Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | HST | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-14625 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 53-0085950 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 714,777,128 | |
HOST HOTELS & RESORTS L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-25087 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2095412 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Property and equipment, net | $ 9,596 | $ 9,994 | |
Right-of-use assets | 563 | 551 | |
Assets held for sale | 411 | 270 | |
Due from managers | 125 | 113 | |
Advances to and investments in affiliates | 143 | 42 | |
Furniture, fixtures and equipment replacement fund | 163 | 144 | |
Other | 562 | 431 | |
Cash and cash equivalents | 266 | 807 | |
Total assets | 11,829 | 12,352 | |
Debt | |||
Senior notes | 3,111 | 3,109 | |
Credit facility, including the term loans of $997 | 991 | 1,673 | |
Mortgage and other debt | 108 | 109 | |
Total debt | 4,210 | 4,891 | |
Lease liabilities | 575 | 564 | |
Accounts payable and accrued expenses | 97 | 85 | |
Due to managers | 47 | 42 | |
Other | 172 | 198 | |
Total liabilities | 5,101 | 5,780 | |
Partnership interests | 203 | 126 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 714.8 million shares and 714.1 million shares issued and outstanding, respectively | 7 | 7 | |
Additional paid-in capital | 7,680 | 7,702 | |
Accumulated other comprehensive loss | (69) | (76) | |
Deficit | (1,098) | (1,192) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,520 | 6,441 | |
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 5 | |
Total equity | 6,525 | 6,446 | |
Total liabilities, non-controlling interests and equity | 11,829 | 12,352 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (69) | (76) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,525 | 6,446 | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 9,596 | 9,994 | |
Right-of-use assets | 563 | 551 | |
Assets held for sale | 411 | 270 | |
Due from managers | 125 | 113 | |
Advances to and investments in affiliates | 143 | 42 | |
Furniture, fixtures and equipment replacement fund | 163 | 144 | |
Other | 562 | 431 | |
Cash and cash equivalents | 266 | 807 | |
Total assets | 11,829 | 12,352 | |
Debt | |||
Senior notes | 3,111 | 3,109 | |
Credit facility, including the term loans of $997 | 991 | 1,673 | |
Mortgage and other debt | 108 | 109 | |
Total debt | 4,210 | 4,891 | |
Lease liabilities | 575 | 564 | |
Accounts payable and accrued expenses | 97 | 85 | |
Due to managers | 47 | 42 | |
Other | 172 | 198 | |
Total liabilities | 5,101 | 5,780 | |
Partnership interests | [1] | 203 | 126 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (69) | (76) | |
Total equity | 11,829 | 12,352 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 6,588 | 6,516 | |
Accumulated other comprehensive loss | (69) | (76) | |
Total Host Hotels & Resorts, L.P. capital | 6,520 | 6,441 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,829 | 12,352 | |
Non-controlling interests—consolidated partnerships | 5 | 5 | |
Total capital | $ 6,525 | $ 6,446 | |
[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 | Mar. 31, 2022 | Dec. 31, 2021 |
Credit facility | $ 991 | $ 1,673 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 714,800,000 | 714,100,000 |
Common stock, shares outstanding | 714,800,000 | 714,100,000 |
Term Loan | ||
Credit facility | $ 997 | $ 997 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES | ||
Revenues | $ 1,074 | $ 399 |
EXPENSES | ||
Other property-level expenses | 84 | 78 |
Depreciation and amortization | 172 | 165 |
Corporate and other expenses | 23 | 24 |
Total operating costs and expenses | 952 | 565 |
OPERATING PROFIT (LOSS) | 122 | (166) |
Interest income | 1 | 1 |
Interest expense | (36) | (42) |
Other gains (losses) | 13 | (1) |
Equity in earnings of affiliates | 2 | 9 |
INCOME (LOSS) BEFORE INCOME TAXES | 102 | (199) |
Benefit for income taxes | 16 | 46 |
NET INCOME (LOSS) | 118 | (153) |
Less: Net (income) loss attributable to non-controlling interests | (2) | 1 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 116 | $ (152) |
Basic earnings (loss) per common share | $ 0.16 | $ (0.22) |
Diluted earnings (loss) per common share | $ 0.16 | $ (0.22) |
HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | $ 1,074 | $ 399 |
EXPENSES | ||
Other property-level expenses | 84 | 78 |
Depreciation and amortization | 172 | 165 |
Corporate and other expenses | 23 | 24 |
Total operating costs and expenses | 952 | 565 |
OPERATING PROFIT (LOSS) | 122 | (166) |
Interest income | 1 | 1 |
Interest expense | (36) | (42) |
Other gains (losses) | 13 | (1) |
Equity in earnings of affiliates | 2 | 9 |
INCOME (LOSS) BEFORE INCOME TAXES | 102 | (199) |
Benefit for income taxes | 16 | 46 |
NET INCOME (LOSS) | 118 | (153) |
Less: Net (income) loss attributable to non-controlling interests | (1) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 117 | $ (153) |
Basic earnings (loss) per common share | $ 0.17 | $ (0.22) |
Diluted earnings (loss) per common share | $ 0.17 | $ (0.22) |
Rooms | ||
REVENUES | ||
Revenues | $ 655 | $ 257 |
EXPENSES | ||
Expenses | 160 | 65 |
Rooms | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 655 | 257 |
EXPENSES | ||
Expenses | 160 | 65 |
Food and Beverage | ||
REVENUES | ||
Revenues | 297 | 77 |
EXPENSES | ||
Expenses | 200 | 62 |
