Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
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, $0.01 par value | |
Trading Symbol | HST | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-14625 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 53-0085950 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 715,027,761 | |
HOST HOTELS & RESORTS L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-25087 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2095412 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Property and equipment, net | $ 9,481 | $ 9,994 | |
Right-of-use assets | 558 | 551 | |
Assets held for sale | 0 | 270 | |
Due from managers | 118 | 113 | |
Advances to and investments in affiliates | 138 | 42 | |
Cash included in furniture, fixtures and equipment replacement fund | 187 | 144 | |
Notes receivable | 413 | 0 | |
Other | 389 | 431 | |
Cash and cash equivalents | 883 | 807 | |
Total assets | 12,167 | 12,352 | |
Debt | |||
Senior notes | 3,113 | 3,109 | |
Credit facility, including the term loans of $998 and $997, respectively | 993 | 1,673 | |
Mortgage and other debt | 108 | 109 | |
Total debt | 4,214 | 4,891 | |
Lease liabilities | 570 | 564 | |
Accounts payable and accrued expenses | 162 | 85 | |
Due to managers | 74 | 42 | |
Other | 165 | 198 | |
Total liabilities | 5,185 | 5,780 | |
Partnership interests | 165 | 126 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 714.9 million shares and 714.1 million shares issued and outstanding, respectively | 7 | 7 | |
Additional paid-in capital | 7,738 | 7,702 | |
Accumulated other comprehensive loss | (77) | (76) | |
Deficit | (856) | (1,192) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,812 | 6,441 | |
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 5 | |
Total equity | 6,817 | 6,446 | |
Total liabilities, non-controlling interests and equity | 12,167 | 12,352 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (77) | (76) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,817 | 6,446 | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 9,481 | 9,994 | |
Right-of-use assets | 558 | 551 | |
Assets held for sale | 0 | 270 | |
Due from managers | 118 | 113 | |
Advances to and investments in affiliates | 138 | 42 | |
Cash included in furniture, fixtures and equipment replacement fund | 187 | 144 | |
Notes receivable | 413 | 0 | |
Other | 389 | 431 | |
Cash and cash equivalents | 883 | 807 | |
Total assets | 12,167 | 12,352 | |
Debt | |||
Senior notes | 3,113 | 3,109 | |
Credit facility, including the term loans of $998 and $997, respectively | 993 | 1,673 | |
Mortgage and other debt | 108 | 109 | |
Total debt | 4,214 | 4,891 | |
Lease liabilities | 570 | 564 | |
Accounts payable and accrued expenses | 162 | 85 | |
Due to managers | 74 | 42 | |
Other | 165 | 198 | |
Total liabilities | 5,185 | 5,780 | |
Partnership interests | [1] | 165 | 126 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (77) | (76) | |
Total equity | 12,167 | 12,352 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 6,888 | 6,516 | |
Accumulated other comprehensive loss | (77) | (76) | |
Total Host Hotels & Resorts, L.P. capital | 6,812 | 6,441 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 12,167 | 12,352 | |
Non-controlling interests—consolidated partnerships | 5 | 5 | |
Total capital | $ 6,817 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Credit facility | $ 993 | $ 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 | 714,900,000 | 714,100,000 |
Common stock, shares outstanding | 714,900,000 | 714,100,000 |
Term Loan | ||
Credit facility | $ 998 | $ 997 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
REVENUES | ||||
Revenues | $ 1,189 | $ 844 | $ 3,644 | $ 1,892 |
EXPENSES | ||||
Other property-level expenses | 90 | 82 | 252 | 239 |
Depreciation and amortization | 164 | 263 | 498 | 597 |
Corporate and other expenses | 29 | 24 | 77 | 73 |
Gain on insurance and business interruption settlements | (10) | (5) | (17) | (5) |
Total operating costs and expenses | 1,041 | 939 | 3,047 | 2,221 |
OPERATING PROFIT (LOSS) | 148 | (95) | 597 | (329) |
Interest income | 10 | 1 | 17 | 2 |
Interest expense | (40) | (43) | (113) | (128) |
Other gains (losses) | 5 | 2 | 19 | 4 |
Equity in earnings (losses) of affiliates | (1) | 2 | 3 | 36 |
INCOME (LOSS) BEFORE INCOME TAXES | 122 | (133) | 523 | (415) |
Benefit for income taxes | (6) | 13 | (29) | 81 |
NET INCOME (LOSS) | 116 | (120) | 494 | (334) |
Less: Net (income) loss attributable to non-controlling interests | (2) | 1 | (8) | 3 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 114 | $ (119) | $ 486 | $ (331) |
Basic earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.68 | $ (0.47) |
Diluted earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.68 | $ (0.47) |
HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | $ 1,189 | $ 844 | $ 3,644 | $ 1,892 |
EXPENSES | ||||
Other property-level expenses | 90 | 82 | 252 | 239 |
Depreciation and amortization | 164 | 263 | 498 | 597 |
Corporate and other expenses | 29 | 24 | 77 | 73 |
Gain on insurance and business interruption settlements | (10) | (5) | (17) | (5) |
Total operating costs and expenses | 1,041 | 939 | 3,047 | 2,221 |
OPERATING PROFIT (LOSS) | 148 | (95) | 597 | (329) |
Interest income | 10 | 1 | 17 | 2 |
Interest expense | (40) | (43) | (113) | (128) |
Other gains (losses) | 5 | 2 | 19 | 4 |
Equity in earnings (losses) of affiliates | (1) | 2 | 3 | 36 |
INCOME (LOSS) BEFORE INCOME TAXES | 122 | (133) | 523 | (415) |
Benefit for income taxes | (6) | 13 | (29) | 81 |
NET INCOME (LOSS) | 116 | (120) | 494 | (334) |
Less: Net (income) loss attributable to non-controlling interests | (1) | (1) | (1) | (1) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 115 | $ (121) | $ 493 | $ (335) |
Basic earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.69 | $ (0.48) |
Diluted earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.69 | $ (0.48) |
Rooms | ||||
REVENUES | ||||
Revenues | $ 746 | $ 557 | $ 2,251 | $ 1,237 |
EXPENSES | ||||
