Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'HST | ' | ' |
Entity Registrant Name | 'HOST HOTELS & RESORTS, INC. | ' | ' |
Entity Central Index Key | '0001070750 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
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 | ' | 756,740,181 | ' |
Entity Public Float | ' | ' | $12,310,903,149 |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ' |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'HOST HOTELS & RESORTS L.P. | ' | ' |
Entity Central Index Key | '0001061937 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
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 | ' | 750,325,094 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Property and equipment, net | $10,995 | $11,588 | ||
Due from managers | 52 | 80 | ||
Advances to and investments in affiliates | 415 | 347 | ||
Deferred financing costs, net | 42 | 53 | ||
Furniture, fixtures and equipment replacement fund | 173 | 154 | ||
Other | 244 | 319 | ||
Restricted cash | 32 | 36 | ||
Cash and cash equivalents | 861 | 417 | ||
Total assets | 12,814 | 12,994 | ||
Debt | ' | ' | ||
Senior notes, including $371 million and $531 million, respectively, net of discount, of Exchangeable Senior Debentures | 3,018 | 3,569 | ||
Credit facility | 946 | 763 | ||
Mortgage debt | 709 | 993 | ||
Other | 86 | 86 | ||
Total debt | 4,759 | 5,411 | ||
Accounts payable and accrued expenses | 214 | 194 | ||
Other | 389 | 372 | ||
Total liabilities | 5,362 | 5,977 | ||
Non-controlling interests - Host Hotels & Resorts, L.P. | 190 | 158 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ' | ' | ||
Common stock, par value $.01, 1,050 million shares authorized; 754.8 million and 724.6 million shares issued and outstanding, respectively | 8 | 7 | ||
Additional paid-in capital | 8,492 | 8,040 | ||
Accumulated other comprehensive income (loss) | -9 | 12 | ||
Deficit | -1,263 | -1,234 | ||
Total equity of Host Hotels & Resorts, Inc. stockholders | 7,228 | 6,825 | ||
Non-controlling interests—other consolidated partnerships | 34 | 34 | ||
Total equity | 7,262 | 6,859 | ||
Total liabilities, non-controlling interests and equity | 12,814 | 12,994 | ||
Host Hotels & Resorts, L.P. capital: | ' | ' | ||
Accumulated other comprehensive income (loss) | -9 | 12 | ||
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ||
ASSETS | ' | ' | ||
Property and equipment, net | 10,995 | 11,588 | ||
Due from managers | 52 | 80 | ||
Advances to and investments in affiliates | 415 | 347 | ||
Deferred financing costs, net | 42 | 53 | ||
Furniture, fixtures and equipment replacement fund | 173 | 154 | ||
Other | 244 | 319 | ||
Restricted cash | 32 | 36 | ||
Cash and cash equivalents | 861 | 417 | ||
Total assets | 12,814 | 12,994 | ||
Debt | ' | ' | ||
Senior notes, including $371 million and $531 million, respectively, net of discount, of Exchangeable Senior Debentures | 3,018 | 3,569 | ||
Credit facility | 946 | 763 | ||
Mortgage debt | 709 | 993 | ||
Other | 86 | 86 | ||
Total debt | 4,759 | 5,411 | ||
Accounts payable and accrued expenses | 214 | 194 | ||
Other | 389 | 372 | ||
Total liabilities | 5,362 | 5,977 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ' | ' | ||
Accumulated other comprehensive income (loss) | -9 | 12 | ||
Total liabilities, non-controlling interests and equity | 12,814 | 12,994 | ||
Limited partnership interests of third parties | 190 | [1] | 158 | [1] |
Host Hotels & Resorts, L.P. capital: | ' | ' | ||
General partner | 1 | 1 | ||
Limited partner | 7,236 | 6,812 | ||
Accumulated other comprehensive income (loss) | -9 | 12 | ||
Total Host Hotels & Resorts, L.P. capital | 7,228 | 6,825 | ||
Non-controlling interests—consolidated partnerships | 34 | 34 | ||
Total capital | $7,262 | $6,859 | ||
[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, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Senior notes | $371 | $531 |
Credit facility | 946 | 763 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,050 | 1,050 |
Common stock, shares issued | 754.8 | 724.6 |
Common stock, shares outstanding | 754.8 | 724.6 |
Term Loan | ' | ' |
Credit facility | 500 | 500 |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' |
Senior notes | 371 | 531 |
Credit facility | 946 | 763 |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | Term Loan | ' | ' |
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, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | |||||||
REVENUES | ' | ' | ' | ' | ' | ' | |||
Rooms | $3,317 | $3,082 | $2,849 | $3,317 | $3,082 | $2,849 | |||
Food and beverage | 1,503 | 1,419 | 1,336 | 1,503 | 1,419 | 1,336 | |||
Other | 295 | 287 | 279 | 295 | 287 | 279 | |||
Owned hotel revenues | 5,115 | 4,788 | 4,464 | 5,115 | 4,788 | 4,464 | |||
Other revenues | 51 | 271 | 250 | 51 | 271 | 250 | |||
Total revenues | 5,166 | 5,059 | 4,714 | 5,166 | 5,059 | 4,714 | |||
EXPENSES | ' | ' | ' | ' | ' | ' | |||
Rooms | 894 | 836 | 780 | 894 | 836 | 780 | |||
Food and beverage | 1,095 | 1,049 | 993 | 1,095 | 1,049 | 993 | |||
Other departmental and support expenses | 1,249 | 1,219 | 1,179 | 1,249 | 1,219 | 1,179 | |||
Management fees | 222 | 199 | 181 | 222 | 199 | 181 | |||
Other property-level expenses | 376 | 576 | 554 | 376 | 576 | 554 | |||
Depreciation and amortization | 697 | 722 | 609 | 697 | 722 | 609 | |||
Corporate and other expenses | 121 | 107 | 111 | 121 | 107 | 111 | |||
Gain on insurance settlements | 0 | -11 | -2 | ' | -11 | -2 | |||
Total operating costs and expenses | 4,654 | 4,697 | 4,405 | 4,654 | 4,697 | 4,405 | |||
OPERATING PROFIT | 512 | 362 | 309 | 512 | 362 | 309 | |||
Interest income | 4 | 23 | 20 | 4 | 23 | 20 | |||
Interest expense | -304 | [1] | -373 | [1] | -371 | [1] | -304 | -373 | -371 |
Net gains on property transactions and other | 33 | 13 | 7 | 33 | 13 | 7 | |||
Gain (loss) on foreign currency transactions and derivatives | 3 | -4 | 3 | 3 | -4 | 3 | |||
Equity in earnings (losses) of affiliates | -17 | 2 | 4 | -17 | 2 | 4 | |||
INCOME (LOSS) BEFORE INCOME TAXES | 231 | 23 | -28 | 231 | 23 | -28 | |||
Benefit (provision) for income taxes | -21 | -31 | 1 | -21 | -31 | 1 | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 210 | -8 | -27 | 210 | -8 | -27 | |||
Income from discontinued operations, net of tax | 115 | 71 | 11 | 115 | 71 | 11 | |||
NET INCOME (LOSS) | 325 | 63 | -16 | 325 | 63 | -16 | |||
Less: Net (income) loss attributable to non-controlling interests | -8 | -2 | 1 | -4 | -1 | 1 | |||
NET INCOME (LOSS) ATTRIBUTABLE TO REPORTING ENTITY | $317 | $61 | ($15) | $321 | $62 | ($15) | |||
Basic earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | |||
Continuing operations | $0.27 | ($0.01) | ($0.04) | $0.28 | ($0.01) | ($0.04) | |||
Discontinued operations | $0.16 | $0.09 | $0.02 | $0.15 | $0.10 | $0.02 | |||
Basic earnings (loss) per common share | $0.43 | $0.08 | ($0.02) | $0.43 | $0.09 | ($0.02) | |||
Diluted earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | |||
Continuing operations | $0.27 | ($0.01) | ($0.04) | $0.28 | ($0.01) | ($0.04) | |||
Discontinued operations | $0.15 | $0.09 | $0.02 | $0.15 | $0.10 | $0.02 | |||
Diluted earnings (loss) per common share | $0.42 | $0.08 | ($0.02) | $0.43 | $0.09 | ($0.02) | |||
[1] | Interest expense and interest paid for 2013, 2012 and 2011 includes cash prepayment premiums of approximately $23Â million, $21Â million and $5Â million, respectively. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NET INCOME (LOSS) | $325 | $63 | ($16) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -18 | 20 | -27 |
Change in fair value of derivative instruments | -3 | -7 | 1 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -21 | 13 | -26 |
COMPREHENSIVE INCOME (LOSS) | 304 | 76 | -42 |
Less: Comprehensive (income) loss attributable to non-controlling interests | -8 | -2 | 1 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | 296 | 74 | -41 |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ' |
NET INCOME (LOSS) | 325 | 63 | -16 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -18 | 20 | -27 |
Change in fair value of derivative instruments | -3 | -7 | 1 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -21 | 13 | -26 |
COMPREHENSIVE INCOME (LOSS) | 304 | 76 | -42 |
Less: Comprehensive (income) loss attributable to non-controlling interests | -4 | -1 | 1 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $300 | $75 | ($41) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-controlling Interests of Other Consolidated Partnerships | Non-controlling Interests of Host Hotels & Resorts, L.P. |
In Millions | |||||||
Balance at Dec. 31, 2010 | ' | $7 | $7,236 | $25 | ($965) | $29 | $191 |
Balance at Dec. 31, 2010 | ' | 675.6 | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | -16 | ' | ' | ' | -15 | -1 | ' |
Other changes in ownership | ' | ' | 33 | ' | ' | ' | -33 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | ' | ' | ' | -27 | ' | ' | ' |
Change in fair value of derivative instruments | 1 | ' | ' | 1 | ' | ' | ' |
Common stock issuances | ' | ' | 459 | ' | ' | ' | ' |
Common stock issuances (shares) | ' | 27.9 | ' | ' | ' | ' | ' |
Common OP unit issuances | ' | ' | ' | ' | ' | ' | 6 |
Comprehensive stock and employee stock purchase plans | ' | ' | 17 | ' | ' | ' | ' |
Comprehensive stock and employee stock purchase plans (shares) | ' | 1.3 | ' | ' | ' | ' | ' |
Common stock dividends | ' | ' | ' | ' | -99 | ' | ' |
Redemptions of limited partner interests for common stock | 5 | ' | 5 | ' | ' | ' | -5 |
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.3 | ' | ' | ' | ' | ' |
Contributions from non- controlling interests of consolidated partnerships | ' | ' | ' | ' | ' | 12 | ' |
Distributions to non-controlling interests | ' | ' | ' | ' | ' | -4 | -1 |
Balance at Dec. 31, 2011 | ' | 7 | 7,750 | -1 | -1,079 | 36 | 158 |
Balance at Dec. 31, 2011 | ' | 705.1 | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | 63 | ' | ' | ' | 61 | 1 | 1 |
Other changes in ownership | ' | ' | -12 | ' | ' | ' | 12 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | ' | ' | ' | 20 | ' | ' | ' |
Change in fair value of derivative instruments | -7 | ' | ' | -7 | ' | ' | ' |
Common stock issuances | ' | ' | 274 | ' | ' | 1 | ' |
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 | ' | ' | ' | ' | ' |
Distributions to non-controlling interests | ' | ' | ' | ' | ' | -4 | -3 |
Balance at Dec. 31, 2012 | 6,859 | 7 | 8,040 | 12 | -1,234 | 34 | 158 |
Balance at Dec. 31, 2012 | ' | 724.6 | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | 325 | ' | ' | ' | 317 | 4 | 4 |
Other changes in ownership | ' | ' | -38 | ' | ' | -3 | 38 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | ' | ' | ' | -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 at Dec. 31, 2013 | ' | 754.8 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
OPERATING ACTIVITIES | ' | ' | ' | |||
Net income (loss) | $325 | $63 | ($16) | |||
Discontinued operations: | ' | ' | ' | |||
Gain on dispositions | -97 | -48 | ' | |||
Depreciation | 10 | 32 | 46 | |||
Depreciation and amortization | 697 | 722 | 609 | |||
Amortization of finance costs, discounts and premiums, net | 25 | 13 | 30 | |||
Non-cash loss on extinguishment of debt | 13 | [1] | 9 | [1] | 4 | [1] |
Stock compensation expense | 18 | 16 | 19 | |||
Deferred income taxes | 6 | 17 | -11 | |||
Net gains on property transactions and other | -33 | -13 | -7 | |||
(Gain) loss on foreign currency transactions and derivatives | -3 | 4 | -3 | |||
Gain on property insurance settlement | ' | -2 | ' | |||
Equity in (earnings) losses of affiliates | 17 | -2 | -4 | |||
Change in due from managers | 21 | -42 | ' | |||
Changes in other assets | 39 | 11 | -8 | |||
Changes in other liabilities | -19 | 1 | 3 | |||
Cash provided by operating activities | 1,019 | 781 | 662 | |||
INVESTING ACTIVITIES | ' | ' | ' | |||
Proceeds from sales of assets, net | 643 | 160 | 46 | |||
Acquisitions | -166 | -441 | -1,047 | |||
Deferred sale proceeds received from HPT | ' | 51 | ' | |||
Advances to and investments in affiliates | -74 | -132 | -49 | |||
Return on investment | ' | 3 | ' | |||
Return on mortgage loan investment | ' | 82 | 1 | |||
Capital expenditures: | ' | ' | ' | |||
Renewals and replacements | -303 | -366 | -327 | |||
Redevelopment and acquisition-related investments | -133 | -272 | -215 | |||
New development | -19 | -6 | ' | |||
Change in furniture, fixtures and equipment ("FF&E") replacement fund | -23 | 16 | 4 | |||
Property insurance proceeds | ' | 19 | 11 | |||
Cash used in investing activities | -75 | -886 | -1,576 | |||
FINANCING ACTIVITIES | ' | ' | ' | |||
Financing costs | -4 | -18 | -23 | |||
Issuances of debt | 550 | 900 | 955 | |||
Draws on credit facility | 393 | 231 | 153 | |||
Term loan issuance | ' | 500 | ' | |||
Repayment on credit facility | -207 | -89 | -90 | |||
Repurchase/redemption of senior notes | -801 | -1,795 | -404 | |||
Mortgage debt prepayments and scheduled maturities | -411 | -113 | -210 | |||
Scheduled principal repayments | -2 | -2 | -5 | |||
Issuance of common stock | 303 | 274 | 323 | |||
Dividends on common stock | -313 | -187 | -70 | |||
Contributions from non-controlling interests | 7 | 1 | 1 | |||
Distributions to non-controlling interests | -12 | -7 | -5 | |||
Change in restricted cash for financing activities | 4 | ' | 3 | |||
Cash provided by (used in) financing activities | -493 | -305 | 628 | |||
Effects of exchange rate changes on cash held | -7 | 1 | -1 | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 444 | -409 | -287 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 417 | 826 | 1,113 | |||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 861 | 417 | 826 | |||
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ' | |||
OPERATING ACTIVITIES | ' | ' | ' | |||
Net income (loss) | 325 | 63 | -16 | |||
Discontinued operations: | ' | ' | ' | |||
Gain on dispositions | -97 | -48 | ' | |||
Depreciation | 10 | 32 | 46 | |||
Depreciation and amortization | 697 | 722 | 609 | |||
Amortization of finance costs, discounts and premiums, net | 25 | 13 | 30 | |||
Non-cash loss on extinguishment of debt | 13 | 9 | 4 | |||
Stock compensation expense | 18 | 16 | 19 | |||
Deferred income taxes | 6 | 17 | -11 | |||
Net gains on property transactions and other | -33 | -13 | -7 | |||
(Gain) loss on foreign currency transactions and derivatives | -3 | 4 | -3 | |||
Gain on property insurance settlement | ' | -2 | ' | |||
Equity in (earnings) losses of affiliates | 17 | -2 | -4 | |||
Change in due from managers | 21 | -42 | ' | |||
Changes in other assets | 39 | 11 | -8 | |||
Changes in other liabilities | -19 | 1 | 3 | |||
Cash provided by operating activities | 1,019 | 781 | 662 | |||
INVESTING ACTIVITIES | ' | ' | ' | |||
Proceeds from sales of assets, net | 643 | 160 | 46 | |||
Acquisitions | -166 | -441 | -1,047 | |||
Deferred sale proceeds received from HPT | ' | 51 | ' | |||
Advances to and investments in affiliates | -74 | -132 | -49 | |||
Return on investment | ' | 3 | ' | |||
Return on mortgage loan investment | ' | 82 | 1 | |||
Capital expenditures: | ' | ' | ' | |||
Renewals and replacements | -303 | -366 | -327 | |||
Redevelopment and acquisition-related investments | -133 | -272 | -215 | |||
New development | -19 | -6 | ' | |||
Change in furniture, fixtures and equipment ("FF&E") replacement fund | -23 | 16 | 4 | |||
Property insurance proceeds | ' | 19 | 11 | |||
Cash used in investing activities | -75 | -886 | -1,576 | |||
FINANCING ACTIVITIES | ' | ' | ' | |||
Financing costs | -4 | -18 | -23 | |||
Issuances of debt | 550 | 900 | 955 | |||
Draws on credit facility | 393 | 231 | 153 | |||
Term loan issuance | ' | 500 | ' | |||
Repayment on credit facility | -207 | -89 | -90 | |||
Repurchase/redemption of senior notes | -801 | -1,795 | -404 | |||
Mortgage debt prepayments and scheduled maturities | -411 | -113 | -210 | |||
Scheduled principal repayments | -2 | -2 | -5 | |||
Contributions from non-controlling interests | 7 | 1 | 1 | |||
Distributions to non-controlling interests | -8 | -4 | -4 | |||
Change in restricted cash for financing activities | 4 | ' | 3 | |||
Cash provided by (used in) financing activities | -493 | -305 | 628 | |||
Issuance of common OP units | 303 | 274 | 323 | |||
Distributions on common OP units | -317 | -190 | -71 | |||
Effects of exchange rate changes on cash held | -7 | 1 | -1 | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 444 | -409 | -287 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 417 | 826 | 1,113 | |||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $861 | $417 | $826 | |||
[1] | Interest expense and interest paid for 2013, 2012 and 2011 includes cash prepayment premiums of approximately $23Â million, $21Â million and $5Â million, respectively. |
Consolidated_Statements_Of_Cap
Consolidated Statements Of Capital (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NET INCOME (LOSS) | $325 | $63 | ($16) |
Change in fair value of derivative instruments | -3 | -7 | 1 |
Redemptions of limited partnership interests of third parties | 6 | 10 | 5 |
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.6 | 0.3 |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ' |
Beginning Balance | 6,859 | ' | ' |
NET INCOME (LOSS) | 325 | 63 | -16 |
Change in fair value of derivative instruments | -3 | -7 | 1 |
Redemptions of limited partnership interests of third parties | 6 | 10 | 5 |
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.6 | 0.3 |
Ending Balance | 7,262 | 6,859 | ' |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | General Partner | ' | ' | ' |
Beginning Balance | 1 | 1 | 1 |
Beginning Balance | 709.4 | 690.3 | 661.4 |
Change in fair value of derivative instruments | ' | ' | ' |
Common OP unit issuances | ' | ' | ' |
Common OP unit issuances (units) | 28.1 | 17.1 | 27.3 |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | ' | ' | ' |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans (units) | 1.1 | 1.4 | 1.3 |
Distributions on common OP units | ' | ' | ' |
Redemptions of limited partnership interests of third parties | ' | ' | ' |
Redemptions of limited partner interests for common stock (shares) | 0.3 | 0.6 | 0.3 |
Distributions to non-controlling interests | ' | ' | ' |
Ending Balance | 1 | 1 | 1 |
Ending Balance | 738.9 | 709.4 | 690.3 |
Distributions to non-controlling interests | ' | ' | ' |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | Limited Partner | ' | ' | ' |
Beginning Balance | 6,812 | 6,677 | 6,276 |
NET INCOME (LOSS) | 317 | 61 | -15 |
Other changes in ownership | -38 | -12 | 33 |
Common OP unit issuances | 478 | 274 | 460 |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | 7 | 18 | 17 |
Distributions on common OP units | -346 | -216 | -99 |
Redemptions of limited partnership interests of third parties | 6 | 10 | 5 |
Distributions to non-controlling interests | ' | ' | ' |
Ending Balance | 7,236 | 6,812 | 6,677 |
Distributions to non-controlling interests | ' | ' | ' |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Beginning Balance | 12 | -1 | 25 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -18 | 20 | -27 |
Change in fair value of derivative instruments | -3 | -7 | 1 |
Common OP unit issuances | ' | ' | ' |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | ' | ' | ' |
Distributions on common OP units | ' | ' | ' |
Redemptions of limited partnership interests of third parties | ' | ' | ' |
Distributions to non-controlling interests | ' | ' | ' |
Ending Balance | -9 | 12 | -1 |
Distributions to non-controlling interests | ' | ' | ' |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | Non-controlling Interests of Consolidated Partnerships | ' | ' | ' |
Beginning Balance | 34 | 36 | 29 |
NET INCOME (LOSS) | 4 | 1 | -1 |
Other changes in ownership | -3 | ' | ' |
Change in fair value of derivative instruments | ' | ' | ' |
Common OP unit issuances | ' | ' | ' |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | ' | ' | ' |
Distributions on common OP units | ' | ' | ' |
Contributions from non- controlling interests of consolidated partnerships | 7 | 1 | 12 |
Distributions to non-controlling interests | 8 | -4 | -4 |
Ending Balance | 34 | 34 | 36 |
Distributions to non-controlling interests | -8 | 4 | 4 |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | Limited Partnership Interests Of Third Parties | ' | ' | ' |
Beginning Balance | 158 | 158 | 191 |
NET INCOME (LOSS) | 4 | 1 | ' |
Other changes in ownership | 38 | 12 | -33 |
Change in fair value of derivative instruments | ' | ' | ' |
Common OP unit issuances | ' | ' | 6 |
Distributions on common OP units | -4 | -3 | -1 |
Redemptions of limited partnership interests of third parties | -6 | -10 | -5 |
Distributions to non-controlling interests | ' | ' | ' |
Ending Balance | 190 | 158 | 158 |
Distributions to non-controlling interests | ' | ' | ' |
Supplemental_Schedule_of_Nonca
Supplemental Schedule of Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Schedule of Noncash Investing and Financing Activities | ' |
Supplemental schedule of noncash investing and financing activities: | |
During 2013, 2012 and 2011, Host Inc. issued approximately 0.3 million, 0.6 million and 0.3 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, $10 million and $5 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 a 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. | |
In June 2011, holders of approximately $134 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 8.8 million shares of Host Inc. common stock. | |
On June 28, 2011, we transferred the Le Méridien Piccadilly to the Euro JV Fund II at a price of £64 million ($102 million), including the assumption of the associated £32 million ($52 million) mortgage. We also transferred the capital lease asset and corresponding liability associated with the building, each valued at £38 million ($61 million), to the Euro JV Fund II. We retained a 33.4% interest in the property through our general and limited partner interests in the Euro JV Fund II and received cash proceeds on the transfer of £25 million ($40 million). | |
On April 29, 2011, we acquired a 75% controlling interest in the Hilton Melbourne South Wharf. In connection with the acquisition, we assumed A$80 million ($86 million) of mortgage debt. | |
On March 17, 2011, we acquired the Manchester Grand Hyatt San Diego, and certain related rights. In connection with the acquisition, Host Hotels & Resorts, L.P. issued approximately 0.3 million OP units valued at approximately $6 million. | |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' |
Supplemental Schedule of Noncash Investing and Financing Activities | ' |
Supplemental schedule of noncash investing and financing activities: | |
During 2013, 2012 and 2011, non-controlling partners converted common operating partnership units (“OP units”) valued at $6 million, $10 million and $5 million, respectively, in exchange for 0.3 million, 0.6 million and 0.3 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 a 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. | |
In June 2011, holders of approximately $134 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 8.8 million shares of Host Inc. common stock. In connection with the debentures exchanged for Host Inc. common stock, Host L.P. issued 8.6 common OP units. | |
On June 28, 2011, we transferred the Le Méridien Piccadilly to the Euro JV Fund II at a price of £64 million ($102 million), including the assumption of the associated £32 million ($52 million) mortgage. We also transferred the capital lease asset and corresponding liability associated with the building, each valued at £38 million ($61 million), to the Euro JV Fund II. We retained a 33.4% interest in the property through our general and limited partner interests in the Euro JV Fund II and received cash proceeds on the transfer of £25 million ($40 million). | |
On April 29, 2011, we acquired a 75% controlling interest in the Hilton Melbourne South Wharf. In connection with the acquisition, we assumed A$80 million ($86 million) of mortgage debt. | |
On March 17, 2011, we acquired the Manchester Grand Hyatt San Diego, and certain related rights. In connection with the acquisition, Host Hotels & Resorts, L.P. issued approximately 0.3 million OP units valued at approximately $6 million. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 98.7% of Host L.P.’s partnership interests, or OP units. | |||||||||||||
Consolidated Portfolio | |||||||||||||
As of December 31, 2013, the hotels in our consolidated portfolio are located in the following countries: | |||||||||||||
Hotels | |||||||||||||
United States | 100 | ||||||||||||
Australia | 1 | ||||||||||||
Brazil | 1 | ||||||||||||
Canada | 3 | ||||||||||||
Chile | 2 | ||||||||||||
Mexico | 1 | ||||||||||||
New Zealand | 7 | ||||||||||||
Total | 115 | ||||||||||||
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”) (11 hotels) and a 33.4% interest in the second fund (“Euro JV Fund II”) (8 hotels). | |||||||||||||
As of December 31, 2013, the Euro JV hotels are located in the following countries: | |||||||||||||
Hotels | |||||||||||||
Belgium | 3 | ||||||||||||
France | 4 | ||||||||||||
Germany | 1 | ||||||||||||
Italy | 3 | ||||||||||||
Poland | 1 | ||||||||||||
Spain | 2 | ||||||||||||
Sweden | 1 | ||||||||||||
The Netherlands | 2 | ||||||||||||
United Kingdom | 2 | ||||||||||||
Total | 19 | ||||||||||||
Asia/Pacific Joint Venture | |||||||||||||
We have 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 has a non-controlling interest in a joint venture in India that is investing in seven hotels, two in Bangalore and five 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 direct the activities that most significantly impact the economic performance of the entity. 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”). 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 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, 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, 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. | |||||||||||||
We analyze our consolidated properties for impairment 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 asset’s carrying value over its fair value. In the evaluation of the impairment of our assets, we make many assumptions and estimates, including assumptions of the 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. During 2013 and 2012, we recognized impairment expenses of $1 million and $60 million, respectively, each on one property, which impairment expenses are included in depreciation and amortization, based on changes in estimated holding periods. | |||||||||||||
We perform a similar 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, we generally 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.). 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 value of the investment. | |||||||||||||
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 unlikely are to change or that the sale will not occur. We typically classify assets as held for sale when Host Inc.’s Board of Directors has approved the sale, 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 impairment expense, together with the related operating results, including interest expense on debt assumed by the buyer or that is required to be repaid as a result of the sale, as discontinued operations on our consolidated statements of operations and 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. | |||||||||||||
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 | |||||||||||||
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, 2013, we consolidate five 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 $34 million as of December 31, 2013 and 2012. 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, 2013 and 2012, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $68 million and $65 million, respectively. | |||||||||||||
Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income (loss) attributable to non-controlling interests of third parties is $4 million, $1 million and $(1) million for the years ended December 31, 2013, 2012 and 2011, 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, | |||||||||||||
2013 | 2012 | ||||||||||||
OP units outstanding (millions) | 9.5 | 9.9 | |||||||||||
Market price per Host Inc. common share | $ | 19.44 | $ | 15.67 | |||||||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||||||
Redemption value (millions) | $ | 190 | $ | 158 | |||||||||
Historical cost (millions) | 95 | 96 | |||||||||||
Book value (millions) (1) | 190 | 158 | |||||||||||
-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 (loss) attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $4 million, $1 million and $(0.2) million for 2013, 2012 and 2011, respectively. | |||||||||||||
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. In general, 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, state, local, and foreign income and franchise taxes incurred by Host L.P. | |||||||||||||
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, 2013, 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 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. 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. | |||||||||||||
