Host Hotels & Resorts (HST) 10-Q 16 Oct 09 2009 Q3 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Unclassified - Real Estate Operations (USD $)
In Millions	Sep. 11, 2009	Dec. 31, 2008
ASSETS
Property and equipment, net	$10,336	$10,739
Due from managers	52	65
Investments in affiliates	144	229
Deferred financing costs, net	46	46
Furniture, fixtures and equipment replacement fund	139	119
Other	282	200
Restricted cash	49	44
Cash and cash equivalents	1,019	508
Total assets	12,067	11,950
Debt
Senior notes, including $822 million and $916 million, respectively, net of discount, of Exchangeable Senior Debentures	4,232	3,943
Mortgage debt	1,221	1,436
Credit facility	0	410
Other	86	87
Total debt	5,539	5,876
Accounts payable and accrued expenses	130	119
Other	201	183
Total liabilities	5,870	6,178
Non-controlling interests-Host Hotels & Resorts, L.P.	124	158
Host Hotels & Resorts Inc. stockholders' equity:
Cumulative redeemable preferred stock (liquidation preference $100 million) 50 million shares authorized; 4.0 million shares issued and outstanding	97	97
Common stock, par value $.01, 1,050 million shares and 750 million shares authorized, respectively; 617.7 million shares and 525.3 million shares issued and outstanding, respectively	6	5
Additional paid-in capital	6,517	5,868
Accumulated other comprehensive income	6	5
Deficit	(575)	(385)
Total equity of Host Hotels & Resorts Inc. stockholders	6,051	5,590
Non-controlling interests-other consolidated partnerships	22	24
Total equity	6,073	5,614
Total liabilities, non-controlling interests and equity	$12,067	$11,950

1_Statement Of Financial Positi

Statement Of Financial Position Unclassified - Real Estate Operations (Parenthetical) (USD $)
In Millions, except Per Share data	Sep. 11, 2009	Dec. 31, 2008
Senior notes, Exchangeable Senior Debentures	$822	$916
Cumulative redeemable preferred stock, liquidation preference	$100	$100
Cumulative redeemable preferred stock, shares authorized	50	50
Cumulative redeemable preferred stock, shares issued	4	4
Cumulative redeemable preferred stock, shares outstanding	4	4
Common stock, par value	0.01	0.01
Common stock, shares authorized	1,050	750
Common stock, shares issued	617.7	525.3
Common stock, shares outstanding	617.7	525.3

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Millions, except Per Share data	3 Months Ended Sep. 11, 2009	3 Months Ended Sep. 05, 2008	9 Months Ended Sep. 11, 2009	0 Months Ended Sep. 05, 2008
REVENUES
Rooms	$579	$736	$1,707	$2,179
Food and beverage	242	304	831	1,062
Other	69	77	225	238
Total hotel sales	890	1,117	2,763	3,479
Rental income	22	22	76	79
Total revenues	912	1,139	2,839	3,558
EXPENSES
Rooms	169	186	470	533
Food and beverage	205	249	634	781
Hotel departmental expenses	263	305	765	873
Management fees	33	48	106	170
Other property-level expenses	95	89	271	264
Depreciation and amortization	138	130	478	377
Corporate and other expenses	19	14	51	45
Gain on insurance settlement	0	0	0	(7)
Total operating costs and expenses	922	1,021	2,775	3,036
OPERATING PROFIT (LOSS)	(10)	118	64	522
Interest income	1	4	5	13
Interest expense	(95)	(90)	(264)	(262)
Net gains on property transactions and other	11	0	13	2
Gain on foreign currency transactions and derivatives	1	0	5	0
Equity in earnings (losses) of affiliates	(2)	1	(36)	3
INCOME (LOSS) BEFORE INCOME TAXES	(94)	33	(213)	278
Benefit (provision) for income taxes	25	(4)	29	(11)
INCOME (LOSS) FROM CONTINUING OPERATIONS	(69)	29	(184)	267
Income (loss) from discontinued operations	11	18	(3)	36
NET INCOME (LOSS)	(58)	47	(187)	303
Less: Net (income) loss attributable to non-controlling interests	3	0	5	(18)
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC.	(55)	47	(182)	285
Less: Dividends on preferred stock	(2)	(2)	(6)	(6)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	($57)	$45	($188)	$279
Basic earnings (loss) per common share:
Continuing operations	-0.11	0.05	-0.33	0.46
Discontinued operations	0.02	0.04	$0	0.07
Basic earnings (loss) per common share	-0.09	0.09	-0.33	0.53
Diluted earnings (loss) per common share:
Continuing operations	-0.11	0.05	-0.33	0.46
Discontinued operations	0.02	0.04	$0	0.07
Diluted earnings (loss) per common share	-0.09	0.09	-0.33	0.53