Expenses | 190 | 150 | 539 | 324 |
Rooms | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 746 | 557 | 2,251 | 1,237 |
EXPENSES | ||||
Expenses | 190 | 150 | 539 | 324 |
Food and Beverage | ||||
REVENUES | ||||
Revenues | 330 | 191 | 1,032 | 405 |
EXPENSES | ||||
Expenses | 230 | 146 | 675 | 313 |
Food and Beverage | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 330 | 191 | 1,032 | 405 |
EXPENSES | ||||
Expenses | 230 | 146 | 675 | 313 |
Other | ||||
REVENUES | ||||
Revenues | 113 | 96 | 361 | 250 |
EXPENSES | ||||
Expenses | 300 | 252 | 873 | 621 |
Other | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 113 | 96 | 361 | 250 |
EXPENSES | ||||
Expenses | 300 | 252 | 873 | 621 |
Management fees | ||||
EXPENSES | ||||
Expenses | 48 | 27 | 150 | 59 |
Management fees | HOST HOTELS & RESORTS L.P. | ||||
EXPENSES | ||||
Expenses | $ 48 | $ 27 | $ 150 | $ 59 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
NET INCOME (LOSS) | $ 116 | $ (120) | $ 494 | $ (334) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (5) | (5) | (4) | (1) |
Change in fair value of derivative instruments | 2 | 1 | 3 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (3) | (4) | (1) | (1) |
COMPREHENSIVE INCOME (LOSS) | 113 | (124) | 493 | (335) |
Less: Comprehensive income (loss) attributable to non-controlling interests | (2) | 1 | (8) | 3 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | 111 | (123) | 485 | (332) |
HOST HOTELS & RESORTS L.P. | ||||
NET INCOME (LOSS) | 116 | (120) | 494 | (334) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (5) | (5) | (4) | (1) |
Change in fair value of derivative instruments | 2 | 1 | 3 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (3) | (4) | (1) | (1) |
COMPREHENSIVE INCOME (LOSS) | 113 | (124) | 493 | (335) |
Less: Comprehensive income (loss) attributable to non-controlling interests | (1) | (1) | (1) | (1) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 112 | $ (125) | $ 492 | $ (336) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 494 | $ (334) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 498 | 597 |
Amortization of finance costs, discounts and premiums, net | 8 | 7 |
Stock compensation expense | 19 | 13 |
Other gains | (19) | (4) |
Gain on property insurance settlement | (6) | 0 |
Equity in earnings of affiliates | (3) | (36) |
Change in due from/to managers | 32 | (78) |
Distributions from investments in affiliates | 23 | 4 |
Changes in other assets | 7 | (99) |
Changes in other liabilities | 3 | 8 |
Net cash provided by operating activities | 1,056 | 78 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 233 | 8 |
Proceeds from loan receivable | 0 | 9 |
Advances to and investments in affiliates | (59) | (9) |
Acquisitions | 0 | (1,217) |
Capital expenditures: | ||
Renewals and replacements | (117) | (92) |
Return on investment | (240) | (201) |
Property insurance proceeds | 11 | 0 |
Net cash used in investing activities | (172) | (1,502) |
FINANCING ACTIVITIES | ||
Financing costs | 0 | (3) |
Repayment of credit facility | (683) | 0 |
Mortgage debt and other prepayments and scheduled maturities | (1) | 0 |
Issuance of common stock | 1 | 138 |
Dividends on common stock | (65) | 0 |
Distributions and payments to non-controlling interests | (2) | 0 |
Other financing activities | (9) | (8) |
Net cash provided by (used in) financing activities | (759) | 127 |
Effects of exchange rate changes on cash held | (4) | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 121 | (1,297) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 953 | 2,476 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,074 | 1,179 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 883 | 1,038 |
Restricted cash (included in other assets) | 4 | 3 |
Cash included in furniture, fixtures and equipment replacement fund | 187 | 138 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,074 | 1,179 |
Total interest paid | 100 | 115 |
Income tax refunds received | (7) | (3) |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
Net income (loss) | 494 | (334) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||
Depreciation and amortization | 498 | 597 |
Amortization of finance costs, discounts and premiums, net | 8 | 7 |
Stock compensation expense | 19 | 13 |
Other gains | (19) | (4) |
Gain on property insurance settlement | (6) | 0 |
Equity in earnings of affiliates | (3) | (36) |
Change in due from/to managers | 32 | (78) |
Distributions from investments in affiliates | 23 | 4 |
Changes in other assets | 7 | (99) |
Changes in other liabilities | 3 | 8 |
Net cash provided by operating activities | 1,056 | 78 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 233 | 8 |
Proceeds from loan receivable | 0 | 9 |
Advances to and investments in affiliates | (59) | (9) |
Acquisitions | 0 | (1,217) |
Capital expenditures: | ||
Renewals and replacements | (117) | (92) |
Return on investment | (240) | (201) |
Property insurance proceeds | 11 | 0 |
Net cash used in investing activities | (172) | (1,502) |
FINANCING ACTIVITIES | ||
Financing costs | 0 | (3) |
Repayment of credit facility | (683) | 0 |
Mortgage debt and other prepayments and scheduled maturities | (1) | 0 |
Issuance of common OP units | 1 | 138 |
Distributions on common OP units | (66) | 0 |
Distributions and payments to non-controlling interests | (1) | 0 |
Other financing activities | (9) | (8) |
Net cash provided by (used in) financing activities | (759) | 127 |
Effects of exchange rate changes on cash held | (4) | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 121 | (1,297) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 953 | 2,476 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,074 | 1,179 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 883 | 1,038 |
Restricted cash (included in other assets) | 4 | 3 |
Cash included in furniture, fixtures and equipment replacement fund | 187 | 138 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,074 | 1,179 |
Total interest paid | 100 | 115 |
Income tax refunds received | (7) | $ (3) |
Four Seasons Resort Orlando | ||