Food and Beverage | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 297 | 77 |
EXPENSES | ||
Expenses | 200 | 62 |
Other | ||
REVENUES | ||
Revenues | 122 | 65 |
EXPENSES | ||
Expenses | 273 | 160 |
Other | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 122 | 65 |
EXPENSES | ||
Expenses | 273 | 160 |
Management Fees | ||
EXPENSES | ||
Expenses | 40 | 11 |
Management Fees | HOST HOTELS & RESORTS L.P. | ||
EXPENSES | ||
Expenses | $ 40 | $ 11 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
NET INCOME (LOSS) | $ 118 | $ (153) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | 7 | (2) |
Change in fair value of derivative instruments | 0 | (1) |
OTHER COMPREHENSIVE LOSS, NET OF TAX | 7 | (3) |
COMPREHENSIVE LOSS | 125 | (156) |
Less: Comprehensive income (loss) attributable to non-controlling interests | (2) | 1 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | 123 | (155) |
HOST HOTELS & RESORTS L.P. | ||
NET INCOME (LOSS) | 118 | (153) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | 7 | (2) |
Change in fair value of derivative instruments | 0 | (1) |
OTHER COMPREHENSIVE LOSS, NET OF TAX | 7 | (3) |
COMPREHENSIVE LOSS | 125 | (156) |
Less: Comprehensive income (loss) attributable to non-controlling interests | (1) | 0 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 124 | $ (156) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 118 | $ (153) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 172 | 165 |
Amortization of finance costs, discounts and premiums, net | 3 | 2 |
Stock compensation expense | 5 | 4 |
Other (gains)/losses | (13) | 1 |
Equity in earnings of affiliates | (2) | (9) |
Change in due from/to managers | (5) | (13) |
Distributions from investments in affiliates | 2 | 0 |
Changes in other assets | (5) | (39) |
Changes in other liabilities | (14) | (7) |
Net cash provided by (used in) operating activities | 261 | (49) |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 74 | 3 |
Proceeds from loan receivable | 0 | 9 |
Advances to and investments in affiliates | (44) | (5) |
Acquisitions | 0 | (189) |
Capital expenditures: | ||
Renewals and replacements | (39) | (32) |
Return on investment | (83) | (61) |
Net cash used in investing activities | (92) | (275) |
FINANCING ACTIVITIES | ||
Financing costs | 0 | (3) |
Repayment of credit facility | (683) | 0 |
Other financing activities | (10) | (8) |
Net cash used in financing activities | (693) | (11) |
Effects of exchange rate changes on cash held | 1 | 0 |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (523) | (335) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 953 | 2,476 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 430 | 2,141 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 266 | 2,008 |
Restricted cash (included in other assets) | 1 | 2 |
Furniture, fixtures and equipment replacement fund | 163 | 131 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 430 | 2,141 |
Total interest paid | 28 | 35 |
Income tax refunds received | (8) | 0 |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
Net income (loss) | 118 | (153) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 172 | 165 |
Amortization of finance costs, discounts and premiums, net | 3 | 2 |
Stock compensation expense | 5 | 4 |
Other (gains)/losses | (13) | 1 |
Equity in earnings of affiliates | (2) | (9) |
Change in due from/to managers | 5 | 13 |
Distributions from investments in affiliates | 2 | 0 |
Changes in other assets | 5 | 39 |
Changes in other liabilities | (14) | (7) |
Net cash provided by (used in) operating activities | 261 | (49) |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 74 | 3 |
Proceeds from loan receivable | 0 | 9 |
Advances to and investments in affiliates | (44) | (5) |
Acquisitions | 0 | (189) |
Capital expenditures: | ||
Renewals and replacements | (39) | (32) |
Return on investment | (83) | (61) |
Net cash used in investing activities | (92) | (275) |
FINANCING ACTIVITIES | ||
Financing costs | 0 | (3) |
Repayment of credit facility | (683) | 0 |
Other financing activities | (10) | (8) |
Net cash used in financing activities | (693) | (11) |
Effects of exchange rate changes on cash held | 1 | 0 |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (523) | (335) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 953 | 2,476 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 430 | 2,141 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 266 | 2,008 |
Restricted cash (included in other assets) | 1 | 2 |
Furniture, fixtures and equipment replacement fund | 163 | 131 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 430 | 2,141 |
Total interest paid | 28 | 35 |
Income tax refunds received | $ (8) | $ 0 |
Host Hotels Resorts Lp [Member] | Noble Investment Group LLC | ||
Noncash Investing And Financing Items [Abstract] | ||
Noncash financial or equity instrument consideration, shares issued | 3.2 | |
Joint venture investment, value of shares issued | $ 56 | |
Host Hotels Resorts Lp [Member] | HOST HOTELS & RESORTS L.P. | Noble Investment Group LLC | ||
Noncash Investing And Financing Items [Abstract] | ||
Noncash financial or equity instrument consideration, shares issued | 3.2 | |
Joint venture investment, value of shares issued | $ 56 | |
Sheraton Boston Hotel [Member] | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | 163 | |
Sheraton Boston Hotel [Member] | HOST HOTELS & RESORTS L.P. | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | $ 163 |