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	9 Months Ended Sep. 11, 2009	0 Months Ended Sep. 05, 2008
OPERATING ACTIVITIES
Net income (loss)	($187)	$303
Discontinued operations:
Gain on dispositions	(27)	(24)
Depreciation	37	11
Depreciation and amortization	478	377
Amortization of deferred financing costs	11	8
Amortization of debt premiums/discounts, net	22	23
Deferred income taxes	(33)	5
Net gains on property transactions and other	(13)	(2)
Gains on foreign currency transactions and derivatives	(5)	0
Gain on extinguishment of debt	(4)	0
Equity in (earnings) losses of affiliates, net	36	(3)
Distributions from equity investments	1	3
Change in due from managers	11	7
Changes in other assets	(19)	(11)
Changes in other liabilities	62	18
Cash provided by operations	370	715
INVESTING ACTIVITIES
Proceeds from sales of assets, net	199	38
Proceeds from sale of interest in CBM Joint Venture LLC	13	0
Investments in affiliates	0	(18)
Return of capital from affiliates	39	0
Capital expenditures:
Renewals and replacements	(114)	(245)
Repositionings and other investments	(141)	(218)
Change in furniture, fixtures and equipment (FF&E) replacement fund	(20)	1
Change in restricted cash designated for FF&E replacement fund	(11)	1
Other	0	(9)
Cash used in investing activities	(35)	(450)
FINANCING ACTIVITIES
Financing costs	(10)	(8)
Issuances of debt	506	510
Repayments on credit facility	(410)	0
Repurchase of senior notes, including exchangeable debentures	(115)	0
Debt prepayments and scheduled maturities	(342)	(211)
Scheduled principal repayments	(11)	(12)
Common stock issuance	588	0
Common stock repurchase	0	(100)
Dividends on common stock	(26)	(417)
Dividends on preferred stock	(7)	(7)
Distributions to non-controlling interests	(3)	(23)
Change in restricted cash other than FF&E replacement fund	6	9
Cash provided by (used in) financing activities	176	(259)
INCREASE IN CASH AND CASH EQUIVALENTS	511	6
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	508	488
CASH AND CASH EQUIVALENTS, END OF PERIOD	1,019	494
Supplemental disclosure of cash flow information (in millions):
Interest paid	216	213
Income taxes paid	$4	$6

1.Organization

1.Organization
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
1.Organization	1. Organization Host Hotels Resorts, Inc., or Host, a Maryland corporation operating through an umbrella partnership structure, is the owner of hotel properties. We operate as a self-managed and self-administered real estate investment trust, or REIT, with our operations conducted solely through an operating partnership, Host Hotels Resorts, L.P., or the operating partnership, or Host LP, and its subsidiaries. We are the sole general partner of the operating partnership and, as of September11, 2009, own approximately 98% of the partnership interests of Host LP, which are referred to as OP units.

