Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-14625 | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
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 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | HST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 705,044,134 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
HOST HOTELS & RESORTS L.P. | ||
Document Information [Line Items] | ||
Entity File Number | 0-25087 | |
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2095412 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001061937 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Property and equipment, net | $ 9,565 | $ 9,624 |
Right-of-use assets | 551 | 550 |
Due from managers | 158 | 128 |
Advances to and investments in affiliates | 147 | 126 |
Furniture, fixtures and equipment replacement fund | 231 | 217 |
Notes receivable | 72 | 72 |
Other | 391 | 382 |
Cash and cash equivalents | 1,349 | 1,144 |
Total assets | 12,464 | 12,243 |
Debt | ||
Senior notes | 3,121 | 3,120 |
Credit facility, including the term loans of $997 | 1,290 | 989 |
Mortgage and other debt | 99 | 100 |
Total debt | 4,510 | 4,209 |
Lease liabilities | 564 | 563 |
Accounts payable and accrued expenses | 237 | 408 |
Due to managers | 37 | 64 |
Other | 176 | 173 |
Total liabilities | 5,524 | 5,417 |
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. | 200 | 189 |
Host Hotels & Resorts, Inc. stockholders’ equity: | ||
Common stock, par value $0.01, 1,050 million shares authorized, 705.0 million shares and 703.6 million shares issued and outstanding, respectively | 7 | 7 |
Additional paid-in capital | 7,514 | 7,535 |
Accumulated other comprehensive loss | (73) | (70) |
Deficit | (712) | (839) |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,736 | 6,633 |
Non-redeemable non-controlling interests—other consolidated partnerships | 4 | 4 |
Total equity | 6,740 | 6,637 |
Total liabilities, non-controlling interests and equity | $ 12,464 | $ 12,243 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Credit facility | $ 1,290 | $ 989 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,050 | 1,050 |
Common stock, shares issued (in shares) | 705 | 703.6 |
Common stock, shares outstanding (in shares) | 705 | 703.6 |
Term Loan | ||
Credit facility | $ 997 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES | ||
Revenues | $ 1,471 | $ 1,381 |
EXPENSES | ||
Other property-level expenses | 104 | 91 |
Depreciation and amortization | 180 | 169 |
Corporate and other expenses | 27 | 31 |
Gain on insurance settlements | (31) | 0 |
Total operating costs and expenses | 1,180 | 1,133 |
OPERATING PROFIT | 291 | 248 |
Interest income | 18 | 14 |
Interest expense | (47) | (49) |
Other gains | 0 | 69 |
Equity in earnings of affiliates | 8 | 7 |
INCOME BEFORE INCOME TAXES | 270 | 289 |
Benefit for income taxes | 2 | 2 |
NET INCOME | 272 | 291 |
Less: Net income attributable to non-controlling interests | (4) | (4) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 268 | $ 287 |
Basic earnings per common share (in dollars per share) | $ 0.38 | $ 0.40 |
Diluted earnings per common share (in dollars per share) | $ 0.38 | $ 0.40 |
Rooms | ||
REVENUES | ||
Revenues | $ 853 | $ 820 |
EXPENSES | ||
Expenses | 202 | 193 |
Food and beverage | ||
REVENUES | ||
Revenues | 473 | 431 |
EXPENSES | ||
Expenses | 295 | 269 |
Other | ||
REVENUES | ||
Revenues | 145 | 130 |
EXPENSES | ||
Expenses | 334 | 315 |
Management fees | ||
EXPENSES | ||
Expenses | $ 69 | $ 65 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 272 | $ 291 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (3) | 2 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (3) | 2 |
COMPREHENSIVE INCOME | 269 | 293 |
Less: Comprehensive income attributable to non-controlling interests | (4) | (4) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS | $ 265 | $ 289 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 272 | $ 291 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 180 | 169 |
Amortization of finance costs, discounts and premiums, net | 2 | 2 |
Loss on extinguishment of debt | 0 | 4 |
Stock compensation expense | 6 | 7 |
Other gains | 0 | (69) |
Gain on property insurance settlement | (21) | 0 |
Equity in earnings of affiliates | (8) | (7) |
Change in due from/to managers | (58) | (88) |
Distributions from investments in affiliates | 3 | 7 |
Property insurance proceeds - remediation costs | 0 | 31 |
Changes in other assets | 8 | 3 |
Changes in other liabilities | (13) | (42) |
Net cash provided by operating activities | 365 | 308 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 0 | 35 |
Advances to and investments in affiliates | (18) | (18) |
Capital expenditures: | ||
Renewals and replacements | (70) | (95) |
Return on investment | (33) | (51) |
Property insurance proceeds | 21 | 24 |
Net cash used in investing activities | (100) | (105) |
FINANCING ACTIVITIES | ||
Financing costs | 0 | (10) |
Draws on credit facility | 300 | 0 |
Debt extinguishment costs | 0 | (3) |
Common stock repurchases | 0 | (50) |
Dividends on common stock | (316) | (228) |
Distributions and payments to non-controlling interests | (5) | (3) |
Other financing activities | (23) | (14) |
Net cash used in financing activities | (44) | (308) |