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, | |||||||||||||
2013 | 2012 | ||||||||||||
Gain on foreign currency forward contracts | $ | — | $ | 5 | |||||||||
Loss on interest rate swap cash flow hedges | (2 | ) | (4 | ) | |||||||||
Foreign currency translation | (7 | ) | 11 | ||||||||||
Total accumulated other comprehensive income (loss) | $ | (9 | ) | $ | 12 | ||||||||
There were no material amounts reclassified out of accumulated other comprehensive income (loss) to net income for the year ended December 31, 2013. During 2012, we reclassified a net gain of $2 million that previously had been recognized 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 (Loss) Per Common Share | |||||||||||||
Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings (loss) per common share is computed by dividing net income (loss) 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 (loss) per common share is shown below (in million, except per share amounts): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | 325 | $ | 63 | $ | (16 | ) | ||||||
Less: Net (income) loss attributable to non-controlling interests | (8 | ) | (2 | ) | 1 | ||||||||
Net income (loss) attributable to Host Inc. | $ | 317 | $ | 61 | $ | (15 | ) | ||||||
Diluted income (loss) attributable to Host Inc. | $ | 317 | $ | 61 | $ | (15 | ) | ||||||
Basic weighted average shares outstanding | 744.4 | 718.2 | 693 | ||||||||||
Diluted weighted average shares outstanding (1) | 747.9 | 719.6 | 693 | ||||||||||
Basic earnings (loss) per common share | $ | 0.43 | $ | 0.08 | $ | (.02 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.42 | $ | 0.08 | $ | (.02 | ) | ||||||
-1 | There are 30 million, 40 million and 47 million potentially dilutive shares for our exchangeable senior debentures and shares granted under comprehensive stock plans which were not included in the computation of diluted EPS as of December 31, 2013, 2012 and 2011, respectively, because to do so would have been anti-dilutive for the period. | ||||||||||||
Host L.P. Earnings (Loss) Per Common Unit | |||||||||||||
Basic earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings (loss) per common unit is computed by dividing net income (loss) 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 (loss) per common unit is shown below (in million, except per unit amounts): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | 325 | $ | 63 | $ | (16 | ) | ||||||
Less: Net (income) loss attributable to non-controlling interests | (4 | ) | (1 | ) | 1 | ||||||||
Net income (loss) attributable to Host L.P. | $ | 321 | $ | 62 | $ | (15 | ) | ||||||
Diluted income (loss) attributable to Host L.P. | $ | 322 | $ | 62 | $ | (15 | ) | ||||||
Basic weighted average shares outstanding | 738.4 | 713.3 | 688.9 | ||||||||||
Diluted weighted average shares outstanding (1) | 741.9 | 714.6 | 688.9 | ||||||||||
Basic earnings (loss) per common unit | $ | 0.43 | $ | 0.09 | $ | (.02 | ) | ||||||
Diluted earnings (loss) per common unit | $ | 0.43 | $ | 0.09 | $ | (.02 | ) | ||||||
-1 | There are 29 million, 40 million and 46 million potentially dilutive units for our exchangeable senior debentures and for units distributable to Host Inc. for Host Inc. shares granted under comprehensive stock plans which were not included in the computation of diluted earnings per unit as of December 31, 2013, 2012 and 2011, respectively, because to do so would have been anti-dilutive for the period. | ||||||||||||
Share-Based Payments | |||||||||||||
At December 31, 2013, 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. | |||||||||||||
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, 2013 and December 31, 2012, our exposure risk related to our derivative instruments totaled $4 million and $14 million, respectively, and the counterparties to such instruments are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $554 million available under our credit facility is spread among a diversified group of investment grade financial institutions. Following a repayment subsequent to year-end, we have $779 million available under our credit facility. | |||||||||||||
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 transfer a liability in an orderly transaction between market participants at the measurement date). 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. Capital lease obligations that are assumed as part of the acquisition of a leasehold interest are fair valued and included as debt on the accompanying balance sheet and we will record the corresponding capital lease assets. In certain situations, a deferred tax liability is recognized due to the difference between the fair value and the tax basis of the acquired asset at the acquisition date, which also may result in a goodwill asset being recorded. | |||||||||||||
Reclassifications | |||||||||||||
Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property and Equipment | ' | ||||||||
2 | Property and Equipment | ||||||||
Property and equipment consists of the following (in millions): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 1,973 | $ | 1,996 | |||||
Buildings and leasehold improvements | 13,435 | 13,665 | |||||||
Furniture and equipment | 2,223 | 2,227 | |||||||
Construction in progress | 176 | 199 | |||||||
17,807 | 18,087 | ||||||||
Less accumulated depreciation and amortization | (6,812 | ) | (6,499 | ) | |||||
$ | 10,995 | $ | 11,588 | ||||||
The aggregate cost of real estate for federal income tax purposes is approximately $10.7 billion at December 31, 2013. |
Investment_in_Affiliates
Investment in Affiliates | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Investment 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 Maui JV and Hyatt Place JV is jointly and severally guaranteed by the partners of the joint ventures. Investments in affiliates consist of the following (in millions): | |||||||||||||||||||
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 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||
Ownership | Our | Our Portion | |||||||||||||||||
Interests | Investment | of Debt | Total Debt | Assets | |||||||||||||||
Euro JV | 32.1% - 33.4 | % | $ | 305 | $ | 443 | $ | 1,360 | Nineteen hotels in Europe | ||||||||||
Asia/Pacific JV | 25 | % | 22 | 11 | 44 | One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India | |||||||||||||
Maui JV | 67 | % | 15 | 7 | 10 | 131-unit vacation ownership project in Maui, Hawaii | |||||||||||||
Hyatt Place JV | 50 | % | 5 | — | — | One hotel under development in Nashville, Tennessee | |||||||||||||
Total | $ | 347 | $ | 461 | $ | 1,414 | |||||||||||||
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 have 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, 2013, the total assets of the Euro JV are approximately €1.9 billion ($2.6 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 2013, 2012 and 2011 were approximately $15 million, $13 million and $11 million, respectively. | |||||||||||||||||||
As of December 31, 2013, the partners have funded approximately €631 million, or 91%, of the total equity commitment for Euro JV Fund I and €369 million, or 82%, 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. The partners expect to utilize the remaining equity commitment for Euro JV Fund I for capital expenditures and financing needs. | |||||||||||||||||||
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. 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. | |||||||||||||||||||
The Euro JV has €989 million ($1,363 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 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 five 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 May 2014 and January 2016. We have hedged €194 million (approximately $265 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 assess impairment of real estate properties based on whether estimated undiscounted future cash flows from each individual property are less than its carrying value. If a property is impaired, an expense is recorded for the difference between the fair value and the carrying value 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, with the other partner thereof including 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 expenditure 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-holding companies is necessary to fund additional acquisitions. Certain funding commitments remain, however, related to existing investments. | |||||||||||||||||||
As of December 31, 2013, the Asia/Pacific JV partners have invested approximately $73 million (of which our share was $18 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 is developing five properties in Chennai and Delhi. The hotels will be managed by Accor under the Pullman, ibis and Novotel brands. | |||||||||||||||||||
Other Investments | |||||||||||||||||||
Maui Joint Venture. On November 9, 2012, we entered into a joint venture with an affiliate of Hyatt Residential Group (the “Maui JV”) to develop, sell and operate a 131-unit vacation ownership project in Maui, Hawaii adjacent to our Hyatt Regency Maui Resort & Spa. We have a 67% ownership interest in the Maui JV, which is a non-controlling interest as a result of the significant economic rights held by the Hyatt member, which also is the managing member. The development costs are being funded with a $110 million construction loan and member contributions. As of December 31, 2013, $50.5 million has been drawn on the construction loan. The construction loan is jointly and severally guaranteed by both partners and matures in December 2015. As of December 31, 2013, we have contributed land valued at $36 million, approximately $8 million in pre-formation expenditures and additional capital contributions of $3 million. As of December 31, 2013, the book value of our investment in the Maui JV is $16 million, which represents our portion of the historical cost basis of the land plus the pre-formation expenditures and subsequent contributions. | |||||||||||||||||||
Hyatt Place Joint Venture. In May 2012, we entered into a 50/50 joint venture agreement with White Lodging Services to develop the 255-room Hyatt Place Nashville Downtown in Tennessee for approximately $43 million, including the purchase of the land. The hotel opened in November 2013. The joint venture has a $34.8 million construction loan for this project, and as of December 31, 2013, $23.6 million was drawn on this facility. Along with White Lodging Services, we have jointly and severally guaranteed the payment of the loan. The loan matures in May 2015. If the joint venture fails to perform on the loan, White Lodging Services and we are jointly and severally liable for the outstanding loan. As of December 31, 2013 we have invested cash of approximately $6 million for our investment in the joint venture. Due to the significant control rights of our partner, we do not consolidate the joint venture in our financial statements. | |||||||||||||||||||
Combined Financial Information of Unconsolidated Investees | |||||||||||||||||||
Combined summarized balance sheet information for our affiliates is as follows (in millions): | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Property and equipment, net | $ | 2,480 | $ | 2,289 | |||||||||||||||
Other assets | 376 | 312 | |||||||||||||||||
Total assets | $ | 2,856 | $ | 2,601 | |||||||||||||||
Debt | $ | 1,476 | $ | 1,414 | |||||||||||||||
Other liabilities | 135 | 164 | |||||||||||||||||
Equity | 1,245 | 1,023 | |||||||||||||||||
Total liabilities and equity | $ | 2,856 | $ | 2,601 | |||||||||||||||
Combined summarized operating results for our affiliates is as follows (in millions): | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Total revenues | $ | 617 | $ | 428 | $ | 381 | |||||||||||||
Operating expenses | |||||||||||||||||||
Expenses | (473 | ) | (346 | ) | (294 | ) | |||||||||||||
Depreciation and amortization | (112 | ) | (56 | ) | (46 | ) | |||||||||||||
Operating profit | 32 | 26 | 41 | ||||||||||||||||
Interest expense | (59 | ) | (43 | ) | (43 | ) | |||||||||||||
Gain on disposition | 2 | — | — | ||||||||||||||||
Net loss | $ | (25 | ) | $ | (17 | ) | $ | (2 | ) | ||||||||||
Debt
Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt | ' | ||||||||||||
4 | Debt | ||||||||||||
Debt consists of the following (in millions): | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Series Q senior notes, with a rate of 6¾% due June 2016 | $ | 150 | $ | 550 | |||||||||
Series T senior notes, with a rate of 9% due May 2017 | — | 391 | |||||||||||
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 | 497 | 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 | — | |||||||||||
2004 Exchangeable Senior Debentures, with a rate of 3¼% due April 2024 | — | 175 | |||||||||||
2009 Exchangeable Senior Debentures, with a rate of 2½% due October 2029 | 371 | 356 | |||||||||||
Total senior notes | 3,018 | 3,569 | |||||||||||
Credit facility revolver | 446 | 263 | |||||||||||
Credit facility term loan due July 2017 | 500 | 500 | |||||||||||
Mortgage debt (non-recourse), with an average interest rate of 4.1% and 4.5% at December 31, 2013 and 2012, respectively, maturing through January 2024 | 709 | 993 | |||||||||||
Other | 86 | 86 | |||||||||||
Total debt | $ | 4,759 | $ | 5,411 | |||||||||
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, 2013 and 2012 was $3.1 billion and $3.6 billion, respectively. The senior notes balance as of December 31, 2013 and 2012 includes discounts of approximately $32 million and $56 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, 2013, we are in compliance with all of these covenants. | |||||||||||||
We completed the following senior notes transactions: | |||||||||||||
— | 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. Subsequent to year-end, we redeemed the remaining $150 million of Series Q senior notes for an aggregate price of $152 million. | ||||||||||||
— | 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, 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 the debentures exchanged for Host Inc. common stock, Host L.P. issued 11.5 million common OP units. The remaining $1 million of debentures were redeemed for cash. | ||||||||||||
— | On December 31, 2012, we redeemed $100 million of our 63⁄4% Series Q senior notes due 2016 for a redemption price of $102 million. | ||||||||||||
— | On August 9, 2012, we issued $450 million of our 43⁄4% Series C senior notes due 2023 for net proceeds of approximately $443 million. On September 5, 2012, a portion of the proceeds were used to redeem the $250 million of our 63⁄8% Series O senior notes due 2015 for a redemption price of $253 million and $150 million of our 63⁄4% Series Q senior notes due 2016 for a redemption price of $153 million. | ||||||||||||
— | On August 27, 2012, we redeemed $400 million of our 63⁄8% Series O senior notes due 2015 with proceeds from our credit facility term loan at a redemption price of $404 million. | ||||||||||||
— | On April 16, 2012, the holders of $386 million face amount of 25⁄8% exchangeable senior debentures due 2027 (the “2007 Debentures”) exercised their option to require us to repurchase their debentures at par. We redeemed the remaining $2 million in October 2012. | ||||||||||||
— | On April 13, 2012, we redeemed $250 million of our 67⁄8% Series S senior notes due in 2014, and on May 29, 2012, we redeemed the remaining $250 million Series S notes for a total redemption price of $508 million. | ||||||||||||
— | On March 22, 2012, we issued $350 million of 51⁄4% Series A senior notes due 2022. Net proceeds of the offering of approximately $344 million, and available cash, were used to repay the $113 million loan with a 7.5% interest rate secured by the JW Marriott, Washington, D.C. on April 2, 2012, and to redeem $250 million of our 67⁄8% Series S senior notes, as noted above. The Series A senior notes were exchanged for Series B senior notes in October 2012. The terms of the Series B senior notes are substantially identical in all respects to those of the Series A senior notes, except that the Series B senior notes are registered under the Securities Act of 1933 and are, therefore, freely transferable by the holders. | ||||||||||||
Exchangeable Debentures. As of December 31, 2013, 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 other 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% ($17.40) 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, 2013, the 2009 Debentures’ if-converted value would exceed the outstanding principal amount by $181 million. As of December 31, 2013, 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, 2014. Currently, each $1,000 Debenture would be exchanged for 74.7034 Host Inc. common shares (for an equivalent per share price of $13.39), for a total of 29.9 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 record the liability components of the 2009 Debentures at fair value as of the date of issuance and 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 debt components of the 2009 Debentures at issuance based on an effective interest rate of 6.9%. The initial allocations between the debt 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, 2013, the debt carrying value and unamortized discount were $371 million and $29 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, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Contractual interest expense (cash) | $ | 10 | $ | 19 | $ | 31 | |||||||
Non-cash interest expense due to discount amortization | 15 | 17 | 31 | ||||||||||
Total interest expense | $ | 25 | $ | 36 | $ | 62 | |||||||
Losses on the repurchased debentures are recorded in interest expense in the consolidated financial statements. We evaluated the fair value of the repurchased debentures based on the fair value of the cash flows at the date of the repurchase, discounted at risk adjusted rates. Based on this calculation, the fair value of our repurchased debentures generally has been greater than the conversion price; therefore, substantially all of the repurchase price was allocated to the debt portion of the debentures. | |||||||||||||
Authorization for Senior Notes and Exchangeable Senior Debentures Repurchase. Host Inc.’s Board of Directors has authorized repurchases of up to $680 million of senior notes, exchangeable debentures and mortgage debt (other than in accordance with its terms), of which $530 million remains available under this authority following our senior notes redemption subsequent to year-end. | |||||||||||||
Credit Facility. On November 22, 2011, 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, Wells Fargo Bank, N.A., Deutsche Bank AG New York Branch and The Bank of Nova Scotia as co-documentation agents, and certain other agents and lenders. The amounts outstanding under the prior credit facility were transferred and remain outstanding. Based on our draws at December 31, 2013, we had $554 million of available capacity under our credit facility. 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 and British pound sterling of up to the foreign currency equivalent of $500 million, subject to a lower amount in the case of New Zealand dollar borrowings. The credit facility also provides a subfacility of up to $100 million for swingline borrowings 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 date of November 2015, with an option for Host L.P. to extend the term for one additional year, subject to certain conditions, including the payment of an extension fee. | |||||||||||||
We had the following transactions under this credit facility during 2013 and 2012 (draws used for bridge financing to facilitate transactions are not included in the below discussion): | |||||||||||||
— | 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 through 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. Subsequent to year-end, $225 million was repaid on the revolver portion of our credit facility and we have $779 million of available capacity. | ||||||||||||
— | In July 2012, we drew $100 million in net proceeds on the revolver portion of our credit facility to facilitate the acquisition of the Grand Hyatt Washington. | ||||||||||||
— | In 2012, we also drew $42 million in net proceeds, in various currencies, including the Euro, Canadian dollars and Australian dollars, on the revolver portion of our credit facility, primarily to facilitate acquisitions through investments in our joint ventures. | ||||||||||||
— | On July 25, 2012, we entered into a $500 million term loan (“Term Loan”) through an amendment of our credit facility. The Term Loan has a five-year maturity and a floating interest rate of LIBOR plus 165 basis points based on our leverage ratio, as defined in our credit facility, at December 31, 2013 (or approximately a 1.8% all-in interest rate). | ||||||||||||
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 acquisition 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, 2013, 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, 2013, our leverage ratio was 3.2x. | |||||||||||||
Interest and Fees. We pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin. During 2013 and prior years, the margin ranged from 175 to 275 basis points (depending on Host L.P.’s consolidated leverage ratio). Based on our leverage ratio at December 31, 2013 of 3.2x, we would be able to borrow at a rate of LIBOR plus 175 basis points. When using leverage-based pricing, to the extent that amounts under the credit facility remain unused, we pay a quarterly commitment fee on the unused portion of the loan commitment of 25 to 35 basis points, depending on our average revolver usage during the applicable period. On and after January 24, 2014, the date on which Host L.P. elected ratings-based pricing, the margin will range from 100 to 160 basis points (depending on Host L.P.’s unsecured long-term debt rating). We also will pay a facility fee ranging from 15 to 40 basis points, depending on our rating and regardless of usage. Based on Host L.P.’s unsecured long-term debt rating as of January 24, 2014, we will be able to borrow at a rate of LIBOR plus 125 basis points and pay a facility fee of 25 basis points. During 2013 and prior years, the interest rate margin on the Term Loan ranged from 165 to 265 basis points (depending on Host L.P.’s consolidated leverage ratio). On and after January 24, 2014, the date on which Host L.P. elected ratings-based pricing, we will pay interest on the term loan at floating rates plus a margin ranging from 115 to 200 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 January 24, 2014, the margin would be 145 basis points. | |||||||||||||
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. 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 be above certain thresholds to trigger a cross default and the thresholds are greater for secured debt than 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, 2013, we have 12 assets that are secured by mortgage debt, with an average interest rate of 4.1%, that mature between 2014 and 2024. Interest is payable monthly. As of December 31, 2013, 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 2012: | |||||||||||||
Maturity | |||||||||||||
Transaction Date | Property | Rate | Date | Amount | |||||||||
Issuances/Assumptions | (in millions) | ||||||||||||
Dec-13 | Harbor Beach Marriott Resort & Spa | 4.75 | % | 1/1/24 | $ | 150 | |||||||
Jun-12 | Hyatt Regency Reston (1) | 3.3 | % | 7/1/16 | 100 | ||||||||
Repayments | |||||||||||||
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 | ) | |||||||
Apr-12 | JW Marriott, Washington, D.C. (2) | 7.5 | % | 4/2/13 | (113 | ) | |||||||
-1 | The floating interest rate is equal to 1-month LIBOR plus 310 basis points. The rate shown reflects the rate in effect at December 31, 2013. We have the option to extend the maturity for one year, subject to certain conditions. | ||||||||||||
-2 | We prepaid the mortgage including an exit fee of $1 million. | ||||||||||||
Aggregate Debt Maturities | |||||||||||||
Aggregate debt maturities are as follows (in millions): | |||||||||||||
As of | |||||||||||||
31-Dec-13 | |||||||||||||
2014 | $ | 332 | |||||||||||
2015 (1) | 858 | ||||||||||||
2016 (2) | 408 | ||||||||||||
2017 | 540 | ||||||||||||
2018 | - | ||||||||||||
Thereafter | 2,650 | ||||||||||||
4,788 | |||||||||||||
Unamortized (discounts) premiums, net | (32 | ) | |||||||||||
Fair value hedge adjustment | 1 | ||||||||||||
Capital lease obligations | 2 | ||||||||||||
$ | 4,759 | ||||||||||||
(1)Includes $225 million outstanding under the credit facility that was repaid in January 2014. | |||||||||||||
(2)Includes $150 million Series Q senior notes that were repaid in February 2014. | |||||||||||||
Interest | |||||||||||||
The following items are included in interest expense (in millions): | |||||||||||||
Year ended December 31, | |||||||||||||
2013(1) | 2012(1) | 2011(1) | |||||||||||
Interest expense | $ | 304 | $ | 373 | $ | 371 | |||||||
Amortization of debt premiums/discounts, net (2) | (15 | ) | (18 | ) | (32 | ) | |||||||
Amortization of deferred financing costs | (10 | ) | (12 | ) | (11 | ) | |||||||
Non-cash losses on debt extinguishments | (13 | ) | (9 | ) | (4 | ) | |||||||
Change in accrued interest | 16 | 4 | (4 | ) | |||||||||
Interest paid (3) | $ | 282 | $ | 338 | $ | 320 | |||||||
-1 | Interest expense and interest paid for 2013, 2012 and 2011 includes cash prepayment premiums of approximately $23 million, $21 million and $5 million, respectively. | ||||||||||||
-2 | Primarily represents the amortization of the debt discount on our Debentures, which is non-cash interest expense. | ||||||||||||
-3 | Does not include capitalized interest of $6 million, $6 million and $4 million during 2013, 2012 and 2011, respectively. | ||||||||||||
Our debt repayments resulted in debt extinguishment costs included in interest expense for 2013, 2012 and 2011 of $36 million, $30 million and $9 million, respectively. | |||||||||||||
Amortization of property and equipment under capital leases totaled $1 million, $1 million and $3 million for 2013, 2012 and 2011, respectively, and is included in depreciation and amortization on the accompanying consolidated statements of operations. |
Equity_of_Host_Inc_and_Capital
Equity of Host Inc. and Capital of Host L.P. | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
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 754.8 million and 724.6 million were outstanding as of December 31, 2013 and 2012, respectively. Fifty million shares of no par value preferred stock are authorized; none of such preferred shares were outstanding as of December 31, 2013 and 2012. | ||||||||||||
Capital of Host L.P. | ||||||||||||
As of December 31, 2013, Host Inc. is the owner of approximately 98.7% of Host L.P.’s common OP units. The remaining 1.3% 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, 2013 and 2012, Host L.P. has 748.4 million and 719.2 million OP units outstanding, respectively, of which Host Inc. held 738.9 million and 709.4 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. | ||||||||||||
In 2012, Host Inc. issued 17.5 million shares of common stock, at an average price of $15.67 per share, for net proceeds of approximately $271 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 17.1 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 2013 were considered 96.5% ordinary income and 3.5% unrecaptured Section 1250 gain. All dividends that were taxable to our stockholders in 2012 were considered 100% ordinary income. None of such 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, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Common stock | $ | 0.46 | $ | 0.3 | $ | 0.14 | ||||||
Common OP units | 0.47 | 0.306 | 0.143 | |||||||||
On February 18, 2014, Host Inc.’s Board of Directors authorized a regular quarterly cash dividend of $0.14 per share on Host Inc.’s common stock. The dividend is payable on April 15, 2014 to stockholders of record on March 31, 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Taxes | ' | |||||||||||||
6 | Income Taxes | |||||||||||||
We have recorded a 100% valuation allowance of approximately $44 million against the deferred tax asset related to the net operating loss and asset tax credit carryovers as of December 31, 2013 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, 2013 with respect to our hotels in Canada. There is a $3 million valuation allowance related to the net operating loss incurred by our office in Rio de Janeiro. Finally, there is a $10 million valuation allowance against the deferred tax asset related to the net operating loss carryovers as of December 31, 2013 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 and the net increase in the valuation allowance for the year ending December 31, 2013 and December 31, 2012 is approximately $2 million and $16 million, respectively. The primary components of our net deferred tax asset are as follows (in millions): | ||||||||||||||
As of December 31, | ||||||||||||||
Deferred tax assets | 2013 | 2012 | ||||||||||||
Accrued related party interest | $ | 19 | $ | 17 | ||||||||||
Net operating loss and capital loss carryovers | 85 | 101 | ||||||||||||
Alternative minimum tax credits | 5 | 4 | ||||||||||||
Property and equipment | 4 | 4 | ||||||||||||