2.Summary of Significant Accoun

2.Summary of Significant Accounting Policies
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
2.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 U.S. generally accepted accounting principles, or GAAP, in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Current Report on Form 8-K filed August5, 2009 to revise the previously issued Annual Report on Form 10-K. 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 September11, 2009 and the results of our operations for the quarterly and year-to-date periods ended September11, 2009 and September5, 2008 and cash flows for the year-to-date periods ended September11, 2009 and September5, 2008. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations. Subsequent events have been evaluated through October15, 2009. Certain prior year financial statement amounts have been reclassified to conform to the current presentation, including changes as a result of the application of new accounting pronouncements for our exchangeable debentures and non-controlling interests in consolidated entities. Reporting Periods The results we report are based on results of our hotels reported to us by our hotel managers. Our hotel managers use different reporting periods. Marriott International, Inc., the manager of the majority of our properties, uses a fiscal year ending on the Friday closest to December31 and reports twelve weeks of operations for each of the first three quarters of the year and sixteen or seventeen weeks for the fourth quarter of the year. In contrast, other managers of our hotels, such as Starwood Worldwide, Inc. and Hyatt Hotels, report results on a monthly basis. For results reported by hotel managers using a monthly reporting period (approximately 42% of our hotels), the month of operation that ends after our fiscal quarter-end is included in our results of operations in the following fiscal quarter. Accordingly, our results of operations include results from hotel managers reporting results on a monthly basis as follows: first quarter (January, February), second quarter (March to May), third quarter (June to August), and fourth quarter (September to December). We elected to adopt the reporting period used by Marriott, modified so that our fiscal year always

3.Earnings per Common Share

3.Earnings per Common Share
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
3.Earnings per Common Share	3. Earnings per Common Share Basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per common share is computed by dividing net income (loss) available to common stockholders as adjusted for potentially dilutive securities, by the weighted average number of shares of common stock outstanding plus potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, OP units held by non-controlling partners and exchangeable debt securities. No effect is shown for securities that are anti-dilutive. Quarter ended Year to date ended September11, 2009 September5, 2008 September11, 2009 September5, 2008 (in millions, except per share amounts) Net income (loss) $ (58 ) $ 47 $ (187 ) $ 303 Net (income) loss attributable to non-controlling interests 3 5 (18 ) Dividends on preferred stock (2 ) (2 ) (6 ) (6 ) Earnings (loss) available to common stockholders (57 ) 45 (188 ) 279 Assuming deduction of gain recognized for the repurchase of 2004 Debentures (a) (2 ) Diluted earnings (loss) available to common stockholders $ (57 ) $ 45 $ (190 ) $ 279 Basic weighted average shares outstanding 606.1 519.3 568.7 520.8 Diluted weighted average shares outstanding 606.1 519.6 570.1 521.2 Basic earnings (loss) per share $ (.09 ) $ .09 $ (.33 ) $ .53 Diluted earnings (loss) per share $ (.09 ) $ .09 $ (.33 ) $ .53 (a) During the first quarter of 2009, we repurchased $75million face amount of the 2004 Debentures with a carrying value of $72million for $69million. The adjustments to dilutive earnings per common share repurchase include the $3million gain, net of interest expense on the repurchased debentures.

4.Property and Equipment

4.Property and Equipment
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
4.Property and Equipment	4. Property and Equipment Property and equipment consists of the following as of: September11, 2009 December31, 2008 (in millions) Land and land improvements $ 1,575 $ 1,613 Buildings and leasehold improvements 11,426 11,502 Furniture and equipment 1,788 1,749 Construction in progress 129 174 14,918 15,038 Less accumulated depreciation and amortization (4,582 ) (4,299 ) $ 10,336 $ 10,739 Impairment of Property and Equipment We analyze our assets for impairment when events or circumstances occur that indicate the carrying value may not be recoverable. We consider a property to be impaired when the sum of future undiscounted cash flows during our remaining estimated holding period is less than the carrying value of the asset. For impaired assets, we record an impairment charge equal to the excess of the propertys carrying value over its fair value. During 2009, we reviewed our hotel portfolio for impairment and identified several properties that may be sold prior to the end of their previously estimated useful lives or that had current or projected operating losses or other events or circumstances indicating a reduction in value or change in intended use. Properties exhibiting these characteristics are tested for impairment based on managements estimate of expected future undiscounted cash flows from operations and sale during our expected remaining hold period. The fair value of these properties is generally determined based on either a discounted cash flow analysis or negotiated sales price. Based on these assessments, we have recorded non-cash impairment charges totaling $97million for the year-to-date period ended September11, 2009. There were no impairment charges recorded during the third quarter of 2009. Impairment charges are classified within depreciation and amortization on the accompanying condensed consolidated statements of operations. For year-to-date 2009, discontinued operations include a non-cash impairment charge of $31 million.

