | 2 | |
Ending Balance | 6,977 | 6,863 | 6,782 | 6,977 | 6,782 |
Common Stock | |||||
Stockholders Equity Note [Line Items] | |||||
Beginning Balance | 7 | 7 | 7 | 7 | 7 |
Ending Balance | 7 | 7 | 7 | 7 | 7 |
Additional Paid-in Capital | |||||
Stockholders Equity Note [Line Items] | |||||
Beginning Balance | 7,663 | 7,717 | 7,680 | 7,717 | 7,702 |
Issuance of common stock for comprehensive stock plans, net | 8 | 12 | 4 | 3 | |
Repurchase of common stock | (50) | ||||
Changes in ownership and other | 37 | 24 | |||
Ending Balance | 7,671 | 7,663 | 7,729 | 7,671 | 7,729 |
Accumulated Other Comprehensive Income (Loss) | |||||
Stockholders Equity Note [Line Items] | |||||
Beginning Balance | (73) | (75) | (69) | (75) | (76) |
Other comprehensive income/(loss) | 3 | (5) | 5 | 2 | |
Ending Balance | (70) | (73) | (74) | (70) | (74) |
Retained Earnings / (Deficit) | |||||
Stockholders Equity Note [Line Items] | |||||
Beginning Balance | (739) | (939) | (1,098) | (939) | (1,192) |
Net Income (Loss) | 210 | 256 | 497 | 372 | |
Dividends declared on common stock | (107) | (43) | (194) | (65) | |
Ending Balance | (636) | (739) | (885) | (636) | (885) |
Non-redeemable, non-controlling interests | |||||
Stockholders Equity Note [Line Items] | |||||
Beginning Balance | 5 | 5 | 5 | 5 | 5 |
Net Income (Loss) | 1 | (1) | 1 | ||
Distributions to non-controlling interests | (1) | (1) | |||
Changes in ownership and other | 1 | ||||
Ending Balance | 5 | 5 | 5 | 5 | 5 |
Redeemable, non-controlling interests | |||||
Stockholders Equity Note [Line Items] | |||||
Beginning Balance | 167 | 164 | 203 | 164 | 126 |
Net Income (Loss) | 3 | 5 | 7 | 6 | |
Issuance of common OP units | 56 | ||||
Distributions to non-controlling interests | (2) | (1) | (3) | (1) | |
Changes in ownership and other | (44) | (24) | |||
Ending Balance | 168 | $ 167 | 163 | 168 | 163 |
Total Equity of HST | |||||
Stockholders Equity Note [Line Items] | |||||
Net Income (Loss) | $ 211 | $ 255 | $ 498 | $ 372 |
Equity of Host Inc. and Capit_4
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 14, 2023 $ / shares | May 31, 2023 USD ($) | Jun. 30, 2023 USD ($) shares | Mar. 31, 2023 USD ($) $ / shares shares | Jun. 30, 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 | $ 600 | $ 600 | ||||
Host L.P. | ||||||
Stockholders Equity Note [Line Items] | ||||||
Percentage of the common OP units | 99% | 99% | ||||
HOST HOTELS & RESORTS L.P. | ||||||
Stockholders Equity Note [Line Items] | ||||||
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | 1.021494 | |||
Repurchase of common stock, amount | $ 50 | |||||
Cash dividend | $ / shares | $ 0.1532241 | |||||
HOST HOTELS & RESORTS, INC. | ||||||
Stockholders Equity Note [Line Items] | ||||||
Share repurchase program, shares repurchased | shares | 0 | 3.2 | ||||
Repurchase of common stock, amount | $ 50 | |||||
Stock Repurchase Program, Authorized Amount | $ 923 | $ 923 | ||||
Shares repurchased, average price | $ / shares | $ 15.65 | |||||
Cash dividend | $ / shares | $ 0.15 | |||||
HOST HOTELS & RESORTS, INC. | Maximum | ||||||
Stockholders Equity Note [Line Items] | ||||||
Common stock issuable aggregate value | $ 600 |
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 | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Limited Partners Capital Account [Line Items] | |||||
Net Income (Loss) | $ 210 | $ 256 | $ 497 | $ 372 | |
Dividends declared on common stock | (107) | (43) | (194) | (65) | |
Repurchase of common OP units | (50) | ||||
Distributions to non-controlling interests | (1) | (1) | |||
Other comprehensive income/(loss) | 3 | (5) | 5 | 2 | |
Accumulated Other Comprehensive Income (Loss) | |||||
Limited Partners Capital Account [Line Items] | |||||
Other comprehensive income/(loss) | 3 | (5) | 5 | 2 | |
Non-controlling Interests | |||||
Limited Partners Capital Account [Line Items] | |||||
Net Income (Loss) | 1 | (1) | 1 | ||
Distributions to non-controlling interests | (1) | (1) | |||
HOST HOTELS & RESORTS L.P. | |||||
Limited Partners Capital Account [Line Items] | |||||
Beginning Balance | 6,863 | $ 6,715 | 6,525 | 6,715 | 6,446 |
Net Income (Loss) | 213 | 261 | 504 | 378 | |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | 8 | 12 | 4 | (3) | |
Repurchase of common OP units | (50) | ||||
Distributions declared on common OP units | (107) | (43) | (194) | (65) | |
Distributions to non-controlling interests | (1) | (1) | |||
Changes in ownership and other | 38 | 24 | |||
Other comprehensive income/(loss) | 3 | (5) | 5 | 2 | |
Ending Balance | 6,977 | 6,863 | 6,782 | 6,977 | 6,782 |
HOST HOTELS & RESORTS L.P. | General Partner | |||||
