Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HST | ||
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | ||
Entity Central Index Key | 1070750 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 757,520,164 | ||
Entity Public Float | $16,274,124,536 | ||
HOST HOTELS & RESORTS L.P. | |||
Document And Entity Information [Line Items] | |||
Entity Registrant Name | HOST HOTELS & RESORTS L.P. | ||
Entity Central Index Key | 1061937 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 750,840,635 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ||||
Property and equipment, net | $10,575 | $10,995 | ||
Due from managers | 70 | 52 | ||
Advances to and investments in affiliates | 433 | 415 | ||
Deferred financing costs, net | 35 | 42 | ||
Furniture, fixtures and equipment replacement fund | 129 | 173 | ||
Other | 281 | 244 | ||
Restricted cash | 32 | |||
Cash and cash equivalents | 684 | 861 | ||
Total assets | 12,207 | 12,814 | ||
Debt | ||||
Senior notes, including $386 million and $371 million, respectively, net of discount, of Exchangeable Senior Debentures | 2,884 | 3,018 | ||
Credit facility | 704 | 946 | ||
Mortgage debt | 404 | 709 | ||
Other | 86 | |||
Total debt | 3,992 | 4,759 | ||
Accounts payable and accrued expenses | 298 | 214 | ||
Other | 324 | 389 | ||
Total liabilities | 4,614 | 5,362 | ||
Partnership interests | 225 | 190 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ||||
Common stock, par value $.01, 1,050 million shares authorized, 755.8 million shares and 754.8 million shares issued and outstanding, respectively | 8 | 8 | ||
Additional paid-in capital | 8,476 | 8,492 | ||
Accumulated other comprehensive loss | -50 | -9 | ||
Deficit | -1,098 | -1,263 | ||
Total equity of Host Hotels & Resorts, Inc. stockholders | 7,336 | 7,228 | ||
Non-controlling interests—other consolidated partnerships | 32 | 34 | ||
Total equity | 7,368 | 7,262 | ||
Total liabilities, non-controlling interests and equity | 12,207 | 12,814 | ||
Host Hotels & Resorts, L.P. capital: | ||||
Accumulated other comprehensive loss | -50 | -9 | ||
HOST HOTELS & RESORTS L.P. | ||||
ASSETS | ||||
Property and equipment, net | 10,575 | 10,995 | ||
Due from managers | 70 | 52 | ||
Advances to and investments in affiliates | 433 | 415 | ||
Deferred financing costs, net | 35 | 42 | ||
Furniture, fixtures and equipment replacement fund | 129 | 173 | ||
Other | 281 | 244 | ||
Restricted cash | 32 | |||
Cash and cash equivalents | 684 | 861 | ||
Total assets | 12,207 | 12,814 | ||
Debt | ||||
Senior notes, including $386 million and $371 million, respectively, net of discount, of Exchangeable Senior Debentures | 2,884 | 3,018 | ||
Credit facility | 704 | 946 | ||
Mortgage debt | 404 | 709 | ||
Other | 86 | |||
Total debt | 3,992 | 4,759 | ||
Accounts payable and accrued expenses | 298 | 214 | ||
Other | 324 | 389 | ||
Total liabilities | 4,614 | 5,362 | ||
Partnership interests | 225 | [1] | 190 | [1] |
Host Hotels & Resorts, Inc. stockholders’ equity: | ||||
Accumulated other comprehensive loss | -50 | -9 | ||
Total liabilities, non-controlling interests and equity | 12,207 | 12,814 | ||
Host Hotels & Resorts, L.P. capital: | ||||
General partner | 1 | 1 | ||
Limited partner | 7,385 | 7,236 | ||
Accumulated other comprehensive loss | -50 | -9 | ||
Total Host Hotels & Resorts, L.P. capital | 7,336 | 7,228 | ||
Non-controlling interests—consolidated partnerships | 32 | 34 | ||
Total capital | $7,368 | $7,262 | ||
[1] | The book value recorded is equal to the greater of the redemption value or the historical cost. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Senior notes | $386 | $371 |
Credit facility | 704 | 946 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 755,800,000 | 754,800,000 |
Common stock, shares outstanding | 755,800,000 | 754,800,000 |
HOST HOTELS & RESORTS L.P. | ||
Senior notes | 386 | 371 |
Credit facility | 704 | 946 |
Term Loan | ||
Credit facility | 500 | 500 |
Term Loan | HOST HOTELS & RESORTS L.P. | ||
Credit facility | $500 | $500 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
REVENUES | ||||||
Rooms | $3,452 | $3,317 | $3,082 | |||
Food and beverage | 1,546 | 1,503 | 1,419 | |||
Other | 356 | 346 | 558 | |||
Total revenues | 5,354 | 5,166 | 5,059 | |||
EXPENSES | ||||||
Rooms | 924 | 894 | 836 | |||
Food and beverage | 1,109 | 1,095 | 1,049 | |||
Other departmental and support expenses | 1,264 | 1,249 | 1,219 | |||
Management fees | 227 | 222 | 199 | |||
Other property-level expenses | 386 | 376 | 576 | |||
Depreciation and amortization | 701 | 697 | 722 | |||
Corporate and other expenses | 43 | 121 | 107 | |||
Gain on insurance settlements | -10 | -11 | ||||
Total operating costs and expenses | 4,644 | 4,654 | 4,697 | |||
OPERATING PROFIT | 710 | 512 | 362 | |||
Interest income | 4 | 4 | 23 | |||
Interest expense | -214 | [1] | -304 | [1] | -373 | [1] |
Gain on sale of assets | 236 | 33 | 13 | |||
Gain (loss) on foreign currency transactions and derivatives | -1 | 3 | -4 | |||
Equity in earnings (losses) of affiliates | 26 | -17 | 2 | |||
INCOME BEFORE INCOME TAXES | 761 | 231 | 23 | |||
Provision for income taxes | -14 | -21 | -31 | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 747 | 210 | -8 | |||
Income from discontinued operations, net of tax | 115 | 71 | ||||
NET INCOME | 747 | 325 | 63 | |||
Less: Net income attributable to non-controlling interests | -15 | -8 | -2 | |||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 732 | 317 | 61 | |||
Basic earnings (loss) per common share/unit: | ||||||
Continuing operations | $0.97 | $0.27 | ($0.01) | |||
Discontinued operations | $0.16 | $0.09 | ||||
Basic earnings (loss) per common share/unit | $0.97 | $0.43 | $0.08 | |||
Diluted earnings (loss) per common share/unit: | ||||||
Continuing operations | $0.96 | $0.27 | ($0.01) | |||
Discontinued operations | $0.15 | $0.09 | ||||
Diluted earnings (loss) per common share/unit | $0.96 | $0.42 | $0.08 | |||
HOST HOTELS & RESORTS L.P. | ||||||
REVENUES | ||||||
Rooms | 3,452 | 3,317 | 3,082 | |||
Food and beverage | 1,546 | 1,503 | 1,419 | |||
Other | 356 | 346 | 558 | |||
Total revenues | 5,354 | 5,166 | 5,059 | |||
EXPENSES | ||||||
Rooms | 924 | 894 | 836 | |||
Food and beverage | 1,109 | 1,095 | 1,049 | |||
Other departmental and support expenses | 1,264 | 1,249 | 1,219 | |||
Management fees | 227 | 222 | 199 | |||
Other property-level expenses | 386 | 376 | 576 | |||
Depreciation and amortization | 701 | 697 | 722 | |||
Corporate and other expenses | 43 | 121 | 107 | |||
Gain on insurance settlements | -10 | -11 | ||||
Total operating costs and expenses | 4,644 | 4,654 | 4,697 | |||
OPERATING PROFIT | 710 | 512 | 362 | |||
Interest income | 4 | 4 | 23 | |||
Interest expense | -214 | -304 | -373 | |||
Gain on sale of assets | 236 | 33 | 13 | |||
Gain (loss) on foreign currency transactions and derivatives | -1 | 3 | -4 | |||
Equity in earnings (losses) of affiliates | 26 | -17 | 2 | |||
INCOME BEFORE INCOME TAXES | 761 | 231 | 23 | |||
Provision for income taxes | -14 | -21 | -31 | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 747 | 210 | -8 | |||
Income from discontinued operations, net of tax | 115 | 71 | ||||
NET INCOME | 747 | 325 | 63 | |||
Less: Net income attributable to non-controlling interests | -6 | -4 | -1 | |||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $741 | $321 | $62 | |||
Basic earnings (loss) per common share/unit: | ||||||
Continuing operations | $0.99 | $0.28 | ($0.01) | |||
Discontinued operations | $0.15 | $0.10 | ||||
Basic earnings (loss) per common share/unit | $0.99 | $0.43 | $0.09 | |||
Diluted earnings (loss) per common share/unit: | ||||||
Continuing operations | $0.99 | $0.28 | ($0.01) | |||
Discontinued operations | $0.15 | $0.10 | ||||
Diluted earnings (loss) per common share/unit | $0.99 | $0.43 | $0.09 | |||
[1] | Interest expense and interest paid for 2014, 2013 and 2012 include cash prepayment premiums of approximately $2Â million, $23Â million and $21Â million, respectively. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NET INCOME | $747 | $325 | $63 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -60 | -18 | 20 |
Change in fair value of derivative instruments | 19 | -3 | -7 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -41 | -21 | 13 |
COMPREHENSIVE INCOME | 706 | 304 | 76 |
Less: Comprehensive income attributable to non-controlling interests | -15 | -8 | -2 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | 691 | 296 | 74 |
HOST HOTELS & RESORTS L.P. | |||
NET INCOME | 747 | 325 | 63 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -60 | -18 | 20 |
Change in fair value of derivative instruments | 19 | -3 | -7 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -41 | -21 | 13 |
COMPREHENSIVE INCOME | 706 | 304 | 76 |
Less: Comprehensive income attributable to non-controlling interests | -6 | -4 | -1 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $700 | $300 | $75 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings/(Deficit) | Non-controlling Interests of Other Consolidated Partnerships | Non-controlling Interests of Host Hotels & Resorts, L.P. |
In Millions | |||||||
Balance at Dec. 31, 2011 | $7 | $7,750 | ($1) | ($1,079) | $36 | $158 | |
Balance, shares at Dec. 31, 2011 | 705.1 | ||||||
NET INCOME | 63 | 61 | 1 | 1 | |||
Other changes in ownership | -12 | 12 | |||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 20 | 20 | |||||
Change in fair value of derivative instruments | -7 | -7 | |||||
Common stock issuances | 274 | ||||||
Common stock issuances (shares) | 17.5 | ||||||
Comprehensive stock and employee stock purchase plans | 18 | ||||||
Comprehensive stock and employee stock purchase plans (shares) | 1.4 | ||||||
Common stock dividends | -216 | ||||||
Redemptions of limited partner interests for common stock | 10 | 10 | -10 | ||||
Redemptions of limited partner interests for common stock (shares) | 0.6 | 0.6 | |||||
Contributions from non- controlling interests of consolidated partnerships | 1 | ||||||
Distributions to non-controlling interests | -4 | -3 | |||||
Balance at Dec. 31, 2012 | 7 | 8,040 | 12 | -1,234 | 34 | 158 | |
Balance, shares at Dec. 31, 2012 | 724.6 | ||||||
NET INCOME | 325 | 317 | 4 | 4 | |||
Other changes in ownership | -38 | -3 | 38 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -18 | -18 | |||||
Change in fair value of derivative instruments | -3 | -3 | |||||
Common stock issuances | 1 | 476 | |||||
Common stock issuances (shares) | 28.7 | ||||||
Comprehensive stock and employee stock purchase plans | 8 | ||||||
Comprehensive stock and employee stock purchase plans (shares) | 1.2 | ||||||
Common stock dividends | -346 | ||||||
Redemptions of limited partner interests for common stock | 6 | 6 | -6 | ||||
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.3 | |||||
Contributions from non- controlling interests of consolidated partnerships | 7 | ||||||
Distributions to non-controlling interests | -8 | -4 | |||||
Balance at Dec. 31, 2013 | 7,262 | 8 | 8,492 | -9 | -1,263 | 34 | 190 |
Balance, shares at Dec. 31, 2013 | 754.8 | 754.8 | |||||
NET INCOME | 747 | 732 | 6 | 9 | |||
Other changes in ownership | -39 | -1 | 38 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -60 | -60 | |||||
Change in fair value of derivative instruments | 19 | 19 | |||||
Common stock issuances | 4 | ||||||
Common stock issuances (shares) | 0.2 | ||||||
Comprehensive stock and employee stock purchase plans | 13 | ||||||
Comprehensive stock and employee stock purchase plans (shares) | 0.5 | ||||||
Common stock dividends | -567 | ||||||
Redemptions of limited partner interests for common stock | 6 | 6 | -6 | ||||
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.3 | |||||
Contributions from non- controlling interests of consolidated partnerships | 1 | ||||||
Distributions to non-controlling interests | -8 | -6 | |||||
Balance at Dec. 31, 2014 | $7,368 | $8 | $8,476 | ($50) | ($1,098) | $32 | $225 |
Balance, shares at Dec. 31, 2014 | 755.8 | 755.8 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
OPERATING ACTIVITIES | ||||||
NET INCOME | $747 | $325 | $63 | |||
Discontinued operations: | ||||||
Gain on dispositions | -97 | -48 | ||||
Depreciation | 10 | 32 | ||||
Depreciation and amortization | 701 | 697 | 722 | |||
Amortization of finance costs, discounts and premiums, net | 24 | 25 | 13 | |||
Non-cash loss on extinguishment of debt | 2 | [1] | 13 | [1] | 9 | [1] |
Stock compensation expense | 22 | 18 | 16 | |||
Deferred income taxes | -1 | 6 | 17 | |||
Gain on sale of assets | -236 | -33 | -13 | |||
(Gain) loss on foreign currency transactions and derivatives | 1 | -3 | 4 | |||
Gain on property insurance settlement | -1 | -2 | ||||
Equity in (earnings) losses of affiliates | -26 | 17 | -2 | |||
Change in due from managers | -17 | 21 | -42 | |||
Change in restricted cash for operating activities | 25 | |||||
Changes in other assets | -34 | 39 | 11 | |||
Changes in other liabilities | -57 | -19 | 1 | |||
Cash provided by operating activities | 1,150 | 1,019 | 781 | |||
INVESTING ACTIVITIES | ||||||
Proceeds from sales of assets, net | 497 | 643 | 160 | |||
Return of investment in affiliates | 42 | 3 | ||||
Acquisitions | -138 | -166 | -441 | |||
Deferred sale proceeds received from HPT | 51 | |||||
Advances to and investments in affiliates | -65 | -74 | -132 | |||
Return on mortgage loan investment | 82 | |||||
Capital expenditures: | ||||||
Renewals and replacements | -324 | -303 | -366 | |||
Redevelopment and acquisition-related investments | -112 | -133 | -272 | |||
New development | -13 | -19 | -6 | |||
Change in furniture, fixtures and equipment ("FF&E") replacement fund | 18 | -23 | 16 | |||
Property insurance proceeds | 2 | 19 | ||||
Cash used in investing activities | -93 | -75 | -886 | |||
FINANCING ACTIVITIES | ||||||
Financing costs | -4 | -4 | -18 | |||
Issuances of debt | 4 | 550 | 900 | |||
Draws on credit facility | 4 | 393 | 231 | |||
Term loan issuance | 500 | |||||
Repayment of credit facility | -225 | -207 | -89 | |||
Repurchase/redemption of senior notes | -150 | -801 | -1,795 | |||
Mortgage debt and other prepayments and scheduled maturities | -384 | -411 | -113 | |||
Scheduled principal repayments | -2 | -2 | ||||
Issuance of common stock | 4 | 303 | 274 | |||
Dividends on common stock | -469 | -313 | -187 | |||
Contributions from non-controlling interests | 1 | 7 | 1 | |||
Distributions to non-controlling interests | -14 | -12 | -7 | |||
Change in restricted cash for financing activities | 7 | 4 | ||||
Cash used in financing activities | -1,226 | -493 | -305 | |||
Effects of exchange rate changes on cash held | -8 | -7 | 1 | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -177 | 444 | -409 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 861 | 417 | 826 | |||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 684 | 861 | 417 | |||
HOST HOTELS & RESORTS L.P. | ||||||
OPERATING ACTIVITIES | ||||||
NET INCOME | 747 | 325 | 63 | |||
Discontinued operations: | ||||||
Gain on dispositions | -97 | -48 | ||||
Depreciation | 10 | 32 | ||||
Depreciation and amortization | 701 | 697 | 722 | |||
Amortization of finance costs, discounts and premiums, net | 24 | 25 | 13 | |||
Non-cash loss on extinguishment of debt | 2 | 13 | 9 | |||
Stock compensation expense | 22 | 18 | 16 | |||
Deferred income taxes | -1 | 6 | 17 | |||
Gain on sale of assets | -236 | -33 | -13 | |||
(Gain) loss on foreign currency transactions and derivatives | 1 | -3 | 4 | |||
Gain on property insurance settlement | -1 | -2 | ||||
Equity in (earnings) losses of affiliates | -26 | 17 | -2 | |||
Change in due from managers | -17 | 21 | -42 | |||
Change in restricted cash for operating activities | 25 | |||||
Changes in other assets | -34 | 39 | 11 | |||
Changes in other liabilities | -57 | -19 | 1 | |||
Cash provided by operating activities | 1,150 | 1,019 | 781 | |||
INVESTING ACTIVITIES | ||||||
Proceeds from sales of assets, net | 497 | 643 | 160 | |||
Return of investment in affiliates | 42 | 3 | ||||
Acquisitions | -138 | -166 | -441 | |||
Deferred sale proceeds received from HPT | 51 | |||||
Advances to and investments in affiliates | -65 | -74 | -132 | |||
Return on mortgage loan investment | 82 | |||||
Capital expenditures: | ||||||
Renewals and replacements | -324 | -303 | -366 | |||
Redevelopment and acquisition-related investments | -112 | -133 | -272 | |||
New development | -13 | -19 | -6 | |||
Change in furniture, fixtures and equipment ("FF&E") replacement fund | 18 | -23 | 16 | |||
Property insurance proceeds | 2 | 19 | ||||
Cash used in investing activities | -93 | -75 | -886 | |||
FINANCING ACTIVITIES | ||||||
Financing costs | -4 | -4 | -18 | |||
Issuances of debt | 4 | 550 | 900 | |||
Draws on credit facility | 4 | 393 | 231 | |||
Term loan issuance | 500 | |||||
Repayment of credit facility | -225 | -207 | -89 | |||
Repurchase/redemption of senior notes | -150 | -801 | -1,795 | |||
Mortgage debt and other prepayments and scheduled maturities | -384 | -411 | -113 | |||
Scheduled principal repayments | -2 | -2 | ||||
Issuance of common OP units | 4 | 303 | 274 | |||
Distributions paid on common OP units | -475 | -317 | -190 | |||
Contributions from non-controlling interests | 1 | 7 | 1 | |||
Distributions to non-controlling interests | -8 | -8 | -4 | |||
Change in restricted cash for financing activities | 7 | 4 | ||||
Cash used in financing activities | -1,226 | -493 | -305 | |||
Distributions on common OP units | -475 | -317 | -190 | |||
Effects of exchange rate changes on cash held | -8 | -7 | 1 | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -177 | 444 | -409 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 861 | 417 | 826 | |||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $684 | $861 | $417 | |||
[1] | Interest expense and interest paid for 2014, 2013 and 2012 include cash prepayment premiums of approximately $2Â million, $23Â million and $21Â million, respectively. |
CONSOLIDATED_STATEMENTS_OF_CAP
CONSOLIDATED STATEMENTS OF CAPITAL (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NET INCOME | $747 | $325 | $63 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -60 | -18 | 20 |
Change in fair value of derivative instruments | 19 | -3 | -7 |
Redemptions of limited partner interests for common stock | 6 | 6 | 10 |
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.3 | 0.6 |
HOST HOTELS & RESORTS L.P. | |||
Beginning Balance | 7,262 | ||
NET INCOME | 747 | 325 | 63 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -60 | -18 | 20 |
Change in fair value of derivative instruments | 19 | -3 | -7 |
Redemptions of limited partner interests for common stock | 6 | 6 | 10 |
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.3 | 0.6 |
Ending Balance | 7,368 | 7,262 | |
HOST HOTELS & RESORTS L.P. | General Partner | |||
Beginning Balance | 1 | 1 | 1 |
Beginning Balance, units | 738.9 | 709.4 | 690.3 |
Common OP unit issuances (units) | 0.1 | 28.1 | 17.1 |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans (units) | 0.7 | 1.1 | 1.4 |
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.3 | 0.6 |
Ending Balance | 1 | 1 | 1 |
Ending Balance, units | 740 | 738.9 | 709.4 |
HOST HOTELS & RESORTS L.P. | Limited Partner | |||
Beginning Balance | 7,236 | 6,812 | 6,677 |
NET INCOME | 732 | 317 | 61 |
Other changes in ownership | -39 | -38 | -12 |
Common OP unit issuances | 4 | 477 | 274 |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | 13 | 8 | 18 |
Distributions on common OP units | -567 | -346 | -216 |
Redemptions of limited partner interests for common stock | 6 | 6 | 10 |
Ending Balance | 7,385 | 7,236 | 6,812 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | |||
Beginning Balance | -9 | 12 | -1 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -60 | -18 | 20 |
Change in fair value of derivative instruments | 19 | -3 | -7 |
Ending Balance | -50 | -9 | 12 |
HOST HOTELS & RESORTS L.P. | Non-controlling Interests of Other Consolidated Partnerships | |||
Beginning Balance | 34 | 34 | 36 |
NET INCOME | 6 | 4 | 1 |
Other changes in ownership | -1 | -3 | |
Contributions from non- controlling interests of consolidated partnerships | 1 | 7 | 1 |
Distributions to non-controlling interests | -8 | -8 | -4 |
Ending Balance | 32 | 34 | 34 |
HOST HOTELS & RESORTS L.P. | Limited Partnership Interests Of Third Parties | |||
Beginning Balance | 190 | 158 | 158 |
NET INCOME | 9 | 4 | 1 |
Other changes in ownership | 38 | 38 | 12 |
Distributions on common OP units | -6 | -4 | -3 |
Redemptions of limited partner interests for common stock | -6 | -6 | -10 |
Ending Balance | $225 | $190 | $158 |
Supplemental_Schedule_of_Nonca
Supplemental Schedule of Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: |
During 2014, 2013 and 2012, Host Inc. issued approximately 0.3 million, 0.3 million and 0.6 million shares of common stock, respectively, upon the conversion of Host L.P. units, or OP units, held by non-controlling interests valued at $6 million, $6 million and $10 million, respectively. | |
In March 2013, holders of approximately $174 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 11.7 million shares of Host Inc. common stock. | |
In November 2012, we contributed land with a book value of $11 million and a fair value of $36 million to a joint venture with Hyatt Residential Group to develop a vacation ownership project in Maui, Hawaii. We recorded an initial investment of $8 million related to our 67% ownership in the joint venture and an initial gain of $8 million related to the portion of the land attributable to Hyatt Residential Group’s 33% interest, for which we received cash of $12 million. | |
HOST HOTELS & RESORTS L.P. | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: |
During 2014, 2013 and 2012, non-controlling partners converted common operating partnership units (“OP units”) valued at $6 million, $6 million and $10 million, respectively, in exchange for 0.3 million, 0.3 million and 0.6 million shares, respectively, of Host Inc. common stock. | |
In March 2013, holders of approximately $174 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 11.7 million shares of Host Inc. common stock. In connection with the debentures exchanged for Host Inc. common stock, Host L.P. issued 11.5 million common OP units. | |
In November 2012, we contributed land with a book value of $11 million and a fair value of $36 million to a joint venture with Hyatt Residential Group to develop a vacation ownership project in Maui, Hawaii. We recorded an initial investment of $8 million related to our 67% ownership in the joint venture and an initial gain of $8 million related to the portion of the land attributable to Hyatt Residential Group’s 33% interest, for which we received cash of $12 million. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | 1 | Summary of Significant Accounting Policies | |||||||||||
Description of Business | |||||||||||||
Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust, or REIT, with its operations conducted solely through Host Hotels & Resorts, L.P. 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 the 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. Host Inc. holds approximately 99% of Host L.P.’s partnership interests, or OP units. | |||||||||||||
Consolidated Portfolio | |||||||||||||
As of December 31, 2014, the hotels in our consolidated portfolio are located in the following countries: | |||||||||||||
Hotels | |||||||||||||
United States | 97 | ||||||||||||
Australia | 1 | ||||||||||||
Brazil | 3 | ||||||||||||
Canada | 3 | ||||||||||||
Chile | 2 | ||||||||||||
Mexico | 1 | ||||||||||||
New Zealand | 7 | ||||||||||||
Total | 114 | ||||||||||||
European Joint Venture | |||||||||||||
We own a non-controlling interest in a joint venture in Europe (“Euro JV”) that owns hotels in two separate funds. We own a 32.1% interest in the first fund (“Euro JV Fund I”) (10 hotels) and a 33.4% interest in the second fund (“Euro JV Fund II”) (9 hotels). | |||||||||||||
As of December 31, 2014, the Euro JV hotels are located in the following countries: | |||||||||||||
Hotels | |||||||||||||
Belgium | 3 | ||||||||||||
France | 4 | ||||||||||||
Germany | 2 | ||||||||||||
Italy | 3 | ||||||||||||
Poland | 1 | ||||||||||||
Spain | 2 | ||||||||||||
Sweden | 1 | ||||||||||||
The Netherlands | 2 | ||||||||||||
United Kingdom | 1 | ||||||||||||
Total | 19 | ||||||||||||
Asia/Pacific Joint Venture | |||||||||||||
We own a 25% non-controlling interest in a joint venture in Asia (“Asia/Pacific JV”) that owns the 278-room Four Points by Sheraton, Perth, in Australia. The Asia/Pacific JV also owns a non-controlling interest in a joint venture in India that is investing in seven hotels, two in Bangalore, one in Chennai and four that are in various stages of development. | |||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the consolidated accounts of Host Inc., Host L.P. and their subsidiaries and controlled affiliates, including joint ventures and partnerships. We consolidate subsidiaries when we have the ability to control the entity. For the majority of our hotel and real estate investments, we consider those control rights to be (i) approval or amendment of developments plans, (ii) financing decisions, (iii) approval or amendments of operating budgets, and (iv) investment strategy decisions. For those partnerships and joint ventures where we are the general partner, we review the rights of the limited partners to determine if those rights would overcome the presumption of control as the general partner. Limited partner rights which would overcome presumption of control by the general partner include the substantive ability to dissolve (liquidate) the limited partnership or otherwise remove the general partners without cause and substantive participating rights over activities considered most significant to the business of the partnership or joint venture, primarily voting rights. | |||||||||||||
We also evaluate our subsidiaries to determine if they are variable interest entities (“VIEs”). If a subsidiary is a VIE, it is subject to the consolidation framework specifically for VIEs. Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. We consider an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. We review our subsidiaries and affiliates at least annually to determine if (i) they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics of these entities. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or 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. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash includes reserves for debt service, real estate taxes, insurance, and furniture, fixtures and equipment replacement, as well as cash collateral and excess cash flow deposits due to mortgage debt agreement restrictions and provisions, and a reserve required for potential legal damages. For purposes of the statements of cash flows, changes in restricted cash caused by changes in required legal reserves are shown as operating activities. Changes in restricted cash caused by using such funds for furniture, fixtures and equipment replacement are shown as investing activities. The remaining changes in restricted cash are the direct result of restrictions under our loan agreements and are reflected in cash flows from financing activities. | |||||||||||||
Property and Equipment | |||||||||||||
Generally, property and equipment is recorded at cost. For properties we develop, cost includes interest and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets based on their fair value as of the acquisition date. Replacements and improvements and capital leases are capitalized, while repairs and maintenance are expensed as incurred. We depreciate our property and equipment using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. | |||||||||||||
We capitalize certain inventory (such as china, glass, silver, and linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. | |||||||||||||
We maintain a furniture, fixtures and equipment replacement fund for renewal and replacement capital expenditures at certain hotels, which generally is funded with 5% of property revenues. | |||||||||||||
Impairment testing. We analyze our consolidated properties for impairment throughout the year when events or circumstances occur that indicate the carrying value may not be recoverable. We consider a property to be impaired when the sum of the future undiscounted cash flows over our remaining estimated holding period is less than the carrying value of the asset. We test for impairment in several situations, including when a property has a current or projected loss from operations, when it becomes more likely than not that a hotel will be sold before the end of its previously estimated useful life, or when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying value of an asset may not be recoverable. For impaired assets, we record an impairment expense equal to the excess of the carrying value of the asset over its fair value. To the extent that a property has a substantial remaining estimated useful life and management does not believe that it is more likely than not the property will be disposed of prior to the end of its useful life, it would be unusual for undiscounted cash flows to be insufficient to recover the property’s carrying value. In the absence of other factors, we assume that the estimated life is equal to the GAAP depreciable life because of the continuous property maintenance and improvement capital expenditures required under our management agreements. We adjust our assumptions with respect to the remaining useful life of the property if situations dictate otherwise, such as an expiring ground lease, or that it is more likely than not that the asset will be sold prior to its previously expected useful life. We also consider the effect of regular renewal and replacement capital expenditures on the estimated life of our properties, including critical infrastructure, which regularly is maintained and then replaced at the end of its useful life. | |||||||||||||
In the evaluation of the impairment of our assets, we make many assumptions and estimates, including: | |||||||||||||
· | projected cash flows, both from operations and the eventual disposition; | ||||||||||||
· | the expected useful life and holding period of the asset; | ||||||||||||
· | the future required capital expenditures; and | ||||||||||||
· | fair values, including consideration of capitalization rates, discount rates and comparable selling prices, as well as available third-party appraisals. | ||||||||||||
While we consider all of the above indicators as preliminary indicators to determine if the carrying value may not be recovered by undiscounted cash flows, we reviewed the actual year-to-date and the projected cash flows from operations in order to identify properties with actual or projected annual operating losses or minimal operating profit as of December 31, 2014. The projected cash flows consider items such as booking pace, occupancy, room rate and property-level operating costs. As a result of our review, we identified two properties that required further consideration of property and market specific conditions or factors to determine if the property was impaired using an undiscounted cash flow analysis. Management considered a range of RevPAR and operating margins compared to prior years’ operating results in evaluating the probability-weighted projected cash flows from operations. To appropriately evaluate if the carrying value of the assets was recoverable, we projected cash flows such that the individual properties would return to normalized levels of operations generally within five years and thereafter grow at a stabilized rate of approximately 3% over the remaining estimated lives of the properties. This stabilized growth rate is lower than the projected growth rate for the urban upper upscale properties, which we believe is most representative of our portfolio, over the period from 2013 through 2023. Based on this testing, none of the properties previously identified required further analysis. Management believes its assumptions and estimates reflect current market conditions. During 2014, 2013 and 2012, we recognized impairment expenses of $6 million, $1 million and $60 million, respectively, on one property each year, which impairment expenses are included in depreciation and amortization, based on changes in estimated holding periods. | |||||||||||||
Classification of Assets as “Held for Sale”. We will classify a hotel as held for sale when the sale thereof is probable, will be completed within one year and actions to complete the sale are unlikely to change or that the sale will not occur. This policy is consistent with our experience with real estate transactions under which the timing and final terms of a sale are frequently not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist which could prevent the transaction from being completed in a timely manner. We typically classify assets as held for sale when all of the following conditions are met: | |||||||||||||
· | Host Inc.’s Board of Directors has approved the sale (to the extent that the dollar amount of the sale requires Board approval); | ||||||||||||
· | a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash; and | ||||||||||||
· | no significant financing contingencies exist which could prevent the transaction from being completed in a timely manner. | ||||||||||||
If these criteria are met, we will cease recording depreciation and will record an impairment expense if the fair value less costs to sell is less than the carrying amount of the hotel. We will classify the assets and related liabilities as held for sale on the balance sheet. Gains on sales of properties are recognized at the time of sale or deferred and recognized as income in subsequent periods as conditions requiring deferral are satisfied or expire without further cost to us. | |||||||||||||
Discontinued Operations. In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosure of Disposal of Components of an Entity (“ASU 2014-08 Reporting for Discontinued Operations”). Under this standard, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. In addition, it requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position. As a result, the operations through the date of disposal and the gain or loss on sale of properties will be included in continuing operations, unless the sale represents a strategic shift. We adopted this standard as of January 1, 2014. No prior year restatements are permitted for this change in policy. | |||||||||||||
Asset retirement obligations. We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities, when incurred, which generally is upon acquisition, construction, or development and/or through the normal operation of the asset, if sufficient information exists with which to reasonably estimate the fair value of the obligation. | |||||||||||||
Depreciation and Amortization Expense. Depreciation expense is based on the estimated useful life of our assets and amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. The lives of the assets are based on a number of assumptions, including cost and timing of capital expenditures to maintain and refurbish the assets, as well as specific market and economic conditions. While management believes its estimates are reasonable, a change in the estimated lives could affect depreciation expense and net income (loss) or the gain or loss on the sale of any of our hotels. | |||||||||||||
Intangible Assets and Liabilities | |||||||||||||
In conjunction with our acquisitions, we may identify intangible assets and liabilities. Identifiable intangible assets and liabilities typically include contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. | |||||||||||||
Non-Controlling Interests | |||||||||||||
Other Consolidated Partnerships. As of December 31, 2014, we consolidate six majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-controlling interest-other consolidated partnerships on the consolidated balance sheets and totaled $32 million and $34 million as of December 31, 2014 and 2013, respectively. Two of the partnerships have finite lives that terminate between 2081 and 2095, and the associated non-controlling interests are mandatorily redeemable at the end of, but not prior to, the finite life. At December 31, 2014 and 2013, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $85 million and $68 million, respectively. | |||||||||||||
Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income attributable to non-controlling interests of third parties is $6 million, $4 million and $1 million for 2014, 2013 and 2012, respectively. | |||||||||||||
Host Inc.’s treatment of the non-controlling interests of Host L.P. Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying value based on its 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 unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. 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 is equivalent to the number of shares issuable upon conversion of the OP units currently owned by unrelated third parties (one OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. common stock at the balance sheet date. Non-controlling interests of Host L.P. are classified in the mezzanine section of the balance sheet 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: | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
OP units outstanding (millions) | 9.3 | 9.5 | |||||||||||
Market price per Host Inc. common share | $ | 23.77 | $ | 19.44 | |||||||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||||||
Redemption value (millions) | $ | 225 | $ | 190 | |||||||||
Historical cost (millions) | 94 | 95 | |||||||||||
Book value (millions) (1) | 225 | 190 | |||||||||||
___________ | |||||||||||||
(1)The book value recorded is equal to the greater of the redemption value or the historical cost. | |||||||||||||
Net income (loss) is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership percentage during the period. Net income attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $9 million, $4 million and $1 million for 2014, 2013 and 2012, respectively. | |||||||||||||
Investments in Affiliates | |||||||||||||
Other-than-Temporary Impairment of an Investment. We perform an analysis for our equity method investments for impairment based on the occurrence of triggering events that would indicate that the carrying amount of the investment exceeds its fair value on an other-than-temporary basis. Triggering events can include a decline in distributable cash flows from the investment, a change in the expected useful life or other significant events which would decrease the value of the investment. Our investments primarily consist of joint ventures which own hotel properties; therefore, generally we will have few observable inputs and will determine fair value based on a discounted cash flow analysis of the investment, as well as consideration of the impact of other elements (i.e. control premiums, etc.). We use certain inputs, such as available third-party appraisals and forecast net operating income for the hotel properties, to estimate the expected cash flows. If an equity method investment is impaired and that impairment is determined to be other than temporary, an expense is recorded for the difference between the fair value and the carrying amount of the investment. No other-than-temporary impairment was recorded in 2014, 2013, or 2012. | |||||||||||||
Distributions from Investments in Affiliates. We classify the distributions from our equity investments in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions from cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities. | |||||||||||||
Income Taxes | |||||||||||||
Host Inc. has elected to be treated as a REIT effective January 1, 1999, pursuant to the U.S. Internal Revenue Code of 1986, as amended. It is our current intention to adhere to the REIT qualification requirements and to maintain our qualification for taxation as a REIT. A corporation that elects REIT status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and complies with certain other requirements (relating primarily to the composition of its assets and the sources of its revenues) generally is not subject to federal and state income taxation on its operating income that is distributed to its stockholders. As a partnership for federal income tax purposes, Host L.P. is not subject to federal income tax. Host L.P. is, however, subject to state, local and foreign income and franchise tax in certain jurisdictions. In addition to paying federal and state income tax on any retained income, one of our subsidiary REITs is subject to a tax on “built-in gains” on sales of certain assets. Additionally, each of the Host L.P. taxable REIT subsidiaries is taxable as a regular C corporation, subject to federal, state and foreign income tax. Our consolidated income tax provision or benefit includes the income tax provision or benefit related to the operations of our taxable REIT subsidiaries, and state, local, and foreign income and franchise taxes incurred by Host L.P. | |||||||||||||