5.Investments in Affiliates

5.Investments in Affiliates
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
5.Investments in Affiliates	5. Investments in Affiliates We hold a 32.1% ownership interest in a joint venture based in Europe that owns 11 hotel properties located in six countries. The terms of this joint venture agreement limit the life of the investment to 2016, with two one-year extensions. We review our investment in the joint venture for other than temporary impairment based on the occurrence of any events that would indicate that the carrying amount of the investment exceeds its fair value on an other than temporary basis. We used certain inputs such as available third-party appraisals and forecast net operating income for the hotel properties to estimate the fair value of our investment in the joint venture as of September11, 2009. During the second quarter of 2009, we determined that our investment was impaired based on the reduction of anticipated distributable cash flows from the joint venture, which was caused primarily by a decline in cash flows generated by the properties. We believe this impairment to be other than temporary as defined by GAAP because the time period over which the joint venture may be able to improve operations such that our investment would be fully recoverable is limited by the remaining life of the joint venture. As a result, in the second quarter of 2009, we recorded a non-cash impairment charge totaling $34million based on the difference between the estimated fair value and carrying value of our investment. This impairment is included in equity in earnings (losses) of affiliates in the condensed consolidated statements of operations. There were no impairment charges recorded in the third quarter of 2009 for our joint venture investment in Europe. On September11, 2009, we sold our remaining 3.6% limited partnership interest in CBM Joint Venture Limited Partnership (CBM JV) for approximately $13million and recorded the gain on property transaction of $5million, net of taxes. As a result of this transaction, we no longer have any ownership interest in CBM JV. The net loss for the third quarter of 2009 includes a $12million tax benefit related to the reversal of an excess deferred tax liability that was established in prior periods associated with our investment.

6.Debt

6.Debt
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
6.Debt	6. Debt Credit Facility. On September11, 2009, we prepaid the entire $210million term loan outstanding at December31, 2008 under our credit facility and currently have $600million of available capacity on the revolver portion of the credit facility. Exchangeable Debentures. The total face amount of the Debentures is $876million, as of September11, 2009. The Debentures are equal in right of payment with all of our other senior notes. There are $325 million in 2004 Debentures that mature April 2024; however, holders have the right to require us to repurchase the 2004 Debentures on April15, 2010,April15, 2014 and April15, 2019 for cash equal to 100% of the principal amount. There are $551 million in 2007 Debentures that mature April 2027; however, holders have the right to require us to repurchase the 2007 Debentures on April15, 2012,April15, 2017 and April15, 2022 for cash equal to 100% of the principal amount. During the first quarter of 2009, we repurchased $75million face amount of the 2004 Debentures with a carrying value of $72million for $69million. We recognized a $3million gain on the transaction. During the third quarter of 2009, we repurchased approximately $49million face amount of the 2007 Debentures with a carrying value of $44million for $42million. We recognized a $2million gain on the transaction. The gain on the repurchased debentures is recorded in interest expense in the condensed consolidated financial statements. Since the fourth quarter of 2008, we have repurchased a total of $224million face amount of the Debentures for approximately $193million. Mortgage Debt. On July1, 2009, we repaid the $175million mortgage debt secured by the San Diego Marriott Hotel Marina at maturity. Additionally, on September1, 2009, we prepaid the $135million Westin Kierland Resort Spa mortgage loan, which was due on December1, 2009.