Effects of exchange rate changes on cash held | (2) | 1 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 219 | (104) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,363 | 874 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,582 | 770 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 1,349 | 563 |
Restricted cash (included in other assets) | 2 | 4 |
Cash included in furniture, fixtures and equipment replacement fund | 231 | 203 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,582 | 770 |
Total interest paid | 39 | 40 |
Income taxes paid (refunds received) | 2 | (1) |
Payments for inventory costs | $ (6) | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions | 1 Months Ended |
Mar. 31, 2023 USD ($) | |
The Camby, Autograph Collection | |
Notes receivable from sale of property | $ 72 |
CONDENSED CONSOLIDATED BALANC_3
CONDENSED CONSOLIDATED BALANCE SHEETS - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Property and equipment, net | $ 9,565 | $ 9,624 |
Right-of-use assets | 551 | 550 |
Due from managers | 158 | 128 |
Advances to and investments in affiliates | 147 | 126 |
Furniture, fixtures and equipment replacement fund | 231 | 217 |
Notes receivable | 72 | 72 |
Other | 391 | 382 |
Cash and cash equivalents | 1,349 | 1,144 |
Total assets | 12,464 | 12,243 |
Debt | ||
Senior notes | 3,121 | 3,120 |
Credit facility, including the term loans of $997 | 1,290 | 989 |
Mortgage and other debt | 99 | 100 |
Total debt | 4,510 | 4,209 |
Lease liabilities | 564 | 563 |
Accounts payable and accrued expenses | 237 | 408 |
Due to managers | 37 | 64 |
Other | 176 | 173 |
Total liabilities | 5,524 | 5,417 |
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. | 200 | 189 |
Host Hotels & Resorts, L.P. capital: | ||
Accumulated other comprehensive loss | (73) | (70) |
Total liabilities, non-controlling interests and equity | 12,464 | 12,243 |
HOST HOTELS & RESORTS L.P. | ||
ASSETS | ||
Property and equipment, net | 9,565 | 9,624 |
Right-of-use assets | 551 | 550 |
Due from managers | 158 | 128 |
Advances to and investments in affiliates | 147 | 126 |
Furniture, fixtures and equipment replacement fund | 231 | 217 |
Notes receivable | 72 | 72 |
Other | 391 | 382 |
Cash and cash equivalents | 1,349 | 1,144 |
Total assets | 12,464 | 12,243 |
Debt | ||
Senior notes | 3,121 | 3,120 |
Credit facility, including the term loans of $997 | 1,290 | 989 |
Mortgage and other debt | 99 | 100 |
Total debt | 4,510 | 4,209 |
Lease liabilities | 564 | 563 |
Accounts payable and accrued expenses | 237 | 408 |
Due to managers | 37 | 64 |
Other | 176 | 173 |
Total liabilities | 5,524 | 5,417 |
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. | 200 | 189 |
Host Hotels & Resorts, L.P. capital: | ||
General partner | 1 | 1 |
Limited partner | 6,808 | 6,702 |
Accumulated other comprehensive loss | (73) | (70) |
Total Host Hotels & Resorts, L.P. capital | 6,736 | 6,633 |
Non-controlling interests—consolidated partnerships | 4 | 4 |
Total capital | 6,740 | 6,637 |
Total liabilities, non-controlling interests and equity | $ 12,464 | $ 12,243 |
CONDENSED CONSOLIDATED BALANC_4
CONDENSED CONSOLIDATED BALANCE SHEETS - Host Hotels & Resorts L.P. and Subsidiaries (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Credit facility | $ 1,290 | $ 989 |
HOST HOTELS & RESORTS L.P. | ||
Credit facility | 1,290 | $ 989 |
Term Loan | ||
Credit facility | 997 | |
Term Loan | HOST HOTELS & RESORTS L.P. | ||
Credit facility | $ 997 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES | ||
Revenues | $ 1,471 | $ 1,381 |
EXPENSES | ||
Other property-level expenses | 104 | 91 |
Depreciation and amortization | 180 | 169 |
Corporate and other expenses | 27 | 31 |
Gain on insurance settlements | (31) | 0 |
Total operating costs and expenses | 1,180 | 1,133 |
OPERATING PROFIT | 291 | 248 |
Interest income | 18 | 14 |
Interest expense | (47) | (49) |
Other gains | 0 | 69 |
Equity in earnings of affiliates | 8 | 7 |
INCOME BEFORE INCOME TAXES | 270 | 289 |
Benefit for income taxes | 2 | 2 |
Net income | 272 | 291 |
Less: Net income attributable to non-controlling interests | (4) | (4) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 268 | $ 287 |
Basic earnings per common unit (in dollars per unit) | $ 0.38 | $ 0.40 |
Diluted earnings per common unit (in dollars per unit) | $ 0.38 | $ 0.40 |
HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | $ 1,471 | $ 1,381 |
EXPENSES | ||
Other property-level expenses | 104 | 91 |
Depreciation and amortization | 180 | 169 |
Corporate and other expenses | 27 | 31 |
Gain on insurance settlements | (31) | 0 |
Total operating costs and expenses | 1,180 | 1,133 |
OPERATING PROFIT | 291 | 248 |
Interest income | 18 | 14 |
Interest expense | (47) | (49) |
Other gains | 0 | 69 |
Equity in earnings of affiliates | 8 | 7 |
INCOME BEFORE INCOME TAXES | 270 | 289 |
Benefit for income taxes | 2 | 2 |
Net income | 272 | 291 |
Less: Net income attributable to non-controlling interests | 0 | 0 |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 272 | $ 291 |
Basic earnings per common unit (in dollars per unit) | $ 0.39 | $ 0.41 |
Diluted earnings per common unit (in dollars per unit) | $ 0.39 | $ 0.41 |
Rooms | ||
REVENUES | ||
Revenues | $ 853 | $ 820 |
EXPENSES | ||
Expenses | 202 | 193 |
Rooms | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 853 | 820 |
EXPENSES | ||
Expenses | 202 | 193 |
Food and beverage | ||
REVENUES | ||
Revenues | 473 | 431 |
EXPENSES | ||
Expenses | 295 | 269 |
Food and beverage | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 473 | 431 |