Deferred Tax Assets and Liabilities. Under the partnership agreement, Host L.P. generally is required to reimburse Host Inc. for any tax payments it is required to make. Accordingly, the tax information included herein represents disclosures regarding Host Inc. and its subsidiaries. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. | |||||||||||||
GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. We must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. We recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. | |||||||||||||
Deferred Charges | |||||||||||||
Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. | |||||||||||||
Foreign Currency Translation | |||||||||||||
As of December 31, 2014, our international operations consist of hotels located in Australia, Brazil, Canada, Chile, Mexico, and New Zealand, as well as investments in the Euro JV and the Asia/Pacific JV. The financial statements of these hotels and our investments therein are maintained in their functional currency, which generally is the local currency, and their operations are translated to U.S. dollars using the average exchange rates for the period. The assets and liabilities of the hotels and the investments therein are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss). | |||||||||||||
Foreign currency transactions are recorded in the functional currency for each entity using the exchange rates prevailing at the dates of the transactions. Assets and liabilities denominated in foreign currencies are remeasured at period end exchange rates. The resulting exchange differences are recorded in gain (loss) on foreign currency transactions and derivatives on the accompanying consolidated statements of operations, except when recorded in other comprehensive income (loss) as qualifying net investment hedges. | |||||||||||||
Derivative Instruments | |||||||||||||
We are subject to market exposures in several aspects of our business and may enter into derivative instruments in order to hedge the effect of these market exposures on our operations. Potential market exposures for which we may use derivative instruments to hedge include: (i) changes in the fair value of our international investments due to fluctuations in currency exchange rates, (ii) changes in the fair value of our fixed-rate debt due to changes in the underlying interest rates, and (iii) variability in interest payments due to changes in the underlying interest rate for our floating-rate debt. Derivative instruments are subject to fair value reporting at each reporting date and the increase or decrease in fair value is recorded in net income (loss) or other comprehensive income (loss), based on the applicable hedge accounting guidance. We estimate the fair value of these instruments through the use of third party valuations, which utilize the market standard methodology of netting the discounted future cash receipts and the discounted future expected cash payments. Prior to entering into the derivative instrument, we evaluate whether the transaction will qualify for hedge accounting and continue to evaluate hedge effectiveness throughout the life of the instrument. Derivative instruments that meet the requirements for hedge accounting are recorded on the balance sheet at fair value, with offsetting changes recorded to net income (loss) or other comprehensive income (loss), based on the applicable hedge accounting guidance. We incorporate credit valuation adjustments to reflect, as applicable, our own nonperformance risk or the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and accumulated guarantees. The variable cash flow streams are based on an expectation of future interest and exchange rates derived from observed market interest and exchange rate curves. The values of these instruments will change over time as cash receipts and payments are made and as market conditions change. | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Gain on foreign currency forward contracts | $ | 19 | $ | — | |||||||||
Loss on interest rate swap cash flow hedges | (2 | ) | (2 | ) | |||||||||
Foreign currency translation | (67 | ) | (7 | ) | |||||||||
Total accumulated other comprehensive loss | $ | (50 | ) | $ | (9 | ) | |||||||
There were no material amounts reclassified out of accumulated other comprehensive income (loss) to net income for the year ended December 31, 2014 and 2013. During 2012, we reclassified a net gain of $2 million that had been recognized previously in gain on foreign currency forward sale contracts in other comprehensive income related to two foreign currency denominated subsidiaries that were substantially liquidated during the year and recognized such gain in gain (loss) on foreign currency transactions and derivatives on our consolidated statement of operations. | |||||||||||||
Revenues | |||||||||||||
Our results of operations include revenues and expenses of our hotels. Revenues are recognized when the services are provided. Additionally, we collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) on our statements of operations. | |||||||||||||
Fair Value Measurement | |||||||||||||
In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (“observable inputs”) and a reporting entity’s own assumptions about market data (“unobservable inputs”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability at the measurement date in an orderly transaction (an “exit price”). Assets and liabilities are measured using inputs from three levels of the fair value hierarchy. The three levels are as follows: | |||||||||||||
Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. | |||||||||||||
Level 2 — Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means. | |||||||||||||
Level 3 — Unobservable inputs reflect our assumptions about the pricing of an asset or liability when observable inputs are not available. | |||||||||||||
Host Inc. Earnings Per Common Share | |||||||||||||
Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings per common share is computed by dividing net income attributable to common stockholders, as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. | |||||||||||||
The calculation of basic and diluted earnings per common share is shown below (in millions, except per share amounts): | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 747 | $ | 325 | $ | 63 | |||||||
Less: Net income attributable to non-controlling interests | (15 | ) | (8 | ) | (2 | ) | |||||||
Net income attributable to Host Inc. | 732 | 317 | 61 | ||||||||||
Assuming conversion of exchangeable senior debentures | 27 | — | — | ||||||||||
Diluted income attributable to Host Inc. | $ | 759 | $ | 317 | $ | 61 | |||||||
Basic weighted average shares outstanding | 755.4 | 744.4 | 718.2 | ||||||||||
Assuming weighted average shares for conversion of | 30.3 | 2.4 | — | ||||||||||
exchangeable senior debentures | |||||||||||||
Assuming distribution of common shares granted under the | 1.1 | 1.1 | 1.4 | ||||||||||
comprehensive stock plans, less shares assumed | |||||||||||||
purchased at market | |||||||||||||
Diluted weighted average shares outstanding (1) | 786.8 | 747.9 | 719.6 | ||||||||||
Basic earnings per common share | $ | 0.97 | $ | 0.43 | $ | 0.08 | |||||||
Diluted earnings per common share | $ | 0.96 | $ | 0.42 | $ | 0.08 | |||||||
___________ | |||||||||||||
-1 | There were approximately 30 million and 40 million potentially dilutive shares as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. | ||||||||||||
Host L.P. Earnings Per Common Unit | |||||||||||||
Basic earnings per common unit is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings per common unit is computed by dividing net income attributable to common unitholders, as adjusted for potentially dilutive securities, by the weighted average number of common units outstanding plus other potentially dilutive securities. Dilutive securities may include units distributed to Host Inc. to support Host Inc. common shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. | |||||||||||||
The calculation of basic and diluted earnings per common unit is shown below (in millions, except per unit amounts): | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 747 | $ | 325 | $ | 63 | |||||||
Less: Net income attributable to non-controlling interests | (6 | ) | (4 | ) | (1 | ) | |||||||
Net income attributable to Host L.P. | 741 | 321 | 62 | ||||||||||
Assuming conversion of exchangeable senior debentures | 27 | 1 | — | ||||||||||
Diluted income attributable to Host L.P. | $ | 768 | $ | 322 | $ | 62 | |||||||
Basic weighted average units outstanding | 748.9 | 738.4 | 713.3 | ||||||||||
Assuming weighted average units for conversion of | 29.7 | 2.4 | — | ||||||||||
exchangeable senior debentures | |||||||||||||
Assuming distribution of common units granted under the | 1 | 1.1 | 1.3 | ||||||||||
comprehensive stock plans, less units assumed | |||||||||||||
purchased at market | |||||||||||||
Diluted weighted average units outstanding (1) | 779.6 | 741.9 | 714.6 | ||||||||||
Basic earnings per common unit | $ | 0.99 | $ | 0.43 | $ | 0.09 | |||||||
Diluted earnings per common unit | $ | 0.99 | $ | 0.43 | $ | 0.09 | |||||||
___________ | |||||||||||||
-1 | There were approximately 29 million and 40 million potentially dilutive units as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. | ||||||||||||
Share-Based Payments | |||||||||||||
At December 31, 2014, Host Inc. maintained two stock-based employee compensation plans. Upon the issuance of Host’s common stock under the compensation plans, Host L.P. will issue to Host Inc. common OP units of an equivalent value. These liabilities are included in the consolidated financial statements for Host Inc. and Host L.P. | |||||||||||||
We recognize costs resulting from Host Inc.’s share-based payment transactions over their vesting periods. We classify share-based payment awards granted in exchange for employee services either as equity awards or liability awards based upon cash settlement options. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards are classified as liability awards to the extent that settlement features allow the recipient to determine percentage of the restricted stock awards withheld to meet the recipients’ tax withholding requirements. As these awards vest over a one-year period ending December 31, the value is calculated as the estimated number of shares earned during the year times the stock price at year end, less estimated forfeitures. For performance-based awards, compensation cost will be recognized when the achievement of the performance condition is considered probable. If a performance condition has more than one outcome that is probable, recognition of compensation cost will be based on the condition that is the most likely outcome. No compensation cost is recognized for awards for which employees do not render the requisite services. | |||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions, access to our credit facility, and amounts due or payable under our derivative contracts. At December 31, 2014 and December 31, 2013, our exposure to risk related to our derivative instruments totaled $13 million and $4 million, respectively, and the counterparties to such instruments are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $796 million available under our credit facility is spread among a diversified group of investment grade financial institutions. | |||||||||||||
Business Combinations | |||||||||||||
We recognize identifiable assets acquired, liabilities assumed, and non-controlling interests in a business combination at their fair values at the acquisition date based on the exit price (i.e. the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date). We evaluate several factors, including market data for similar assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets. Property and equipment are recorded at fair value and such fair value is allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations performed by management and independent third parties. Acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. | |||||||||||||
Other items that we evaluate in a business combination include identifiable intangible assets, capital lease assets and obligations and goodwill. Identifiable intangible assets typically consist of assumed contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. Capital lease obligations that are assumed as part of the acquisition of a leasehold interest are measured at fair value and are included as debt on the accompanying balance sheet and we record the corresponding right-to-use assets. Classification of a lease does not change if it is part of a business combination. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources that arise in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. In certain situations, a deferred tax liability is recognized due to the difference between the fair value and the tax basis of the acquired assets at the acquisition date. Any consideration paid in excess of the net fair value of the identifiable assets and liabilities acquired would be recorded to goodwill. In very limited circumstances, we may record a bargain purchase gain if the consideration paid is less than the net fair value of the assets and liabilities acquired. | |||||||||||||
Reclassifications | |||||||||||||
Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. | |||||||||||||
New Accounting Standards | |||||||||||||
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016. We have not yet completed our assessment of the effect of the new standard on our financial statements, including possible transition alternatives. | |||||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment | 2 | Property and Equipment | |||||||
Property and equipment consists of the following (in millions): | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 1,990 | $ | 1,973 | |||||
Buildings and leasehold improvements | 13,336 | 13,435 | |||||||
Furniture and equipment | 2,217 | 2,223 | |||||||
Construction in progress | 209 | 176 | |||||||
17,752 | 17,807 | ||||||||
Less accumulated depreciation and amortization | (7,177 | ) | (6,812 | ) | |||||
$ | 10,575 | $ | 10,995 | ||||||
The aggregate cost of real estate for federal income tax purposes is approximately $10.4 billion at December 31, 2014. |
Investments_in_Affiliates
Investments in Affiliates | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |||||||||||||||||||
Investments in Affiliates | 3 | Investments in Affiliates | |||||||||||||||||
We own investments in joint ventures that are accounted for under the equity method of accounting. The debt of the Euro JV and Asia/Pacific JV is non-recourse to, and not guaranteed by, us. The debt of the Hyatt Place JV and the construction loan for the Maui JV is jointly and/or severally guaranteed by the partners of the joint ventures. Investments in affiliates consist of the following (in millions): | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||
Ownership | Our | Our Portion | |||||||||||||||||
Interests | Investment | of Debt | Total Debt | Assets | |||||||||||||||
Euro JV | 32.1 - 33.4 | % | $ | 348 | $ | 388 | $ | 1,186 | Nineteen hotels in Europe | ||||||||||
Asia/Pacific JV | 25 | % | 22 | 9 | 37 | One hotel in Australia and a 36% interest in three operating hotels and four hotels under development in India | |||||||||||||
Maui JV | 67 | % | 61 | 64 | 96 | 131-unit vacation ownership project in Maui, Hawaii | |||||||||||||
Hyatt Place JV | 50 | % | 7 | 16 | 31 | One hotel in Nashville, Tennessee | |||||||||||||
Philadelphia | 11 | % | (5 | ) | 25 | 227 | One hotel in Philadelphia, PA | ||||||||||||
Marriott | |||||||||||||||||||
Downtown | |||||||||||||||||||
Total | $ | 433 | $ | 502 | $ | 1,577 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Ownership | Our | Our Portion | |||||||||||||||||
Interests | Investment | of Debt | Total Debt | Assets | |||||||||||||||
Euro JV | 32.1 - 33.4 | % | $ | 374 | $ | 444 | $ | 1,363 | Nineteen hotels in Europe | ||||||||||
Asia/Pacific JV | 25 | % | 20 | 10 | 39 | One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India | |||||||||||||
Maui JV | 67 | % | 16 | 34 | 50 | 131-unit vacation ownership project in Maui, Hawaii | |||||||||||||
Hyatt Place JV | 50 | % | 5 | 12 | 24 | One hotel in Nashville, Tennessee | |||||||||||||
Total | $ | 415 | $ | 500 | $ | 1,476 | |||||||||||||
European Joint Venture | |||||||||||||||||||
We own general and limited partner interests in the Euro JV that consists of two separate funds, with the other partners thereof including APG Strategic Real Estate Pool NV, an affiliate of a Dutch Pension Fund, and Jasmine Hotels Pte Ltd, an affiliate of the real estate investment company of the Government of Singapore Investment Corporation Pte Ltd (“GIC RE”). We own a combined 32.1% ownership interest of Euro JV Fund I and a combined 33.4% interest of Euro JV Fund II. We do not consolidate the Euro JV due to the ownership structure and substantive participating rights of the non-Host limited partners, including approval over financing, acquisitions and dispositions, and annual operating and capital expenditures budgets. The joint venture agreement expires in 2021, subject to two one-year extensions. As of December 31, 2014, the total assets of the Euro JV are approximately €1.9 billion ($2.3 billion). As asset manager of the Euro JV funds, we earn asset management fees based on the amount of equity commitments and equity invested, which in 2014, 2013 and 2012 were approximately $16 million, $15 million and $13 million, respectively. | |||||||||||||||||||
As of December 31, 2014, the partners have funded approximately €647 million, or 94%, of the total equity commitment for Euro JV Fund I and €364 million, or 81%, of the total equity commitment for Euro JV Fund II. On April 17, 2013 and June 25, 2013, the Euro JV partners executed amendments of the Euro JV partnership agreement in order to provide the funds necessary for a €95 million principal reduction associated with the refinancing of a mortgage loan secured by a portfolio of six properties, as well as to provide funds for general joint venture purposes, to extend the commitment period of Euro JV Fund I to December 2015 and to extend the commitment period of Euro JV Fund II by one year to June 2014 through the exercise of the extension option. Effective June 27, 2014, the Euro JV partners executed an amendment and restatement of the Euro JV partnership agreement which allows contributions to the joint venture in the form of loans, as opposed to only equity contributions and amended the agreement to extend the commitment period for Euro JV Fund II by one year to June 27, 2015. The partners expect to utilize the remaining equity commitment for Euro JV Fund I for capital expenditures and financing needs. | |||||||||||||||||||
In April 2014, the Euro JV made a cash distribution to its partners totaling €37 million, of which Host’s share was €12 million ($17 million). | |||||||||||||||||||
On September 30, 2014, Euro JV Fund II acquired a 90% ownership interest in the 394-room Grand Hotel Esplanade in Berlin. The hotel was acquired based on an aggregate gross value of €81 million ($102 million), and is subject to a mortgage loan of approximately €48 million ($61 million) with a margin of 219 basis points over the Euro Interbank Offered Rate (“Euribor”). The loan is non-recourse to the Euro JV. We contributed approximately €10 million ($14 million) to the Euro JV in connection with this acquisition, partially funded through a draw on our credit facility. | |||||||||||||||||||
On October 16, 2014, the Euro JV Fund I sold the 350-room Sheraton Skyline Hotel & Conference Centre for £33 million ($53 million) plus certain customary closing adjustments and recognized a gain of approximately £8 million ($12 million). In connection with the sale, the Euro JV repaid the associated mortgage loan of £21.1 million ($34 million). | |||||||||||||||||||
On August 29, 2013, Euro JV Fund II acquired the 465-room Sheraton Stockholm Hotel in Sweden for approximately €102 million ($135 million). In connection with the acquisition, the Euro JV entered into a €61 million ($81 million) mortgage loan with an interest rate of 5.67% that matures in 2018. The loan is non-recourse to the Euro JV. We contributed approximately €14 million ($19 million) to the Euro JV in connection with this acquisition, funded through a draw on our credit facility. | |||||||||||||||||||
On October 22, 2013, Euro JV Fund II sold the Courtyard Paris La Defense West – Colombes for €19 million ($26 million) plus certain customary closing adjustments and recognized a gain of approximately €1.7 million ($2.3 million). In connection with the sale, the Euro JV repaid the associated €10.4 million ($14.4 million) mortgage loan. | |||||||||||||||||||
The Euro JV has €980 million ($1,186 million) of mortgage debt, including debt incurred in its recent acquisitions, all of which is non-recourse to us. A default of the Euro JV mortgage debt does not trigger a default under any of our debt. On July 3, 2014, the Euro JV refinanced the €69 million ($94 million) loan secured by three properties in Brussels with Natixis, reducing the outstanding principal amount of the mortgage loan to €47.8 million using funds provided by the partners. Interest on the new loan is a combination of fixed and floating for an initial all-in rate of 2.0% and has a maturity date of July 3, 2019. On June 20, 2013, the Euro JV refinanced a mortgage loan secured by six properties, extending the maturity date to 2016, with a one year extension option subject to meeting certain conditions. The loan has a fixed and floating rate component with an initial interest rate of 4.5%. In connection with the refinancing, the joint venture reduced the outstanding principal amount of the mortgage loan from €337 million ($446 million) to €242 million ($320 million). We funded our portion of the principal reduction, as well as certain closing costs and other funding requirements, through a €37 million ($48 million) draw on our credit facility. | |||||||||||||||||||
We have entered into four foreign currency forward sale contracts in order to hedge the foreign currency exposure resulting from the eventual repatriation of our net investment in the Euro JV. The forward purchases will occur between August 2015 and May 2017. We have hedged €177 million (approximately $228 million) of our investment through these contracts and designated draws under our credit facility in Euros. See Note 12 – “Fair Value Measurement” for further information. | |||||||||||||||||||
Our unconsolidated investees analyze their properties for impairment throughout the year when events or circumstances occur that indicate the carrying amount may not be recoverable. A property is considered to be impaired when the sum of the future undiscounted cash flows over its remaining estimated holding period is less than the carrying amount of the asset. If a property is impaired, an expense is recorded for the difference between the fair value and the carrying amount of the hotel. In 2013, we recognized an expense of approximately $15 million reflecting our share of the impairment of one such property in equity in earnings (losses) of affiliates. | |||||||||||||||||||
Asia/Pacific Joint Venture | |||||||||||||||||||
We own a 25% general and limited partner interest in the Asia/Pacific JV, the other partner of which is RECO Hotels JV Private Limited, an affiliate of GIC RE. The Asia/Pacific JV may be terminated after a period of seven years, which occurs in March of 2015. Due to the ownership structure and the substantive participating rights of the non-Host limited partner, including approval over financing, acquisitions and dispositions, and annual operating and capital expenditures budgets, the Asia/Pacific JV is not consolidated in our financial statements. The commitment period for the equity contributions to the joint venture expired in March of 2012. As a result, unanimous approval of the joint venture partners is necessary to fund additional acquisitions. Certain funding commitments remain, however, related to existing investments. | |||||||||||||||||||
As of December 31, 2014, the Asia/Pacific JV partners have invested approximately $83 million (of which our share was $21 million) in a joint venture in India with Accor S.A. and InterGlobe Enterprises Limited, in which the Asia/Pacific JV holds a 36% interest. This joint venture owns two hotels in Bangalore and one in Chennai and is developing four additional properties in Chennai and Delhi. The three hotels that are operating and the four hotels under development will be managed by Accor under the Pullman, ibis and Novotel brands. | |||||||||||||||||||
Maui Joint Venture | |||||||||||||||||||
In December 2014, we opened Hyatt Ka’anapali Beach, A Hyatt Residence Club, in which we hold a 67% non-controlling interest. The 131–unit vacation ownership project in Maui, Hawaii is adjacent to our Hyatt Regency Maui Resort & Spa. The development costs were funded with a $110 million construction loan and member contributions. As of December 31, 2014, $86 million has been drawn on the construction loan. The construction loan is jointly and severally guaranteed by both partners and matures in December 2015. Additionally, the joint venture has issued $10 million of debt to fund loans to the timeshare owners, which loans all are nonrecourse to Host. As of December 31, 2014, we have contributed land valued at $36 million, approximately $8 million of pre-formation expenditures and additional contributions of $43 million. Development costs as of December 31, 2014 totaled $180 million. In 2014, sales of the timeshares totaled $54 million. | |||||||||||||||||||
Combined Financial Information of Unconsolidated Investees | |||||||||||||||||||
Combined summarized balance sheet information for our affiliates is as follows (in millions): | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Property and equipment, net | $ | 2,369 | $ | 2,362 | |||||||||||||||
Timeshare inventory | 178 | 106 | |||||||||||||||||
Other assets | 424 | 376 | |||||||||||||||||
Total assets | $ | 2,971 | $ | 2,844 | |||||||||||||||
Debt | $ | 1,577 | $ | 1,476 | |||||||||||||||
Other liabilities | 163 | 135 | |||||||||||||||||
Equity | 1,231 | 1,233 | |||||||||||||||||
Total liabilities and equity | $ | 2,971 | $ | 2,844 | |||||||||||||||
Combined summarized operating results for our affiliates is as follows (in millions): | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Total revenues | $ | 776 | $ | 617 | $ | 428 | |||||||||||||
Operating expenses | |||||||||||||||||||
Expenses | (568 | ) | (489 | ) | (346 | ) | |||||||||||||
Depreciation and amortization | (91 | ) | (131 | ) | (56 | ) | |||||||||||||
Operating profit (loss) | 117 | (3 | ) | 26 | |||||||||||||||
Interest expense | (79 | ) | (59 | ) | (43 | ) | |||||||||||||
Gain on disposition | 12 | 2 | — | ||||||||||||||||
Net income (loss) | $ | 50 | $ | (60 | ) | $ | (17 | ) | |||||||||||
Debt
Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt | 4 | Debt | |||||||||||
Debt consists of the following (in millions): | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Series Q senior notes, with a rate of 6¾% due June 2016 | $ | — | $ | 150 | |||||||||
Series V senior notes, with a rate of 6% due November 2020 | 500 | 500 | |||||||||||
Series X senior notes, with a rate of 5⅞% due June 2019 | 498 | 497 | |||||||||||
Series Z senior notes, with a rate of 6% due October 2021 | 300 | 300 | |||||||||||
Series B senior notes, with a rate of 5¼% due March 2022 | 350 | 350 | |||||||||||
Series C senior notes, with a rate of 4¾% due March 2023 | 450 | 450 | |||||||||||
Series D senior notes, with a rate of 3¾% due October 2023 | 400 | 400 | |||||||||||
2009 Exchangeable Senior Debentures, with a rate of 2½% due October 2029 | 386 | 371 | |||||||||||
Total senior notes | 2,884 | 3,018 | |||||||||||
Credit facility revolver | 204 | 446 | |||||||||||
Credit facility term loan due June 2017 | 500 | 500 | |||||||||||
Mortgage debt (non-recourse), with an average interest rate of 5.0% and 4.1% at | 404 | 709 | |||||||||||
December 31, 2014 and 2013, respectively, maturing through January 2024 | |||||||||||||
Other | — | 86 | |||||||||||
Total debt | $ | 3,992 | $ | 4,759 | |||||||||
Senior Notes | |||||||||||||
General. Under the terms of our senior notes indenture, which includes our Exchangeable Senior Debentures, our senior notes are equal in right of payment with all of our unsubordinated indebtedness and senior to all of our subordinated obligations. The face amount of our senior notes as of December 31, 2014 and 2013 was $2.9 billion and $3.1 billion, respectively. The senior notes balance as of December 31, 2014 and 2013 includes discounts of approximately $16 million and $32 million, respectively. We pay interest on each series of our senior notes semi-annually in arrears at the respective annual rates indicated in the table above. | |||||||||||||
Under the terms of the senior notes indenture, our ability to incur indebtedness and pay dividends is subject to restrictions and the satisfaction of various conditions. As of December 31, 2014, we are in compliance with all of these covenants. | |||||||||||||
We completed the following senior notes transactions: | |||||||||||||
— | In February 2014, we redeemed the remaining $150 million 6¾ Series Q senior notes due 2016 for an aggregate price of $152 million. | ||||||||||||
— | We redeemed $400 million ($200 million in June 2013 and $200 million in September 2013) of our 6¾% Series Q senior notes due 2016, for an aggregate price of $404 million, using proceeds from debt issuances and asset dispositions. | ||||||||||||
— | On March 19, 2013, we issued $400 million of our 3 3⁄4% Series D senior notes due October of 2023 for net proceeds of approximately $396 million. The net proceeds from the issuance of the Series D senior notes, together with cash on hand, were used to redeem the $400 million of our 9% Series T senior notes due 2017 at an aggregate price of $418 million in May 2013. | ||||||||||||
— | In March 2013, holders of $174 million face amount of our 31⁄4% exchangeable senior debentures (the “2004 Debentures”) elected to exchange their debentures for shares of Host Inc. common stock totaling approximately 11.7 million shares, rather than receive the cash redemption proceeds. In connection with this exchange, Host L.P. issued 11.5 million common OP units. The remaining $1 million of debentures were redeemed for cash. | ||||||||||||
Exchangeable Debentures. As of December 31, 2014, we have $400 million of 21⁄2% exchangeable senior debentures outstanding that were issued on December 22, 2009 (the “2009 Debentures”). The 2009 Debentures are equal in right of payment with all of our other senior notes. Holders have the right to require us to purchase the 2009 Debentures at a price equal to 100% of the principal amount outstanding plus accrued interest (the “put option”) on October 15, 2015 and on certain subsequent dates. Holders of the 2009 Debentures also have the right to exchange the 2009 Debentures prior to maturity under certain conditions, including at any time at which the closing price of Host Inc.’s common stock is more than 130% ($16.71) of the exchange price per share for at least 20 of the last 30 consecutive trading days of the calendar quarter or at any time up to two days prior to the date on which the 2009 Debentures have been called for redemption. We can redeem for cash all, or part of, any of the 2009 Debentures at any time subsequent to October 20, 2015, at a redemption price of 100% of the principal amount plus accrued interest. If, at any time, we elect to redeem the 2009 Debentures and the exchange value exceeds the cash redemption price, we would expect the holders to elect to exchange the 2009 Debentures at the respective exchange value rather than receive the cash redemption price. The exchange value is equal to the applicable exchange rate multiplied by the price of Host Inc.’s common stock. Upon exchange, the 2009 Debentures would be exchanged for Host Inc.’s common stock, cash, or a combination thereof, at our option. Based on Host Inc.’s stock price at December 31, 2014, the if-converted value of the 2009 Debentures would exceed the outstanding principal amount by $339 million. As of December 31, 2014, the closing price of Host Inc.‘s common stock exceeded 130% of the exchange price for more than 20 of 30 consecutive trading days. Therefore, the 2009 Debentures are exchangeable by holders through March 31, 2015. Currently, each $1,000 Debenture would be exchanged for 77.8265 Host Inc. common shares (for an equivalent per share price of $12.85), for a total of 31.1 million shares. | |||||||||||||
We separately account for the liability and equity components of our 2009 Debentures in order to reflect the fair value of the liability component based on our non-convertible borrowing cost at the issuance date. Accordingly, we recorded the liability components of the 2009 Debentures at fair value as of the date of issuance and will amortize the resulting discount as an increase to interest expense through the initial put option date of the 2009 Debentures, which is the expected life of the debt. However, there is no effect of this accounting treatment on our cash interest payments. We measured the fair value of the liability components of the 2009 Debentures at issuance based on an effective interest rate of 6.9%. The initial allocations between the liability and equity components of the 2009 Debentures, net of the original issue discount, based on the effective interest rate at the time of issuance was $316 million and $82 million, respectively. As of December 31, 2014, the debt carrying value and unamortized discount were $386 million and $14 million, respectively. | |||||||||||||
Interest expense recorded for our exchangeable senior debentures (including interest expense for debentures redeemed in 2013 and 2012) consists of the following (in millions): | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Contractual interest expense (cash) | $ | 10 | $ | 10 | $ | 19 | |||||||
Non-cash interest expense due to discount amortization | 16 | 15 | 17 | ||||||||||
Total interest expense | $ | 26 | $ | 25 | $ | 36 | |||||||
Authorization for Repurchase of Senior Notes and Exchangeable Senior Debentures. In February 2015, Host Inc.’s Board of Directors authorized repurchases of up to $500 million of senior notes, exchangeable senior debentures and mortgage debt (other than in accordance with their terms). | |||||||||||||
Credit Facility. On June 27, 2014, we entered into a new senior revolving credit facility with Bank of America, N.A., as administrative agent, JPMorgan Chase Bank, N.A., as syndication agent, and certain other agents and lenders. The credit facility allows for revolving borrowings in an aggregate principal amount of up to $1 billion, including a foreign currency subfacility for Canadian dollars, Australian dollars, New Zealand dollars, Japanese yen, Euros, British pound sterling and, if available to the lenders, Mexican peso, of up to the foreign currency equivalent of $500 million, subject to a lower amount in the case of New Zealand dollar and Mexican peso borrowings. The credit facility also provides a subfacility of up to $100 million for swingline borrowings in U.S. dollars, Canadian dollars, Euros and British pound sterling and a subfacility of up to $100 million for issuances of letters of credit. Host L.P. also has the option to increase the aggregate principal amount of the credit facility by up to $500 million, subject to obtaining additional loan commitments and satisfaction of certain conditions. The credit facility has an initial scheduled maturity of June 2018, with two six-month renewal options. The credit facility contained a term loan facility of $500 million, which replaced and refinanced the term loan under our prior facility of like amount. The term loan facility has an initial scheduled maturity of June 2017, with two one-year renewal options, resulting in a maturity for the entire credit facility in June 2019, if all renewal options are exercised, subject to certain conditions, including the payment of an extension fee and the accuracy of representations and warranties. | |||||||||||||
We had the following transactions under this credit facility during 2014 and 2013 (draws used for bridge financing to facilitate transactions are not included in the below discussion): | |||||||||||||
— | On January 10, 2014, we repaid $225 million on the revolver portion of our credit facility and as of December 31, 2014, we have $796 million of available capacity. | ||||||||||||
— | In 2013, we drew $68 million in net proceeds in Euros on the revolver portion of our credit facility, primarily to facilitate acquisitions and a debt refinancing related to our investment in the Euro JV. | ||||||||||||
— | In 2013, we also drew $118 million of net proceeds of the revolver portion of our credit facility in U.S. dollars (net of a $7 million repayment of our draw in Australian dollars) primarily to facilitate the redemption of the Series Q senior notes. | ||||||||||||
Financial Covenants. The credit facility contains covenants concerning allowable leverage, fixed charge coverage and unsecured interest coverage (as defined in our credit facility). Currently, we are permitted to borrow and maintain amounts outstanding under the credit facility so long as our leverage ratio is not in excess of 7.25x, our unsecured coverage ratio is not less than 1.75x and our fixed charge coverage ratio is not less than 1.25x. The financial covenants for the credit facility do not apply when there are no borrowings under the credit facility. Therefore, so long as there are no amounts outstanding, we would not be in default if we do not satisfy the financial covenants and we do not lose the potential to draw under the credit facility in the future if we were to regain compliance with the financial covenants. These calculations are performed based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions and financings as if they had occurred at the beginning of the period. Under the terms of the credit facility, interest expense excludes items such as gains and losses on the extinguishment of debt, deferred financing charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan in order to establish the debt at fair value and non-cash interest expense due to the implementation in 2009 of accounting standards related to our exchangeable debentures, all of which are included in interest expense on our consolidated statement of operations. Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. As of December 31, 2014, we are in compliance with the financial covenants under our credit facility. | |||||||||||||
Collateral and Guarantees. The credit facility initially does not include any subsidiary guarantees or pledges of equity interests in our subsidiaries, and the guarantees and pledges are required only in the event that Host L.P.’s leverage ratio exceeds 6.0x for two consecutive fiscal quarters at a time that Host L.P. does not have an investment grade long-term unsecured debt rating. In the event that such guarantee and pledge requirement is triggered, the guarantees and pledges ratably would benefit the credit facility, as well as the notes outstanding under Host L.P.’s senior notes indenture, interest rate and currency hedges and certain other hedging and bank product arrangements with lenders that are parties to the credit facility. Even when triggered, the guarantees and pledges only would be required by certain U.S. and Canadian subsidiaries of Host L.P. and a substantial portion of our subsidiaries would provide neither guarantees nor pledges of equity interests. As of December 31, 2014, our leverage ratio was 2.6x. | |||||||||||||
