Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 02, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | HST | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-14625 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 53-0085950 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 714,035,318 | |
HOST HOTELS & RESORTS L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | |
Entity Central Index Key | 0001061937 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-25087 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2095412 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Property and equipment, net | $ 10,124 | $ 9,416 | |
Right-of-use assets | 559 | 597 | |
Assets held for sale | 280 | ||
Due from managers | 58 | 22 | |
Advances to and investments in affiliates | 62 | 21 | |
Furniture, fixtures and equipment replacement fund | 138 | 139 | |
Other | 453 | 360 | |
Cash and cash equivalents | 1,038 | 2,335 | |
Total assets | 12,712 | 12,890 | |
Debt | |||
Senior notes | 3,068 | 3,065 | |
Credit facility, including the term loans of $997 | 2,472 | 2,471 | |
Other debt | 5 | 5 | |
Total debt | 5,545 | 5,541 | |
Lease liabilities | 572 | 610 | |
Accounts payable and accrued expenses | 91 | 71 | |
Due to managers | 55 | 64 | |
Liabilities held for sale | 37 | ||
Other | 167 | 170 | |
Total liabilities | 6,467 | 6,456 | |
Partnership interests | 119 | 108 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 714.0 million shares and 705.4 million shares issued and outstanding, respectively | 7 | 7 | |
Additional paid-in capital | 7,700 | 7,568 | |
Accumulated other comprehensive loss | (75) | (74) | |
Deficit | (1,511) | (1,180) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,121 | 6,321 | |
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 5 | |
Total equity | 6,126 | 6,326 | |
Total liabilities, non-controlling interests and equity | 12,712 | 12,890 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (75) | (74) | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 10,124 | 9,416 | |
Right-of-use assets | 559 | 597 | |
Assets held for sale | 280 | ||
Due from managers | 58 | 22 | |
Advances to and investments in affiliates | 62 | 21 | |
Furniture, fixtures and equipment replacement fund | 138 | 139 | |
Other | 453 | 360 | |
Cash and cash equivalents | 1,038 | 2,335 | |
Total assets | 12,712 | 12,890 | |
Debt | |||
Senior notes | 3,068 | 3,065 | |
Credit facility, including the term loans of $997 | 2,472 | 2,471 | |
Other debt | 5 | 5 | |
Total debt | 5,545 | 5,541 | |
Lease liabilities | 572 | 610 | |
Accounts payable and accrued expenses | 91 | 71 | |
Due to managers | 55 | 64 | |
Liabilities held for sale | 37 | ||
Other | 167 | 170 | |
Total liabilities | 6,467 | 6,456 | |
Partnership interests | [1] | 119 | 108 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (75) | (74) | |
Total liabilities, non-controlling interests and equity | 12,712 | 12,890 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 6,195 | 6,394 | |
Accumulated other comprehensive loss | (75) | (74) | |
Total Host Hotels & Resorts, L.P. capital | 6,121 | 6,321 | |
Non-controlling interests—consolidated partnerships | 5 | 5 | |
Total capital | $ 6,126 | $ 6,326 | |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Credit facility | $ 2,472 | $ 2,471 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 714,000,000 | 705,400,000 |
Common stock, shares outstanding | 714,000,000 | 705,400,000 |
Term Loan | ||
Credit facility | $ 997 | $ 997 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES | ||||
Revenues | $ 844 | $ 198 | $ 1,892 | $ 1,353 |
EXPENSES | ||||
Other property-level expenses | 82 | 77 | 239 | 240 |
Depreciation and amortization | 263 | 166 | 597 | 498 |
Corporate and other expenses | 24 | 18 | 73 | 68 |
Gain on insurance and business interruption settlements | (5) | (5) | ||
Total operating costs and expenses | 939 | 516 | 2,221 | 2,035 |
OPERATING LOSS | (95) | (318) | (329) | (682) |
Interest income | 1 | 2 | 7 | |
Interest expense | (43) | (66) | (128) | (143) |
Other gains | 2 | 4 | 13 | |
Equity in earnings (losses) of affiliates | 2 | (5) | 36 | (26) |
LOSS BEFORE INCOME TAXES | (133) | (389) | (415) | (831) |
Benefit for income taxes | 13 | 73 | 81 | 156 |
NET LOSS | (120) | (316) | (334) | (675) |
Less: Net (income) loss attributable to non-controlling interests | 1 | 3 | 3 | 7 |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (119) | $ (313) | $ (331) | $ (668) |
Basic loss per common share | $ (0.17) | $ (0.44) | $ (0.47) | $ (0.95) |
Diluted loss per common share | $ (0.17) | $ (0.44) | $ (0.47) | $ (0.95) |
HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | $ 844 | $ 198 | $ 1,892 | $ 1,353 |
EXPENSES | ||||
Other property-level expenses | 82 | 77 | 239 | 240 |
Depreciation and amortization | 263 | 166 | 597 | 498 |
Corporate and other expenses | 24 | 18 | 73 | 68 |
Gain on insurance and business interruption settlements | (5) | (5) | ||
Total operating costs and expenses | 939 | 516 | 2,221 | 2,035 |
OPERATING LOSS | (95) | (318) | (329) | (682) |
Interest income | 1 | 2 | 7 | |
Interest expense | (43) | (66) | (128) | (143) |
Other gains | 2 | 4 | 13 | |
Equity in earnings (losses) of affiliates | 2 | (5) | 36 | (26) |
LOSS BEFORE INCOME TAXES | (133) | (389) | (415) | (831) |
Benefit for income taxes | 13 | 73 | 81 | 156 |
NET LOSS | (120) | (316) | (334) | (675) |
Less: Net (income) loss attributable to non-controlling interests | (1) | (1) | (1) | |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (121) | $ (317) | $ (335) | $ (675) |
Basic loss per common share | $ (0.17) | $ (0.45) | $ (0.48) | $ (0.97) |
Diluted loss per common share | $ (0.17) | $ (0.45) | $ (0.48) | $ (0.97) |
Rooms | ||||
REVENUES | ||||
Revenues | $ 557 | $ 126 | $ 1,237 | $ 813 |
EXPENSES | ||||
Expenses | 150 | 69 | 324 | 299 |
Rooms | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 557 | 126 | 1,237 | 813 |
EXPENSES | ||||
Expenses | 150 | 69 | 324 | 299 |
Food and Beverage | ||||
REVENUES | ||||
Revenues | 191 | 31 | 405 | 372 |
EXPENSES | ||||
Expenses | 146 | 72 | 313 | 356 |
Food and Beverage | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 191 | 31 | 405 | 372 |
EXPENSES | ||||
Expenses | 146 | 72 | 313 | 356 |
Other | ||||
REVENUES | ||||
Revenues | 96 | 41 | 250 | 168 |
EXPENSES | ||||
Expenses | 252 | 109 | 621 | 541 |
Other | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 96 | 41 | 250 | 168 |
EXPENSES | ||||
Expenses | 252 | 109 | 621 | 541 |
Management Fees | ||||
EXPENSES | ||||
Expenses | 27 | 5 | 59 | 33 |
Management Fees | HOST HOTELS & RESORTS L.P. | ||||
EXPENSES | ||||
Expenses | $ 27 | $ 5 | $ 59 | $ 33 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
NET LOSS | $ (120) | $ (316) | $ (334) | $ (675) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (5) | (5) | (1) | (24) |
Change in fair value of derivative instruments | 1 | 1 | ||
OTHER COMPREHENSIVE LOSS, NET OF TAX | (4) | (5) | (1) | (23) |
COMPREHENSIVE LOSS | (124) | (321) | (335) | (698) |
Less: Comprehensive income (loss) attributable to non-controlling interests | 1 | 3 | 3 | 7 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | (123) | (318) | (332) | (691) |
HOST HOTELS & RESORTS L.P. | ||||
NET LOSS | (120) | (316) | (334) | (675) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (5) | (5) | (1) | (24) |