EXPENSES | ||
Expenses | 295 | 269 |
Other | ||
REVENUES | ||
Revenues | 145 | 130 |
EXPENSES | ||
Expenses | 334 | 315 |
Other | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 145 | 130 |
EXPENSES | ||
Expenses | 334 | 315 |
Management fees | ||
EXPENSES | ||
Expenses | 69 | 65 |
Management fees | HOST HOTELS & RESORTS L.P. | ||
EXPENSES | ||
Expenses | $ 69 | $ 65 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
NET INCOME | $ 272 | $ 291 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (3) | 2 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (3) | 2 |
COMPREHENSIVE INCOME | 269 | 293 |
Less: Comprehensive income attributable to non-controlling interests | (4) | (4) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS | 265 | 289 |
HOST HOTELS & RESORTS L.P. | ||
NET INCOME | 272 | 291 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (3) | 2 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (3) | 2 |
COMPREHENSIVE INCOME | 269 | 293 |
Less: Comprehensive income attributable to non-controlling interests | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS | $ 269 | $ 293 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 272 | $ 291 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 180 | 169 |
Amortization of finance costs, discounts and premiums, net | 2 | 2 |
Loss on extinguishment of debt | 0 | 4 |
Stock compensation expense | 6 | 7 |
Other gains | 0 | (69) |
Gain on property insurance settlement | (21) | 0 |
Equity in earnings of affiliates | (8) | (7) |
Change in due from/to managers | (58) | (88) |
Distributions from investments in affiliates | 3 | 7 |
Property insurance proceeds - remediation costs | 0 | 31 |
Payments for inventory costs | (6) | 0 |
Changes in other assets | 8 | 3 |
Changes in other liabilities | (13) | (42) |
Net cash provided by operating activities | 365 | 308 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 0 | 35 |
Advances to and investments in affiliates | (18) | (18) |
Capital expenditures: | ||
Renewals and replacements | (70) | (95) |
Return on investment | (33) | (51) |
Property insurance proceeds | 21 | 24 |
Net cash used in investing activities | (100) | (105) |
FINANCING ACTIVITIES | ||
Financing costs | 0 | (10) |
Draws on credit facility | 300 | 0 |
Debt extinguishment costs | 0 | (3) |
Distributions and payments to non-controlling interests | (5) | (3) |
Other financing activities | (23) | (14) |
Net cash used in financing activities | (44) | (308) |
Effects of exchange rate changes on cash held | (2) | 1 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 219 | (104) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,363 | 874 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,582 | 770 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 1,349 | 563 |
Restricted cash (included in other assets) | 2 | 4 |
Cash included in furniture, fixtures and equipment replacement fund | 231 | 203 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,582 | 770 |
Total interest paid | 39 | 40 |
Income taxes paid (refunds received) | 2 | (1) |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
Net income | 272 | 291 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 180 | 169 |
Amortization of finance costs, discounts and premiums, net | 2 | 2 |
Loss on extinguishment of debt | 0 | 4 |
Stock compensation expense | 6 | 7 |
Other gains | 0 | (69) |
Gain on property insurance settlement | (21) | 0 |
Equity in earnings of affiliates | (8) | (7) |
Change in due from/to managers | (58) | (88) |
Distributions from investments in affiliates | 3 | 7 |
Property insurance proceeds - remediation costs | 0 | 31 |
Payments for inventory costs | (6) | 0 |
Changes in other assets | 8 | 3 |
Changes in other liabilities | (13) | (42) |
Net cash provided by operating activities | 365 | 308 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 0 | 35 |
Advances to and investments in affiliates | (18) | (18) |
Capital expenditures: | ||
Renewals and replacements | (70) | (95) |
Return on investment | (33) | (51) |
Property insurance proceeds | 21 | 24 |
Net cash used in investing activities | (100) | (105) |
FINANCING ACTIVITIES | ||
Financing costs | 0 | (10) |
Draws on credit facility | 300 | 0 |
Debt extinguishment costs | 0 | (3) |
Repurchase of common OP units | 0 | (50) |
Distributions on common OP units | (320) | (231) |
Distributions and payments to non-controlling interests | (1) | 0 |
Other financing activities | (23) | (14) |
Net cash used in financing activities | (44) | (308) |
Effects of exchange rate changes on cash held | (2) | 1 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 219 | (104) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,363 | 874 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,582 | 770 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 1,349 | 563 |
Restricted cash (included in other assets) | 2 | 4 |
Cash included in furniture, fixtures and equipment replacement fund | 231 | 203 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,582 | 770 |
Total interest paid | 39 | 40 |
Income taxes paid (refunds received) | $ 2 | $ (1) |
CONDENSED CONSOLIDATED STATEM_8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Host Hotels & Resorts L.P. and Subsidiaries (Parenthetical) - The Camby, Autograph Collection $ in Millions | 1 Months Ended |
Mar. 31, 2023 USD ($) | |
Notes receivable from sale of property | $ 72 |