Interest and Fees. We pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin ranging from 87.5 to 155 basis points (depending on Host L.P.’s unsecured long-term debt rating). We also pay a facility fee ranging from 12.5 to 30 basis points, depending on our rating and regardless of usage. Based on Host L.P.’s unsecured long-term debt rating as of December 31, 2014, we are able to borrow at a rate of LIBOR plus 100 basis points and pay a facility fee of 20 basis points. Interest on the term loan consists of floating rates plus a margin ranging from 90 to 175 basis points (depending on Host L.P.’s unsecured long-term debt rating). Based on Host L.P.’s unsecured long-term debt rating at December 31, 2014, the margin is 112.5 basis points for an all-in interest rate of 1.29%. | |||||||||||||
Other Covenants and Events of Default. The credit facility contains restrictive covenants on customary matters. Certain covenants become less restrictive at any time that our leverage ratio falls below 6.0x. In particular, at any time that our leverage ratio is below 6.0x, we will not be subject to limitations on capital expenditures, and the limitations on acquisitions, investments and dividends contained in the credit facility will be superseded by the generally less restrictive corresponding covenants in our senior notes indenture. Additionally, the credit facility’s restrictions on the incurrence of debt and the payment of dividends generally are consistent with our senior notes indenture for our Series D senior notes. These provisions, under certain circumstances, limit debt incurrence to debt incurred under the credit facility or in connection with a refinancing, and limit dividend payments to those necessary to maintain Host Inc.’s tax status as a REIT. Our senior notes and credit facility have cross default provisions that would trigger a default under those agreements if we were to have a payment default or an acceleration prior to maturity of other debt of Host L.P. or its subsidiaries. The amount of other debt in default needs to exceed certain thresholds in order to trigger a cross default and the thresholds are greater for secured debt than for unsecured debt. The credit facility also includes usual and customary events of default for facilities of this nature, and provides that, upon the occurrence and continuance of an event of default, payment of all amounts owed under the credit facility may be accelerated, and the lenders’ commitments may be terminated. In addition, upon the occurrence of certain insolvency or bankruptcy related events of default, all amounts owed under the credit facility will become due and payable and the lenders’ commitments will terminate. | |||||||||||||
Mortgage Debt | |||||||||||||
All of our mortgage debt is recourse solely to specific assets, except for environmental liabilities, fraud, misapplication of funds and other customary recourse provisions. As of December 31, 2014, we have mortgage debt secured by 10 assets, with an average interest rate of 5.0%, which mortgage debt matures between 2016 and 2024. Interest is payable monthly. As of December 31, 2014, we are in compliance with the covenants under all of our mortgage debt obligations. | |||||||||||||
We had the following mortgage debt issuances and repayments since January 2013: | |||||||||||||
Maturity | |||||||||||||
Transaction Date | Property | Rate | Date | Amount | |||||||||
Issuances/Assumptions | (in millions) | ||||||||||||
Dec-13 | Harbor Beach Marriott Resort & Spa | 4.75 | % | 1/1/24 | $ | 150 | |||||||
Repayments | |||||||||||||
Feb-14 | The Ritz-Carlton, Naples and Newport Beach Marriott Hotel | 3.25 | % | 3/1/14 | (300 | ) | |||||||
Dec-13 | Harbor Beach Marriott Resort & Spa | 5.55 | % | 3/1/14 | (134 | ) | |||||||
Dec-13 | The Westin Denver Downtown | 8.51 | % | 12/11/23 | (31 | ) | |||||||
May-13 | Orlando World Center Marriott | 4.75 | % | 7/1/13 | (246 | ) | |||||||
Aggregate Debt Maturities | |||||||||||||
Aggregate debt maturities are as follows (in millions): | |||||||||||||
As of December 31, 2014 | |||||||||||||
2015 | $ | 400 | |||||||||||
2016 | 253 | ||||||||||||
2017 | 500 | ||||||||||||
2018 | 204 | ||||||||||||
2019 | 500 | ||||||||||||
Thereafter | 2,150 | ||||||||||||
4,007 | |||||||||||||
Unamortized (discounts) premiums, net | (16 | ) | |||||||||||
Capital lease obligations | 1 | ||||||||||||
$ | 3,992 | ||||||||||||
Other | |||||||||||||
On October 30, 2014 we redeemed the $12 million 7.125% Dulles Airport Industrial Development Revenue Bonds. On June 25, 2014, we redeemed the $40 million 7.75% Philadelphia Airport Industrial Development Revenue Bonds. Additionally, on June 15, 2014, we redeemed the $32 million 7% Newark Airport Industrial Development Refunding Revenue Bonds. | |||||||||||||
Interest | |||||||||||||
The following items are included in interest expense (in millions): | |||||||||||||
Year ended December 31, | |||||||||||||
2014(1) | 2013(1) | 2012(1) | |||||||||||
Interest expense | $ | 214 | $ | 304 | $ | 373 | |||||||
Amortization of debt premiums/discounts, net (2) | (16 | ) | (15 | ) | (18 | ) | |||||||
Amortization of deferred financing costs | (8 | ) | (10 | ) | (12 | ) | |||||||
Non-cash losses on debt extinguishments | (2 | ) | (13 | ) | (9 | ) | |||||||
Change in accrued interest | 1 | 16 | 4 | ||||||||||
Interest paid (3) | $ | 189 | $ | 282 | $ | 338 | |||||||
___________ | |||||||||||||
-1 | Interest expense and interest paid for 2014, 2013 and 2012 include cash prepayment premiums of approximately $2 million, $23 million and $21 million, respectively. | ||||||||||||
-2 | Primarily represents the amortization of the debt discount on our Debentures, which is considered non-cash interest expense. | ||||||||||||
-3 | Does not include capitalized interest of $7 million, $6 million and $6 million during 2014, 2013 and 2012, respectively. | ||||||||||||
Our debt repayments resulted in debt extinguishment costs included in interest expense for 2014, 2013 and 2012 of $4 million, $36 million and $30 million, respectively. | |||||||||||||
Equity_of_Host_Inc_and_Capital
Equity of Host Inc. and Capital of Host L.P. | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Equity of Host Inc. and Capital of Host L.P. | 5 | Equity of Host Inc. and Capital of Host L.P. | |||||||||||
Equity of Host Inc. | |||||||||||||
Host Inc. has authorized 1,050 million shares of common stock, with a par value of $0.01 per share, of which 755.8 million and 754.8 million were outstanding as of December 31, 2014 and 2013, respectively. Fifty million shares of no par value preferred stock are authorized; none of such preferred shares were outstanding as of December 31, 2014 and 2013. | |||||||||||||
Capital of Host L.P. | |||||||||||||
As of December 31, 2014, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining 1% of Host L.P.’s common OP units are held by various 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 OP unit. In connection with the issuance of shares by Host Inc., Host L.P. will issue OP units based on the same conversion ratio. As of December 31, 2014 and 2013, Host L.P. has 749.1 million and 748.4 million OP units outstanding, respectively, of which Host Inc. held 739.9 million and 738.9 million, respectively. | |||||||||||||
Issuances of Common Stock and Common OP Units | |||||||||||||
During 2013, Host Inc. issued 16.9 million shares of common stock, at an average price of $17.78 per share, for net proceeds of approximately $297 million. These issuances were made in “at-the-market” offerings pursuant to Sales Agency Financing Agreements with BNY Mellon Capital Markets, LLC and Scotia Capital (USA) Inc. In connection with the common stock issuance, Host L.P. issued 16.5 million common OP units. These issuances completed the capacity under the current agreements. | |||||||||||||
During March 2013, $174 million of the 2004 Debentures were exchanged for shares of Host Inc. common stock, totaling approximately 11.7 million shares. In connection with the exchange, Host L.P. issued 11.5 million common OP units. | |||||||||||||
Dividends/Distributions | |||||||||||||
Host Inc. is required to distribute at least 90% of its annual taxable income, excluding net capital gains, to its stockholders in order to maintain its qualification as a REIT, including taxable income recognized for federal income tax purposes but with regard to which we do not receive cash. Funds used by Host Inc. to pay dividends on its common stock are provided through distributions from Host L.P. The amount of any future dividends will be determined by Host Inc.’s Board of Directors. | |||||||||||||
The dividends that were taxable to our stockholders in 2014 were considered 65% ordinary income, 22% capital gain distribution and 13% unrecaptured Section 1250 gain. The dividends that were taxable to our stockholders in 2013 were considered 96.5% ordinary income and 3.5% unrecaptured Section 1250 gain. No portion of these 2014 and 2013 dividends was considered qualified dividends subject to a reduced tax rate. | |||||||||||||
The table below presents the amount of common dividends declared per share and common distributions per unit as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common stock | $ | 0.75 | $ | 0.46 | $ | 0.3 | |||||||
Common OP units | 0.766 | 0.47 | 0.306 | ||||||||||
On February 17, 2015, Host Inc.’s Board of Directors authorized a regular quarterly cash dividend of $0.20 per share on Host Inc.’s common stock. The dividend is payable on April 15, 2015, to stockholders of record on March 31, 2015. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Income Taxes | 6 | Income Taxes | ||||||||||||
We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our taxable year ended December 31, 1999. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our taxable income to our stockholders, excluding net capital gain. As a REIT, we generally will not be subject to federal corporate income tax on that portion of our taxable income that currently is distributed to our stockholders. If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to federal corporate income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state, local and foreign taxes on our income and property, and to federal income and excise taxes on our undistributed taxable income. | ||||||||||||||
We have recorded a 100% valuation allowance of approximately $27 million against the deferred tax asset related to the net operating loss and asset tax credit carryovers as of December 31, 2014 with respect to our hotel in Mexico. There is a $4 million valuation allowance against the deferred tax asset related to the net operating loss and capital loss carryovers as of December 31, 2014 with respect to our hotels in Canada. There is a $4 million valuation allowance related to the net operating loss incurred by our office in Rio de Janeiro as of December 31, 2014. Finally, there is a $10 million valuation allowance against the deferred tax asset related to the net operating loss carryovers as of December 31, 2014 with respect to certain of our U.S. taxable REIT subsidiaries that acted as lessee pursuant to the terminated HPT leases. We expect that the remaining net operating loss and alternative minimum tax credit carryovers for U.S. federal income tax purposes will be realized. The net decrease in the valuation allowance for the year ending December 31, 2014 and December 31, 2013 is approximately $16 million and $2 million, respectively. The primary components of our net deferred tax assets are as follows (in millions): | ||||||||||||||
As of December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred tax assets | ||||||||||||||
Accrued related party interest | $ | 21 | $ | 19 | ||||||||||
Net operating loss and capital loss carryovers | 70 | 85 | ||||||||||||
Alternative minimum tax credits | 5 | 5 | ||||||||||||
Property and equipment | 4 | 4 | ||||||||||||
Investments in domestic affiliates | 3 | 3 | ||||||||||||
Deferred revenue and expenses | 55 | 57 | ||||||||||||
Other | 1 | 1 | ||||||||||||
Total gross deferred tax assets | 159 | 174 | ||||||||||||
Less: Valuation allowance | (45 | ) | (61 | ) | ||||||||||
Total deferred tax assets, net of valuation allowance | $ | 114 | $ | 113 | ||||||||||
Deferred tax liabilities | ||||||||||||||
Property and equipment | (17 | ) | (21 | ) | ||||||||||
Investments in domestic and foreign affiliates | (8 | ) | (6 | ) | ||||||||||
Other | (2 | ) | (3 | ) | ||||||||||
Total gross deferred tax liabilities | (27 | ) | (30 | ) | ||||||||||
Net deferred tax assets | $ | 87 | $ | 83 | ||||||||||
At December 31, 2014, we have aggregate gross domestic and foreign net operating loss, capital loss and tax credit carryovers of approximately $204 million. We have deferred tax assets related to these loss and tax credit carryovers of approximately $70 million, with a valuation allowance of approximately $45 million. Our net operating loss carryovers expire through 2034, and our foreign capital loss carryovers have no expiration period. Our domestic alternative minimum tax credit carryovers have no expiration period and our foreign asset tax credit carryovers expire through 2017. We believe that it is more likely than not that we will be able to realize our deferred tax assets, net of valuation allowance, of $114 million in the future. | ||||||||||||||
Our U.S. and foreign income (loss) from continuing operations before income taxes was as follows (in millions): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
U.S. income (loss) | $ | 744 | $ | 213 | $ | (22 | ) | |||||||
Foreign income | 17 | 18 | 45 | |||||||||||
Total | $ | 761 | $ | 231 | $ | 23 | ||||||||
The provision for income taxes from continuing operations consists of (in millions): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Current | —Federal | $ | 3 | $ | 2 | $ | 3 | |||||||
—State | 2 | 4 | 1 | |||||||||||
—Foreign | 10 | 9 | 10 | |||||||||||
15 | 15 | 14 | ||||||||||||
Deferred | —Federal | (1 | ) | 4 | 11 | |||||||||
—State | (1 | ) | 1 | 1 | ||||||||||
—Foreign | 1 | 1 | 5 | |||||||||||
(1 | ) | 6 | 17 | |||||||||||
Income tax provision – continuing operations | $ | 14 | $ | 21 | $ | 31 | ||||||||
The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision recorded for continuing operations are as follows (in millions): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Statutory federal income tax provision – continuing operations | $ | 265 | $ | 81 | $ | 8 | ||||||||
Adjustment for nontaxable (income) loss of Host Inc. – | (268 | ) | (77 | ) | 4 | |||||||||
continuing operations | ||||||||||||||
State income tax provision, net | 1 | 5 | 2 | |||||||||||
Provision for uncertain tax positions | 5 | 2 | 2 | |||||||||||
Foreign income tax provision | 11 | 10 | 15 | |||||||||||
Income tax provision – continuing operations | $ | 14 | $ | 21 | $ | 31 | ||||||||
Cash paid for income taxes, net of refunds received, was $22 million, $17 million, and $12 million in 2014, 2013, and 2012, respectively. | ||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): | ||||||||||||||
2014 | 2013 | |||||||||||||
Balance at January 1 | $ | 5 | $ | 3 | ||||||||||
State increases | 2 | — | ||||||||||||
Other increases | 3 | 2 | ||||||||||||
Balance at December 31 | $ | 10 | $ | 5 | ||||||||||
All of such uncertain tax position amounts, if recognized, would impact our reconciliation between the income tax provision calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision recorded each year. | ||||||||||||||
We expect an increase to the balance of unrecognized tax benefits within 12 months of the reporting date of approximately $4 million. As of December 31, 2014, the tax years that remain subject to examination by major tax jurisdictions generally include 2011-2014. | ||||||||||||||
There were no material interest or penalties recognized for the years ended December 31, 2014, 2013 and 2012. |
Leases
Leases | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Leases | 7 | Leases | |||||||||||
Taxable REIT Subsidiaries Leases | |||||||||||||
We lease substantially all of our hotels to a wholly owned subsidiary that qualifies as a taxable REIT subsidiary due to federal income tax restrictions on a REIT’s ability to derive revenue directly from the operation and management of a hotel. | |||||||||||||
Vornado Lease | |||||||||||||
On July 30, 2012, we leased the retail and signage components of the New York Marriott Marquis to Vornado Realty Trust (“Vornado”). Vornado will redevelop and expand the existing retail space and a portion of the parking garage into a high-end retail space, as well as create a 25,000 square foot, block front, LED signage. The lease has a 20-year term and, over the term of the lease, each party has options that, if exercised, would result in ownership of the retail space being conveyed to Vornado at a price based on the future cash flow of the leased property. Minimum rental revenue is recognized on a straight-line basis over the term of the lease. The future minimum rental revenue under the non-cancelable lease is $12.5 million on an annual basis. Percentage rent is accrued when the specified income targets have been met. | |||||||||||||
Ground Leases | |||||||||||||
As of December 31, 2014, all or a portion of 35 of our hotels are subject to ground leases, generally with multiple renewal options, all of which are accounted for as operating leases. For lease agreements with scheduled rent increases, we recognize the lease expense ratably over the term of the lease. Certain of these leases contain provisions for the payment of contingent rentals based on a percentage of sales in excess of stipulated amounts. | |||||||||||||
Hospitality Properties Trust | |||||||||||||
We owned a leasehold interest in 53 Courtyard by Marriott hotels, which were sold to Hospitality Properties Trust (“HPT”) and leased back to us in 1995. In connection with our conversion to a REIT, we entered into subleases with a subsidiary of Barceló Crestline Corporation (“Barceló”) for these properties and Barceló guaranteed rent payments to HPT as part of the sublease. We terminated the subleases effective July 6, 2010 and resumed acting as owner under the management agreements. Effective upon termination of the subleases, we recorded the operations of the hotels as opposed to rental income. We terminated the lease effective December 31, 2012. At the expiration of the lease in 2012, HPT paid us deferred proceeds related to the initial sale of approximately $51 million. Approximately $11 million related to tenant collections accounts and $5 million for working capital were received in 2013. | |||||||||||||
Other Lease Information | |||||||||||||
We also have leases on facilities used in our former restaurant business, all of which we subsequently subleased. These leases and subleases contain one or more renewal options, generally for five or ten-year periods. The restaurant leases are accounted for as operating leases. Our contingent liability related to these leases is $13 million as of December 31, 2014. However, management considers the likelihood of any material funding related to these leases to be remote. Our leasing activity also includes those entered into by our hotels for various types of equipment, such as computer equipment, vehicles and telephone systems. Equipment leases are accounted for either as operating or capital leases, depending on the characteristics of the particular lease arrangement. Equipment leases that are characterized as capital leases are classified as furniture and equipment and are depreciated over the life of the lease. The amortization expense applicable to capitalized leases is included in depreciation expense. | |||||||||||||
The following table presents the future minimum annual rental commitments required under non-cancelable leases for which we are the lessee (in millions): | |||||||||||||
As of December 31, 2014 | |||||||||||||
Capital | Operating | ||||||||||||
Leases | Leases | ||||||||||||
2015 | $ | 1 | $ | 46 | |||||||||
2016 | — | 44 | |||||||||||
2017 | — | 44 | |||||||||||
2018 | — | 42 | |||||||||||
2019 | — | 40 | |||||||||||
Thereafter | — | 1,572 | |||||||||||
Total minimum lease payments | $ | 1 | $ | 1,788 | |||||||||
Minimum payments for the operating leases have not been reduced by aggregate minimum sublease rentals from restaurants of approximately $10 million per year that are payable to us under non-cancelable subleases. | |||||||||||||
Rent expense is included in other property-level expenses on our consolidated statements of operations and consists of (in millions): | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Minimum rentals on operating leases | $ | 48 | $ | 50 | $ | 117 | |||||||
Additional rentals based on sales | 32 | 32 | 31 | ||||||||||
Rental payments based on real estate tax assessments | — | 24 | 23 | ||||||||||
Less: sublease rentals | (3 | ) | (3 | ) | (3 | ) | |||||||
$ | 77 | $ | 103 | $ | 168 | ||||||||
Employee_Stock_Plans
Employee Stock Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||
Employee Stock Plans | 8 | Employee Stock Plans | |||||||||||||||||||||||
Upon the issuance of Host Inc.’s common stock under either of the two stock-based compensation plans described below, Host L.P. will issue to Host Inc. common OP units of an equivalent value. Accordingly, these liabilities and related disclosures are included in both Host Inc.’s and Host L.P.’s consolidated financial statements. | |||||||||||||||||||||||||
Host Inc. maintains two stock-based compensation plans, the Comprehensive Stock and Cash Incentive Plan (the “2009 Comprehensive Plan”), under which Host Inc. may award to participating employees restricted stock awards of Host Inc.’s common stock and options to purchase our common stock and the Employee Stock Purchase Plan (“ESPP”). At December 31, 2014, there were approximately 17 million shares of Host Inc.’s common stock reserved and available for issuance under the 2009 Comprehensive Plan. | |||||||||||||||||||||||||
We recognize costs resulting from share-based payments in our financial statements over their vesting periods. No compensation cost is recognized for awards for which employees do not render the requisite services. We classify share-based payment awards granted in exchange for employee services as either equity or liability awards. Equity awards are measured based on their fair value as of the date of grant. In contrast, liability awards are re-measured to fair value each reporting period. | |||||||||||||||||||||||||
During 2014, 2013 and 2012, we recorded stock-based compensation expense of approximately $22 million, $18 million and $16 million, respectively. Shares granted in 2014, 2013 and 2012 totaled 2.0 million, 2.2 million and 1.8 million, respectively, while 1.3 million, 1.2 million and 0.9 million shares, respectively, vested during those years. | |||||||||||||||||||||||||
Senior Executive Plan | |||||||||||||||||||||||||
During 2014, Host Inc. granted 1.5 million shares of restricted stock awards and 0.4 million shares of stock option awards, to senior executives (the “Annual Plan”), which amount represents the maximum number of shares that can be earned during the year if performance is at the “high” level of achievement. The stock option awards have an exercise price of $19.57 per share for performance year 2014. The restricted stock awards and stock option awards vest on an annual basis; therefore, no awards were outstanding at December 31, 2014. | |||||||||||||||||||||||||
Restricted stock awards | |||||||||||||||||||||||||
Vesting of restricted stock awards is based on (1) the achievement of relative total shareholder return (“TSR”) and (2) the company and personal performance of employees attributable to specific management business objectives. Approximately 50% of the restricted stock awards are based on the satisfaction of the TSR compared to (i) the NAREIT index, (ii) the Standard & Poor’s index, and (iii) a Selected Lodging Company index that serves as a relevant industry/asset specific measurement to our competitors, with the remaining 50% based on the achievement of management business objectives. Restricted stock awards granted to U.S. senior executives are classified as liability awards, due to settlement features that allow the recipient to have a percentage of the restricted stock awards withheld to meet tax requirements in excess of the statutory minimum withholding requirements. The fair value of these shares is adjusted at each balance sheet date and, at year end, is equal to the number of shares earned during the year at the December 31, 2014 stock price. Of the awards granted in 2014, 94% were classified as liability awards. In contrast, restricted stock awards granted to senior executives operating out of our international offices do not have this settlement feature and are considered equity awards. The fair value of these equity awards is based on the fair value on the grant date, and is not adjusted for subsequent movements in fair value. | |||||||||||||||||||||||||
During 2014, 2013 and 2012, we recorded compensation expense of approximately $18 million, $14 million and $12 million, respectively, related to the restricted stock awards to senior executives. The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2014: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | ||||||||||||||||||||
(in millions) | (per share) | (in millions) | (per share) | (in millions) | (per share) | ||||||||||||||||||||
Balance, at beginning of year | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||
Granted | 1.5 | 18 | 1.7 | 16 | 1.6 | 14 | |||||||||||||||||||
Vested (1) | (0.8 | ) | 24 | (0.8 | ) | 19 | (0.6 | ) | 16 | ||||||||||||||||
Forfeited/expired | (0.7 | ) | 24 | (0.9 | ) | 19 | (1.0 | ) | 16 | ||||||||||||||||
Balance, at end of year | — | — | — | — | — | — | |||||||||||||||||||
Issued in calendar year (1) | 0.4 | 19 | 0.3 | 19 | 0.8 | 16 | |||||||||||||||||||
___________ | |||||||||||||||||||||||||
-1 | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2014 include shares vested at December 31, 2013, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $6.1 million, $5.5 million and $9.5 million, for 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Stock Option Awards | |||||||||||||||||||||||||
As of December 31, 2014, 0.8 million shares of stock option awards were outstanding and exercisable, with a weighted average remaining life of 8 years and a weighted average exercise price of $17.35 per share. During 2014, 2013 and 2012, stock option grants totaled 393,000, 420,000 and 201,000, respectively. Stock option compensation expense was $1.8 million, $1.8 million and $1.6 million during 2014, 2013 and 2012, respectively, and all stock option awards outstanding as of December 31, 2014 were fully vested. The stock option awards are equity classified awards, as they do not include cash settlement features. We expense stock option awards over the vesting period based on the estimated fair value of the options at the grant date using a binomial pricing model. The utilization of the binomial model requires us to make certain estimates related to the volatility of the share price of our common stock, risk-free interest rates and the amount of our awards expected to be forfeited, and our expected dividend yield. To calculate the fair value of stock option awards granted from 2012 to 2014, we assumed (i) a volatility ranging between 34% and 66%, (ii) a risk free rate ranging between 1.0% and 1.8%, (iii) a dividend yield of 3.5%, and (iv) an expected life of 5.5 years. | |||||||||||||||||||||||||
Other Stock Plans | |||||||||||||||||||||||||
In addition to the share-based plans described above, we maintain an upper-middle management plan and an employee stock purchase plan. The awards are time-based equity awards that vest within three years of the grant date and expense is recognized over the life of the award based on the grant date fair value. Through the employee stock purchase plan, employees can purchase stock at a 10% discount of the lower of the beginning and ending stock price each quarter. During 2014, 2013 and 2012, we granted 118,000 shares, 116,000 shares and 84,000 shares, respectively, under both of these programs and recorded expense of $2.2 million, $2.0 million and $1.9 million, respectively. |
Profit_Sharing_and_Postemploym
Profit Sharing and Postemployment Benefit Plans | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation And Retirement Disclosure [Abstract] | ||
Pension and Other Postemployment Benefits Plans | 9 | Profit Sharing and Postemployment Benefit Plans |
We contribute to defined contribution plans for the benefit of employees who meet certain eligibility requirements and who elect participation in the plans. The discretionary amount to be matched by us is determined annually by Host Inc.’s Board of Directors. Our recorded liability for this obligation is not material. Payments for these items were not material for the three years ended December 31, 2014. |
Dispositions
Dispositions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Dispositions | 10 | Dispositions | |||||||
We disposed of five hotels in 2014, five hotels in 2013, and three hotels in 2012. Effective January 1, 2014, we adopted ASU 2014-08, Reporting for Discontinued Operations. As a result, operations and any gain or loss on sale of hotels sold subsequent to December 31, 2013 will continue to be reported in continuing operations. The results of properties sold in 2013 and 2012, including the gain on sale, will continue to be reported in discontinued operations | |||||||||
The following table provides summary results of operations for the five hotels sold in 2014, which are included in continuing operations (in millions): | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 72 | $ | 182 | |||||
Income before taxes | 8 | 19 | |||||||
Gain on disposals | 229 | — | |||||||
Dispositions in 2014 included (i) the Dayton Marriott for $21 million, (ii) the Greensboro-High Point Marriott Airport for $19 million, (iii) the Tampa Marriott Waterside Hotel & Marina for $199 million, (iv) Courtyard Nashua for $10 million, and (v) an 89% controlling interest in the Philadelphia Marriott Downtown based on a gross sales price of $303 million. | |||||||||
In connection with the sale of Tampa Waterside Hotel & Marina, Greensboro-High Point Marriott Airport and the 89% interest in Philadelphia Marriott Downtown, we recorded gains of approximately $115 million, $3 million, and $111 million, respectively. | |||||||||
The following table provides summary results of operations for the five hotels sold in 2013 and the three hotels sold in 2012, which are included in discontinued operations (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 104 | $ | 264 | |||||
Income before taxes | 22 | 24 | |||||||
Gain on disposals, net of tax | 97 | 48 | |||||||
Net income (loss) attributable to Host Inc. is allocated between continuing and discontinued operations as follows (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Continuing operations, net of tax | $ | 203 | $ | (10 | ) | ||||
Discontinued operations, net of tax | 114 | 71 | |||||||
Net income attributable to Host Inc. | $ | 317 | $ | 61 | |||||
Net income (loss) attributable to Host L.P. is allocated between continuing and discontinued operations as follows (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Continuing operations, net of tax | $ | 206 | $ | (9 | ) | ||||
Discontinued operations, net of tax | 115 | 71 | |||||||
Net income attributable to Host L.P. | $ | 321 | $ | 62 | |||||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | 11 | Acquisitions | |||||||
Business Combinations | |||||||||
We acquired two hotels during 2014 and recorded $2 million of acquisition related expenses and acquired one hotel during 2013 and recorded $1 million of acquisition related expenses. For 2014 and 2013, our business combinations were as follows: | |||||||||
— | On August 11, 2014, we acquired the 242-room b2 miami downtown hotel for approximately $58 million. | ||||||||
— | On January 21, 2014, we acquired the 151-room Powell Hotel in San Francisco, California, including retail space and the fee simple interest in the land, for approximately $75 million. | ||||||||
— | On May 31, 2013, we acquired the 426-room Hyatt Place Waikiki Beach in Honolulu, Hawaii for approximately $138.5 million. | ||||||||
Accounting for the acquisition of a hotel property or an entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The purchase price allocations are estimated based on current available information. | |||||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for our 2014 and 2013 hotel acquisitions (in millions): | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Property and equipment | $ | 131 | $ | 138 | |||||
FF&E Reserves and other assets | 3 | 1 | |||||||
Total assets | 134 | 139 | |||||||
Other liabilities | (1 | ) | — | ||||||
Net assets acquired | $ | 133 | $ | 139 | |||||
Our summarized unaudited consolidated pro forma results of operations, assuming the 2014 and 2013 hotel acquisitions occurred on January 1, 2013 and 2012, respectively, and excluding the acquisition costs discussed above, are as follows (in millions, except per share and per unit amounts): | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 5,362 | $ | 5,189 | |||||
Income from continuing operations | 751 | 214 | |||||||
Net income | 751 | 329 | |||||||
Host Inc.: | |||||||||
Net income attributable to Host Inc. | $ | 736 | $ | 321 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.97 | $ | 0.27 | |||||
Discontinued operations | — | 0.16 | |||||||
Basic earnings per common share | $ | 0.97 | $ | 0.43 | |||||
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.97 | $ | 0.28 | |||||
Discontinued operations | — | 0.15 | |||||||
Diluted earnings per common share | $ | 0.97 | $ | 0.43 | |||||
Host L.P.: | |||||||||
Net income attributable to Host L.P. | $ | 745 | $ | 325 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.99 | $ | 0.29 | |||||
Discontinued operations | — | 0.15 | |||||||
Basic earnings per common share | $ | 0.99 | $ | 0.44 | |||||
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.99 | $ | 0.29 | |||||
Discontinued operations | — | 0.15 | |||||||
Diluted earnings per common share | $ | 0.99 | $ | 0.44 | |||||
For 2014 and 2013, we have included $39 million and $15 million of revenues, respectively, and $7 million and $2 million of net income, respectively, in our consolidated statements of operations related to the operations of the hotels acquired in 2014 and 2013. | |||||||||
New Development and Other Asset Acquisitions | |||||||||
For 2014 and 2013, our new development and other asset acquisitions were as follows: | |||||||||
— | In the fourth quarter of 2014, we completed construction and opened the 149-room Novotel and 256-room ibis Rio de Janeiro Parque Olimpico in Barra da Tijuca, both managed by Accor. We have invested approximately R$139 million ($65 million) in these hotels as of December 31, 2014. | ||||||||
— | On December 10, 2013, we made the final incremental payment of $19.9 million for the purchase of the fee simple interest in the land at the New York Marriott Marquis Times Square. In addition, $25 million of the payments made pursuant to the terms of the ground lease have been attributed to the purchase of the land. The purchase was completed in conjunction with our 2012 lease of the existing retail space to Vornado and its on-going redevelopment. | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements | 12 | Fair Value Measurements | ||||||||||||||||||
Overview | ||||||||||||||||||||
Our recurring fair value measurements consist of the valuation of our derivative instruments, all of which are designated as accounting hedges. Non-recurring fair value measurements during 2014 and 2013 consisted of the impairment of two of our hotel properties, which were both sold during 2014. | ||||||||||||||||||||
The following table details the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, as well as non-recurring fair value measurements that we completed during 2014 and 2013 due to the impairment of non-financial assets (in millions): | ||||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||
Balance at December 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
2014 | (Level 2) | (Level 3) | ||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Foreign currency forward sale contracts (1) | $ | 13 | $ | — | $ | 13 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swap derivatives (1) | (2 | ) | — | (2 | ) | — | ||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||
Impaired hotel properties sold (2) | — | — | — | 18 | ||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||
Balance at December 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
2013 | (Level 2) | (Level 3) | ||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Interest rate swap derivatives (1) | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
Foreign currency forward sale contracts (1) | 3 | — | 3 | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swap derivatives (1) | (3 | ) | — | (3 | ) | — | ||||||||||||||
Foreign currency forward sale contracts (1) | (6 | ) | — | (6 | ) | — | ||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||
Impaired hotel properties held and used (2) | 9 | — | — | 9 | ||||||||||||||||
___________ | ||||||||||||||||||||
-1 | These derivative contracts have been designated as hedging instruments. | |||||||||||||||||||
-2 | The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Impairment | ||||||||||||||||||||
During 2014, an impairment loss of $6 million was recorded related to the Dayton Marriott. The fair value was based on expected sale proceeds of the property, which property was sold on December 17, 2014. During 2013, an impairment loss of approximately $1 million was recorded related to the Courtyard Nashua. The fair value was based on expected sale proceeds of the property, which property was sold on February 12, 2014. The impairment losses are included in depreciation expense. | ||||||||||||||||||||
Derivatives and Hedging | ||||||||||||||||||||
Interest rate swap derivatives designated as cash flow hedges. We have designated our floating-to-fixed interest rate swap derivatives as cash flow hedges. The purpose of the interest rate swaps is to hedge against changes in cash flows (interest payments) attributable to fluctuations in variable rate debt. The derivatives are valued based on the prevailing market yield curve on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the swaps. Changes in the fair value of the derivatives are recorded to other comprehensive income (loss) on the accompanying balance sheets. The hedges were fully effective as of December 31, 2014. The following table summarizes our interest rate swap derivatives designated as cash flow hedges (in millions): | ||||||||||||||||||||
Change in Fair Value | ||||||||||||||||||||
Gain (Loss) | ||||||||||||||||||||
Total Notional | Maturity | Swapped | All-in- | Year ended December 31, | ||||||||||||||||
Transaction Date | Amount | Date | Index | Rate | 2014 | 2013 | ||||||||||||||
November 2011 (1) | A$ | 62 | Nov-16 | Reuters BBSY | 6.70% | $ | — | $ | 1 | |||||||||||
February 2011 (2) | NZ$ | 79 | Feb-16 | NZ$ Bank Bill | 7.15% | $ | — | $ | 2 | |||||||||||
___________ | ||||||||||||||||||||
-1 | The swap was entered into in connection with the A$86 million ($71 million) mortgage loan on the Hilton Melbourne South Wharf. | |||||||||||||||||||
-2 | The swap was entered into in connection with the NZ$105 million ($82 million) mortgage loan on seven properties in New Zealand. | |||||||||||||||||||
Foreign Investment Hedging Instruments. We have five foreign currency forward sale contracts that hedge a portion of the foreign currency exposure resulting from the eventual repatriation of our net investment in foreign operations. These derivatives are considered hedges of the foreign currency exposure of a net investment in a foreign operation and are marked-to-market with changes in fair value recorded to other comprehensive income (loss) within the equity portion of our balance sheet. The foreign currency forward sale contracts are valued based on the forward yield curve of the foreign currency to U.S. dollar forward exchange rate on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the derivatives. The following table summarizes our foreign currency forward sale contracts (in millions): | ||||||||||||||||||||
Currently Outstanding | Change in Fair Value - All Contracts | |||||||||||||||||||
Total | ||||||||||||||||||||
Transaction | Total | Gain (Loss) | ||||||||||||||||||
Amount in | Transaction | |||||||||||||||||||
Transaction Date | Foreign | Amount | Forward Purchase | Year ended December 31, | ||||||||||||||||
Range | Currency | in Dollars | Date Range | 2014 | 2013 | |||||||||||||||
July 2011-May 2014 | € | 100 | $ | 135 | August 2015-May 2017 | $ | 18 | $ | (5 | ) | ||||||||||
Nov-14 | C$ | 25 | $ | 22 | Nov-16 | $ | 1 | $ | — | |||||||||||