Investments in domestic affiliates | 3 | 3 | ||||||||||||
Other | 1 | 2 | ||||||||||||
Deferred revenue | 57 | 54 | ||||||||||||
Total gross deferred tax assets | 174 | 185 | ||||||||||||
Less: Valuation allowance | (61 | ) | (63 | ) | ||||||||||
Total deferred tax assets, net of valuation allowance | $ | 113 | $ | 122 | ||||||||||
Deferred tax liabilities | ||||||||||||||
Property and equipment | (21 | ) | (23 | ) | ||||||||||
Investments in domestic and foreign affiliates | (6 | ) | (6 | ) | ||||||||||
Other | (3 | ) | (3 | ) | ||||||||||
Total gross deferred tax liabilities | (30 | ) | (32 | ) | ||||||||||
Net deferred tax assets | $ | 83 | $ | 90 | ||||||||||
At December 31, 2013, we have aggregate gross domestic and foreign net operating loss, capital loss and tax credit carryovers of approximately $250 million. We have deferred tax assets related to these loss and tax credit carryovers of approximately $85 million, with a valuation allowance of approximately $61 million. Our net operating loss carryovers expire through 2031, and our foreign capital loss carryovers have no expiration period. Our domestic alternative minimum tax credits have no expiration period and our foreign asset tax credits expire through 2017. | ||||||||||||||
Our U.S. and foreign income (loss) from continuing operations before income taxes was as follows (in millions): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
U.S. income (loss) | $ | 213 | $ | (22 | ) | $ | (60 | ) | ||||||
Foreign income | 18 | 45 | 32 | |||||||||||
Total | $ | 231 | $ | 23 | $ | (28 | ) | |||||||
The provision (benefit) for income taxes for continuing operations consists of (in millions): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current | —Federal | $ | 2 | $ | 3 | $ | 1 | |||||||
—State | 4 | 1 | 1 | |||||||||||
—Foreign | 9 | 10 | 8 | |||||||||||
15 | 14 | 10 | ||||||||||||
Deferred | —Federal | 4 | 11 | (11 | ) | |||||||||
—State | 1 | 1 | (2 | ) | ||||||||||
—Foreign | 1 | 5 | 2 | |||||||||||
6 | 17 | (11 | ) | |||||||||||
Income tax provision (benefit) – continuing operations | $ | 21 | $ | 31 | $ | (1 | ) | |||||||
The total provision (benefit) for income taxes, including the amounts associated with discontinued operations, was $26 million, $32 million, and ($2) million in 2013, 2012, and 2011, respectively. | ||||||||||||||
The differences between the income tax provision (benefit) calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision (benefit) recorded for continuing operations are as follows (in millions): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Statutory federal income tax provision (benefit) – continuing operations | $ | 81 | $ | 8 | $ | (10 | ) | |||||||
Adjustment for nontaxable (income) loss of Host Inc. – continuing operations | (77 | ) | 4 | — | ||||||||||
State income tax provision (benefit), net | 5 | 2 | (1 | ) | ||||||||||
Provision for uncertain tax positions | 2 | 2 | — | |||||||||||
Foreign income tax provision | 10 | 15 | 10 | |||||||||||
Income tax provision (benefit) – continuing operations | $ | 21 | $ | 31 | $ | (1 | ) | |||||||
Cash paid for income taxes, net of refunds received, was $17 million, $12 million, and $8 million in 2013, 2012, and 2011, respectively. | ||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance at January 1 | $ | 3 | $ | 5 | ||||||||||
Reduction due to expiration of certain statutes of limitation | — | (4 | ) | |||||||||||
Other increases (decreases) | 2 | 2 | ||||||||||||
Balance at December 31 | $ | 5 | $ | 3 | ||||||||||
All of such uncertain tax position amount, if recognized, would impact our reconciliation between the income tax provision (benefit) calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision (benefit) recorded each year. | ||||||||||||||
We expect an increase to the balance of unrecognized tax benefits within 12 months of the reporting date of approximately $2 million. As of December 31, 2013, the tax years that remain subject to examination by major tax jurisdictions generally include 2010-2013. | ||||||||||||||
There were no material interest or penalties recognized for the years ended December 31, 2013, 2012 and 2011. |
Leases
Leases | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 six-story, 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, 2013, all or a portion of 36 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 and 18 Residence Inn by Marriott properties, which properties were sold to Hospitality Properties Trust (“HPT”) and leased back to us in 1995 and 1996. 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 master lease with HPT on the 18 Residence Inn properties effective December 31, 2010 and received $17.2 million of deferred proceeds related to the initial sale and additional amounts held in the tenant collection account. We terminated the lease on the 53 Courtyard by Marriott properties 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 $17 million as of December 31, 2013. 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, 2013 | |||||||||||||
Capital | Operating | ||||||||||||
Leases | Leases | ||||||||||||
2014 | $ | 1 | $ | 45 | |||||||||
2015 | 1 | 43 | |||||||||||
2016 | — | 42 | |||||||||||
2017 | — | 42 | |||||||||||
2018 | — | 41 | |||||||||||
Thereafter | — | 1,591 | |||||||||||
Total minimum lease payments | $ | 2 | $ | 1,804 | |||||||||
Minimum payments for the operating leases have not been reduced by aggregate minimum sublease rentals from restaurants of approximately $5 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, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rentals on operating leases | $ | 50 | $ | 117 | $ | 114 | |||||||
Additional rentals based on sales | 32 | 31 | 26 | ||||||||||
Rental payments based on real estate tax assessments | 24 | 23 | 22 | ||||||||||
Less: sublease rentals | (3 | ) | (3 | ) | (3 | ) | |||||||
$ | 103 | $ | 168 | $ | 159 | ||||||||
Employee_Stock_Plans
Employee Stock Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
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, 2013, there were approximately 18 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 2013, 2012 and 2011, we recorded stock-based compensation expense of approximately $18 million, $16 million and $19 million, respectively. Shares granted in 2013, 2012 and 2011 totaled 2.2 million, 1.8 million and 0.2 million, respectively, while 1.2 million, 0.9 million and 1.5 million, respectively, vested during those years. | |||||||||||||||||||||||||
Senior Executive Plan | |||||||||||||||||||||||||
During 2013, Host Inc. granted 1.7 million shares of restricted stock awards and 0.4 million shares of stock option awards to senior executives (the “Annual Plan”). The restricted stock awards and stock option awards vest on an annual basis; therefore, no awards were outstanding at December 31, 2013. | |||||||||||||||||||||||||
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 the 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 Standards & Poor 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, 2013 stock price. Of the awards granted in 2013, 93% 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 2013, 2012 and 2011, we recorded compensation expense of approximately $14 million, $12 million and $15 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, 2013: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
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 | — | $ | — | — | $ | — | 3.7 | $ | 11 | ||||||||||||||||
Granted | 1.7 | 16 | 1.6 | 14 | 0.1 | 17 | |||||||||||||||||||
Vested (1) | (0.8 | ) | 19 | (0.6 | ) | 16 | (1.3 | ) | 15 | ||||||||||||||||
Forfeited/expired | (0.9 | ) | 19 | (1.0 | ) | 16 | (2.5 | ) | 15 | ||||||||||||||||
Balance, at end of year | — | — | — | — | — | — | |||||||||||||||||||
Issued in calendar year (1) | 0.3 | 19 | 0.8 | 16 | 1.1 | 15 | |||||||||||||||||||
-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 0.3 million shares issued in 2013 include shares vested at December 31, 2012, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $9.5 million and $15.4 million, for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Stock Option Awards | |||||||||||||||||||||||||
As of December 31, 2013, 0.7 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 $15.41 per share. During 2013, 2012 and 2011, stock option grants totaled 420,000, 201,000 and 22,000, respectively. Stock compensation expense was $1.8 million, $1.6 million and $1.8 million during 2013, 2012 and 2011, respectively, and all stock option awards outstanding as of December 31, 2013 were fully vested. 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. To calculate the fair value of stock option awards granted from 2011 to 2013, we assumed (i) a volatility ranging between 36% and 66%, (ii) a risk free rate ranging between 1.0% and 2.2%, (iii) a dividend yield ranging between 3.0% and 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 price of the beginning and ending stock price each quarter. During 2013, 2012 and 2011, we granted 116,000 shares, 84,000 shares and 93,000 shares, respectively, under both of these programs and recorded expense of $2.0 million, $1.9 million and $1.9 million, respectively. |
Profit_Sharing_and_Postemploym
Profit Sharing and Postemployment Benefit Plans | 12 Months Ended | |
Dec. 31, 2013 | ||
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, 2013. |
Dispositions
Dispositions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Dispositions | ' | ||||||||||||
10 | Dispositions | ||||||||||||
Discontinued Operations | |||||||||||||
We disposed of five hotels in 2013, three hotels in 2012 and one hotel in 2011. The operations for these hotels are included in discontinued operations. The following table summarizes the revenues, income before taxes, and the gain on disposals, net of tax, of the hotels which have been reclassified to discontinued operations, which includes assets held for sale and the results of sold hotels prior to their disposition for the periods presented (in millions): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 104 | $ | 264 | $ | 288 | |||||||
Income before taxes | 22 | 24 | 11 | ||||||||||
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 | 2011 | |||||||||||
Continuing operations, net of tax | $ | 203 | $ | (10 | ) | $ | (26 | ) | |||||
Discontinued operations, net of tax | 114 | 71 | 11 | ||||||||||
Net income (loss) attributable to Host Inc. | $ | 317 | $ | 61 | $ | (15 | ) | ||||||
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 | 2011 | |||||||||||
Continuing operations, net of tax | $ | 206 | $ | (9 | ) | $ | (26 | ) | |||||
Discontinued operations, net of tax | 115 | 71 | 11 | ||||||||||
Net income (loss) attributable to Host L.P. | $ | 321 | $ | 62 | $ | (15 | ) | ||||||
Dispositions in 2013 included (i) the Dallas/Addison Marriot Quorum by the Galleria for $56 million, (ii) the Four Seasons Hotel Atlanta for $63 million, (iii) the Portland Marriott Downtown Waterfront for $87 million, (iv) The Ritz-Carlton, San Francisco for $161 million, and (v) the Atlanta Marriott Marquis for $293 million. | |||||||||||||
In connection with the sale of The Ritz-Carlton, San Francisco, we recorded a deferred gain of approximately $11 million, the recognition of which is subject to performance guarantees through which we have guaranteed certain annual net operating profit levels for the hotel through 2016, with a maximum payment of $4 million per year, not to exceed $11 million in total. | |||||||||||||
In connection with the sale of the Atlanta Marriott Marquis, we recorded a gain on the sale of approximately $19 million, net of $5 million deferred for an environmental contingency. | |||||||||||||
Other Dispositions | |||||||||||||
During 2013 and 2012, we disposed of certain assets that do not result in reclassification of prior years’ operations to discontinued operations. These transactions included: | |||||||||||||
— | On April 1, 2013, we sold approximately four acres of land adjacent to our Newport Beach Marriott Hotel & Spa for $24 million and recognized a $21 million gain on the sale. | ||||||||||||
— | On November 9, 2012, in connection with the Maui JV, we sold land valued at $36 million to the joint venture and we recognized a gain of $8 million on the sale. | ||||||||||||
Subsequent to year end, on January 10, 2014, we sold an 89% controlling interest in the entity that owns the Philadelphia Marriott Downtown. As a result, the hotel no longer will be consolidated in our financial statements. Due to our remaining 11% interest in the hotel, the operations of the hotel recorded prior to the sale will not be reclassified to discontinued operations. Additionally, on February 12, 2014, we sold the Courtyard Nashua for $10 million. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisitions | ' | ||||||||
11 | Acquisitions | ||||||||
Business Combinations | |||||||||
We acquired one hotel during 2013 and recorded $1 million of acquisition related expenses and acquired one hotel during 2012 and recorded $6 million of acquisition-related expenses. Subsequent to year-end, we acquired one hotel and recorded $1 million of acquisition related expenses. For 2013 and 2012, including subsequent events, our business combinations were as follows: | |||||||||
— | 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, including a $0.5 million FF&E replacement fund. | ||||||||
— | On July 16, 2012, we acquired the 888-room Grand Hyatt Washington for approximately $400 million. In connection with the acquisition, we also paid $17 million, net, for the FF&E replacement fund, working capital and other assets. | ||||||||
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; however, we still are in the process of obtaining appraisals and finalizing the accounting for the acquisition of the Powell Hotel, which was acquired subsequent to year-end. The estimated fair value of the assets acquired related to this acquisition is $75 million; other assets acquired and liabilities assumed are immaterial. | |||||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for our 2013 and 2012 hotel acquisitions (in millions): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Property and equipment | $ | 138 | $ | 409 | |||||
Restricted cash, FF&E reserves and other assets | 1 | 9 | |||||||
Total assets | 139 | 418 | |||||||
Other liabilities | — | (1 | ) | ||||||
Net assets acquired | $ | 139 | $ | 417 | |||||
Our summarized unaudited consolidated pro forma results of operations, assuming the 2013 and 2012 hotel acquisitions, including subsequent events, occurred on January 1, 2011 and excluding the acquisition costs discussed above, are as follows (in millions, except per share and per unit amounts): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 5,185 | $ | 5,136 | |||||
Income from continuing operations | 214 | 12 | |||||||
Net income | 329 | 83 | |||||||
Host Inc.: | |||||||||
Net income attributable to Host Inc. | $ | 321 | $ | 81 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.27 | $ | 0.02 | |||||
Discontinued operations | 0.16 | 0.09 | |||||||
Basic earnings per common share | $ | 0.43 | $ | 0.11 | |||||
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.28 | $ | 0.02 | |||||
Discontinued operations | 0.15 | 0.09 | |||||||
Diluted earnings per common share | $ | 0.43 | $ | 0.11 | |||||
Host L.P.: | |||||||||
Net income attributable to Host L.P. | $ | 325 | $ | 82 | |||||
Basic earnings per common unit: | |||||||||
Continuing operations | $ | 0.29 | $ | 0.01 | |||||
Discontinued operations | 0.15 | 0.1 | |||||||
Basic earnings per common unit | $ | 0.44 | $ | 0.11 | |||||
Diluted earnings per common unit: | |||||||||
Continuing operations | $ | 0.29 | $ | 0.01 | |||||
Discontinued operations | 0.15 | 0.1 | |||||||
Diluted earnings per common unit | $ | 0.44 | $ | 0.11 | |||||
For 2013 and 2012, we have included $109 million and $37 million of revenues, respectively, and $19 million and $6 million of net income, respectively, in our consolidated statements of operations related to the operations of the hotels acquired in 2013 and 2012. | |||||||||
New Development and Other Asset Acquisitions | |||||||||
For 2013 and 2012, our new development and other asset acquisitions were as follows: | |||||||||
— | 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 toward the purchase of the land. The purchase was completed in conjunction with our 2012 lease of the existing retail space to Vornado Realty Trust and its on-going redevelopment. | ||||||||
— | On June 8, 2012, we acquired land and entered into a construction agreement to develop two hotels in Rio de Janeiro, Brazil. We have invested approximately R$94 million ($45 million) as of December 31, 2013. The hotels will be managed by Accor under the ibis and Novotel brands. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
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 2013 and 2012 consisted of the impairment of two of our hotel properties. | |||||||||||||||||||
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 2013 and 2012 due to the impairment of non-financial assets (in millions): | |||||||||||||||||||
Fair Value at Measurement Date Using | |||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||
Balance at | Markets for | Observable | Unobservable | ||||||||||||||||
December 31, | Identical Assets | Inputs | Inputs | ||||||||||||||||
2013 | (Level 1) | (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 | |||||||||||||||
Fair Value at Measurement Date Using | |||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||
Balance at | Markets for | Observable | Unobservable | ||||||||||||||||
December 31, | Identical Assets | Inputs | Inputs | ||||||||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Fair Value Measurements on a Recurring Basis: | |||||||||||||||||||
Assets | |||||||||||||||||||
Interest rate swap derivatives (1) | $ | 7 | $ | — | $ | 7 | $ | — | |||||||||||
Foreign currency forward sale contracts (1) | 5 | — | 5 | — | |||||||||||||||
Liabilities | |||||||||||||||||||
Interest rate swap derivatives (1) | (6 | ) | — | (6 | ) | — | |||||||||||||
Fair Value Measurements on a Non-recurring Basis: | |||||||||||||||||||
Impaired hotel properties held and used (2) | 34 | — | — | 34 | |||||||||||||||
-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, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
Impairment | |||||||||||||||||||
During 2013, we recorded an impairment expense of approximately $1 million 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. During 2012, we recorded an impairment loss of $60 million related to The Westin Mission Hills Resort & Spa. We evaluated the recoverability of the hotel’s carrying value assuming that it was more likely than not that the hotel will be sold before the end of its estimated useful life. Using an estimated undiscounted net cash flow, we concluded that the carrying value of the hotel was not fully recoverable. We estimated the fair value of the hotel using a discounted cash flow analysis, with an estimated stabilized growth rate of 3%, a discounted cash flow term of 10 years, a capitalization rate of 11%, and a discount rate of 12%. The discount and capitalization rates used for the fair value of the property reflect its heightened risk profile and are not indicative of our portfolio as a whole. | |||||||||||||||||||
Derivatives and Hedging | |||||||||||||||||||
Interest rate swap derivatives designated as cash flow hedges. We have designated our floating-to-fixed interest rate swap derivatives as cash flow hedges. The purpose of the interest rate swaps is to hedge against changes in cash flows (interest payments) attributable to fluctuations in variable rate debt. The derivatives are valued based on the prevailing market yield curve on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the swaps. Changes in the fair value of the derivatives are recorded to other comprehensive income (loss) on the accompanying balance sheets. The hedges were fully effective as of December 31, 2013. The following table summarizes our interest rate swap derivatives designed as cash flow hedges (in millions): | |||||||||||||||||||
Change in Fair Value | |||||||||||||||||||
Total | Gain (Loss) | ||||||||||||||||||
Transaction | Notional | Maturity | Swapped | Year ended December 31, | |||||||||||||||
Date | Amount | Date | Index | All-in-Rate | 2013 | 2012 | |||||||||||||
November 2011 (1) | A$ | 62 | Nov-16 | Reuters BBSY | 6.7 | % | $ | 1 | $ | -2 | |||||||||
February 2011 (2) | NZ$ | 79 | Feb-16 | NZ$ Bank Bill | 7.15 | % | $ | 2 | $ | — | |||||||||
-1 | The swap was entered into in connection with the A$82 million ($71 million) mortgage loan on the Hilton Melbourne South Wharf. | ||||||||||||||||||
-2 | The swap was entered into in connection with the NZ$105 million ($87 million) mortgage loan on seven properties in New Zealand. | ||||||||||||||||||
Interest rate swap derivatives designated as fair value hedges. We have designated our fixed-to-floating interest rate swap derivatives as fair value hedges. We enter into these derivative instruments to hedge changes in the fair value of fixed-rate debt that occur as a result of changes in market interest rates. The derivatives are valued based on the prevailing market yield curve on the date of measurement. We also evaluate counterparty credit risk in the calculation of the fair value of the swaps. The changes in the fair value of the derivatives are largely offset by corresponding changes in the fair value of the underlying debt due to changes in the 3-month LIBOR rate, which change is recorded as an adjustment to the carrying amount of the debt. Any difference between the change in the fair value of the swap and the change in the fair value in the underlying debt, which was not significant for the periods presented, is considered the ineffective portion of the hedging relationship and is recognized in net income (loss). | |||||||||||||||||||
We have three fixed-to-floating interest rate swap agreements for an aggregate notional amount totaling $300 million. We pay a floating interest rate equal to the 3-month LIBOR plus a spread which ranges from 2.7% to 3.2%, as opposed to the fixed rate of 5.531%, on the notional amount of $300 million through March 1, 2014. During 2013 and 2012, the fair value of the swaps decreased $6 million and $4 million, respectively. | |||||||||||||||||||
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 | ||||||||||||||||||
Amount in | Transaction | Forward | Gain (Loss) | ||||||||||||||||
Transaction | Foreign | Amount | Purchase | Year ended December 31, | |||||||||||||||
Date Range | Currency | in Dollars | Date Range | 2013 | 2012 | ||||||||||||||
May 2008-January 2013 | € | 120 | $ | 163 | May 2014-January 2016 | $ | (5 | ) | $ | 4 | |||||||||
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 | 2013 | 2012 | |||||||||||||||
Canadian dollars (1) | $ | 29 | C$ | 31 | $ | 2 | $ | — | |||||||||||
Euros | $ | 102 | € | 74 | $ | -5 | $ | -2 | |||||||||||
-1 | We have drawn an additional $71 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, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||
Financial liabilities | |||||||||||||||||||
Senior notes (Level 1) | $ | 2,647 | $ | 2,766 | $ | 3,038 | $ | 3,296 | |||||||||||
Exchangeable Senior Debentures (Level 1) | 371 | 603 | 531 | 725 | |||||||||||||||
Credit facility (Level 2) | 946 | 946 | 763 | 763 | |||||||||||||||
Mortgage debt and other, excluding capital leases (Level 2) | 793 | 802 | 1,078 | 1,094 | |||||||||||||||
Gain_on_Insurance_Settlements
Gain on Insurance Settlements | 12 Months Ended | |
Dec. 31, 2013 | ||
Gain on Insurance Settlements | ' | |
13 | Gain on Insurance Settlements | |
On February 22, 2011, Christchurch, New Zealand experienced an earthquake that resulted in substantial damage to the Hotel Novotel Christchurch Cathedral Square and the Hotel ibis Christchurch. The ibis reopened in September 2012 and the Novotel reopened in August 2013; however, the historic portion of the Novotel, the Warners building, has been demolished and is not expected to be replaced. We believe the insurance coverage provided by our property manager will be able to cover to the majority of our insured claims for both property and business interruption. We recorded a loss of $3 million which represents the estimated deductible under our insurance policy in the second quarter of 2011. | ||
We estimated that we incurred approximately $33 million of property damage, which amount represents the book value of the properties and equipment written off less any deductible, and the related repairs and clean-up costs incurred. Any gains resulting from insurance proceeds are not recognized until all contingencies are resolved. During 2012 and 2011, we recognized a gain of $9 million and $2 million, respectively, for the receipt of business interruption insurance proceeds. As of December 31, 2013 we have agreed upon settlement amounts with our primary insurer for all property and business interruption insurance, except for real property damage to the Warners building. While the primary insurer has recognized its liability with regard to the Warners building, there is no agreed settlement amount for real property damage to the Warners building as the ground lessor has filed suit to recover a portion of the insurance proceeds from the primary insurer for the hotel. While we can provide no assurance as to the timing of when this dispute will be settled, we believe that it is more likely than not that we will recover the full value of our insurance receivable. In addition, we have made a separate claim for reimbursement under our corporate policy, though we have not recorded any additional amounts of insurance receivable with regard to this claim. We have received $21 million of cash for property insurance and have an outstanding insurance receivable of $8 million which is included in other assets, representing the remaining claims for property damage. |
Hotel_Management_Agreements_an
Hotel Management Agreements and Operating and License Agreements | 12 Months Ended | |
Dec. 31, 2013 | ||
Hotel Management Agreements and Operating and License Agreements | ' | |
14 | 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 58%, 24% 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, 2013 | ||||||||||||||||||||||||
Geographic and Business Segment Information | ' | |||||||||||||||||||||||
15 | 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): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Property and | Property and | Property and | ||||||||||||||||||||||
Revenues | Equipment, net | Revenues | Equipment, net | Revenues | Equipment, net | |||||||||||||||||||
United States | $ | 4,895 | $ | 10,498 | $ | 4,791 | $ | 11,095 | $ | 4,461 | $ | 10,874 | ||||||||||||
Australia | 40 | 106 | 42 | 133 | 27 | 136 | ||||||||||||||||||
Brazil | 30 | 76 | 33 | 39 | 33 | 42 | ||||||||||||||||||
Canada | 97 | 89 | 95 | 97 | 92 | 126 | ||||||||||||||||||
Chile | 34 | 54 | 37 | 63 | 28 | 58 | ||||||||||||||||||
Mexico | 24 | 32 | 25 | 26 | 24 | 23 | ||||||||||||||||||
New Zealand | 46 | 140 | 36 | 135 | 32 | 124 | ||||||||||||||||||
United Kingdom | — | — | — | — | 17 | — | ||||||||||||||||||
Total | $ | 5,166 | $ | 10,995 | $ | 5,059 | $ | 11,588 | $ | 4,714 | $ | 11,383 | ||||||||||||
Guarantees_and_Contingencies
Guarantees and Contingencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Guarantees and Contingencies | ' | |
16 | 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 $17 million as of December 31, 2013. | |
— | In 1997, we owned Leisure Park Venture Limited Partnership, which owns and operates a senior living facility. We spun-off the partnership to Barceló as part of the REIT conversion, but we remain obligated under a guarantee of interest and principal with respect to $14.7 million of municipal bonds issued by the New Jersey Economic Development Authority through their maturity in 2027. However, to the extent we are required to make any payments under the guarantee, we have been indemnified by Barceló, who, in turn, is indemnified by the current owner of the facility. | |
— | 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. As of December 31, 2013, we have accrued $11 million for the guarantee. | |
Legal_Proceedings
Legal Proceedings | 12 Months Ended | |
Dec. 31, 2013 | ||
Legal Proceedings | ' | |
17 | 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 are currently involved or of which we are aware and our experience in resolving similar claims in the past, we have accrued approximately $18 million as of December 31, 2013. We have estimated that, in the aggregate, our losses related to these proceedings could be as much as $50 million. We believe this range represents the maximum potential loss for all of our legal proceedings, with the exception of the San Antonio litigation discussed below. 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. On April 27, 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. On October 18, 2006, 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. | ||