HOST HOTELS & RESORTS L.P. | |
Notes receivable from sale of property | $ 72 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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.” to refer specifically to Host Hotels & Resorts, Inc., and the term “Host L.P.” to refer specifically 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, 2024, Host Inc. holds approximately 99% of Host L.P.’s partnership interests. Consolidated Portfolio As of March 31, 2024, 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, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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, 2023. 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, 2024, and the results of our operations and cash flows for the quarter ended March 31, 2024 and 2023, respectively. Interim results are not necessarily indicative of full year performance because of the effect of seasonal variations. |
Earnings Per Common Share (Unit
Earnings Per Common Share (Unit) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share (Unit) | 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 shares granted, 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. There are 9.5 million Host L.P. common units, which are convertible into 9.7 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 March 31, 2024 2023 Net income $ 272 $ 291 Less: Net income attributable to non-controlling interests (4) (4) Net income attributable to Host Inc. $ 268 $ 287 Basic weighted average shares outstanding 704.0 713.4 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.5 1.5 Diluted weighted average shares outstanding 705.5 714.9 Basic earnings per common share $ 0.38 $ 0.40 Diluted earnings per common share $ 0.38 $ 0.40 The calculation of Host L.P. basic and diluted earnings per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2024 2023 Net income $ 272 $ 291 Less: Net income attributable to non-controlling interests — — Net income attributable to Host L.P. $ 272 $ 291 Basic weighted average units outstanding 698.7 708.3 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 1.5 1.5 Diluted weighted average units outstanding 700.2 709.8 Basic earnings per common unit $ 0.39 $ 0.41 Diluted earnings per common unit $ 0.39 $ 0.41 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 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 9 – 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 2024 2023 Florida Gulf Coast $ 168 $ 96 Orlando 142 141 San Diego 136 125 Phoenix 120 129 Maui/Oahu 115 126 San Francisco/San Jose 106 100 Miami 84 83 Washington, D.C. (Central Business District) 80 76 New York 72 70 Houston 41 37 San Antonio 35 36 Los Angeles/Orange County 33 34 Jacksonville 31 31 New Orleans 31 29 Boston 30 29 Austin 23 25 Northern Virginia 22 19 Chicago 21 19 Seattle 19 18 Denver 19 14 Philadelphia 17 17 Atlanta 17 18 Other 90 90 Domestic 1,452 1,362 International 19 19 Total $ 1,471 $ 1,381 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consists of the following (in millions): March 31, 2024 December 31, 2023 Land and land improvements $ 1,981 $ 1,981 Buildings and leasehold improvements 14,347 14,253 Furniture and equipment 2,357 2,331 Construction in progress 234 237 18,919 18,802 Less accumulated depreciation and amortization (9,354) (9,178) $ 9,565 $ 9,624 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Credit Facility. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 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, 2023 $ 7 $ 7,535 $ (70) $ (839) $ 4 $ 6,637 $ 189 Net income — — — 268 — 268 4 Issuance of common stock for comprehensive stock plans, net — (12) — — — (12) — Dividends declared on common stock — — — (141) — (141) — Distributions to non-controlling interests — — — — (1) (1) (2) Changes in ownership and other — (9) — — 1 (8) 9 Other comprehensive loss — — (3) — — (3) — Balance, March 31, 2024 $ 7 $ 7,514 $ (73) $ (712) $ 4 $ 6,740 $ 200 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 stock — (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 Capital of Host L.P. As of March 31, 2024, 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, 2023 $ 1 $ 6,702 $ (70) $ 4 $ 6,637 $ 189 Net income — 268 — — 268 4 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — (12) — — (12) — Distributions declared on common OP units — (141) — — (141) (2) Distributions to non-controlling interests — — — (1) (1) — Changes in ownership and other — (9) — 1 (8) 9 Other comprehensive loss — — (3) — (3) — Balance, March 31, 2024 $ 1 $ 6,808 $ (73) $ 4 $ 6,740 $ 200 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 Share Repurchases As of March 31, 2024, there was $792 million available for repurchase under our common share repurchase program. There were no share repurchases during the first quarter of 2024. Issuance of Common Stock As of March 31, 2024, there was $600 million of remaining capacity to issue common shares of Host Inc. under our "at the market" distribution agreement. There were no shares issued during the first quarter of 2024. Dividends/Distributions |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Financial assets Notes receivable (Level 2) $ 72 $ 73 $ 72 $ 73 Financial liabilities Senior notes (Level 1) 3,121 2,903 3,120 2,915 Credit facility (Level 2) 1,290 1,300 989 1,000 Mortgage debt (Level 2) 99 87 100 86 |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Geographic Information | 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, 2024. 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, 2024 2023 United States $ 1,452 $ 1,362 $ 9,500 $ 9,556 Brazil 6 6 34 35 Canada 13 13 31 33 Total $ 1,471 $ 1,381 $ 9,565 $ 9,624 |