Change in fair value of derivative instruments | 1 | 1 | ||
OTHER COMPREHENSIVE LOSS, NET OF TAX | (4) | (5) | (1) | (23) |
COMPREHENSIVE LOSS | (124) | (321) | (335) | (698) |
Less: Comprehensive income (loss) attributable to non-controlling interests | (1) | (1) | (1) | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (125) | $ (322) | $ (336) | $ (698) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||||
NET LOSS | $ (120) | $ (316) | $ (334) | $ (675) | |
Adjustments to reconcile net loss to net cash provided by (used in) operations: | |||||
Depreciation and amortization | 263 | 166 | 597 | 498 | |
Amortization of finance costs, discounts and premiums, net | 7 | 6 | |||
Loss on extinguishment of debt | 28 | ||||
Stock compensation expense | 13 | 11 | |||
Other gains | (2) | (4) | (13) | ||
Equity in (earnings) losses of affiliates | (2) | 5 | (36) | 26 | |
Change in due from/to managers | (78) | 130 | |||
Distributions from investments in affiliates | 4 | ||||
Changes in other assets | (99) | (161) | |||
Changes in other liabilities | 8 | (14) | |||
Net cash provided by (used in) operating activities | 78 | (164) | |||
INVESTING ACTIVITIES | |||||
Proceeds from sales of assets, net | 8 | 11 | |||
Proceeds from loan receivable | 9 | 28 | |||
Advances to and investments in affiliates | (9) | (4) | |||
Acquisitions | (1,217) | ||||
Capital expenditures: | |||||
Renewals and replacements | (92) | (122) | |||
Return on investment | (201) | (262) | |||
Net cash used in investing activities | (1,502) | (349) | |||
FINANCING ACTIVITIES | |||||
Financing costs | (3) | (11) | |||
Issuances of debt | 740 | ||||
Draws on credit facility | 2,245 | ||||
Repayment of credit facility | (750) | ||||
Repurchase/redemption of senior notes | (364) | ||||
Redemption of preferred equity units of Host LP | (22) | ||||
Debt extinguishment costs | (27) | ||||
Issuance of common stock | 138 | ||||
Common stock repurchase | (147) | ||||
Dividends on common stock | (320) | ||||
Distributions and payments to non-controlling interests | (3) | ||||
Other financing activities | (8) | (4) | |||
Net cash provided by financing activities | 127 | 1,337 | |||
Effects of exchange rate changes on cash held | (6) | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (1,297) | 818 | |||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 2,476 | 1,750 | $ 1,750 | ||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,179 | 2,568 | 1,179 | 2,568 | 2,476 |
Supplemental disclosure of cash flow information: | |||||
Cash and cash equivalents | 1,038 | 2,430 | 1,038 | 2,430 | 2,335 |
Restricted cash (included in other assets) | 3 | 3 | |||
Furniture, fixtures and equipment replacement fund | 138 | 138 | 138 | 138 | 139 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,179 | 2,568 | 1,179 | 2,568 | |
Total interest paid | 115 | 126 | |||
Income taxes paid (refunds received) | (3) | 2 | |||
HOST HOTELS & RESORTS L.P. | |||||
OPERATING ACTIVITIES | |||||
NET LOSS | (120) | (316) | (334) | (675) | |
Adjustments to reconcile net loss to net cash provided by (used in) operations: | |||||
Depreciation and amortization | 263 | 166 | 597 | 498 | |
Amortization of finance costs, discounts and premiums, net | 7 | 6 | |||
Loss on extinguishment of debt | 28 | ||||
Stock compensation expense | 13 | 11 | |||
Other gains | (2) | (4) | (13) | ||
Equity in (earnings) losses of affiliates | (2) | 5 | (36) | 26 | |
Change in due from/to managers | (78) | 130 | |||
Distributions from investments in affiliates | 4 | ||||
Changes in other assets | (99) | (161) | |||
Changes in other liabilities | 8 | (14) | |||
Net cash provided by (used in) operating activities | 78 | (164) | |||
INVESTING ACTIVITIES | |||||
Proceeds from sales of assets, net | 8 | 11 | |||
Proceeds from loan receivable | 9 | 28 | |||
Advances to and investments in affiliates | (9) | (4) | |||
Acquisitions | (1,217) | ||||
Capital expenditures: | |||||
Renewals and replacements | (92) | (122) | |||
Return on investment | (201) | (262) | |||
Net cash used in investing activities | (1,502) | (349) | |||
FINANCING ACTIVITIES | |||||
Financing costs | (3) | (11) | |||
Issuances of debt | 740 | ||||
Draws on credit facility | 2,245 | ||||
Repayment of credit facility | (750) | ||||
Repurchase/redemption of senior notes | (364) | ||||
Redemption of preferred equity units of Host LP | (22) | ||||
Debt extinguishment costs | (27) | ||||
Issuance of common OP units | 138 | ||||
Repurchase of common OP units | (147) | ||||
Distributions on common OP units | (323) | ||||
Other financing activities | (8) | (4) | |||
Net cash provided by financing activities | 127 | 1,337 | |||
Effects of exchange rate changes on cash held | (6) | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (1,297) | 818 | |||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 2,476 | 1,750 | 1,750 | ||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,179 | 2,568 | 1,179 | 2,568 | 2,476 |
Supplemental disclosure of cash flow information: | |||||
Cash and cash equivalents | 1,038 | 2,430 | 1,038 | 2,430 | 2,335 |
Restricted cash (included in other assets) | 3 | 3 | |||
Furniture, fixtures and equipment replacement fund | 138 | 138 | 138 | 138 | $ 139 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | $ 1,179 | $ 2,568 | 1,179 | 2,568 | |
Total interest paid | 115 | 126 | |||
Income taxes paid (refunds received) | (3) | 2 | |||
Four Seasons Resort Orlando | |||||
Noncash Investing And Financing Items [Abstract] | |||||
Advance deposits received | 24 | ||||
Four Seasons Resort Orlando | HOST HOTELS & RESORTS L.P. | |||||
Noncash Investing And Financing Items [Abstract] | |||||
Advance deposits received | $ 24 | ||||
Phoenician Land Parcel | |||||
Noncash Investing And Financing Items [Abstract] | |||||
Notes receivable from sale of property | 9 | ||||
Phoenician Land Parcel | HOST HOTELS & RESORTS L.P. | |||||
Noncash Investing And Financing Items [Abstract] | |||||
Notes receivable from sale of property | $ 9 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”), with its operations conducted solely through Host Hotels & Resorts, L.P. and its subsidiaries. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to these unaudited condensed consolidated financial statements, we use the terms “we” or “our” to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term “Host Inc.” specifically to refer to Host Hotels & Resorts, Inc. and the term “Host L.P.” specifically to refer to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. As of September 30, 2021, Host Inc. holds approximately 99 % of Host L.P.’s partnership interests. Liquidity and Management’s Plans The COVID-19 pandemic has had a significant adverse impact on U.S. and global economic activity and has contributed to significant volatility in financial markets beginning in the first quarter of 2020. While many of the restrictive measures put in place in jurisdictions where we own hotels have been lifted, the COVID-19 pandemic continues to negatively impact the U.S. lodging industry generally and our company specifically. At the start of the pandemic, we suspended operations at 35 hotels. As of September 30, 2021 , all hotels that previously suspended operations have resumed operations and are currently open. While the U.S. economic recovery has accelerated and hotel operations