Supplemental Schedule of Noncas
Supplemental Schedule of Noncash Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: On January 20, 2022, we entered into definitive agreements with Noble Investment Group, LLC, and certain other entities and persons related to Noble Investment Group, LLC, pursuant to which we made an investment in a joint venture with Noble Investment Group. In connection with the investment, Host Hotels & Resorts, L.P. issued approximately 3.2 million OP units valued at approximately $ 56 million. In connection with the sale of the Sheraton Boston Hotel in February 2022, we extended a $ 163 million bridge loan to the buyer. The proceeds received from the sale are net of this loan. |
HOST HOTELS & RESORTS L.P. | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: On January 20, 2022, we entered into definitive agreements with Noble Investment Group, LLC, and certain other entities and persons related to Noble Investment Group, LLC, pursuant to which we made an investment in a joint venture with Noble Investment Group. In connection with the investment, Host Hotels & Resorts, L.P. issued approximately 3.2 million OP units valued at approximately $ 56 million. In connection with the sale of the Sheraton Boston Hotel in February 2022, we extended a $ 163 million bridge loan to the buyer. The proceeds received from the sale are net of this loan. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, Host Inc. holds approximately 99 % of Host L.P.’s partnership interests. COVID-19 Developments 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 and the U.S. economic recovery is in progress, the COVID-19 pandemic continues to negatively impact the U.S. lodging industry generally and our company specifically. There remains a great deal of uncertainty surrounding the trends and duration of the COVID-19 pandemic, including the potential impact of new variants, and we are monitoring developments on an ongoing basis. We, and our hotel managers, may take additional actions in response to future developments. Consolidated Portfolio As of March 31, 2022, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 75 Brazil 3 Canada 2 Total 80 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2022, and the results of our operations and cash flows for the quarter ended March 31, 2022 and 2021, 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. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share (Unit) | 3 Months Ended |
Mar. 31, 2022 | |
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 10.2 million Host L.P. common units, which are convertible into 10.4 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 March 31, 2022 2021 Net income (loss) $ 118 $ ( 153 ) Less: Net (income) loss attributable to non-controlling interests ( 2 ) 1 Net income (loss) attributable to Host Inc. $ 116 $ ( 152 ) Basic weighted average shares outstanding 714.3 705.6 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.8 — Diluted weighted average shares outstanding 716.1 705.6 Basic earnings (loss) per common share $ 0.16 $ ( 0.22 ) Diluted earnings (loss) per common share $ 0.16 $ ( 0.22 ) The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2022 2021 Net income (loss) $ 118 $ ( 153 ) Less: Net income attributable to non-controlling interests ( 1 ) — Net income (loss) attributable to Host L.P. $ 117 $ ( 153 ) Basic weighted average units outstanding 708.9 698.0 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 1.7 — Diluted weighted average units outstanding 710.6 698.0 Basic earnings (loss) per common unit $ 0.17 $ ( 0.22 ) Diluted earnings (loss) per common unit $ 0.17 $ ( 0.22 ) |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 4. Revenue Substantially all our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenue at quarter end. We collect sales, use, occupancy and similar taxes from our customers, which we present on a net basis (excluded from revenues) on our statements of operations. Disaggregation of Revenues. While we do not consider the following 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 March 31, Location 2022 2021 Florida Gulf Coast $ 131 $ 81 Maui/Oahu 116 44 Phoenix 111 54 Orlando 108 9 San Diego 87 14 Miami 83 56 San Francisco/San Jose 52 11 New York 50 11 Washington, D.C. (Central Business District) 38 23 Jacksonville 29 14 San Antonio 27 7 Houston 26 13 Los Angeles/Orange County 25 10 Austin 20 1 New Orleans 20 3 Boston 18 3 Chicago 14 4 Atlanta 13 11 Philadelphia 13 5 Northern Virginia 12 7 Denver 12 3 Seattle 10 2 Other 51 11 Domestic 1,066 397 International 8 2 Total $ 1,074 $ 399 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following (in millions): March 31, 2022 December 31, 2021 Land and land improvements $ 1,967 $ 2,310 Buildings and leasehold improvements 13,465 13,636 Furniture and equipment 2,172 2,225 Construction in progress 328 278 17,932 18,449 Less accumulated depreciation and amortization ( 8,336 ) ( 8,455 ) $ 9,596 $ 9,994 |
Investment in Affiliates
Investment in Affiliates | 3 Months Ended |