Noncash Investing And Financing Items [Abstract] | ||
Advanced deposits received | 24 | |
Four Seasons Resort Orlando | HOST HOTELS & RESORTS L.P. | ||
Noncash Investing And Financing Items [Abstract] | ||
Advanced deposits received | $ 24 | |
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 | |
Sheraton New York Times Square Hotel | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | 250 | |
Sheraton New York Times Square Hotel | HOST HOTELS & RESORTS L.P. | ||
Noncash Investing And Financing Items [Abstract] | ||
Notes receivable from sale of property | $ 250 |
Supplemental Schedule of Noncas
Supplemental Schedule of Noncash Investing and Financing Activities | 6 Months Ended |
Jun. 30, 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 sales of the Sheraton Boston Hotel in February 2022 and the Sheraton New York Times Square Hotel in April 2022, we issued bridge loans to the buyers for $ 163 million and $ 250 million, respectively. The proceeds received from the sales are net of the loans. In 2021, non-cash consideration for the acquisition of the Four Seasons Resort Orlando at Walt Disney World® Resort included the assumption of hotel-level liabilities of approximately $ 24 million, consisting primarily of advance deposits received |
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 sales of the Sheraton Boston Hotel in February 2022 and the Sheraton New York Times Square Hotel in April 2022, we issued bridge loans to the buyers for $ 163 million and $ 250 million, respectively. The proceeds received from the sales are net of the loans. In 2021, non-cash consideration for the acquisition of the Four Seasons Resort Orlando at Walt Disney World® Resort included the assumption of hotel-level liabilities of approximately $ 24 million, consisting primarily of advance deposits received |
Organization
Organization | 9 Months Ended |
Sep. 30, 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 September 30, 2022, Host Inc. holds approximately 99 % of Host L.P.’s partnership interests. Consolidated Portfolio As of September 30, 2022, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 72 Brazil 3 Canada 2 Total 77 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 September 30, 2022, and the results of our operations for the quarter and year-to-date periods ended September 30, 2022 and 2021, respectively, and cash flows for the year-to-date periods ended September 30, 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 consist 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. Notes Receivable At September 30, 2022 , our notes receivable consist of bridge loans issued in connection with hotel sales. In conjunction with our dispositions, we may issue a bridge loan to the purchaser to facilitate the sale. These bridge loans are collateralized by the corresponding sold hotel and in the event of a default of the loan, we would seek to enforce our rights against the collateral in accordance with the terms of the loan agreement. The bridge loans are recorded at amortized cost, on an individual asset basis. We recognize interest as it is earned and include accrued interest receivable in other assets on the unaudited condensed consolidated balance sheets. We individually assess our notes receivable for credit losses quarterly and estimate any credit losses based on an analysis of several factors, primarily the value of the hotel collateral, as well as current economic conditions and historical trends. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share (Unit) | 9 Months Ended |
Sep. 30, 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 granted shares, 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 10.1 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 September 30, Year-to-date ended September 30, 2022 2021 2022 2021 Net income (loss) $ 116 $ ( 120 ) $ 494 $ ( 334 ) Less: Net (income) loss attributable to non-controlling interests ( 2 ) 1 ( 8 ) 3 Net income (loss) attributable to Host Inc. $ 114 $ ( 119 ) $ 486 $ ( 331 ) Basic weighted average shares outstanding 714.9 713.9 714.7 709.0 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 2.7 — 2.7 — Diluted weighted average shares outstanding 717.6 713.9 717.4 709.0 Basic earnings (loss) per common share $ 0.16 $ ( 0.17 ) $ 0.68 $ ( 0.47 ) Diluted earnings (loss) per common share $ 0.16 $ ( 0.17 ) $ 0.68 $ ( 0.47 ) 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, 2022 2021 2022 2021 Net income (loss) $ 116 $ ( 120 ) $ 494 $ ( 334 ) Less: Net income attributable to non-controlling interests ( 1 ) ( 1 ) ( 1 ) ( 1 ) Net income (loss) attributable to Host L.P. $ 115 $ ( 121 ) $ 493 $ ( 335 ) Basic weighted average units outstanding 710.0 706.0 709.6 701.3 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 2.7 — 2.7 — Diluted weighted average units outstanding 712.7 706.0 712.3 701.3 Basic earnings (loss) per common unit $ 0.16 $ ( 0.17 ) $ 0.69 $ ( 0.48 ) Diluted earnings (loss) per common unit $ 0.16 $ ( 0.17 ) $ 0.69 $ ( 0.48 ) |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 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 10 – 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 2022 2021 2022 2021 Maui/Oahu $ 119 $ 118 $ 361 $ 260 San Diego 133 85 338 140 Orlando 96 52 333 97 Florida Gulf Coast 59 49 290 215 Phoenix 62 54 274 171 San Francisco/San Jose 96 44 238 80 New York 81 51 224 87 Washington, D.C. (Central Business District) 67 29 197 72 Miami 42 40 194 152 Jacksonville 29 29 97 72 Los Angeles/Orange County 37 42 97 81 Chicago 43 25 96 38 Houston 27 21 84 53 San Antonio 27 20 83 39 Boston 31 29 79 42 Seattle 33 16 70 23 New Orleans 19 11 68 24 Austin 21 7 67 14 Denver 26 17 62 29 Philadelphia 21 17 57 33 Northern Virginia 18 18 53 37 Atlanta 15 22 45 51 Other 64 39 187 68 Domestic 1,166 835 3,594 1,878 International 23 9 50 14 Total $ 1,189 $ 844 $ 3,644 $ 1,892 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following (in millions): September 30, 2022 December 31, 2021 Land and land improvements $ 1,961 $ 2,310 Buildings and leasehold improvements 13,572 13,636 Furniture and equipment 2,242 2,225 Construction in progress 281 278 18,056 18,449 Less accumulated depreciation and amortization ( 8,575 ) ( 8,455 ) $ 9,481 $ 9,994 |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 6. 