have improved during each quarter of the year, the pandemic continues to have a material negative impact on our financial results and cash flows. In 2020, we drew down $ 1.5 billion on the revolver portion of our credit facility as a precautionary measure in order to increase our cash position and preserve financial flexibility. We are continuing to take measures to maintain our liquidity, including operating expense reductions and the suspension of dividends and common stock repurchases. We also have reached agreements with our hotel managers to temporarily suspend furniture, fixture and equipment (“FF&E”) replacement fund contributions for our hotels and to defer certain hotel initiatives and brand standards. Consolidated Portfolio As of September 30, 2021, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 80 Brazil 3 Canada 2 Total 85 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10–K for the year ended December 31, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2021, and the results of our operations for the quarter and year-to-date periods ended September 30, 2021 and 2020, respectively, and cash flows for the year-to-date periods ended September 30, 2021 and 2020, respectively. Interim results are not necessarily indicative of full year performance because of the effect of seasonal variations as well as the impact from the COVID-19 pandemic. Three of the partnerships in which we own an interest are considered variable interest entities (VIEs) as the general partner maintains control over the decisions that most significantly impact such partnerships. These VIEs include the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the sole general partner and holds approximately 99 % of its partnership interests; the consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental; and the unconsolidated partnership that owns the Philadelphia Marriott Downtown. Host Inc.’s sole significant asset is its investment in Host L.P. and, consequently, substantially all of Host Inc.’s assets and liabilities consists of the assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P. and may be repaid only with assets of Host L.P. Reclassifications Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share (Unit) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share (Unit) | 3. Earnings (Loss) Per Common Share (Unit) Basic earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders) by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding. Diluted earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders), as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans or the Host L.P. common units distributed to Host Inc. to support such shares granted, and other non-controlling interests that have the option to convert their limited partner interests to Host L.P. common units. No effect is shown for any securities that are anti-dilutive. We have 7.1 million Host L.P. common units, which are convertible into 7.3 million Host Inc. common shares, that are not included in Host Inc.’s calculation of earnings (loss) per share as their effect is not dilutive. The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Quarter ended September 30, Year-to-date ended September 30, 2021 2020 2021 2020 Net loss $ ( 120 ) $ ( 316 ) $ ( 334 ) $ ( 675 ) Less: Net loss attributable to non-controlling interests 1 3 3 7 Net loss attributable to Host Inc. $ ( 119 ) $ ( 313 ) $ ( 331 ) $ ( 668 ) Basic weighted average shares outstanding 713.9 705.2 709.0 706.1 Diluted weighted average shares outstanding 713.9 705.2 709.0 706.1 Basic loss per common share $ ( .17 ) $ ( .44 ) $ ( .47 ) $ ( .95 ) Diluted loss per common share $ ( .17 ) $ ( .44 ) $ ( .47 ) $ ( .95 ) The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended September 30, Year-to-date ended September 30, 2021 2020 2021 2020 Net loss $ ( 120 ) $ ( 316 ) $ ( 334 ) $ ( 675 ) Less: Net income attributable to non-controlling interests ( 1 ) ( 1 ) ( 1 ) — Net loss attributable to Host L.P. $ ( 121 ) $ ( 317 ) $ ( 335 ) $ ( 675 ) Basic weighted average units outstanding 706.0 697.6 701.3 698.6 Diluted weighted average units outstanding 706.0 697.6 701.3 698.6 Basic loss per common unit $ ( .17 ) $ ( .45 ) $ ( .48 ) $ ( .97 ) Diluted loss per common unit $ ( .17 ) $ ( .45 ) $ ( .48 ) $ ( .97 ) |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 4. Revenue Substantially all our operating results represent revenues and expenses generated by hotel-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenue at quarter end. We collect sales, use, occupancy and similar taxes from our customers, which we present on a net basis (excluded from revenues) on our statements of operations. Disaggregation of Revenues. While we do not consider the following presentation of revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 11 – Geographic Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended September 30, Year-to-date ended September 30, Location 2021 2020 2021 2020 Maui/Oahu $ 118 $ 4 $ 260 $ 98 Florida Gulf Coast 49 33 215 160 Phoenix 54 17 171 108 Miami 40 12 152 77 San Diego 85 16 140 108 Orlando 52 2 97 58 New York 51 9 87 102 Los Angeles/Orange County 42 16 81 75 San Francisco/San Jose 44 12 80 124 Washington, D.C. (Central Business District) 29 4 72 61 Jacksonville 29 16 72 44 Houston 21 7 53 36 San Antonio/Austin 27 3 53 21 Atlanta 22 9 51 42 Boston 29 2 42 38 Chicago 25 4 38 22 Northern Virginia 18 5 37 27 Philadelphia 17 6 33 20 Denver 17 4 29 21 New Orleans 11 5 24 29 Seattle 16 2 23 20 Other 39 8 68 44 Domestic 835 196 1,878 1,335 International 9 2 14 18 Total $ 844 $ 198 $ 1,892 $ 1,353 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following (in millions): September 30, 2021 December 31, 2020 Land and land improvements $ 2,297 $ 2,033 Buildings and leasehold improvements 14,084 13,609 Furniture and equipment 2,441 2,471 Construction in progress 235 166 19,057 18,279 Less accumulated depreciation and amortization ( 8,933 ) ( 8,863 ) $ 10,124 $ 9,416 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Senior Notes. As of September 30, 2021, we have met the minimum financial covenant levels under our senior notes indentures, which reinstates our ability to incur additional debt so long as we maintain these covenant levels and subject to the provisions of our credit facility and senior notes indentures. Credit Facility. As of September 30, 2021, we have $ 12 million of available capacity under the revolver portion of our credit facility. On June 26, 2020 and February 9, 2021, we entered into amendments to the existing senior unsecured bank credit facility with Bank of America, N.A., as administrative agent, (collectively, the “Amendments”). The Amendments suspend requirements to comply with all existing financial maintenance covenants under the credit facility for the period which began on July 1, 2020 and ending on the required financial statement reporting date for the second quarter of 2022 (such period, the “Covenant Relief Period”). Subsequent to quarter end, we terminated the Covenant Relief Period prior to its expiration, as we met the minimum fixed charge coverage ratio required for our first phase-in quarterly test period. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 7. Equity of Host Inc. and Capital of Host L.P. Equity of Host Inc. The components of the Equity of Host Inc. are as follows (in millions): Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2020 $ 7 $ 7,568 $ ( 74 ) $ ( 1,180 ) $ 5 $ 6,326 $ 108 Net loss — — — ( 331 ) — ( 331 ) ( 3 ) Issuance of common stock for comprehensive stock plans, net — 8 — — — 8 — Common stock issuances — 138 — — — 138 — Changes in ownership and other — ( 14 ) — — — ( 14 ) 14 Other comprehensive loss — — ( 1 ) — — ( 1 ) — Balance, September 30, 2021 $ 7 $ 7,700 $ ( 75 ) $ ( 1,511 ) $ 5 $ 6,126 $ 119 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, June 30, 2021 $ 7 $ 7,688 $ ( 71 ) $ ( 1,392 ) $ 5 $ 6,237 $ 125 Net loss — — — ( 119 ) — ( 119 ) ( 1 ) Issuance of common stock for comprehensive stock plans, net — 6 — — — 6 — Common stock issuances — — — — — — — Changes in ownership and other — 6 — — — 6 ( 5 ) Other comprehensive loss — — ( 4 ) — — ( 4 ) — Balance, September 30, 2021 $ 7 $ 7,700 $ ( 75 ) $ ( 1,511 ) $ 5 $ 6,126 $ 119 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2019 $ 7 $ 7,675 $ ( 56 ) $ ( 307 ) $ 6 $ 7,325 $ 142 Net loss — — — ( 668 ) — ( 668 ) ( 7 ) Issuance of common stock for comprehensive stock plans, net — 7 — — — 7 — Repurchase of common stock — ( 147 ) — — — ( 147 ) — Dividends declared on common stock — — — ( 141 ) — ( 141 ) — Distributions to non-controlling interests — — — — — — ( 2 ) Changes in ownership and other — 54 — 1 ( 1 ) 54 ( 53 ) Other comprehensive loss — — ( 23 ) — — ( 23 ) — Balance, September 30, 2020 $ 7 $ 7,589 $ ( 79 ) $ ( 1,115 ) $ 5 $ 6,407 $ 80 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, June 30, 2020 $ 7 $ 7,586 $ ( 74 ) $ ( 802 ) $ 5 $ 6,722 $ 81 Net loss — — — ( 313 ) — ( 313 ) ( 3 ) Issuance of common stock for comprehensive stock plans, net — 6 — — — 6 — Changes in ownership and other — ( 3 ) — — — ( 3 ) 2 Other comprehensive loss — — ( 5 ) — — ( 5 ) — Balance, September 30, 2020 $ 7 $ 7,589 $ ( 79 ) $ ( 1,115 ) $ 5 $ 6,407 $ 80 Capital of Host L.P. As of September 30, 2021, Host Inc. is the owner of approximately 99 % of Host L.P.’s common OP units. The remaining common OP units are owned by unaffiliated limited partners. Each common OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each common OP unit. Under the credit facility, all redemptions must be made with Host Inc. common stock until Host L.P.’s leverage ratio (as calculated under the credit facility) is below 7.25 x. In exchange for any shares issued by Host Inc., Host L.P. will issue common OP units to Host Inc. based on the applicable conversion ratio. Additionally, funds used by Host Inc. to pay dividends on its common stock are provided by distributions from Host L.P. The components of the Capital of Host L.P. are as follows (in millions): General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Balance, December 31, 2020 $ 1 $ 6,394 $ ( 74 ) $ 5 $ 6,326 $ 108 Net loss — ( 331 ) — — ( 331 ) ( 3 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 8 — — 8 — Common OP unit issuances — 138 — — 138 — Changes in ownership and other — ( 14 ) — — ( 14 ) 14 Other comprehensive loss — — ( 1 ) — ( 1 ) — Balance, September 30, 2021 $ 1 $ 6,195 $ ( 75 ) $ 5 $ 6,126 $ 119 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Balance, June 30, 2021 $ 1 $ 6,302 $ ( 71 ) $ 5 $ 6,237 $ 125 Net loss — ( 119 ) — — ( 119 ) ( 1 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 6 — — 6 — Common OP unit issuances — — — — — — Changes in ownership and other — 6 — — 6 ( 5 ) Other comprehensive loss — — ( 4 ) — ( 4 ) — Balance, September 30, 2021 $ 1 $ 6,195 $ ( 75 ) $ 5 $ 6,126 $ 119 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Balance, December 31, 2019 $ 1 $ 7,374 $ ( 56 ) $ 6 $ 7,325 $ 142 Net loss — ( 668 ) — — ( 668 ) ( 7 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 7 — — 7 — Repurchase of common OP units — ( 147 ) — — ( 147 ) — Distributions declared on common OP units — ( 141 ) — — ( 141 ) ( 2 ) Changes in ownership and other — 55 — ( 1 ) 54 ( 53 ) Other comprehensive loss — — ( 23 ) — ( 23 ) — Balance, September 30, 2020 $ 1 $ 6,480 $ ( 79 ) $ 5 $ 6,407 $ 80 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Balance, June 30, 2020 $ 1 $ 6,790 $ ( 74 ) $ 5 $ 6,722 $ 81 Net loss — ( 313 ) — — ( 313 ) ( 3 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 6 — — 6 — Changes in ownership and other — ( 3 ) — — ( 3 ) 2 Other comprehensive loss — — ( 5 ) — ( 5 ) — Balance, September 30, 2020 $ 1 $ 6,480 $ ( 79 ) $ 5 $ 6,407 $ 80 Share Repurchases As of September 30, 2021, we have $ 371 million available for repurchase under our common share repurchase program. In accordance with the restrictions in our amended credit facility, there have been no share repurchases year-to-date in 2021. Issuance of Common Stock On May 6, 2021, we entered into a distribution agreement with J. P. Morgan Securities LLC, BofA Securities, Inc., BTIG, LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as sales agents, pursuant to which we may issue and sell, from time to time, shares having an aggregate offering price of up to $ 600 million. The sales will be made in “at the market” offerings under the SEC rules. We may sell shares of Host Inc. common stock under this program from time to time based on market conditions, although we are not under an obligation to sell any shares. No shares were issued during the third quarter. Year-to-date, we have issued approximately 7.8 million shares under the program at an average price of $ 17.99 per share, for net proceeds of approximately $ 138 million. In connection with the common stock issuance by Host Inc., Host L.P. issued 7.6 million common OP units to Host Inc. At September 30, 2021, there was $ 460 million of remaining capacity under the agreement. Dividends/Distributions As part of our response to the COVID-19 pandemic and in order to preserve cash and future financial flexibility, we have suspended our regular quarterly common cash dividends. Additionally, based on the terms of the credit facility amendments, we are restricted from paying a quarterly common cash dividend in excess of $ 0.01 per share during the Covenant Relief Period, unless a higher amount is required to allow Host Inc. to maintain its REIT status or to avoid the payment of corporate income or excise taxes, until after the covenant waiver period expires. Subsequent to quarter end, we terminated the Covenant Relief Period early, as we met the minimum fixed charge coverage ratio required for our first phase-in quarterly test period. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 8. Acquisitions During the quarter, we acquired the 200 -room Baker's Cay Resort Key Largo, Curio Collection by Hilton, for $ 200 million, a 223 -room luxury downtown Houston hotel for $ 65 million and the 59 -room Alila Ventana Big Sur for $ 150 million. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2021 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | 9. Dispositions Subsequent to quarter end, we sold the Westfields Marriott Washington Dulles, San Ramon Marriott, The Westin Buckhead Atlanta, The Westin Los Angeles Airport and The Whitley for $ 551 million, including approximately $ 11 million for the FF&E replacement funds. As of September 30, 2021 , these hotels were classified as held for sale. We anticipate recording a gain of approximately $ 300 million in the fourth quarter. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements We did not elect the fair value measurement option for any of our financial liabilities. The fair value of our credit facility is determined based on expected future payments discounted at a risk-adjusted rate. Our senior notes are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial liabilities is shown below (in millions): September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Financial liabilities Senior notes (Level 1) $ 3,068 $ 3,273 $ 3,065 $ 3,284 Credit facility (Level 2) 2,472 2,483 2,471 2,483 We assess our property and equipment, primarily comprised of hotel properties, for impairment when events or changes in circumstances occur that indicate the carrying value may not be recoverable. Due to the impact of the COVID-19 pandemic on our operations, we performed recoverability assessments on all of our hotel properties. Additionally, during the third quarter, due to changes in expected hold periods, the book value for certain property and equipment exceeded its undiscounted future cash flows. Therefore, we recorded impairment expense of $ 92 million based on third party assessments of values, including broker estimates and purchase offers, which are considered observable inputs other than quoted prices (Level 2) in the GAAP fair value hierarchy. The impairment expense is included in depreciation and amortization on the condensed consolidated statements of operations. The fair value of the impaired property and equipment following the write-down was $ 393 million. |
Geographic Information
Geographic Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Geographic Information | 11. Geographic Information We consider each of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting and our other real estate investment activities (primarily our retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our consolidated foreign operations consist of hotels in two countries as of September 30, 2021. There were no intersegment sales during the periods presented. The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended September 30, Year-to-date ended September 30, September 30, December 31, 2021 2020 2021 2020 2021 2020 United States $ 835 $ 196 $ 1,878 $ 1,335 $ 10,047 $ 9,331 Brazil 3 1 5 6 31 34 Canada 6 1 9 12 46 51 Total $ 844 $ 198 $ 1,892 $ 1,353 $ 10,124 $ 9,416 |
Non-Controlling Interests
Non-Controlling Interests | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 12. Non-controlling Interests Host Inc.’s treatment of the non-controlling interests of Host L.P.: Host Inc. adjusts the amount of the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of their carrying amount based on accumulated historical cost or their redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the common unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. common stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. Therefore, the redemption value of the common OP units is equivalent to the number of common shares that would be issued upon conversion of the common OP units held by third parties valued at the market price of Host Inc. common stock at the balance sheet date. One common OP unit may be exchanged for 1.021494 shares of Host Inc. common stock. Redeemable non-controlling interests of Host L.P. are classified in the mezzanine section of our balance sheets as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. Under the Amendments, all redemptions must be made with Host Inc. common stock until we are in compliance with the leverage ratio financial test required by the credit facility. The table below details the historical cost and redemption values for the non-controlling interests: September 30, 2021 December 31, 2020 Common OP units outstanding (millions) 7.1 7.2 Market price per Host Inc. common share $ 16.33 $ 14.63 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 119 $ 108 Historical cost (millions) 63 67 Book value (millions) ⁽¹⁾ 119 108 (1) The book value recorded is equal to the greater of redemption value or historical cost. Other Consolidated Partnerships. We consolidate two majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party limited partner interests are included in non-redeemable non-controlling interests — other consolidated partnerships on the balance sheets and totaled $ 5 million as of both September 30, 2021 and December 31, 2020 . |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 13. Legal Proceedings We are involved in various legal proceedings in the ordinary course of business regarding the operation of our hotels and company matters. To the extent not covered by insurance, these legal proceedings generally fall into the following broad categories: disputes involving hotel-level contracts, employment litigation, compliance with laws such as the Americans with Disabilities Act, tax disputes and other general matters. Under our management agreements, our operators have broad latitude to resolve individual hotel-level claims for amounts generally less than $ 150,000 . However, for matters exceeding such threshold, our operators may not settle claims without our consent. Based on our analysis of legal proceedings with which we are involved or of which we currently are aware and our experience in resolving similar claims in the past, we have recorded immaterial accruals as of September 30, 2021 related to such claims. We have estimated that, in the aggregate, our losses related to these proceedings will not be material. We are not aware of any matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidated Portfolio of Hotels by Location | As of September 30, 2021, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 80 Brazil 3 Canada 2 Total 85 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Unit) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Quarter ended September 30, Year-to-date ended September 30, 2021 2020 2021 2020 Net loss $ ( 120 ) $ ( 316 ) $ ( 334 ) $ ( 675 ) Less: Net loss attributable to non-controlling interests 1 3 3 7 Net loss attributable to Host Inc. $ ( 119 ) $ ( 313 ) $ ( 331 ) $ ( 668 ) Basic weighted average shares outstanding 713.9 705.2 709.0 706.1 Diluted weighted average shares outstanding 713.9 705.2 709.0 706.1 Basic loss per common share $ ( .17 ) $ ( .44 ) $ ( .47 ) $ ( .95 ) Diluted loss per common share $ ( .17 ) $ ( .44 ) $ ( .47 ) $ ( .95 ) |
HOST HOTELS & RESORTS L.P. | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended September 30, Year-to-date ended September 30, 2021 2020 2021 2020 Net loss $ ( 120 ) $ ( 316 ) $ ( 334 ) $ ( 675 ) Less: Net income attributable to non-controlling interests ( 1 ) ( 1 ) ( 1 ) — Net loss attributable to Host L.P. $ ( 121 ) $ ( 317 ) $ ( 335 ) $ ( 675 ) Basic weighted average units outstanding 706.0 697.6 701.3 698.6 Diluted weighted average units outstanding 706.0 697.6 701.3 698.6 Basic loss per common unit $ ( .17 ) $ ( .45 ) $ ( .48 ) $ ( .97 ) Diluted loss per common unit $ ( .17 ) $ ( .45 ) $ ( .48 ) $ ( .97 ) |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Hotel Revenues by Market Location | The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended September 30, Year-to-date ended September 30, Location 2021 2020 2021 2020 Maui/Oahu $ 118 $ 4 $ 260 $ 98 Florida Gulf Coast 49 33 215 160 Phoenix 54 17 171 108 Miami 40 12 152 77 San Diego 85 16 140 108 Orlando 52 2 97 58 New York 51 9 87 102 Los Angeles/Orange County 42 16 81 75 San Francisco/San Jose 44 12 80 124 Washington, D.C. (Central Business District) 29 4 72 61 Jacksonville 29 16 72 44 Houston 21 7 53 36 San Antonio/Austin 27 3 53 21 Atlanta 22 9 51 42 Boston 29 2 42 38 Chicago 25 4 38 22 Northern Virginia 18 5 37 27 Philadelphia 17 6 33 20 Denver 17 4 29 21 New Orleans 11 5 24 29 Seattle 16 2 23 20 Other 39 8 68 44 Domestic 835 196 1,878 1,335 International 9 2 14 18 Total $ 844 $ 198 $ 1,892 $ 1,353 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): September 30, 2021 December 31, 2020 Land and land improvements $ 2,297 $ 2,033 Buildings and leasehold improvements 14,084 13,609 Furniture and equipment 2,441 2,471 Construction in progress 235 166 19,057 18,279 Less accumulated depreciation and amortization ( 8,933 ) ( 8,863 ) $ 10,124 $ 9,416 |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