Mar. 31, 2022 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Affiliates | 6. Investment in Affiliates On January 20, 2022, we entered into definitive agreements with Noble Investment Group, LLC, and certain other entities and persons related to Noble Investment Group, LLC. We invested an aggregate of $ 35 million of cash and issued approximately $ 56 million of Host L.P. OP units to acquire a minority equity interest in Noble Management Holdings, LLC and Noble Investment Holdings, LLC representing 49 % of (a) the net fee income of the Noble Investment Group business in respect of existing and future Noble Investment Group funds and other revenue-based activities, (b) 40 % of the gross carried interest earned on the funds beginning as of closing, and (c) proceeds earned on general partner commitments to future funds. As part of our investment, we have made a $ 150 million capital commitment to the next Noble fund. Upon certain triggers being met, we have the ability to acquire up to an additional 51% (for a total of 100 %) of Noble Management Holdings, LLC and Noble Investment Holdings, LLC. To the extent certain triggers are met and we have not exercised our call right, Noble Investment Group, LLC has a one-time ability, but not the obligation, to exercise its put right to cause us to purchase up to an additional 26 % (for a total of 75%) of Noble Management Holdings, LLC and Noble Investment Holdings, LLC. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt Credit Facility. In February 2022, we repaid the remaining $ 683 million outstanding under the revolver portion of our credit facility. As of March 31, 2022, we have $ 1.5 billion of available capacity under the revolver portion of our credit facility. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 8. 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, 2021 $ 7 $ 7,702 $ ( 76 ) $ ( 1,192 ) $ 5 $ 6,446 $ 126 Net income — — — 116 1 117 1 Issuance of common stock for comprehensive stock plans, net — ( 9 ) — — — ( 9 ) — Dividends declared on common stock — — — ( 22 ) — ( 22 ) — Issuance of common OP units — — — — — — 56 Changes in ownership and other — ( 13 ) — — ( 1 ) ( 14 ) 20 Other comprehensive income — — 7 — — 7 — Balance, March 31, 2022 $ 7 $ 7,680 $ ( 69 ) $ ( 1,098 ) $ 5 $ 6,525 $ 203 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 — — — ( 152 ) — ( 152 ) ( 1 ) Issuance of common stock for comprehensive stock plans, net — ( 4 ) — — — ( 4 ) — Changes in ownership and other — ( 17 ) — — — ( 17 ) 17 Other comprehensive loss — — ( 3 ) — — ( 3 ) — Balance, March 31, 2021 $ 7 $ 7,547 $ ( 77 ) $ ( 1,332 ) $ 5 $ 6,150 $ 124 Capital of Host L.P. As of March 31, 2022, 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 if Host L.P.’s leverage ratio (as calculated under the credit facility) exceeds 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 Limited partnership interests of third parties Balance, December 31, 2021 $ 1 $ 6,516 $ ( 76 ) $ 5 $ 6,446 $ 126 Net income — 116 — 1 117 1 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — ( 9 ) — — ( 9 ) — Distributions declared on common OP units — ( 22 ) — — ( 22 ) — Issuance of common OP units — — — — — 56 Changes in ownership and other — ( 13 ) — ( 1 ) ( 14 ) 20 Other comprehensive income — — 7 — 7 — Balance, March 31, 2022 $ 1 $ 6,588 $ ( 69 ) $ 5 $ 6,525 $ 203 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2020 $ 1 $ 6,394 $ ( 74 ) $ 5 $ 6,326 $ 108 Net loss — ( 152 ) — — ( 152 ) ( 1 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — ( 4 ) — — ( 4 ) — Changes in ownership and other — ( 17 ) — — ( 17 ) 17 Other comprehensive loss — — ( 3 ) — ( 3 ) — Balance, March 31, 2021 $ 1 $ 6,221 $ ( 77 ) $ 5 $ 6,150 $ 124 Share Repurchases As of March 31, 2022, we have $ 371 million available for repurchase under our common share repurchase program. There have been no share repurchases in the first quarter of 2022. Issuance of Common Stock As of March 31, 2022, there was $ 460 million of remaining capacity under the distribution agreement we entered into in 2021 with various investment banks to sell shares of Host Inc. common stock in "at-the-market" offerings. No shares were issued during the first quarter of 2022. Dividends/Distributions On February 16, 2022, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $ 0.03 per share on Host Inc.'s common stock. The dividend was paid on April 15, 2022 to stockholders of record as of March 31, 2022. Accordingly, Host L.P. made a distribution of $ 0.03064482 per unit on its common OP units based on the current conversion ratio. Subsequent to quarter end, on May 4, 2022, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $0.06 per share on Host Inc.'s common stock. The dividend is payable on July 15, 2022, to stockholders of record on June 30, 2022 . |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2022 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | 9. Dispositions During the first quarter, we sold the Sheraton Boston Hotel for $ 233 million, including a $ 163 million bridge loan we provided to the buyer, and recorded a gain on sale of $ 12 million. The bridge loan, which is included in other assets on our condensed consolidated balance sheets, has an initial interest rate of 4.5 % and an initial scheduled maturity date of August 1, 2022, which date may be extended by up to a year by the exercise of two 6-month extensions, each which is subject to an increase in interest rate. The gain on sale is included in other gains (losses) on the consolidated statement of operations. Subsequent to quarter end, we sold the Sheraton New York Times Square Hotel for $ 373 million, including a $ 250 million bridge loan we provided to the buyer, and YVE Hotel Miami for $ 50 million, including $ 1 million of FF&E funds retained by us. As of March 31, 2022 , these two hotels were classified as held for sale. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 values of secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Our senior notes are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial liabilities is shown below (in millions): March 31, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Financial liabilities Senior notes (Level 1) $ 3,111 $ 3,056 $ 3,109 $ 3,255 Credit facility (Level 2) 991 1,000 1,673 1,683 Mortgage debt (Level 2) 104 102 104 105 |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Geographic Information | 11. Geographic Information We consider each one of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting and our other real estate investment activities (primarily our retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our consolidated foreign operations consist of hotels in two countries as of March 31, 2022. There were no intersegment sales during the periods presented. The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended March 31, March 31, December 31, 2022 2021 2022 2021 United States $ 1,066 $ 397 $ 9,517 $ 9,919 Brazil 4 1 36 30 Canada 4 1 43 45 Total $ 1,074 $ 399 $ 9,596 $ 9,994 |
Non-Controlling Interests
Non-Controlling Interests | 3 Months Ended |
Mar. 31, 2022 | |
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 its carrying amount based on accumulated historical cost or its redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the common unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. common stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. 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. The table below details the historical cost and redemption values for the non-controlling interests of Host L.P.: March 31, 2022 December 31, 2021 Common OP units outstanding (millions) 10.2 7.1 Market price per Host Inc. common share $ 19.43 $ 17.39 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 203 $ 126 Historical cost (millions) 97 66 Book value (millions) ⁽¹⁾ 203 126 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. Other Consolidated Partnerships. As of March 31, 2022 , 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 March 31, 2022 and December 31, 2021 . |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 related to such claims. We have estimated that, in the aggregate, our losses related to these proceedings will not be material. We are not aware of any matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings. |
Organization (Tables)
Organization (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Portfolio of Hotels by Location | As of March 31, 2022, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 75 Brazil 3 Canada 2 Total 80 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Unit) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Net income (loss) $ 118 $ ( 153 ) Less: Net (income) loss attributable to non-controlling interests ( 2 ) 1 Net income (loss) attributable to Host Inc. $ 116 $ ( 152 ) Basic weighted average shares outstanding 714.3 705.6 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 1.8 — Diluted weighted average shares outstanding 716.1 705.6 Basic earnings (loss) per common share $ 0.16 $ ( 0.22 ) Diluted earnings (loss) per common share $ 0.16 $ ( 0.22 ) |
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 March 31, 2022 2021 Net income (loss) $ 118 $ ( 153 ) Less: Net income attributable to non-controlling interests ( 1 ) — Net income (loss) attributable to Host L.P. $ 117 $ ( 153 ) Basic weighted average units outstanding 708.9 698.0 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 1.7 — Diluted weighted average units outstanding 710.6 698.0 Basic earnings (loss) per common unit $ 0.17 $ ( 0.22 ) Diluted earnings (loss) per common unit $ 0.17 $ ( 0.22 ) |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregated Hotel Revenues by Market Location | The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended March 31, Location 2022 2021 Florida Gulf Coast $ 131 $ 81 Maui/Oahu 116 44 Phoenix 111 54 Orlando 108 9 San Diego 87 14 Miami 83 56 San Francisco/San Jose 52 11 New York 50 11 Washington, D.C. (Central Business District) 38 23 Jacksonville 29 14 San Antonio 27 7 Houston 26 13 Los Angeles/Orange County 25 10 Austin 20 1 New Orleans 20 3 Boston 18 3 Chicago 14 4 Atlanta 13 11 Philadelphia 13 5 Northern Virginia 12 7 Denver 12 3 Seattle 10 2 Other 51 11 Domestic 1,066 397 International 8 2 Total $ 1,074 $ 399 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): March 31, 2022 December 31, 2021 Land and land improvements $ 1,967 $ 2,310 Buildings and leasehold improvements 13,465 13,636 Furniture and equipment 2,172 2,225 Construction in progress 328 278 17,932 18,449 Less accumulated depreciation and amortization ( 8,336 ) ( 8,455 ) $ 9,596 $ 9,994 |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 $ 7 $ 7,702 $ ( 76 ) $ ( 1,192 ) $ 5 $ 6,446 $ 126 Net income — — — 116 1 117 1 Issuance of common stock for comprehensive stock plans, net — ( 9 ) — — — ( 9 ) — Dividends declared on common stock — — — ( 22 ) — ( 22 ) — Issuance of common OP units — — — — — — 56 Changes in ownership and other — ( 13 ) — — ( 1 ) ( 14 ) 20 Other comprehensive income — — 7 — — 7 — Balance, March 31, 2022 $ 7 $ 7,680 $ ( 69 ) $ ( 1,098 ) $ 5 $ 6,525 $ 203 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 — — — ( 152 ) — ( 152 ) ( 1 ) Issuance of common stock for comprehensive stock plans, net — ( 4 ) — — — ( 4 ) — Changes in ownership and other — ( 17 ) — — — ( 17 ) 17 Other comprehensive loss — — ( 3 ) — — ( 3 ) — Balance, March 31, 2021 $ 7 $ 7,547 $ ( 77 ) $ ( 1,332 ) $ 5 $ 6,150 $ 124 |