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 — — — 486 1 487 7 Issuance of common stock for comprehensive stock plans, net — 13 — — — 13 — Dividends declared on common stock — — — ( 150 ) — ( 150 ) — Issuance of common OP units — — — — — — 56 Distributions to non-controlling interests — — — — ( 1 ) ( 1 ) ( 2 ) Changes in ownership and other — 23 — — — 23 ( 22 ) Other comprehensive loss — — ( 1 ) — — ( 1 ) — Balance, September 30, 2022 $ 7 $ 7,738 $ ( 77 ) $ ( 856 ) $ 5 $ 6,817 $ 165 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, 2022 $ 7 $ 7,729 $ ( 74 ) $ ( 885 ) $ 5 $ 6,782 $ 163 Net income — — — 114 1 115 1 Issuance of common stock for comprehensive stock plans, net — 10 — — — 10 — Dividends declared on common stock — — — ( 85 ) — ( 85 ) — Distributions to non-controlling interests — — — — ( 1 ) ( 1 ) ( 1 ) Changes in ownership and other — ( 1 ) — — — ( 1 ) 2 Other comprehensive loss — — ( 3 ) — — ( 3 ) — Balance, September 30, 2022 $ 7 $ 7,738 $ ( 77 ) $ ( 856 ) $ 5 $ 6,817 $ 165 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 — 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 Capital of Host L.P. As of September 30, 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 — 486 — 1 487 7 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 13 — — 13 — Distributions declared on common OP units — ( 150 ) — — ( 150 ) ( 2 ) Issuance of common OP units — — — — — 56 Distributions to non-controlling interests — — — ( 1 ) ( 1 ) — Changes in ownership and other — 23 — — 23 ( 22 ) Other comprehensive loss — — ( 1 ) — ( 1 ) — Balance, September 30, 2022 $ 1 $ 6,888 $ ( 77 ) $ 5 $ 6,817 $ 165 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, June 30, 2022 $ 1 $ 6,850 $ ( 74 ) $ 5 $ 6,782 $ 163 Net income — 114 — 1 115 1 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 10 — — 10 — Distributions declared on common OP units — ( 85 ) — — ( 85 ) ( 1 ) Distributions to non-controlling interests — — — ( 1 ) ( 1 ) — Changes in ownership and other — ( 1 ) — — ( 1 ) 2 Other comprehensive loss — — ( 3 ) — ( 3 ) — Balance, September 30, 2022 $ 1 $ 6,888 $ ( 77 ) $ 5 $ 6,817 $ 165 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 — ( 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 Limited partnership interests of third parties 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 — 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 Share Repurchases On August 3, 2022, Host Inc.'s Board of Directors authorized an increase in our share repurchase program from the existing $ 371 million remaining under the prior Board authorization to $ 1 billion. There have been no share repurchases year-to-date in 2022. As such, as of September 30, 2022, we have $ 1 billion available for repurchase under our common share repurchase program. Issuance of Common Stock As of September 30, 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. There have been no shares issued year-to-date in 2022. Dividends/Distributions On August 3, 2022, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $ 0.12 per share on Host Inc.'s common stock. The dividend was paid on October 17, 2022 to stockholders of record as of September 30, 2022. Accordingly, Host L.P. made a distribution of $ 0.12257928 per unit on its common OP units based on the current conversion ratio. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2022 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | 7. Dispositions During the third quarter , we sold the Chicago Marriott Suites Downers Grove for $ 16 million, including $ 2 million of furniture fixtures & equipment ("FF&E") funds retained by us. We recorded a gain on sale of $ 4 million during the third quarter. The gain on sale is included in other gains on the unaudited condensed consolidated statement of operations. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | 8. Acquisitions Subsequent to quarter end, we acquired the 125 -room Four Seasons Resort and Residences Jackson Hole for a total purchase price of $ 315 million. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements We did not elect the fair value measurement option for any of our financial assets or liabilities. The fair values of notes receivable, secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Our senior notes are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial assets and financial liabilities is shown below (in millions): September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Financial assets Notes receivable (Level 2) $ 413 $ 399 $ — $ — Financial liabilities Senior notes (Level 1) 3,113 2,703 3,109 3,255 Credit facility (Level 2) 993 1,000 1,673 1,683 Mortgage debt (Level 2) 102 96 104 105 |
Geographic Information
Geographic Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Geographic Information | 10. 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 September 30, 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 September 30, Year-to-date ended September 30, September 30, December 31, 2022 2021 2022 2021 2022 2021 United States $ 1,166 $ 835 $ 3,594 $ 1,878 $ 9,412 $ 9,919 Brazil 5 3 12 5 31 30 Canada 18 6 38 9 38 45 Total $ 1,189 $ 844 $ 3,644 $ 1,892 $ 9,481 $ 9,994 |
Non-Controlling Interests
Non-Controlling Interests | 9 Months Ended |
Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 11. 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.: September 30, 2022 December 31, 2021 Common OP units outstanding (millions) 10.1 7.1 Market price per Host Inc. common share $ 15.88 $ 17.39 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 165 $ 126 Historical cost (millions) 100 66 Book value (millions) ⁽¹⁾ 165 126 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. Other Consolidated Partnerships. As of September 30, 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 September 30, 2022 and December 31, 2021 . |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Loss Contingency [Abstract] | |