HOST HOTELS & RESORTS, INC. | |
Components of Equity | The components of the Equity of Host Inc. are as follows (in millions): Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2020 $ 7 $ 7,568 $ ( 74 ) $ ( 1,180 ) $ 5 $ 6,326 $ 108 Net loss — — — ( 331 ) — ( 331 ) ( 3 ) Issuance of common stock for comprehensive stock plans, net — 8 — — — 8 — Common stock issuances — 138 — — — 138 — Changes in ownership and other — ( 14 ) — — — ( 14 ) 14 Other comprehensive loss — — ( 1 ) — — ( 1 ) — Balance, September 30, 2021 $ 7 $ 7,700 $ ( 75 ) $ ( 1,511 ) $ 5 $ 6,126 $ 119 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, June 30, 2021 $ 7 $ 7,688 $ ( 71 ) $ ( 1,392 ) $ 5 $ 6,237 $ 125 Net loss — — — ( 119 ) — ( 119 ) ( 1 ) Issuance of common stock for comprehensive stock plans, net — 6 — — — 6 — Common stock issuances — — — — — — — Changes in ownership and other — 6 — — — 6 ( 5 ) Other comprehensive loss — — ( 4 ) — — ( 4 ) — Balance, September 30, 2021 $ 7 $ 7,700 $ ( 75 ) $ ( 1,511 ) $ 5 $ 6,126 $ 119 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2019 $ 7 $ 7,675 $ ( 56 ) $ ( 307 ) $ 6 $ 7,325 $ 142 Net loss — — — ( 668 ) — ( 668 ) ( 7 ) Issuance of common stock for comprehensive stock plans, net — 7 — — — 7 — Repurchase of common stock — ( 147 ) — — — ( 147 ) — Dividends declared on common stock — — — ( 141 ) — ( 141 ) — Distributions to non-controlling interests — — — — — — ( 2 ) Changes in ownership and other — 54 — 1 ( 1 ) 54 ( 53 ) Other comprehensive loss — — ( 23 ) — — ( 23 ) — Balance, September 30, 2020 $ 7 $ 7,589 $ ( 79 ) $ ( 1,115 ) $ 5 $ 6,407 $ 80 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, June 30, 2020 $ 7 $ 7,586 $ ( 74 ) $ ( 802 ) $ 5 $ 6,722 $ 81 Net loss — — — ( 313 ) — ( 313 ) ( 3 ) Issuance of common stock for comprehensive stock plans, net — 6 — — — 6 — Changes in ownership and other — ( 3 ) — — — ( 3 ) 2 Other comprehensive loss — — ( 5 ) — — ( 5 ) — Balance, September 30, 2020 $ 7 $ 7,589 $ ( 79 ) $ ( 1,115 ) $ 5 $ 6,407 $ 80 |
HOST HOTELS & RESORTS L.P. | |
Components of Capital | The components of the Capital of Host L.P. are as follows (in millions): General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Balance, December 31, 2020 $ 1 $ 6,394 $ ( 74 ) $ 5 $ 6,326 $ 108 Net loss — ( 331 ) — — ( 331 ) ( 3 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 8 — — 8 — Common OP unit issuances — 138 — — 138 — Changes in ownership and other — ( 14 ) — — ( 14 ) 14 Other comprehensive loss — — ( 1 ) — ( 1 ) — Balance, September 30, 2021 $ 1 $ 6,195 $ ( 75 ) $ 5 $ 6,126 $ 119 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Balance, June 30, 2021 $ 1 $ 6,302 $ ( 71 ) $ 5 $ 6,237 $ 125 Net loss — ( 119 ) — — ( 119 ) ( 1 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 6 — — 6 — Common OP unit issuances — — — — — — Changes in ownership and other — 6 — — 6 ( 5 ) Other comprehensive loss — — ( 4 ) — ( 4 ) — Balance, September 30, 2021 $ 1 $ 6,195 $ ( 75 ) $ 5 $ 6,126 $ 119 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Balance, December 31, 2019 $ 1 $ 7,374 $ ( 56 ) $ 6 $ 7,325 $ 142 Net loss — ( 668 ) — — ( 668 ) ( 7 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 7 — — 7 — Repurchase of common OP units — ( 147 ) — — ( 147 ) — Distributions declared on common OP units — ( 141 ) — — ( 141 ) ( 2 ) Changes in ownership and other — 55 — ( 1 ) 54 ( 53 ) Other comprehensive loss — — ( 23 ) — ( 23 ) — Balance, September 30, 2020 $ 1 $ 6,480 $ ( 79 ) $ 5 $ 6,407 $ 80 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Balance, June 30, 2020 $ 1 $ 6,790 $ ( 74 ) $ 5 $ 6,722 $ 81 Net loss — ( 313 ) — — ( 313 ) ( 3 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 6 — — 6 — Changes in ownership and other — ( 3 ) — — ( 3 ) 2 Other comprehensive loss — — ( 5 ) — ( 5 ) — Balance, September 30, 2020 $ 1 $ 6,480 $ ( 79 ) $ 5 $ 6,407 $ 80 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Certain Financial Liabilities and Other Financial Instruments | The fair value of certain financial liabilities is shown below (in millions): September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value Financial liabilities Senior notes (Level 1) $ 3,068 $ 3,273 $ 3,065 $ 3,284 Credit facility (Level 2) 2,472 2,483 2,471 2,483 |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographical Area | The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended September 30, Year-to-date ended September 30, September 30, December 31, 2021 2020 2021 2020 2021 2020 United States $ 835 $ 196 $ 1,878 $ 1,335 $ 10,047 $ 9,331 Brazil 3 1 5 6 31 34 Canada 6 1 9 12 46 51 Total $ 844 $ 198 $ 1,892 $ 1,353 $ 10,124 $ 9,416 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Historical Cost and Redemption Values for the Non-Controlling Interests | The table below details the historical cost and redemption values for the non-controlling interests: September 30, 2021 December 31, 2020 Common OP units outstanding (millions) 7.1 7.2 Market price per Host Inc. common share $ 16.33 $ 14.63 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 119 $ 108 Historical cost (millions) 63 67 Book value (millions) ⁽¹⁾ 119 108 (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2020Hotel | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Draws on credit facility | $ 2,245 | |||
COVID - 19 [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Number of hotels suspends operations | Hotel | 35 | |||
Revolving Credit Facility | COVID - 19 [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Draws on credit facility | $ 1,500 | |||
Host L.P. | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Percentage of the common OP units | 99.00% |
Consolidated Portfolio of Hotel
Consolidated Portfolio of Hotels by Location (Detail) | Sep. 30, 2021Hotel |
Real Estate Properties [Line Items] | |
Hotels | 85 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 80 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 30, 2021 |
Host L.P. | |
Significant Accounting Policies [Line Items] | |
Investment ownership percentage | 99.00% |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Unit) - Additional Information (Detail) - HOST HOTELS & RESORTS, INC. shares in Millions | Sep. 30, 2021shares |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
Common units outstanding | 7.1 |
Number of common shares that would be outstanding if OP units were converted | 7.3 |
Host Inc. Earnings (Loss) Per C
Host Inc. Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