In addition to the foreign currency forward sale contracts, we have designated a portion of the foreign currency draws on our credit facility as hedges of net investments in foreign operations. As a result, currency translation adjustments in the designated credit facility draws are recorded to other comprehensive income (loss) within the equity portion of our balance sheet, which adjustments offset a portion of the translation adjustment related to our foreign investments. The following table summarizes the draws on our credit facility that are designated as hedges of net investments in international operations (in millions): | ||||||||||||||||||||
Balance | Balance | Gain (Loss) | ||||||||||||||||||
Outstanding | Outstanding in | Year ended December 31, | ||||||||||||||||||
Currency | US$ | Foreign Currency | 2014 | 2013 | ||||||||||||||||
Canadian dollars (1) | $ | 27 | C$ | 31 | $ | 2 | $ | 2 | ||||||||||||
Euros | $ | 93 | € | 77 | $ | 13 | $ | -5 | ||||||||||||
___________ | ||||||||||||||||||||
-1 | We have drawn an additional $65 million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. | |||||||||||||||||||
Other Assets and Liabilities | ||||||||||||||||||||
Fair Value of Other Financial Assets and Liabilities. We did not elect the fair value measurement option for any of our other financial assets or liabilities. The fair values of secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Senior Notes and the Exchangeable Senior Debentures 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 liabilities and other financial instruments are shown below (in millions): | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
Financial liabilities | ||||||||||||||||||||
Senior notes (Level 1) | $ | 2,498 | $ | 2,668 | $ | 2,647 | $ | 2,766 | ||||||||||||
Exchangeable Senior Debentures (Level 1) | 386 | 739 | 371 | 603 | ||||||||||||||||
Credit facility (Level 2) | 704 | 704 | 946 | 946 | ||||||||||||||||
Mortgage debt and other, excluding capital leases | 403 | 413 | 793 | 802 | ||||||||||||||||
(Level 2) | ||||||||||||||||||||
Hotel_Management_Agreements_an
Hotel Management Agreements and Operating and License Agreements | 12 Months Ended | |
Dec. 31, 2014 | ||
Contractors [Abstract] | ||
Hotel Management Agreements and Operating and License Agreements | 13 | Hotel Management Agreements and Operating and License Agreements |
All of our hotels are managed by third parties pursuant to management or operating agreements, with some of our hotels also being subject to separate license agreements addressing matters pertaining to operation under the designated brand. The hotel brands of three of our managers, Marriott, Starwood and Hyatt, represent 56%, 25% and 12% of our total revenues, respectively. Under these agreements, the managers generally have sole responsibility for all activities necessary for the day-to-day operation of the hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. The managers also provide all employees for the hotels, prepare reports, budgets and projections, and provide other administrative and accounting support services to the hotels. For the majority of our properties, we have approval rights over budgets, capital expenditures, significant leases and contractual commitments, and various other matters. | ||
The initial term of our agreements generally is 15 to 25 years, with one or more renewal terms at the option of the manager. The majority of our agreements condition the manager’s right to exercise options for renewal upon the satisfaction of specified economic performance criteria. The manager typically receives a base management fee, which is calculated as a percentage (generally 2-3%) of annual gross revenues, and an incentive management fee, which typically is calculated as a percentage (generally 10-20%) of operating profit after the owner has received a priority return on its investment. In the case of our Starwood-managed hotels, the base management fee only is 1% of annual gross revenues, but that amount is supplemented by license fees payable to Starwood under a separate license agreement pertaining to the designated brand, including rights to use trademarks, service marks and logos, matters relating to compliance with certain brand standards and policies, and the provision of certain system programs and centralized services. Under the license agreement Starwood generally receives 5% of gross revenues attributable to room sales and 2% of gross revenues attributable to food and beverage sales in addition to a base management fee. | ||
As part of the agreements, the manager furnishes the hotels with certain chain services, which generally are provided on a central or regional basis to all hotels in the manager’s hotel system. Chain services include central training, advertising and promotion, national reservation systems, computerized payroll and accounting services, and such additional services as needed which may be more efficiently performed on a centralized basis. Costs and expenses incurred in providing such services are allocated among the hotels managed, owned or leased by the manager on a fair and equitable basis. In addition, our managers generally will sponsor a guest rewards program, the costs of which will be charged to all of the hotels that participate in such program. | ||
We are obligated to provide the manager with sufficient funds, generally 5% of the revenue generated at the hotel, to cover the cost of (a) certain non-routine repairs and maintenance to the hotels which normally are capitalized, and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Under certain circumstances, we will be required to establish escrow accounts for such purposes under terms outlined in the agreements. | ||
We generally are limited in our ability to sell, lease or otherwise transfer the hotels unless the transferee assumes the related management agreement. However, most agreements include owner rights to terminate the agreements on the basis of the manager’s failure to meet certain performance-based metrics. Typically, these criteria are subject to the manager’s ability to ‘cure’ and avoid termination by payment to us of specified deficiency amounts (or, in some instances, waiver of the right to receive specified future management fees). | ||
In addition to any performance-based or other termination rights, we have negotiated with Marriott, Starwood and some of our other managers specific termination rights related to specific agreements. These termination rights can take a number of different forms, including termination of agreements upon sale that leave the property unencumbered by any agreement; termination upon sale provided that the property continues to be operated under a license or franchise agreement with continued brand affiliation; as well as termination without sale or other condition, which may require the payment of a fee. These termination rights also may restrict the number of agreements that may be terminated over any annual or other period; impose limitations on the number of agreements terminated as measured by EBITDA; require that a certain number of properties continue to maintain the brand affiliation; or be restricted to a specific pool of assets. |
Geographic_and_Business_Segmen
Geographic and Business Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Geographic and Business Segment Information | 14 | Geographic and Business Segment Information | ||||||||||||||||||||||
We consider each one of our hotels to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual hotels. All of our other real estate investment activities (primarily our office buildings) are immaterial and, with our operating segments, meet the aggregation criteria, and thus, we report one segment: hotel ownership. Our international operations consist of hotels in six countries. There were no intersegment sales during the periods presented. The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Revenues | Property and | Revenues | Property and | Revenues | Property and | |||||||||||||||||||
Equipment, net | Equipment, net | Equipment, net | ||||||||||||||||||||||
United States | $ | 5,077 | $ | 10,111 | $ | 4,895 | $ | 10,498 | $ | 4,791 | $ | 11,095 | ||||||||||||
Australia | 39 | 102 | 40 | 106 | 42 | 133 | ||||||||||||||||||
Brazil | 36 | 82 | 30 | 76 | 33 | 39 | ||||||||||||||||||
Canada | 87 | 82 | 97 | 89 | 95 | 97 | ||||||||||||||||||
Chile | 32 | 44 | 34 | 54 | 37 | 63 | ||||||||||||||||||
Mexico | 29 | 26 | 24 | 32 | 25 | 26 | ||||||||||||||||||
New Zealand | 54 | 128 | 46 | 140 | 36 | 135 | ||||||||||||||||||
Total | $ | 5,354 | $ | 10,575 | $ | 5,166 | $ | 10,995 | $ | 5,059 | $ | 11,588 | ||||||||||||
Guarantees_and_Contingencies
Guarantees and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Guarantees [Abstract] | ||
Guarantees and Contingencies | 15 | Guarantees and Contingencies |
We have certain guarantees which consist of commitments made to third parties for leases or debt that are not recognized in our consolidated financial statements due to various dispositions, spin-offs and contractual arrangements, but that we have agreed to pay in the event of certain circumstances, including the default by an unrelated party. We also may have contingent environmental liabilities related to the presence of hazardous or toxic substances. We consider the likelihood of any material payments under these guarantees and contingencies to be remote. The guarantees and contingencies that are not recognized in our consolidated financial statements are listed below: | ||
— | We remain contingently liable for rental payments on certain divested non-lodging properties. These primarily represent certain restaurants that were sold subject to our guarantee of the future rental payments. The aggregate amount of these future rental payments is approximately $13 million as of December 31, 2014. | |
— | In connection with the sale of two hotels in January 2005, we remain contingently liable for the amounts due under the respective ground leases. The future minimum lease payments are approximately $12 million through the full term of the leases, including renewal options. We believe that the likelihood of any material payments related to these ground leases is remote, and in each case, we have been indemnified by the purchaser of the hotel. | |
Guarantees and environmental liabilities that are recorded on our consolidated balance sheet include: | ||
— | In connection with the sale of the Atlanta Marriott Marquis in January 2013, we retained $5 million of contingent liabilities related to potential environmental liabilities. | |
— | In connection with the sale of the Ritz-Carlton San Francisco hotel in June 2013, we agreed to guarantee the hotel’s operating income through December 31, 2016. During this period, we will make support payments of up to $4 million a year, not to exceed $11 million for the life of the agreement. In 2014, we recognized approximately $3 million on the deferred gain. As of December 31, 2014, we have accrued $8 million for the guarantee. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Legal Proceedings | 16 | Legal Proceedings |
We are involved in various legal proceedings in the normal course of business regarding the operation of our hotels and company matters. To the extent not covered by insurance, these lawsuits 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 currently are involved or of which we are aware and our experience in resolving similar claims in the past, we have accrued approximately $35 million as of December 31, 2014. We have estimated that, in the aggregate, our losses related to these proceedings could be as much as $57 million. We believe this range represents the maximum potential loss for all of our legal proceedings. We are not aware of any other 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. | ||
San Antonio Litigation. In 2005 we initiated a lawsuit against Keystone-Texas Property Holding Corporation (“Keystone”) seeking a declaration that a provision of the ground lease for the property under the San Antonio Marriott Rivercenter was valid and claiming that Keystone had breached that lease provision. Keystone filed an amended counterclaim and later, a third party claim, alleging that we had tortiously interfered with Keystone’s attempted sale of the property and that we slandered Keystone’s title to the property. | ||
In 2010, we received an adverse jury verdict in the 166th Judicial District Court of Bexar County, Texas. The jury found that we tortiously interfered with the attempted sale by Keystone of the land under the San Antonio Marriott Rivercenter and awarded Keystone $34.3 million in damages, plus statutory interest. In addition, the jury found that we slandered Keystone’s title to the property and awarded Keystone $39 million in damages, plus statutory interest. Keystone was only entitled to receive one of these damage awards. The jury also awarded Keystone $7.5 million in exemplary damages with respect to the second claim. In 2011, a three-judge panel of the San Antonio Court of Appeals issued its memorandum opinion denying our appeal of the trial court’s final judgment. | ||
In 2012, we filed a Petition for Review in the Texas Supreme Court. On June 13, 2014, the Texas Supreme Court reversed the court of appeals judgment, and Host was no longer liable for the jury verdict and punitive damages award. Keystone requested a rehearing of the Texas Supreme Court’s decision, but that motion was denied on October 3, 2014, finalizing the Texas Supreme Court’s decision. As a result, in the third quarter of 2014, we reversed the $69 million loss contingency previously recorded related to this litigation and the initial adverse verdict. In addition, a court-ordered bond of $25 million was released on October 17, 2014. | ||
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (unaudited) | 17 | Quarterly Financial Data (unaudited) | |||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in millions, except per share/unit amounts) | |||||||||||||||||
Host Hotels & Resorts, Inc.: | |||||||||||||||||
Revenues | $ | 1,309 | $ | 1,431 | $ | 1,294 | $ | 1,320 | |||||||||
Operating profit | 134 | 225 | 202 | 149 | |||||||||||||
Income from continuing operations | 185 | 159 | 145 | 258 | |||||||||||||
Net income | 185 | 159 | 145 | 258 | |||||||||||||
Net income attributable to Host Hotels & Resorts, Inc. | 179 | 155 | 144 | 254 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Continuing operations | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Basic earnings per common share | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Diluted earnings per common share: | |||||||||||||||||
Continuing operations | 0.24 | 0.21 | 0.19 | 0.33 | |||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Diluted earnings per common share | 0.24 | 0.21 | 0.19 | 0.33 | |||||||||||||
Host Hotels & Resorts, L.P.(1): | |||||||||||||||||
Net income attributable to Host Hotels & Resorts, L.P. | 181 | 157 | 146 | 257 | |||||||||||||
Basic earnings per common unit: | |||||||||||||||||
Continuing operations | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Basic earnings per common unit | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Diluted earnings per common unit: | |||||||||||||||||
Continuing operations | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Diluted earnings per common unit | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in millions, except per share/unit amounts) | |||||||||||||||||
Host Hotels & Resorts, Inc.: | |||||||||||||||||
Revenues | $ | 1,224 | $ | 1,399 | $ | 1,211 | $ | 1,331 | |||||||||
Operating profit | 90 | 205 | 79 | 138 | |||||||||||||
Income from continuing operations | 34 | 116 | 2 | 59 | |||||||||||||
Income from discontinued operations | 26 | 5 | 16 | 67 | |||||||||||||
Net income | 60 | 121 | 18 | 126 | |||||||||||||
Net income attributable to Host Hotels & Resorts, Inc. | 56 | 119 | 19 | 123 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Continuing operations | 0.04 | 0.15 | 0.01 | 0.07 | |||||||||||||
Discontinued operations | 0.04 | 0.01 | 0.02 | 0.09 | |||||||||||||
Basic earnings per common share | 0.08 | 0.16 | 0.03 | 0.16 | |||||||||||||
Diluted earnings per common share: | |||||||||||||||||
Continuing operations | 0.04 | 0.15 | 0.01 | 0.07 | |||||||||||||
Discontinued operations | 0.04 | 0.01 | 0.02 | 0.09 | |||||||||||||
Diluted earnings per common share | 0.08 | 0.16 | 0.03 | 0.16 | |||||||||||||
Host Hotels & Resorts, L.P.(1): | |||||||||||||||||
Net income attributable to Host Hotels & Resorts, L.P. | 57 | 120 | 19 | 125 | |||||||||||||
Basic earnings per common unit: | |||||||||||||||||
Continuing operations | 0.04 | 0.15 | 0.01 | 0.08 | |||||||||||||
Discontinued operations | 0.04 | 0.01 | 0.02 | 0.09 | |||||||||||||
Basic earnings per common unit | 0.08 | 0.16 | 0.03 | 0.17 | |||||||||||||
Diluted earnings per common unit: | |||||||||||||||||
Continuing operations | 0.04 | 0.15 | 0.01 | 0.08 | |||||||||||||
Discontinued operations | 0.04 | 0.01 | 0.02 | 0.09 | |||||||||||||
Diluted earnings per common unit | 0.08 | 0.16 | 0.03 | 0.17 | |||||||||||||
___________ | |||||||||||||||||
-1 | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. | ||||||||||||||||
The sum of the basic and diluted earnings per common share and OP units for the four quarters in all years presented differs from the annual earnings per common share and OP units due to the required method of computing the weighted average number of shares and OP units in the respective periods. | |||||||||||||||||
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||
Page 1 of 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2014 | Date of | |||||||||||||||||||||||||||||||||||||||||||||
Buildings & | Costs | Currency | Buildings & | Accumulated | Completion of | Date | Depreciation | ||||||||||||||||||||||||||||||||||||||||||
Description | Debt | Land | Improvements | Capitalized | Adjustment | Land | Improvements | Total | Depreciation | Construction | Acquired | Life | |||||||||||||||||||||||||||||||||||||
Hotels: | |||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta Marriott Perimeter Center | $ | — | $ | 15 | $ | 7 | $ | 35 | — | $ | 15 | $ | 42 | $ | 57 | $ | 28 | — | 1976 | 40 | |||||||||||||||||||||||||||||
Atlanta Marriott Suites Midtown | — | — | 26 | 9 | — | — | 35 | 35 | 18 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Axiom Hotel | — | 36 | 38 | — | — | 36 | 38 | 74 | 1 | — | 2014 | 33 | |||||||||||||||||||||||||||||||||||||
Boston Marriott Copley Place | — | — | 203 | 67 | — | — | 270 | 270 | 108 | — | 2002 | 40 | |||||||||||||||||||||||||||||||||||||
Calgary Marriott Downtown | — | 5 | 18 | 18 | — | 5 | 36 | 41 | 21 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Chicago Marriott O'Hare | — | 4 | 26 | 41 | — | 5 | 66 | 71 | 40 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Chicago Marriott Suites Downers Grove | — | 2 | 14 | 7 | — | 2 | 21 | 23 | 11 | — | 1989 | 40 | |||||||||||||||||||||||||||||||||||||
Chicago Marriott Suites O'Hare | — | 5 | 36 | 9 | — | 5 | 45 | 50 | 21 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Coronado Island Marriott Resort & Spa | — | — | 53 | 27 | — | — | 80 | 80 | 43 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Costa Mesa Marriott | — | 3 | 18 | 7 | — | 3 | 25 | 28 | 14 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Courtyard Chicago Downtown/River North | — | 7 | 27 | 14 | — | 7 | 41 | 48 | 24 | — | 1992 | 40 | |||||||||||||||||||||||||||||||||||||
Delta Meadowvale Hotel & Conference Centre | — | 4 | 20 | 28 | — | 4 | 48 | 52 | 29 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Denver Marriott Tech Center Hotel | — | 6 | 26 | 29 | — | 6 | 55 | 61 | 32 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
Denver Marriott West | — | — | 12 | 13 | — | — | 25 | 25 | 18 | — | 1983 | 40 | |||||||||||||||||||||||||||||||||||||
Embassy Suites Chicago-Downtown/Lakefront | — | — | 86 | 8 | — | — | 94 | 94 | 27 | — | 2004 | 40 | |||||||||||||||||||||||||||||||||||||
Four Seasons Hotel Philadelphia | — | 26 | 60 | 21 | — | 27 | 80 | 107 | 39 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Gaithersburg Marriott Washingtonian Center | — | 7 | 22 | 12 | — | 7 | 34 | 41 | 18 | — | 1993 | 40 | |||||||||||||||||||||||||||||||||||||
Grand Hyatt Atlanta in Buckhead | — | 8 | 88 | 27 | — | 8 | 115 | 123 | 50 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Grand Hyatt Washington | — | 154 | 247 | 14 | — | 154 | 261 | 415 | 24 | — | 2012 | 33 | |||||||||||||||||||||||||||||||||||||
Harbor Beach Marriott Resort & Spa | 150 | — | 62 | 104 | — | — | 166 | 166 | 93 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Hilton Melbourne South Wharf | 71 | — | 136 | 10 | (37 | ) | — | 109 | 109 | 14 | — | 2011 | 31 | ||||||||||||||||||||||||||||||||||||
Hilton Singer Island Oceanfront Resort | — | 2 | 10 | 21 | — | 2 | 31 | 33 | 18 | — | 1986 | 40 | |||||||||||||||||||||||||||||||||||||
Houston Airport Marriott at George Bush Intercontinental | — | — | 10 | 41 | — | — | 51 | 51 | 44 | — | 1984 | 40 | |||||||||||||||||||||||||||||||||||||
Houston Marriott at the Texas Medical Center | — | — | 19 | 20 | — | — | 39 | 39 | 26 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2014 | Date of | |||||||||||||||||||||||||||||||||||||||||||||
Buildings & | Costs | Currency | Buildings & | Accumulated | Completion of | Date | Depreciation | ||||||||||||||||||||||||||||||||||||||||||
Description | Debt | Land | Improvements | Capitalized | Adjustment | Land | Improvements | Total | Depreciation | Construction | Acquired | Life | |||||||||||||||||||||||||||||||||||||
Hyatt Place Waikiki Beach | — | 12 | 120 | — | — | 12 | 120 | 132 | 7 | — | 2013 | 34 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency Cambridge, Overlooking Boston | — | 18 | 84 | 6 | — | 19 | 89 | 108 | 47 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency Maui Resort & Spa | — | 92 | 212 | 36 | — | 81 | 259 | 340 | 84 | — | 2003 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency Reston | 100 | 11 | 78 | 26 | — | 12 | 103 | 115 | 45 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency San Francisco Airport | — | 16 | 119 | 54 | — | 20 | 169 | 189 | 75 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency Washington on Capitol Hill | — | 40 | 230 | 40 | — | 40 | 270 | 310 | 71 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Atlanta Buckhead | — | 16 | 21 | 25 | — | 16 | 46 | 62 | 30 | — | 1990 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Desert Springs Resort & Spa | — | 13 | 143 | 138 | — | 13 | 281 | 294 | 134 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Hotel Rio de Janeiro | — | 13 | 29 | 3 | (16 | ) | 8 | 21 | 29 | 3 | — | 2010 | 40 | ||||||||||||||||||||||||||||||||||||
JW Marriott Houston | — | 4 | 26 | 29 | — | 6 | 53 | 59 | 31 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Mexico City | — | 11 | 35 | 18 | — | 10 | 54 | 64 | 41 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott, Washington D.C. | — | 26 | 98 | 44 | — | 26 | 142 | 168 | 70 | — | 2003 | 40 | |||||||||||||||||||||||||||||||||||||
Kansas City Airport Marriott | — | — | 8 | 25 | — | — | 33 | 33 | 30 | — | 1993 | 40 | |||||||||||||||||||||||||||||||||||||
Key Bridge Marriott | — | — | 38 | 31 | — | — | 69 | 69 | 64 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Manchester Grand Hyatt, San Diego | — | — | 548 | 37 | — | — | 585 | 585 | 76 | — | 2011 | 35 | |||||||||||||||||||||||||||||||||||||
Manhattan Beach Marriott | — | — | 29 | 28 | — | — | 57 | 57 | 31 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Marina del Rey Marriott | — | — | 13 | 28 | — | — | 41 | 41 | 21 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
Marriott Marquis San Diego Marina | — | — | 202 | 282 | — | — | 484 | 484 | 219 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Miami Marriott Biscayne Bay | — | — | 27 | 32 | — | — | 59 | 59 | 38 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Minneapolis Marriott City Center | — | — | 27 | 42 | — | — | 69 | 69 | 52 | — | 1986 | 40 | |||||||||||||||||||||||||||||||||||||
New Orleans Marriott | — | 16 | 96 | 116 | — | 16 | 212 | 228 | 128 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
New York Marriott Downtown | — | 19 | 79 | 43 | — | 19 | 122 | 141 | 65 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
New York Marriott Marquis | — | 49 | 552 | 189 | — | 49 | 741 | 790 | 518 | — | 1986 | 40 | |||||||||||||||||||||||||||||||||||||
New Zealand Hotel Portfolio | 82 | 34 | 105 | (3 | ) | 4 | 32 | 108 | 140 | 15 | — | 2011 | 35 | ||||||||||||||||||||||||||||||||||||
Newark Liberty International Airport Marriott | — | — | 30 | 34 | — | — | 64 | 64 | 34 | — | 1984 | 40 | |||||||||||||||||||||||||||||||||||||
Newport Beach Marriott Bayview | — | 6 | 14 | 9 | — | 6 | 23 | 29 | 14 | — | 1975 | 40 | |||||||||||||||||||||||||||||||||||||
Newport Beach Marriott Hotel & Spa | — | 11 | 13 | 115 | — | 8 | 131 | 139 | 77 | — | 1975 | 40 | |||||||||||||||||||||||||||||||||||||
Orlando World Center Marriott | — | 18 | 157 | 368 | — | 29 | 514 | 543 | 226 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2014 | Date of | |||||||||||||||||||||||||||||||||||||||||||||
Buildings & | Costs | Currency | Buildings & | Accumulated | Completion of | Date | Depreciation | ||||||||||||||||||||||||||||||||||||||||||
Description | Debt | Land | Improvements | Capitalized | Adjustment | Land | Improvements | Total | Depreciation | Construction | Acquired | Life | |||||||||||||||||||||||||||||||||||||
Park Ridge Marriott | — | — | 20 | 15 | — | — | 35 | 35 | 17 | — | 1987 | 40 | |||||||||||||||||||||||||||||||||||||
Philadelphia Airport Marriott | — | — | 42 | 17 | — | — | 59 | 59 | 28 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
Residence Inn Arlington Pentagon City | — | 6 | 29 | 11 | — | 6 | 40 | 46 | 20 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Rio de Janeiro Parque Olympico Hotels | — | 21 | 38 | — | (11 | ) | 16 | 32 | 48 | — | 2014 | — | 35 | ||||||||||||||||||||||||||||||||||||
San Antonio Marriott Rivercenter | — | — | 86 | 83 | — | — | 169 | 169 | 84 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
San Antonio Marriott Riverwalk | — | — | 45 | 23 | — | — | 68 | 68 | 35 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
San Cristobal Tower, Santiago | — | 7 | 15 | 2 | (4 | ) | 5 | 15 | 20 | 4 | — | 2006 | 40 | ||||||||||||||||||||||||||||||||||||
San Diego Marriott Mission Valley | — | 4 | 23 | 16 | — | 4 | 39 | 43 | 21 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
San Francisco Marriott Fisherman’s Wharf | — | 6 | 20 | 20 | — | 6 | 40 | 46 | 25 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
San Francisco Marriott Marquis | — | — | 278 | 111 | — | — | 389 | 389 | 234 | — | 1989 | 40 | |||||||||||||||||||||||||||||||||||||
San Ramon Marriott | — | — | 22 | 22 | — | — | 44 | 44 | 22 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Santa Clara Marriott | — | — | 39 | 56 | — | — | 95 | 95 | 78 | — | 1989 | 40 | |||||||||||||||||||||||||||||||||||||
Scottsdale Marriott at McDowell Mountains | — | 8 | 48 | 7 | — | 8 | 55 | 63 | 15 | — | 2004 | 40 | |||||||||||||||||||||||||||||||||||||
Scottsdale Marriott Suites Old Town | — | 3 | 20 | 10 | — | 3 | 30 | 33 | 16 | — | 1988 | 40 | |||||||||||||||||||||||||||||||||||||
Seattle Airport Marriott | — | 3 | 42 | 20 | — | 3 | 62 | 65 | 42 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Boston Hotel | — | 42 | 262 | 67 | — | 42 | 329 | 371 | 84 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Indianapolis Hotel at Keystone Crossing | — | 3 | 51 | 28 | — | 3 | 79 | 82 | 21 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Memphis Downtown Hotel | — | — | 16 | 48 | — | — | 64 | 64 | 28 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Needham Hotel | — | 5 | 27 | 13 | — | 5 | 40 | 45 | 11 | — | 1986 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton New York Times Square Hotel | — | 346 | 409 | 194 | — | 346 | 603 | 949 | 158 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Parsippany Hotel | — | 8 | 30 | 19 | — | 8 | 49 | 57 | 15 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton San Diego Hotel & Marina | — | — | 328 | 33 | — | — | 361 | 361 | 87 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Santiago Hotel & Convention Center | — | 19 | 11 | 9 | (6 | ) | 16 | 17 | 33 | 8 | — | 2006 | 40 | ||||||||||||||||||||||||||||||||||||
Swissôtel Chicago | — | 29 | 132 | 83 | — | 30 | 214 | 244 | 80 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Tampa Airport Marriott | — | — | 9 | 24 | — | — | 33 | 33 | 26 | — | 2000 | 40 | |||||||||||||||||||||||||||||||||||||
The Fairmont Kea Lani, Maui | — | 55 | 294 | 53 | — | 55 | 347 | 402 | 97 | — | 2003 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Amelia Island | — | 25 | 115 | 71 | — | 25 | 186 | 211 | 83 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Buckhead | — | 14 | 81 | 63 | — | 15 | 143 | 158 | 78 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Marina del Rey | — | — | 52 | 28 | — | — | 80 | 80 | 44 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2014 | Date of | |||||||||||||||||||||||||||||||||||||||||||||
Buildings & | Costs | Currency | Buildings & | Accumulated | Completion of | Date | Depreciation | ||||||||||||||||||||||||||||||||||||||||||
Description | Debt | Land | Improvements | Capitalized | Adjustment | Land | Improvements | Total | Depreciation | Construction | Acquired | Life | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Naples | — | 19 | 126 | 132 | — | 21 | 256 | 277 | 134 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Naples Golf Resort | — | 22 | 10 | 67 | — | 22 | 77 | 99 | 25 | 2002 | — | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Phoenix | — | 10 | 63 | 8 | — | 10 | 71 | 81 | 33 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Tysons Corner | — | — | 89 | 22 | — | — | 111 | 111 | 51 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
The St. Regis Houston | — | 6 | 33 | 20 | — | 6 | 53 | 59 | 18 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Buckhead Atlanta | — | 5 | 84 | 30 | — | 6 | 113 | 119 | 48 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Chicago River North | — | 33 | 116 | 3 | — | 33 | 119 | 152 | 13 | — | 2010 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Cincinnati | — | — | 54 | 13 | — | — | 67 | 67 | 20 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Denver Downtown | — | — | 89 | 13 | — | — | 102 | 102 | 26 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Georgetown, Washington D.C. | — | 16 | 80 | 14 | — | 16 | 94 | 110 | 26 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Indianapolis | — | 12 | 100 | 15 | — | 12 | 115 | 127 | 28 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Kierland Resort & Spa | — | 100 | 280 | 22 | — | 100 | 302 | 402 | 66 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Los Angeles Airport | — | — | 102 | 17 | — | — | 119 | 119 | 31 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Mission Hills Resort & Spa | — | 40 | 47 | (41 | ) | — | 13 | 33 | 46 | 18 | — | 2006 | 40 | ||||||||||||||||||||||||||||||||||||
The Westin New York Grand Central | — | 156 | 152 | 77 | — | 156 | 229 | 385 | 48 | — | 2011 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Seattle | — | 39 | 175 | 23 | — | 39 | 198 | 237 | 46 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin South Coast Plaza, Costa Mesa | — | — | 46 | 13 | — | — | 59 | 59 | 28 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Waltham-Boston | — | 9 | 59 | 16 | — | 9 | 75 | 84 | 19 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Toronto Marriott Downtown Eaton Centre Hotel | — | — | 27 | 20 | — | — | 47 | 47 | 27 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
W New York | — | 138 | 102 | 69 | — | 138 | 171 | 309 | 52 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
W New York - Union Square | — | 48 | 145 | 8 | — | 48 | 153 | 201 | 18 | — | 2010 | 40 | |||||||||||||||||||||||||||||||||||||
W Seattle | — | 11 | 125 | 5 | — | 11 | 130 | 141 | 29 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Washington Dulles Airport Marriott | — | — | 3 | 39 | — | — | 42 | 42 | 34 | — | 1970 | 40 | |||||||||||||||||||||||||||||||||||||
Washington Marriott at Metro Center | — | 20 | 24 | 26 | — | 20 | 50 | 70 | 29 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
Westfields Marriott Washington Dulles | — | 7 | 32 | 17 | — | 7 | 49 | 56 | 28 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
YVE Hotel Miami | — | 15 | 41 | — | — | 15 | 41 | 56 | 1 | — | 2014 | 33 | |||||||||||||||||||||||||||||||||||||
Total hotels: | 403 | 2,019 | 9,185 | 4,171 | (70 | ) | 1,986 | 13,319 | 15,305 | 5,364 | |||||||||||||||||||||||||||||||||||||||
Other properties, each less than 5% of total | — | — | 4 | 17 | — | 4 | 17 | 21 | 12 | — | various | 40 | |||||||||||||||||||||||||||||||||||||
TOTAL | $ | 403 | $ | 2,019 | $ | 9,189 | $ | 4,188 | $ | (70 | ) | $ | 1,990 | $ | 13,336 | $ | 15,326 | $ | 5,376 | ||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||||||||||||||
(A) | The change in total cost of properties for the fiscal years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 15,020 | |||||||||||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 427 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures and transfers from construction-in-progress | 443 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (172 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Impairments | (57 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 15,661 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 184 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures and transfers from construction-in-progress | 353 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (789 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Impairments | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 15,408 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 137 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures and transfers from construction-in-progress | 288 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (501 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Impairments | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 15,326 | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | The change in accumulated depreciation and amortization of real estate assets for the fiscal years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 4,306 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 537 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (75 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 4,768 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 550 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (270 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 5,048 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 547 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (219 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 5,376 | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | The aggregate cost of real estate for federal income tax purposes is approximately $10,390 million at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
(D) | The total cost of properties excludes construction-in-progress properties. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | ||||||||
The accompanying consolidated financial statements include the consolidated accounts of Host Inc., Host L.P. and their subsidiaries and controlled affiliates, including joint ventures and partnerships. We consolidate subsidiaries when we have the ability to control the entity. For the majority of our hotel and real estate investments, we consider those control rights to be (i) approval or amendment of developments plans, (ii) financing decisions, (iii) approval or amendments of operating budgets, and (iv) investment strategy decisions. For those partnerships and joint ventures where we are the general partner, we review the rights of the limited partners to determine if those rights would overcome the presumption of control as the general partner. Limited partner rights which would overcome presumption of control by the general partner include the substantive ability to dissolve (liquidate) the limited partnership or otherwise remove the general partners without cause and substantive participating rights over activities considered most significant to the business of the partnership or joint venture, primarily voting rights. | |||||||||
We also evaluate our subsidiaries to determine if they are variable interest entities (“VIEs”). If a subsidiary is a VIE, it is subject to the consolidation framework specifically for VIEs. Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. We consider an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. We review our subsidiaries and affiliates at least annually to determine if (i) they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics of these entities. | |||||||||
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements | ||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or 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. | |||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||
We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. | |||||||||
Restricted Cash | Restricted Cash | ||||||||
Restricted cash includes reserves for debt service, real estate taxes, insurance, and furniture, fixtures and equipment replacement, as well as cash collateral and excess cash flow deposits due to mortgage debt agreement restrictions and provisions, and a reserve required for potential legal damages. For purposes of the statements of cash flows, changes in restricted cash caused by changes in required legal reserves are shown as operating activities. Changes in restricted cash caused by using such funds for furniture, fixtures and equipment replacement are shown as investing activities. The remaining changes in restricted cash are the direct result of restrictions under our loan agreements and are reflected in cash flows from financing activities. | |||||||||
Property and Equipment | Property and Equipment | ||||||||
Generally, property and equipment is recorded at cost. For properties we develop, cost includes interest and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets based on their fair value as of the acquisition date. Replacements and improvements and capital leases are capitalized, while repairs and maintenance are expensed as incurred. We depreciate our property and equipment using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. | |||||||||
We capitalize certain inventory (such as china, glass, silver, and linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. | |||||||||
We maintain a furniture, fixtures and equipment replacement fund for renewal and replacement capital expenditures at certain hotels, which generally is funded with 5% of property revenues. | |||||||||
Impairment testing. We analyze our consolidated properties for impairment throughout the year when events or circumstances occur that indicate the carrying value may not be recoverable. We consider a property to be impaired when the sum of the future undiscounted cash flows over our remaining estimated holding period is less than the carrying value of the asset. We test for impairment in several situations, including when a property has a current or projected loss from operations, when it becomes more likely than not that a hotel will be sold before the end of its previously estimated useful life, or when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying value of an asset may not be recoverable. For impaired assets, we record an impairment expense equal to the excess of the carrying value of the asset over its fair value. To the extent that a property has a substantial remaining estimated useful life and management does not believe that it is more likely than not the property will be disposed of prior to the end of its useful life, it would be unusual for undiscounted cash flows to be insufficient to recover the property’s carrying value. In the absence of other factors, we assume that the estimated life is equal to the GAAP depreciable life because of the continuous property maintenance and improvement capital expenditures required under our management agreements. We adjust our assumptions with respect to the remaining useful life of the property if situations dictate otherwise, such as an expiring ground lease, or that it is more likely than not that the asset will be sold prior to its previously expected useful life. We also consider the effect of regular renewal and replacement capital expenditures on the estimated life of our properties, including critical infrastructure, which regularly is maintained and then replaced at the end of its useful life. | |||||||||