Contingencies | 12. Contingencies While the majority of our hotels in Florida were affected by Hurricane Ian, which made landfall on September 28, 2022, the most significant damage sustained during the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. Due to evacuation mandates and/or loss of commercial power, five of our properties in Florida were temporarily closed, three of which fully reopened within days, while The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa remain closed. The Hyatt Regency Coconut Point sustained extensive damage to the grounds, pools/waterpark, and poolside food and beverage ("F&B") outlets, including damage from flooding; but remained open to first responders. Commercial power has been restored, remediation efforts are underway, and the hotel is expected to reopen to guests in mid-November, as a phased reopening, with the waterpark reopening during the second quarter of 2023. The Ritz-Carlton, Naples sustained more significant damage due to storm surge, which breached the beach dune and flooded the lowest level of the hotel. The Ritz-Carlton, Naples is expected to remain closed for the remainder of the year and into 2023, with a phased reopening strategy being evaluated. Limited property damage was reported at the other Florida properties within our consolidated portfolio. We are still evaluating the scope of property damage and business interruption loss at our Florida properties. While we expect our insurance coverage to sufficiently cover the property damage to the hotels and the near-term loss of business in excess of our $ 15 million insurance deductible, there could be losses that are not covered. Due to the proximity of Hurricane Ian to quarter end and on-going investigation into re-construction requirements, we are unable to estimate the total loss at this time. We will record an insurance receivable based on the anticipated insurance proceeds, not to exceed the expected loss, when the loss can be reliably estimated. We anticipate the insurance proceeds, net of the deductible, will exceed the book value of the assets that will be written off. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 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 September 30, 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Notes Receivable | Notes Receivable At September 30, 2022 , our notes receivable consist of bridge loans issued in connection with hotel sales. In conjunction with our dispositions, we may issue a bridge loan to the purchaser to facilitate the sale. These bridge loans are collateralized by the corresponding sold hotel and in the event of a default of the loan, we would seek to enforce our rights against the collateral in accordance with the terms of the loan agreement. The bridge loans are recorded at amortized cost, on an individual asset basis. We recognize interest as it is earned and include accrued interest receivable in other assets on the unaudited condensed consolidated balance sheets. We individually assess our notes receivable for credit losses quarterly and estimate any credit losses based on an analysis of several factors, primarily the value of the hotel collateral, as well as current economic conditions and historical trends. |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Portfolio of Hotels by Location | As of September 30, 2022, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 72 Brazil 3 Canada 2 Total 77 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Unit) (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Year-to-date ended September 30, 2022 2021 2022 2021 Net income (loss) $ 116 $ ( 120 ) $ 494 $ ( 334 ) Less: Net (income) loss attributable to non-controlling interests ( 2 ) 1 ( 8 ) 3 Net income (loss) attributable to Host Inc. $ 114 $ ( 119 ) $ 486 $ ( 331 ) Basic weighted average shares outstanding 714.9 713.9 714.7 709.0 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 2.7 — 2.7 — Diluted weighted average shares outstanding 717.6 713.9 717.4 709.0 Basic earnings (loss) per common share $ 0.16 $ ( 0.17 ) $ 0.68 $ ( 0.47 ) Diluted earnings (loss) per common share $ 0.16 $ ( 0.17 ) $ 0.68 $ ( 0.47 ) |
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, 2022 2021 2022 2021 Net income (loss) $ 116 $ ( 120 ) $ 494 $ ( 334 ) Less: Net income attributable to non-controlling interests ( 1 ) ( 1 ) ( 1 ) ( 1 ) Net income (loss) attributable to Host L.P. $ 115 $ ( 121 ) $ 493 $ ( 335 ) Basic weighted average units outstanding 710.0 706.0 709.6 701.3 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 2.7 — 2.7 — Diluted weighted average units outstanding 712.7 706.0 712.3 701.3 Basic earnings (loss) per common unit $ 0.16 $ ( 0.17 ) $ 0.69 $ ( 0.48 ) Diluted earnings (loss) per common unit $ 0.16 $ ( 0.17 ) $ 0.69 $ ( 0.48 ) |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Year-to-date ended September 30, Location 2022 2021 2022 2021 Maui/Oahu $ 119 $ 118 $ 361 $ 260 San Diego 133 85 338 140 Orlando 96 52 333 97 Florida Gulf Coast 59 49 290 215 Phoenix 62 54 274 171 San Francisco/San Jose 96 44 238 80 New York 81 51 224 87 Washington, D.C. (Central Business District) 67 29 197 72 Miami 42 40 194 152 Jacksonville 29 29 97 72 Los Angeles/Orange County 37 42 97 81 Chicago 43 25 96 38 Houston 27 21 84 53 San Antonio 27 20 83 39 Boston 31 29 79 42 Seattle 33 16 70 23 New Orleans 19 11 68 24 Austin 21 7 67 14 Denver 26 17 62 29 Philadelphia 21 17 57 33 Northern Virginia 18 18 53 37 Atlanta 15 22 45 51 Other 64 39 187 68 Domestic 1,166 835 3,594 1,878 International 23 9 50 14 Total $ 1,189 $ 844 $ 3,644 $ 1,892 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): September 30, 2022 December 31, 2021 Land and land improvements $ 1,961 $ 2,310 Buildings and leasehold improvements 13,572 13,636 Furniture and equipment 2,242 2,225 Construction in progress 281 278 18,056 18,449 Less accumulated depreciation and amortization ( 