NET LOSS | $ (120) | $ (316) | $ (334) | $ (675) |
Less: Net (income) loss attributable to non-controlling interests | 1 | 3 | 3 | 7 |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (119) | $ (313) | $ (331) | $ (668) |
Basic weighted average shares outstanding | 713.9 | 705.2 | 709 | 706.1 |
Diluted weighted average shares/units outstanding | 713.9 | 705.2 | 709 | 706.1 |
Basic loss per common share | $ (0.17) | $ (0.44) | $ (0.47) | $ (0.95) |
Diluted loss per common share | $ (0.17) | $ (0.44) | $ (0.47) | $ (0.95) |
Host LP Earnings (Loss) Per Com
Host LP Earnings (Loss) Per Common Unit (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share Diluted [Line Items] | ||||
NET LOSS | $ (120) | $ (316) | $ (334) | $ (675) |
Less: Net (income) loss attributable to non-controlling interests | 1 | 3 | 3 | 7 |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (119) | $ (313) | $ (331) | $ (668) |
Basic weighted average shares outstanding | 713.9 | 705.2 | 709 | 706.1 |
Diluted weighted average shares/units outstanding | 713.9 | 705.2 | 709 | 706.1 |
Basic loss per common share | $ (0.17) | $ (0.44) | $ (0.47) | $ (0.95) |
Diluted loss per common share | $ (0.17) | $ (0.44) | $ (0.47) | $ (0.95) |
HOST HOTELS & RESORTS L.P. | ||||
Earnings Per Share Diluted [Line Items] | ||||
NET LOSS | $ (120) | $ (316) | $ (334) | $ (675) |
Less: Net (income) loss attributable to non-controlling interests | (1) | (1) | (1) | |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (121) | $ (317) | $ (335) | $ (675) |
Basic weighted average shares outstanding | 706 | 697.6 | 701.3 | 698.6 |
Diluted weighted average shares/units outstanding | 706 | 697.6 | 701.3 | 698.6 |
Basic loss per common share | $ (0.17) | $ (0.45) | $ (0.48) | $ (0.97) |
Diluted loss per common share | $ (0.17) | $ (0.45) | $ (0.48) | $ (0.97) |
Summary of Hotel Revenues by Ma
Summary of Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 844 | $ 198 | $ 1,892 | $ 1,353 |
Maui/Oahu | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 118 | 4 | 260 | 98 |
Florida Gulf Coast | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 49 | 33 | 215 | 160 |
Phoenix | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 54 | 17 | 171 | 108 |
Miami | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 40 | 12 | 152 | 77 |
San Diego | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 85 | 16 | 140 | 108 |
Orlando | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 52 | 2 | 97 | 58 |
New York | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 51 | 9 | 87 | 102 |
Los Angeles/Orange County | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 42 | 16 | 81 | 75 |
San Francisco/San Jose | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 44 | 12 | 80 | 124 |
Washington, D.C. (Central Business District) | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 29 | 4 | 72 | 61 |
Jacksonville | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 29 | 16 | 72 | 44 |
Houston | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 21 | 7 | 53 | 36 |
San Antonio/Austin | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 27 | 3 | 53 | 21 |
Atlanta | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 22 | 9 | 51 | 42 |
Boston | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 29 | 2 | 42 | 38 |
Chicago | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 25 | 4 | 38 | 22 |
Northern Virginia | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 18 | 5 | 37 | 27 |
Philadelphia | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 17 | 6 | 33 | 20 |
Denver | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 17 | 4 | 29 | 21 |
New Orleans | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 11 | 5 | 24 | 29 |
Seattle | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 16 | 2 | 23 | 20 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 39 | 8 | 68 | 44 |
United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 835 | 196 | 1,878 | 1,335 |
International | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 9 | $ 2 | $ 14 | $ 18 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 2,297 | $ 2,033 |
Buildings and leasehold improvements | 14,084 | 13,609 |
Furniture and equipment | 2,441 | 2,471 |
Construction in progress | 235 | 166 |
Property, Plant and Equipment, Gross, Total | 19,057 | 18,279 |
Less accumulated depreciation and amortization | (8,933) | (8,863) |
Property and equipment, net | $ 10,124 | $ 9,416 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | Sep. 30, 2021USD ($) |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of credit facility remaining borrowing capacity | $ 12 |
Components of Equity (Detail)
Components of Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | $ 6,237 | $ 6,722 | $ 6,326 | $ 7,325 |
Net loss | (119) | (313) | (331) | (668) |
Net loss | (119) | (313) | (331) | (668) |
Issuance of common stock for comprehensive stock plans, net | 6 | 6 | 8 | 7 |
Repurchase of common stock | (147) | |||
Dividends declared on common stock | (141) | |||
Common stock issuances | 138 | |||
Changes in ownership and other | 6 | (3) | (14) | 54 |
Other comprehensive income/(loss) | (4) | (5) | (1) | (23) |
Ending Balance | 6,126 | 6,407 | 6,126 | 6,407 |
Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 7 | 7 | 7 | 7 |
Ending Balance | 7 | 7 | 7 | 7 |
Additional Paid-in Capital | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 7,688 | 7,586 | 7,568 | 7,675 |
Issuance of common stock for comprehensive stock plans, net | 6 | 6 | 8 | 7 |
Repurchase of common stock | (147) | |||
Common stock issuances | 138 | |||
Changes in ownership and other | 6 | (3) | (14) | 54 |
Ending Balance | 7,700 | 7,589 | 7,700 | 7,589 |
Accumulated Other Comprehensive Income (Loss) | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | (71) | (74) | (74) | (56) |
Other comprehensive income/(loss) | (4) | (5) | (1) | (23) |
Ending Balance | (75) | (79) | (75) | (79) |
Retained Earnings / (Deficit) | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | (1,392) | (802) | (1,180) | (307) |
Net loss | (119) | (313) | (331) | (668) |
Dividends declared on common stock | (141) | |||
Changes in ownership and other | 1 | |||
Ending Balance | (1,511) | (1,115) | (1,511) | (1,115) |
Non-redeemable, non-controlling interests | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 5 | 5 | 5 | 6 |
Changes in ownership and other | (1) | |||
Ending Balance | 5 | 5 | 5 | 5 |
Redeemable, non-controlling interests | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 125 | 81 | 108 | 142 |
Net loss | (1) | (3) | (3) | (7) |
Distributions to non-controlling interests | (2) | |||
Changes in ownership and other | (5) | 2 | 14 | (53) |
Ending Balance | $ 119 | $ 80 | $ 119 | $ 80 |
Equity of Host Inc. and Capit_3
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | May 06, 2021USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020 |
Stockholders Equity Note [Line Items] | ||||
Net proceeds | $ 138 | |||
Line of credit facility dividend restrictions | Additionally, based on the terms of the credit facility amendments, we are restricted from paying a quarterly common cash dividend in excess of $0.01 per share during the Covenant Relief Period, unless a higher amount is required to allow Host Inc. to maintain its REIT status or to avoid the payment of corporate income or excise taxes, until after the covenant waiver period expires. Subsequent to quarter end, we terminated the Covenant Relief Period early, as we met the minimum fixed charge coverage ratio required for our first phase-in quarterly test period. | |||