In the evaluation of the impairment of our assets, we make many assumptions and estimates, including: | |||||||||
— | projected cash flows, both from operations and the eventual disposition; | ||||||||
— | the expected useful life and holding period of the asset; | ||||||||
— | the future required capital expenditures; and | ||||||||
— | fair values, including consideration of capitalization rates, discount rates and comparable selling prices, as well as available third-party appraisals. | ||||||||
While we consider all of the above indicators as preliminary indicators to determine if the carrying value may not be recovered by undiscounted cash flows, we reviewed the actual year-to-date and the projected cash flows from operations in order to identify properties with actual or projected annual operating losses or minimal operating profit as of December 31, 2014. The projected cash flows consider items such as booking pace, occupancy, room rate and property-level operating costs. As a result of our review, we identified two properties that required further consideration of property and market specific conditions or factors to determine if the property was impaired using an undiscounted cash flow analysis. Management considered a range of RevPAR and operating margins compared to prior years’ operating results in evaluating the probability-weighted projected cash flows from operations. To appropriately evaluate if the carrying value of the assets was recoverable, we projected cash flows such that the individual properties would return to normalized levels of operations generally within five years and thereafter grow at a stabilized rate of approximately 3% over the remaining estimated lives of the properties. This stabilized growth rate is lower than the projected growth rate for the urban upper upscale properties, which we believe is most representative of our portfolio, over the period from 2013 through 2023. Based on this testing, none of the properties previously identified required further analysis. Management believes its assumptions and estimates reflect current market conditions. During 2014, 2013 and 2012, we recognized impairment expenses of $6 million, $1 million and $60 million, respectively, on one property each year, which impairment expenses are included in depreciation and amortization, based on changes in estimated holding periods. | |||||||||
Classification of Assets as “Held for Sale”. We will classify a hotel as held for sale when the sale thereof is probable, will be completed within one year and actions to complete the sale are unlikely to change or that the sale will not occur. This policy is consistent with our experience with real estate transactions under which the timing and final terms of a sale are frequently not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist which could prevent the transaction from being completed in a timely manner. We typically classify assets as held for sale when all of the following conditions are met: | |||||||||
· | Host Inc.’s Board of Directors has approved the sale (to the extent that the dollar amount of the sale requires Board approval); | ||||||||
· | a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash; and | ||||||||
· | no significant financing contingencies exist which could prevent the transaction from being completed in a timely manner. | ||||||||
If these criteria are met, we will cease recording depreciation and will record an impairment expense if the fair value less costs to sell is less than the carrying amount of the hotel. We will classify the assets and related liabilities as held for sale on the balance sheet. Gains on sales of properties are recognized at the time of sale or deferred and recognized as income in subsequent periods as conditions requiring deferral are satisfied or expire without further cost to us. | |||||||||
Discontinued Operations. In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosure of Disposal of Components of an Entity (“ASU 2014-08 Reporting for Discontinued Operations”). Under this standard, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. In addition, it requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position. As a result, the operations through the date of disposal and the gain or loss on sale of properties will be included in continuing operations, unless the sale represents a strategic shift. We adopted this standard as of January 1, 2014. No prior year restatements are permitted for this change in policy. | |||||||||
Asset retirement obligations. We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities, when incurred, which generally is upon acquisition, construction, or development and/or through the normal operation of the asset, if sufficient information exists with which to reasonably estimate the fair value of the obligation. | |||||||||
Intangible Assets and Liabilities | Depreciation and Amortization Expense. Depreciation expense is based on the estimated useful life of our assets and amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. The lives of the assets are based on a number of assumptions, including cost and timing of capital expenditures to maintain and refurbish the assets, as well as specific market and economic conditions. While management believes its estimates are reasonable, a change in the estimated lives could affect depreciation expense and net income (loss) or the gain or loss on the sale of any of our hotels. | ||||||||
Intangible Assets and Liabilities | |||||||||
In conjunction with our acquisitions, we may identify intangible assets and liabilities. Identifiable intangible assets and liabilities typically include contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. | |||||||||
Non-Controlling Interests | Non-Controlling Interests | ||||||||
Other Consolidated Partnerships. As of December 31, 2014, we consolidate six majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-controlling interest-other consolidated partnerships on the consolidated balance sheets and totaled $32 million and $34 million as of December 31, 2014 and 2013, respectively. Two of the partnerships have finite lives that terminate between 2081 and 2095, and the associated non-controlling interests are mandatorily redeemable at the end of, but not prior to, the finite life. At December 31, 2014 and 2013, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $85 million and $68 million, respectively. | |||||||||
Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income attributable to non-controlling interests of third parties is $6 million, $4 million and $1 million for 2014, 2013 and 2012, respectively. | |||||||||
Host Inc.’s treatment of the non-controlling interests of Host L.P. Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying value based on its 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 unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. 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 is equivalent to the number of shares issuable upon conversion of the OP units currently owned by unrelated third parties (one OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. common stock at the balance sheet date. Non-controlling interests of Host L.P. are classified in the mezzanine section of the balance sheet 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: | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
OP units outstanding (millions) | 9.3 | 9.5 | |||||||
Market price per Host Inc. common share | $ | 23.77 | $ | 19.44 | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||
Redemption value (millions) | $ | 225 | $ | 190 | |||||
Historical cost (millions) | 94 | 95 | |||||||
Book value (millions) (1) | 225 | 190 | |||||||
___________ | |||||||||
(1)The book value recorded is equal to the greater of the redemption value or the historical cost. | |||||||||
Net income (loss) is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership percentage during the period. Net income attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $9 million, $4 million and $1 million for 2014, 2013 and 2012, respectively. | |||||||||
Investments in Affiliates | Investments in Affiliates | ||||||||
Other-than-Temporary Impairment of an Investment. We perform an analysis for our equity method investments for impairment based on the occurrence of triggering events that would indicate that the carrying amount of the investment exceeds its fair value on an other-than-temporary basis. Triggering events can include a decline in distributable cash flows from the investment, a change in the expected useful life or other significant events which would decrease the value of the investment. Our investments primarily consist of joint ventures which own hotel properties; therefore, generally we will have few observable inputs and will determine fair value based on a discounted cash flow analysis of the investment, as well as consideration of the impact of other elements (i.e. control premiums, etc.). We use certain inputs, such as available third-party appraisals and forecast net operating income for the hotel properties, to estimate the expected cash flows. If an equity method investment is impaired and that impairment is determined to be other than temporary, an expense is recorded for the difference between the fair value and the carrying amount of the investment. No other-than-temporary impairment was recorded in 2014, 2013, or 2012. | |||||||||
Distributions from Investments in Affiliates. We classify the distributions from our equity investments in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions from cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities. | |||||||||
Income Taxes | Income Taxes | ||||||||
Host Inc. has elected to be treated as a REIT effective January 1, 1999, pursuant to the U.S. Internal Revenue Code of 1986, as amended. It is our current intention to adhere to the REIT qualification requirements and to maintain our qualification for taxation as a REIT. A corporation that elects REIT status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and complies with certain other requirements (relating primarily to the composition of its assets and the sources of its revenues) generally is not subject to federal and state income taxation on its operating income that is distributed to its stockholders. As a partnership for federal income tax purposes, Host L.P. is not subject to federal income tax. Host L.P. is, however, subject to state, local and foreign income and franchise tax in certain jurisdictions. In addition to paying federal and state income tax on any retained income, one of our subsidiary REITs is subject to a tax on “built-in gains” on sales of certain assets. Additionally, each of the Host L.P. taxable REIT subsidiaries is taxable as a regular C corporation, subject to federal, state and foreign income tax. Our consolidated income tax provision or benefit includes the income tax provision or benefit related to the operations of our taxable REIT subsidiaries, and state, local, and foreign income and franchise taxes incurred by Host L.P. | |||||||||
Deferred Tax Assets and Liabilities. Under the partnership agreement, Host L.P. generally is required to reimburse Host Inc. for any tax payments it is required to make. Accordingly, the tax information included herein represents disclosures regarding Host Inc. and its subsidiaries. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. | |||||||||
GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. We must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. We recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. | |||||||||
Deferred Charges | Deferred Charges | ||||||||
Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. | |||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||
As of December 31, 2014, our international operations consist of hotels located in Australia, Brazil, Canada, Chile, Mexico, and New Zealand, as well as investments in the Euro JV and the Asia/Pacific JV. The financial statements of these hotels and our investments therein are maintained in their functional currency, which generally is the local currency, and their operations are translated to U.S. dollars using the average exchange rates for the period. The assets and liabilities of the hotels and the investments therein are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss). | |||||||||
Foreign currency transactions are recorded in the functional currency for each entity using the exchange rates prevailing at the dates of the transactions. Assets and liabilities denominated in foreign currencies are remeasured at period end exchange rates. The resulting exchange differences are recorded in gain (loss) on foreign currency transactions and derivatives on the accompanying consolidated statements of operations, except when recorded in other comprehensive income (loss) as qualifying net investment hedges. | |||||||||
Derivative Instruments | Derivative Instruments | ||||||||
We are subject to market exposures in several aspects of our business and may enter into derivative instruments in order to hedge the effect of these market exposures on our operations. Potential market exposures for which we may use derivative instruments to hedge include: (i) changes in the fair value of our international investments due to fluctuations in currency exchange rates, (ii) changes in the fair value of our fixed-rate debt due to changes in the underlying interest rates, and (iii) variability in interest payments due to changes in the underlying interest rate for our floating-rate debt. Derivative instruments are subject to fair value reporting at each reporting date and the increase or decrease in fair value is recorded in net income (loss) or other comprehensive income (loss), based on the applicable hedge accounting guidance. We estimate the fair value of these instruments through the use of third party valuations, which utilize the market standard methodology of netting the discounted future cash receipts and the discounted future expected cash payments. Prior to entering into the derivative instrument, we evaluate whether the transaction will qualify for hedge accounting and continue to evaluate hedge effectiveness throughout the life of the instrument. Derivative instruments that meet the requirements for hedge accounting are recorded on the balance sheet at fair value, with offsetting changes recorded to net income (loss) or other comprehensive income (loss), based on the applicable hedge accounting guidance. We incorporate credit valuation adjustments to reflect, as applicable, our own nonperformance risk or the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and accumulated guarantees. The variable cash flow streams are based on an expectation of future interest and exchange rates derived from observed market interest and exchange rate curves. The values of these instruments will change over time as cash receipts and payments are made and as market conditions change. | |||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||
The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Gain on foreign currency forward contracts | $ | 19 | $ | — | |||||
Loss on interest rate swap cash flow hedges | (2 | ) | (2 | ) | |||||
Foreign currency translation | (67 | ) | (7 | ) | |||||
Total accumulated other comprehensive loss | $ | (50 | ) | $ | (9 | ) | |||
There were no material amounts reclassified out of accumulated other comprehensive income (loss) to net income for the year ended December 31, 2014 and 2013. During 2012, we reclassified a net gain of $2 million that had been recognized previously in gain on foreign currency forward sale contracts in other comprehensive income related to two foreign currency denominated subsidiaries that were substantially liquidated during the year and recognized such gain in gain (loss) on foreign currency transactions and derivatives on our consolidated statement of operations. | |||||||||
Revenues | Revenues | ||||||||
Our results of operations include revenues and expenses of our hotels. Revenues are recognized when the services are provided. Additionally, we collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) on our statements of operations. | |||||||||
Fair Value Measurement | Fair Value Measurement | ||||||||
In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (“observable inputs”) and a reporting entity’s own assumptions about market data (“unobservable inputs”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability at the measurement date in an orderly transaction (an “exit price”). Assets and liabilities are measured using inputs from three levels of the fair value hierarchy. The three levels are as follows: | |||||||||
Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. | |||||||||
Level 2 — Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means. | |||||||||
Level 3 — Unobservable inputs reflect our assumptions about the pricing of an asset or liability when observable inputs are not available. | |||||||||
Earnings (Loss) Per Common Share | Host Inc. Earnings Per Common Share | ||||||||
Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings per common share is computed by dividing net income attributable to common stockholders, as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. | |||||||||
Earnings (Loss) Per Common Unit | Host L.P. Earnings Per Common Unit | ||||||||
Basic earnings per common unit is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings per common unit is computed by dividing net income attributable to common unitholders, as adjusted for potentially dilutive securities, by the weighted average number of common units outstanding plus other potentially dilutive securities. Dilutive securities may include units distributed to Host Inc. to support Host Inc. common shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. | |||||||||
Share-Based Payments | Share-Based Payments | ||||||||
At December 31, 2014, Host Inc. maintained two stock-based employee compensation plans. Upon the issuance of Host’s common stock under the compensation plans, Host L.P. will issue to Host Inc. common OP units of an equivalent value. These liabilities are included in the consolidated financial statements for Host Inc. and Host L.P. | |||||||||
We recognize costs resulting from Host Inc.’s share-based payment transactions over their vesting periods. We classify share-based payment awards granted in exchange for employee services either as equity awards or liability awards based upon cash settlement options. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards are classified as liability awards to the extent that settlement features allow the recipient to determine percentage of the restricted stock awards withheld to meet the recipients’ tax withholding requirements. As these awards vest over a one-year period ending December 31, the value is calculated as the estimated number of shares earned during the year times the stock price at year end, less estimated forfeitures. For performance-based awards, compensation cost will be recognized when the achievement of the performance condition is considered probable. If a performance condition has more than one outcome that is probable, recognition of compensation cost will be based on the condition that is the most likely outcome. No compensation cost is recognized for awards for which employees do not render the requisite services. | |||||||||
Concentrations of Credit Risk | Concentrations of Credit Risk | ||||||||
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions, access to our credit facility, and amounts due or payable under our derivative contracts. At December 31, 2014 and December 31, 2013, our exposure to risk related to our derivative instruments totaled $13 million and $4 million, respectively, and the counterparties to such instruments are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $796 million available under our credit facility is spread among a diversified group of investment grade financial institutions. | |||||||||
Business Combinations | Business Combinations | ||||||||
We recognize identifiable assets acquired, liabilities assumed, and non-controlling interests in a business combination at their fair values at the acquisition date based on the exit price (i.e. the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date). We evaluate several factors, including market data for similar assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets. Property and equipment are recorded at fair value and such fair value is allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations performed by management and independent third parties. Acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. | |||||||||
Other items that we evaluate in a business combination include identifiable intangible assets, capital lease assets and obligations and goodwill. Identifiable intangible assets typically consist of assumed contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. Capital lease obligations that are assumed as part of the acquisition of a leasehold interest are measured at fair value and are included as debt on the accompanying balance sheet and we record the corresponding right-to-use assets. Classification of a lease does not change if it is part of a business combination. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources that arise in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. In certain situations, a deferred tax liability is recognized due to the difference between the fair value and the tax basis of the acquired assets at the acquisition date. Any consideration paid in excess of the net fair value of the identifiable assets and liabilities acquired would be recorded to goodwill. In very limited circumstances, we may record a bargain purchase gain if the consideration paid is less than the net fair value of the assets and liabilities acquired. | |||||||||
Reclassifications | Reclassifications | ||||||||
Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. | |||||||||
New Accounting Standards | New Accounting Standards | ||||||||
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016. We have not yet completed our assessment of the effect of the new standard on our financial statements, including possible transition alternatives. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Consolidated Portfolio of Hotels by Location | As of December 31, 2014, the hotels in our consolidated portfolio are located in the following countries: | ||||||||||||
Hotels | |||||||||||||
United States | 97 | ||||||||||||
Australia | 1 | ||||||||||||
Brazil | 3 | ||||||||||||
Canada | 3 | ||||||||||||
Chile | 2 | ||||||||||||
Mexico | 1 | ||||||||||||
New Zealand | 7 | ||||||||||||
Total | 114 | ||||||||||||
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: | ||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
OP units outstanding (millions) | 9.3 | 9.5 | |||||||||||
Market price per Host Inc. common share | $ | 23.77 | $ | 19.44 | |||||||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||||||
Redemption value (millions) | $ | 225 | $ | 190 | |||||||||
Historical cost (millions) | 94 | 95 | |||||||||||
Book value (millions) (1) | 225 | 190 | |||||||||||
___________ | |||||||||||||
(1)The book value recorded is equal to the greater of the redemption value or the historical cost. | |||||||||||||
Components of Total Accumulated Other Comprehensive Income in the Balance Sheets | The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): | ||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Gain on foreign currency forward contracts | $ | 19 | $ | — | |||||||||
Loss on interest rate swap cash flow hedges | (2 | ) | (2 | ) | |||||||||
Foreign currency translation | (67 | ) | (7 | ) | |||||||||
Total accumulated other comprehensive loss | $ | (50 | ) | $ | (9 | ) | |||||||
Earnings Per Common Share (Unit) | The calculation of basic and diluted earnings per common share is shown below (in millions, except per share amounts): | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 747 | $ | 325 | $ | 63 | |||||||
Less: Net income attributable to non-controlling interests | (15 | ) | (8 | ) | (2 | ) | |||||||
Net income attributable to Host Inc. | 732 | 317 | 61 | ||||||||||
Assuming conversion of exchangeable senior debentures | 27 | — | — | ||||||||||
Diluted income attributable to Host Inc. | $ | 759 | $ | 317 | $ | 61 | |||||||
Basic weighted average shares outstanding | 755.4 | 744.4 | 718.2 | ||||||||||
Assuming weighted average shares for conversion of | 30.3 | 2.4 | — | ||||||||||
exchangeable senior debentures | |||||||||||||
Assuming distribution of common shares granted under the | 1.1 | 1.1 | 1.4 | ||||||||||
comprehensive stock plans, less shares assumed | |||||||||||||
purchased at market | |||||||||||||
Diluted weighted average shares outstanding (1) | 786.8 | 747.9 | 719.6 | ||||||||||
Basic earnings per common share | $ | 0.97 | $ | 0.43 | $ | 0.08 | |||||||
Diluted earnings per common share | $ | 0.96 | $ | 0.42 | $ | 0.08 | |||||||
___________ | |||||||||||||
-1 | There were approximately 30 million and 40 million potentially dilutive shares as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. | ||||||||||||
HOST HOTELS & RESORTS L.P. | |||||||||||||
Earnings Per Common Share (Unit) | The calculation of basic and diluted earnings per common unit is shown below (in millions, except per unit amounts): | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 747 | $ | 325 | $ | 63 | |||||||
Less: Net income attributable to non-controlling interests | (6 | ) | (4 | ) | (1 | ) | |||||||
Net income attributable to Host L.P. | 741 | 321 | 62 | ||||||||||
Assuming conversion of exchangeable senior debentures | 27 | 1 | — | ||||||||||
Diluted income attributable to Host L.P. | $ | 768 | $ | 322 | $ | 62 | |||||||
Basic weighted average units outstanding | 748.9 | 738.4 | 713.3 | ||||||||||
Assuming weighted average units for conversion of | 29.7 | 2.4 | — | ||||||||||
exchangeable senior debentures | |||||||||||||
Assuming distribution of common units granted under the | 1 | 1.1 | 1.3 | ||||||||||
comprehensive stock plans, less units assumed | |||||||||||||
purchased at market | |||||||||||||
Diluted weighted average units outstanding (1) | 779.6 | 741.9 | 714.6 | ||||||||||
Basic earnings per common unit | $ | 0.99 | $ | 0.43 | $ | 0.09 | |||||||
Diluted earnings per common unit | $ | 0.99 | $ | 0.43 | $ | 0.09 | |||||||
___________ | |||||||||||||
-1 | There were approximately 29 million and 40 million potentially dilutive units as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. | ||||||||||||
European Joint Venture | |||||||||||||
Consolidated Portfolio of Hotels by Location | As of December 31, 2014, the Euro JV hotels are located in the following countries: | ||||||||||||
Hotels | |||||||||||||
Belgium | 3 | ||||||||||||
France | 4 | ||||||||||||
Germany | 2 | ||||||||||||
Italy | 3 | ||||||||||||
Poland | 1 | ||||||||||||
Spain | 2 | ||||||||||||
Sweden | 1 | ||||||||||||
The Netherlands | 2 | ||||||||||||
United Kingdom | 1 | ||||||||||||
Total | 19 | ||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment consists of the following (in millions): | ||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 1,990 | $ | 1,973 | |||||
Buildings and leasehold improvements | 13,336 | 13,435 | |||||||
Furniture and equipment | 2,217 | 2,223 | |||||||
Construction in progress | 209 | 176 | |||||||
17,752 | 17,807 | ||||||||
Less accumulated depreciation and amortization | (7,177 | ) | (6,812 | ) | |||||
$ | 10,575 | $ | 10,995 | ||||||
Investments_in_Affiliates_Tabl
Investments in Affiliates (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |||||||||||||||||||
Summary of Investments in Affiliates | We own investments in joint ventures that are accounted for under the equity method of accounting. The debt of the Euro JV and Asia/Pacific JV is non-recourse to, and not guaranteed by, us. The debt of the Hyatt Place JV and the construction loan for the Maui JV is jointly and/or severally guaranteed by the partners of the joint ventures. Investments in affiliates consist of the following (in millions): | ||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||
Ownership | Our | Our Portion | |||||||||||||||||
Interests | Investment | of Debt | Total Debt | Assets | |||||||||||||||
Euro JV | 32.1 - 33.4 | % | $ | 348 | $ | 388 | $ | 1,186 | Nineteen hotels in Europe | ||||||||||
Asia/Pacific JV | 25 | % | 22 | 9 | 37 | One hotel in Australia and a 36% interest in three operating hotels and four hotels under development in India | |||||||||||||
Maui JV | 67 | % | 61 | 64 | 96 | 131-unit vacation ownership project in Maui, Hawaii | |||||||||||||
Hyatt Place JV | 50 | % | 7 | 16 | 31 | One hotel in Nashville, Tennessee | |||||||||||||
Philadelphia | 11 | % | (5 | ) | 25 | 227 | One hotel in Philadelphia, PA | ||||||||||||
Marriott | |||||||||||||||||||
Downtown | |||||||||||||||||||
Total | $ | 433 | $ | 502 | $ | 1,577 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Ownership | Our | Our Portion | |||||||||||||||||
Interests | Investment | of Debt | Total Debt | Assets | |||||||||||||||
Euro JV | 32.1 - 33.4 | % | $ | 374 | $ | 444 | $ | 1,363 | Nineteen hotels in Europe | ||||||||||
Asia/Pacific JV | 25 | % | 20 | 10 | 39 | One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India | |||||||||||||
Maui JV | 67 | % | 16 | 34 | 50 | 131-unit vacation ownership project in Maui, Hawaii | |||||||||||||
Hyatt Place JV | 50 | % | 5 | 12 | 24 | One hotel in Nashville, Tennessee | |||||||||||||
Total | $ | 415 | $ | 500 | $ | 1,476 | |||||||||||||
Combined Summarized Balance Sheet Information | Combined Financial Information of Unconsolidated Investees | ||||||||||||||||||
Combined summarized balance sheet information for our affiliates is as follows (in millions): | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Property and equipment, net | $ | 2,369 | $ | 2,362 | |||||||||||||||
Timeshare inventory | 178 | 106 | |||||||||||||||||
Other assets | 424 | 376 | |||||||||||||||||
Total assets | $ | 2,971 | $ | 2,844 | |||||||||||||||
Debt | $ | 1,577 | $ | 1,476 | |||||||||||||||
Other liabilities | 163 | 135 | |||||||||||||||||
Equity | 1,231 | 1,233 | |||||||||||||||||
Total liabilities and equity | $ | 2,971 | $ | 2,844 | |||||||||||||||
Combined Summarized Operating Results For Affiliates | Combined summarized operating results for our affiliates is as follows (in millions): | ||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Total revenues | $ | 776 | $ | 617 | $ | 428 | |||||||||||||
Operating expenses | |||||||||||||||||||
Expenses | (568 | ) | (489 | ) | (346 | ) | |||||||||||||
Depreciation and amortization | (91 | ) | (131 | ) | (56 | ) | |||||||||||||
Operating profit (loss) | 117 | (3 | ) | 26 | |||||||||||||||
Interest expense | (79 | ) | (59 | ) | (43 | ) | |||||||||||||
Gain on disposition | 12 | 2 | — | ||||||||||||||||
Net income (loss) | $ | 50 | $ | (60 | ) | $ | (17 | ) | |||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt | Debt consists of the following (in millions): | ||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Series Q senior notes, with a rate of 6¾% due June 2016 | $ | — | $ | 150 | |||||||||
Series V senior notes, with a rate of 6% due November 2020 | 500 | 500 | |||||||||||
Series X senior notes, with a rate of 5⅞% due June 2019 | 498 | 497 | |||||||||||
Series Z senior notes, with a rate of 6% due October 2021 | 300 | 300 | |||||||||||
Series B senior notes, with a rate of 5¼% due March 2022 | 350 | 350 | |||||||||||
Series C senior notes, with a rate of 4¾% due March 2023 | 450 | 450 | |||||||||||
Series D senior notes, with a rate of 3¾% due October 2023 | 400 | 400 | |||||||||||
2009 Exchangeable Senior Debentures, with a rate of 2½% due October 2029 | 386 | 371 | |||||||||||
Total senior notes | 2,884 | 3,018 | |||||||||||
Credit facility revolver | 204 | 446 | |||||||||||
Credit facility term loan due June 2017 | 500 | 500 | |||||||||||
Mortgage debt (non-recourse), with an average interest rate of 5.0% and 4.1% at | 404 | 709 | |||||||||||
December 31, 2014 and 2013, respectively, maturing through January 2024 | |||||||||||||
Other | — | 86 | |||||||||||
Total debt | $ | 3,992 | $ | 4,759 | |||||||||
Interest Expense | The following items are included in interest expense (in millions): | ||||||||||||
Year ended December 31, | |||||||||||||
2014(1) | 2013(1) | 2012(1) | |||||||||||
Interest expense | $ | 214 | $ | 304 | $ | 373 | |||||||
Amortization of debt premiums/discounts, net (2) | (16 | ) | (15 | ) | (18 | ) | |||||||
Amortization of deferred financing costs | (8 | ) | (10 | ) | (12 | ) | |||||||
Non-cash losses on debt extinguishments | (2 | ) | (13 | ) | (9 | ) | |||||||
Change in accrued interest | 1 | 16 | 4 | ||||||||||
Interest paid (3) | $ | 189 | $ | 282 | $ | 338 | |||||||
___________ | |||||||||||||
-1 | Interest expense and interest paid for 2014, 2013 and 2012 include cash prepayment premiums of approximately $2 million, $23 million and $21 million, respectively. | ||||||||||||
-2 | Primarily represents the amortization of the debt discount on our Debentures, which is considered non-cash interest expense. | ||||||||||||
-3 | Does not include capitalized interest of $7 million, $6 million and $6 million during 2014, 2013 and 2012, respectively. | ||||||||||||
Mortgage Debt Issuances And Repayments | We had the following mortgage debt issuances and repayments since January 2013: | ||||||||||||
Maturity | |||||||||||||
Transaction Date | Property | Rate | Date | Amount | |||||||||
Issuances/Assumptions | (in millions) | ||||||||||||
Dec-13 | Harbor Beach Marriott Resort & Spa | 4.75 | % | 1/1/24 | $ | 150 | |||||||
Repayments | |||||||||||||
Feb-14 | The Ritz-Carlton, Naples and Newport Beach Marriott Hotel | 3.25 | % | 3/1/14 | (300 | ) | |||||||
Dec-13 | Harbor Beach Marriott Resort & Spa | 5.55 | % | 3/1/14 | (134 | ) | |||||||
Dec-13 | The Westin Denver Downtown | 8.51 | % | 12/11/23 | (31 | ) | |||||||
May-13 | Orlando World Center Marriott | 4.75 | % | 7/1/13 | (246 | ) | |||||||
Aggregate Debt Maturities | Aggregate debt maturities are as follows (in millions): | ||||||||||||
As of December 31, 2014 | |||||||||||||
2015 | $ | 400 | |||||||||||
2016 | 253 | ||||||||||||
2017 | 500 | ||||||||||||
2018 | 204 | ||||||||||||
2019 | 500 | ||||||||||||
Thereafter | 2,150 | ||||||||||||
4,007 | |||||||||||||
Unamortized (discounts) premiums, net | (16 | ) | |||||||||||
Capital lease obligations | 1 | ||||||||||||
$ | 3,992 | ||||||||||||
Convertible Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Expense | Interest expense recorded for our exchangeable senior debentures (including interest expense for debentures redeemed in 2013 and 2012) consists of the following (in millions): | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Contractual interest expense (cash) | $ | 10 | $ | 10 | $ | 19 | |||||||
Non-cash interest expense due to discount amortization | 16 | 15 | 17 | ||||||||||
Total interest expense | $ | 26 | $ | 25 | $ | 36 | |||||||
Equity_of_Host_Inc_and_Capital1
Equity of Host Inc. and Capital of Host L.P. (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Common Dividends Declared Per Share | The table below presents the amount of common dividends declared per share and common distributions per unit as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common stock | $ | 0.75 | $ | 0.46 | $ | 0.3 | |||||||
Common OP units | 0.766 | 0.47 | 0.306 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Primary Components of Net Deferred Tax Asset | We have recorded a 100% valuation allowance of approximately $27 million against the deferred tax asset related to the net operating loss and asset tax credit carryovers as of December 31, 2014 with respect to our hotel in Mexico. There is a $4 million valuation allowance against the deferred tax asset related to the net operating loss and capital loss carryovers as of December 31, 2014 with respect to our hotels in Canada. There is a $4 million valuation allowance related to the net operating loss incurred by our office in Rio de Janeiro as of December 31, 2014. Finally, there is a $10 million valuation allowance against the deferred tax asset related to the net operating loss carryovers as of December 31, 2014 with respect to certain of our U.S. taxable REIT subsidiaries that acted as lessee pursuant to the terminated HPT leases. We expect that the remaining net operating loss and alternative minimum tax credit carryovers for U.S. federal income tax purposes will be realized. The net decrease in the valuation allowance for the year ending December 31, 2014 and December 31, 2013 is approximately $16 million and $2 million, respectively. The primary components of our net deferred tax assets are as follows (in millions): | |||||||||||||
As of December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred tax assets | ||||||||||||||
Accrued related party interest | $ | 21 | $ | 19 | ||||||||||
Net operating loss and capital loss carryovers | 70 | 85 | ||||||||||||
Alternative minimum tax credits | 5 | 5 | ||||||||||||
Property and equipment | 4 | 4 | ||||||||||||
Investments in domestic affiliates | 3 | 3 | ||||||||||||
Deferred revenue and expenses | 55 | 57 | ||||||||||||
Other | 1 | 1 | ||||||||||||
Total gross deferred tax assets | 159 | 174 | ||||||||||||
Less: Valuation allowance | (45 | ) | (61 | ) | ||||||||||
Total deferred tax assets, net of valuation allowance | $ | 114 | $ | 113 | ||||||||||
Deferred tax liabilities | ||||||||||||||
Property and equipment | (17 | ) | (21 | ) | ||||||||||
Investments in domestic and foreign affiliates | (8 | ) | (6 | ) | ||||||||||
Other | (2 | ) | (3 | ) | ||||||||||
Total gross deferred tax liabilities | (27 | ) | (30 | ) | ||||||||||
Net deferred tax assets | $ | 87 | $ | 83 | ||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | Our U.S. and foreign income (loss) from continuing operations before income taxes was as follows (in millions): | |||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
U.S. income (loss) | $ | 744 | $ | 213 | $ | (22 | ) | |||||||
Foreign income | 17 | 18 | 45 | |||||||||||
Total | $ | 761 | $ | 231 | $ | 23 | ||||||||
Provision for Income Taxes from Continuing Operations | The provision for income taxes from continuing operations consists of (in millions): | |||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Current | —Federal | $ | 3 | $ | 2 | $ | 3 | |||||||
—State | 2 | 4 | 1 | |||||||||||
—Foreign | 10 | 9 | 10 | |||||||||||
15 | 15 | 14 | ||||||||||||
Deferred | —Federal | (1 | ) | 4 | 11 | |||||||||
—State | (1 | ) | 1 | 1 | ||||||||||
—Foreign | 1 | 1 | 5 | |||||||||||
(1 | ) | 6 | 17 | |||||||||||
Income tax provision – continuing operations | $ | 14 | $ | 21 | $ | 31 | ||||||||
Income Tax Provision Calculated at Statutory U.S. Federal Income Tax Rate and Actual Income Tax Provision Recorded | The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision recorded for continuing operations are as follows (in millions): | |||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Statutory federal income tax provision – continuing operations | $ | 265 | $ | 81 | $ | 8 | ||||||||
Adjustment for nontaxable (income) loss of Host Inc. – | (268 | ) | (77 | ) | 4 | |||||||||
continuing operations | ||||||||||||||
State income tax provision, net | 1 | 5 | 2 | |||||||||||
Provision for uncertain tax positions | 5 | 2 | 2 | |||||||||||
Foreign income tax provision | 11 | 10 | 15 | |||||||||||
Income tax provision – continuing operations | $ | 14 | $ | 21 | $ | 31 | ||||||||
Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): | |||||||||||||
2014 | 2013 | |||||||||||||
Balance at January 1 | $ | 5 | $ | 3 | ||||||||||
State increases | 2 | — | ||||||||||||
Other increases | 3 | 2 | ||||||||||||
Balance at December 31 | $ | 10 | $ | 5 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Future Minimum Annual Rental Commitments Required Under Non-Cancelable Leases | The following table presents the future minimum annual rental commitments required under non-cancelable leases for which we are the lessee (in millions): | ||||||||||||
As of December 31, 2014 | |||||||||||||
Capital | Operating | ||||||||||||
Leases | Leases | ||||||||||||
2015 | $ | 1 | $ | 46 | |||||||||
2016 | — | 44 | |||||||||||
2017 | — | 44 | |||||||||||
2018 | — | 42 | |||||||||||
2019 | — | 40 | |||||||||||
Thereafter | — | 1,572 | |||||||||||