Non-controlling Interests
Non-controlling Interests | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interests | 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, 2024 December 31, 2023 Common OP units outstanding (millions) 9.5 9.5 Market price per Host Inc. common share $ 20.68 $ 19.47 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 200 $ 189 Historical cost (millions) 94 93 Book value (millions) ⁽¹⁾ 200 189 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. Other Consolidated Partnerships. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Loss Contingency [Abstract] | |
Contingencies | 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, with the final phase of reconstruction, the resort's waterpark, completed in June 2023. On July 6, 2023, The Ritz-Carlton, Naples reopened the guestrooms, suites and amenities, including the new tower expansion. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to quarter end, the following transactions were completed: • we repaid our $400 million 3⅞% Series G senior notes at maturity on April 1, 2024; • we acquired the 215-room 1 Hotel Nashville and 506-room Embassy Suites by Hilton Nashville Downtown for a total purchase price of $530 million on April 15, 2024; and • an additional draw of $65 million on the revolver portion of our credit facility, followed by a $150 million repayment on the facility, after which we have $1.3 billion available under our capacity. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 268 | $ 287 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of accounting | 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, 2023. |
Use of estimates | 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. |
Consolidation, variable interest entities | 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% - 21%. 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. |
Organization (Tables)
Organization (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Portfolio of Hotels by Location | As of March 31, 2024, 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, 2024 | |
Earnings Per Share [Abstract] | |
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 March 31, 2024 2023 Net income $ 272 $ 291 Less: Net income attributable to non-controlling interests (4) (4) Net income attributable to Host Inc. $ 268 $ 287 Basic weighted average shares outstanding 704.0 713.4 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.5 1.5 Diluted weighted average shares outstanding 705.5 714.9 Basic earnings per common share $ 0.38 $ 0.40 Diluted earnings per common share $ 0.38 $ 0.40 The calculation of Host L.P. basic and diluted earnings per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2024 2023 Net income $ 272 $ 291 Less: Net income attributable to non-controlling interests — — Net income attributable to Host L.P. $ 272 $ 291 Basic weighted average units outstanding 698.7 708.3 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 1.5 1.5 Diluted weighted average units outstanding 700.2 709.8 Basic earnings per common unit $ 0.39 $ 0.41 Diluted earnings per common unit $ 0.39 $ 0.41 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 Florida Gulf Coast $ 168 $ 96 Orlando 142 141 San Diego 136 125 Phoenix 120 129 Maui/Oahu 115 126 San Francisco/San Jose 106 100 Miami 84 83 Washington, D.C. (Central Business District) 80 76 New York 72 70 Houston 41 37 San Antonio 35 36 Los Angeles/Orange County 33 34 Jacksonville 31 31 New Orleans 31 29 Boston 30 29 Austin 23 25 Northern Virginia 22 19 Chicago 21 19 Seattle 19 18 Denver 19 14 Philadelphia 17 17 Atlanta 17 18 Other 90 90 Domestic 1,452 1,362 International 19 19 Total $ 1,471 $ 1,381 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): March 31, 2024 December 31, 2023 Land and land improvements $ 1,981 $ 1,981 Buildings and leasehold improvements 14,347 14,253 Furniture and equipment 2,357 2,331 Construction in progress 234 237 18,919 18,802 Less accumulated depreciation and amortization (9,354) (9,178) $ 9,565 $ 9,624 |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
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, 2023 $ 7 $ 7,535 $ (70) $ (839) $ 4 $ 6,637 $ 189 Net income — — — 268 — 268 4 Issuance of common stock for comprehensive stock plans, net — (12) — — — (12) — Dividends declared on common stock — — — (141) — (141) — Distributions to non-controlling interests — — — — (1) (1) (2) Changes in ownership and other — (9) — — 1 (8) 9 Other comprehensive loss — — (3) — — (3) — Balance, March 31, 2024 $ 7 $ 7,514 $ (73) $ (712) $ 4 $ 6,740 $ 200 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 stock — (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 |