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 Limited partnership interests of third parties Balance, December 31, 2021 $ 1 $ 6,516 $ ( 76 ) $ 5 $ 6,446 $ 126 Net income — 116 — 1 117 1 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — ( 9 ) — — ( 9 ) — Distributions declared on common OP units — ( 22 ) — — ( 22 ) — Issuance of common OP units — — — — — 56 Changes in ownership and other — ( 13 ) — ( 1 ) ( 14 ) 20 Other comprehensive income — — 7 — 7 — Balance, March 31, 2022 $ 1 $ 6,588 $ ( 69 ) $ 5 $ 6,525 $ 203 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2020 $ 1 $ 6,394 $ ( 74 ) $ 5 $ 6,326 $ 108 Net loss — ( 152 ) — — ( 152 ) ( 1 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — ( 4 ) — — ( 4 ) — Changes in ownership and other — ( 17 ) — — ( 17 ) 17 Other comprehensive loss — — ( 3 ) — ( 3 ) — Balance, March 31, 2021 $ 1 $ 6,221 $ ( 77 ) $ 5 $ 6,150 $ 124 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Certain Financial Liabilities | The fair value of certain financial liabilities is shown below (in millions): March 31, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Financial liabilities Senior notes (Level 1) $ 3,111 $ 3,056 $ 3,109 $ 3,255 Credit facility (Level 2) 991 1,000 1,673 1,683 Mortgage debt (Level 2) 104 102 104 105 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographical Area | The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended March 31, March 31, December 31, 2022 2021 2022 2021 United States $ 1,066 $ 397 $ 9,517 $ 9,919 Brazil 4 1 36 30 Canada 4 1 43 45 Total $ 1,074 $ 399 $ 9,596 $ 9,994 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Historical Cost and Redemption Values for the Non-Controlling Interests | The table below details the historical cost and redemption values for the non-controlling interests of Host L.P.: March 31, 2022 December 31, 2021 Common OP units outstanding (millions) 10.2 7.1 Market price per Host Inc. common share $ 19.43 $ 17.39 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 203 $ 126 Historical cost (millions) 97 66 Book value (millions) ⁽¹⁾ 203 126 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Mar. 31, 2022 |
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) | Mar. 31, 2022Hotel |
Real Estate Properties [Line Items] | |
Hotels | 80 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 75 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 31, 2022 |
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 | Mar. 31, 2022shares |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
Common units outstanding | 10.2 |
Number of common shares that would be outstanding if OP units were converted | 10.4 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 118 | $ (153) |
Less: Net (income) loss attributable to non-controlling interests | (2) | 1 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 116 | $ (152) |
Basic weighted average shares outstanding | 714.3 | 705.6 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.8 | 0 |
Diluted weighted average shares outstanding | 716.1 | 705.6 |
Basic earnings (loss) per common share | $ 0.16 | $ (0.22) |
Diluted earnings (loss) per common share | $ 0.16 | $ (0.22) |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share Diluted [Line Items] | ||
Net income (loss) | $ 118 | $ (153) |
Less: Net (income) loss attributable to non-controlling interests | (2) | 1 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 116 | $ (152) |
Basic weighted average shares outstanding | 714.3 | 705.6 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.8 | 0 |
Diluted weighted average shares outstanding | 716.1 | 705.6 |
Basic earnings (loss) per common share | $ 0.16 | $ (0.22) |
Diluted earnings (loss) per common share | $ 0.16 | $ (0.22) |
HOST HOTELS & RESORTS L.P. | ||
Earnings Per Share Diluted [Line Items] | ||
Net income (loss) | $ 118 | $ (153) |
Less: Net (income) loss attributable to non-controlling interests | (1) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 117 | $ (153) |
Basic weighted average shares outstanding | 708.9 | 698 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 1.7 | 0 |
Diluted weighted average shares outstanding | 710.6 | 698 |
Basic earnings (loss) per common share | $ 0.17 | $ (0.22) |
Diluted earnings (loss) per common share | $ 0.17 | $ (0.22) |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 1,074 | $ 399 |
Florida Gulf Coast | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 131 | 81 |
Maui/Oahu | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 116 | 44 |
Phoenix | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 111 | 54 |
Orlando | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 108 | 9 |
San Diego | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 87 | 14 |
Miami | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 83 | 56 |
San Francisco/San Jose | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 52 | 11 |
New York | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 50 | 11 |