7.Stockholder's Equity

7.Stockholder's Equity
	1/1/2009 - 9/11/2009 USD / shares
Notes to Financial Statements [Abstract]
7.Stockholder's Equity	7. Stockholders Equity Dividends. On September14, 2009, our Board of Directors declared a dividend of $0.25 per share on our common stock. The dividend will be paid on December18, 2009 to stockholders of record as of November6, 2009. In reliance on the specific terms of the guidance issued by the IRS and, subject to certain elections by our stockholders, the Company will pay approximately 90% of the dividend with Host common stock, with the remaining 10% paid with cash. The amount of any future common dividend will be determined by our Board of Directors. On September14, 2009, our Board of Directors declared a cash dividend of $0.5546875 per share on our Class E cumulative redeemable preferred stock. The dividend was paid on October15, 2009 to preferred stockholders of record as of September30, 2009. Common Stock Offering. On August19, 2009, we entered into a Sales Agency Financing Agreement with BNY Mellon Capital Markets, LLC, through which we may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $400 million. The sales will be made in at the market offerings under SEC rules, including sales made directly on the New York Stock Exchange. BNY Mellon Capital Markets, LLC is acting as sales agent. We have issued approximately 13million shares of common stock through this program at an average price of approximately $10 per share for proceeds of $130million, net of $1.3million of commissions. Approximately $22million of the proceeds were received after quarter end. We may continue to sell shares of common stock under this program from time to time based on market conditions, although we are not under an obligation to sell any shares. Equity is allocated between controlling and non-controlling interests as follows (in millions): HostHotels Resorts,Inc. Non-redeemable non-controlling interests Total Redeemable non-controlling interests Balance, December31, 2008 $ 5,590 $ 24 $ 5,614 $ 158 Net income (loss) (182 ) (1 ) (183 ) (4 ) Issuance of common stock 611 611 Changes in ownership 31 (1 ) 30 (30 ) Other comprehensive income (loss) (note 10) 1 1 Balance, September11, 2009 $ 6,051 $ 22 $ 6,073 $ 124 HostHotels Resorts, Inc. Non-redeemable non-controlling interests Total Redeemable non-controlling interests As of, December31, 2007 $ 5,426 $ 28 $ 5,454 $ 312 Net income 285 5 290 13 Changes in ownership (208 ) (7 ) (215 ) (19 ) Other comprehensive loss (1 ) (1 ) As of September5, 2008 $ 5,502 $ 26 $ 5,528 $ 306

8.Employee Stock Plans

8.Employee Stock Plans
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
8.Employee Stock Plans	8. Employee Stock Plans On May14, 2009, our stockholders approved the authorization of 25million shares that can be issued through our 2009 Comprehensive Stock and Cash Incentive Plan (the Comprehensive Plan) for employees and directors. We currently have approximately 19million shares of common stock reserved and available for issuance under the Comprehensive Plan.

9.Geographic Information

9.Geographic Information
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
9.Geographic Information	9. Geographic Information We consider each one of our hotels to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual hotels. All of our other real estate investment activities (primarily our leased hotels and office buildings) are immaterial and meet the aggregation criteria, and thus, we report one segment: hotel ownership. Our foreign operations consist of four properties located in Canada, two properties located in Chile and one property located in Mexico. There were no intercompany sales during the periods presented. The following table presents total revenues for each of the geographical areas in which we operate: Quarter ended Year-to-date ended September11, 2009 September5, 2008 September11, 2009 September5, 2008 (in millions) United States $ 883 $ 1,102 $ 2,752 $ 3,436 Canada 20 23 61 81 Chile 5 7 15 22 Mexico 4 7 11 19 Total revenue $ 912 $ 1,139 $ 2,839 $ 3,558

10.Comprehensive Income

10.Comprehensive Income
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
10.Comprehensive Income	10. Comprehensive Income Other comprehensive income consists of unrealized gains and losses on foreign currency translation adjustments and hedging instruments. The following table presents comprehensive income for all periods presented: Quarter ended Year-to-date ended September11, 2009 September5, 2008 September11, 2009 September5, 2008 (in millions) Net income (loss) $ (58 ) $ 47 $ (187 ) $ 303 Other comprehensive income (loss) (4 ) (5 ) 1 (1 ) Comprehensive income (loss) (62 ) 42 (186 ) 302 Comprehensive (income) loss attributable to the non-controlling interests 3 5 (18 ) Comprehensive income (loss) attributable to Host Hotels Resorts, Inc. $ (59 ) $ 42 $ (181 ) $ 284

