Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 756,282,849 |
HOST HOTELS & RESORTS L.P. | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'HOST HOTELS & RESORTS L.P. | ' |
Entity Central Index Key | '0001061937 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Property and equipment, net | $11,110 | $11,588 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ' | ' | ||
Non-controlling interests—other consolidated partnerships | 36 | 34 | ||
HOST HOTELS & RESORTS, INC. | ' | ' | ||
ASSETS | ' | ' | ||
Property and equipment, net | 11,110 | 11,588 | ||
Assets held for sale | 42 | ' | ||
Due from managers | 85 | 80 | ||
Advances to and investments in affiliates | 425 | 347 | ||
Deferred financing costs, net | 43 | 53 | ||
Furniture, fixtures and equipment replacement fund | 188 | 154 | ||
Other | 280 | 319 | ||
Restricted cash | 36 | 36 | ||
Cash and cash equivalents | 354 | 417 | ||
Total assets | 12,563 | 12,994 | ||
Debt | ' | ' | ||
Senior notes, including $367 million and $531 million, respectively, net of discount, of Exchangeable Senior Debentures | 3,014 | 3,569 | ||
Credit facility, including the $500 million term loan | 729 | 763 | ||
Mortgage debt | 732 | 993 | ||
Other | 85 | 86 | ||
Total debt | 4,560 | 5,411 | ||
Accounts payable and accrued expenses | 193 | 194 | ||
Other | 373 | 372 | ||
Total liabilities | 5,126 | 5,977 | ||
Non-controlling interests - Host Hotels & Resorts, L.P. | 175 | 158 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ' | ' | ||
Common stock, par value $.01, 1,050 million shares authorized; 754.6 million and 724.6 million shares issued and outstanding, respectively | 8 | 7 | ||
Additional paid-in capital | 8,506 | 8,040 | ||
Accumulated other comprehensive income | ' | 12 | ||
Deficit | -1,288 | -1,234 | ||
Total equity of Host Hotels & Resorts, Inc. stockholders | 7,226 | 6,825 | ||
Non-controlling interests—other consolidated partnerships | 36 | 34 | ||
Total equity | 7,262 | 6,859 | ||
Total liabilities, non-controlling interests and equity | 12,563 | 12,994 | ||
Host Hotels & Resorts, L.P. capital: | ' | ' | ||
Accumulated other comprehensive income | ' | 12 | ||
HOST HOTELS & RESORTS L.P. | ' | ' | ||
ASSETS | ' | ' | ||
Property and equipment, net | 11,110 | 11,588 | ||
Assets held for sale | 42 | ' | ||
Due from managers | 85 | 80 | ||
Advances to and investments in affiliates | 425 | 347 | ||
Deferred financing costs, net | 43 | 53 | ||
Furniture, fixtures and equipment replacement fund | 188 | 154 | ||
Other | 280 | 319 | ||
Restricted cash | 36 | 36 | ||
Cash and cash equivalents | 354 | 417 | ||
Total assets | 12,563 | 12,994 | ||
Debt | ' | ' | ||
Senior notes, including $367 million and $531 million, respectively, net of discount, of Exchangeable Senior Debentures | 3,014 | 3,569 | ||
Credit facility, including the $500 million term loan | 729 | 763 | ||
Mortgage debt | 732 | 993 | ||
Other | 85 | 86 | ||
Total debt | 4,560 | 5,411 | ||
Accounts payable and accrued expenses | 193 | 194 | ||
Other | 373 | 372 | ||
Total liabilities | 5,126 | 5,977 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ' | ' | ||
Accumulated other comprehensive income | ' | 12 | ||
Total liabilities, non-controlling interests and equity | 12,563 | 12,994 | ||
Limited partnership interests of third parties | 175 | [1] | 158 | [1] |
Host Hotels & Resorts, L.P. capital: | ' | ' | ||
General partner | 1 | 1 | ||
Limited partner | 7,225 | 6,812 | ||
Accumulated other comprehensive income | ' | 12 | ||
Total Host Hotels & Resorts, L.P. capital | 7,226 | 6,825 | ||
Non-controlling interests—consolidated partnerships | 36 | 34 | ||