Maximum allowable dividend per share covenant waiver period | $ / shares | $ 0.01 | |||
At-the-Market Offering | ||||
Stockholders Equity Note [Line Items] | ||||
Common stock issuable aggregate value | $ 600 | |||
Share issued | shares | 0 | 7.8 | ||
Average price per share | $ / shares | $ 17.99 | $ 17.99 | ||
Net proceeds | $ 138 | |||
Stock issuance remaining capacity | $ 460 | $ 460 | ||
Host L.P. | ||||
Stockholders Equity Note [Line Items] | ||||
Percentage of the common OP units | 99.00% | 99.00% | ||
HOST HOTELS & RESORTS L.P. | ||||
Stockholders Equity Note [Line Items] | ||||
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | 1.021494 | |
HOST HOTELS & RESORTS L.P. | At-the-Market Offering | ||||
Stockholders Equity Note [Line Items] | ||||
Units issued | shares | 7.6 | |||
HOST HOTELS & RESORTS L.P. | Line Of Credit [Member] | Maximum | ||||
Stockholders Equity Note [Line Items] | ||||
Leverage ratio as calculated under the credit facility | 7.25 | 7.25 | ||
HOST HOTELS & RESORTS, INC. | ||||
Stockholders Equity Note [Line Items] | ||||
Share repurchase program, shares repurchased | shares | 0 | |||
Stock Repurchase Program, Authorized Amount | $ 371 | $ 371 |
Components of Capital (Detail)
Components of Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Limited Partners Capital Account [Line Items] | ||||
Net loss | $ (119) | $ (313) | $ (331) | $ (668) |
Net loss | (119) | (313) | (331) | (668) |
Repurchase of common OP units | (147) | |||
Other comprehensive income/(loss) | (4) | (5) | (1) | (23) |
Accumulated Other Comprehensive Income (Loss) | ||||
Limited Partners Capital Account [Line Items] | ||||
Other comprehensive income/(loss) | (4) | (5) | (1) | (23) |
HOST HOTELS & RESORTS L.P. | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 6,237 | 6,722 | 6,326 | 7,325 |
Net loss | (121) | (317) | (335) | (675) |
Net loss | (119) | (313) | (331) | (668) |
Partners Capital Account Unit Based Compensation | 6 | 6 | 8 | 7 |
Repurchase of common OP units | (147) | |||
Distributions declared on common OP units | (141) | |||
Common OP unit issuances | 138 | |||
Changes in ownership and other | 6 | (3) | (14) | 54 |
Other comprehensive income/(loss) | (4) | (5) | (1) | (23) |
Ending Balance | 6,126 | 6,407 | 6,126 | 6,407 |
HOST HOTELS & RESORTS L.P. | General Partner | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 1 | 1 | 1 | 1 |
Ending Balance | 1 | 1 | 1 | 1 |
HOST HOTELS & RESORTS L.P. | Limited Partner | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 6,302 | 6,790 | 6,394 | 7,374 |
Net loss | (119) | (313) | (331) | (668) |
Partners Capital Account Unit Based Compensation | 6 | 6 | 8 | 7 |
Repurchase of common OP units | (147) | |||
Distributions declared on common OP units | (141) | |||
Common OP unit issuances | 138 | |||
Changes in ownership and other | 6 | (3) | (14) | 55 |
Ending Balance | 6,195 | 6,480 | 6,195 | 6,480 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | (71) | (74) | (74) | (56) |
Other comprehensive income/(loss) | (4) | (5) | (1) | (23) |
Ending Balance | (75) | (79) | (75) | (79) |
HOST HOTELS & RESORTS L.P. | Non-redeemable, non-controlling interests | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 5 | 5 | 5 | 6 |
Changes in ownership and other | (1) | |||
Ending Balance | 5 | 5 | 5 | 5 |
HOST HOTELS & RESORTS L.P. | Limited partnership interests of third parties | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 125 | 81 | 108 | 142 |
Net loss | (1) | (3) | (3) | (7) |
Distributions declared on common OP units | (2) | |||
Changes in ownership and other | (5) | 2 | 14 | (53) |
Ending Balance | $ 119 | $ 80 | $ 119 | $ 80 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | 3 Months Ended |
Sep. 30, 2021USD ($)Room | |
Bakers Cay Resort Key Largo [Member] | |
Asset Acquisition [Line Items] | |
Number of rooms/apartment | Room | 200 |
Acquisition purchase price | $ | $ 200 |
Downtown Houston Hotel [Member] | |
Asset Acquisition [Line Items] | |
Number of rooms/apartment | Room | 223 |
Acquisition purchase price | $ | $ 65 |
Alila Ventana Big Sur [Member] | |
Asset Acquisition [Line Items] | |
Number of rooms/apartment | Room | 59 |
Acquisition purchase price | $ | $ 150 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - USD ($) $ in Millions | Oct. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sales of assets, net | $ 8 | $ 11 | ||
Furniture, fixtures and equipment replacement fund | $ 138 | $ 138 | $ 139 | |
Westfields Marriott Washington Dulles, San Ramon Marriott, The Westin Buckhead Atlanta, The Westin Los Angeles Airport and The Whitley | Subsequent Event | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sales of assets, net | $ 551 | |||
Furniture, fixtures and equipment replacement fund | 11 | |||
Gain on disposition of assets | $ 300 |
Fair Values of Certain Financia
Fair Values of Certain Financial Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financial liabilities | ||
Senior notes | $ 3,068 | $ 3,065 |
Line Of Credit | 2,472 | 2,471 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 3,273 | 3,284 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | $ 2,483 | $ 2,483 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Level 2 $ in Millions | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment expenses | $ 92 |
Fair value of property, following the write-down | $ 393 |
Revenues and Long-Lived Assets
Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 844 | $ 198 | $ 1,892 | $ 1,353 | |
Property and equipment, net | 10,124 | 10,124 | $ 9,416 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 835 | 196 | 1,878 | 1,335 | |
Property and equipment, net | 10,047 | 10,047 | 9,331 | ||
Brazil | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3 | 1 | 5 | 6 | |
Property and equipment, net | 31 | 31 | 34 | ||
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 6 | $ 1 | 9 | $ 12 | |
Property and equipment, net | $ 46 | $ 46 | $ 51 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)Entity | Dec. 31, 2020USD ($) | |
Minority Interest [Line Items] | ||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | Entity | 2 | |
Non-redeemable non-controlling interests - other consolidated partnerships | $ | $ 5 | $ 5 |
HOST HOTELS & RESORTS L.P. | ||
Minority Interest [Line Items] | ||
OP units conversion basis | One common OP unit may be exchanged for 1.021494 shares of Host Inc. | |
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 |
Historical Cost and Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 119 | $ 108 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Common OP units outstanding (millions) | shares | 7.1 | 7.2 | |
Market price per Host Inc. common share | $ / shares | $ 16.33 | $ 14.63 | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 119 | $ 108 | |
Historical cost (millions) | 63 | 67 | |
Book value (millions) | [1] | $ 119 | $ 108 |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Sep. 30, 2021USD ($) |
Other Litigation Cases | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency , estimate of possible loss | $ 150,000 |