Total minimum lease payments | $ | 1 | $ | 1,788 | |||||||||
Rent Expense | Rent expense is included in other property-level expenses on our consolidated statements of operations and consists of (in millions): | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Minimum rentals on operating leases | $ | 48 | $ | 50 | $ | 117 | |||||||
Additional rentals based on sales | 32 | 32 | 31 | ||||||||||
Rental payments based on real estate tax assessments | — | 24 | 23 | ||||||||||
Less: sublease rentals | (3 | ) | (3 | ) | (3 | ) | |||||||
$ | 77 | $ | 103 | $ | 168 | ||||||||
Employee_Stock_Plans_Tables
Employee Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||
Summary of Status of Senior Executive Plans | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | ||||||||||||||||||||
(in millions) | (per share) | (in millions) | (per share) | (in millions) | (per share) | ||||||||||||||||||||
Balance, at beginning of year | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||
Granted | 1.5 | 18 | 1.7 | 16 | 1.6 | 14 | |||||||||||||||||||
Vested (1) | (0.8 | ) | 24 | (0.8 | ) | 19 | (0.6 | ) | 16 | ||||||||||||||||
Forfeited/expired | (0.7 | ) | 24 | (0.9 | ) | 19 | (1.0 | ) | 16 | ||||||||||||||||
Balance, at end of year | — | — | — | — | — | — | |||||||||||||||||||
Issued in calendar year (1) | 0.4 | 19 | 0.3 | 19 | 0.8 | 16 | |||||||||||||||||||
___________ | |||||||||||||||||||||||||
-1 | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2014 include shares vested at December 31, 2013, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $6.1 million, $5.5 million and $9.5 million, for 2014, 2013 and 2012, respectively. |
Dispositions_Tables
Dispositions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Summary of Results of Operations for Hotels Sold Included in Continuing Operations | The following table provides summary results of operations for the five hotels sold in 2014, which are included in continuing operations (in millions): | ||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 72 | $ | 182 | |||||
Income before taxes | 8 | 19 | |||||||
Gain on disposals | 229 | — | |||||||
Summary of Results of Operations for Hotels Sold which are Included in Discontinued Operations | The following table provides summary results of operations for the five hotels sold in 2013 and the three hotels sold in 2012, which are included in discontinued operations (in millions): | ||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 104 | $ | 264 | |||||
Income before taxes | 22 | 24 | |||||||
Gain on disposals, net of tax | 97 | 48 | |||||||
Net Income (Loss) Attributable to Host Inc. | Net income (loss) attributable to Host Inc. is allocated between continuing and discontinued operations as follows (in millions): | ||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Continuing operations, net of tax | $ | 203 | $ | (10 | ) | ||||
Discontinued operations, net of tax | 114 | 71 | |||||||
Net income attributable to Host Inc. | $ | 317 | $ | 61 | |||||
Net Income (Loss) Attributable to Host L.P. | Net income (loss) attributable to Host L.P. is allocated between continuing and discontinued operations as follows (in millions): | ||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Continuing operations, net of tax | $ | 206 | $ | (9 | ) | ||||
Discontinued operations, net of tax | 115 | 71 | |||||||
Net income attributable to Host L.P. | $ | 321 | $ | 62 | |||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for our 2014 and 2013 hotel acquisitions (in millions): | ||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Property and equipment | $ | 131 | $ | 138 | |||||
FF&E Reserves and other assets | 3 | 1 | |||||||
Total assets | 134 | 139 | |||||||
Other liabilities | (1 | ) | — | ||||||
Net assets acquired | $ | 133 | $ | 139 | |||||
Summary of Unaudited Consolidated Pro Forma Results of Operations | Our summarized unaudited consolidated pro forma results of operations, assuming the 2014 and 2013 hotel acquisitions occurred on January 1, 2013 and 2012, respectively, and excluding the acquisition costs discussed above, are as follows (in millions, except per share and per unit amounts): | ||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 5,362 | $ | 5,189 | |||||
Income from continuing operations | 751 | 214 | |||||||
Net income | 751 | 329 | |||||||
Host Inc.: | |||||||||
Net income attributable to Host Inc. | $ | 736 | $ | 321 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.97 | $ | 0.27 | |||||
Discontinued operations | — | 0.16 | |||||||
Basic earnings per common share | $ | 0.97 | $ | 0.43 | |||||
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.97 | $ | 0.28 | |||||
Discontinued operations | — | 0.15 | |||||||
Diluted earnings per common share | $ | 0.97 | $ | 0.43 | |||||
Host L.P.: | |||||||||
Net income attributable to Host L.P. | $ | 745 | $ | 325 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.99 | $ | 0.29 | |||||
Discontinued operations | — | 0.15 | |||||||
Basic earnings per common share | $ | 0.99 | $ | 0.44 | |||||
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.99 | $ | 0.29 | |||||
Discontinued operations | — | 0.15 | |||||||
Diluted earnings per common share | $ | 0.99 | $ | 0.44 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | The following table details the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, as well as non-recurring fair value measurements that we completed during 2014 and 2013 due to the impairment of non-financial assets (in millions): | |||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||
Balance at December 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
2014 | (Level 2) | (Level 3) | ||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Foreign currency forward sale contracts (1) | $ | 13 | $ | — | $ | 13 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swap derivatives (1) | (2 | ) | — | (2 | ) | — | ||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||
Impaired hotel properties sold (2) | — | — | — | 18 | ||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||
Balance at December 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
2013 | (Level 2) | (Level 3) | ||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Interest rate swap derivatives (1) | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
Foreign currency forward sale contracts (1) | 3 | — | 3 | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swap derivatives (1) | (3 | ) | — | (3 | ) | — | ||||||||||||||
Foreign currency forward sale contracts (1) | (6 | ) | — | (6 | ) | — | ||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||
Impaired hotel properties held and used (2) | 9 | — | — | 9 | ||||||||||||||||
___________ | ||||||||||||||||||||
— | These derivative contracts have been designated as hedging instruments. | |||||||||||||||||||
— | The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Interest Rate Swap Derivatives Designated as Cash Flow Hedges | The following table summarizes our interest rate swap derivatives designated as cash flow hedges (in millions): | |||||||||||||||||||
Change in Fair Value | ||||||||||||||||||||
Gain (Loss) | ||||||||||||||||||||
Total Notional | Maturity | Swapped | All-in- | Year ended December 31, | ||||||||||||||||
Transaction Date | Amount | Date | Index | Rate | 2014 | 2013 | ||||||||||||||
November 2011 (1) | A$ | 62 | Nov-16 | Reuters BBSY | 6.70% | $ | — | $ | 1 | |||||||||||
February 2011 (2) | NZ$ | 79 | Feb-16 | NZ$ Bank Bill | 7.15% | $ | — | $ | 2 | |||||||||||
___________ | ||||||||||||||||||||
-1 | The swap was entered into in connection with the A$86 million ($71 million) mortgage loan on the Hilton Melbourne South Wharf. | |||||||||||||||||||
-2 | The swap was entered into in connection with the NZ$105 million ($82 million) mortgage loan on seven properties in New Zealand. | |||||||||||||||||||
Foreign Currency Sale Contracts | The following table summarizes our foreign currency forward sale contracts (in millions): | |||||||||||||||||||
Currently Outstanding | Change in Fair Value - All Contracts | |||||||||||||||||||
Total | ||||||||||||||||||||
Transaction | Total | Gain (Loss) | ||||||||||||||||||
Amount in | Transaction | |||||||||||||||||||
Transaction Date | Foreign | Amount | Forward Purchase | Year ended December 31, | ||||||||||||||||
Range | Currency | in Dollars | Date Range | 2014 | 2013 | |||||||||||||||
July 2011-May 2014 | € | 100 | $ | 135 | August 2015-May 2017 | $ | 18 | $ | (5 | ) | ||||||||||
Nov-14 | C$ | 25 | $ | 22 | Nov-16 | $ | 1 | $ | — | |||||||||||
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations | The following table summarizes the draws on our credit facility that are designated as hedges of net investments in international operations (in millions): | |||||||||||||||||||
Balance | Balance | Gain (Loss) | ||||||||||||||||||
Outstanding | Outstanding in | Year ended December 31, | ||||||||||||||||||
Currency | US$ | Foreign Currency | 2014 | 2013 | ||||||||||||||||
Canadian dollars (1) | $ | 27 | C$ | 31 | $ | 2 | $ | 2 | ||||||||||||
Euros | $ | 93 | € | 77 | $ | 13 | $ | -5 | ||||||||||||
___________ | ||||||||||||||||||||
-1 | We have drawn an additional $65 million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. | |||||||||||||||||||
Fair Values of Certain Financial Assets and Liabilities and Other Financial Instruments | The fair value of certain financial assets and liabilities and other financial instruments are shown below (in millions): | |||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||
Financial liabilities | ||||||||||||||||||||
Senior notes (Level 1) | $ | 2,498 | $ | 2,668 | $ | 2,647 | $ | 2,766 | ||||||||||||
Exchangeable Senior Debentures (Level 1) | 386 | 739 | 371 | 603 | ||||||||||||||||
Credit facility (Level 2) | 704 | 704 | 946 | 946 | ||||||||||||||||
Mortgage debt and other, excluding capital leases | 403 | 413 | 793 | 802 | ||||||||||||||||
(Level 2) | ||||||||||||||||||||
Geographic_and_Business_Segmen1
Geographic and Business Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Revenues and Long-Lived Assets by Geographical Area | We consider each one of our hotels to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual hotels. All of our other real estate investment activities (primarily our office buildings) are immaterial and, with our operating segments, meet the aggregation criteria, and thus, we report one segment: hotel ownership. Our international operations consist of hotels in six countries. There were no intersegment sales during the periods presented. The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions): | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Revenues | Property and | Revenues | Property and | Revenues | Property and | |||||||||||||||||||
Equipment, net | Equipment, net | Equipment, net | ||||||||||||||||||||||
United States | $ | 5,077 | $ | 10,111 | $ | 4,895 | $ | 10,498 | $ | 4,791 | $ | 11,095 | ||||||||||||
Australia | 39 | 102 | 40 | 106 | 42 | 133 | ||||||||||||||||||
Brazil | 36 | 82 | 30 | 76 | 33 | 39 | ||||||||||||||||||
Canada | 87 | 82 | 97 | 89 | 95 | 97 | ||||||||||||||||||
Chile | 32 | 44 | 34 | 54 | 37 | 63 | ||||||||||||||||||
Mexico | 29 | 26 | 24 | 32 | 25 | 26 | ||||||||||||||||||
New Zealand | 54 | 128 | 46 | 140 | 36 | 135 | ||||||||||||||||||
Total | $ | 5,354 | $ | 10,575 | $ | 5,166 | $ | 10,995 | $ | 5,059 | $ | 11,588 | ||||||||||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data | |||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in millions, except per share/unit amounts) | |||||||||||||||||
Host Hotels & Resorts, Inc.: | |||||||||||||||||
Revenues | $ | 1,309 | $ | 1,431 | $ | 1,294 | $ | 1,320 | |||||||||
Operating profit | 134 | 225 | 202 | 149 | |||||||||||||
Income from continuing operations | 185 | 159 | 145 | 258 | |||||||||||||
Net income | 185 | 159 | 145 | 258 | |||||||||||||
Net income attributable to Host Hotels & Resorts, Inc. | 179 | 155 | 144 | 254 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Continuing operations | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Basic earnings per common share | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Diluted earnings per common share: | |||||||||||||||||
Continuing operations | 0.24 | 0.21 | 0.19 | 0.33 | |||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Diluted earnings per common share | 0.24 | 0.21 | 0.19 | 0.33 | |||||||||||||
Host Hotels & Resorts, L.P.(1): | |||||||||||||||||
Net income attributable to Host Hotels & Resorts, L.P. | 181 | 157 | 146 | 257 | |||||||||||||
Basic earnings per common unit: | |||||||||||||||||
Continuing operations | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Basic earnings per common unit | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Diluted earnings per common unit: | |||||||||||||||||
Continuing operations | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Diluted earnings per common unit | 0.24 | 0.21 | 0.19 | 0.34 | |||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in millions, except per share/unit amounts) | |||||||||||||||||
Host Hotels & Resorts, Inc.: | |||||||||||||||||
Revenues | $ | 1,224 | $ | 1,399 | $ | 1,211 | $ | 1,331 | |||||||||
Operating profit | 90 | 205 | 79 | 138 | |||||||||||||
Income from continuing operations | 34 | 116 | 2 | 59 | |||||||||||||
Income from discontinued operations | 26 | 5 | 16 | 67 | |||||||||||||
Net income | 60 | 121 | 18 | 126 | |||||||||||||
Net income attributable to Host Hotels & Resorts, Inc. | 56 | 119 | 19 | 123 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Continuing operations | 0.04 | 0.15 | 0.01 | 0.07 | |||||||||||||
Discontinued operations | 0.04 | 0.01 | 0.02 | 0.09 | |||||||||||||
Basic earnings per common share | 0.08 | 0.16 | 0.03 | 0.16 | |||||||||||||
Diluted earnings per common share: | |||||||||||||||||
Continuing operations | 0.04 | 0.15 | 0.01 | 0.07 | |||||||||||||
Discontinued operations | 0.04 | 0.01 | 0.02 | 0.09 | |||||||||||||
Diluted earnings per common share | 0.08 | 0.16 | 0.03 | 0.16 | |||||||||||||
Host Hotels & Resorts, L.P.(1): | |||||||||||||||||
Net income attributable to Host Hotels & Resorts, L.P. | 57 | 120 | 19 | 125 | |||||||||||||
Basic earnings per common unit: | |||||||||||||||||
Continuing operations | 0.04 | 0.15 | 0.01 | 0.08 | |||||||||||||
Discontinued operations | 0.04 | 0.01 | 0.02 | 0.09 | |||||||||||||
Basic earnings per common unit | 0.08 | 0.16 | 0.03 | 0.17 | |||||||||||||
Diluted earnings per common unit: | |||||||||||||||||
Continuing operations | 0.04 | 0.15 | 0.01 | 0.08 | |||||||||||||
Discontinued operations | 0.04 | 0.01 | 0.02 | 0.09 | |||||||||||||
Diluted earnings per common unit | 0.08 | 0.16 | 0.03 | 0.17 | |||||||||||||
___________ | |||||||||||||||||
-1 | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Supplemental_Disclosure_of_Non
Supplemental Disclosure of Noncash Investing and Financing Activities (Host Hotels & Resorts, Inc) - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 09, 2012 | Mar. 31, 2013 |
Other Significant Noncash Transactions [Line Items] | |||||
Shares issued for converted units, shares | 0.3 | 0.3 | 0.6 | ||
Redemptions of limited partner interests for common stock | $6 | $6 | $10 | ||
Advances to and investments in affiliates | 433 | 415 | |||
Gain on sale of assets | 236 | 33 | 13 | ||
Maui JV | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Contributed land | 36 | 11 | |||
Advances to and investments in affiliates | 61 | 16 | 8 | ||
Investment ownership percentage | 67.00% | 67.00% | 67.00% | ||
Gain on sale of assets | 8 | ||||
Cash received on land contribution | 12 | ||||
Maui JV | Fair Value | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Contributed land | 36 | ||||
Hyatt Residential Group | Maui JV | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Equity method investment outside ownership percentage | 33.00% | ||||
Exchangeable Senior Debentures 3.25% | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable Debentures | $174 | ||||
Debt interest rate | 3.25% | ||||
Debt converted into shares of Host Inc. common stock | 11.7 |
Supplemental_Schedule_of_Nonca1
Supplemental Schedule of Noncash Investing and Financing Activities (HOST HOTELS & RESORTS, L.P.) - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 09, 2012 | Mar. 31, 2013 |
Other Significant Noncash Transactions [Line Items] | |||||
Redemptions of limited partner interests for common stock | $6 | $6 | $10 | ||
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.3 | 0.6 | ||
Advances to and investments in affiliates | 433 | 415 | |||
Gain on sale of assets | 236 | 33 | 13 | ||
Maui JV | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Contributed land | 36 | 11 | |||
Advances to and investments in affiliates | 61 | 16 | 8 | ||
Investment ownership percentage | 67.00% | 67.00% | 67.00% | ||
Gain on sale of assets | 8 | ||||
Cash received on land contribution | 12 | ||||
Fair Value | Maui JV | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Contributed land | 36 | ||||
Hyatt Residential Group | Maui JV | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Equity method investment outside ownership percentage | 33.00% | ||||
Exchangeable Senior Debentures 3.25% | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable Debentures | 174 | ||||
Debt interest rate | 3.25% | ||||
Debt converted into shares of Host Inc. common stock | 11.7 | ||||
HOST HOTELS & RESORTS L.P. | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Redemptions of limited partner interests for common stock | 6 | 6 | 10 | ||
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.3 | 0.6 | ||
Contributed land | 11 | ||||
Advances to and investments in affiliates | 433 | 415 | 8 | ||
Gain on sale of assets | 236 | 33 | 13 | 8 | |
Cash received on land contribution | 12 | ||||
HOST HOTELS & RESORTS L.P. | Fair Value | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Contributed land | 36 | ||||
HOST HOTELS & RESORTS L.P. | Hyatt Residential Group | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Equity method investment outside ownership percentage | 33.00% | ||||
HOST HOTELS & RESORTS L.P. | Exchangeable Senior Debentures 3.25% | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable Debentures | $174 | ||||
Debt interest rate | 3.25% | ||||
Debt converted into shares of Host Inc. common stock | 11.7 | ||||
Common OP unit issuances (units) | 11.5 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property | Property | ||
Entity | |||
Contract | |||
Hotel | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | 114 | ||
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5.00% | ||
Property, Plant and Equipment, Salvage Value, Percentage | 3.00% | ||
Impairment charges | $6,000,000 | $1,000,000 | |
Number of impaired assets | 1 | 1 | |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | 6 | ||
Non-controlling interests—other consolidated partnerships | 32,000,000 | 34,000,000 | |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests with finite lives | 2 | ||
Non-controlling interests in outside partnerships, fair value | 85,000,000 | 68,000,000 | |
Net income attributable to non-controlling interests outside partnerships | 6,000,000 | 4,000,000 | 1,000,000 |
Net income | 9,000,000 | 4,000,000 | 1,000,000 |
Other-than-temporary impairment | 0 | 0 | 0 |
Percentage greater than threshold of income tax examination minimum likelihood of tax benefits being realized upon settlement | 50.00% | ||
Net gain related to two foreign currency denominated subsidiaries that were substantially liquidated | 2,000,000 | ||
Stock-based employee compensation plans | 2 | ||
Exposure risk related for derivative contracts | 13,000,000 | 4,000,000 | |
Amount of borrowing capacity currently available under the credit facility | $796,000,000 | ||
Lower Limit | |||
Significant Accounting Policies [Line Items] | |||
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | 2081 | ||
Upper Limit | |||
Significant Accounting Policies [Line Items] | |||
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | 2095 | ||
Property, Plant and Equipment, Other Types | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
European Joint Venture | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | 19 | ||
Number of funds | 2 | ||
European Joint Venture | Fund I | |||
Significant Accounting Policies [Line Items] | |||
Investment ownership percentage | 32.10% | ||
Number of hotels | 10 | ||
European Joint Venture | Fund II | |||
Significant Accounting Policies [Line Items] | |||
Investment ownership percentage | 33.40% | ||
Number of hotels | 9 | ||
Asia/Pacific Joint Venture | |||
Significant Accounting Policies [Line Items] | |||
Investment ownership percentage | 25.00% | ||
Asia/Pacific Joint Venture | India | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | 7 | ||
Number Of Real Estate Properties In Development Stage | 4 | ||
Asia/Pacific Joint Venture | Bangalore | India | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | 2 | ||
Asia/Pacific Joint Venture | Chennai | India | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | 1 | ||
Asia/Pacific Joint Venture | Sheraton Perth | |||
Significant Accounting Policies [Line Items] | |||
Number of rooms | 278 | ||
HOST HOTELS & RESORTS, INC. | |||
Significant Accounting Policies [Line Items] | |||
Percentage of the common OP Units | 99.00% | ||
HOST HOTELS & RESORTS L.P. | |||
Significant Accounting Policies [Line Items] | |||
OP units conversion basis | One OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. |
Consolidated_Portfolio_of_Hote
Consolidated Portfolio of Hotels by Location (Detail) | Dec. 31, 2014 |
Hotel | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 114 |
European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 19 |
United States | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 97 |
Australia | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 1 |
Brazil | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 3 |
Canada | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 3 |
Chile | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 2 |
Mexico | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 1 |
New Zealand | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 7 |
Belgium | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 3 |
France | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 4 |
Germany | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 2 |
Italy | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 3 |
Poland | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 1 |
Spain | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 2 |
Sweden | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 1 |
The Netherlands | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 2 |
United Kingdom | European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 1 |
Historical_Cost_and_Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, except Per Share data, unless otherwise specified | ||||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||||
Book value (millions) | $225 | $190 | ||
HOST HOTELS & RESORTS L.P. | ||||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||||
OP units outstanding (millions) | 9.3 | 9.5 | ||
Market price per Host Inc. common share | $23.77 | $19.44 | ||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | ||
Redemption value (millions) | 225 | 190 | ||
Historical cost (millions) | 94 | 95 | ||
Book value (millions) | $225 | [1] | $190 | [1] |
[1] | The book value recorded is equal to the greater of the redemption value or the historical cost. |
Components_of_Total_Accumulate
Components of Total Accumulated Other Comprehensive Income in Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Equity [Abstract] | ||
Gain on foreign currency forward contracts | $19 | |
Loss on interest rate swap cash flow hedges | -2 | -2 |
Foreign currency translation | -67 | -7 |
Total accumulated other comprehensive loss | ($50) | ($9) |
Host_Inc_Earnings_Loss_Per_Com
Host Inc. Earnings (Loss) Per Common Share (Detail) (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Earnings Per Share [Abstract] | ||||||
NET INCOME | $747 | $325 | $63 | |||
Less: Net income attributable to non-controlling interests | -15 | -8 | -2 | |||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 732 | 317 | 61 | |||
Assuming conversion of exchangeable senior debentures | 27 | |||||
Diluted income attributable to Host Inc. | $759 | $317 | $61 | |||
Basic weighted average shares outstanding | 755.4 | 744.4 | 718.2 | |||
Assuming weighted average shares for conversion of exchangeable senior debentures | 30.3 | 2.4 | ||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.1 | 1.1 | 1.4 | |||
Diluted weighted average shares outstanding | 786.8 | [1] | 747.9 | [1] | 719.6 | [1] |
Basic earnings per common share | $0.97 | $0.43 | $0.08 | |||
Diluted earnings per common share | $0.96 | $0.42 | $0.08 | |||
[1] | There were approximately 30Â million and 40 million potentially dilutive shares as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. |
Host_Inc_Earnings_Loss_Per_Com1
Host Inc. Earnings (Loss) Per Common Share (Parenthetical) (Detail) (HOST HOTELS & RESORTS, INC.) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
HOST HOTELS & RESORTS, INC. | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares which were not included in the computation of diluted EPS | 30 | 40 |
Host_LP_Earnings_Loss_Per_Comm
Host LP Earnings (Loss) Per Common Unit (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Earnings Per Share Diluted [Line Items] | ||||||||||||||||||||||
NET INCOME | $747 | $325 | $63 | |||||||||||||||||||
Less: Net income attributable to non-controlling interests | -15 | -8 | -2 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 732 | 317 | 61 | |||||||||||||||||||
Diluted income attributable to Host Inc. | 759 | 317 | 61 | |||||||||||||||||||
Basic weighted average shares outstanding | 755.4 | 744.4 | 718.2 | |||||||||||||||||||
Assuming weighted average shares for conversion of exchangeable senior debentures | 30.3 | 2.4 | ||||||||||||||||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.1 | 1.1 | 1.4 | |||||||||||||||||||
Diluted weighted average shares outstanding | 786.8 | [1] | 747.9 | [1] | 719.6 | [1] | ||||||||||||||||
Basic earnings per common share/unit | $0.97 | $0.43 | $0.08 | |||||||||||||||||||
Diluted earnings per common share | $0.96 | $0.42 | $0.08 | |||||||||||||||||||
HOST HOTELS & RESORTS L.P. | ||||||||||||||||||||||
Earnings Per Share Diluted [Line Items] | ||||||||||||||||||||||
NET INCOME | 747 | 325 | 63 | |||||||||||||||||||
Less: Net income attributable to non-controlling interests | -6 | -4 | -1 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 257 | [2] | 146 | [2] | 157 | [2] | 181 | [2] | 125 | [2] | 19 | [2] | 120 | [2] | 57 | [2] | 741 | 321 | 62 | |||
Assuming conversion of exchangeable senior debentures | 27 | 1 | ||||||||||||||||||||
Diluted income attributable to Host Inc. | $768 | $322 | $62 | |||||||||||||||||||
Basic weighted average shares outstanding | 748.9 | 738.4 | 713.3 | |||||||||||||||||||
Assuming weighted average shares for conversion of exchangeable senior debentures | 29.7 | 2.4 | ||||||||||||||||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1 | 1.1 | 1.3 | |||||||||||||||||||
Diluted weighted average shares outstanding | 779.6 | [3] | 741.9 | [3] | 714.6 | [3] | ||||||||||||||||
Basic earnings per common share/unit | $0.34 | [2] | $0.19 | [2] | $0.21 | [2] | $0.24 | [2] | $0.17 | [2] | $0.03 | [2] | $0.16 | [2] | $0.08 | [2] | $0.99 | $0.43 | $0.09 | |||
Diluted earnings per common share | $0.34 | [2] | $0.19 | [2] | $0.21 | [2] | $0.24 | [2] | $0.17 | [2] | $0.03 | [2] | $0.16 | [2] | $0.08 | [2] | $0.99 | $0.43 | $0.09 | |||
[1] | There were approximately 30Â million and 40 million potentially dilutive shares as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. | |||||||||||||||||||||
[2] | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. | |||||||||||||||||||||
[3] | There were approximately 29 million and 40Â million potentially dilutive units as of December 31, 2013 and 2012, respectively, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. |
Host_LP_Earnings_Loss_Per_Comm1
Host LP Earnings (Loss) Per Common Unit (Parenthetical) (Detail) (HOST HOTELS & RESORTS L.P.) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
HOST HOTELS & RESORTS L.P. | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares which were not included in the computation of diluted EPS | 29 | 40 |
Summary_of_Property_and_Equipm
Summary of Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Property Plant And Equipment [Abstract] | |||
Land and land improvements | $1,990 | $1,973 | |
Buildings and leasehold improvements | 13,336 | 13,435 | |
Furniture and equipment | 2,217 | 2,223 | |
Construction in progress | 209 | 176 | |
Property, Plant and Equipment, Gross, Total | 17,752 | 17,807 | |
Less accumulated depreciation and amortization | -7,177 | -6,812 | |
Property and equipment, net | $10,575 | $10,995 | $11,588 |
Property_and_Equipment_Additio
Property and Equipment - Additional information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Property Plant And Equipment [Abstract] | |
Cost of real estate for federal income tax purposes | $10,390 |
Summary_of_Investments_in_Affi
Summary of Investments in Affiliates (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 09, 2012 |
Schedule Of Investments [Line Items] | |||
Advances to and investments in affiliates | $433 | $415 | |
Our Portion of Debt | 502 | 500 | |
Total Debt | 1,577 | 1,476 | |
European Joint Venture | |||
Schedule Of Investments [Line Items] | |||
Advances to and investments in affiliates | 348 | 374 | |
Our Portion of Debt | 388 | 444 | |
Total Debt | 1,186 | 1,363 | |
Assets | Nineteen hotels in Europe | Nineteen hotels in Europe | |
European Joint Venture | Lower Limit | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 32.10% | 32.10% | |
European Joint Venture | Upper Limit | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 33.40% | 33.40% | |
Asia/Pacific Joint Venture | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 25.00% | 25.00% | |
Advances to and investments in affiliates | 22 | 20 | |
Our Portion of Debt | 9 | 10 | |
Total Debt | 37 | 39 | |
Assets | One hotel in Australia and a 36% interest in three operating hotels and four hotels under development in India | One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India | |
Maui JV | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 67.00% | 67.00% | 67.00% |
Advances to and investments in affiliates | 61 | 16 | 8 |
Our Portion of Debt | 64 | 34 | |
Total Debt | 96 | 50 | |
Assets | 131-unit vacation ownership project in Maui, Hawaii | 131-unit vacation ownership project in Maui, Hawaii | |
Hyatt Place JV | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 50.00% | 50.00% | |
Advances to and investments in affiliates | 7 | 5 | |
Our Portion of Debt | 16 | 12 | |
Total Debt | 31 | 24 | |
Assets | One hotel in Nashville, Tennessee | One hotel in Nashville, Tennessee | |
Philadelphia Marriott Downtown | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 11.00% | ||
Advances to and investments in affiliates | -5 | ||
Our Portion of Debt | 25 | ||
Total Debt | $227 | ||
Assets | One hotel in Philadelphia, PA |
Investments_in_Affiliates_Addi
Investments in Affiliates - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Aug. 29, 2013 | Aug. 29, 2013 | Apr. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jul. 03, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jul. 03, 2014 | Jul. 03, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 16, 2014 | Oct. 16, 2014 | Aug. 29, 2013 | Aug. 29, 2013 | Oct. 22, 2013 | Oct. 22, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 09, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | EUR (€) | Sheraton Stockholm Hotel | Sheraton Stockholm Hotel | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Maui JV | Maui JV | Maui JV | |
Hotel | Sweden | Sweden | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | Impaired Operating Properties | Forward Currency Sale Contracts | Mortgage Loan Portfolio | Mortgage Loan Portfolio | Mortgage Loan Portfolio | Mortgage Loan Portfolio | Mortgage Loan Portfolio | Brussels | Brussels | Mortgage Loans Due Twenty Sixteen | Fund I | Fund II | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | Grand Hotel Esplanade | Grand Hotel Esplanade | Grand Hotel Esplanade | Sheraton Skyline Hotel And Conference Centre | Sheraton Skyline Hotel And Conference Centre | Sheraton Stockholm Hotel | Sheraton Stockholm Hotel | Courtyard Paris La Defense West - Colombes | Courtyard Paris La Defense West - Colombes | India | India | India | HOST HOTELS & RESORTS, INC. | USD ($) | USD ($) | |||||||
Contract | USD ($) | EUR (€) | USD ($) | Contract | Hotel | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | EURIBOR | USD ($) | GBP (£) | Sweden | Sweden | USD ($) | EUR (€) | USD ($) | Bangalore | Chennai and Delhi | India | Room | |||||||||||||
Hotel | Room | Room | Room | Room | USD ($) | EUR (€) | Hotel | Hotel | USD ($) | ||||||||||||||||||||||||||||||||||
Room | Room | ||||||||||||||||||||||||||||||||||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Investment ownership percentage | 32.10% | 33.40% | 25.00% | 25.00% | 36.00% | 67.00% | 67.00% | 67.00% | |||||||||||||||||||||||||||||||||||
Total assets | $2,971 | $2,844 | $2,300 | € 1,900 | |||||||||||||||||||||||||||||||||||||||
Management fees | 16 | 15 | 13 | ||||||||||||||||||||||||||||||||||||||||
Number of extension period | two one-year extensions | ||||||||||||||||||||||||||||||||||||||||||
Joint venture agreement expiration period | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Partners contribution | 647 | 364 | 83 | 21 | |||||||||||||||||||||||||||||||||||||||
Percentage of total equity commitment funded | 94.00% | 81.00% | |||||||||||||||||||||||||||||||||||||||||
Mortgage repayment | 384 | 411 | 113 | 94 | 69 | 95 | 34 | 21.1 | 14.4 | 10.4 | |||||||||||||||||||||||||||||||||
Extension Period | one year | one year | |||||||||||||||||||||||||||||||||||||||||
Amount of distribution | 37 | 17 | 12 | ||||||||||||||||||||||||||||||||||||||||
Investment ownership percentage | 90.00% | 90.00% | |||||||||||||||||||||||||||||||||||||||||
Number of rooms | 394 | 394 | 350 | 350 | 465 | 465 | 131 | ||||||||||||||||||||||||||||||||||||
Acquisition date total consideration transferred | 102 | 81 | 135 | 102 | |||||||||||||||||||||||||||||||||||||||
Amount of debt assumed at acquisition | 61 | 48 | |||||||||||||||||||||||||||||||||||||||||
Debt instrument basis points over euribor | 2.19% | ||||||||||||||||||||||||||||||||||||||||||
Amount of contribution | 19 | 14 | 14 | 10 | 43 | ||||||||||||||||||||||||||||||||||||||
Proceeds from sales of assets, net | 497 | 643 | 160 | 53 | 33 | 26 | 19 | ||||||||||||||||||||||||||||||||||||
Gain on sale of asset | 12 | 8 | 2.3 | 1.7 | |||||||||||||||||||||||||||||||||||||||
Issuances of debt | 81 | 61 | |||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 2.00% | 4.50% | 4.50% | 5.67% | 5.67% | ||||||||||||||||||||||||||||||||||||||
Mortgage debt | 404 | 709 | 1,186 | 980 | |||||||||||||||||||||||||||||||||||||||
Number of hotels | 114 | 3 | 6 | 6 | 2 | 5 | |||||||||||||||||||||||||||||||||||||
Mortgage on debt principal reduction before refinancing | 446 | 337 | |||||||||||||||||||||||||||||||||||||||||
Mortgage on debt principal reduction after refinancing | 4,007 | 320 | 242 | 47.8 | |||||||||||||||||||||||||||||||||||||||
Draws on credit facility | 4 | 393 | 231 | 48 | 37 | ||||||||||||||||||||||||||||||||||||||
Debt Instrument Maturity Date | 3-Jul-19 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward purchase contract | 5 | 4 | |||||||||||||||||||||||||||||||||||||||||
Hedged amount of our net investment in the European joint venture | 228 | 177 | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of affiliates | 26 | -17 | 2 | -15 | |||||||||||||||||||||||||||||||||||||||
Project development cost | 180 | ||||||||||||||||||||||||||||||||||||||||||
Sale of time share | 54 | ||||||||||||||||||||||||||||||||||||||||||
Construction loan and partner contributions | 110 | ||||||||||||||||||||||||||||||||||||||||||
Contributed land | 11 | 36 | |||||||||||||||||||||||||||||||||||||||||
Construction loan drawn | 86 | ||||||||||||||||||||||||||||||||||||||||||
Debt issued to fund loans to timeshare owners | 10 | ||||||||||||||||||||||||||||||||||||||||||
Pre-formation expenditures contributed to joint venture | $8 |
Combined_Summarized_Balance_Sh
Combined Summarized Balance Sheet Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | ||
Property and equipment, net | $2,369 | $2,362 |
Timeshare inventory | 178 | 106 |
Other assets | 424 | 376 |
Total assets | 2,971 | 2,844 |
Debt | 1,577 | 1,476 |
Other liabilities | 163 | 135 |
Equity | 1,231 | 1,233 |
Total liabilities and equity | $2,971 | $2,844 |
Combined_Summarized_Operating_
Combined Summarized Operating Results for Affiliates (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |||
Total revenues | $776 | $617 | $428 |
Expenses | -568 | -489 | -346 |
Depreciation and amortization | -91 | -131 | -56 |
Operating profit (loss) | 117 | -3 | 26 |
Interest expense | -79 | -59 | -43 |
Gain on disposition | 12 | 2 | |
Net income (loss) | $50 | ($60) | ($17) |
Debt_Detail
Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Senior Notes | $2,884 | $3,018 |
Exchangeable senior debentures | 386 | 371 |
Credit facility | 704 | 946 |
Mortgage debt (non-recourse), with an average interest rate of 5.0% and 4.1% at December 31, 2014 and 2013, respectively, maturing through January 2024 | 404 | 709 |
Other | 86 | |
Total debt | 3,992 | 4,759 |
Series Q senior notes 6.75% due June 2016 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 150 | |
Series V senior notes 6% due November 2020 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500 | 500 |
Series X senior notes 5.875% due June 2019 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 498 | 497 |
Series Z senior notes 6% due October 2021 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 300 | 300 |
Series B senior notes 5.25% due March 2022 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 350 | 350 |
Series C senior notes 4.75% due March 2023 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 450 | 450 |
Series D senior notes 3.75% due October 2023 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 400 | 400 |
Exchangeable 2009 Senior Debentures 2.5% Due October 2029 | ||
Debt Instrument [Line Items] | ||
Exchangeable senior debentures | 386 | 371 |
Revolver | ||
Debt Instrument [Line Items] | ||
Credit facility | 204 | 446 |
Term Loan due June 2017 | ||
Debt Instrument [Line Items] | ||
Credit facility | $500 | $500 |
Debt_Parenthetical_Detail
Debt (Parenthetical) (Detail) (Mortgages) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Average interest rate | 5.00% | 4.10% |
Upper Limit | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Date | 1-Jan-24 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 30, 2014 | Jun. 25, 2014 | Jun. 15, 2014 | Dec. 31, 2013 | Jan. 10, 2014 | Feb. 28, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 19, 2013 | 31-May-13 | Mar. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2009 |
Entity | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Redemption price of senior notes | $150 | $801 | $1,795 | |||||||||||||
Mortgage on debt principal reduction after refinancing | 4,007 | |||||||||||||||
Redemption price percentage | 100.00% | |||||||||||||||
Exchangeable senior debentures | 386 | 371 | 371 | |||||||||||||
Aggregate borrowing capacity | 1,000 | |||||||||||||||
Additional borrowing capacity | 500 | |||||||||||||||
Credit facility | 704 | 946 | 946 | |||||||||||||
Repayments on credit facility | 225 | 207 | 89 | |||||||||||||
Amount of borrowing capacity currently available under the credit facility | 796 | |||||||||||||||
Draws on credit facility | 4 | 393 | 231 | |||||||||||||
Leverage ratio | 2.6 | |||||||||||||||
Cash and cash equivalents | 684 | 861 | 417 | 861 | 826 | |||||||||||
Assets that are secured by mortgage debt | 10 | |||||||||||||||
Interest Expense | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loss on extinguishment | 4 | 36 | 30 | |||||||||||||
7.125% Dulles Airport Industrial Development Revenue Bonds | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate | 7.13% | |||||||||||||||
Repayment of debt | 12 | |||||||||||||||
7.75% Philadelphia Airport Industrial Development Revenue Bonds | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate | 7.75% | |||||||||||||||
Repayment of debt | 40 | |||||||||||||||