Total capital | $7,262 | $6,859 | ||
[1] | The book value recorded is equal to the greater of redemption value or historical cost |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
HOST HOTELS & RESORTS, INC. | ' | ' |
Senior notes | $367 | $531 |
Credit facility, term loan | 500 | 500 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,050 | 1,050 |
Common stock, shares issued | 754.6 | 724.6 |
Common stock, shares outstanding | 754.6 | 724.6 |
HOST HOTELS & RESORTS L.P. | ' | ' |
Senior notes | 367 | 531 |
Credit facility, term loan | $500 | $500 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
REVENUES | ' | ' | ' | ' |
Total revenues | $1,223 | $1,158 | $3,415 | $3,871 |
HOST HOTELS & RESORTS, INC. | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' |
Rooms | 832 | 745 | 2,083 | 2,500 |
Food and beverage | 314 | 283 | 944 | 1,108 |
Other | 68 | 65 | 199 | 224 |
Owned hotel revenues | 1,214 | 1,093 | 3,226 | 3,832 |
Other revenues | 9 | 65 | 189 | 39 |
Total revenues | 1,223 | 1,158 | 3,415 | 3,871 |
EXPENSES | ' | ' | ' | ' |
Rooms | 229 | 207 | 569 | 674 |
Food and beverage | 251 | 233 | 704 | 815 |
Other departmental and support expenses | 313 | 292 | 833 | 944 |
Management fees | 50 | 43 | 130 | 163 |
Other property-level expenses | 97 | 136 | 398 | 285 |
Depreciation and amortization | 177 | 155 | 454 | 524 |
Corporate and other expenses | 27 | 31 | 74 | 90 |
Total operating costs and expenses | 1,144 | 1,097 | 3,162 | 3,495 |
OPERATING PROFIT | 79 | 61 | 253 | 376 |
Interest income | 1 | 4 | 11 | 3 |
Interest expense | -65 | -93 | -272 | -244 |
Net gains on property transactions and other | ' | 1 | 3 | 33 |
Gain (loss) on foreign currency transactions and derivatives | -1 | -1 | -2 | 2 |
Equity in earnings (losses) of affiliates | -1 | -1 | 2 | 3 |
INCOME (LOSS) BEFORE INCOME TAXES | 13 | -29 | -5 | 173 |
Provision for income taxes | -11 | -11 | -10 | -19 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 2 | -40 | -15 | 154 |
Income from discontinued operations, net of tax | 16 | 4 | 63 | 45 |
NET INCOME (LOSS) | 18 | -36 | 48 | 199 |
Less: Net (income) loss attributable to non-controlling interests | 1 | 2 | -2 | -5 |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 19 | -34 | 46 | 194 |
Basic earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations | $0.01 | ($0.05) | ($0.02) | $0.20 |
Discontinued operations | $0.02 | ' | $0.08 | $0.06 |
Basic earnings per common share/unit | $0.03 | ($0.05) | $0.06 | $0.26 |
Diluted earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations | $0.01 | ($0.05) | ($0.02) | $0.20 |
Discontinued operations | $0.02 | ' | $0.08 | $0.06 |
Diluted earnings (loss) per common share/unit | $0.03 | ($0.05) | $0.06 | $0.26 |
HOST HOTELS & RESORTS L.P. | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' |
Rooms | 832 | 745 | 2,083 | 2,500 |
Food and beverage | 314 | 283 | 944 | 1,108 |
Other | 68 | 65 | 199 | 224 |
Owned hotel revenues | 1,214 | 1,093 | 3,226 | 3,832 |
Other revenues | 9 | 65 | 189 | 39 |
Total revenues | 1,223 | 1,158 | 3,415 | 3,871 |
EXPENSES | ' | ' | ' | ' |
Rooms | 229 | 207 | 569 | 674 |
Food and beverage | 251 | 233 | 704 | 815 |
Other departmental and support expenses | 313 | 292 | 833 | 944 |
Management fees | 50 | 43 | 130 | 163 |
Other property-level expenses | 97 | 136 | 398 | 285 |
Depreciation and amortization | 177 | 155 | 454 | 524 |
Corporate and other expenses | 27 | 31 | 74 | 90 |
Total operating costs and expenses | 1,144 | 1,097 | 3,162 | 3,495 |
OPERATING PROFIT | 79 | 61 | 253 | 376 |
Interest income | 1 | 4 | 11 | 3 |