11.Dispositions

11.Dispositions
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
11.Dispositions	11. Dispositions Dispositions. In the third quarter of 2009, we sold four properties: the 448-room Sheraton Stamford, the 253-room Washington Dulles Marriott Suites, the 430-room Boston Marriott Newton and the 353-room Hanover Marriott for net proceeds of approximately $90million. We recorded an aggregate gain of approximately $9million, net of tax. In the first quarter of 2009, we sold the Hyatt Regency Boston for approximately $113million, including the return of cash reserves held by the manager, and recorded a gain on the disposition of approximately $20million, net of tax. The following table summarizes the revenues, income (loss) before taxes, and the gain on dispositions, net of tax, for the five properties which have been reclassified to discontinued operations in the condensed consolidated statements of operations for the periods presented: Quarter ended Year-to-date ended September11, 2009 September5, 2008 September11, 2009 September5, 2008 (in millions) Revenues $ 6 $ 30 $ 40 $ 89 Income (loss) before income taxes 2 5 (29 ) 13 Gain on dispositions, net of tax 9 13 26 24 Net income attributable to common stockholders is allocated between continuing and discontinued operations as follows: Quarter ended Year-to-date ended September11, 2009 September5, 2008 September11, 2009 September5, 2008 Income (loss) from continuing operations, net of tax $ (66 ) $ 29 $ (179 ) $ 249 Discontinued operations, net of tax 11 18 (3 ) 36 Net income (loss) attributable to common stockholders $ (55 ) $ 47 $ (182 ) $ 285

12.Fair Value of Financial Inst

12.Fair Value of Financial Instruments
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
12.Fair Value of Financial Instruments	12. Fair Value of Financial Instruments The fair value of certain financial assets and liabilities and other financial instruments are shown below: September11, 2009 December31, 2008 Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Financial assets: Notes receivable $ 12 $ 12 $ 12 $ 12 Financial liabilities: Senior notes 3,410 3,326 3,027 2,297 Exchangeable senior debentures 822 816 916 743 Credit facility (including the $210million term loan) 410 378 Mortgage debt and other, net of capital leases 1,306 1,219 1,522 1,501 Notes receivable and other financial assets are valued based on expected future cash flows discounted at risk-adjusted rates. Valuations for secured debt and our credit facility are determined based on expected future payments discounted at risk-adjusted rates. Due to continuing uncertainty in the credit markets, third party estimates for the risk adjusted rate for each loan is not readily attainable. Management has estimated the rate based upon available market data and estimates of the fair value of the property securing the mortgage. Senior notes and the exchangeable senior debentures are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts.

13.Litigation

13.Litigation
	9 Months Ended Sep. 11, 2009 USD / shares
Notes to Financial Statements [Abstract]
13.Litigation	13. Litigation We are involved in various legal proceedings in the normal course of business. On April27, 2005, we initiated suit against Keystone-Texas Property Holding Corporation (Keystone) in the 73rd Judicial District Court of Bexar County, Texas, Case No.05-CI-14229, seeking a declaration that a provision of our ground lease for the property under the San Antonio Marriott Rivercenter was valid and claiming that Keystone had breached that lease provision.On April6, 2006, a Bexar County Court granted an interlocutory motion for summary judgment that the provision was not valid and the lease provision had not been breached. On October18, 2006, Keystone filed an amended counterclaim and later, a third party claim, alleging that we tortiously interfered with Keystones attempted sale of the property and that we slandered Keystones title to the property. We believe that we were asserting rights that parties had recognized as valid in past dealings. Keystone is seeking between $30 million and $40 million in damages.A jury trial on Keystones amended counterclaim and third party claim potentially could begin as early as mid-January 2010. We believe that our actions were entirely lawful and that Keystones claims are without merit. We are vigorously defending this claim, however, no assurance can be given as to the outcome of any pending legal proceedings. We do not believe that the final resolution will have a material adverse effect on our financial condition.

Document Information

Document Information
	9 Months Ended Sep. 11, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-11

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 11, 2009	Oct. 14, 2009
Entity [Text Block]
Trading Symbol	HST
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 Common Stock, Shares Outstanding		617,738,781