7% Newark Airport Industrial Development Refunding Revenue Bonds | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate | 7.00% | |||||||||||||||
Repayment of debt | 32 | |||||||||||||||
Covenant Requiring Guarantees | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Leverage ratio | 6 | |||||||||||||||
US Currency | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Draws on credit facility | 118 | |||||||||||||||
Revolver | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility maturity date | 27-Jun-18 | |||||||||||||||
Renewal period of credit facility | Two six-month renewal options | |||||||||||||||
Line of credit interest terms | We pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin | |||||||||||||||
Facility commitment fee | 0.20% | |||||||||||||||
Revolver | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis points addition | 1.00% | |||||||||||||||
Term Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, interest rate | 1.29% | |||||||||||||||
Credit facility maturity date | 27-Jun-17 | |||||||||||||||
Credit facility | 500 | |||||||||||||||
Renewal period of credit facility | Two one-year renewal options | |||||||||||||||
Line of credit interest terms | Interest on the term loan consists of floating rates plus a margin ranging from 90 to 175 basis points (depending on Host L.P.’s unsecured long-term debt rating). Based on Host L.P.’s unsecured long-term debt rating at December 31, 2014, the margin is 112.5 basis points for an all-in interest rate of 1.29%. | |||||||||||||||
Term Loan | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis points addition | 1.13% | |||||||||||||||
Foreign Currency Borrowings | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate borrowing capacity | 500 | |||||||||||||||
Swingline Loans | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate borrowing capacity | 100 | |||||||||||||||
Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate borrowing capacity | 100 | |||||||||||||||
Credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Repayments on credit facility | 225 | |||||||||||||||
Credit facility | Foreign Currency | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Repayments on credit facility | 7 | |||||||||||||||
Draws on credit facility | 68 | |||||||||||||||
Upper Limit | Revolver | Investment grade | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis points addition | 1.55% | |||||||||||||||
Facility commitment fee | 0.30% | |||||||||||||||
Upper Limit | Term Loan | Investment grade | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis points addition | 1.75% | |||||||||||||||
Lower Limit | Revolver | Investment grade | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis points addition | 0.88% | |||||||||||||||
Facility commitment fee | 0.13% | |||||||||||||||
Lower Limit | Term Loan | Investment grade | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis points addition | 0.90% | |||||||||||||||
Series Q senior notes 6.75% due June 2016 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate | 6.75% | 6.75% | 6.75% | 6.75% | ||||||||||||
Repayment of debt | 400 | 150 | 200 | 200 | ||||||||||||
Redemption price of senior notes | 404 | 152 | ||||||||||||||
Series D senior notes 3.75% due October 2023 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | 400 | |||||||||||||||
Debt interest rate | 3.75% | |||||||||||||||
Proceed from issuance of note | 396 | |||||||||||||||
Series T senior notes 9% due May 2017 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate | 9.00% | |||||||||||||||
Repayment of debt | 400 | |||||||||||||||
Redemption price of senior notes | 418 | |||||||||||||||
Exchangeable 2004 senior debentures 3.25% due April 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate | 3.25% | |||||||||||||||
Exchangeable Debentures | 174 | |||||||||||||||
Debt converted into shares of Host Inc. common stock | 11.7 | |||||||||||||||
Common OP units issued | 11.5 | |||||||||||||||
Debentures redeemed for cash | 1 | |||||||||||||||
Exchangeable 2009 Senior Debentures 2.5% Due October 2029 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unamortized discount | 14 | |||||||||||||||
Debt interest rate | 2.50% | |||||||||||||||
Mortgage on debt principal reduction after refinancing | 400 | 316 | ||||||||||||||
Debt issuance date | 22-Dec-09 | |||||||||||||||
Percentage of closing exchange price common stock | 130.00% | |||||||||||||||
Current equivalent exchange price | $16.71 | |||||||||||||||
Debt exchange description | at any time at which the closing price of Host Inc.’s common stock is more than 130% ($16.71) of the exchange price per share for at least 20 of the last 30 consecutive trading days of the calendar quarter or at any time up to two days prior to the date on which the 2009 Debentures have been called for redemption | |||||||||||||||
Excess fair value over principal value | 339 | |||||||||||||||
Current exchange rate for each $1,000 of principal | 77.8265 | |||||||||||||||
Current equivalent exchange price | $12.85 | |||||||||||||||
Exchangeable share equivalents | 31.1 | |||||||||||||||
Debt Instrument convertible threshold trading days | 20 | |||||||||||||||
Debt Instrument convertible threshold consecutive trading days | 30 days | |||||||||||||||
Effective interest rate | 6.90% | |||||||||||||||
Initial equity value of exchangeable debenture | 82 | |||||||||||||||
Exchangeable senior debentures | 386 | 371 | 371 | |||||||||||||
Renewal options | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility maturity date | 27-Jun-19 | |||||||||||||||
Covenant Requirement | Credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt covenant compliance | As of December 31, 2014, we are in compliance with the financial covenants under our credit facility. | |||||||||||||||
Debt instrument covenant description | Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt†concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. | |||||||||||||||
Covenant Requirement | Upper Limit | Credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Leverage ratio | 7.25 | |||||||||||||||
Covenant Requirement | Lower Limit | Credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unsecured interest coverage ratio | 1.75 | |||||||||||||||
Fixed charge coverage ratio | 1.25 | |||||||||||||||
Cash and cash equivalents | 100 | |||||||||||||||
Debt Covenant | Less Restrictive Covenant | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Leverage ratio | 6 | |||||||||||||||
Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | 2,900 | 3,100 | 3,100 | |||||||||||||
Unamortized discount | 16 | 32 | 32 | |||||||||||||
Debt covenant compliance | As of December 31, 2014, we are in compliance with all of these covenants. | |||||||||||||||
Senior Notes | Upper Limit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repurchase authorized amount | $500 | |||||||||||||||
Mortgages | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt covenant compliance | As of December 31, 2014, we are in compliance with the covenants under all of our mortgage debt obligations. | |||||||||||||||
Average interest rate | 5.00% | 4.10% | 4.10% |
Interest_Expense_for_Debenture
Interest Expense for Debentures (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Debt Instrument [Line Items] | ||||||
Non-cash interest expense due to discount amortization | $24 | $25 | $13 | |||
Total interest expense | 214 | [1] | 304 | [1] | 373 | [1] |
Exchangeable Senior Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest expense (cash) | 10 | 10 | 19 | |||
Non-cash interest expense due to discount amortization | 16 | 15 | 17 | |||
Total interest expense | $26 | $25 | $36 | |||
[1] | Interest expense and interest paid for 2014, 2013 and 2012 include cash prepayment premiums of approximately $2Â million, $23Â million and $21Â million, respectively. |
Mortgage_Debt_Issuances_and_Re
Mortgage Debt Issuances and Repayments (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 |
Debt Instrument [Line Items] | ||||
Mortgage repayment | ($384) | ($411) | ($113) | |
Harbor Beach Marriott Resort & Spa | Issuance of Debt | ||||
Debt Instrument [Line Items] | ||||
Rate | 4.75% | |||
Maturity date | 1-Jan-24 | |||
Issuances of debt | 150 | |||
Harbor Beach Marriott Resort & Spa | Repayment of Debt | ||||
Debt Instrument [Line Items] | ||||
Rate | 5.55% | |||
Maturity date | 1-Mar-14 | |||
Mortgage repayment | -134 | |||
The Ritz-Carlton Naples and Newport Beach Marriott Hotel | ||||
Debt Instrument [Line Items] | ||||
Rate | 3.25% | |||
Maturity date | 1-Mar-14 | |||
Mortgage repayment | -300 | |||
The Westin Denver Downtown | ||||
Debt Instrument [Line Items] | ||||
Rate | 8.51% | |||
Maturity date | 11-Dec-23 | |||
Mortgage repayment | -31 | |||
Orlando World Center Marriott | ||||
Debt Instrument [Line Items] | ||||
Rate | 4.75% | |||
Maturity date | 1-Jul-13 | |||
Mortgage repayment | ($246) |
Aggregate_Debt_Maturities_Deta
Aggregate Debt Maturities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $400 | |
2016 | 253 | |
2017 | 500 | |
2018 | 204 | |
2019 | 500 | |
Thereafter | 2,150 | |
Debt principal outstanding | 4,007 | |
Unamortized (discounts) premiums, net | -16 | |
Capital lease obligations | 1 | |
Total debt | $3,992 | $4,759 |
Interest_Expense_Detail
Interest Expense (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Debt Disclosure [Abstract] | ||||||
Interest expense | $214 | [1] | $304 | [1] | $373 | [1] |
Amortization of debt premiums/discounts, net | -16 | [1],[2] | -15 | [1],[2] | -18 | [1],[2] |
Amortization of deferred financing costs | -8 | [1] | -10 | [1] | -12 | [1] |
Non-cash losses on debt extinguishments | -2 | [1] | -13 | [1] | -9 | [1] |
Change in accrued interest | 1 | [1] | 16 | [1] | 4 | [1] |
Interest paid | $189 | [1],[3] | $282 | [1],[3] | $338 | [1],[3] |
[1] | Interest expense and interest paid for 2014, 2013 and 2012 include cash prepayment premiums of approximately $2Â million, $23Â million and $21Â million, respectively. | |||||
[2] | Primarily represents the amortization of the debt discount on our Debentures, which is considered non-cash interest expense. | |||||
[3] | Does not include capitalized interest of $7Â million, $6Â million and $6Â million during 2014, 2013 and 2012, respectively. |
Interest_Expense_Parenthetical
Interest Expense (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Prepayment premiums | $2 | $23 | $21 |
Capitalized interest | $7 | $6 | $6 |
Equity_of_Host_Inc_and_Capital2
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Feb. 17, 2015 |
Stockholders Equity Note [Line Items] | |||||
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 | |||
Common stock, par value | $0.01 | $0.01 | |||
Common stock, shares outstanding | 755,800,000 | 754,800,000 | |||
Issuance of common stock | $4 | $303 | $274 | ||
Dividend policy | The amount of any future dividends will be determined by Host Inc.’s Board of Directors. | ||||
Dividends taxable as ordinary income to stockholders | 65.00% | 96.50% | |||
Dividends taxable as unrecaptured Section 1250 gain | 13.00% | 3.50% | |||
Capital Gains Distribution Percentage | 22.00% | ||||
Dividend per share, declared | $0.75 | $0.46 | $0.30 | ||
Lower Limit | |||||
Stockholders Equity Note [Line Items] | |||||
Percentage of annual taxable income Host Inc is required to distribute | 90.00% | ||||
Exchangeable 2004 senior debentures 3.25% due April 2024 | |||||
Stockholders Equity Note [Line Items] | |||||
Common OP units issued | 11,500,000 | ||||
Value of debentures converted to equity | 174 | ||||
Debt converted into shares of Host Inc. common stock | 11,700,000 | ||||
Limited Partner | |||||
Stockholders Equity Note [Line Items] | |||||
Percentage of the common OP Units | 1.00% | ||||
HOST HOTELS & RESORTS, INC. | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 | |||
Common stock, par value | $0.01 | $0.01 | |||
Common stock, shares outstanding | 755,800,000 | 754,800,000 | |||
Preferred stock, shares authorized | 50,000,000 | ||||
Preferred stock, no par value | |||||
Preferred stock, shares outstanding | 0 | 0 | |||
Percentage of the common OP Units | 99.00% | ||||
Common OP units, outstanding | 739,900,000 | 738,900,000 | |||
Dividend declaration date | 17-Feb-15 | ||||
Dividend payable date | 15-Apr-15 | ||||
Dividend record date | 31-Mar-15 | ||||
HOST HOTELS & RESORTS, INC. | Scenario Forecast | |||||
Stockholders Equity Note [Line Items] | |||||
Dividend per share, declared | $0.20 | ||||
HOST HOTELS & RESORTS, INC. | Sales Agency Financing Agreement Twenty Twelve | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock issuances | 16,900,000 | ||||
Average price per share for stock issued | $17.78 | ||||
Issuance of common stock | $297 | ||||
HOST HOTELS & RESORTS L.P. | |||||
Stockholders Equity Note [Line Items] | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | ||||
Common OP units, outstanding | 749,100,000 | 748,400,000 | |||
HOST HOTELS & RESORTS L.P. | Exchangeable 2004 senior debentures 3.25% due April 2024 | |||||
Stockholders Equity Note [Line Items] | |||||
Common OP units issued | 11,500,000 | ||||
HOST HOTELS & RESORTS L.P. | Sales Agency Financing Agreement Twenty Twelve | |||||
Stockholders Equity Note [Line Items] | |||||
Common OP units issued | 16,500,000 |
Common_Dividends_Declared_Per_
Common Dividends Declared Per Share (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||
Common stock | $0.75 | $0.46 | $0.30 |
Common OP units | $0.77 | $0.47 | $0.31 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Number of subsequent years we may not able to qualify as REIT if failed to qualify for taxation as a REIT in any taxable year | 4 years | ||
Valuation allowance | $45 | $61 | |
Net (decrease) and increase in valuation allowance | 16 | 2 | |
Domestic and foreign net operating loss, capital loss and tax credit carryovers | 204 | ||
Deferred tax asset operating loss carryforwards | 70 | ||
Net operating loss carryover expiration date | Our net operating loss carryovers expire through 2034, and our foreign capital loss carryovers have no expiration period. | ||
Net operating loss carryover expiration year | 2034 | ||
Expiration of tax credits | Our domestic alternative minimum tax credit carryovers have no expiration period and our foreign asset tax credit carryovers expire through 2017. | ||
Tax credits expiration year | 2017 | ||
Deferred tax assets, net of valuation allowance | 114 | 113 | |
Cash paid for income taxes, net of refunds received | 22 | 17 | 12 |
Statutory federal income tax rate | 35.00% | ||
Expected increase in unrecognized tax benefits within 12 months | 4 | ||
Recognized material interest or penalties | 0 | 0 | 0 |
Lower Limit | |||
Income Taxes [Line Items] | |||
Open tax year by major tax jurisdiction | 2011 | ||
Upper Limit | |||
Income Taxes [Line Items] | |||
Open tax year by major tax jurisdiction | 2014 | ||
Mexico | |||
Income Taxes [Line Items] | |||
Valuation allowance | 27 | ||
Canada | |||
Income Taxes [Line Items] | |||
Valuation allowance | 4 | ||
Brazil | |||
Income Taxes [Line Items] | |||
Valuation allowance | 4 | ||
United States | |||
Income Taxes [Line Items] | |||
Valuation allowance | $10 | ||
Lower Limit | |||
Income Taxes [Line Items] | |||
Percentage of annual taxable income Host Inc is required to distribute | 90.00% |
Primary_Components_of_Net_Defe
Primary Components of Net Deferred Tax Asset (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets | ||
Accrued related party interest | $21 | $19 |
Net operating loss and capital loss carryovers | 70 | 85 |
Alternative minimum tax credits | 5 | 5 |
Property and equipment | 4 | 4 |
Investments in domestic affiliates | 3 | 3 |
Deferred revenue and expenses | 55 | 57 |
Other | 1 | 1 |
Total gross deferred tax assets | 159 | 174 |
Less: Valuation allowance | -45 | -61 |
Total deferred tax assets, net of valuation allowance | 114 | 113 |
Deferred tax liabilities | ||
Property and equipment | -17 | -21 |
Investments in domestic and foreign affiliates | -8 | -6 |
Other | -2 | -3 |
Total gross deferred tax liabilities | -27 | -30 |
Net deferred tax assets | $87 | $83 |
Income_Loss_from_Continuing_Op
Income (Loss) from Continuing Operations Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. income (loss) | $744 | $213 | ($22) |
Foreign income | 17 | 18 | 45 |
INCOME BEFORE INCOME TAXES | $761 | $231 | $23 |
Provision_for_Income_Taxes_fro
Provision for Income Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current Federal | $3 | $2 | $3 |
Current State | 2 | 4 | 1 |
Current Foreign | 10 | 9 | 10 |
Current Income Tax Expense (Benefit), Total | 15 | 15 | 14 |
Deferred Federal | -1 | 4 | 11 |
Deferred State | -1 | 1 | 1 |
Deferred Foreign | 1 | 1 | 5 |
Deferred income taxes | -1 | 6 | 17 |
Income tax provision – continuing operations | $14 | $21 | $31 |
Income_Tax_Provision_Calculate
Income Tax Provision Calculated at Statutory U.S. Federal Income Tax Rate and Actual Income Tax Provision Recorded (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax provision – continuing operations | $265 | $81 | $8 |
Adjustment for nontaxable (income) loss of Host Inc. – continuing operations | -268 | -77 | 4 |
State income tax provision, net | 1 | 5 | 2 |
Provision for uncertain tax positions | 5 | 2 | 2 |
Foreign income tax provision | 11 | 10 | 15 |
Income tax provision – continuing operations | $14 | $21 | $31 |
Unrecognized_Tax_Benefits_Reco
Unrecognized Tax Benefits Reconciliation (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Balance at January 1 | $5 | $3 |
State increases | 2 | |
Other increases | 3 | 2 |
Balance at December 31 | $10 | $5 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Jul. 30, 2012 | Dec. 31, 2013 | Dec. 31, 1995 |
Hotel | sqft | Hotel | |||
Leases Disclosure [Line Items] | |||||
Number of hotels subject to ground leases | 35 | ||||
Number of properties | 114 | ||||
Deferred sale proceeds received | $51 | ||||
Operating leases information | Leases and subleases contain one or more renewal options | ||||
Aggregate contingent liabilities relating to our former restaurant business | 13 | ||||
Minimum payments from restaurants and the Sub lessee payable to us under non-cancelable subleases | 10 | ||||
Lower Limit | |||||
Leases Disclosure [Line Items] | |||||
Number of renewal options | 1 | ||||
Minimum additional renewal option period | 5 years | ||||
Upper Limit | |||||
Leases Disclosure [Line Items] | |||||
Minimum additional renewal option period | 10 years | ||||
New York Marriott Marquis | Vornado Realty Trust | |||||
Leases Disclosure [Line Items] | |||||
Lease term | 20 years | ||||
Future minimum rental revenue under the non-cancelable lease on an annual basis | 12.5 | ||||
Area of LED sign | 25,000 | ||||
Courtyard By Marriott Hotel | |||||
Leases Disclosure [Line Items] | |||||
Deferred sale proceeds received | 51 | ||||
Tenant collections accounts | 11 | ||||
Working capital | $5 | ||||
Courtyard By Marriott Hotel | Leasehold Interest | |||||
Leases Disclosure [Line Items] | |||||
Number of properties | 53 |
Future_Minimum_Annual_Rental_C
Future Minimum Annual Rental Commitments Required Under Non-Cancelable Leases (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Capital Leases | |
2015 | $1 |
Total minimum lease payments | 1 |
Operating Leases | |
2015 | 46 |
2016 | 44 |
2017 | 44 |
2018 | 42 |
2019 | 40 |
Thereafter | 1,572 |
Total minimum lease payments | $1,788 |
Rent_Expense_Detail
Rent Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Minimum rentals on operating leases | $48 | $50 | $117 |
Additional rentals based on sales | 32 | 32 | 31 |
Rental payments based on real estate tax assessments | 24 | 23 | |
Less: sublease rentals | -3 | -3 | -3 |
Operating Leases, Rent Expense, Total | $77 | $103 | $168 |
Employee_Stock_Plans_Additiona
Employee Stock Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Employee Benefits Disclosure [Line Items] | ||||||
Common stock reserved and available for issuance under the Comprehensive Plan | 17,000,000 | |||||
Compensation expense | $22 | $18 | $16 | |||
Granted | 2,000,000 | 2,200,000 | 1,800,000 | |||
Vested | 1,300,000 | 1,200,000 | 900,000 | |||
Liability awards as a percentage of restricted stock awards granted | 94.00% | |||||
Restricted Stock | Executive Officer | ||||||
Employee Benefits Disclosure [Line Items] | ||||||
Compensation expense | 18 | 14 | 12 | |||
Granted | 1,500,000 | 1,700,000 | 1,600,000 | |||
Vested | 800,000 | [1] | 800,000 | [1] | 600,000 | [1] |
Employee Stock Option | ||||||
Employee Benefits Disclosure [Line Items] | ||||||
Compensation expense | 1.8 | 1.8 | 1.6 | |||
Granted | 393,000 | 420,000 | 201,000 | |||
Stock options outstanding | 800,000 | |||||
Stock options exercisable | 800,000 | |||||
Weighted average remaining life - outstanding | 8 years | |||||
Weighted average remaining life - exercisable | 8 years | |||||
Weighted average exercise price - outstanding | $17.35 | |||||
Weighted average exercise price - exercisable | $17.35 | |||||
Weighted average volatility, minimum | 34.00% | |||||
Weighted average volatility, maximum | 66.00% | |||||
Weighted average risk free rate, minimum | 1.00% | |||||
Weighted average risk free rate, maximum | 1.80% | |||||
Weighted average dividend yield | 3.50% | |||||
Expected life | 5 years 6 months | |||||
Other Stock Plans | ||||||
Employee Benefits Disclosure [Line Items] | ||||||
Compensation expense | $2.20 | $2 | $1.90 | |||
Granted | 118,000 | 116,000 | 84,000 | |||
Vesting term | 3 years | |||||
Employee stock purchase plan discount percentage | 10.00% | |||||
Senior Executive Plan | Restricted Stock | Executive Officer | ||||||
Employee Benefits Disclosure [Line Items] | ||||||
Granted | 1,500,000 | |||||
Restricted stock awards | 0 | |||||
Shares vesting percentage | 50.00% | |||||
Payout comparison | Vesting of restricted stock awards is based on (1) the achievement of relative total shareholder return (“TSRâ€) and (2) the company and personal performance of employees attributable to specific management business objectives. Approximately 50% of the restricted stock awards are based on the satisfaction of the TSR compared to (i) the NAREIT index, (ii) the Standard & Poor’s index, and (iii) a Selected Lodging Company index that serves as a relevant industry/asset specific measurement to our competitors, with the remaining 50% based on the achievement of management business objectives. | |||||
Senior Executive Plan | Restricted Stock | Executive Officer | Shareholders Return | ||||||
Employee Benefits Disclosure [Line Items] | ||||||
Shares vesting percentage | 50.00% | |||||
Senior Executive Plan | Employee Stock Option | Executive Officer | ||||||
Employee Benefits Disclosure [Line Items] | ||||||
Granted | 400,000 | |||||
Stock option exercise price | $19.57 | |||||
Stock options outstanding | 0 | |||||
[1] | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2014 include shares vested at December 31, 2013, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $6.1 million, $5.5 million and $9.5 million, for 2014, 2013 and 2012, respectively. |
Summary_of_Status_of_Senior_Ex
Summary of Status of Senior Executive Plans (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Shares | ||||||
Granted | 2,000,000 | 2,200,000 | 1,800,000 | |||
Vested | -1,300,000 | -1,200,000 | -900,000 | |||
Restricted Stock | Executive Officer | ||||||
Shares | ||||||
Granted | 1,500,000 | 1,700,000 | 1,600,000 | |||
Vested | -800,000 | [1] | -800,000 | [1] | -600,000 | [1] |
Forfeited/expired | -700,000 | -900,000 | -1,000,000 | |||
Issued in calendar year | 400,000 | [1] | 300,000 | [1] | 800,000 | [1] |
Fair Value | ||||||
Balance, at beginning of year | ||||||
Granted | 18 | 16 | 14 | |||
Vested | 24 | [1] | 19 | [1] | 16 | [1] |
Forfeited/expired | 24 | 19 | 16 | |||
Balance, at end of year | ||||||
Issued in calendar year | 19 | [1] | 19 | [1] | 16 | [1] |
[1] | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2014 include shares vested at December 31, 2013, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $6.1 million, $5.5 million and $9.5 million, for 2014, 2013 and 2012, respectively. |
Summary_of_Status_of_Senior_Ex1
Summary of Status of Senior Executive Plans (Parenthetical) (Detail) (Executive Officer, Restricted Stock, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Executive Officer | Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares issued | 0.4 | [1] | 0.3 | [1] | 0.8 | [1] |
Value of shares withheld for employee tax requirements | $6.10 | $5.50 | $9.50 | |||
[1] | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2014 include shares vested at December 31, 2013, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $6.1 million, $5.5 million and $9.5 million, for 2014, 2013 and 2012, respectively. |
Dispositions_Additional_Inform
Dispositions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Hotel | Hotel | Hotel | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of properties sold | 5 | 5 | 3 |
Proceeds from sales of assets, net | $497 | $643 | $160 |
Gain on Sale | 229 | ||
Tampa Marriott Waterside Hotel And Marina | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from sales of assets, net | 199 | ||
Gain on Sale | 115 | ||
Greensboro Highpoint Marriott Airport | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from sales of assets, net | 19 | ||
Gain on Sale | 3 | ||
Philadelphia Marriott Downtown | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Percentage of controlling interest sold | 89.00% | ||
Gross sales price | 303 | ||
Gain on Sale | 111 | ||
Dayton Marriott | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from sales of assets, net | 21 | ||
Courtyard Nashua | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from sales of assets, net | $10 |
Summary_of_Results_of_Operatio
Summary of Results of Operations for Four Hotels Sold in Twenty Fourteen which are Included in Continuing Operations (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ||
Revenues | $72 | $182 |
Income before taxes | 8 | 19 |
Gain on disposals | $229 |
Summary_of_Results_of_Operatio1
Summary of Results of Operations for Five Hotels Sold in Twenty Thirteen and Three Hotels Sold in Twenty Twelve which are Included in Discontinued Operations (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ||
Revenues | $104 | $264 |
Income before taxes | 22 | 24 |
Gain on disposals | $97 | $48 |
Net_Income_Loss_Attributable_t
Net Income (Loss) Attributable to Host Inc. (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $732 | $317 | $61 | ||||||||
HOST HOTELS & RESORTS, INC. | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Continuing operations, net of tax | 203 | -10 | |||||||||
Discontinued operations, net of tax | 114 | 71 | |||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $317 | $61 | $254 | $144 | $155 | $179 | $123 | $19 | $119 | $56 |
Net_Income_Loss_Attributable_t1
Net Income (Loss) Attributable to Host Hotels L.P. (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $732 | $317 | $61 | ||||||||||||||||
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||||||
Continuing operations, net of tax | 206 | -9 | |||||||||||||||||
Discontinued operations, net of tax | 115 | 71 | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $257 | [1] | $146 | [1] | $157 | [1] | $181 | [1] | $125 | [1] | $19 | [1] | $120 | [1] | $57 | [1] | $741 | $321 | $62 |
[1] | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 11, 2014 | Jan. 21, 2014 | 31-May-13 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 10, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | b2 Miami downtown hotel | Powell Hotel San Francisco California | Hyatt Place Waikiki Beach | Brazil Agreement To Develop | Brazil Agreement To Develop | Brazil Agreement To Develop | Brazil Agreement To Develop | New York Marriott Marquis Times Square | New York Marriott Marquis Times Square | |
Hotel | Hotel | USD ($) | USD ($) | USD ($) | USD ($) | BRL | Novotel | Ibis Rio De Janeiro Parque Olimpico | USD ($) | Ground lease | |
Room | Room | Room | Room | Room | USD ($) | ||||||
Business Acquisition [Line Items] | |||||||||||
Number of hotel acquired | 2 | 1 | |||||||||
Acquisition-related expenses | $2 | $1 | |||||||||
Number of rooms | 242 | 151 | 426 | 149 | 256 | ||||||
Acquisition purchase price | 58 | 75 | 138.5 | ||||||||
Pro forma, total revenues | 39 | 15 | |||||||||
Pro forma, net income | 7 | 2 | |||||||||
Development cost incurred to date | 65 | 139 | |||||||||
Asset acquisition | $19.90 | $25 |
Estimated_Fair_Value_of_Assets
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Business Combinations [Abstract] | ||
Property and equipment | $131 | $138 |
FF&E Reserves and other assets | 3 | 1 |
Total assets | 134 | 139 |
Other liabilities | -1 | |
Net assets acquired | $133 | $139 |
Summary_of_Unaudited_Consolida
Summary of Unaudited Consolidated Pro Forma Results of Operations (Detail) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenues | $5,362 | $5,189 |
Income from continuing operations | 751 | 214 |
Net income | 751 | 329 |
HOST HOTELS & RESORTS, INC. | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Net income attributable to Host Inc. | 736 | 321 |
Basic earnings per common share: | ||
Continuing operations | $0.97 | $0.27 |
Discontinued operations | $0.16 | |
Basic earnings per common share | $0.97 | $0.43 |
Diluted earnings per common share: | ||
Continuing operations | $0.97 | $0.28 |
Discontinued operations | $0.15 | |
Diluted earnings per common share | $0.97 | $0.43 |
HOST HOTELS & RESORTS L.P. | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Net income attributable to Host Inc. | $745 | $325 |
Basic earnings per common share: | ||
Continuing operations | $0.99 | $0.29 |
Discontinued operations | $0.15 | |
Basic earnings per common share | $0.99 | $0.44 |
Diluted earnings per common share: | ||
Continuing operations | $0.99 | $0.29 |
Discontinued operations | $0.15 | |
Diluted earnings per common share | $0.99 | $0.44 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Hotel | Hotel | Hotel | |
Contract | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Number of properties sold | 5 | 5 | 3 |
Impairment loss | $6 | $1 | |
Number of foreign currency forward contracts outstanding | 5 | ||
Fair Value, Measurements, Nonrecurring | Impaired Hotels | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Number of properties sold | 2 |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Foreign currency forward sale contracts | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a recurring basis, Assets | $13 | [1] | $3 | [1] |
Fair value measurements on a recurring basis, Liabilities | -6 | [1] | ||
Interest rate swap derivatives | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a recurring basis, Assets | 1 | [1] | ||
Fair value measurements on a recurring basis, Liabilities | -2 | [1] | -3 | [1] |
Impaired Hotel Properties Held And Used | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a non-recurring basis, Impaired hotel properties held and used | 9 | [2] | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign currency forward sale contracts | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a recurring basis, Assets | 13 | [1] | 3 | [1] |
Fair value measurements on a recurring basis, Liabilities | -6 | [1] | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swap derivatives | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a recurring basis, Assets | 1 | [1] | ||
Fair value measurements on a recurring basis, Liabilities | -2 | [1] | -3 | [1] |
Significant Other Observable Inputs (Level 2) | Impaired Hotel Properties Held And Used | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a non-recurring basis, Impaired hotel properties held and used | $18 | [2] | $9 | [2] |
[1] | (1) These derivative contracts have been designated as hedging instruments. | |||
[2] | (1) The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2014 and 2013, respectively. |
Interest_Rate_Swap_Derivatives
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Detail) | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
USD ($) | USD ($) | USD ($) | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | |||||
Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | ||||||||
Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Swap Entered In Connection With Seven Properties | Swap Entered In Connection With Seven Properties | ||||||||
AUD | USD ($) | New Zealand | New Zealand | ||||||||
NZD | USD ($) | ||||||||||
Derivative [Line Items] | |||||||||||
Transaction Date | Nov-11 | [1] | Feb-11 | [2] | |||||||
Notional Amount | 62 | [1] | 79 | [2] | |||||||
Maturity Date | 2016-11 | [1] | 2016-02 | [2] | |||||||
Swapped Index | Reuters BBSY | [1] | NZ$ Bank Bill | [2] | |||||||
All-in-Rate | 6.70% | [1] | 7.15% | [2] | |||||||
Change in fair value of derivative instruments | $19 | ($3) | ($7) | $1 | [1] | $2 | [2] | ||||
[1] | The swap was entered into in connection with the A$86 million ($71 million) mortgage loan on the Hilton Melbourne South Wharf. | ||||||||||
[2] | The swap was entered into in connection with the NZ$105 million ($82Â million) mortgage loan on seven properties in New Zealand. |
Interest_Rate_Swap_Derivatives1
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | New Zealand | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap |
Hotel | Hotel | New Zealand | New Zealand | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | ||
USD ($) | NZD | USD ($) | AUD | ||||
Hotel | |||||||
Derivative [Line Items] | |||||||
Mortgage debt | $404 | $709 | $82 | 105 | $71 | 86 | |
Hotels | 114 | 7 | 7 | 7 |
Foreign_Currency_Sale_Contract
Foreign Currency Sale Contracts (Detail) (Foreign Exchange Contract, European Joint Venture) | 12 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Foreign Currency Forward Sale Contract 1 | Foreign Currency Forward Sale Contract 1 | Foreign Currency Forward Sale Contract 1 | Foreign Currency Forward Sale Contract 2 | Foreign Currency Forward Sale Contract 2 | |
USD ($) | USD ($) | EUR (€) | USD ($) | CAD | |
Derivative [Line Items] | |||||
Transaction Date Range | July 2011-May 2014 | Nov-14 | |||
Total transaction amount | $135 | € 100 | $22 | 25 | |
Forward purchase date range | August 2015-May 2017 | Nov-16 | |||
Change in fair value gain (loss) | $18 | ($5) | $1 |
Draws_on_Credit_Facility_that_
Draws on Credit Facility that are Designated as Net Investments in International Operations (Detail) | 12 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |||
USD ($) | USD ($) | USD ($) | Canadian Dollars | Canadian Dollars | Canadian Dollars | Euros | Euros | Euros | ||||
USD ($) | USD ($) | CAD | USD ($) | USD ($) | EUR (€) | |||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ||||||||||||
Balance Outstanding | $704 | $946 | $27 | [1] | 31 | [1] | $93 | € 77 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | ($60) | ($18) | $20 | $2 | [1] | $2 | [1] | $13 | ($5) | |||
[1] | We have drawn an additional $65Â million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Draws_on_Credit_Facility_that_1
Draws on Credit Facility that are Designated as Net Investments in International Operations (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | USD ($) | USD ($) | Canadian Dollars | Canadian Dollars | Canadian Dollars | ||
USD ($) | CAD | Not Designated as Hedging Instrument | |||||
USD ($) | |||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||||
Credit facility | $704 | $946 | $27 | [1] | 31 | [1] | $65 |
[1] | We have drawn an additional $65Â million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Fair_Values_of_Certain_Financi
Fair Values of Certain Financial Assets and Liabilities and Other Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial liabilities | ||
Senior notes (Level 1) | $2,498 | $2,647 |
Exchangeable Senior Debentures (Level 1), carrying value | 386 | 371 |
Credit facility (Level 2), carrying value | 704 | 946 |
Mortgage debt and other, excluding capital leases (Level 2), carrying value | 4,007 | |
Mortgage debt and other, excluding capital leases | ||
Financial liabilities | ||
Mortgage debt and other, excluding capital leases (Level 2), carrying value | 403 | 793 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 2,668 | 2,766 |
Exchangeable Senior Debentures (Level 1), fair value | 739 | 603 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | 704 | 946 |
Mortgage debt and other, excluding capital leases (Level 2), fair value | $413 | $802 |
Hotel_Management_Agreements_an1
Hotel Management Agreements and Operating and License Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Contract | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5.00% |
Lower Limit | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Base management fee as percentage of annual gross revenues | 2.00% |
Management incentive fee as percentage of operating profit | 10.00% |
Number of renewal options | 1 |
Lower Limit | Contractual Rights | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Agreement initial term | 15 years |
Number of renewal options | 1 |
Upper Limit | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Base management fee as percentage of annual gross revenues | 3.00% |
Management incentive fee as percentage of operating profit | 20.00% |
Upper Limit | Contractual Rights | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Agreement initial term | 25 years |
Marriott | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Percentage of revenues | 56.00% |
Starwood | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Percentage of revenues | 25.00% |
Base fee percentage | 1.00% |
Starwood | Occupancy | Licensing Agreements | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Percentage sales paid for fees | 5.00% |
Starwood | Food and Beverage | Licensing Agreements | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Percentage sales paid for fees | 2.00% |
Hyatt | |
Long Term Contracts Or Programs Disclosure [Line Items] | |
Percentage of revenues | 12.00% |
Geographic_and_Business_Segmen2
Geographic and Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Entity | |
Country | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Foreign operations, number of countries | 6 |
Revenues_and_LongLived_Assets_
Revenues and Long-Lived Assets by Geographical Area (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Revenues | $5,354 | $5,166 | $5,059 |
Property and equipment, net | 10,575 | 10,995 | 11,588 |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,077 | 4,895 | 4,791 |
Property and equipment, net | 10,111 | 10,498 | 11,095 |
Australia | |||
Segment Reporting Information [Line Items] | |||
Revenues | 39 | 40 | 42 |
Property and equipment, net | 102 | 106 | 133 |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 36 | 30 | 33 |
Property and equipment, net | 82 | 76 | 39 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 87 | 97 | 95 |
Property and equipment, net | 82 | 89 | 97 |
Chile | |||
Segment Reporting Information [Line Items] | |||
Revenues | 32 | 34 | 37 |
Property and equipment, net | 44 | 54 | 63 |
Mexico | |||
Segment Reporting Information [Line Items] | |||
Revenues | 29 | 24 | 25 |
Property and equipment, net | 26 | 32 | 26 |
New Zealand | |||
Segment Reporting Information [Line Items] | |||
Revenues | 54 | 46 | 36 |
Property and equipment, net | $128 | $140 | $135 |
Guarantees_and_Contingencies_A
Guarantees and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2005 |
Hotel | Hotel | Hotel | Hotel | ||
Commitments And Contingencies Disclosure [Line Items] | |||||
Aggregate contingent liabilities relating to our former restaurant business | $13 | ||||
Hotel sold that are still contingently liable for ground lease | 5 | 5 | 3 | ||
Future minimum lease payments | 1,788 | ||||
Guarantor Obligations, Maximum Payment | 4 | ||||
Guarantor obligations, maximum exposure, undiscounted | 11 | ||||
Gain on disposals | 229 | ||||
Guarantee obligation amount | 8 | ||||
Atlanta Marriott Marquis | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Environmental liabilities | 5 | ||||
Ritz San Francisco | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Gain on disposals | 3 | ||||
Contingent Consideration Hotel | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Hotel sold that are still contingently liable for ground lease | 2 | ||||
Future minimum lease payments | $12 |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2010 | Dec. 31, 2014 | Oct. 17, 2014 | |
Loss Contingencies [Line Items] | ||||
Loss contingency accrual | $35,000,000 | |||
Estimate of possible losses | 57,000,000 | |||
Other Litigation Cases | ||||
Loss Contingencies [Line Items] | ||||
Maximum exposure of litigation | 150,000 | |||
Keystone | ||||
Loss Contingencies [Line Items] | ||||
Gain on litigation | 69,000,000 | |||