On February 8, 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 only will be entitled to receive one of these damage awards. On February 12, 2010, the jury awarded Keystone $7.5 million in exemplary damages with respect to the second claim. The trial court, however, subsequently granted our motion to disregard the jury’s exemplary damages award. On June 3, 2010, the trial court issued its final judgment awarding Keystone: (i) $39 million in damages for slander of title; or (ii) alternatively, $34.3 million for tortious interference of contract; (iii) approximately $6.8 million in pre-judgment and post-judgment interest (as of December 31, 2013 interest was $17 million); (iv) approximately $3.5 million in attorneys’ fees, expenses, and costs; and (v) an additional $750,000 in attorneys’ fees for any appeal to the court of appeals and Texas Supreme Court. | ||
On November 23, 2011, a three-judge panel of the San Antonio Court of Appeals issued its memorandum opinion denying our appeal of the trial court’s June 3, 2010 final judgment. In addition, the panel overturned the trial court’s decision to grant our motion to disregard the jury’s $7.5 million award of exemplary damages. On January 17, 2012, we filed motions seeking rehearing from the three-judge panel and a motion for rehearing by the entire seven-judge court of appeals. Those motions were denied on February 29, 2012. | ||
On May 16, 2012, we filed a Petition for Review in the Texas Supreme Court and on August 17, 2012 the Court requested briefing on the merits. Briefing concluded in January 2013. On June 28, 2013, the Court issued an order denying the petition for review; however, on December 13, 2013, the Court granted our motion for rehearing on that order and heard oral argument on our appeal on February 4, 2014. No assurances can be given as to the outcome of this appeal. We have accrued a loss contingency of approximately $68 million. We have funded a court-ordered $25 million escrow reserve for this legal proceeding. |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (unaudited) | ' | ||||||||||||||||
18 | Quarterly Financial Data (unaudited) | ||||||||||||||||
Effective January 1, 2013, we report quarterly operating results on a calendar cycle, which now is consistent across all of our hotel managers and the majority of companies in the lodging industry. Historically, our annual financial statements have been reported on a calendar basis and are unaffected by this change. However, our quarterly operating results had been reported based on a 52-53 week fiscal calendar used by Marriott International, Inc. (“Marriott”), the manager of approximately 50% of our properties. For 2013, Marriott converted to reporting results based on a 12-month calendar year. During 2012, Marriott used a fiscal year ending on the Friday closest to December 31 and reported twelve weeks of operations for the first three quarters and sixteen weeks for the fourth quarter of the year for its Marriott-managed hotels. Accordingly, our first three quarters of operations in 2012 ended on March 23, June 15 and September 7. In contrast, managers of our other hotels, such as Ritz-Carlton, Hyatt, and Starwood, reported results on a monthly basis. During 2012, we did not report the month of operations that ended after our fiscal quarter until the following quarter for those hotels using a monthly reporting period because these hotel managers did not make mid-month results available to us. Accordingly, the month of operations that ended after our fiscal quarter was included in our quarterly results of operations in the following quarter for those calendar reporting hotel managers. As a result, our 2012 quarterly results of operations include results from hotel managers reporting results on a monthly basis as follows: first quarter (January, February), second quarter (March to May), third quarter (June to August) and fourth quarter (September to December). | |||||||||||||||||
We did not restate the previously filed 2012 quarterly financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) because certain property-level operating expenses for our Marriott-managed properties necessary to restate operations are unavailable on a daily basis. Because we rely upon our operators for the hotel operating results used in our financial statements, the unavailability of this information on a calendar quarter basis for 2012 made restating our financial statements in accordance with GAAP unfeasible. Accordingly, the corresponding 2012 quarterly historical operating results are not comparable to our 2013 quarterly operating results. | |||||||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in millions, except per share/unit amounts) | |||||||||||||||||
Host Hotels & Resorts, Inc.: | |||||||||||||||||
Revenues | $ | 1,225 | $ | 1,399 | $ | 1,211 | $ | 1,331 | |||||||||
Operating profit | 90 | 205 | 79 | 138 | |||||||||||||
Income from continuing operations | 34 | 116 | 1 | 59 | |||||||||||||
Income from discontinued operations | 26 | 5 | 17 | 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 | 0.16 | 0.01 | 0.07 | |||||||||||||
Discontinued operations | 0.04 | — | 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 | 0.16 | 0.01 | 0.07 | |||||||||||||
Discontinued operations | 0.04 | — | 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 | |||||||||||||
2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in millions, except per share/unit amounts) | |||||||||||||||||
Host Hotels & Resorts, Inc.: | |||||||||||||||||
Revenues | $ | 929 | $ | 1,308 | $ | 1,149 | $ | 1,673 | |||||||||
Operating profit | 16 | 175 | 63 | 108 | |||||||||||||
Income (loss) from continuing operations | (54 | ) | 79 | (39 | ) | 5 | |||||||||||
Income from discontinued operations | 54 | 4 | 3 | 10 | |||||||||||||
Net income (loss) | — | 83 | (36 | ) | 15 | ||||||||||||
Net income (loss) attributable to Host Hotels & Resorts, Inc. | (2 | ) | 82 | (34 | ) | 15 | |||||||||||
Basic earnings (loss) per common share: | |||||||||||||||||
Continuing operations | (.08 | ) | 0.11 | (.05 | ) | 0.01 | |||||||||||
Discontinued operations | 0.08 | — | — | 0.01 | |||||||||||||
Basic earnings (loss) per common share | — | 0.11 | (.05 | ) | 0.02 | ||||||||||||
Diluted earnings (loss) per common share: | |||||||||||||||||
Continuing operations | (.08 | ) | 0.11 | (.05 | ) | 0.01 | |||||||||||
Discontinued operations | 0.08 | — | — | 0.01 | |||||||||||||
Diluted earnings (loss) per common share | — | 0.11 | (.05 | ) | 0.02 | ||||||||||||
Host Hotels & Resorts, L.P.(1): | |||||||||||||||||
Net income (loss) attributable to Host Hotels & Resorts, L.P. | (2 | ) | 83 | (35 | ) | 16 | |||||||||||
Basic earnings (loss) per common unit: | |||||||||||||||||
Continuing operations | (.08 | ) | 0.11 | (.05 | ) | 0.01 | |||||||||||
Discontinued operations | 0.08 | 0.01 | — | 0.01 | |||||||||||||
Basic earnings (loss) per common unit | — | 0.12 | (.05 | ) | 0.02 | ||||||||||||
Diluted earnings (loss) per common unit: | |||||||||||||||||
Continuing operations | (.08 | ) | 0.11 | (.05 | ) | 0.01 | |||||||||||
Discontinued operations | 0.08 | 0.01 | — | 0.01 | |||||||||||||
Diluted earnings (loss) per common unit | — | 0.12 | (.05 | ) | 0.02 | ||||||||||||
-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, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||||||||||||||||||||||
Page 1 of 6 | |||||||||||||||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2013 | 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 | $ | 25 | — | 1976 | 40 | ||||||||||||||||||||||||||||
Atlanta Marriott Suites Midtown | — | — | 26 | 9 | — | — | 35 | 35 | 17 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Boston Marriott Copley Place | — | — | 203 | 64 | — | — | 267 | 267 | 96 | — | 2002 | 40 | |||||||||||||||||||||||||||||||||||||
Calgary Marriott | — | 5 | 18 | 17 | — | 5 | 35 | 40 | 20 | 1996 | 40 | ||||||||||||||||||||||||||||||||||||||
Chicago Marriott O'Hare | — | 4 | 26 | 54 | — | 4 | 80 | 84 | 50 | — | 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 | 19 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Coronado Island Marriott Resort & Spa | — | — | 53 | 26 | — | — | 79 | 79 | 40 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Costa Mesa Marriott | — | 3 | 18 | 7 | — | 3 | 25 | 28 | 13 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Courtyard Chicago Downtown/ River North | — | 7 | 27 | 14 | — | 7 | 41 | 48 | 22 | — | 1992 | 40 | |||||||||||||||||||||||||||||||||||||
Courtyard Nashua | — | 3 | 14 | 5 | — | 2 | 20 | 22 | 14 | — | 1989 | 40 | |||||||||||||||||||||||||||||||||||||
Dayton Marriott | — | 2 | 30 | 8 | — | 2 | 38 | 40 | 16 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Delta Meadowvale Hotel & Conference Center | — | 4 | 20 | 27 | — | 4 | 47 | 51 | 26 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Denver Marriott Tech Center Hotel | — | 6 | 26 | 29 | — | 6 | 55 | 61 | 29 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
Denver Marriott West | — | — | 12 | 11 | — | — | 23 | 23 | 16 | — | 1983 | 40 | |||||||||||||||||||||||||||||||||||||
Embassy Suites Chicago –Downtown/Lakefront | — | — | 86 | 8 | — | — | 94 | 94 | 24 | — | 2004 | 40 | |||||||||||||||||||||||||||||||||||||
Four Seasons Hotel Philadelphia | — | 26 | 60 | 21 | — | 27 | 80 | 107 | 37 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Gaithersburg Marriott Washingtonian Center | — | 7 | 22 | 12 | — | 7 | 34 | 41 | 17 | — | 1993 | 40 | |||||||||||||||||||||||||||||||||||||
Grand Hyatt Atlanta in Buckhead | — | 8 | 88 | 23 | — | 8 | 111 | 119 | 46 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Grand Hyatt Washington | — | 154 | 247 | 12 | — | 154 | 259 | 413 | 14 | — | 2012 | 33 | |||||||||||||||||||||||||||||||||||||
Greensboro-Highpoint Marriott Airport | — | — | 19 | 13 | — | — | 32 | 32 | 18 | — | 1983 | 40 | |||||||||||||||||||||||||||||||||||||
Harbor Beach Marriott Resort & Spa | 150 | — | 62 | 101 | — | — | 163 | 163 | 86 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2013 | Date of | |||||||||||||||||||||||||||||||||||||||||||||
Buildings & | Costs | Currency | Buildings & | Accumulated | Completion of | Date | Depreciation | ||||||||||||||||||||||||||||||||||||||||||
Description | Debt | Land | Improvements | Capitalized | Adjustment | Land | Improvements | Total | Depreciation | Construction | Acquired | Life | |||||||||||||||||||||||||||||||||||||
Hilton Melbourne South Wharf | 71 | — | 136 | 4 | (30 | ) | — | 110 | 110 | 11 | — | 2011 | 31 | ||||||||||||||||||||||||||||||||||||
Hilton Singer Island Oceanfront Resort | — | 2 | 10 | 20 | — | 2 | 30 | 32 | 16 | — | 1986 | 40 | |||||||||||||||||||||||||||||||||||||
Houston Airport Marriott at George Bush Intercontinental | — | — | 10 | 39 | — | — | 49 | 49 | 42 | — | 1984 | 40 | |||||||||||||||||||||||||||||||||||||
Houston Marriott at the Texas Medical Center | — | — | 19 | 19 | — | — | 38 | 38 | 23 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Place Waikiki Beach | — | 12 | 120 | — | — | 12 | 120 | 132 | 2 | — | 2013 | 34 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency Cambridge, Overlooking Boston | — | 18 | 84 | 6 | — | 19 | 89 | 108 | 44 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency Maui Resort & Spa | — | 92 | 212 | 28 | — | 81 | 251 | 332 | 74 | — | 2003 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency Reston | 100 | 11 | 78 | 21 | — | 12 | 98 | 110 | 41 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency San Francisco Airport | — | 16 | 119 | 53 | — | 20 | 168 | 188 | 69 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Hyatt Regency Washington on Capitol Hill | — | 40 | 230 | 38 | — | 40 | 268 | 308 | 62 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Atlanta Buckhead | — | 16 | 21 | 25 | — | 16 | 46 | 62 | 28 | — | 1990 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Desert Springs Resort & Spa | — | 13 | 143 | 132 | — | 13 | 275 | 288 | 122 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Hotel Rio de Janeiro | — | 13 | 29 | 2 | (12 | ) | 9 | 23 | 32 | 2 | — | 2010 | 40 | ||||||||||||||||||||||||||||||||||||
JW Marriott Houston | — | 4 | 26 | 22 | — | 6 | 46 | 52 | 29 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Mexico City | — | 11 | 35 | 15 | — | 10 | 51 | 61 | 37 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
JW Marriott Washington, D.C. | — | 26 | 98 | 44 | — | 26 | 142 | 168 | 64 | — | 2003 | 40 | |||||||||||||||||||||||||||||||||||||
Kansas City Airport Marriott | — | — | 8 | 25 | — | — | 33 | 33 | 29 | — | 1993 | 40 | |||||||||||||||||||||||||||||||||||||
Key Bridge Marriott | — | — | 38 | 31 | — | — | 69 | 69 | 62 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Manchester Grand Hyatt, San Diego | — | — | 548 | 27 | — | — | 575 | 575 | 54 | — | 2011 | 35 | |||||||||||||||||||||||||||||||||||||
Manhattan Beach Marriott | — | — | 29 | 26 | — | — | 55 | 55 | 28 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Marina del Rey Marriott | — | — | 13 | 24 | — | — | 37 | 37 | 20 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
Marriott at Metro Center | — | 20 | 24 | 25 | — | 20 | 49 | 69 | 27 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
Memphis Marriott Downtown | — | — | 16 | 37 | — | — | 53 | 53 | 26 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2013 | Date of | |||||||||||||||||||||||||||||||||||||||||||||
Buildings & | Costs | Currency | Buildings & | Accumulated | Completion of | Date | Depreciation | ||||||||||||||||||||||||||||||||||||||||||
Description | Debt | Land | Improvements | Capitalized | Adjustment | Land | Improvements | Total | Depreciation | Construction | Acquired | Life | |||||||||||||||||||||||||||||||||||||
Miami Marriott Biscayne Bay | — | — | 27 | 30 | — | — | 57 | 57 | 35 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Minneapolis Marriott City Center | — | — | 27 | 42 | — | — | 69 | 69 | 48 | — | 1986 | 40 | |||||||||||||||||||||||||||||||||||||
New Orleans Marriott | — | 16 | 96 | 112 | — | 16 | 208 | 224 | 117 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
New York Marriott Downtown | — | 19 | 79 | 39 | — | 19 | 118 | 137 | 60 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
New York Marriott Marquis | — | 49 | 552 | 178 | — | 49 | 730 | 779 | 492 | — | 1986 | 40 | |||||||||||||||||||||||||||||||||||||
Newark Liberty International Airport Marriott | — | — | 30 | 26 | — | — | 56 | 56 | 29 | — | 1984 | 40 | |||||||||||||||||||||||||||||||||||||
Newport Beach Marriott Bayview | — | 6 | 14 | 9 | — | 6 | 23 | 29 | 13 | — | 1975 | 40 | |||||||||||||||||||||||||||||||||||||
Newport Beach Marriott Hotel & Spa | 100 | 11 | 13 | 110 | — | 8 | 126 | 134 | 73 | — | 1975 | 40 | |||||||||||||||||||||||||||||||||||||
New Zealand Hotel Portfolio | 87 | 34 | 105 | (3 | ) | 11 | 34 | 113 | 147 | 10 | — | 2011 | 35 | ||||||||||||||||||||||||||||||||||||
Orlando World Center Marriott | — | 18 | 157 | 356 | — | 29 | 502 | 531 | 204 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
Park Ridge Marriott | — | — | 20 | 12 | — | — | 32 | 32 | 15 | — | 1987 | 40 | |||||||||||||||||||||||||||||||||||||
Philadelphia Airport Marriott | — | — | 42 | 17 | — | — | 59 | 59 | 25 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
Philadelphia Marriott Downtown | — | 3 | 144 | 110 | — | 11 | 246 | 257 | 109 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
Residence Inn Arlington Pentagon City | — | 6 | 29 | 11 | — | 6 | 40 | 46 | 18 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
San Antonio Marriott Rivercenter | — | — | 86 | 83 | — | — | 169 | 169 | 77 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
San Antonio Marriott Riverwalk | — | — | 45 | 17 | — | — | 62 | 62 | 33 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
San Cristobal Tower, Santiago | — | 7 | 15 | 1 | — | 7 | 16 | 23 | 4 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
San Diego Marriott Marquis & Marina | — | — | 202 | 278 | — | — | 480 | 480 | 198 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
San Diego Marriott Mission Valley | — | 4 | 23 | 15 | — | 4 | 38 | 42 | 19 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
San Francisco Marriott Fisherman’s Wharf | — | 6 | 20 | 20 | — | 6 | 40 | 46 | 23 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
San Francisco Marriott Marquis | — | — | 278 | 110 | — | — | 388 | 388 | 219 | — | 1989 | 40 | |||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2013 | Date of | |||||||||||||||||||||||||||||||||||||||||||||
Buildings & | Costs | Currency | Buildings & | Accumulated | Completion of | Date | Depreciation | ||||||||||||||||||||||||||||||||||||||||||
Description | Debt | Land | Improvements | Capitalized | Adjustment | Land | Improvements | Total | Depreciation | Construction | Acquired | Life | |||||||||||||||||||||||||||||||||||||
San Ramon Marriott | — | — | 22 | 21 | — | — | 43 | 43 | 20 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
Santa Clara Marriott | — | — | 39 | 55 | — | — | 94 | 94 | 75 | — | 1989 | 40 | |||||||||||||||||||||||||||||||||||||
Scottsdale Marriott at McDowell Mountains | — | 8 | 48 | 7 | — | 8 | 55 | 63 | 13 | — | 2004 | 40 | |||||||||||||||||||||||||||||||||||||
Scottsdale Marriott Suites Old Town | — | 3 | 20 | 10 | — | 3 | 30 | 33 | 14 | — | 1988 | 40 | |||||||||||||||||||||||||||||||||||||
Seattle Airport Marriott | — | 3 | 42 | 20 | — | 3 | 62 | 65 | 39 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Boston Hotel | — | 42 | 262 | 50 | — | 42 | 312 | 354 | 71 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Indianapolis Hotel at Keystone Crossing | — | 3 | 51 | 27 | — | 3 | 78 | 81 | 16 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Needham Hotel | — | 5 | 27 | 12 | — | 5 | 39 | 44 | 9 | — | 1986 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton New York Times Square Hotel | — | 346 | 409 | 183 | — | 346 | 592 | 938 | 131 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Parsippany Hotel | — | 8 | 30 | 17 | — | 8 | 47 | 55 | 12 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton San Diego Hotel & Marina | — | — | 328 | 31 | — | — | 359 | 359 | 76 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Sheraton Santiago Hotel & Convention Center | — | 19 | 11 | 8 | (1 | ) | 19 | 18 | 37 | 7 | — | 2006 | 40 | ||||||||||||||||||||||||||||||||||||
Swissôtel Chicago | — | 29 | 132 | 82 | — | 30 | 213 | 243 | 73 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
Tampa Airport Marriott | — | — | 9 | 22 | — | — | 31 | 31 | 24 | — | 2000 | 40 | |||||||||||||||||||||||||||||||||||||
Tampa Marriott Waterside Hotel & Marina | — | 11 | 84 | 14 | — | 11 | 98 | 109 | 37 | 2000 | — | 40 | |||||||||||||||||||||||||||||||||||||
The Fairmont Kea Lani, Maui | — | 55 | 294 | 34 | — | 55 | 328 | 383 | 84 | — | 2003 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Amelia Island | — | 25 | 115 | 69 | — | 25 | 184 | 209 | 76 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Buckhead | — | 14 | 81 | 63 | — | 15 | 143 | 158 | 72 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Marina del Rey | — | — | 52 | 26 | — | — | 78 | 78 | 41 | — | 1997 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Naples | 201 | 19 | 126 | 129 | — | 21 | 253 | 274 | 122 | — | 1996 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Naples Golf Resort | — | 22 | 10 | 67 | — | 22 | 77 | 99 | 22 | 2002 | — | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Phoenix | — | 10 | 63 | 8 | — | 10 | 71 | 81 | 31 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
The Ritz-Carlton, Tysons Corner | — | — | 89 | 19 | — | — | 108 | 108 | 47 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
The St. Regis Houston | — | 6 | 33 | 18 | — | 6 | 51 | 57 | 15 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Subsequent | Foreign | Gross Amount at December 31, 2013 | 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 Westin Buckhead Atlanta | — | 5 | 84 | 25 | — | 6 | 108 | 114 | 44 | — | 1998 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Chicago River North | — | 33 | 116 | 2 | — | 33 | 118 | 151 | 10 | — | 2010 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Cincinnati | — | — | 54 | 13 | — | — | 67 | 67 | 17 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Denver Downtown | — | — | 89 | 12 | — | — | 101 | 101 | 22 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Georgetown, Washington, D.C. | — | 16 | 80 | 14 | — | 16 | 94 | 110 | 23 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Indianapolis | — | 12 | 100 | 8 | — | 12 | 108 | 120 | 24 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Kierland Resort & Spa | — | 100 | 280 | 21 | — | 100 | 301 | 401 | 57 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Los Angeles Airport | — | — | 102 | 15 | — | — | 117 | 117 | 28 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Mission Hills Resort & Spa | — | 40 | 47 | (41 | ) | — | 13 | 33 | 46 | 17 | — | 2006 | 40 | ||||||||||||||||||||||||||||||||||||
The Westin New York Grand Central | — | 156 | 152 | 75 | — | 156 | 227 | 383 | 32 | — | 2011 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Seattle | — | 39 | 175 | 23 | — | 39 | 198 | 237 | 39 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin South Coast Plaza, Costa Mesa | — | — | 46 | 10 | — | — | 56 | 56 | 25 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
The Westin Waltham-Boston | — | 9 | 59 | 11 | — | 9 | 70 | 79 | 16 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Toronto Marriott Downtown Eaton Centre Hotel | — | — | 27 | 19 | — | — | 46 | 46 | 25 | — | 1995 | 40 | |||||||||||||||||||||||||||||||||||||
W New York | — | 138 | 102 | 64 | — | 138 | 166 | 304 | 43 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
W New York – Union Square | — | 48 | 145 | 7 | — | 48 | 152 | 200 | 14 | — | 2010 | 40 | |||||||||||||||||||||||||||||||||||||
W Seattle | — | 11 | 125 | 5 | — | 11 | 130 | 141 | 25 | — | 2006 | 40 | |||||||||||||||||||||||||||||||||||||
Washington Dulles Airport Marriott | — | — | 3 | 37 | — | — | 40 | 40 | 33 | — | 1970 | 40 | |||||||||||||||||||||||||||||||||||||
Westfields Marriott Washington Dulles | — | 7 | 32 | 16 | — | 7 | 48 | 55 | 27 | — | 1994 | 40 | |||||||||||||||||||||||||||||||||||||
Total hotels: | 709 | 1,966 | 9,359 | 4,076 | (32 | ) | 1,952 | 13,417 | 15,369 | 5,037 | |||||||||||||||||||||||||||||||||||||||
Other properties, each less than 5% of total | — | 21 | 4 | 17 | (3 | ) | 21 | 18 | 39 | 11 | — | various | 40 | ||||||||||||||||||||||||||||||||||||
TOTAL | $ | 709 | $ | 1,987 | $ | 9,363 | $ | 4,093 | $ | (35 | ) | $ | 1,973 | $ | 13,435 | $ | 15,408 | $ | 5,048 | ||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||||||||||||||
(A) | The change in total cost of properties for the fiscal years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 13,749 | |||||||||||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,155 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures and transfers from construction-in-progress | 338 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (214 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Impairments | (8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
(B) | The change in accumulated depreciation and amortization of real estate assets for the fiscal years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 3,834 | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 496 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (24 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
(C) | The aggregate cost of real estate for federal income tax purposes is approximately $10,745 million at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
(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, 2013 | |||||||||
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 direct the activities that most significantly impact the economic performance of the entity. 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”). 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 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, 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, 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. | |||||||||
We analyze our consolidated properties for impairment 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 asset’s carrying value over its fair value. In the evaluation of the impairment of our assets, we make many assumptions and estimates, including assumptions of the 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. During 2013 and 2012, we recognized impairment expenses of $1 million and $60 million, respectively, each on one property, which impairment expenses are included in depreciation and amortization, based on changes in estimated holding periods. | |||||||||
We perform a similar 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, we generally 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.). 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 value of the investment. | |||||||||
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 unlikely are to change or that the sale will not occur. We typically classify assets as held for sale when Host Inc.’s Board of Directors has approved the sale, 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 impairment expense, together with the related operating results, including interest expense on debt assumed by the buyer or that is required to be repaid as a result of the sale, as discontinued operations on our consolidated statements of operations and 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. | |||||||||
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 | ' | ||||||||
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, 2013, we consolidate five 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 $34 million as of December 31, 2013 and 2012. 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, 2013 and 2012, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $68 million and $65 million, respectively. | |||||||||
Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income (loss) attributable to non-controlling interests of third parties is $4 million, $1 million and $(1) million for the years ended December 31, 2013, 2012 and 2011, 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, | |||||||||
2013 | 2012 | ||||||||
OP units outstanding (millions) | 9.5 | 9.9 | |||||||
Market price per Host Inc. common share | $ | 19.44 | $ | 15.67 | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||
Redemption value (millions) | $ | 190 | $ | 158 | |||||
Historical cost (millions) | 95 | 96 | |||||||
Book value (millions) (1) | 190 | 158 | |||||||
-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 (loss) attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $4 million, $1 million and $(0.2) million for 2013, 2012 and 2011, respectively. | |||||||||
Distributions from Investments in Affiliates | ' | ||||||||
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. In general, 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, state, local, and foreign income and franchise taxes incurred by Host L.P. | |||||||||
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, 2013, 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 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. 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. | |||||||||
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, | |||||||||
2013 | 2012 | ||||||||
Gain on foreign currency forward contracts | $ | — | $ | 5 | |||||
Loss on interest rate swap cash flow hedges | (2 | ) | (4 | ) | |||||
Foreign currency translation | (7 | ) | 11 | ||||||
Total accumulated other comprehensive income (loss) | $ | (9 | ) | $ | 12 | ||||
There were no material amounts reclassified out of accumulated other comprehensive income (loss) to net income for the year ended December 31, 2013. During 2012, we reclassified a net gain of $2 million that previously had been recognized 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 (Loss) Per Common Share | |||||||||
Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings (loss) per common share is computed by dividing net income (loss) 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 (Loss) Per Common Unit | |||||||||
Basic earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings (loss) per common unit is computed by dividing net income (loss) 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, 2013, 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. | |||||||||
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, 2013 and December 31, 2012, our exposure risk related to our derivative instruments totaled $4 million and $14 million, respectively, and the counterparties to such instruments are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $554 million available under our credit facility is spread among a diversified group of investment grade financial institutions. Following a repayment subsequent to year-end, we have $779 million available under our credit facility. | |||||||||
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 transfer a liability in an orderly transaction between market participants at the measurement date). 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. Capital lease obligations that are assumed as part of the acquisition of a leasehold interest are fair valued and included as debt on the accompanying balance sheet and we will record the corresponding capital lease assets. In certain situations, a deferred tax liability is recognized due to the difference between the fair value and the tax basis of the acquired asset at the acquisition date, which also may result in a goodwill asset being recorded. | |||||||||