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, 2023 $ 1 $ 6,702 $ (70) $ 4 $ 6,637 $ 189 Net income — 268 — — 268 4 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — (12) — — (12) — Distributions declared on common OP units — (141) — — (141) (2) Distributions to non-controlling interests — — — (1) (1) — Changes in ownership and other — (9) — 1 (8) 9 Other comprehensive loss — — (3) — (3) — Balance, March 31, 2024 $ 1 $ 6,808 $ (73) $ 4 $ 6,740 $ 200 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Financial assets Notes receivable (Level 2) $ 72 $ 73 $ 72 $ 73 Financial liabilities Senior notes (Level 1) 3,121 2,903 3,120 2,915 Credit facility (Level 2) 1,290 1,300 989 1,000 Mortgage debt (Level 2) 99 87 100 86 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 United States $ 1,452 $ 1,362 $ 9,500 $ 9,556 Brazil 6 6 34 35 Canada 13 13 31 33 Total $ 1,471 $ 1,381 $ 9,565 $ 9,624 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Common OP units outstanding (millions) 9.5 9.5 Market price per Host Inc. common share $ 20.68 $ 19.47 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 200 $ 189 Historical cost (millions) 94 93 Book value (millions) ⁽¹⁾ 200 189 ___________ (1) |
Organization - Additional Infor
Organization - Additional Information (Detail) | Mar. 31, 2024 |
Host L.P. | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Percentage of the common OP units | 99% |
Organization - Consolidated Por
Organization - Consolidated Portfolio of Hotels by Location (Detail) | Mar. 31, 2024 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_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 hotel partnership | |
Significant Accounting Policies [Line Items] | |
Number of partnerships | partnership | 4 |
Variable Interest Entity, Not Primary Beneficiary | |
Significant Accounting Policies [Line Items] | |
Number of partnerships | hotel | 2 |
Variable Interest Entity, Not Primary Beneficiary | Maximum | |
Significant Accounting Policies [Line Items] | |
General partner and limited partner interest | 21% |
Variable Interest Entity, Not Primary Beneficiary | 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) - shares shares in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Shares Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Common units outstanding | 9.5 | 9.5 |
HOST HOTELS & RESORTS L.P. | Redeemable Non Controlling Interests | ||
Shares Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Common units outstanding | 9.5 | |
Number of common shares if converted | 9.7 |
Earnings Per Common Share (Un_4
Earnings Per Common Share (Unit) - Host Inc. (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 272 | $ 291 |
Less: Net income attributable to non-controlling interests | (4) | (4) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 268 | $ 287 |
Basic weighted average shares outstanding (in shares) | 704 | 713.4 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market (in shares) | 1.5 | 1.5 |
Diluted weighted average shares outstanding (in shares) | 705.5 | 714.9 |
Basic earnings per common share (in dollars per share) | $ 0.38 | $ 0.40 |
Diluted earnings per common share (in dollars per share) | $ 0.38 | $ 0.40 |
Earnings Per Common Share (Un_5
Earnings Per Common Share (Unit) - Host L.P. (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share Diluted [Line Items] | ||
Net income | $ 272 | $ 291 |
Less: Net income attributable to non-controlling interests | (4) | (4) |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 268 | $ 287 |
Basic weighted average units outstanding (in units) | 704 | 713.4 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market (in shares) | 1.5 | 1.5 |
Diluted weighted average shares outstanding (in shares) | 705.5 | 714.9 |
Basic earnings per common unit (in dollars per unit) | $ 0.38 | $ 0.40 |
Diluted earnings per common share (in dollars per share) | $ 0.38 | $ 0.40 |
HOST HOTELS & RESORTS L.P. | ||
Earnings Per Share Diluted [Line Items] | ||
Net income | $ 272 | $ 291 |
Less: Net income attributable to non-controlling interests | 0 | 0 |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 272 | $ 291 |
Basic weighted average units outstanding (in units) | 698.7 | 708.3 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market (in shares) | 1.5 | 1.5 |
Diluted weighted average shares outstanding (in shares) | 700.2 | 709.8 |
Basic earnings per common unit (in dollars per unit) | $ 0.39 | $ 0.41 |
Diluted earnings per common share (in dollars per share) | $ 0.39 | $ 0.41 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 1,471 | $ 1,381 |
Domestic | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 1,452 | 1,362 |
Florida Gulf Coast | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 168 | 96 |
Orlando | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 142 | 141 |
San Diego | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 136 | 125 |
Phoenix | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 120 | 129 |
Maui/Oahu | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 115 | 126 |
San Francisco/San Jose | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 106 | 100 |
Miami | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 84 | 83 |
Washington, D.C. (Central Business District) | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 80 | 76 |
New York | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 72 | 70 |
Houston | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 41 | 37 |
San Antonio | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 35 | 36 |
Los Angeles/Orange County | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 33 | 34 |
Jacksonville | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 31 | 31 |
New Orleans | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 31 | 29 |
Boston | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 30 | 29 |