8,575 ) ( 8,455 ) $ 9,481 $ 9,994 |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 — — — 486 1 487 7 Issuance of common stock for comprehensive stock plans, net — 13 — — — 13 — Dividends declared on common stock — — — ( 150 ) — ( 150 ) — Issuance of common OP units — — — — — — 56 Distributions to non-controlling interests — — — — ( 1 ) ( 1 ) ( 2 ) Changes in ownership and other — 23 — — — 23 ( 22 ) Other comprehensive loss — — ( 1 ) — — ( 1 ) — Balance, September 30, 2022 $ 7 $ 7,738 $ ( 77 ) $ ( 856 ) $ 5 $ 6,817 $ 165 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, 2022 $ 7 $ 7,729 $ ( 74 ) $ ( 885 ) $ 5 $ 6,782 $ 163 Net income — — — 114 1 115 1 Issuance of common stock for comprehensive stock plans, net — 10 — — — 10 — Dividends declared on common stock — — — ( 85 ) — ( 85 ) — Distributions to non-controlling interests — — — — ( 1 ) ( 1 ) ( 1 ) Changes in ownership and other — ( 1 ) — — — ( 1 ) 2 Other comprehensive loss — — ( 3 ) — — ( 3 ) — Balance, September 30, 2022 $ 7 $ 7,738 $ ( 77 ) $ ( 856 ) $ 5 $ 6,817 $ 165 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 — 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 |
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 — 486 — 1 487 7 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 13 — — 13 — Distributions declared on common OP units — ( 150 ) — — ( 150 ) ( 2 ) Issuance of common OP units — — — — — 56 Distributions to non-controlling interests — — — ( 1 ) ( 1 ) — Changes in ownership and other — 23 — — 23 ( 22 ) Other comprehensive loss — — ( 1 ) — ( 1 ) — Balance, September 30, 2022 $ 1 $ 6,888 $ ( 77 ) $ 5 $ 6,817 $ 165 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, June 30, 2022 $ 1 $ 6,850 $ ( 74 ) $ 5 $ 6,782 $ 163 Net income — 114 — 1 115 1 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 10 — — 10 — Distributions declared on common OP units — ( 85 ) — — ( 85 ) ( 1 ) Distributions to non-controlling interests — — — ( 1 ) ( 1 ) — Changes in ownership and other — ( 1 ) — — ( 1 ) 2 Other comprehensive loss — — ( 3 ) — ( 3 ) — Balance, September 30, 2022 $ 1 $ 6,888 $ ( 77 ) $ 5 $ 6,817 $ 165 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 — ( 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 Limited partnership interests of third parties 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 — 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Certain Financial Assets and Financial Liabilities | The fair value of certain financial assets and financial liabilities is shown below (in millions): September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Financial assets Notes receivable (Level 2) $ 413 $ 399 $ — $ — Financial liabilities Senior notes (Level 1) 3,113 2,703 3,109 3,255 Credit facility (Level 2) 993 1,000 1,673 1,683 Mortgage debt (Level 2) 102 96 104 105 |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Year-to-date ended September 30, September 30, December 31, 2022 2021 2022 2021 2022 2021 United States $ 1,166 $ 835 $ 3,594 $ 1,878 $ 9,412 $ 9,919 Brazil 5 3 12 5 31 30 Canada 18 6 38 9 38 45 Total $ 1,189 $ 844 $ 3,644 $ 1,892 $ 9,481 $ 9,994 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 9 Months Ended |
Sep. 30, 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.: September 30, 2022 December 31, 2021 Common OP units outstanding (millions) 10.1 7.1 Market price per Host Inc. common share $ 15.88 $ 17.39 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 165 $ 126 Historical cost (millions) 100 66 Book value (millions) ⁽¹⁾ 165 126 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Sep. 30, 2022 |
Host L.P. | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Percentage of the common OP units | 99% |
Consolidated Portfolio of Hotel
Consolidated Portfolio of Hotels by Location (Detail) | Sep. 30, 2022 Hotel |
Real Estate Properties [Line Items] | |
Hotels | 77 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 72 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 30, 2022 |
Host L.P. | |
Significant Accounting Policies [Line Items] | |
Investment ownership percentage | 99% |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Unit) - Additional Information (Detail) - HOST HOTELS & RESORTS, INC. shares in Millions | Sep. 30, 2022 shares |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
Common units outstanding | 10.1 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 116 | $ (120) | $ 494 | $ (334) |
Less: Net (income) loss attributable to non-controlling interests | (2) | 1 | (8) | 3 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 114 | $ (119) | $ 486 | $ (331) |
Basic weighted average shares outstanding | 714.9 | 713.9 | 714.7 | 709 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 2.7 | 0 | 2.7 | 0 |
Diluted weighted average shares outstanding | 717.6 | 713.9 | 717.4 | 709 |
Basic earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.68 | $ (0.47) |
Diluted earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.68 | $ (0.47) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share Diluted [Line Items] | ||||
Net income (loss) | $ 116 | $ (120) | $ 494 | $ (334) |
Less: Net (income) loss attributable to non-controlling interests | (2) | 1 | (8) | 3 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 114 | $ (119) | $ 486 | $ (331) |
Basic weighted average shares outstanding | 714.9 | 713.9 | 714.7 | 709 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 2.7 | 0 | 2.7 | 0 |
Diluted weighted average shares outstanding | 717.6 | 713.9 | 717.4 | 709 |
Basic earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.68 | $ (0.47) |
Diluted earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.68 | $ (0.47) |
HOST HOTELS & RESORTS L.P. | ||||
Earnings Per Share Diluted [Line Items] | ||||
Net income (loss) | $ 116 | $ (120) | $ 494 | $ (334) |
Less: Net (income) loss attributable to non-controlling interests | (1) | (1) | (1) | (1) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 115 | $ (121) | $ 493 | $ (335) |