Reclassifications | ' | ||||||||
Reclassifications | |||||||||
Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Consolidated Portfolio of Hotels by Location | ' | ||||||||||||
As of December 31, 2013, the hotels in our consolidated portfolio are located in the following countries: | |||||||||||||
Hotels | |||||||||||||
United States | 100 | ||||||||||||
Australia | 1 | ||||||||||||
Brazil | 1 | ||||||||||||
Canada | 3 | ||||||||||||
Chile | 2 | ||||||||||||
Mexico | 1 | ||||||||||||
New Zealand | 7 | ||||||||||||
Total | 115 | ||||||||||||
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, | |||||||||||||
2013 | 2012 | ||||||||||||
OP units outstanding (millions) | 9.5 | 9.9 | |||||||||||
Market price per Host Inc. common share | $ | 19.44 | $ | 15.67 | |||||||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||||||
Redemption value (millions) | $ | 190 | $ | 158 | |||||||||
Historical cost (millions) | 95 | 96 | |||||||||||
Book value (millions) (1) | 190 | 158 | |||||||||||
-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, | |||||||||||||
2013 | 2012 | ||||||||||||
Gain on foreign currency forward contracts | $ | — | $ | 5 | |||||||||
Loss on interest rate swap cash flow hedges | (2 | ) | (4 | ) | |||||||||
Foreign currency translation | (7 | ) | 11 | ||||||||||
Total accumulated other comprehensive income (loss) | $ | (9 | ) | $ | 12 | ||||||||
Earnings Per Common Share (Unit) | ' | ||||||||||||
Host L.P. Earnings (Loss) Per Common Unit | |||||||||||||
Basic earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings (loss) per common unit is computed by dividing net income (loss) 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 (loss) per common unit is shown below (in million, except per unit amounts): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | 325 | $ | 63 | $ | (16 | ) | ||||||
Less: Net (income) loss attributable to non-controlling interests | (4 | ) | (1 | ) | 1 | ||||||||
Net income (loss) attributable to Host L.P. | $ | 321 | $ | 62 | $ | (15 | ) | ||||||
Diluted income (loss) attributable to Host L.P. | $ | 322 | $ | 62 | $ | (15 | ) | ||||||
Basic weighted average shares outstanding | 738.4 | 713.3 | 688.9 | ||||||||||
Diluted weighted average shares outstanding (1) | 741.9 | 714.6 | 688.9 | ||||||||||
Basic earnings (loss) per common unit | $ | 0.43 | $ | 0.09 | $ | (.02 | ) | ||||||
Diluted earnings (loss) per common unit | $ | 0.43 | $ | 0.09 | $ | (.02 | ) | ||||||
-1 | There are 29 million, 40 million and 46 million potentially dilutive units for our exchangeable senior debentures and for units distributable to Host Inc. for Host Inc. shares granted under comprehensive stock plans which were not included in the computation of diluted earnings per unit as of December 31, 2013, 2012 and 2011, respectively, 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, 2013, the Euro JV hotels are located in the following countries: | |||||||||||||
Hotels | |||||||||||||
Belgium | 3 | ||||||||||||
France | 4 | ||||||||||||
Germany | 1 | ||||||||||||
Italy | 3 | ||||||||||||
Poland | 1 | ||||||||||||
Spain | 2 | ||||||||||||
Sweden | 1 | ||||||||||||
The Netherlands | 2 | ||||||||||||
United Kingdom | 2 | ||||||||||||
Total | 19 | ||||||||||||
HOST HOTELS & RESORTS, INC. | ' | ||||||||||||
Earnings Per Common Share (Unit) | ' | ||||||||||||
Host Inc. Earnings (Loss) Per Common Share | |||||||||||||
Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings (loss) per common share is computed by dividing net income (loss) 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 (loss) per common share is shown below (in million, except per share amounts): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | 325 | $ | 63 | $ | (16 | ) | ||||||
Less: Net (income) loss attributable to non-controlling interests | (8 | ) | (2 | ) | 1 | ||||||||
Net income (loss) attributable to Host Inc. | $ | 317 | $ | 61 | $ | (15 | ) | ||||||
Diluted income (loss) attributable to Host Inc. | $ | 317 | $ | 61 | $ | (15 | ) | ||||||
Basic weighted average shares outstanding | 744.4 | 718.2 | 693 | ||||||||||
Diluted weighted average shares outstanding (1) | 747.9 | 719.6 | 693 | ||||||||||
Basic earnings (loss) per common share | $ | 0.43 | $ | 0.08 | $ | (.02 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.42 | $ | 0.08 | $ | (.02 | ) | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property and Equipment | ' | ||||||||
Property and equipment consists of the following (in millions): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 1,973 | $ | 1,996 | |||||
Buildings and leasehold improvements | 13,435 | 13,665 | |||||||
Furniture and equipment | 2,223 | 2,227 | |||||||
Construction in progress | 176 | 199 | |||||||
17,807 | 18,087 | ||||||||
Less accumulated depreciation and amortization | (6,812 | ) | (6,499 | ) | |||||
$ | 10,995 | $ | 11,588 | ||||||
Investment_in_Affiliates_Table
Investment in Affiliates (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
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 Maui JV and Hyatt Place JV is jointly and severally guaranteed by the partners of the joint ventures. Investments in affiliates consist of the following (in millions): | |||||||||||||||||||
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 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||
Ownership | Our | Our Portion | |||||||||||||||||
Interests | Investment | of Debt | Total Debt | Assets | |||||||||||||||
Euro JV | 32.1% - 33.4 | % | $ | 305 | $ | 443 | $ | 1,360 | Nineteen hotels in Europe | ||||||||||
Asia/Pacific JV | 25 | % | 22 | 11 | 44 | One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India | |||||||||||||
Maui JV | 67 | % | 15 | 7 | 10 | 131-unit vacation ownership project in Maui, Hawaii | |||||||||||||
Hyatt Place JV | 50 | % | 5 | — | — | One hotel under development in Nashville, Tennessee | |||||||||||||
Total | $ | 347 | $ | 461 | $ | 1,414 | |||||||||||||
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, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Property and equipment, net | $ | 2,480 | $ | 2,289 | |||||||||||||||
Other assets | 376 | 312 | |||||||||||||||||
Total assets | $ | 2,856 | $ | 2,601 | |||||||||||||||
Debt | $ | 1,476 | $ | 1,414 | |||||||||||||||
Other liabilities | 135 | 164 | |||||||||||||||||
Equity | 1,245 | 1,023 | |||||||||||||||||
Total liabilities and equity | $ | 2,856 | $ | 2,601 | |||||||||||||||
Combined Summarized Operating Results For Affiliates | ' | ||||||||||||||||||
Combined summarized operating results for our affiliates is as follows (in millions): | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Total revenues | $ | 617 | $ | 428 | $ | 381 | |||||||||||||
Operating expenses | |||||||||||||||||||
Expenses | (473 | ) | (346 | ) | (294 | ) | |||||||||||||
Depreciation and amortization | (112 | ) | (56 | ) | (46 | ) | |||||||||||||
Operating profit | 32 | 26 | 41 | ||||||||||||||||
Interest expense | (59 | ) | (43 | ) | (43 | ) | |||||||||||||
Gain on disposition | 2 | — | — | ||||||||||||||||
Net loss | $ | (25 | ) | $ | (17 | ) | $ | (2 | ) | ||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt | ' | ||||||||||||
Debt consists of the following (in millions): | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Series Q senior notes, with a rate of 6¾% due June 2016 | $ | 150 | $ | 550 | |||||||||
Series T senior notes, with a rate of 9% due May 2017 | — | 391 | |||||||||||
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 | 497 | 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 | — | |||||||||||
2004 Exchangeable Senior Debentures, with a rate of 3¼% due April 2024 | — | 175 | |||||||||||
2009 Exchangeable Senior Debentures, with a rate of 2½% due October 2029 | 371 | 356 | |||||||||||
Total senior notes | 3,018 | 3,569 | |||||||||||
Credit facility revolver | 446 | 263 | |||||||||||
Credit facility term loan due July 2017 | 500 | 500 | |||||||||||
Mortgage debt (non-recourse), with an average interest rate of 4.1% and 4.5% at December 31, 2013 and 2012, respectively, maturing through January 2024 | 709 | 993 | |||||||||||
Other | 86 | 86 | |||||||||||
Total debt | $ | 4,759 | $ | 5,411 | |||||||||
Interest Expense | ' | ||||||||||||
The following items are included in interest expense (in millions): | |||||||||||||
Year ended December 31, | |||||||||||||
2013(1) | 2012(1) | 2011(1) | |||||||||||
Interest expense | $ | 304 | $ | 373 | $ | 371 | |||||||
Amortization of debt premiums/discounts, net (2) | (15 | ) | (18 | ) | (32 | ) | |||||||
Amortization of deferred financing costs | (10 | ) | (12 | ) | (11 | ) | |||||||
Non-cash losses on debt extinguishments | (13 | ) | (9 | ) | (4 | ) | |||||||
Change in accrued interest | 16 | 4 | (4 | ) | |||||||||
Interest paid (3) | $ | 282 | $ | 338 | $ | 320 | |||||||
-1 | Interest expense and interest paid for 2013, 2012 and 2011 includes cash prepayment premiums of approximately $23 million, $21 million and $5 million, respectively. | ||||||||||||
-2 | Primarily represents the amortization of the debt discount on our Debentures, which is non-cash interest expense. | ||||||||||||
-3 | Does not include capitalized interest of $6 million, $6 million and $4 million during 2013, 2012 and 2011, respectively. | ||||||||||||
Mortgage Debt Issuances and Repayments | ' | ||||||||||||
We had the following mortgage debt issuances and repayments since January 2012: | |||||||||||||
Maturity | |||||||||||||
Transaction Date | Property | Rate | Date | Amount | |||||||||
Issuances/Assumptions | (in millions) | ||||||||||||
Dec-13 | Harbor Beach Marriott Resort & Spa | 4.75 | % | 1/1/24 | $ | 150 | |||||||
Jun-12 | Hyatt Regency Reston (1) | 3.3 | % | 7/1/16 | 100 | ||||||||
Repayments | |||||||||||||
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 | ) | |||||||
Apr-12 | JW Marriott, Washington, D.C. (2) | 7.5 | % | 4/2/13 | (113 | ) | |||||||
-1 | The floating interest rate is equal to 1-month LIBOR plus 310 basis points. The rate shown reflects the rate in effect at December 31, 2013. We have the option to extend the maturity for one year, subject to certain conditions. | ||||||||||||
-2 | We prepaid the mortgage including an exit fee of $1 million. | ||||||||||||
Aggregate Debt Maturities | ' | ||||||||||||
Aggregate debt maturities are as follows (in millions): | |||||||||||||
As of | |||||||||||||
31-Dec-13 | |||||||||||||
2014 | $ | 332 | |||||||||||
2015 (1) | 858 | ||||||||||||
2016 (2) | 408 | ||||||||||||
2017 | 540 | ||||||||||||
2018 | - | ||||||||||||
Thereafter | 2,650 | ||||||||||||
4,788 | |||||||||||||
Unamortized (discounts) premiums, net | (32 | ) | |||||||||||
Fair value hedge adjustment | 1 | ||||||||||||
Capital lease obligations | 2 | ||||||||||||
$ | 4,759 | ||||||||||||
(1)Includes $225 million outstanding under the credit facility that was repaid in January 2014. | |||||||||||||
(2)Includes $150 million Series Q senior notes that were repaid in February 2014. | |||||||||||||
Convertible Debt | ' | ||||||||||||
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, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Contractual interest expense (cash) | $ | 10 | $ | 19 | $ | 31 | |||||||
Non-cash interest expense due to discount amortization | 15 | 17 | 31 | ||||||||||
Total interest expense | $ | 25 | $ | 36 | $ | 62 | |||||||
Equity_of_Host_Inc_and_Capital1
Equity of Host Inc. and Capital of Host L.P. (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
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, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Common stock | $ | 0.46 | $ | 0.3 | $ | 0.14 | ||||||
Common OP units | 0.47 | 0.306 | 0.143 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Primary Components of Net Deferred Tax Asset | ' | |||||||||||||
We have recorded a 100% valuation allowance of approximately $44 million against the deferred tax asset related to the net operating loss and asset tax credit carryovers as of December 31, 2013 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, 2013 with respect to our hotels in Canada. There is a $3 million valuation allowance related to the net operating loss incurred by our office in Rio de Janeiro. Finally, there is a $10 million valuation allowance against the deferred tax asset related to the net operating loss carryovers as of December 31, 2013 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 and the net increase in the valuation allowance for the year ending December 31, 2013 and December 31, 2012 is approximately $2 million and $16 million, respectively. The primary components of our net deferred tax asset are as follows (in millions): | ||||||||||||||
As of December 31, | ||||||||||||||
Deferred tax assets | 2013 | 2012 | ||||||||||||
Accrued related party interest | $ | 19 | $ | 17 | ||||||||||
Net operating loss and capital loss carryovers | 85 | 101 | ||||||||||||
Alternative minimum tax credits | 5 | 4 | ||||||||||||
Property and equipment | 4 | 4 | ||||||||||||
Investments in domestic affiliates | 3 | 3 | ||||||||||||
Other | 1 | 2 | ||||||||||||
Deferred revenue | 57 | 54 | ||||||||||||
Total gross deferred tax assets | 174 | 185 | ||||||||||||
Less: Valuation allowance | (61 | ) | (63 | ) | ||||||||||
Total deferred tax assets, net of valuation allowance | $ | 113 | $ | 122 | ||||||||||
Deferred tax liabilities | ||||||||||||||
Property and equipment | (21 | ) | (23 | ) | ||||||||||
Investments in domestic and foreign affiliates | (6 | ) | (6 | ) | ||||||||||
Other | (3 | ) | (3 | ) | ||||||||||
Total gross deferred tax liabilities | (30 | ) | (32 | ) | ||||||||||
Net deferred tax assets | $ | 83 | $ | 90 | ||||||||||
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, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
U.S. income (loss) | $ | 213 | $ | (22 | ) | $ | (60 | ) | ||||||
Foreign income | 18 | 45 | 32 | |||||||||||
Total | $ | 231 | $ | 23 | $ | (28 | ) | |||||||
Provision (Benefit) for Income Taxes for Continuing Operations | ' | |||||||||||||
The provision (benefit) for income taxes for continuing operations consists of (in millions): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current | —Federal | $ | 2 | $ | 3 | $ | 1 | |||||||
—State | 4 | 1 | 1 | |||||||||||
—Foreign | 9 | 10 | 8 | |||||||||||
15 | 14 | 10 | ||||||||||||
Deferred | —Federal | 4 | 11 | (11 | ) | |||||||||
—State | 1 | 1 | (2 | ) | ||||||||||
—Foreign | 1 | 5 | 2 | |||||||||||
6 | 17 | (11 | ) | |||||||||||
Income tax provision (benefit) – continuing operations | $ | 21 | $ | 31 | $ | (1 | ) | |||||||
Income Tax (Benefit) Provision Calculated at Statutory U.S. Federal Income Tax Rate and Actual Income Tax (Benefit) Provision Recorded | ' | |||||||||||||
The differences between the income tax provision (benefit) calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision (benefit) recorded for continuing operations are as follows (in millions): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Statutory federal income tax provision (benefit) – continuing operations | $ | 81 | $ | 8 | $ | (10 | ) | |||||||
Adjustment for nontaxable (income) loss of Host Inc. – continuing operations | (77 | ) | 4 | — | ||||||||||
State income tax provision (benefit), net | 5 | 2 | (1 | ) | ||||||||||
Provision for uncertain tax positions | 2 | 2 | — | |||||||||||
Foreign income tax provision | 10 | 15 | 10 | |||||||||||
Income tax provision (benefit) – continuing operations | $ | 21 | $ | 31 | $ | (1 | ) | |||||||
Unrecognized Tax Benefits Reconciliation | ' | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance at January 1 | $ | 3 | $ | 5 | ||||||||||
Reduction due to expiration of certain statutes of limitation | — | (4 | ) | |||||||||||
Other increases (decreases) | 2 | 2 | ||||||||||||
Balance at December 31 | $ | 5 | $ | 3 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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, 2013 | |||||||||||||
Capital | Operating | ||||||||||||
Leases | Leases | ||||||||||||
2014 | $ | 1 | $ | 45 | |||||||||
2015 | 1 | 43 | |||||||||||
2016 | — | 42 | |||||||||||
2017 | — | 42 | |||||||||||
2018 | — | 41 | |||||||||||
Thereafter | — | 1,591 | |||||||||||
Total minimum lease payments | $ | 2 | $ | 1,804 | |||||||||
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, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rentals on operating leases | $ | 50 | $ | 117 | $ | 114 | |||||||
Additional rentals based on sales | 32 | 31 | 26 | ||||||||||
Rental payments based on real estate tax assessments | 24 | 23 | 22 | ||||||||||
Less: sublease rentals | (3 | ) | (3 | ) | (3 | ) | |||||||
$ | 103 | $ | 168 | $ | 159 | ||||||||
Employee_Stock_Plans_Tables
Employee Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Summary of Status of Senior Executive Plans | ' | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
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 | — | $ | — | — | $ | — | 3.7 | $ | 11 | ||||||||||||||||
Granted | 1.7 | 16 | 1.6 | 14 | 0.1 | 17 | |||||||||||||||||||
Vested (1) | (0.8 | ) | 19 | (0.6 | ) | 16 | (1.3 | ) | 15 | ||||||||||||||||
Forfeited/expired | (0.9 | ) | 19 | (1.0 | ) | 16 | (2.5 | ) | 15 | ||||||||||||||||
Balance, at end of year | — | — | — | — | — | — | |||||||||||||||||||
Issued in calendar year (1) | 0.3 | 19 | 0.8 | 16 | 1.1 | 15 | |||||||||||||||||||
-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 0.3 million shares issued in 2013 include shares vested at December 31, 2012, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $9.5 million and $15.4 million, for 2013, 2012 and 2011, respectively. |
Dispositions_Tables
Dispositions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Revenues, Income (Loss) Before Taxes, and Gain on Dispositions, Net of Tax in Discontinued Operations | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 104 | $ | 264 | $ | 288 | |||||||
Income before taxes | 22 | 24 | 11 | ||||||||||
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 | 2011 | |||||||||||
Continuing operations, net of tax | $ | 203 | $ | (10 | ) | $ | (26 | ) | |||||
Discontinued operations, net of tax | 114 | 71 | 11 | ||||||||||
Net income (loss) attributable to Host Inc. | $ | 317 | $ | 61 | $ | (15 | ) | ||||||
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 | 2011 | |||||||||||
Continuing operations, net of tax | $ | 206 | $ | (9 | ) | $ | (26 | ) | |||||
Discontinued operations, net of tax | 115 | 71 | 11 | ||||||||||
Net income (loss) attributable to Host L.P. | $ | 321 | $ | 62 | $ | (15 | ) | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
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 2013 and 2012 hotel acquisitions (in millions): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Property and equipment | $ | 138 | $ | 409 | |||||
Restricted cash, FF&E reserves and other assets | 1 | 9 | |||||||
Total assets | 139 | 418 | |||||||
Other liabilities | — | (1 | ) | ||||||
Net assets acquired | $ | 139 | $ | 417 | |||||
Summary of Unaudited Consolidated Pro Forma Results of Operations | ' | ||||||||
Our summarized unaudited consolidated pro forma results of operations, assuming the 2013 and 2012 hotel acquisitions, including subsequent events, occurred on January 1, 2011 and excluding the acquisition costs discussed above, are as follows (in millions, except per share and per unit amounts): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 5,185 | $ | 5,136 | |||||
Income from continuing operations | 214 | 12 | |||||||
Net income | 329 | 83 | |||||||
Host Inc.: | |||||||||
Net income attributable to Host Inc. | $ | 321 | $ | 81 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.27 | $ | 0.02 | |||||
Discontinued operations | 0.16 | 0.09 | |||||||
Basic earnings per common share | $ | 0.43 | $ | 0.11 | |||||
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.28 | $ | 0.02 | |||||
Discontinued operations | 0.15 | 0.09 | |||||||
Diluted earnings per common share | $ | 0.43 | $ | 0.11 | |||||
Host L.P.: | |||||||||
Net income attributable to Host L.P. | $ | 325 | $ | 82 | |||||
Basic earnings per common unit: | |||||||||
Continuing operations | $ | 0.29 | $ | 0.01 | |||||
Discontinued operations | 0.15 | 0.1 | |||||||
Basic earnings per common unit | $ | 0.44 | $ | 0.11 | |||||
Diluted earnings per common unit: | |||||||||
Continuing operations | $ | 0.29 | $ | 0.01 | |||||
Discontinued operations | 0.15 | 0.1 | |||||||
Diluted earnings per common unit | $ | 0.44 | $ | 0.11 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
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 2013 and 2012 due to the impairment of non-financial assets (in millions): | |||||||||||||||||||
Fair Value at Measurement Date Using | |||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||
Balance at | Markets for | Observable | Unobservable | ||||||||||||||||
December 31, | Identical Assets | Inputs | Inputs | ||||||||||||||||
2013 | (Level 1) | (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 | |||||||||||||||
Fair Value at Measurement Date Using | |||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||
Balance at | Markets for | Observable | Unobservable | ||||||||||||||||
December 31, | Identical Assets | Inputs | Inputs | ||||||||||||||||
2012 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Fair Value Measurements on a Recurring Basis: | |||||||||||||||||||
Assets | |||||||||||||||||||
Interest rate swap derivatives (1) | $ | 7 | $ | — | $ | 7 | $ | — | |||||||||||
Foreign currency forward sale contracts (1) | 5 | — | 5 | — | |||||||||||||||
Liabilities | |||||||||||||||||||
Interest rate swap derivatives (1) | (6 | ) | — | (6 | ) | — | |||||||||||||
Fair Value Measurements on a Non-recurring Basis: | |||||||||||||||||||
Impaired hotel properties held and used (2) | 34 | — | — | 34 | |||||||||||||||
-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, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
Interest Rate Swap Derivatives Designated as Cash Flow Hedges | ' | ||||||||||||||||||
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, 2013. The following table summarizes our interest rate swap derivatives designed as cash flow hedges (in millions): | |||||||||||||||||||
Change in Fair Value | |||||||||||||||||||
Total | Gain (Loss) | ||||||||||||||||||
Transaction | Notional | Maturity | Swapped | Year ended December 31, | |||||||||||||||
Date | Amount | Date | Index | All-in-Rate | 2013 | 2012 | |||||||||||||
November 2011 (1) | A$ | 62 | Nov-16 | Reuters BBSY | 6.7 | % | $ | 1 | $ | -2 | |||||||||
February 2011 (2) | NZ$ | 79 | Feb-16 | NZ$ Bank Bill | 7.15 | % | $ | 2 | $ | — | |||||||||
-1 | The swap was entered into in connection with the A$82 million ($71 million) mortgage loan on the Hilton Melbourne South Wharf. | ||||||||||||||||||
-2 | The swap was entered into in connection with the NZ$105 million ($87 million) mortgage loan on seven properties in New Zealand. | ||||||||||||||||||
Foreign Currency Sale Contracts | ' | ||||||||||||||||||
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 | ||||||||||||||||||
Amount in | Transaction | Forward | Gain (Loss) | ||||||||||||||||
Transaction | Foreign | Amount | Purchase | Year ended December 31, | |||||||||||||||
Date Range | Currency | in Dollars | Date Range | 2013 | 2012 | ||||||||||||||
May 2008-January 2013 | € | 120 | $ | 163 | May 2014-January 2016 | $ | (5 | ) | $ | 4 | |||||||||
Draws on Credit Facility that are Designated as Net Investments in International Operations | ' | ||||||||||||||||||
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 | 2013 | 2012 | |||||||||||||||
Canadian dollars (1) | $ | 29 | C$ | 31 | $ | 2 | $ | — | |||||||||||
Euros | $ | 102 | € | 74 | $ | -5 | $ | -2 | |||||||||||
-1 | We have drawn an additional $71 million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. | ||||||||||||||||||
Fair Values of Certain Financial Liabilities and Other Financial Instruments | ' | ||||||||||||||||||
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, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||
Financial liabilities | |||||||||||||||||||
Senior notes (Level 1) | $ | 2,647 | $ | 2,766 | $ | 3,038 | $ | 3,296 | |||||||||||
Exchangeable Senior Debentures (Level 1) | 371 | 603 | 531 | 725 | |||||||||||||||
Credit facility (Level 2) | 946 | 946 | 763 | 763 | |||||||||||||||
Mortgage debt and other, excluding capital leases (Level 2) | 793 | 802 | 1,078 | 1,094 | |||||||||||||||
Geographic_and_Business_Segmen1
Geographic and Business Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
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): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Property and | Property and | Property and | ||||||||||||||||||||||
Revenues | Equipment, net | Revenues | Equipment, net | Revenues | Equipment, net | |||||||||||||||||||
United States | $ | 4,895 | $ | 10,498 | $ | 4,791 | $ | 11,095 | $ | 4,461 | $ | 10,874 | ||||||||||||
Australia | 40 | 106 | 42 | 133 | 27 | 136 | ||||||||||||||||||
Brazil | 30 | 76 | 33 | 39 | 33 | 42 | ||||||||||||||||||
Canada | 97 | 89 | 95 | 97 | 92 | 126 | ||||||||||||||||||
Chile | 34 | 54 | 37 | 63 | 28 | 58 | ||||||||||||||||||
Mexico | 24 | 32 | 25 | 26 | 24 | 23 | ||||||||||||||||||
New Zealand | 46 | 140 | 36 | 135 | 32 | 124 | ||||||||||||||||||
United Kingdom | — | — | — | — | 17 | — | ||||||||||||||||||
Total | $ | 5,166 | $ | 10,995 | $ | 5,059 | $ | 11,588 | $ | 4,714 | $ | 11,383 | ||||||||||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in millions, except per share/unit amounts) | |||||||||||||||||
Host Hotels & Resorts, Inc.: | |||||||||||||||||
Revenues | $ | 1,225 | $ | 1,399 | $ | 1,211 | $ | 1,331 | |||||||||
Operating profit | 90 | 205 | 79 | 138 | |||||||||||||
Income from continuing operations | 34 | 116 | 1 | 59 | |||||||||||||
Income from discontinued operations | 26 | 5 | 17 | 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 | 0.16 | 0.01 | 0.07 | |||||||||||||
Discontinued operations | 0.04 | — | 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 | 0.16 | 0.01 | 0.07 | |||||||||||||
Discontinued operations | 0.04 | — | 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 | |||||||||||||
2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in millions, except per share/unit amounts) | |||||||||||||||||
Host Hotels & Resorts, Inc.: | |||||||||||||||||
Revenues | $ | 929 | $ | 1,308 | $ | 1,149 | $ | 1,673 | |||||||||
Operating profit | 16 | 175 | 63 | 108 | |||||||||||||
Income (loss) from continuing operations | (54 | ) | 79 | (39 | ) | 5 | |||||||||||
Income from discontinued operations | 54 | 4 | 3 | 10 | |||||||||||||
Net income (loss) | — | 83 | (36 | ) | 15 | ||||||||||||
Net income (loss) attributable to Host Hotels & Resorts, Inc. | (2 | ) | 82 | (34 | ) | 15 | |||||||||||
Basic earnings (loss) per common share: | |||||||||||||||||
Continuing operations | (.08 | ) | 0.11 | (.05 | ) | 0.01 | |||||||||||
Discontinued operations | 0.08 | — | — | 0.01 | |||||||||||||
Basic earnings (loss) per common share | — | 0.11 | (.05 | ) | 0.02 | ||||||||||||
Diluted earnings (loss) per common share: | |||||||||||||||||
Continuing operations | (.08 | ) | 0.11 | (.05 | ) | 0.01 | |||||||||||
Discontinued operations | 0.08 | — | — | 0.01 | |||||||||||||
Diluted earnings (loss) per common share | — | 0.11 | (.05 | ) | 0.02 | ||||||||||||
Host Hotels & Resorts, L.P.(1): | |||||||||||||||||
Net income (loss) attributable to Host Hotels & Resorts, L.P. | (2 | ) | 83 | (35 | ) | 16 | |||||||||||
Basic earnings (loss) per common unit: | |||||||||||||||||
Continuing operations | (.08 | ) | 0.11 | (.05 | ) | 0.01 | |||||||||||
Discontinued operations | 0.08 | 0.01 | — | 0.01 | |||||||||||||
Basic earnings (loss) per common unit | — | 0.12 | (.05 | ) | 0.02 | ||||||||||||
Diluted earnings (loss) per common unit: | |||||||||||||||||
Continuing operations | (.08 | ) | 0.11 | (.05 | ) | 0.01 | |||||||||||
Discontinued operations | 0.08 | 0.01 | — | 0.01 | |||||||||||||
Diluted earnings (loss) per common unit | — | 0.12 | (.05 | ) | 0.02 | ||||||||||||
-1 | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Supplemental_Schedule_of_Nonca1
Supplemental Schedule of Noncash Investing and Financing Activities (Host Hotels & Resorts, Inc) - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Apr. 30, 2013 | Nov. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 28, 2011 | Mar. 17, 2011 | Jun. 28, 2011 | Jun. 28, 2011 | Apr. 29, 2011 | Apr. 29, 2011 | Mar. 31, 2013 | Jun. 30, 2011 | Nov. 09, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 09, 2012 | Nov. 09, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Fund II | Manchester Grand Hyatt San Diego | Le Meridien Piccadilly | Le Meridien Piccadilly | Hilton Melbourne South Wharf | Hilton Melbourne South Wharf | Exchangeable Senior Debentures 3.25% | Exchangeable Senior Debentures 3.25% | Maui JV | Maui JV | Maui JV | Maui JV | Maui JV | |
Common Units | USD ($) | GBP (£) | USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Hyatt Residential Group | Fair Value | |||||||