Limited Partners Capital Account [Line Items] | |||||
Beginning Balance | 1 | 1 | 1 | 1 | 1 |
Ending Balance | 1 | 1 | 1 | 1 | 1 |
HOST HOTELS & RESORTS L.P. | Limited Partner | |||||
Limited Partners Capital Account [Line Items] | |||||
Beginning Balance | 6,930 | 6,784 | 6,588 | 6,784 | 6,516 |
Net Income (Loss) | 210 | 256 | 497 | 372 | |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | 8 | 12 | 4 | 3 | |
Repurchase of common OP units | (50) | ||||
Distributions declared on common OP units | (107) | (43) | (194) | (65) | |
Changes in ownership and other | 37 | 24 | |||
Ending Balance | 7,041 | 6,930 | 6,850 | 7,041 | 6,850 |
HOST HOTELS & RESORTS L.P. | Total Capital | |||||
Limited Partners Capital Account [Line Items] | |||||
Net Income (Loss) | 211 | 255 | 498 | 372 | |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | |||||
Limited Partners Capital Account [Line Items] | |||||
Beginning Balance | (73) | (75) | (69) | (75) | (76) |
Other comprehensive income/(loss) | 3 | (5) | 5 | 2 | |
Ending Balance | (70) | (73) | (74) | (70) | (74) |
HOST HOTELS & RESORTS L.P. | Non-controlling Interests | |||||
Limited Partners Capital Account [Line Items] | |||||
Beginning Balance | 5 | 5 | 5 | 5 | 5 |
Net Income (Loss) | 1 | (1) | 1 | ||
Distributions to non-controlling interests | (1) | (1) | |||
Changes in ownership and other | 1 | ||||
Ending Balance | 5 | 5 | 5 | 5 | 5 |
HOST HOTELS & RESORTS L.P. | Limited partnership interests of third parties | |||||
Limited Partners Capital Account [Line Items] | |||||
Beginning Balance | 167 | 164 | 203 | 164 | 126 |
Net Income (Loss) | 3 | 5 | 7 | 6 | |
Distributions declared on common OP units | (2) | (1) | (3) | (1) | |
Common OP unit issuances | 56 | ||||
Changes in ownership and other | (44) | (24) | |||
Ending Balance | $ 168 | $ 167 | $ 163 | $ 168 | $ 163 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Certain Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financial assets | ||
Notes receivable | $ 485 | $ 413 |
Financial liabilities | ||
Senior notes | 3,117 | 3,115 |
Credit facility, including the term loans of $997 and $998, respectively | 987 | 994 |
Mortgage debt | 101 | 102 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 2,815 | 2,768 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Notes receivable (Level 2), fair value | 483 | 404 |
Financial liabilities | ||
Credit facility (Level 2), fair value | 1,000 | 1,000 |
Mortgage debt | $ 87 | $ 95 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Notes Receivable - Sheraton Boston | 6 Months Ended | |
Aug. 01, 2023 | Jun. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long maturity date | Aug. 01, 2023 | |
Interest rate on loan | 6.50% | |
Subsequent Event | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest rate on loan | 12% | |
Paydown percentage of principal amount | 10% |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,393 | $ 1,381 | $ 2,774 | $ 2,455 | |
Property and equipment, net | 9,717 | 9,717 | $ 9,748 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,367 | 1,362 | 2,729 | 2,428 | |
Property and equipment, net | 9,645 | 9,645 | 9,678 | ||
Brazil | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5 | 3 | 11 | 7 | |
Property and equipment, net | 37 | 37 | 33 | ||
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 21 | $ 16 | 34 | $ 20 | |
Property and equipment, net | $ 35 | $ 35 | $ 37 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 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 | Jun. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 168 | $ 164 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Common OP units outstanding (millions) | shares | 9.8 | 10 | |
Market price per Host Inc. common share | $ / shares | $ 16.83 | $ 16.05 | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 168 | $ 164 | |
Historical cost (millions) | 99 | 97 | |
Book value (millions) | [1] | $ 168 | $ 164 |
[1] The book value recorded is equal to the greater of redemption value or historical cost. |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Loss Contingencies | ||
Loss contingency, additional estimate of possible loss | $ 25 | |
Hurricane Ian | ||
Loss Contingencies | ||
Loss contingency, estimate of possible loss | 130 | $ 130 |
Insurance receivable, Beginning Balance | 130 | |
Insurance receivable, Ending Balance | $ 17 | 17 |
Property Insurance Proceeds | $ 113 | |
Expected potential insurance recovery | 310 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Jun. 30, 2023 USD ($) |
Other Litigation Cases | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency , estimate of possible loss | $ 150,000 |