Washington, D.C. (Central Business District) | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 38 | 23 |
Jacksonville | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 29 | 14 |
San Antonio | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 27 | 7 |
Houston | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 26 | 13 |
Los Angeles/Orange County | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 25 | 10 |
Austin | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 20 | 1 |
New Orleans | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 20 | 3 |
Boston | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 18 | 3 |
Chicago | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 14 | 4 |
Atlanta | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 13 | 11 |
Philadelphia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 13 | 5 |
Northern Virginia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 12 | 7 |
Denver | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 12 | 3 |
Seattle | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 10 | 2 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 51 | 11 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 1,066 | 397 |
International | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 8 | $ 2 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 1,967 | $ 2,310 |
Buildings and leasehold improvements | 13,465 | 13,636 |
Furniture and equipment | 2,172 | 2,225 |
Construction in progress | 328 | 278 |
Property, Plant and Equipment, Gross, Total | 17,932 | 18,449 |
Less accumulated depreciation and amortization | (8,336) | (8,455) |
Property and equipment, net | $ 9,596 | $ 9,994 |
Investments in Affiliates - Add
Investments in Affiliates - Additional Information (Detail) - USD ($) $ in Millions | Jan. 20, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Investments in and Advances to Affiliates [Line Items] | |||
Cash investments in affiliates | $ 44 | $ 5 | |
Noble Management Holdings LLC and Noble Investment Holdings LLC [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Cash investments in affiliates | $ 35 | ||
Business Combination, percentage of gross carried interest earned | 40.00% | ||
Investments in affiliates capital commitments | $ 150 | ||
Noble Management Holdings LLC and Noble Investment Holdings LLC [Member] | Maximum [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Business Combination, percentage of aggregate interest acquired | 26.00% | ||
Noble Management Holdings LLC and Noble Investment Holdings LLC [Member] | Noble Investment Group LLC | |||
Investments in and Advances to Affiliates [Line Items] | |||
Business Acquisition, Percentage of voting interests acquired | 49.00% | ||
Equity method investee potential future ownership percentage | 100.00% | ||
Noble Management Holdings LLC and Noble Investment Holdings LLC [Member] | Noble Investment Group LLC | Host L.P. | |||
Investments in and Advances to Affiliates [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 56 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||
Repayments of Lines of Credit | $ 683 | $ 0 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility remaining borrowing capacity | $ 1,500 | ||
Repayments of Lines of Credit | $ 683 |
Equity of Host Inc. and Capit_3
Equity of Host Inc. and Capital of Host L.P. - Components of Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stockholders Equity Note [Line Items] | ||
Beginning Balance | $ 6,446 | $ 6,326 |
Net income loss | 116 | (152) |
Net income loss | 117 | (152) |
Issuance of common stock for comprehensive stock plans, net | (9) | (4) |
Dividends declared on common stock | (22) | |
Changes in ownership and other | (14) | (17) |
Other comprehensive income/(loss) | 7 | (3) |
Ending Balance | 6,525 | 6,150 |
Common Stock | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7 | 7 |
Ending Balance | 7 | 7 |
Additional Paid-in Capital | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7,702 | 7,568 |
Issuance of common stock for comprehensive stock plans, net | (9) | (4) |
Changes in ownership and other | (13) | (17) |
Ending Balance | 7,680 | 7,547 |
Accumulated Other Comprehensive Income (Loss) | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | (76) | (74) |
Other comprehensive income/(loss) | 7 | (3) |
Ending Balance | (69) | (77) |
Retained Earnings / (Deficit) | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | (1,192) | (1,180) |
Net income loss | 116 | (152) |
Dividends declared on common stock | (22) | |
Ending Balance | (1,098) | (1,332) |
Non-redeemable, non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 5 | 5 |
Net income loss | 1 | |
Changes in ownership and other | (1) | |
Ending Balance | 5 | 5 |
Redeemable, non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 126 | 108 |
Net income loss | 1 | (1) |
Issuance of common OP units | 56 | |
Changes in ownership and other | 20 | 17 |
Ending Balance | $ 203 | $ 124 |
Equity of Host Inc. and Capit_4
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, $ in Millions | Feb. 16, 2022$ / shares | Mar. 31, 2022USD ($)$ / sharesshares | Dec. 31, 2021 |
Stockholders Equity Note [Line Items] | |||
Units issued | shares | 0 | ||
Stock issuance remaining capacity | $ | $ 460 | ||
Host L.P. | |||
Stockholders Equity Note [Line Items] | |||
Percentage of the common OP units | 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 | |
Cash dividend | $ / shares | $ 0.03064482 | ||