USD ($) | USD ($) | |||||||||||||||||
Other Significant Noncash Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for converted units, shares | ' | ' | 0.3 | 0.6 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemptions of limited partner interests for common stock | ' | ' | $6 | $10 | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable Debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 134 | ' | ' | ' | ' | ' |
Debt interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' |
Debt converted into shares of Host Inc. common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.7 | 8.8 | ' | ' | ' | ' | ' |
Contributed land | ' | 36 | ' | ' | ' | ' | ' | 102 | 64 | ' | ' | ' | ' | 11 | ' | ' | ' | 36 |
Investment in joint venture | ' | ' | 415 | 347 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 15 | 16 | ' | ' |
Investment ownership percentage | ' | ' | ' | ' | ' | 33.40% | ' | ' | ' | ' | ' | ' | ' | 67.00% | 67.00% | 67.00% | ' | ' |
Gain on sale of the land | 21 | ' | 33 | 13 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' |
Equity method investment outside ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' |
Cash received on land contribution | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' |
Mortgage debt assumed | ' | ' | ' | ' | ' | ' | ' | 52 | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease transferred | ' | ' | ' | ' | ' | ' | ' | 61 | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from transfer of Le Meridien Piccadilly to the Euro JV Fund II | ' | ' | ' | ' | ' | ' | ' | 40 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common voting interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt assumed in connection with acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86 | 80 | ' | ' | ' | ' | ' | ' | ' |
OP Units exchanged for ownership right, units | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP Units exchanged for ownership right, value | ' | ' | ' | ' | ' | ' | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Schedule_of_Nonca2
Supplemental Schedule of Noncash Investing and Financing Activities (HOST HOTELS & RESORTS, L.P.) - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Apr. 30, 2013 | Nov. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 28, 2011 | Jun. 28, 2011 | Apr. 29, 2011 | Apr. 29, 2011 | Jun. 28, 2011 | Mar. 17, 2011 | Nov. 09, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 09, 2012 | Nov. 09, 2012 | Mar. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 28, 2011 | Jun. 28, 2011 | Apr. 29, 2011 | Apr. 29, 2011 | Jun. 28, 2011 | Mar. 17, 2011 | Nov. 09, 2012 | Dec. 31, 2012 | Nov. 09, 2012 | Nov. 09, 2012 | Mar. 31, 2013 | Jun. 30, 2011 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Le Meridien Piccadilly | Le Meridien Piccadilly | Hilton Melbourne South Wharf | Hilton Melbourne South Wharf | Fund II | Manchester Grand Hyatt San Diego | Maui JV | Maui JV | Maui JV | Maui JV | Hyatt Residential Group | Exchangeable Senior Debentures 3.25% | Exchangeable Senior Debentures 3.25% | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | |
USD ($) | GBP (£) | USD ($) | AUD | Common Units | USD ($) | USD ($) | USD ($) | Fair Value | Maui JV | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Le Meridien Piccadilly | Le Meridien Piccadilly | Hilton Melbourne South Wharf | Hilton Melbourne South Wharf | Fund II | Manchester Grand Hyatt San Diego | Maui JV | Maui JV | Maui JV | Hyatt Residential Group | Exchangeable Senior Debentures 3.25% | Exchangeable Senior Debentures 3.25% | |||||||
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | AUD | Common Units | USD ($) | USD ($) | Fair Value | Maui JV | USD ($) | USD ($) | |||||||||||||||||||||
USD ($) | USD ($) | ||||||||||||||||||||||||||||||||
Other Significant Noncash Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemptions of limited partnership interests of third parties | ' | ' | $6 | $10 | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | $10 | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemptions of limited partner interests for common stock (shares) | ' | ' | 0.3 | 0.6 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.6 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable Debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 134 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 134 |
Debt interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% |
Debt converted into shares of Host Inc. common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.7 | 8.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.7 | 8.8 |
Common OP unit issuances (units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.5 | 8.6 |
Contributed land | ' | 36 | ' | ' | ' | 102 | 64 | ' | ' | ' | ' | 11 | ' | ' | 36 | ' | ' | ' | ' | ' | ' | 102 | 64 | ' | ' | ' | ' | 11 | ' | 36 | ' | ' | ' |
Advances to and investments in affiliates | ' | ' | 415 | 347 | ' | ' | ' | ' | ' | ' | ' | 8 | 15 | 16 | ' | ' | ' | ' | 415 | 347 | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' |
Investment ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.40% | ' | 67.00% | 67.00% | 67.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.40% | ' | 67.00% | ' | ' | ' | ' | ' |
Gain on sale of the land | 21 | ' | 33 | 13 | 7 | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | 33 | 13 | 7 | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' |
Equity method investment outside ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' |
Cash received on land contribution | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' |
Mortgage debt assumed | ' | ' | ' | ' | ' | 52 | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease transferred | ' | ' | ' | ' | ' | 61 | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61 | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from transfer of Le Meridien Piccadilly to the Euro JV Fund II | ' | ' | ' | ' | ' | 40 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common voting interest acquired | ' | ' | ' | ' | ' | ' | ' | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt assumed in connection with acquisition | ' | ' | ' | ' | ' | ' | ' | 86 | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86 | 80 | ' | ' | ' | ' | ' | ' | ' | ' |
OP Units exchanged for ownership right, units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' |
OP Units exchanged for ownership right, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | ' | ' | ' | ' |
Consolidated_Portfolio_of_Hote
Consolidated Portfolio of Hotels by Location (Detail) | Dec. 31, 2013 |
Hotel | |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 115 |
European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 19 |
United States | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 100 |
Australia | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
Brazil | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
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 | 1 |
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 | 2 |
Historical_Cost_and_Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) (HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, except Share data, unless otherwise specified | ||||
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ' | ' | ||
OP units outstanding (millions) | 9,500,000 | 9,900,000 | ||
Market price per Host Inc. common share | $19.44 | $15.67 | ||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | ||
Redemption value (millions) | $190 | $158 | ||
Historical cost (millions) | 95 | 96 | ||
Book value (millions) | $190 | [1] | $158 | [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, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Gain on foreign currency forward contracts | $0 | $5 |
Loss on interest rate swap cash flow hedges | -2 | -4 |
Foreign currency translation | -7 | 11 |
Total accumulated other comprehensive income (loss) | ($9) | $12 |
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, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' | |||
NET INCOME (LOSS) | $325 | $63 | ($16) | |||
Less: Net (income) loss attributable to non-controlling interests | -8 | -2 | 1 | |||
Net income (loss) attributable to Host Inc. | 317 | 61 | -15 | |||
Diluted income (loss) attributable to Host Inc. | $317 | $61 | ($15) | |||
Basic weighted average shares outstanding | 744.4 | 718.2 | 693 | |||
Diluted weighted average shares outstanding | 747.9 | [1] | 719.6 | [1] | 693 | [1] |
Basic earnings (loss) per common share | $0.43 | $0.08 | ($0.02) | |||
Diluted earnings (loss) per common share | $0.42 | $0.08 | ($0.02) | |||
[1] | There are 30 million, 40 million and 47 million potentially dilutive shares for our exchangeable senior debentures and shares granted under comprehensive stock plans which were not included in the computation of diluted EPS as of December 31, 2013, 2012 and 2011, respectively, 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 | Dec. 31, 2011 |
HOST HOTELS & RESORTS, INC. | ' | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' |
Anti-dilutive shares which were not included in the computation of diluted EPS | 30 | 40 | 47 |
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, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $325 | $63 | ($16) | |||||||||||
Less: Net (income) loss attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | -8 | -2 | 1 | |||||||||||
Net income (loss) attributable to Host L.P. | ' | ' | ' | ' | ' | ' | ' | ' | 317 | 61 | -15 | |||||||||||
Basic weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 744.4 | 718.2 | 693 | |||||||||||
Diluted weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 747.9 | [1] | 719.6 | [1] | 693 | [1] | ||||||||
Basic earnings (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 | $0.08 | ($0.02) | |||||||||||
Diluted earnings (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | $0.42 | $0.08 | ($0.02) | |||||||||||
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 325 | 63 | -16 | |||||||||||
Less: Net (income) loss attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -1 | 1 | |||||||||||
Net income (loss) attributable to Host L.P. | 125 | [2] | 19 | [2] | 120 | [2] | 57 | [2] | 16 | [2] | -35 | [2] | 83 | [2] | -2 | [2] | 321 | 62 | -15 | |||
Diluted income (loss) attributable to Host L.P. | ' | ' | ' | ' | ' | ' | ' | ' | $322 | $62 | ($15) | |||||||||||
Basic weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 738.4 | 713.3 | 688.9 | |||||||||||
Diluted weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 741.9 | [3] | 714.6 | [3] | 688.9 | [3] | ||||||||
Basic earnings (loss) per common share | $0.17 | [2] | $0.03 | [2] | $0.16 | [2] | $0.08 | [2] | $0.02 | [2] | ($0.05) | [2] | $0.12 | [2] | ' | $0.43 | $0.09 | ($0.02) | ||||
Diluted earnings (loss) per common share | $0.17 | [2] | $0.03 | [2] | $0.16 | [2] | $0.08 | [2] | $0.02 | [2] | ($0.05) | [2] | $0.12 | [2] | ' | $0.43 | $0.09 | ($0.02) | ||||
[1] | There are 30 million, 40 million and 47 million potentially dilutive shares for our exchangeable senior debentures and shares granted under comprehensive stock plans which were not included in the computation of diluted EPS as of December 31, 2013, 2012 and 2011, respectively, 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 are 29 million, 40 million and 46 million potentially dilutive units for our exchangeable senior debentures and for units distributable to Host Inc. for Host Inc. shares granted under comprehensive stock plans which were not included in the computation of diluted earnings per unit as of December 31, 2013, 2012 and 2011, respectively, 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. AND SUBSIDIARIES) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' |
Anti-dilutive shares which were not included in the computation of diluted EPS | 29 | 40 | 46 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 28, 2011 |
Property | Property | Property, Plant and Equipment, Other Types | Lower Limit | Upper Limit | Fund II | 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 | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ||
Contract | Hotel | Fund I | Fund II | India | India | India | Citigate Perth | Fund II | ||||||||||
Entity | Hotel | Hotel | Hotel | Bangalore | Chennai and Delhi | Room | ||||||||||||
Hotel | Hotel | Hotel | ||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the common OP Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.70% | ' | ' |
Investment ownership percentage | ' | ' | ' | ' | ' | ' | 33.40% | ' | 32.10% | 33.40% | 25.00% | ' | ' | ' | ' | ' | ' | 33.40% |
Number of hotels | 115 | ' | ' | ' | ' | ' | ' | 19 | 11 | 8 | ' | 7 | 2 | 5 | ' | ' | ' | ' |
Number of rooms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278 | ' | ' | ' |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | $1 | $60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of impaired assets | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-controlling interests—other consolidated partnerships | 34 | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests with finite lives | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | ' | ' | ' | ' | '2081 | '2095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-controlling interests in outside partnerships, fair value | 68 | 65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (income) loss attributable to non-controlling interests outside partnerships | 4 | 1 | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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. | ' |
Net (income) loss attributable to outside partners of Host LP | 4 | 1 | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based employee compensation plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exposure risk related for derivative contracts | 4 | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of borrowing capacity currently available under the credit facility | 554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of credit facility in subsequent to year-end | $779 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Property_and_Equipm
Summary of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Property Plant And Equipment [Line Items] | ' | ' | ' |
Land and land improvements | $1,973 | $1,996 | ' |
Buildings and leasehold improvements | 13,435 | 13,665 | ' |
Furniture and equipment | 2,223 | 2,227 | ' |
Construction in progress | 176 | 199 | ' |
Property, Plant and Equipment, Gross, Total | 17,807 | 18,087 | ' |
Less accumulated depreciation and amortization | -6,812 | -6,499 | ' |
Property and equipment, net | $10,995 | $11,588 | $11,383 |
Property_and_Equipment_Additio
Property and Equipment - Additional information (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Property Plant And Equipment [Line Items] | ' |
Cost of real estate for federal income tax purposes | $10,745 |
Investment_in_Affiliates_Addit
Investment in Affiliates - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||
In Millions, unless otherwise specified | Nov. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 28, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Aug. 29, 2013 | Aug. 29, 2013 | Aug. 29, 2013 | Aug. 29, 2013 | Oct. 22, 2013 | Oct. 22, 2013 | Dec. 31, 2013 | Nov. 09, 2012 | Nov. 09, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | Fund II | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Asia/Pacific Joint Venture | Maui JV | Maui JV | Maui JV | Maui JV | Hyatt Place JV | Hyatt Place JV | Hyatt Place JV | Sheraton Stockholm Hotel | Sheraton Stockholm Hotel | Sheraton Stockholm Hotel | Sheraton Stockholm Hotel | Courtyard Paris La Defense West – Colombes | Courtyard Paris La Defense West – Colombes | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | |
Contract | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | Forward Currency Sale Contracts | Mortgage Loans Due Twenty Sixteen | Fund I | Fund II | USD ($) | USD ($) | India | India | India | USD ($) | USD ($) | USD ($) | Fair Value | USD ($) | USD ($) | USD ($) | Sweden | Sweden | European Joint Venture | European Joint Venture | European Joint Venture | European Joint Venture | Asia/Pacific Joint Venture | Maui JV | Maui JV | |||||
Hotel | Hotel | Contract | EUR (€) | EUR (€) | EUR (€) | Bangalore | Chennai and Delhi | Room | USD ($) | Room | USD ($) | EUR (€) | Sweden | Sweden | USD ($) | EUR (€) | USD ($) | USD ($) | Fair Value | ||||||||||||||||||
Hotel | Hotel | USD ($) | EUR (€) | USD ($) | |||||||||||||||||||||||||||||||||
Room | Room | ||||||||||||||||||||||||||||||||||||
Investments In And Advances To Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment ownership percentage | ' | ' | ' | ' | 33.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.10% | 33.40% | 25.00% | 25.00% | 36.00% | ' | ' | 67.00% | 67.00% | 67.00% | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | $2,856 | $2,601 | ' | ' | ' | ' | $2,600 | ' | ' | ' | € 1,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' | ' | ' | ' | 15 | 13 | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 631 | 369 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total equity commitment funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91.00% | 82.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage repayment | ' | 411 | 113 | 210 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.4 | 10.4 | ' | ' | ' |
Number of rooms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131 | ' | ' | ' | ' | ' | 255 | ' | ' | 465 | 465 | ' | ' | ' | ' | ' |
Acquisition date total consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135 | 102 | ' | ' | ' | ' | ' |
Issuances of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81 | 61 | ' | ' | ' | ' | ' |
Interest rate of secured debt | ' | ' | ' | ' | ' | 4.50% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.67% | 5.67% | ' | ' | ' | ' | ' |
Amount of contribution in connection acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73 | ' | ' | ' | ' | 3 | ' | ' | ' | 6 | ' | ' | 19 | 14 | ' | ' | ' | ' | 18 | ' | ' |
Proceeds from sales of assets, net | ' | 643 | 160 | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 19 | ' | ' | ' |
Gain on sale of asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.3 | 1.7 | ' | ' | ' |
Mortgage debt | ' | 709 | 993 | ' | ' | 1,363 | 989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels | ' | 115 | ' | ' | ' | 6 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage on debt principal reduction before refinancing | ' | ' | ' | ' | ' | ' | ' | ' | 446 | 337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage on debt principal reduction after refinancing | ' | ' | ' | ' | ' | 320 | 242 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Draws on credit facility | ' | 393 | 231 | 153 | ' | 48 | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency forward purchase contract | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedged amount of our net investment in the European joint venture | ' | ' | ' | ' | ' | ' | ' | 265 | ' | ' | ' | 194 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (losses) of affiliates | ' | -17 | 2 | 4 | ' | ' | ' | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction loan and partner contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' |
Amount withdrawn on construction loan, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.5 | ' | ' | 23.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed land | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 |
Pre-formation expenditures contributed to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in joint venture | ' | 415 | 347 | ' | ' | ' | ' | 374 | 305 | ' | ' | ' | ' | ' | ' | ' | 20 | 22 | ' | ' | ' | 8 | 16 | 15 | ' | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotels to be developed, agreement amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of long term debt | ' | 500 | 461 | ' | ' | ' | ' | 444 | 443 | ' | ' | ' | ' | ' | ' | ' | 10 | 11 | ' | ' | ' | ' | 34 | 7 | ' | 12 | ' | 34.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $73 | ' | ' | ' | ' | $3 | ' | ' | ' | $6 | ' | ' | $19 | € 14 | ' | ' | ' | ' | $18 | ' | ' |
Combined_Summarized_Balance_Sh
Combined Summarized Balance Sheet Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Asset Reconciling Item [Line Items] | ' | ' |
Property and equipment, net | $2,480 | $2,289 |
Other assets | 376 | 312 |
Total assets | 2,856 | 2,601 |
Debt | 1,476 | 1,414 |
Other liabilities | 135 | 164 |
Equity | 1,245 | 1,023 |
Total liabilities and equity | $2,856 | $2,601 |
Combined_Summarized_Operating_
Combined Summarized Operating Results for Affiliates (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Revenue Reconciling Item [Line Items] | ' | ' | ' |
Total revenues | $617 | $428 | $381 |
Expenses | -473 | -346 | -294 |
Depreciation and amortization | -112 | -56 | -46 |
Operating profit | 32 | 26 | 41 |
Interest expense | -59 | -43 | -43 |
Gain on disposition | 2 | ' | ' |
Net loss | ($25) | ($17) | ($2) |
Summary_of_Investments_in_Affi
Summary of Investments in Affiliates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 |
In Millions, unless otherwise specified | 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 | Maui JV | Maui JV | Maui JV | Hyatt Place JV | Hyatt Place JV | Hyatt Place JV | ||
Lower Limit | Lower Limit | Upper Limit | Upper Limit | |||||||||||||
Schedule Of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment ownership percentage | ' | ' | ' | ' | 32.10% | 32.10% | 33.40% | 33.40% | 25.00% | 25.00% | 67.00% | 67.00% | 67.00% | 50.00% | 50.00% | 50.00% |
Advances to and investments in affiliates | $415 | $347 | $374 | $305 | ' | ' | ' | ' | $20 | $22 | $16 | $15 | $8 | $5 | $5 | ' |
Our Portion of Debt | 500 | 461 | 444 | 443 | ' | ' | ' | ' | 10 | 11 | 34 | 7 | ' | 12 | ' | 34.8 |
Debt | $1,476 | $1,414 | $1,363 | $1,360 | ' | ' | ' | ' | $39 | $44 | $50 | $10 | ' | $24 | ' | ' |
Assets | ' | ' | 'Nineteen hotels in Europe | 'Nineteen hotels in Europe | ' | ' | ' | ' | 'One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India | 'One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India | '131-unit vacation ownership project in Maui, Hawaii | '131-unit vacation ownership project in Maui, Hawaii | ' | 'One hotel in Nashville, Tennessee | 'One hotel under development in Nashville, Tennessee | ' |
Debt_Detail
Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $3,018 | $3,569 |
Exchangeable senior debentures | 371 | 531 |
Credit facility | 946 | 763 |
Mortgage debt (non-recourse), with an average interest rate of 4.1% and 4.5% at December 31, 2013 and 2012, respectively, maturing through January 2024 | 709 | 993 |
Other | 86 | 86 |
Total debt | 4,759 | 5,411 |
Series Q senior notes 6.75% due June 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 150 | 550 |
Series T senior notes 9% due May 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 0 | 391 |
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 | 497 | 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 | ' |
Exchangeable 2004 senior debentures 3.25% due April 2024 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Exchangeable senior debentures | 0 | 175 |
Exchangeable 2009 senior debentures 2.5% due October 2029 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Exchangeable senior debentures | 371 | 356 |
Revolver | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | 446 | 263 |
Term Loan due July 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | $500 | $500 |
Mortgage_Debt_Issuances_and_Re
Mortgage Debt Issuances and Repayments (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' | |
Mortgage repayment | ($411) | ($113) | ($210) | |
Harbor Beach Marriott Resort & Spa | Issuance of Debt | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Rate | 4.75% | ' | ' | |
Maturity date | 1-Jan-24 | ' | ' | |
Issuance amount | 150 | ' | ' | |
Harbor Beach Marriott Resort & Spa | Repayment of Debt | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Rate | 5.55% | ' | ' | |
Maturity date | 1-Mar-14 | ' | ' | |
Mortgage repayment | -134 | ' | ' | |
Hyatt Regency Reston | Issuance of Debt | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Rate | ' | 3.30% | [1] | ' |
Maturity date | ' | 1-Jul-16 | [1] | ' |
Issuance amount | ' | 100 | [1] | ' |
Westin Denver Downtown | Repayment of Debt | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Rate | 8.51% | ' | ' | |
Maturity date | 11-Dec-23 | ' | ' | |
Mortgage repayment | -31 | ' | ' | |
Orlando World Center Marriott | Repayment of Debt | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Rate | 4.75% | ' | ' | |
Maturity date | 1-Jul-13 | ' | ' | |
Mortgage repayment | -246 | ' | ' | |
J W Marriott Washington D C | Repayment of Debt | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Rate | ' | 7.50% | [2] | ' |
Maturity date | ' | 2-Apr-13 | [2] | ' |
Mortgage repayment | ' | ($113) | [2] | ' |
[1] | The floating interest rate is equal to 1-month LIBOR plus 310 basis points. The rate shown reflects the rate in effect at December 31, 2013. We have the option to extend the maturity for one year, subject to certain conditions. | |||
[2] | We prepaid the mortgage including an exit fee of $1Â million. |
Interest_Expense_Detail
Interest Expense (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Interest expense | $304 | [1] | $373 | [1] | $371 | [1] |
Amortization of debt premiums/discounts, net | -15 | [1],[2] | -18 | [1],[2] | -32 | [1],[2] |
Amortization of deferred financing costs | -10 | [1] | -12 | [1] | -11 | [1] |
Non-cash losses on debt extinguishments | -13 | [1] | -9 | [1] | -4 | [1] |
Change in accrued interest | 16 | [1] | 4 | [1] | -4 | [1] |
Interest paid | $282 | [1],[3] | $338 | [1],[3] | $320 | [1],[3] |
[1] | Interest expense and interest paid for 2013, 2012 and 2011 includes cash prepayment premiums of approximately $23Â million, $21Â million and $5Â million, respectively. | |||||
[2] | Primarily represents the amortization of the debt discount on our Debentures, which is non-cash interest expense. | |||||
[3] | Does not include capitalized interest of $6Â million, $6Â million and $4Â million during 2013, 2012 and 2011, respectively. |
Debt_Parenthetical_Detail
Debt (Parenthetical) (Detail) (Mortgages) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Upper Limit | |||
Debt Instrument [Line Items] | ' | ' | ' |
Average interest rate | 4.10% | 4.50% | ' |
Debt maturity date | ' | ' | 1-Jan-24 |
Mortgage_Debt_Issuances_and_Re1
Mortgage Debt Issuances and Repayments (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Exit fee | $23 | $21 | $5 |
Hyatt Regency Reston | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Basis points addition | 3.10% | ' | ' |
Maturity extension option period | '1 year | ' | ' |
J W Marriott Washington D C | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Exit fee | ' | $1 | ' |
Interest_Expense_Parenthetical
Interest Expense (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Prepayment premiums | $23 | $21 | $5 |
Capitalized interest | $6 | $6 | $4 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 22, 2012 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2014 | Mar. 19, 2013 | 31-May-13 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 09, 2012 | Sep. 05, 2012 | Aug. 27, 2012 | Sep. 05, 2012 | Oct. 31, 2012 | Apr. 16, 2012 | 29-May-12 | Apr. 13, 2012 | Mar. 22, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 22, 2009 | Jul. 25, 2012 | Dec. 31, 2013 | Jul. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Entity | Interest Expense | Interest Expense | Interest Expense | Covenant Requiring Guarantees | Grand hyatt washington | Foreign Currency | Foreign Currency | US Currency | Foreign Currency Borrowings | Swingline Loans | Letter of Credit | J W Marriott Washington D C | Subsequent Event | Subsequent Event | Subsequent Event | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Series D senior notes 3.75% due October 2023 | Series T senior notes 9% due May 2017 | Series Q senior notes 6.75% due June 2016 | Series Q senior notes 6.75% due June 2016 | Series Q senior notes 6.75% due June 2016 | Series Q senior notes 6.75% due June 2016 | Series Q senior notes 6.75% due June 2016 | Exchangeable 2004 senior debentures 3.25% due April 2024 | Exchangeable 2004 senior debentures 3.25% due April 2024 | Exchangeable 2004 senior debentures 3.25% due April 2024 | Series C senior notes 4.75% due March 2023 | Series O senior notes 6.375% due 2015 | Series O senior notes 6.375% due 2015 | Series Q senior notes 6.75% due 2016 | Exchangeable 2007 senior debentures 2.625% due April 2027 | Exchangeable 2007 senior debentures 2.625% due April 2027 | Series S senior notes 6.875% due November 2014 | Series S senior notes 6.875% due November 2014 | Series A Senior Notes, 5.25% Due 2022 | Exchangeable 2009 senior debentures 2.5% due October 2029 | Exchangeable 2009 senior debentures 2.5% due October 2029 | Exchangeable 2009 senior debentures 2.5% due October 2029 | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Covenant Requirement | Covenant Requirement | Covenant Requirement | Revolver | Revolver | Revolver | Revolver | Revolver | Revolver | Revolver | Revolver | Revolver | Revolver | Debt Covenant | Mortgages | Mortgages | HOST HOTELS & RESORTS, INC. | ||||