Austin | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 23 | 25 |
Northern Virginia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 22 | 19 |
Chicago | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 21 | 19 |
Seattle | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 19 | 18 |
Denver | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 19 | 14 |
Philadelphia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 17 | 17 |
Atlanta | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 17 | 18 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 90 | 90 |
International | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 19 | $ 19 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 1,981 | $ 1,981 |
Buildings and leasehold improvements | 14,347 | 14,253 |
Furniture and equipment | 2,357 | 2,331 |
Construction in progress | 234 | 237 |
Property and equipment, gross | 18,919 | 18,802 |
Less accumulated depreciation and amortization | (9,354) | (9,178) |
Property and equipment, net | $ 9,565 | $ 9,624 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Draws on credit facility | $ 300 | $ 0 |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Draws on credit facility | 300 | |
Available capacity | $ 1,200 |
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, 2024 | Mar. 31, 2023 | |
Stockholders Equity Note [Line Items] | ||
Beginning Balance | $ 6,637 | $ 6,715 |
Net income | 268 | 287 |
Net income loss | 268 | 287 |
Issuance of common stock for comprehensive stock plans, net | (12) | (4) |
Repurchase of common stock | (50) | |
Dividends declared on common stock | (141) | (87) |
Distributions to non-controlling interests | (1) | 0 |
Changes in ownership and other | (8) | |
Other comprehensive income (loss) | (3) | 2 |
Ending Balance | 6,740 | 6,863 |
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 | 7,535 | 7,717 |
Issuance of common stock for comprehensive stock plans, net | (12) | (4) |
Repurchase of common stock | (50) | |
Changes in ownership and other | (9) | |
Ending Balance | 7,514 | 7,663 |
Accumulated Other Comprehensive Income (Loss) | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | (70) | (75) |
Other comprehensive income (loss) | (3) | 2 |
Ending Balance | (73) | (73) |
Retained Earnings / (Deficit) | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | (839) | (939) |
Dividends declared on common stock | (141) | (87) |
Ending Balance | (712) | (739) |
Non-redeemable, non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 4 | 5 |
Net income | 0 | |
Distributions to non-controlling interests | (1) | |
Changes in ownership and other | 1 | |
Ending Balance | 4 | 5 |
Redeemable, non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 189 | 164 |
Net income | 4 | 4 |
Distributions to non-controlling interests | (2) | (1) |
Changes in ownership and other | 9 | |
Ending Balance | $ 200 | $ 167 |
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 | ||||
Apr. 15, 2024 $ / shares | Feb. 21, 2024 $ / shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 shares | |
Stockholders Equity Note [Line Items] | |||||
Repurchase of common stock | $ 50 | ||||
Amount available for repurchase | $ 792 | ||||
Stock issuance remaining capacity | $ 600 | ||||
Dividend declared (in dollars per share) | $ / shares | $ 0.20 | ||||
Common units outstanding | shares | 9,500,000 | 9,500,000 | |||
Share repurchase program, shares repurchased (in shares) | shares | 0 | ||||
Common Stock | Equity Distribution Program | |||||
Stockholders Equity Note [Line Items] | |||||
Shares issued (in shares) | shares | 0 | ||||
Subsequent Event | |||||
Stockholders Equity Note [Line Items] | |||||
Dividend paid in cash (in dollars per share) | $ / shares | $ 0.20 | ||||
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 (in shares) | 1.021494 | 1.021494 | |||
Repurchase of common stock | $ 50 | ||||
HOST HOTELS & RESORTS L.P. | Subsequent Event | |||||
Stockholders Equity Note [Line Items] | |||||
Distribution per share (in dollars per share) | $ / shares | $ 0.2042988 |
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, 2024 | Mar. 31, 2023 | |
Limited Partners Capital Account [Line Items] | ||
Net income | $ 268 | $ 287 |
Net income loss | 268 | 287 |
Repurchase of common OP units | (50) | |
Distributions to non-controlling interests | (1) | 0 |
Changes in ownership and other | 8 | |
Other comprehensive income (loss) | (3) | 2 |
Non-redeemable, non-controlling interests | ||
Limited Partners Capital Account [Line Items] | ||
Net income | 0 | |
Distributions to non-controlling interests | (1) | |
Changes in ownership and other | (1) | |
HOST HOTELS & RESORTS L.P. | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 6,637 | 6,715 |
Net income | 272 | 291 |
Net income loss | 268 | 287 |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | (12) | (4) |
Repurchase of common OP units | (50) | |
Distributions declared on common OP units | (141) | (87) |
Distributions to non-controlling interests | (1) | |
Changes in ownership and other | (8) | |
Other comprehensive income (loss) | (3) | 2 |
Ending Balance | 6,740 | 6,863 |
HOST HOTELS & RESORTS L.P. | Non-redeemable, non-controlling interests | ||
Limited Partners Capital Account [Line Items] | ||
Changes in ownership and other | 1 | |
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 | 6,702 | 6,784 |
Net income | 268 | 287 |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | (12) | (4) |