Basic weighted average shares outstanding | 710 | 706 | 709.6 | 701.3 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 2.7 | 0 | 2.7 | 0 |
Diluted weighted average shares outstanding | 712.7 | 706 | 712.3 | 701.3 |
Basic earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.69 | $ (0.48) |
Diluted earnings (loss) per common share | $ 0.16 | $ (0.17) | $ 0.69 | $ (0.48) |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 1,189 | $ 844 | $ 3,644 | $ 1,892 |
Maui/Oahu | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 119 | 118 | 361 | 260 |
San Diego | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 133 | 85 | 338 | 140 |
Orlando | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 96 | 52 | 333 | 97 |
Florida Gulf Coast | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 59 | 49 | 290 | 215 |
Phoenix | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 62 | 54 | 274 | 171 |
San Francisco/San Jose | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 96 | 44 | 238 | 80 |
New York | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 81 | 51 | 224 | 87 |
Washington, D.C. (Central Business District) | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 67 | 29 | 197 | 72 |
Miami | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 42 | 40 | 194 | 152 |
Jacksonville | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 29 | 29 | 97 | 72 |
Los Angeles/Orange County | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 37 | 42 | 97 | 81 |
Chicago | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 43 | 25 | 96 | 38 |
Houston | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 27 | 21 | 84 | 53 |
San Antonio | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 27 | 20 | 83 | 39 |
Boston | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 31 | 29 | 79 | 42 |
Seattle | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 33 | 16 | 70 | 23 |
New Orleans | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 19 | 11 | 68 | 24 |
Austin | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 21 | 7 | 67 | 14 |
Denver | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 26 | 17 | 62 | 29 |
Philadelphia | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 21 | 17 | 57 | 33 |
Northern Virginia | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 18 | 18 | 53 | 37 |
Atlanta | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 15 | 22 | 45 | 51 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 64 | 39 | 187 | 68 |
United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 1,166 | 835 | 3,594 | 1,878 |
International | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 23 | $ 9 | $ 50 | $ 14 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 1,961 | $ 2,310 |
Buildings and leasehold improvements | 13,572 | 13,636 |
Furniture and equipment | 2,242 | 2,225 |
Construction in progress | 281 | 278 |
Property, Plant and Equipment, Gross, Total | 18,056 | 18,449 |
Less accumulated depreciation and amortization | (8,575) | (8,455) |
Property and equipment, net | $ 9,481 | $ 9,994 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | $ 6,782 | $ 6,237 | $ 6,446 | $ 6,326 |
Net income loss | 114 | (119) | 486 | (331) |
Net income loss | 115 | (119) | 487 | (331) |
Issuance of common stock for comprehensive stock plans, net | 10 | 6 | 13 | 8 |
Dividends declared on common stock | (85) | (150) | ||
Distributions to non-controlling interests | (1) | (1) | ||
Common stock issuances | 138 | |||
Changes in ownership and other | (1) | 6 | 23 | (14) |
Other comprehensive income/(loss) | (3) | (4) | (1) | (1) |
Ending Balance | 6,817 | 6,126 | 6,817 | 6,126 |
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 | 7,729 | 7,688 | 7,702 | 7,568 |
Issuance of common stock for comprehensive stock plans, net | 10 | 6 | 13 | 8 |
Common stock issuances | 138 | |||
Changes in ownership and other | (1) | 6 | 23 | (14) |
Ending Balance | 7,738 | 7,700 | 7,738 | 7,700 |
Accumulated Other Comprehensive Income (Loss) | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | (74) | (71) | (76) | (74) |
Other comprehensive income/(loss) | (3) | (4) | (1) | (1) |
Ending Balance | (77) | (75) | (77) | (75) |
Retained Earnings / (Deficit) | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | (885) | (1,392) | (1,192) | (1,180) |
Net income loss | 114 | (119) | 486 | (331) |
Dividends declared on common stock | (85) | (150) | ||
Ending Balance | (856) | (1,511) | (856) | (1,511) |
Non-redeemable, non-controlling interests | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 5 | 5 | 5 | 5 |
Net income loss | 1 | 0 | 1 | |
Distributions to non-controlling interests | (1) | (1) | ||
Changes in ownership and other | 0 | |||
Ending Balance | 5 | 5 | 5 | 5 |
Redeemable, non-controlling interests | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 163 | 125 | 126 | 108 |
Net income loss | 1 | (1) | 7 | (3) |
Issuance of common OP units | 56 | |||
Distributions to non-controlling interests | (1) | (2) | ||
Changes in ownership and other | 2 | (5) | (22) | 14 |
Ending Balance | $ 165 | $ 119 | $ 165 | $ 119 |
Equity of Host Inc. and Capit_4
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) | 9 Months Ended | |||
Aug. 03, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 | |
Stockholders Equity Note [Line Items] | ||||
Net proceeds | $ 1,000,000 | $ 138,000,000 | ||
Units issued | shares | 0 | |||
Stock issuance remaining capacity | $ 460,000,000 | |||
Host L.P. | ||||
Stockholders Equity Note [Line Items] | ||||
Percentage of the common OP units | 99% | |||
HOST HOTELS & RESORTS L.P. | ||||
Stockholders Equity Note [Line Items] | ||||
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | ||
Cash dividend | $ / shares | $ 0.12257928 | |||
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 | $ 0.12 | |||
HOST HOTELS & RESORTS, INC. | Maximum | ||||
Stockholders Equity Note [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000,000 | $ 1,000,000,000 | ||
HOST HOTELS & RESORTS, INC. | Minimum [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 371,000,000 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Limited Partners Capital Account [Line Items] | ||||