Credit facility | Upper Limit | Subsequent Event | Subsequent Event | D | LIBOR | Upper Limit | Upper Limit | Lower Limit | Lower Limit | Subsequent Event | Credit facility | Upper Limit | Lower Limit | LIBOR | Upper Limit | Upper Limit | Upper Limit | Lower Limit | Lower Limit | Lower Limit | Subsequent Event | Subsequent Event | Exchangeable 2009 senior debentures 2.5% due October 2029 | |||||||||||||||||||||||||||||||||||||||||||||||
Upper Limit | Investment grade | Investment grade | LIBOR | Credit facility | Credit facility | Investment grade | LIBOR | Investment grade | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,100 | $3,600 | ' | ' | $400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $450 | ' | ' | ' | ' | ' | ' | ' | $350 | ' | ' | ' | $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant compliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'As of December 31, 2013, we are in compliance with all of these covenants. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'As of December 31, 2013, we are in compliance with the financial covenants under our credit facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'As of December 31, 2013, we are in compliance with the covenants under all of our mortgage debt obligations. | ' | ' |
Debt interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | 3.75% | 9.00% | 6.75% | 6.75% | 6.75% | 6.75% | ' | 3.25% | ' | ' | 4.75% | 6.38% | 6.38% | 6.75% | ' | 2.63% | ' | 6.88% | 5.25% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceed from issuance of note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 443 | ' | ' | ' | ' | ' | ' | ' | 344 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113 | ' | ' | ' | ' | ' | ' | ' | ' | 400 | 200 | 200 | 100 | 400 | 150 | ' | ' | ' | ' | 250 | 400 | 150 | ' | ' | 250 | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of Senior notes | 801 | 1,795 | 404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 418 | ' | ' | 102 | 404 | 152 | ' | ' | ' | ' | 253 | 404 | 153 | ' | ' | 508 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable Debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common OP units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures redeemed for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | 2 | 386 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt principal outstanding | 4,788 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | 316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22-Dec-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of closing exchange price common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current equivalent exchange price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt exchange description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'at any time at which the closing price of Host Inc.’s common stock is more than 130% ($17.40) 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current exchange rate for each $1,000 of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74.7034 |
Current equivalent exchange price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable share equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument convertible threshold trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument convertible threshold consecutive trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Equity Value of Exchangeable Debenture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable senior debentures | 371 | 531 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 371 | 356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Repurchase Authorized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 680 | 530 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of borrowing capacity currently available under the credit facility | 554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 779 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate borrowing capacity | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 100 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowing capacity | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Draws on credit facility | 393 | 231 | 153 | ' | ' | ' | ' | ' | 100 | 42 | 68 | 118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments on credit facility | 207 | 89 | 90 | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | 225 | ' | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Term Loan has a five-year maturity and a floating interest rate of LIBOR plus 165 basis points based on our leverage ratio, as defined in our credit facility, at December 31, 2013 (or approximately a 1.8% all-in interest rate). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points addition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | 2.65% | 2.00% | 1.65% | 1.15% | 1.45% | ' | ' | ' | ' | 1.75% | ' | 1.60% | 2.75% | ' | 1.00% | 1.75% | ' | 1.25% | ' | ' | ' | ' |
Debt interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | 3.2 | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' |
Unsecured interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 861 | 417 | 826 | 1,113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The interest rate margin on the Term Loan ranged from 165 to 265 basis points (depending on Host L.P.’s consolidated leverage ratio). On and after January 24, 2014, the date on which Host L.P. elected ratings-based pricing, we will pay interest on the term loan at floating rates plus a margin ranging from 115 to 200 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 January 24, 2014, the margin would be 145 basis points. | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'We pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin. During 2013 and prior years, the margin ranged from 175 to 275 basis points (depending on Host L.P.’s consolidated leverage ratio). Based on our leverage ratio at December 31, 2013 of 3.2x, we would be able to borrow at a rate of LIBOR plus 175 basis points. When using leverage-based pricing, to the extent that amounts under the credit facility remain unused, we pay a quarterly commitment fee on the unused portion of the loan commitment of 25 to 35 basis points, depending on our average revolver usage during the applicable period. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'To the extent that amounts under the credit facility remain unused, we pay a quarterly commitment fee on the unused portion of the loan commitment of 25 to 35 basis points, depending on our average revolver usage during the applicable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit unused capacity commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Facility commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | ' | 0.15% | ' | 0.25% | ' | ' | ' | ' | ' |
Assets that are secured by mortgage debt | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.10% | 4.50% | ' |
Loss on extinguishment | ' | ' | ' | ' | 36 | 30 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of property and equipment under capital leases | $1 | $1 | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest_Expense_for_Debenture
Interest Expense for Debentures (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Non-cash interest expense due to discount amortization | $25 | $13 | $30 | |||
Total interest expense | 304 | [1] | 373 | [1] | 371 | [1] |
Exchangeable Senior Debentures | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Contractual interest expense (cash) | 10 | 19 | 31 | |||
Non-cash interest expense due to discount amortization | 15 | 17 | 31 | |||
Total interest expense | $25 | $36 | $62 | |||
[1] | Interest expense and interest paid for 2013, 2012 and 2011 includes cash prepayment premiums of approximately $23Â million, $21Â million and $5Â million, respectively. |
Aggregate_Debt_Maturities_Deta
Aggregate Debt Maturities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | |
2014 | $332 | ' | |
2015 | 858 | [1] | ' |
2016 | 408 | [2] | ' |
2017 | 540 | ' | |
2018 | ' | ' | |
Thereafter | 2,650 | ' | |
Debt principal outstanding | 4,788 | ' | |
Unamortized (discounts) premiums, net | -32 | ' | |
Fair value hedge adjustment | 1 | ' | |
Capital lease obligations | 2 | ' | |
Total debt | $4,759 | $5,411 | |
[1] | Includes $225Â million outstanding under the credit facility that was repaid in January 2014. | ||
[2] | Includes $150 million Series Q senior notes that were repaid in February 2014. |
Aggregate_Debt_Maturities_Deta1
Aggregate Debt Maturities (Detail) (Parenthetical) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Subsequent Event | Subsequent Event | Subsequent Event | ||||
Credit facility | Series Q Senior Notes Due February 2014 | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Repayment of credit facility revolver | $207 | $89 | $90 | $225 | $225 | ' |
Repayment of Senior notes | $801 | $1,795 | $404 | ' | ' | $150 |
Common_Dividends_Declared_Per_
Common Dividends Declared Per Share (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Common stock | $0.46 | $0.30 | $0.14 |
Common OP units | $0.47 | $0.31 | $0.14 |
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 | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Lower Limit | Exchangeable 2004 senior debentures 3.25% due April 2024 | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | Limited Partner | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ||||
Subsequent Event | Sales Agency Financing Agreement Twenty Twelve | Sales Agency Financing Agreement Twenty Twelve | Exchangeable 2004 senior debentures 3.25% due April 2024 | Sales Agency Financing Agreement Twenty Twelve | Sales Agency Financing Agreement Twenty Twelve | |||||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 | ' | ' | ' | 1,050,000,000 | 1,050,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 754,800,000 | 724,600,000 | ' | ' | ' | 754,800,000 | 724,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, no par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the common OP Units | ' | ' | ' | ' | ' | 98.70% | ' | ' | ' | ' | 1.30% | ' | ' | ' | ' | ' |
Shares issuable upon conversion of one OP unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.021494 | 1.021494 | ' | ' | ' |
Common OP units, outstanding | ' | ' | ' | ' | ' | 738,900,000 | 709,400,000 | ' | ' | ' | ' | 748,400,000 | 719,200,000 | ' | ' | ' |
Common stock issuances | ' | ' | ' | ' | ' | ' | ' | ' | 16,900,000 | 17,500,000 | ' | ' | ' | ' | ' | ' |
Average price per share for stock issued | ' | ' | ' | ' | ' | ' | ' | ' | $17.78 | $15.67 | ' | ' | ' | ' | ' | ' |
Issuance of common stock | $303 | $274 | $323 | ' | ' | ' | ' | ' | $297 | $271 | ' | ' | ' | ' | ' | ' |
Common OP units issued | ' | ' | ' | ' | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | 16,500,000 | 17,100,000 |
Value of debentures converted to equity | ' | ' | ' | ' | $174 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt converted into shares of Host Inc. common stock | ' | ' | ' | ' | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of annual taxable income Host Inc is required to distribute | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend policy | 'The amount of any future dividends will be determined by Host Inc.’s Board of Directors. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declaration date | ' | ' | ' | ' | ' | ' | ' | 18-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend per share, declared | $0.46 | $0.30 | $0.14 | ' | ' | ' | ' | $0.14 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | ' | ' | ' | ' | 15-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend record date | ' | ' | ' | ' | ' | ' | ' | 31-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends taxable as ordinary income to stockholders | 96.50% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends taxable as unrecaptured Section 1250 gain | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Components Of Income Before Income Tax Expense Benefit [Line Items] | ' | ' | ' |
U.S. income (loss) | $213 | ($22) | ($60) |
Foreign income | 18 | 45 | 32 |
Total | $231 | $23 | ($28) |
Provision_Benefit_for_Income_T
Provision (Benefit) for Income Taxes for Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation Of Provision Of Income Taxes [Line Items] | ' | ' | ' |
Current Federal | $2 | $3 | $1 |
Current State | 4 | 1 | 1 |
Current Foreign | 9 | 10 | 8 |
Current Income Tax Expense (Benefit), Total | 15 | 14 | 10 |
Deferred Federal | 4 | 11 | -11 |
Deferred State | 1 | 1 | -2 |
Deferred Foreign | 1 | 5 | 2 |
Deferred income taxes | 6 | 17 | -11 |
Income tax provision (benefit) – continuing operations | $21 | $31 | ($1) |
Income_Tax_Benefit_Provision_C
Income Tax (Benefit) Provision Calculated at Statutory U.S. Federal Income Tax Rate and Actual Income Tax (Benefit) Provision Recorded (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation Of Statutory Federal Tax Rate [Line Items] | ' | ' | ' |
Statutory federal income tax provision (benefit) – continuing operations | $81 | $8 | ($10) |
Adjustment for nontaxable (income) loss of Host Inc. – continuing operations | -77 | 4 | ' |
State income tax provision (benefit), net | 5 | 2 | -1 |
Provision for uncertain tax positions | 2 | 2 | ' |
Foreign income tax provision | 10 | 15 | 10 |
Income tax provision (benefit) – continuing operations | $21 | $31 | ($1) |
Unrecognized_Tax_Benefits_Reco
Unrecognized Tax Benefits Reconciliation (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | ' | ' |
Balance at January 1 | $3 | $5 |
Reduction due to expiration of certain statutes of limitation | 0 | -4 |
Other increases (decreases) | 2 | 2 |
Balance at December 31 | $5 | $3 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | $61 | $63 | ' |
Net decrease and increase in valuation allowance | 2 | 16 | ' |
Domestic and foreign net operating loss, capital loss and tax credit carryovers | 250 | ' | ' |
Deferred tax asset operating loss carryforwards | 85 | ' | ' |
Net operating loss carryover expiration date | 'Our net operating loss carryovers expire through 2031, and our foreign capital loss carryovers have no expiration period. | ' | ' |
Expiration of tax credits | 'Our domestic alternative minimum tax credits have no expiration period and our foreign asset tax credits expire through 2017. | ' | ' |
Income tax provision (benefit) continuing and discontinued operations | 26 | 32 | -2 |
Cash paid for income taxes, net of refunds received | 17 | 12 | 8 |
Statutory federal income tax rate | 35.00% | ' | ' |
Expected increase in unrecognized tax benefits within 12 months | 2 | ' | ' |
Lower Limit | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open tax year by major tax jurisdiction | '2010 | ' | ' |
Upper Limit | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Open tax year by major tax jurisdiction | '2013 | ' | ' |
Mexico | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | 44 | ' | ' |
Canada | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | 4 | ' | ' |
Brazil | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | 3 | ' | ' |
United States | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | $10 | ' | ' |
Primary_Components_of_Net_Defe
Primary Components of Net Deferred Tax Asset (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Accrued related party interest | $19 | $17 |
Net operating loss and capital loss carryovers | 85 | 101 |
Alternative minimum tax credits | 5 | 4 |
Property and equipment | 4 | 4 |
Investments in domestic affiliates | 3 | 3 |
Other | 1 | 2 |
Deferred revenue | 57 | 54 |
Total gross deferred tax assets | 174 | 185 |
Valuation allowance | 61 | 63 |
Total deferred tax assets, net of valuation allowance | 113 | 122 |
Deferred tax liabilities | ' | ' |
Property and equipment | -21 | -23 |
Investments in domestic and foreign affiliates | -6 | -6 |
Other | -3 | -3 |
Total gross deferred tax liabilities | -30 | -32 |
Net deferred tax assets | $83 | $90 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1995 | Dec. 31, 2010 |
Y | Lower Limit | New York Marriott Marquis | Courtyard By Marriott Hotel | Courtyard By Marriott Hotel | Courtyard By Marriott Hotel | Residence Inn By Marriott | ||
Hotel | Contract | Vornado Realty Trust | Hotel | Leasehold Interest | Hotel | |||
Hotel | ||||||||
Leases Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | '20 years | ' | ' | ' | ' |
Future minimum rental revenue under the non-cancelable lease on an annual basis | ' | ' | ' | $12.50 | ' | ' | ' | ' |
Number of hotels subject to ground leases | 36 | ' | ' | ' | ' | ' | ' | ' |
Number of hotels | 115 | ' | ' | ' | ' | 53 | 53 | 18 |
Deferred sale proceeds received | ' | 51 | ' | ' | 51 | ' | ' | 17.2 |
Tenant collections accounts | ' | ' | ' | ' | 11 | ' | ' | ' |
Working capital | ' | ' | ' | ' | 5 | ' | ' | ' |
Operating leases information | 'Leases and subleases contain one or more renewal options | ' | ' | ' | ' | ' | ' | ' |
Number of renewal options | ' | ' | 1 | ' | ' | ' | ' | ' |
Minimum additional renewal option period | 5 | ' | ' | ' | ' | ' | ' | ' |
Maximum additional renewal option period | 10 | ' | ' | ' | ' | ' | ' | ' |
Aggregate contingent liabilities relating to our former restaurant business | 17 | ' | ' | ' | ' | ' | ' | ' |
Minimum payments from restaurants and the Sublessee payable to us under non-cancelable subleases | $5 | ' | ' | ' | ' | ' | ' | ' |
Future_Minimum_Annual_Rental_C
Future Minimum Annual Rental Commitments Required Under Non-Cancelable Leases (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Capital Leases | ' |
2014 | $1 |
2015 | 1 |
2016 | ' |
2017 | ' |
2018 | ' |
Thereafter | ' |
Total minimum lease payments | 2 |
Operating Leases | ' |
2014 | 45 |
2015 | 43 |
2016 | 42 |
2017 | 42 |
2018 | 41 |
Thereafter | 1,591 |
Total minimum lease payments | $1,804 |
Rent_Expense_Detail
Rent Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Operating Leases [Line Items] | ' | ' | ' |
Minimum rentals on operating leases | $50 | $117 | $114 |
Additional rentals based on sales | 32 | 31 | 26 |
Rental payments based on real estate tax assessments | 24 | 23 | 22 |
Less: sublease rentals | -3 | -3 | -3 |
Operating Leases, Rent Expense, Total | $103 | $168 | $159 |
Summary_of_Status_of_Senior_Ex
Summary of Status of Senior Executive Plans (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Shares | ' | ' | ' | |||
Granted | 2,200,000 | 1,800,000 | 200,000 | |||
Vested | -1,200,000 | -900,000 | -1,500,000 | |||
Restricted Stock | Executive Officer | ' | ' | ' | |||
Shares | ' | ' | ' | |||
Balance, at beginning of year | ' | ' | 3,700,000 | |||
Granted | 1,700,000 | 1,600,000 | 100,000 | |||
Vested | -800,000 | [1] | -600,000 | [1] | -1,300,000 | [1] |
Forfeited/expired | -900,000 | -1,000,000 | -2,500,000 | |||
Balance, at end of year | ' | ' | ' | |||
Issued in calendar year | 300,000 | [1] | 800,000 | [1] | 1,100,000 | [1] |
Fair Value | ' | ' | ' | |||
Balance, at beginning of year | ' | ' | 11 | |||
Granted | 16 | 14 | 17 | |||
Vested | 19 | [1] | 16 | [1] | 15 | [1] |
Forfeited/expired | 19 | 16 | 15 | |||
Balance, at end of year | ' | ' | ' | |||
Issued in calendar year | 19 | [1] | 16 | [1] | 15 | [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 0.3 million shares issued in 2013 include shares vested at December 31, 2012, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $9.5 million and $15.4 million, for 2013, 2012 and 2011, 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, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Executive Officer | Restricted Stock | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | |||
Shares issued | 0.3 | [1] | 0.8 | [1] | 1.1 | [1] |
Value of shares withheld for employee tax requirements | $5.50 | $9.50 | $15.40 | |||
[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 0.3 million shares issued in 2013 include shares vested at December 31, 2012, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $9.5 million and $15.4 million, for 2013, 2012 and 2011, respectively. |
Employee_Stock_Plans_Additiona
Employee Stock Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Employee Benefits Disclosure [Line Items] | ' | ' | ' | |||
Compensation expense | $18 | $16 | $19 | |||
Granted | 2,200,000 | 1,800,000 | 200,000 | |||
Vested | 1,200,000 | 900,000 | 1,500,000 | |||
Liability awards as a percentage of restricted stock awards granted | 93.00% | ' | ' | |||
Common stock reserved and available for issuance under the Comprehensive Plan | 18,000,000 | ' | ' | |||
Restricted Stock | Executive Officer | ' | ' | ' | |||
Employee Benefits Disclosure [Line Items] | ' | ' | ' | |||
Compensation expense | 14 | 12 | 15 | |||
Granted | 1,700,000 | 1,600,000 | 100,000 | |||
Vested | 800,000 | [1] | 600,000 | [1] | 1,300,000 | [1] |
Employee Stock Option | ' | ' | ' | |||
Employee Benefits Disclosure [Line Items] | ' | ' | ' | |||
Compensation expense | 1.8 | 1.6 | 1.8 | |||
Granted | 420,000 | 201,000 | 22,000 | |||
Stock options outstanding | 700,000 | ' | ' | |||
Stock options exercisable | 700,000 | ' | ' | |||
Weighted average remaining life - outstanding | '8 years | ' | ' | |||
Weighted average remaining life - exercisable | '8 years | ' | ' | |||
Weighted average exercise price - outstanding | $15.41 | ' | ' | |||
Weighted average exercise price - exercisable | $15.41 | ' | ' | |||
Weighted average volatility, minimum | 36.00% | ' | ' | |||
Weighted average volatility, maximum | 66.00% | ' | ' | |||
Weighted average risk free rate, minimum | 1.00% | ' | ' | |||
Weighted average risk free rate, maximum | 2.20% | ' | ' | |||
Expected life | '5 years 6 months | ' | ' | |||
Employee Stock Option | Lower Limit | ' | ' | ' | |||
Employee Benefits Disclosure [Line Items] | ' | ' | ' | |||
Weighted average dividend yield | 3.00% | ' | ' | |||
Employee Stock Option | Upper Limit | ' | ' | ' | |||
Employee Benefits Disclosure [Line Items] | ' | ' | ' | |||
Weighted average dividend yield | 3.50% | ' | ' | |||
Other Stock Plans | ' | ' | ' | |||
Employee Benefits Disclosure [Line Items] | ' | ' | ' | |||
Compensation expense | $2 | $1.90 | $1.90 | |||
Granted | 116,000 | 84,000 | 93,000 | |||
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 | 1,700,000 | ' | ' | |||
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 the 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 Standards & Poor 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 | Total 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 | ' | ' | |||
[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 0.3 million shares issued in 2013 include shares vested at December 31, 2012, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $9.5 million and $15.4 million, for 2013, 2012 and 2011, respectively. |
Dispositions_Additional_Inform
Dispositions- Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
In Millions, unless otherwise specified | Apr. 30, 2013 | Nov. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 11, 2013 | Dec. 31, 2013 | Jan. 10, 2014 | Jan. 10, 2014 | Apr. 30, 2013 |
Hotel | Hotel | Hotel | Marriot Quorum | Four Seasons | Portland Marriott | Ritz Carlton San Francisco | Ritz Carlton San Francisco | Atlanta Marriott Marquis | Atlanta Marriott Marquis | Philadelphia Marriott Downtown | Courtyard Nashua | Newport Beach Marriott Hotel Spa | |||
Final Closing Obligations | Subsequent Event | Subsequent Event | acre | ||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | 5 | 3 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of assets, net | ' | ' | $643 | $160 | $46 | $56 | $63 | $87 | $161 | ' | ' | $293 | ' | $10 | ' |
Recognized deferred gain on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' |
Guarantor obligations, maximum exposure, undiscounted per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Guarantor obligations, maximum exposure, undiscounted | ' | ' | 11 | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' |
Gain on sale | ' | ' | 97 | 48 | 0 | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' |
Deferred for an environmental contingency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | ' | ' | ' |
Contributed land | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of asset | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of controlling interest sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89.00% | ' | ' |
Investment ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' |
Land sold in acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Cash received on land contribution | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains on property transactions and other | $21 | ' | $33 | $13 | $7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues_Income_Loss_before_Ta
Revenues, Income (Loss) before Taxes, and Gain on Dispositions in Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenues | $104 | $264 | $288 |
Income before taxes | 22 | 24 | 11 |
Gain on disposals, net of tax | $97 | $48 | $0 |
Net_Income_Loss_Attributable_t
Net Income (Loss) Attributable to Host Inc. (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to Host Inc. | ' | ' | ' | ' | ' | ' | ' | ' | $317 | $61 | ($15) |
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 | -26 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 114 | 71 | 11 |
Net income (loss) attributable to Host Inc. | $123 | $19 | $119 | $56 | $15 | ($34) | $82 | ($2) | $317 | $61 | ($15) |
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, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income (loss) attributable to Host L.P. | ' | ' | ' | ' | ' | ' | ' | ' | $317 | $61 | ($15) | ||||||||
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 | -26 | ||||||||
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 71 | 11 | ||||||||
Net income (loss) attributable to Host L.P. | $125 | [1] | $19 | [1] | $120 | [1] | $57 | [1] | $16 | [1] | ($35) | [1] | $83 | [1] | ($2) | [1] | $321 | $62 | ($15) |
[1] | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Estimated_Fair_Value_of_Assets
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Property and equipment | $138 | $409 |
Restricted cash, FF&E reserves and other assets | 1 | 9 |
Total assets | 139 | 418 |
Other liabilities | 0 | -1 |
Net assets acquired | $139 | $417 |
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, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Revenues | $5,185 | $5,136 |
Income from continuing operations | 214 | 12 |
Net income | 329 | 83 |
HOST HOTELS & RESORTS, INC. | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Net income attributable to Host Inc. | 321 | 81 |
Basic earnings per common share: | ' | ' |
Continuing operations | $0.27 | $0.02 |
Discontinued operations | $0.16 | $0.09 |
Basic earnings per common share | $0.43 | $0.11 |
Diluted earnings per common share: | ' | ' |
Continuing operations | $0.28 | $0.02 |
Discontinued operations | $0.15 | $0.09 |
Diluted earnings per common share | $0.43 | $0.11 |
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Net income attributable to Host Inc. | $325 | $82 |
Basic earnings per common unit: | ' | ' |
Continuing operations | 0.29 | 0.01 |
Discontinued operations | 0.15 | 0.1 |
Basic earnings per common unit | 0.44 | 0.11 |
Diluted earnings per common unit: | ' | ' |
Continuing operations | 0.29 | 0.01 |
Discontinued operations | 0.15 | 0.1 |
Diluted earnings per common unit | 0.44 | 0.11 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Jul. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 08, 2012 | Dec. 10, 2013 | Dec. 31, 2013 | Jan. 21, 2014 | Jan. 21, 2014 |
USD ($) | USD ($) | Hyatt Place Waikiki Beach | Grand Hyatt Washington | Brazil Agreement To Develop | Brazil Agreement To Develop | Brazil Agreement To Develop | New York Marriott Marquis Times Square | New York Marriott Marquis Times Square | Subsequent Event | Subsequent Event | |
Hotel | Hotel | USD ($) | USD ($) | USD ($) | BRL | Hotel | USD ($) | Ground lease | USD ($) | Powell Hotel San Francisco California | |
Room | Room | USD ($) | Hotel | USD ($) | |||||||
Room | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel acquired | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Acquisition-related expenses | $1 | $6 | ' | ' | ' | ' | ' | ' | ' | $1 | ' |
Number of rooms | ' | ' | 426 | 888 | ' | ' | ' | ' | ' | ' | 151 |
Acquisition purchase price | ' | ' | 138.5 | 400 | ' | ' | ' | ' | ' | ' | 75 |
FF&E replacement fund | ' | ' | 0.5 | 17 | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of asset acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 |
Number of hotels to be developed | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Development cost incurred to date | ' | ' | ' | ' | 45 | 94 | ' | ' | ' | ' | ' |
Asset acquisition | ' | ' | ' | ' | ' | ' | ' | 19.9 | 25 | ' | ' |
Pro forma, total revenues | 109 | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma, net income | $19 | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property | Property | |
Contract | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ' | ' |
Number of hotel properties impaired | 1 | 1 |
Impairment loss | $1 | $60 |
Estimated stabilized growth rate | ' | 3.00% |