Repurchase of common OP units | (50) | |
Distributions declared on common OP units | (141) | (87) |
Changes in ownership and other | (9) | |
Ending Balance | 6,808 | 6,930 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | (70) | (75) |
Other comprehensive income (loss) | (3) | 2 |
Ending Balance | (73) | (73) |
HOST HOTELS & RESORTS L.P. | Non-redeemable, non-controlling interests | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 4 | 5 |
Net income | 0 | |
Distributions to non-controlling interests | (1) | |
Ending Balance | 4 | 5 |
HOST HOTELS & RESORTS L.P. | Limited partnership interests of third parties | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 189 | 164 |
Net income | 4 | 4 |
Distributions declared on common OP units | (2) | (1) |
Changes in ownership and other | 9 | |
Ending Balance | $ 200 | $ 167 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Certain Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets | ||
Notes receivable (Level 2), carrying amount | $ 72 | $ 72 |
Financial liabilities | ||
Senior notes (Level 1), carrying amount | 3,121 | 3,120 |
Credit facility (Level 2), carrying amount | 1,290 | 989 |
Mortgage debt (Level 2) | 99 | 100 |
Level 1 | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 2,903 | 2,915 |
Level 2 | ||
Financial assets | ||
Notes receivable (Level 2), fair value | 73 | 73 |
Financial liabilities | ||
Credit facility (Level 2), fair value | 1,300 | 1,000 |
Mortgage debt (Level 2) | $ 87 | $ 86 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 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, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,471 | $ 1,381 | |
Property and equipment, net | 9,565 | $ 9,624 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,452 | 1,362 | |
Property and equipment, net | 9,500 | 9,556 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 6 | 6 | |
Property and equipment, net | 34 | 35 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13 | $ 13 | |
Property and equipment, net | $ 31 | $ 33 |
Non-controlling Interests - Add
Non-controlling Interests - Additional Information (Detail) $ in Millions | Mar. 31, 2024 USD ($) Entity | Dec. 31, 2023 USD ($) |
Minority Interest [Line Items] | ||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | Entity | 1 | |
Non-redeemable non-controlling interests - other consolidated partnerships | $ | $ 4 | $ 4 |
HOST HOTELS & RESORTS L.P. | ||
Minority Interest [Line Items] | ||
Shares issuable upon conversion of one common OP unit (in shares) | 1.021494 | 1.021494 |
Non-controlling Interests - His
Non-controlling Interests - Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares |
Shares Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Common OP units outstanding (millions) (in shares) | shares | 9.5 | 9.5 |
Market price per Host Inc. common share (in dollars per share) | $ / shares | $ 20.68 | $ 19.47 |
Book value (millions) | $ 200 | $ 189 |
HOST HOTELS & RESORTS L.P. | ||
Shares Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Shares issuable upon conversion of one common OP unit (in shares) | 1.021494 | 1.021494 |
Redemption value (millions) | $ 200 | $ 189 |
Historical cost (millions) | 94 | 93 |
Book value (millions) | $ 200 | $ 189 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 03, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Loss Contingencies | ||||
Gain on business interruption insurance | $ 31,000,000 | $ 0 | ||
Gain on property insurance | 21,000,000 | $ 0 | ||
Hurricane Ian | ||||
Loss Contingencies | ||||
Loss contingency, estimate of possible loss | 130,000,000 | |||
Insurance receivable | 0 | $ 130,000,000 | ||
Insurance proceeds received | 244,000,000 | |||
Insurance proceeds | 130,000,000 | |||
Hurricane Ian | Business Interruption Insurance | ||||
Loss Contingencies | ||||
Gain on business interruption insurance | 10,000,000 | |||
Hurricane Ian | Property Insurance | ||||
Loss Contingencies | ||||
Gain on property insurance | $ 21,000,000 | |||
Hurricane Ian | Subsequent Event | ||||
Loss Contingencies | ||||
Insurance proceeds | $ 19,000,000 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Mar. 31, 2024 USD ($) |
Other Litigation Cases | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ 150,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Apr. 15, 2024 USD ($) room | Apr. 01, 2024 USD ($) | May 03, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | |||||
Draws on credit facility | $ 300 | $ 0 | |||
Revolving Credit Facility | |||||
Subsequent Event [Line Items] | |||||
Draws on credit facility | 300 | ||||
Available capacity | $ 1,200 | ||||
Subsequent Event | Revolving Credit Facility | |||||
Subsequent Event [Line Items] | |||||
Draws on credit facility | $ 65 | ||||
Repayment of revolver | (150) | ||||
Available capacity | $ 1,300 | ||||
Subsequent Event | Series G Senior Notes, 3.875%, Due April 2024 | |||||
Subsequent Event [Line Items] | |||||
Notes repaid | $ 400 | ||||
Subsequent Event | 1 Hotel Nashville | |||||
Subsequent Event [Line Items] | |||||
Number of rooms/apartment | room | 215 | ||||
Subsequent Event | Embassy Suites by Hilton Nashville Downtown | |||||
Subsequent Event [Line Items] | |||||
Number of rooms/apartment | room | 506 | ||||
Subsequent Event | 1 Hotel Nashville and Embassy Suites by Hilton, Nashville Downtown | |||||
Subsequent Event [Line Items] | |||||
Acquisition purchase price | $ 530 |