Escrow reserve | 25,000,000 | |||
Keystone | Breach of Contract | ||||
Loss Contingencies [Line Items] | ||||
Damages awarded | 34,300,000 | |||
Keystone | Slander | ||||
Loss Contingencies [Line Items] | ||||
Damages awarded | 39,000,000 | |||
Keystone | Exemplary Damages Award | ||||
Loss Contingencies [Line Items] | ||||
Damages awarded | $7,500,000 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Revenues | $5,354 | $5,166 | $5,059 | ||||||||||||||||
Operating profit | 710 | 512 | 362 | ||||||||||||||||
Income from continuing operations | 747 | 210 | -8 | ||||||||||||||||
Income from discontinued operations | 115 | 71 | |||||||||||||||||
NET INCOME | 747 | 325 | 63 | ||||||||||||||||
Net income (loss) attributable to Host Inc. | 732 | 317 | 61 | ||||||||||||||||
Basic earnings per common share/unit | |||||||||||||||||||
Continuing operations | $0.97 | $0.27 | ($0.01) | ||||||||||||||||
Discontinued operations | $0.16 | $0.09 | |||||||||||||||||
Basic earnings per common share | $0.97 | $0.43 | $0.08 | ||||||||||||||||
Diluted earnings per common share/unit | |||||||||||||||||||
Continuing operations | $0.96 | $0.27 | ($0.01) | ||||||||||||||||
Discontinued operations | $0.15 | $0.09 | |||||||||||||||||
Diluted earnings per common share | $0.96 | $0.42 | $0.08 | ||||||||||||||||
HOST HOTELS & RESORTS, INC. | |||||||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Revenues | 1,320 | 1,294 | 1,431 | 1,309 | 1,331 | 1,211 | 1,399 | 1,224 | |||||||||||
Operating profit | 149 | 202 | 225 | 134 | 138 | 79 | 205 | 90 | |||||||||||
Income from continuing operations | 258 | 145 | 159 | 185 | 59 | 2 | 116 | 34 | |||||||||||
Income from discontinued operations | 67 | 16 | 5 | 26 | |||||||||||||||
NET INCOME | 258 | 145 | 159 | 185 | 126 | 18 | 121 | 60 | |||||||||||
Net income (loss) attributable to Host Inc. | 254 | 144 | 155 | 179 | 123 | 19 | 119 | 56 | 317 | 61 | |||||||||
Basic earnings per common share/unit | |||||||||||||||||||
Continuing operations | $0.34 | $0.19 | $0.21 | $0.24 | $0.07 | $0.01 | $0.15 | $0.04 | |||||||||||
Discontinued operations | $0.09 | $0.02 | $0.01 | $0.04 | |||||||||||||||
Basic earnings per common share | $0.34 | $0.19 | $0.21 | $0.24 | $0.16 | $0.03 | $0.16 | $0.08 | |||||||||||
Diluted earnings per common share/unit | |||||||||||||||||||
Continuing operations | $0.33 | $0.19 | $0.21 | $0.24 | $0.07 | $0.01 | $0.15 | $0.04 | |||||||||||
Discontinued operations | $0.09 | $0.02 | $0.01 | $0.04 | |||||||||||||||
Diluted earnings per common share | $0.33 | $0.19 | $0.21 | $0.24 | $0.16 | $0.03 | $0.16 | $0.08 | |||||||||||
HOST HOTELS & RESORTS L.P. | |||||||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Revenues | 5,354 | 5,166 | 5,059 | ||||||||||||||||
Operating profit | 710 | 512 | 362 | ||||||||||||||||
Income from continuing operations | 747 | 210 | -8 | ||||||||||||||||
Income from discontinued operations | 115 | 71 | |||||||||||||||||
NET INCOME | 747 | 325 | 63 | ||||||||||||||||
Net income (loss) attributable to Host Inc. | $257 | [1] | $146 | [1] | $157 | [1] | $181 | [1] | $125 | [1] | $19 | [1] | $120 | [1] | $57 | [1] | $741 | $321 | $62 |
Basic earnings per common share/unit | |||||||||||||||||||
Continuing operations | $0.34 | [1] | $0.19 | [1] | $0.21 | [1] | $0.24 | [1] | $0.08 | [1] | $0.01 | [1] | $0.15 | [1] | $0.04 | [1] | $0.99 | $0.28 | ($0.01) |
Discontinued operations | $0.09 | [1] | $0.02 | [1] | $0.01 | [1] | $0.04 | [1] | $0.15 | $0.10 | |||||||||
Basic earnings per common share | $0.34 | [1] | $0.19 | [1] | $0.21 | [1] | $0.24 | [1] | $0.17 | [1] | $0.03 | [1] | $0.16 | [1] | $0.08 | [1] | $0.99 | $0.43 | $0.09 |
Diluted earnings per common share/unit | |||||||||||||||||||
Continuing operations | $0.34 | [1] | $0.19 | [1] | $0.21 | [1] | $0.24 | [1] | $0.08 | [1] | $0.01 | [1] | $0.15 | [1] | $0.04 | [1] | $0.99 | $0.28 | ($0.01) |
Discontinued operations | $0.09 | [1] | $0.02 | [1] | $0.01 | [1] | $0.04 | [1] | $0.15 | $0.10 | |||||||||
Diluted earnings per common share | $0.34 | [1] | $0.19 | [1] | $0.21 | [1] | $0.24 | [1] | $0.17 | [1] | $0.03 | [1] | $0.16 | [1] | $0.08 | [1] | $0.99 | $0.43 | $0.09 |
[1] | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | $4,007 | |||
Initial Costs, Land | 2,019 | |||
Initial Costs, Buildings & Improvements | 9,189 | |||
Subsequent Costs Capitalized | 4,188 | |||
Foreign Currency Adjustment | -70 | |||
Land | 1,990 | |||
Buildings & Improvements | 13,336 | |||
Total | 15,326 | 15,408 | 15,661 | 15,020 |
Accumulated Depreciation | 5,376 | 5,048 | 4,768 | 4,306 |
Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | 403 | 793 | ||
Atlanta Marriott Perimeter Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 15 | |||
Initial Costs, Buildings & Improvements | 7 | |||
Subsequent Costs Capitalized | 35 | |||
Land | 15 | |||
Buildings & Improvements | 42 | |||
Total | 57 | |||
Accumulated Depreciation | 28 | |||
Date Acquired | 1976 | |||
Depreciation Life | 40 years | |||
Atlanta Marriott Suites Midtown | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 26 | |||
Subsequent Costs Capitalized | 9 | |||
Buildings & Improvements | 35 | |||
Total | 35 | |||
Accumulated Depreciation | 18 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
Axiom Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 36 | |||
Initial Costs, Buildings & Improvements | 38 | |||
Land | 36 | |||
Buildings & Improvements | 38 | |||
Total | 74 | |||
Accumulated Depreciation | 1 | |||
Date Acquired | 2014 | |||
Depreciation Life | 33 years | |||
Boston Marriott Copley Place | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 203 | |||
Subsequent Costs Capitalized | 67 | |||
Buildings & Improvements | 270 | |||
Total | 270 | |||
Accumulated Depreciation | 108 | |||
Date Acquired | 2002 | |||
Depreciation Life | 40 years | |||
Calgary Marriott Downtown | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 5 | |||
Initial Costs, Buildings & Improvements | 18 | |||
Subsequent Costs Capitalized | 18 | |||
Land | 5 | |||
Buildings & Improvements | 36 | |||
Total | 41 | |||
Accumulated Depreciation | 21 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
Chicago Marriott O'Hare | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 4 | |||
Initial Costs, Buildings & Improvements | 26 | |||
Subsequent Costs Capitalized | 41 | |||
Land | 5 | |||
Buildings & Improvements | 66 | |||
Total | 71 | |||
Accumulated Depreciation | 40 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Chicago Marriott Suites Downers Grove | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 2 | |||
Initial Costs, Buildings & Improvements | 14 | |||
Subsequent Costs Capitalized | 7 | |||
Land | 2 | |||
Buildings & Improvements | 21 | |||
Total | 23 | |||
Accumulated Depreciation | 11 | |||
Date Acquired | 1989 | |||
Depreciation Life | 40 years | |||
Chicago Marriott Suites O'Hare | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 5 | |||
Initial Costs, Buildings & Improvements | 36 | |||
Subsequent Costs Capitalized | 9 | |||
Land | 5 | |||
Buildings & Improvements | 45 | |||
Total | 50 | |||
Accumulated Depreciation | 21 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
Coronado Island Marriott Resort & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 53 | |||
Subsequent Costs Capitalized | 27 | |||
Buildings & Improvements | 80 | |||
Total | 80 | |||
Accumulated Depreciation | 43 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
Costa Mesa Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 3 | |||
Initial Costs, Buildings & Improvements | 18 | |||
Subsequent Costs Capitalized | 7 | |||
Land | 3 | |||
Buildings & Improvements | 25 | |||
Total | 28 | |||
Accumulated Depreciation | 14 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
Courtyard Chicago Downtown/River North | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 7 | |||
Initial Costs, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized | 14 | |||
Land | 7 | |||
Buildings & Improvements | 41 | |||
Total | 48 | |||
Accumulated Depreciation | 24 | |||
Date Acquired | 1992 | |||
Depreciation Life | 40 years | |||
Delta Meadowvale Hotel & Conference Centre | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 4 | |||
Initial Costs, Buildings & Improvements | 20 | |||
Subsequent Costs Capitalized | 28 | |||
Land | 4 | |||
Buildings & Improvements | 48 | |||
Total | 52 | |||
Accumulated Depreciation | 29 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
Denver Marriott Tech Center Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 6 | |||
Initial Costs, Buildings & Improvements | 26 | |||
Subsequent Costs Capitalized | 29 | |||
Land | 6 | |||
Buildings & Improvements | 55 | |||
Total | 61 | |||
Accumulated Depreciation | 32 | |||
Date Acquired | 1994 | |||
Depreciation Life | 40 years | |||
Denver Marriott West | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 12 | |||
Subsequent Costs Capitalized | 13 | |||
Buildings & Improvements | 25 | |||
Total | 25 | |||
Accumulated Depreciation | 18 | |||
Date Acquired | 1983 | |||
Depreciation Life | 40 years | |||
Embassy Suites Chicago-Downtown/Lakefront | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 86 | |||
Subsequent Costs Capitalized | 8 | |||
Buildings & Improvements | 94 | |||
Total | 94 | |||
Accumulated Depreciation | 27 | |||
Date Acquired | 2004 | |||
Depreciation Life | 40 years | |||
Four Seasons Hotel Philadelphia | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 26 | |||
Initial Costs, Buildings & Improvements | 60 | |||
Subsequent Costs Capitalized | 21 | |||
Land | 27 | |||
Buildings & Improvements | 80 | |||
Total | 107 | |||
Accumulated Depreciation | 39 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Gaithersburg Marriott Washingtonian Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 7 | |||
Initial Costs, Buildings & Improvements | 22 | |||
Subsequent Costs Capitalized | 12 | |||
Land | 7 | |||
Buildings & Improvements | 34 | |||
Total | 41 | |||
Accumulated Depreciation | 18 | |||
Date Acquired | 1993 | |||
Depreciation Life | 40 years | |||
Grand Hyatt Atlanta in Buckhead | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 8 | |||
Initial Costs, Buildings & Improvements | 88 | |||
Subsequent Costs Capitalized | 27 | |||
Land | 8 | |||
Buildings & Improvements | 115 | |||
Total | 123 | |||
Accumulated Depreciation | 50 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Grand Hyatt Washington | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 154 | |||
Initial Costs, Buildings & Improvements | 247 | |||
Subsequent Costs Capitalized | 14 | |||
Land | 154 | |||
Buildings & Improvements | 261 | |||
Total | 415 | |||
Accumulated Depreciation | 24 | |||
Date Acquired | 2012 | |||
Depreciation Life | 33 years | |||
Harbor Beach Marriott Resort & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 62 | |||
Subsequent Costs Capitalized | 104 | |||
Buildings & Improvements | 166 | |||
Total | 166 | |||
Accumulated Depreciation | 93 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
Harbor Beach Marriott Resort & Spa | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | 150 | |||
Hilton Melbourne South Wharf | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 136 | |||
Subsequent Costs Capitalized | 10 | |||
Foreign Currency Adjustment | -37 | |||
Buildings & Improvements | 109 | |||
Total | 109 | |||
Accumulated Depreciation | 14 | |||
Date Acquired | 2011 | |||
Depreciation Life | 31 years | |||
Hilton Melbourne South Wharf | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | 71 | |||
Hilton Singer Island Oceanfront Resort | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 2 | |||
Initial Costs, Buildings & Improvements | 10 | |||
Subsequent Costs Capitalized | 21 | |||
Land | 2 | |||
Buildings & Improvements | 31 | |||
Total | 33 | |||
Accumulated Depreciation | 18 | |||
Date Acquired | 1986 | |||
Depreciation Life | 40 years | |||
Houston Airport Marriott at George Bush Intercontinental | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 10 | |||
Subsequent Costs Capitalized | 41 | |||
Buildings & Improvements | 51 | |||
Total | 51 | |||
Accumulated Depreciation | 44 | |||
Date Acquired | 1984 | |||
Depreciation Life | 40 years | |||
Houston Marriott at the Texas Medical Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 19 | |||
Subsequent Costs Capitalized | 20 | |||
Buildings & Improvements | 39 | |||
Total | 39 | |||
Accumulated Depreciation | 26 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Hyatt Place Waikiki Beach | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 12 | |||
Initial Costs, Buildings & Improvements | 120 | |||
Land | 12 | |||
Buildings & Improvements | 120 | |||
Total | 132 | |||
Accumulated Depreciation | 7 | |||
Date Acquired | 2013 | |||
Depreciation Life | 34 years | |||
Hyatt Regency Cambridge, Overlooking Boston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 18 | |||
Initial Costs, Buildings & Improvements | 84 | |||
Subsequent Costs Capitalized | 6 | |||
Land | 19 | |||
Buildings & Improvements | 89 | |||
Total | 108 | |||
Accumulated Depreciation | 47 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Maui Resort & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 92 | |||
Initial Costs, Buildings & Improvements | 212 | |||
Subsequent Costs Capitalized | 36 | |||
Land | 81 | |||
Buildings & Improvements | 259 | |||
Total | 340 | |||
Accumulated Depreciation | 84 | |||
Date Acquired | 2003 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Reston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 11 | |||
Initial Costs, Buildings & Improvements | 78 | |||
Subsequent Costs Capitalized | 26 | |||
Land | 12 | |||
Buildings & Improvements | 103 | |||
Total | 115 | |||
Accumulated Depreciation | 45 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Reston | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | 100 | |||
Hyatt Regency San Francisco Airport | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 16 | |||
Initial Costs, Buildings & Improvements | 119 | |||
Subsequent Costs Capitalized | 54 | |||
Land | 20 | |||
Buildings & Improvements | 169 | |||
Total | 189 | |||
Accumulated Depreciation | 75 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Washington on Capitol Hill | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 40 | |||
Initial Costs, Buildings & Improvements | 230 | |||
Subsequent Costs Capitalized | 40 | |||
Land | 40 | |||
Buildings & Improvements | 270 | |||
Total | 310 | |||
Accumulated Depreciation | 71 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
JW Marriott Atlanta Buckhead | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 16 | |||
Initial Costs, Buildings & Improvements | 21 | |||
Subsequent Costs Capitalized | 25 | |||
Land | 16 | |||
Buildings & Improvements | 46 | |||
Total | 62 | |||
Accumulated Depreciation | 30 | |||
Date Acquired | 1990 | |||
Depreciation Life | 40 years | |||
JW Marriott Desert Springs Resort & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 13 | |||
Initial Costs, Buildings & Improvements | 143 | |||
Subsequent Costs Capitalized | 138 | |||
Land | 13 | |||
Buildings & Improvements | 281 | |||
Total | 294 | |||
Accumulated Depreciation | 134 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
JW Marriott Hotel Rio de Janeiro | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 13 | |||
Initial Costs, Buildings & Improvements | 29 | |||
Subsequent Costs Capitalized | 3 | |||
Foreign Currency Adjustment | -16 | |||
Land | 8 | |||
Buildings & Improvements | 21 | |||
Total | 29 | |||
Accumulated Depreciation | 3 | |||
Date Acquired | 2010 | |||
Depreciation Life | 40 years | |||
JW Marriott Houston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 4 | |||
Initial Costs, Buildings & Improvements | 26 | |||
Subsequent Costs Capitalized | 29 | |||
Land | 6 | |||
Buildings & Improvements | 53 | |||
Total | 59 | |||
Accumulated Depreciation | 31 | |||
Date Acquired | 1994 | |||
Depreciation Life | 40 years | |||
JW Marriott Mexico City | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 11 | |||
Initial Costs, Buildings & Improvements | 35 | |||
Subsequent Costs Capitalized | 18 | |||
Land | 10 | |||
Buildings & Improvements | 54 | |||
Total | 64 | |||
Accumulated Depreciation | 41 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
JW Marriott, Washington D.C. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 26 | |||
Initial Costs, Buildings & Improvements | 98 | |||
Subsequent Costs Capitalized | 44 | |||
Land | 26 | |||
Buildings & Improvements | 142 | |||
Total | 168 | |||
Accumulated Depreciation | 70 | |||
Date Acquired | 2003 | |||
Depreciation Life | 40 years | |||
Kansas City Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 8 | |||
Subsequent Costs Capitalized | 25 | |||
Buildings & Improvements | 33 | |||
Total | 33 | |||
Accumulated Depreciation | 30 | |||
Date Acquired | 1993 | |||
Depreciation Life | 40 years | |||
Key Bridge Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 38 | |||
Subsequent Costs Capitalized | 31 | |||
Buildings & Improvements | 69 | |||
Total | 69 | |||
Accumulated Depreciation | 64 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
Manchester Grand Hyatt, San Diego | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 548 | |||
Subsequent Costs Capitalized | 37 | |||
Buildings & Improvements | 585 | |||
Total | 585 | |||
Accumulated Depreciation | 76 | |||
Date Acquired | 2011 | |||
Depreciation Life | 35 years | |||
Manhattan Beach Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 29 | |||
Subsequent Costs Capitalized | 28 | |||
Buildings & Improvements | 57 | |||
Total | 57 | |||
Accumulated Depreciation | 31 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
Marina del Rey Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 13 | |||
Subsequent Costs Capitalized | 28 | |||
Buildings & Improvements | 41 | |||
Total | 41 | |||
Accumulated Depreciation | 21 | |||
Date Acquired | 1995 | |||
Depreciation Life | 40 years | |||
Marriott Marquis San Diego Marina | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 202 | |||
Subsequent Costs Capitalized | 282 | |||
Buildings & Improvements | 484 | |||
Total | 484 | |||
Accumulated Depreciation | 219 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
Miami Marriott Biscayne Bay | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized | 32 | |||
Buildings & Improvements | 59 | |||
Total | 59 | |||
Accumulated Depreciation | 38 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Minneapolis Marriott City Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized | 42 | |||
Buildings & Improvements | 69 | |||
Total | 69 | |||
Accumulated Depreciation | 52 | |||
Date Acquired | 1986 | |||
Depreciation Life | 40 years | |||
New Orleans Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 16 | |||
Initial Costs, Buildings & Improvements | 96 | |||
Subsequent Costs Capitalized | 116 | |||
Land | 16 | |||
Buildings & Improvements | 212 | |||
Total | 228 | |||
Accumulated Depreciation | 128 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
New York Marriott Downtown | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 19 | |||
Initial Costs, Buildings & Improvements | 79 | |||
Subsequent Costs Capitalized | 43 | |||
Land | 19 | |||
Buildings & Improvements | 122 | |||
Total | 141 | |||
Accumulated Depreciation | 65 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
New York Marriott Marquis | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 49 | |||
Initial Costs, Buildings & Improvements | 552 | |||
Subsequent Costs Capitalized | 189 | |||
Land | 49 | |||
Buildings & Improvements | 741 | |||
Total | 790 | |||
Accumulated Depreciation | 518 | |||
Date Acquired | 1986 | |||
Depreciation Life | 40 years | |||
New Zealand Hotel Portfolio | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 34 | |||
Initial Costs, Buildings & Improvements | 105 | |||
Subsequent Costs Capitalized | -3 | |||
Foreign Currency Adjustment | 4 | |||
Land | 32 | |||
Buildings & Improvements | 108 | |||
Total | 140 | |||
Accumulated Depreciation | 15 | |||
Date Acquired | 2011 | |||
Depreciation Life | 35 years | |||
New Zealand Hotel Portfolio | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | 82 | |||
Newark Liberty International Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 30 | |||
Subsequent Costs Capitalized | 34 | |||
Buildings & Improvements | 64 | |||
Total | 64 | |||
Accumulated Depreciation | 34 | |||
Date Acquired | 1984 | |||
Depreciation Life | 40 years | |||
Newport Beach Marriott Bayview | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 6 | |||
Initial Costs, Buildings & Improvements | 14 | |||
Subsequent Costs Capitalized | 9 | |||
Land | 6 | |||
Buildings & Improvements | 23 | |||
Total | 29 | |||
Accumulated Depreciation | 14 | |||
Date Acquired | 1975 | |||
Depreciation Life | 40 years | |||
Newport Beach Marriott Hotel & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 11 | |||
Initial Costs, Buildings & Improvements | 13 | |||
Subsequent Costs Capitalized | 115 | |||
Land | 8 | |||
Buildings & Improvements | 131 | |||
Total | 139 | |||
Accumulated Depreciation | 77 | |||
Date Acquired | 1975 | |||
Depreciation Life | 40 years | |||
Orlando World Center Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 18 | |||
Initial Costs, Buildings & Improvements | 157 | |||
Subsequent Costs Capitalized | 368 | |||
Land | 29 | |||
Buildings & Improvements | 514 | |||
Total | 543 | |||
Accumulated Depreciation | 226 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
Park Ridge Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 20 | |||
Subsequent Costs Capitalized | 15 | |||
Buildings & Improvements | 35 | |||
Total | 35 | |||
Accumulated Depreciation | 17 | |||
Date Acquired | 1987 | |||
Depreciation Life | 40 years | |||
Philadelphia Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 42 | |||
Subsequent Costs Capitalized | 17 | |||
Buildings & Improvements | 59 | |||
Total | 59 | |||
Accumulated Depreciation | 28 | |||
Date Acquired | 1995 | |||
Depreciation Life | 40 years | |||
Residence Inn Arlington Pentagon City | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 6 | |||
Initial Costs, Buildings & Improvements | 29 | |||
Subsequent Costs Capitalized | 11 | |||
Land | 6 | |||
Buildings & Improvements | 40 | |||
Total | 46 | |||
Accumulated Depreciation | 20 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
Rio De Janeiro Parque Olympico Hotels | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 21 | |||
Initial Costs, Buildings & Improvements | 38 | |||
Foreign Currency Adjustment | -11 | |||
Land | 16 | |||
Buildings & Improvements | 32 | |||
Total | 48 | |||
Date of Completion of Construction | 2014 | |||
Depreciation Life | 35 years | |||
San Antonio Marriott Rivercenter | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 86 | |||
Subsequent Costs Capitalized | 83 | |||
Buildings & Improvements | 169 | |||
Total | 169 | |||
Accumulated Depreciation | 84 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
San Antonio Marriott Riverwalk | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 45 | |||
Subsequent Costs Capitalized | 23 | |||
Buildings & Improvements | 68 | |||
Total | 68 | |||
Accumulated Depreciation | 35 | |||
Date Acquired | 1995 | |||
Depreciation Life | 40 years | |||
San Cristobal Tower Santiago | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 7 | |||
Initial Costs, Buildings & Improvements | 15 | |||
Subsequent Costs Capitalized | 2 | |||
Foreign Currency Adjustment | -4 | |||
Land | 5 | |||
Buildings & Improvements | 15 | |||
Total | 20 | |||
Accumulated Depreciation | 4 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
San Diego Marriott Mission Valley | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 4 | |||
Initial Costs, Buildings & Improvements | 23 | |||
Subsequent Costs Capitalized | 16 | |||
Land | 4 | |||
Buildings & Improvements | 39 | |||
Total | 43 | |||
Accumulated Depreciation | 21 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
San Francisco Marriott Fisherman Wharf | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 6 | |||
Initial Costs, Buildings & Improvements | 20 | |||
Subsequent Costs Capitalized | 20 | |||
Land | 6 | |||
Buildings & Improvements | 40 | |||
Total | 46 | |||
Accumulated Depreciation | 25 | |||
Date Acquired | 1994 | |||
Depreciation Life | 40 years | |||
San Francisco Marriott Marquis | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 278 | |||
Subsequent Costs Capitalized | 111 | |||
Buildings & Improvements | 389 | |||
Total | 389 | |||
Accumulated Depreciation | 234 | |||
Date Acquired | 1989 | |||
Depreciation Life | 40 years | |||
San Ramon Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 22 | |||
Subsequent Costs Capitalized | 22 | |||
Buildings & Improvements | 44 | |||
Total | 44 | |||
Accumulated Depreciation | 22 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
Santa Clara Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 39 | |||
Subsequent Costs Capitalized | 56 | |||
Buildings & Improvements | 95 | |||
Total | 95 | |||
Accumulated Depreciation | 78 | |||
Date Acquired | 1989 | |||
Depreciation Life | 40 years | |||
Scottsdale Marriott at McDowell Mountains | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 8 | |||
Initial Costs, Buildings & Improvements | 48 | |||
Subsequent Costs Capitalized | 7 | |||
Land | 8 | |||
Buildings & Improvements | 55 | |||
Total | 63 | |||
Accumulated Depreciation | 15 | |||
Date Acquired | 2004 | |||
Depreciation Life | 40 years | |||
Scottsdale Marriott Suites Old Town | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 3 | |||
Initial Costs, Buildings & Improvements | 20 | |||
Subsequent Costs Capitalized | 10 | |||
Land | 3 | |||
Buildings & Improvements | 30 | |||
Total | 33 | |||
Accumulated Depreciation | 16 | |||
Date Acquired | 1988 | |||
Depreciation Life | 40 years | |||
Seattle Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 3 | |||
Initial Costs, Buildings & Improvements | 42 | |||
Subsequent Costs Capitalized | 20 | |||
Land | 3 | |||
Buildings & Improvements | 62 | |||
Total | 65 | |||
Accumulated Depreciation | 42 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Sheraton Boston Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 42 | |||
Initial Costs, Buildings & Improvements | 262 | |||
Subsequent Costs Capitalized | 67 | |||
Land | 42 | |||
Buildings & Improvements | 329 | |||
Total | 371 | |||
Accumulated Depreciation | 84 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Sheraton Indianapolis Hotel At Keystone Crossing | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 3 | |||
Initial Costs, Buildings & Improvements | 51 | |||
Subsequent Costs Capitalized | 28 | |||
Land | 3 | |||
Buildings & Improvements | 79 | |||
Total | 82 | |||
Accumulated Depreciation | 21 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Sheraton Memphis Downtown Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 16 | |||
Subsequent Costs Capitalized | 48 | |||
Buildings & Improvements | 64 | |||
Total | 64 | |||
Accumulated Depreciation | 28 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Sheraton Needham Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 5 | |||
Initial Costs, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized | 13 | |||
Land | 5 | |||
Buildings & Improvements | 40 | |||
Total | 45 | |||
Accumulated Depreciation | 11 | |||
Date Acquired | 1986 | |||
Depreciation Life | 40 years | |||
Sheraton New York Times Square Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 346 | |||
Initial Costs, Buildings & Improvements | 409 | |||
Subsequent Costs Capitalized | 194 | |||
Land | 346 | |||
Buildings & Improvements | 603 | |||
Total | 949 | |||
Accumulated Depreciation | 158 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Sheraton Parsippany Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 8 | |||
Initial Costs, Buildings & Improvements | 30 | |||
Subsequent Costs Capitalized | 19 | |||
Land | 8 | |||
Buildings & Improvements | 49 | |||
Total | 57 | |||
Accumulated Depreciation | 15 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Sheraton San Diego Hotel Marina | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 328 | |||
Subsequent Costs Capitalized | 33 | |||
Buildings & Improvements | 361 | |||
Total | 361 | |||
Accumulated Depreciation | 87 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Sheraton Santiago Hotel Convention Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 19 | |||
Initial Costs, Buildings & Improvements | 11 | |||
Subsequent Costs Capitalized | 9 | |||
Foreign Currency Adjustment | -6 | |||
Land | 16 | |||
Buildings & Improvements | 17 | |||
Total | 33 | |||
Accumulated Depreciation | 8 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Swissotel Chicago | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 29 | |||
Initial Costs, Buildings & Improvements | 132 | |||
Subsequent Costs Capitalized | 83 | |||
Land | 30 | |||
Buildings & Improvements | 214 | |||
Total | 244 | |||
Accumulated Depreciation | 80 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Tampa Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 9 | |||
Subsequent Costs Capitalized | 24 | |||
Buildings & Improvements | 33 | |||
Total | 33 | |||
Accumulated Depreciation | 26 | |||
Date Acquired | 2000 | |||
Depreciation Life | 40 years | |||
The Fairmont Kea Lani Maui | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 55 | |||
Initial Costs, Buildings & Improvements | 294 | |||
Subsequent Costs Capitalized | 53 | |||
Land | 55 | |||
Buildings & Improvements | 347 | |||
Total | 402 | |||
Accumulated Depreciation | 97 | |||
Date Acquired | 2003 | |||
Depreciation Life | 40 years | |||
The Ritz Carlton Amelia Island | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 25 | |||
Initial Costs, Buildings & Improvements | 115 | |||
Subsequent Costs Capitalized | 71 | |||
Land | 25 | |||
Buildings & Improvements | 186 | |||
Total | 211 | |||
Accumulated Depreciation | 83 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
The Ritz Carlton Buckhead | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 14 | |||
Initial Costs, Buildings & Improvements | 81 | |||
Subsequent Costs Capitalized | 63 | |||
Land | 15 | |||
Buildings & Improvements | 143 | |||
Total | 158 | |||
Accumulated Depreciation | 78 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
The Ritz Carlton Marina Del Rey | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 52 | |||
Subsequent Costs Capitalized | 28 | |||
Buildings & Improvements | 80 | |||
Total | 80 | |||
Accumulated Depreciation | 44 | |||
Date Acquired | 1997 | |||
Depreciation Life | 40 years | |||
Ritz Carlton Naples | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 19 | |||
Initial Costs, Buildings & Improvements | 126 | |||
Subsequent Costs Capitalized | 132 | |||
Land | 21 | |||
Buildings & Improvements | 256 | |||
Total | 277 | |||
Accumulated Depreciation | 134 | |||
Date Acquired | 1996 | |||
Depreciation Life | 40 years | |||
Ritz Carlton Naples Golf Resort | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 22 | |||
Initial Costs, Buildings & Improvements | 10 | |||
Subsequent Costs Capitalized | 67 | |||
Land | 22 | |||
Buildings & Improvements | 77 | |||
Total | 99 | |||
Accumulated Depreciation | 25 | |||
Date of Completion of Construction | 2002 | |||
Depreciation Life | 40 years | |||
Ritz Carlton Phoenix | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 10 | |||
Initial Costs, Buildings & Improvements | 63 | |||
Subsequent Costs Capitalized | 8 | |||
Land | 10 | |||
Buildings & Improvements | 71 | |||
Total | 81 | |||
Accumulated Depreciation | 33 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Ritz Carlton Tysons Corner | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 89 | |||
Subsequent Costs Capitalized | 22 | |||
Buildings & Improvements | 111 | |||
Total | 111 | |||
Accumulated Depreciation | 51 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
St Regis Houston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 6 | |||
Initial Costs, Buildings & Improvements | 33 | |||
Subsequent Costs Capitalized | 20 | |||
Land | 6 | |||
Buildings & Improvements | 53 | |||
Total | 59 | |||
Accumulated Depreciation | 18 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
The Westin Buckhead Atlanta | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 5 | |||
Initial Costs, Buildings & Improvements | 84 | |||
Subsequent Costs Capitalized | 30 | |||
Land | 6 | |||
Buildings & Improvements | 113 | |||
Total | 119 | |||
Accumulated Depreciation | 48 | |||
Date Acquired | 1998 | |||
Depreciation Life | 40 years | |||
Westin Chicago River North | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 33 | |||
Initial Costs, Buildings & Improvements | 116 | |||
Subsequent Costs Capitalized | 3 | |||
Land | 33 | |||
Buildings & Improvements | 119 | |||
Total | 152 | |||
Accumulated Depreciation | 13 | |||
Date Acquired | 2010 | |||
Depreciation Life | 40 years | |||
Westin Cincinnati | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 54 | |||
Subsequent Costs Capitalized | 13 | |||
Buildings & Improvements | 67 | |||
Total | 67 | |||
Accumulated Depreciation | 20 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
The Westin Denver Downtown | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 89 | |||
Subsequent Costs Capitalized | 13 | |||
Buildings & Improvements | 102 | |||
Total | 102 | |||
Accumulated Depreciation | 26 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Westin Georgetown Washington D C | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 16 | |||
Initial Costs, Buildings & Improvements | 80 | |||
Subsequent Costs Capitalized | 14 | |||
Land | 16 | |||
Buildings & Improvements | 94 | |||
Total | 110 | |||
Accumulated Depreciation | 26 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Westin Indianapolis | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 12 | |||
Initial Costs, Buildings & Improvements | 100 | |||
Subsequent Costs Capitalized | 15 | |||
Land | 12 | |||
Buildings & Improvements | 115 | |||
Total | 127 | |||
Accumulated Depreciation | 28 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Westin Kierland Resort Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 100 | |||
Initial Costs, Buildings & Improvements | 280 | |||
Subsequent Costs Capitalized | 22 | |||
Land | 100 | |||
Buildings & Improvements | 302 | |||
Total | 402 | |||
Accumulated Depreciation | 66 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Westin Los Angeles Airport | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 102 | |||
Subsequent Costs Capitalized | 17 | |||
Buildings & Improvements | 119 | |||
Total | 119 | |||
Accumulated Depreciation | 31 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Westin Mission Hills Resort Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 40 | |||
Initial Costs, Buildings & Improvements | 47 | |||
Subsequent Costs Capitalized | -41 | |||
Land | 13 | |||
Buildings & Improvements | 33 | |||
Total | 46 | |||
Accumulated Depreciation | 18 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Westin New York Grand Central | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 156 | |||
Initial Costs, Buildings & Improvements | 152 | |||
Subsequent Costs Capitalized | 77 | |||
Land | 156 | |||
Buildings & Improvements | 229 | |||
Total | 385 | |||
Accumulated Depreciation | 48 | |||
Date Acquired | 2011 | |||
Depreciation Life | 40 years | |||
Westin Seattle | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 39 | |||
Initial Costs, Buildings & Improvements | 175 | |||
Subsequent Costs Capitalized | 23 | |||
Land | 39 | |||
Buildings & Improvements | 198 | |||
Total | 237 | |||
Accumulated Depreciation | 46 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Westin South Coast Plaza Costa Mesa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 46 | |||
Subsequent Costs Capitalized | 13 | |||
Buildings & Improvements | 59 | |||
Total | 59 | |||
Accumulated Depreciation | 28 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Westin Waltham Boston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 9 | |||
Initial Costs, Buildings & Improvements | 59 | |||
Subsequent Costs Capitalized | 16 | |||
Land | 9 | |||
Buildings & Improvements | 75 | |||
Total | 84 | |||
Accumulated Depreciation | 19 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Toronto Marriott Downtown Eaton Centre Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized | 20 | |||
Buildings & Improvements | 47 | |||
Total | 47 | |||
Accumulated Depreciation | 27 | |||
Date Acquired | 1995 | |||
Depreciation Life | 40 years | |||
W New York | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 138 | |||
Initial Costs, Buildings & Improvements | 102 | |||
Subsequent Costs Capitalized | 69 | |||
Land | 138 | |||
Buildings & Improvements | 171 | |||
Total | 309 | |||
Accumulated Depreciation | 52 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
W New York Union Square | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 48 | |||
Initial Costs, Buildings & Improvements | 145 | |||
Subsequent Costs Capitalized | 8 | |||
Land | 48 | |||
Buildings & Improvements | 153 | |||
Total | 201 | |||
Accumulated Depreciation | 18 | |||
Date Acquired | 2010 | |||
Depreciation Life | 40 years | |||
W Seattle | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 11 | |||
Initial Costs, Buildings & Improvements | 125 | |||
Subsequent Costs Capitalized | 5 | |||
Land | 11 | |||
Buildings & Improvements | 130 | |||
Total | 141 | |||
Accumulated Depreciation | 29 | |||
Date Acquired | 2006 | |||
Depreciation Life | 40 years | |||
Washington Dulles Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 3 | |||
Subsequent Costs Capitalized | 39 | |||
Buildings & Improvements | 42 | |||
Total | 42 | |||
Accumulated Depreciation | 34 | |||
Date Acquired | 1970 | |||
Depreciation Life | 40 years | |||
Washington Marriott At Metro Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 20 | |||
Initial Costs, Buildings & Improvements | 24 | |||
Subsequent Costs Capitalized | 26 | |||
Land | 20 | |||
Buildings & Improvements | 50 | |||
Total | 70 | |||
Accumulated Depreciation | 29 | |||
Date Acquired | 1994 | |||
Depreciation Life | 40 years | |||
Westfields Marriott Washington Dulles | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 7 | |||
Initial Costs, Buildings & Improvements | 32 | |||
Subsequent Costs Capitalized | 17 | |||
Land | 7 | |||
Buildings & Improvements | 49 | |||
Total | 56 | |||
Accumulated Depreciation | 28 | |||
Date Acquired | 1994 | |||
Depreciation Life | 40 years | |||
Yve Hotel Miami | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 15 | |||
Initial Costs, Buildings & Improvements | 41 | |||
Land | 15 | |||
Buildings & Improvements | 41 | |||
Total | 56 | |||
Accumulated Depreciation | 1 | |||
Date Acquired | 2014 | |||
Depreciation Life | 33 years | |||
Total Hotels | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 2,019 | |||
Initial Costs, Buildings & Improvements | 9,185 | |||
Subsequent Costs Capitalized | 4,171 | |||
Foreign Currency Adjustment | -70 | |||
Land | 1,986 | |||
Buildings & Improvements | 13,319 | |||
Total | 15,305 | |||
Accumulated Depreciation | 5,364 | |||
Total Hotels | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | 403 | |||
Other Properties | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 4 | |||
Subsequent Costs Capitalized | 17 | |||
Land | 4 | |||
Buildings & Improvements | 17 | |||
Total | 21 | |||
Accumulated Depreciation | $12 | |||
Date Acquired | various | |||
Depreciation Life | 40 years |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Real Estate And Accumulated Depreciation [Line Items] | |
Cost of real estate for federal income tax purposes | 10,390 |
Upper Limit | |
Real Estate And Accumulated Depreciation [Line Items] | |
Other properties, percentage | 5.00% |
Reconciliation_of_Carrying_Amo
Reconciliation of Carrying Amounts of Real Estate Investments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Beginning Balance | $15,408 | $15,661 | $15,020 |
Additions: | |||
Acquisitions | 137 | 184 | 427 |
Capital expenditures and transfers from construction-in-progress | 288 | 353 | 443 |
Deductions: | |||
Dispositions and other | -501 | -789 | -172 |
Impairments | -6 | -1 | -57 |
Ending Balance | $15,326 | $15,408 | $15,661 |
Change_in_Accumulated_Deprecia
Change in Accumulated Depreciation and Amortization of Real Estate Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate And Accumulated Depreciation Other Required Disclosures [Abstract] | |||
Beginning Balance | $5,048 | $4,768 | $4,306 |
Depreciation and amortization | 547 | 550 | 537 |
Dispositions and other | -219 | -270 | -75 |
Ending Balance | $5,376 | $5,048 | $4,768 |