Discounted cash flow term | ' | '10 years |
Capitalization rate | ' | 11.00% |
Discount rate | ' | 12.00% |
Number of foreign currency forward contracts outstanding | 5 | ' |
Interest Rate Swap Derivatives | 3-month LIBOR | ' | ' |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative spread in addition to LIBOR, lower range | 2.70% | ' |
Derivative spread in addition to LIBOR, upper range | 3.20% | ' |
Fixed To Floating | Interest Rate Swap Derivatives | ' | ' |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ' | ' |
Number of interest rate derivative agreements | 3 | ' |
Interest rate notional amount | 300 | ' |
Fair value of swaps decreased | $6 | $4 |
Derivative, fixed rate | 5.53% | ' |
Derivative, maturity date | 1-Mar-14 | ' |
Fair Value, Measurements, Nonrecurring | ' | ' |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ' | ' |
Number of hotel properties impaired | 1 | 1 |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value Measurements on a Recurring Basis | Interest Rate Swap Derivatives | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | $1 | [1] | $7 | [1] |
Derivative liabilities | -3 | [1] | -6 | [1] |
Fair Value Measurements on a Recurring Basis | Forward Currency Sale Contracts | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 3 | [1] | 5 | [1] |
Derivative liabilities | -6 | [1] | ' | |
Fair Value, Measurements, Nonrecurring | Impaired Hotel Properties Held And Used | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Impaired hotel properties held and used | 9 | [2] | 34 | [2] |
Significant Other Observable Inputs (Level 2) | Fair Value Measurements on a Recurring Basis | Interest Rate Swap Derivatives | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 1 | [1] | 7 | [1] |
Derivative liabilities | -3 | [1] | -6 | [1] |
Significant Other Observable Inputs (Level 2) | Fair Value Measurements on a Recurring Basis | Forward Currency Sale Contracts | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 3 | [1] | 5 | [1] |
Derivative liabilities | -6 | [1] | ' | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Impaired Hotel Properties Held And Used | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Impaired hotel properties held and used | $9 | [2] | $34 | [2] |
[1] | These derivative contracts have been designated as hedging instruments. | |||
[2] | The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2013 and December 31, 2012, respectively. |
Interest_Rate_Swap_Derivatives
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Detail) | 12 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||||||
USD ($) | USD ($) | USD ($) | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | |||||||
Interest Rate Swap 1 | Interest Rate Swap 1 | Interest Rate Swap 1 | Interest Rate Swap 2 | Interest Rate Swap 2 | Interest Rate Swap 2 | ||||||||||
USD ($) | USD ($) | AUD | USD ($) | USD ($) | NZD | ||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Transaction Date | ' | ' | ' | 'November 2011 | [1] | ' | ' | 'February 2011 | [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 | ($3) | ($7) | $1 | $1 | [1] | ($2) | [1] | ' | $2 | [2] | $0 | [2] | ' | ||
[1] | The swap was entered into in connection with the A$82 million ($71 million) mortgage loan on the Hilton Melbourne South Wharf. | ||||||||||||||
[2] | The swap was entered into in connection with the NZ$105 million ($87Â million) mortgage loan on seven properties in New Zealand. |
Interest_Rate_Swap_Derivatives1
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | New Zealand | Hilton Melbourne South Wharf | Interest Rate Swap Derivatives | Interest Rate Swap Derivatives | Interest Rate Swap Derivatives | Interest Rate Swap Derivatives |
Hotel | Hotel | USD ($) | New Zealand | New Zealand | Hilton Melbourne South Wharf | Hilton Melbourne South Wharf | ||
USD ($) | NZD | USD ($) | AUD | |||||
Hotel | ||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt | $709 | $993 | ' | $71 | $87 | 105 | $71 | 82 |
Hotels | 115 | ' | 7 | ' | 7 | 7 | ' | ' |
Foreign_Currency_Sale_Contract
Foreign Currency Sale Contracts (Detail) (Foreign Exchange Contract, European Joint Venture) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
USD ($) | USD ($) | EUR (€) | |
Derivative [Line Items] | ' | ' | ' |
Transaction Date Range | 'May 2008-January 2013 | ' | ' |
Total transaction amount | $163 | ' | € 120 |
Forward purchase date range | 'May 2014-January 2016 | ' | ' |
Change in fair value gain (loss) | ($5) | $4 | ' |
Draws_on_Credit_Facility_that_
Draws on Credit Facility that are Designated as Net Investments in International Operations (Detail) | 12 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |||
USD ($) | 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 | ' | ' | ' | $29 | [1] | ' | 31 | [1] | $102 | ' | € 74 | |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | ($18) | $20 | ($27) | $2 | [1] | $0 | [1] | ' | ($5) | ($2) | ' | |
[1] | We have drawn an additional $71Â million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Draws_on_Credit_Facility_that_1
Draws on Credit Facility that are Designated as Net Investments in International Operations (Parenthetical) (Detail) (Canadian Dollars) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | USD ($) | CAD | Not Designated as Hedging Instrument | ||
USD ($) | |||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ' | ' | ' | ||
Balance Outstanding | $29 | [1] | 31 | [1] | $71 |
[1] | We have drawn an additional $71Â 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 Liabilities and Other Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Quoted Prices in Active Markets for Indentical Assets (Level 1) | Senior Notes | Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Senior notes (Level 1) | $2,647 | $3,038 |
Quoted Prices in Active Markets for Indentical Assets (Level 1) | Senior Notes | Portion at Fair Value, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Senior notes (Level 1) | 2,766 | 3,296 |
Quoted Prices in Active Markets for Indentical Assets (Level 1) | Convertible Debt | Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Exchangeable Senior Debentures (Level 1) | 371 | 531 |
Quoted Prices in Active Markets for Indentical Assets (Level 1) | Convertible Debt | Portion at Fair Value, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Exchangeable Senior Debentures (Level 1) | 603 | 725 |
Significant Other Observable Inputs (Level 2) | Credit Facility | Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Credit facility (Level 2) | 946 | 763 |
Significant Other Observable Inputs (Level 2) | Credit Facility | Portion at Fair Value, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Credit facility (Level 2) | 946 | 763 |
Significant Other Observable Inputs (Level 2) | Mortgage Backed Securities, Other | Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Mortgage debt and other, excluding capital leases (Level 2) | 793 | 1,078 |
Significant Other Observable Inputs (Level 2) | Mortgage Backed Securities, Other | Portion at Fair Value, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Mortgage debt and other, excluding capital leases (Level 2) | $802 | $1,094 |
Gain_on_Insurance_Settlements_
Gain on Insurance Settlements - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 17, 2011 |
Gain Contingencies [Line Items] | ' | ' | ' | ' | ' |
Gain on business interruption insurance proceeds | ' | $0 | $11 | $2 | ' |
Property insurance proceeds | ' | ' | 19 | 11 | ' |
New Zealand | Loss from Catastrophes | ' | ' | ' | ' | ' |
Gain Contingencies [Line Items] | ' | ' | ' | ' | ' |
Estimate of maximum insurance deductible amount for property loss | ' | ' | ' | ' | 3 |
Description of loss due to earthquake | 'On February 22, 2011, Christchurch, New Zealand experienced an earthquake that resulted in substantial damage to the Hotel Novotel Christchurch Cathedral Square and the Hotel ibis Christchurch. | 'The ibis reopened in September 2012 and the Novotel reopened in August 2013; however, the historic portion of the Novotel, the Warners building, has been demolished and is not expected to be replaced. | ' | ' | ' |
Property damage incurred | ' | ' | 33 | ' | ' |
Gain on business interruption insurance proceeds | ' | ' | 9 | 2 | ' |
Property insurance proceeds | ' | 21 | ' | ' | ' |
Insurance receivable | ' | $8 | ' | ' | ' |
Hotel_Management_Agreements_an1
Hotel Management Agreements and Operating and License Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Percentage of revenue we are obligated to provide the manager | 5.00% |
Lower Limit | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Base fee percentage | 2.00% |
Management incentive fee percentage | 10.00% |
Number of renewal options | 1 |
Lower Limit | Contractual Rights | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Agreement initial term | '15 years |
Number of renewal options | 1 |
Upper Limit | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Base fee percentage | 3.00% |
Management incentive fee percentage | 20.00% |
Upper Limit | Contractual Rights | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Agreement initial term | '25 years |
Marriott | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Percentage of total revenues | 58.00% |
Starwood | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Percentage of total revenues | 24.00% |
Base fee percentage | 1.00% |
Starwood | Occupancy | Nonsoftware License Arrangement | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Percentage sales paid for fees | 5.00% |
Starwood | Food and Beverage | Nonsoftware License Arrangement | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Percentage sales paid for fees | 2.00% |
Hyatt | ' |
Longterm Contracts Or Programs Disclosure [Line Items] | ' |
Percentage of total revenues | 12.00% |
Revenues_and_LongLived_Assets_
Revenues and Long-Lived Assets by Geographical Area (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $5,166 | $5,059 | $4,714 |
Property and equipment, net | 10,995 | 11,588 | 11,383 |
Operating Segments | United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 4,895 | 4,791 | 4,461 |
Property and equipment, net | 10,498 | 11,095 | 10,874 |
Operating Segments | Australia | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 40 | 42 | 27 |
Property and equipment, net | 106 | 133 | 136 |
Operating Segments | Brazil | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 30 | 33 | 33 |
Property and equipment, net | 76 | 39 | 42 |
Operating Segments | Canada | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 97 | 95 | 92 |
Property and equipment, net | 89 | 97 | 126 |
Operating Segments | Chile | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 34 | 37 | 28 |
Property and equipment, net | 54 | 63 | 58 |
Operating Segments | Mexico | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 24 | 25 | 24 |
Property and equipment, net | 32 | 26 | 23 |
Operating Segments | New Zealand | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 46 | 36 | 32 |
Property and equipment, net | 140 | 135 | 124 |
Operating Segments | United Kingdom | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | ' | ' | 17 |
Property and equipment, net | ' | ' | ' |
Geographic_and_Business_Segmen2
Geographic and Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Entity | |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 1 |
Australia, Brazil, Canada, Chile, Mexico and New Zealand | ' |
Segment Reporting Information [Line Items] | ' |
Foreign operations, number of countries | 6 |
Guarantees_and_Contingencies_A
Guarantees and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 11, 2013 | Dec. 31, 2013 | Jan. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2013 |
Hotel | Hotel | Hotel | Atlanta Marriott Marquis | Atlanta Marriott Marquis | Contingent Consideration Hotel | Contingent Consideration Hotel | Municipal Bonds | |
Hotel | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate contingent liabilities relating to our former restaurant business | $17 | ' | ' | ' | ' | ' | ' | ' |
Guarantor obligations, maximum exposure, undiscounted | 11 | ' | ' | ' | ' | ' | ' | 14.7 |
Debt maturity date | ' | ' | ' | ' | ' | ' | ' | '2027 |
Hotel sold that are still contingently liable for ground lease | 5 | 3 | 1 | ' | ' | 2 | ' | ' |
Future minimum lease payments | 1,804 | ' | ' | ' | ' | ' | 12 | ' |
Environmental liabilities | ' | ' | ' | 5 | 5 | ' | ' | ' |
Guarantor Obligations, Maximum Payment | 4 | ' | ' | ' | ' | ' | ' | ' |
Guarantee obligation amount | $11 | ' | ' | ' | ' | ' | ' | ' |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 03, 2010 | Feb. 08, 2010 | Jun. 03, 2010 | Feb. 08, 2010 | Nov. 23, 2011 | Feb. 12, 2010 | Jun. 03, 2010 | Dec. 31, 2013 | Jun. 03, 2010 | Jun. 03, 2010 | Dec. 31, 2013 |
Other Litigation Cases | Keystone | Keystone | Keystone | Keystone | Keystone | Keystone | Keystone | Keystone | Keystone | Keystone | Keystone | Individual Counterparty | |
Slander | Slander | Breach of Contract | Breach of Contract | Exemplary Damages Award | Exemplary Damages Award | Pre-judgment and Post-judgment Interest | Pre-judgment and Post-judgment Interest | Attorneys' Fees | Additional Attorneys' fees | Other Litigation Cases | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum exposure of litigation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000 |
Loss contingency accrual | 18,000,000 | 68,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate of possible losses | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages awarded | ' | ' | 34,300,000 | 39,000,000 | 39,000,000 | 34,300,000 | 7,500,000 | 7,500,000 | 6,800,000 | 17,000,000 | 3,500,000 | 750,000 | ' |
Escrow reserve | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $5,166 | $5,059 | $4,714 | ||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 512 | 362 | 309 | ||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 210 | -8 | -27 | ||||||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 71 | 11 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 325 | 63 | -16 | ||||||||
Net income (loss) attributable to Host Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 317 | 61 | -15 | ||||||||
Basic earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.27 | ($0.01) | ($0.04) | ||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.16 | $0.09 | $0.02 | ||||||||
Basic earnings (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 | $0.08 | ($0.02) | ||||||||
Diluted earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.27 | ($0.01) | ($0.04) | ||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 | $0.09 | $0.02 | ||||||||
Diluted earnings (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | $0.42 | $0.08 | ($0.02) | ||||||||
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 71 | 11 | ||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 325 | 63 | -16 | ||||||||
HOST HOTELS & RESORTS, INC. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | 1,331 | 1,211 | 1,399 | 1,225 | 1,673 | 1,149 | 1,308 | 929 | ' | ' | ' | ||||||||
Operating profit | 138 | 79 | 205 | 90 | 108 | 63 | 175 | 16 | ' | ' | ' | ||||||||
Income (loss) from continuing operations | 59 | 1 | 116 | 34 | 5 | -39 | 79 | -54 | ' | ' | ' | ||||||||
Income (loss) from discontinued operations, net of tax | 67 | 17 | 5 | 26 | 10 | 3 | 4 | 54 | ' | ' | ' | ||||||||
Net income (loss) | 126 | 18 | 121 | 60 | 15 | -36 | 83 | ' | ' | ' | ' | ||||||||
Net income (loss) attributable to Host Inc. | 123 | 19 | 119 | 56 | 15 | -34 | 82 | -2 | 317 | 61 | -15 | ||||||||
Basic earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | $0.07 | $0.01 | $0.16 | $0.04 | $0.01 | ($0.05) | $0.11 | ($0.08) | ' | ' | ' | ||||||||
Discontinued operations | $0.09 | $0.02 | ' | $0.04 | $0.01 | ' | ' | $0.08 | ' | ' | ' | ||||||||
Basic earnings (loss) per common share | $0.16 | $0.03 | $0.16 | $0.08 | $0.02 | ($0.05) | $0.11 | ' | ' | ' | ' | ||||||||
Diluted earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | $0.07 | $0.01 | $0.16 | $0.04 | $0.01 | ($0.05) | $0.11 | ($0.08) | ' | ' | ' | ||||||||
Discontinued operations | $0.09 | $0.02 | ' | $0.04 | $0.01 | ' | ' | $0.08 | ' | ' | ' | ||||||||
Diluted earnings (loss) per common share | $0.16 | $0.03 | $0.16 | $0.08 | $0.02 | ($0.05) | $0.11 | ' | ' | ' | ' | ||||||||
Income from discontinued operations, net of tax | 67 | 17 | 5 | 26 | 10 | 3 | 4 | 54 | ' | ' | ' | ||||||||
NET INCOME (LOSS) | 126 | 18 | 121 | 60 | 15 | -36 | 83 | ' | ' | ' | ' | ||||||||
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,166 | 5,059 | 4,714 | ||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 512 | 362 | 309 | ||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 210 | -8 | -27 | ||||||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 71 | 11 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 325 | 63 | -16 | ||||||||
Net income (loss) attributable to Host Inc. | 125 | [1] | 19 | [1] | 120 | [1] | 57 | [1] | 16 | [1] | -35 | [1] | 83 | [1] | -2 | [1] | 321 | 62 | -15 |
Basic earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | $0.08 | [1] | $0.01 | [1] | $0.15 | [1] | $0.04 | [1] | $0.01 | [1] | ($0.05) | [1] | $0.11 | [1] | ($0.08) | [1] | $0.28 | ($0.01) | ($0.04) |
Discontinued operations | $0.09 | [1] | $0.02 | [1] | $0.01 | [1] | $0.04 | [1] | $0.01 | [1] | ' | $0.01 | [1] | $0.08 | [1] | $0.15 | $0.10 | $0.02 | |
Basic earnings (loss) per common share | $0.17 | [1] | $0.03 | [1] | $0.16 | [1] | $0.08 | [1] | $0.02 | [1] | ($0.05) | [1] | $0.12 | [1] | ' | $0.43 | $0.09 | ($0.02) | |
Diluted earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | $0.08 | [1] | $0.01 | [1] | $0.15 | [1] | $0.04 | [1] | $0.01 | [1] | ($0.05) | [1] | $0.11 | [1] | ($0.08) | [1] | $0.28 | ($0.01) | ($0.04) |
Discontinued operations | $0.09 | [1] | $0.02 | [1] | $0.01 | [1] | $0.04 | [1] | $0.01 | [1] | ' | $0.01 | [1] | $0.08 | [1] | $0.15 | $0.10 | $0.02 | |
Diluted earnings (loss) per common share | $0.17 | [1] | $0.03 | [1] | $0.16 | [1] | $0.08 | [1] | $0.02 | [1] | ($0.05) | [1] | $0.12 | [1] | ' | $0.43 | $0.09 | ($0.02) | |
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 71 | 11 | ||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $325 | $63 | ($16) | ||||||||
[1] | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Quarterly_Financial_Data_Addit
Quarterly Financial Data - Additional Information (Detail) (Marriott) | 12 Months Ended |
Dec. 31, 2013 | |
Marriott | ' |
Quarterly Financial Information [Line Items] | ' |
Percentage of properties managed | 50.00% |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Atlanta Marriott Perimeter Center | Atlanta Marriott Suites Midtown | Boston Marriott Copley | Calgary Marriott | Chicago Marriott O Hare | Chicago Marriott Suites Downers Grove | Chicago Marriott Suites O Hare | Coronado Island Marriott Resort And Spa | Costa Mesa Marriott | Courtyard Chicago Downtown River North | Courtyard Nashua | Dayton Marriott | Delta Meadowvale Hotel Conference Center | Denver Marriott Tech Center Hotel | Denver Marriott West | Embassy Suites Chicago Downtown Lakefront | Four Seasons Hotel Philadelphia | Gaithersburg Marriott Washingtonian Center | Grand Hyatt Atlanta In Buckhead | Grand Hyatt Washington | Greensboro Highpoint Marriott Airport | Harbor Beach Marriott Resort & Spa | Hilton Melbourne South Wharf | Hilton Singer Island Oceanfront Resort | Houston Airport Marriott At George Bush Intercontinental | Houston Marriott At Texas Medical Center | Hyatt Place Waikiki Beach | Hyatt Regency Cambridge Overlooking Boston | Hyatt Regency Maui Resort Spa | Hyatt Regency Reston | Hyatt Regency San Francisco Airport | Hyatt Regency Washington On Capitol Hill | Jw Marriott Atlanta Buckhead | J W Marriott Desert Springs Resort Spa | Jw Marriott Hotel Rio De Janeiro | Jw Marriott Houston | J W Marriott Mexico City | J W Marriott Washington D C | Kansas City Airport Marriott | Key Bridge Marriott | Manchester Grand Hyatt San Diego | Manhattan Beach Marriott | Marina Del Rey Marriott | Marriott At Metro Center | Memphis Marriott Downtown | Miami Marriott Biscayne Bay | Minneapolis Marriott City Center | New Orleans Marriott | New York Marriott Downtown | New York Marriott Marquis | Newark Liberty International Airport Marriott | Newport Beach Marriott Bayview | Newport Beach Marriott Hotel Spa | New Zealand Hotel Portfolio | Orlando World Center Marriott | Park Ridge Marriott | Philadelphia Airport Marriott | Philadelphia Marriott Downtown | Residence Inn Arlington Pentagon City | San Antonio Marriott Rivercenter | San Antonio Marriott Riverwalk | San Cristobal Tower Santiago | San Diego Marriott Hotel Marina | San Diego Marriott Mission Valley | San Francisco Marriott Fisherman Wharf | San Francisco Marriott Marquis | San Ramon Marriott | Santa Clara Marriott | Scottsdale Marriott At Mcdowell Mountains | Scottsdale Marriott Suites Old Town | Seattle Airport Marriott | Sheraton Boston Hotel | Sheraton Indianapolis Hotel At Keystone Crossing | Sheraton Needham Hotel | Sheraton New York Times Square Hotel | Sheraton Parsippany Hotel | Sheraton San Diego Hotel And Marina | Sheraton Santiago Hotel Convention Center | Swissotel Chicago | Tampa Airport Marriott | Tampa Marriott Waterside Hotel And Marina | Fairmont Kea Lani Maui | Ritz Carlton Amelialsland | Ritz Carlton Buckhead | Ritz Carlton Marina Del Rey | Ritz Carlton Naples | Ritz Carlton Naples Golf Resort | Ritz Carlton Phoenix | Ritz Carlton Tysons Corner | St Regis Houston | Westin Buckhead Atlanta | Westin Chicago River North | Westin Cincinnati | Westin Denver Downtown | Westin Georgetown Washington D C | Westin Indianapolis | Westin Kierland Resort Spa | Westin Los Angeles Airport | Westin Mission Hills Resort Spa | Westin New York Grand Central | Westin Seattle | Westin South Coast Plaza Costa Mesa | Westin Waltham Boston | Toronto Marriott Downtown Eaton Center Hotel | W New York | W New York Union Square | W Seattle | Washington Dulles Airport Marriott | Westfields Marriott Washington Dulles | Total Hotels | Other Property | ||||
Real Estate And Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt | $709 | $993 | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $150 | $71 | $0 | $0 | $0 | $0 | $0 | $0 | $100 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $100 | $87 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $201 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $709 | $0 |
Initial Costs, Land | 1,987 | ' | ' | ' | 15 | 0 | 0 | 5 | 4 | 2 | 5 | 0 | 3 | 7 | 3 | 2 | 4 | 6 | 0 | 0 | 26 | 7 | 8 | 154 | 0 | 0 | 0 | 2 | 0 | 0 | 12 | 18 | 92 | 11 | 16 | 40 | 16 | 13 | 13 | 4 | 11 | 26 | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 0 | 0 | 16 | 19 | 49 | 0 | 6 | 11 | 34 | 18 | 0 | 0 | 3 | 6 | 0 | 0 | 7 | 0 | 4 | 6 | 0 | 0 | 0 | 8 | 3 | 3 | 42 | 3 | 5 | 346 | 8 | 0 | 19 | 29 | 0 | 0 | 55 | 25 | 14 | 0 | 19 | 22 | 10 | 0 | 6 | 5 | 33 | 0 | 0 | 16 | 12 | 100 | 0 | 40 | 156 | 39 | 0 | 9 | 0 | 138 | 48 | 11 | 0 | 7 | 1,966 | 21 |
Initial Costs, Buildings & Improvements | 9,363 | ' | ' | ' | 7 | 26 | 203 | 18 | 26 | 14 | 36 | 53 | 18 | 27 | 14 | 30 | 20 | 26 | 12 | 86 | 60 | 22 | 88 | 247 | 19 | 62 | 136 | 10 | 10 | 19 | 120 | 84 | 212 | 78 | 119 | 230 | 21 | 143 | 29 | 26 | 35 | 98 | 8 | 38 | 548 | 29 | 13 | 24 | 16 | 27 | 27 | 96 | 79 | 552 | 30 | 14 | 13 | 105 | 157 | 20 | 42 | 144 | 29 | 86 | 45 | 15 | 202 | 23 | 20 | 278 | 22 | 39 | 48 | 20 | 42 | 262 | 51 | 27 | 409 | 30 | 328 | 11 | 132 | 9 | 84 | 294 | 115 | 81 | 52 | 126 | 10 | 63 | 89 | 33 | 84 | 116 | 54 | 89 | 80 | 100 | 280 | 102 | 47 | 152 | 175 | 46 | 59 | 27 | 102 | 145 | 125 | 3 | 32 | 9,359 | 4 |
Subsequent Costs Capitalized | 4,093 | ' | ' | ' | 35 | 9 | 64 | 17 | 54 | 7 | 9 | 26 | 7 | 14 | 5 | 8 | 27 | 29 | 11 | 8 | 21 | 12 | 23 | 12 | 13 | 101 | 4 | 20 | 39 | 19 | 0 | 6 | 28 | 21 | 53 | 38 | 25 | 132 | 2 | 22 | 15 | 44 | 25 | 31 | 27 | 26 | 24 | 25 | 37 | 30 | 42 | 112 | 39 | 178 | 26 | 9 | 110 | -3 | 356 | 12 | 17 | 110 | 11 | 83 | 17 | 1 | 278 | 15 | 20 | 110 | 21 | 55 | 7 | 10 | 20 | 50 | 27 | 12 | 183 | 17 | 31 | 8 | 82 | 22 | 14 | 34 | 69 | 63 | 26 | 129 | 67 | 8 | 19 | 18 | 25 | 2 | 13 | 12 | 14 | 8 | 21 | 15 | -41 | 75 | 23 | 10 | 11 | 19 | 64 | 7 | 5 | 37 | 16 | 4,076 | 17 |
Foreign Currency Adjustment | -35 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32 | -3 |
Land | 1,973 | ' | ' | ' | 15 | 0 | 0 | 5 | 4 | 2 | 5 | 0 | 3 | 7 | 2 | 2 | 4 | 6 | 0 | 0 | 27 | 7 | 8 | 154 | 0 | 0 | 0 | 2 | 0 | 0 | 12 | 19 | 81 | 12 | 20 | 40 | 16 | 13 | 9 | 6 | 10 | 26 | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 0 | 0 | 16 | 19 | 49 | 0 | 6 | 8 | 34 | 29 | 0 | 0 | 11 | 6 | 0 | 0 | 7 | 0 | 4 | 6 | 0 | ' | 0 | 8 | 3 | 3 | 42 | 3 | 5 | 346 | 8 | 0 | 19 | 30 | 0 | 11 | 55 | 25 | 15 | 0 | 21 | 22 | 10 | 0 | 6 | 6 | 33 | ' | 0 | 16 | 12 | 100 | 0 | 13 | 156 | 39 | 0 | 9 | 0 | 138 | 48 | 11 | 0 | 7 | 1,952 | 21 |
Buildings & Improvements | 13,435 | ' | ' | ' | 42 | 35 | 267 | 35 | 80 | 21 | 45 | 79 | 25 | 41 | 20 | 38 | 47 | 55 | 23 | 94 | 80 | 34 | 111 | 259 | 32 | 163 | 110 | 30 | 49 | 38 | 120 | 89 | 251 | 98 | 168 | 268 | 46 | 275 | 23 | 46 | 51 | 142 | 33 | 69 | 575 | 55 | 37 | 49 | 53 | 57 | 69 | 208 | 118 | 730 | 56 | 23 | 126 | 113 | 502 | 32 | 59 | 246 | 40 | 169 | 62 | 16 | 480 | 38 | 40 | 388 | 43 | 94 | 55 | 30 | 62 | 312 | 78 | 39 | 592 | 47 | 359 | 18 | 213 | 31 | 98 | 328 | 184 | 143 | 78 | 253 | 77 | 71 | 108 | 51 | 108 | 118 | 67 | 101 | 94 | 108 | 301 | 117 | 33 | 227 | 198 | 56 | 70 | 46 | 166 | 152 | 130 | 40 | 48 | 13,417 | 18 |
Total | 15,408 | 15,661 | 15,020 | 13,749 | 57 | 35 | 267 | 40 | 84 | 23 | 50 | 79 | 28 | 48 | 22 | 40 | 51 | 61 | 23 | 94 | 107 | 41 | 119 | 413 | 32 | 163 | 110 | 32 | 49 | 38 | 132 | 108 | 332 | 110 | 188 | 308 | 62 | 288 | 32 | 52 | 61 | 168 | 33 | 69 | 575 | 55 | 37 | 69 | 53 | 57 | 69 | 224 | 137 | 779 | 56 | 29 | 134 | 147 | 531 | 32 | 59 | 257 | 46 | 169 | 62 | 23 | 480 | 42 | 46 | 388 | 43 | 94 | 63 | 33 | 65 | 354 | 81 | 44 | 938 | 55 | 359 | 37 | 243 | 31 | 109 | 383 | 209 | 158 | 78 | 274 | 99 | 81 | 108 | 57 | 114 | 151 | 67 | 101 | 110 | 120 | 401 | 117 | 46 | 383 | 237 | 56 | 79 | 46 | 304 | 200 | 141 | 40 | 55 | 15,369 | 39 |
Accumulated Depreciation | $5,048 | $4,768 | $4,306 | $3,834 | $25 | $17 | $96 | $20 | $50 | $11 | $19 | $40 | $13 | $22 | $14 | $16 | $26 | $29 | $16 | $24 | $37 | $17 | $46 | $14 | $18 | $86 | $11 | $16 | $42 | $23 | $2 | $44 | $74 | $41 | $69 | $62 | $28 | $122 | $2 | $29 | $37 | $64 | $29 | $62 | $54 | $28 | $20 | $27 | $26 | $35 | $48 | $117 | $60 | $492 | $29 | $13 | $73 | $10 | $204 | $15 | $25 | $109 | $18 | $77 | $33 | $4 | $198 | $19 | $23 | $219 | $20 | $75 | $13 | $14 | $39 | $71 | $16 | $9 | $131 | $12 | $76 | $7 | $73 | $24 | $37 | $84 | $76 | $72 | $41 | $122 | $22 | $31 | $47 | $15 | $44 | $10 | $17 | $22 | $23 | $24 | $57 | $28 | $17 | $32 | $39 | $25 | $16 | $25 | $43 | $14 | $25 | $33 | $27 | $5,037 | $11 |
Date of Completion of Construction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2000 | ' | ' | ' | ' | ' | '2002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date Acquired | ' | ' | ' | ' | '1976 | '1996 | '2002 | '1996 | '1998 | '1989 | '1997 | '1997 | '1996 | '1992 | '1989 | '1998 | '1996 | '1994 | '1983 | '2004 | '1998 | '1993 | '1998 | '2012 | '1983 | '1997 | '2011 | '1986 | '1984 | '1998 | '2013 | '1998 | '2003 | '1998 | '1998 | '2006 | '1990 | '1997 | '2010 | '1994 | '1996 | '2003 | '1993 | '1997 | '2011 | '1997 | '1995 | '1994 | '1998 | '1998 | '1986 | '1996 | '1997 | '1986 | '1984 | '1975 | '1975 | '2011 | '1997 | '1987 | '1995 | '1995 | '1996 | '1996 | '1995 | '2006 | '1996 | '1998 | '1994 | '1989 | '1996 | '1989 | '2004 | '1988 | '1998 | '2006 | '2006 | '1986 | '2006 | '2006 | '2006 | '2006 | '1998 | '2000 | ' | '2003 | '1998 | '1996 | '1997 | '1996 | '— | '1998 | '1998 | '2006 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | '40 | ' | '40 |
Depreciation Life | ' | ' | ' | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '33 years | '40 years | '40 years | '31 years | '40 years | '40 years | '40 years | '34 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '35 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '35 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '40 years |
Reconciliation_of_Carrying_Amo
Reconciliation of Carrying Amounts of Real Estate Investments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate And Accumulated Depreciation [Line Items] | ' | ' | ' |
Beginning Balance | $15,661 | $15,020 | $13,749 |
Additions: | ' | ' | ' |
Acquisitions | 184 | 427 | 1,155 |
Capital expenditures and transfers from construction-in-progress | 353 | 443 | 338 |
Deductions: | ' | ' | ' |
Dispositions and other | -789 | -172 | -214 |
Impairments | -1 | -57 | -8 |
Ending Balance | $15,408 | $15,661 | $15,020 |
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, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate And Accumulated Depreciation [Line Items] | ' | ' | ' |
Beginning Balance | $4,768 | $4,306 | $3,834 |
Depreciation and amortization | 550 | 537 | 496 |
Dispositions and other | -270 | -75 | -24 |
Ending Balance | $5,048 | $4,768 | $4,306 |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Real Estate And Accumulated Depreciation [Line Items] | ' |
Cost of real estate for federal income tax purposes | $10,745 |