Net income loss | $ 114 | $ (119) | $ 486 | $ (331) |
Net income loss | 115 | (119) | 487 | (331) |
Dividends declared on common stock | (85) | (150) | ||
Distributions to non-controlling interests | (1) | (1) | ||
Other comprehensive income/(loss) | (3) | (4) | (1) | (1) |
Accumulated Other Comprehensive Income (Loss) | ||||
Limited Partners Capital Account [Line Items] | ||||
Other comprehensive income/(loss) | (3) | (4) | (1) | (1) |
Non-redeemable, non-controlling interests | ||||
Limited Partners Capital Account [Line Items] | ||||
Net income loss | 1 | 0 | 1 | |
Distributions to non-controlling interests | (1) | (1) | ||
HOST HOTELS & RESORTS L.P. | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 6,782 | 6,237 | 6,446 | 6,326 |
Net income loss | 115 | (121) | 493 | (335) |
Net income loss | 115 | (119) | 487 | (331) |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | 10 | 6 | 13 | 8 |
Distributions declared on common OP units | (85) | (150) | ||
Distributions to non-controlling interests | (1) | (1) | ||
Common OP unit issuances | 138 | |||
Changes in ownership and other | (1) | 6 | 23 | (14) |
Other comprehensive income/(loss) | (3) | (4) | (1) | (1) |
Ending Balance | 6,817 | 6,126 | 6,817 | 6,126 |
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 | 6,850 | 6,302 | 6,516 | 6,394 |
Net income loss | 114 | (119) | 486 | (331) |
Issuance of common OP units to Host Inc. for comprehensive stock plans, net | 10 | 6 | 13 | 8 |
Distributions declared on common OP units | (85) | (150) | ||
Common OP unit issuances | 138 | |||
Changes in ownership and other | (1) | 6 | 23 | (14) |
Ending Balance | 6,888 | 6,195 | 6,888 | 6,195 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | (74) | (71) | (76) | (74) |
Other comprehensive income/(loss) | (3) | (4) | (1) | (1) |
Ending Balance | (77) | (75) | (77) | (75) |
HOST HOTELS & RESORTS L.P. | Non-redeemable, non-controlling interests | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 5 | 5 | 5 | 5 |
Net income loss | 1 | 0 | 1 | |
Distributions to non-controlling interests | (1) | (1) | ||
Changes in ownership and other | 0 | |||
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 | 163 | 125 | 126 | 108 |
Net income loss | 1 | (1) | 7 | (3) |
Distributions declared on common OP units | (1) | (2) | ||
Common OP unit issuances | 56 | |||
Changes in ownership and other | 2 | (5) | (22) | 14 |
Ending Balance | $ 165 | $ 119 | $ 165 | $ 119 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Replacement reserve fund | $ 187 | $ 144 | $ 138 |
Gain on disposition of assets | 4 | ||
Chicago Marriott Suites Downers Grove | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sales of assets, net | 16 | ||
Replacement reserve fund | $ 2 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Four Seasons Resort and Residences Jackson Hole $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) Room | |
Asset Acquisition [Line Items] | |
Number of rooms/apartment | Room | 125 |
Acquisition purchase price | $ | $ 315 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Certain Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets | ||
Notes receivable | $ 413 | $ 0 |
Financial liabilities | ||
Senior notes | 3,113 | 3,109 |
Credit facility, including the term loans of $998 and $997, respectively | 993 | 1,673 |
Mortgage debt | 102 | 104 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1) and (Level 2), fair value | 2,703 | 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) | Notes Receivable | ||
Financial assets | ||
Notes receivable (Level 2), fair value | 399 | 0 |
Significant Other Observable Inputs (Level 2) | Mortgage Debt | ||
Financial liabilities | ||
Senior notes (Level 1) and (Level 2), fair value | $ 96 | $ 105 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 Segment Country | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 1 |
Non-US | |
Segment Reporting Information [Line Items] | |
Foreign operations, number of countries | Country | 2 |
Geographic Information - Revenu
Geographic Information - Revenues and Long-lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,189 | $ 844 | $ 3,644 | $ 1,892 | |
Property and equipment, net | 9,481 | 9,481 | $ 9,994 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,166 | 835 | 3,594 | 1,878 | |
Property and equipment, net | 9,412 | 9,412 | 9,919 | ||
Brazil | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5 | 3 | 12 | 5 | |
Property and equipment, net | 31 | 31 | 30 | ||
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 18 | $ 6 | 38 | $ 9 | |
Property and equipment, net | $ 38 | $ 38 | $ 45 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) Entity | Dec. 31, 2021 USD ($) | |
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 common 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, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 165 | $ 126 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Common OP units outstanding (millions) | shares | 10.1 | 7.1 | |
Market price per Host Inc. common share | $ / shares | $ 15.88 | $ 17.39 | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 165 | $ 126 | |
Historical cost (millions) | 100 | 66 | |
Book value (millions) | [1] | $ 165 | $ 126 |
[1] The book value recorded is equal to the greater of redemption value or historical cost. |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) Property | |
Loss Contingencies | |
Loss contingency, inestimable loss | Due to the proximity of Hurricane Ian to quarter end and on-going investigation into re-construction requirements, we are unable to estimate the total loss at this time. |
Uninsured Risk | |
Loss Contingencies | |
Insurance deductible amount | $ | $ 15 |
Florida | |
Loss Contingencies | |
Number Of Properties Reopened | 3 |
Number of properties closed | 5 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Sep. 30, 2022 USD ($) |
Other Litigation Cases | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency , estimate of possible loss | $ 150,000 |