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 | ||
HOST HOTELS & RESORTS, INC. | |||
Stockholders Equity Note [Line Items] | |||
Share repurchase program, shares repurchased | shares | 0 | ||
Cash dividend | $ / shares | $ 0.03 | ||
HOST HOTELS & RESORTS, INC. | Maximum | |||
Stockholders Equity Note [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ | $ 371 |
Equity of Host Inc. and Capit_5
Equity of Host Inc. and Capital of Host L.P. - Components of Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Limited Partners Capital Account [Line Items] | ||
Net income loss | $ 116 | $ (152) |
Net income loss | 117 | (152) |
Other comprehensive income/(loss) | 7 | (3) |
Accumulated Other Comprehensive Income (Loss) | ||
Limited Partners Capital Account [Line Items] | ||
Other comprehensive income/(loss) | 7 | (3) |
Non-redeemable, non-controlling interests | ||
Limited Partners Capital Account [Line Items] | ||
Net income loss | 1 | |
HOST HOTELS & RESORTS L.P. | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 6,446 | 6,326 |
Net income loss | 117 | (153) |
Net income loss | 117 | (152) |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | (9) | (4) |
Distributions declared on common OP units | (22) | |
Changes in ownership and other | (14) | (17) |
Other comprehensive income/(loss) | 7 | (3) |
Ending Balance | 6,525 | 6,150 |
HOST HOTELS & RESORTS L.P. | General Partner | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 1 | 1 |
Ending Balance | 1 | 1 |
HOST HOTELS & RESORTS L.P. | Limited Partner | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 6,516 | 6,394 |
Net income loss | 116 | (152) |
Partners' Capital Account, Unit-based Payment Arrangement, Amount | (9) | (4) |
Distributions declared on common OP units | (22) | |
Changes in ownership and other | (13) | (17) |
Ending Balance | 6,588 | 6,221 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | (76) | (74) |
Other comprehensive income/(loss) | 7 | (3) |
Ending Balance | (69) | (77) |
HOST HOTELS & RESORTS L.P. | Non-redeemable, non-controlling interests | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 5 | 5 |
Net income loss | 1 | |
Changes in ownership and other | (1) | |
Ending Balance | 5 | 5 |
HOST HOTELS & RESORTS L.P. | Limited partnership interests of third parties | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 126 | 108 |
Net income loss | 1 | (1) |
Common OP unit issuances | 56 | |
Changes in ownership and other | 20 | 17 |
Ending Balance | $ 203 | $ 124 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - USD ($) $ in Millions | Apr. 01, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sales of assets, net | $ 74 | $ 3 | ||
Replacement reserve fund | 163 | $ 131 | $ 144 | |
Sheraton Boston Hotel [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sales of assets, net | 233 | |||
Bridge Loan | 163 | |||
Gain on disposition of assets | $ 12 | |||
Bridge loan interest rate | 4.50% | |||
Sheraton New York Times Square Hotel [Member] | Subsequent Event | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sales of assets, net | $ 373 | |||
Bridge Loan | 250 | |||
Y V E Hotel Miami [Member] | Subsequent Event | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sales of assets, net | 50 | |||
Replacement reserve fund | $ 1 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Certain Financial Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financial liabilities | ||
Senior notes | $ 3,111 | $ 3,109 |
Credit facility, including the term loans of $997 | 991 | 1,673 |
Mortgage debt | 104 | 104 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1) and (Level 2), fair value | 3,056 | 3,255 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | 1,000 | 1,683 |
Significant Other Observable Inputs (Level 2) | Mortgage Debt | ||
Financial liabilities | ||
Senior notes (Level 1) and (Level 2), fair value | $ 102 | $ 105 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022CountrySegment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 1 |
Non-US | |
Segment Reporting Information [Line Items] | |
Foreign operations, number of countries | Country | 2 |
Geographic Information - Revenu
Geographic Information - Revenues and Long-lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,074 | $ 399 | |
Property and equipment, net | 9,596 | $ 9,994 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,066 | 397 | |
Property and equipment, net | 9,517 | 9,919 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4 | 1 | |
Property and equipment, net | 36 | 30 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4 | $ 1 | |
Property and equipment, net | $ 43 | $ 45 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)Entity | Dec. 31, 2021USD ($) | |
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 | Mar. 31, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 203 | $ 126 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Common OP units outstanding (millions) | shares | 10.2 | 7.1 | |
Market price per Host Inc. common share | $ / shares | $ 19.43 | $ 17.39 | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 203 | $ 126 | |
Historical cost (millions) | 97 | 66 | |
Book value (millions) | [1] | $ 203 | $ 126 |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Mar. 31, 2022USD ($) |
Other Litigation Cases | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency , estimate of possible loss | $ 150,000 |