Interest expense | -65 | -93 | -272 | -244 |
Net gains on property transactions and other | ' | 1 | 3 | 33 |
Gain (loss) on foreign currency transactions and derivatives | -1 | -1 | -2 | 2 |
Equity in earnings (losses) of affiliates | -1 | -1 | 2 | 3 |
INCOME (LOSS) BEFORE INCOME TAXES | 13 | -29 | -5 | 173 |
Provision for income taxes | -11 | -11 | -10 | -19 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 2 | -40 | -15 | 154 |
Income from discontinued operations, net of tax | 16 | 4 | 63 | 45 |
NET INCOME (LOSS) | 18 | -36 | 48 | 199 |
Less: Net (income) loss attributable to non-controlling interests | 1 | 1 | -1 | -2 |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $19 | ($35) | $47 | $197 |
Basic earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations | $0.01 | ($0.05) | ($0.02) | $0.21 |
Discontinued operations | $0.02 | ' | $0.09 | $0.06 |
Basic earnings per common share/unit | $0.03 | ($0.05) | $0.07 | $0.27 |
Diluted earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations | $0.01 | ($0.05) | ($0.02) | $0.21 |
Discontinued operations | $0.02 | ' | $0.09 | $0.06 |
Diluted earnings (loss) per common share/unit | $0.03 | ($0.05) | $0.07 | $0.27 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
HOST HOTELS & RESORTS, INC. | ' | ' | ' | ' |
NET INCOME (LOSS) | $18 | ($36) | $48 | $199 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' | ' |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 17 | 18 | 10 | -12 |
Change in fair value of derivative instruments | -5 | -2 | ' | ' |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 12 | 16 | 10 | -12 |
COMPREHENSIVE INCOME (LOSS) | 30 | -20 | 58 | 187 |
Less: Comprehensive (income) loss attributable to non-controlling interests | 1 | 2 | -2 | -5 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE REPORTING ENTITY | 31 | -18 | 56 | 182 |
HOST HOTELS & RESORTS L.P. | ' | ' | ' | ' |
NET INCOME (LOSS) | 18 | -36 | 48 | 199 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' | ' |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 17 | 18 | 10 | -12 |
Change in fair value of derivative instruments | -5 | -2 | ' | ' |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 12 | 16 | 10 | -12 |
COMPREHENSIVE INCOME (LOSS) | 30 | -20 | 58 | 187 |
Less: Comprehensive (income) loss attributable to non-controlling interests | 1 | 1 | -1 | -2 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE REPORTING ENTITY | $31 | ($19) | $57 | $185 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 07, 2012 | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 30, 2013 |
HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS L.P. | HOST HOTELS & RESORTS L.P. | |
USD ($) | USD ($) | USD ($) | USD ($) | |
OPERATING ACTIVITIES | ' | ' | ' | ' |
NET INCOME (LOSS) | $48 | $199 | $48 | $199 |
Discontinued operations: | ' | ' | ' | ' |
Gain on dispositions | -48 | -32 | -48 | -32 |
Depreciation | 19 | 5 | 19 | 5 |
Depreciation and amortization | 454 | 524 | 454 | 524 |
Amortization of finance costs, discounts and premiums, net | 14 | 19 | 14 | 19 |
Stock compensation expense | 14 | 12 | 14 | 12 |
Deferred income taxes | 4 | 11 | 4 | 11 |
Net gains on property transactions and other | -3 | -33 | -3 | -33 |
(Gain) loss on foreign currency transactions and derivatives | 2 | -2 | 2 | -2 |
Non-cash loss on extinguishment of debt | 8 | 13 | 8 | 13 |
Equity in earnings of affiliates | -2 | -3 | -2 | -3 |
Change in due from managers | -61 | -12 | -61 | -12 |
Changes in other assets | -3 | 17 | -3 | 17 |
Changes in other liabilities | -22 | -21 | -22 | -21 |
Cash provided by operating activities | 424 | 697 | 424 | 697 |
INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds from sales of assets, net | 113 | 446 | 113 | 446 |
Acquisitions | -441 | -139 | -441 | -139 |
Advances to and investments in affiliates | -31 | -71 | -31 | -71 |
Capital expenditures: | ' | ' | ' | ' |
Renewals and replacements | -245 | -239 | -245 | -239 |
Redevelopment and acquisition-related investments | -211 | -100 | -211 | -100 |
New development | ' | -15 | ' | -15 |
Change in furniture, fixtures and equipment (“FF&Eâ€) replacement fund | -11 | -34 | -11 | -34 |
Property insurance proceeds | 4 | ' | 4 | ' |
Cash used in investing activities | -822 | -152 | -822 | -152 |
FINANCING ACTIVITIES | ' | ' | ' | ' |
Financing costs | -17 | -4 | -17 | -4 |
Issuances of debt | 900 | 400 | 900 | 400 |
Draws on credit facility | 135 | 168 | 135 | 168 |
Term loan issuance | 500 | ' | 500 | ' |
Repayment on credit facility | -8 | -200 | -8 | -200 |
Repurchase/redemption of senior notes | -1,693 | -801 | -1,693 | -801 |
Mortgage debt prepayments and scheduled maturities | -113 | -246 | -113 | -246 |
Scheduled principal repayments | -2 | -1 | -2 | -1 |
Issuance of common stock | 255 | 303 | ' | ' |
Dividends on common stock | -129 | -222 | ' | ' |
Contributions from non-controlling interests | 1 | 4 | 1 | 4 |
Distributions to non-controlling interests | -5 | -7 | -3 | -4 |
Change in restricted cash for financing activities | 1 | ' | 1 | ' |
Cash used in financing activities | -175 | -606 | -175 | -606 |
Issuance of common OP units | ' | ' | 255 | 303 |
Distributions on common OP units | ' | ' | -131 | -225 |
Effects of exchange rate changes on cash held | 1 | -2 | 1 | -2 |
DECREASE IN CASH AND CASH EQUIVALENTS | -572 | -63 | -572 | -63 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 826 | 417 | 826 | 417 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 254 | 354 | 254 | 354 |
Supplemental disclosure of cash flow information: | ' | ' | ' | ' |
Interest paid – periodic interest expense | 233 | 204 | 233 | 204 |
Interest paid – debt extinguishments | 19 | 23 | 19 | 23 |
Total interest paid | 252 | 227 | 252 | 227 |
Income taxes paid | $9 | $13 | $9 | $13 |
Supplemental_Disclosure_of_Non
Supplemental Disclosure of Noncash Investing and Financing Activities | 9 Months Ended |
Sep. 30, 2013 | |
HOST HOTELS & RESORTS, INC. | ' |
Supplemental Disclosure of Noncash Investing and Financing Activities | ' |
Supplemental disclosure of noncash investing and financing activities: | |
For the year-to-date periods ended September 30, 2013 and September 7, 2012, Host Inc. issued approximately 0.2 million shares and 0.5 million shares, respectively, upon the conversion of OP units of Host L.P. held by non-controlling partners valued at approximately $3 million and $8 million, respectively. | |
In March 2013, holders of approximately $174 million of the 3.25% exchangeable debentures elected to exchange their debentures for approximately 11.7 million shares of Host Inc. common stock. | |
HOST HOTELS & RESORTS L.P. | ' |
Supplemental Disclosure of Noncash Investing and Financing Activities | ' |
Supplemental disclosure of noncash investing and financing activities: | |
For the year-to-date periods ended September 30, 2013 and September 7, 2012, limited partners converted OP units valued at approximately $3 million and $8 million, respectively, in exchange for approximately 0.2 million and 0.5 million shares, respectively, of Host Inc. common stock. | |
In March 2013, holders of approximately $174 million of the 3.25% exchangeable debentures elected to exchange their debentures for approximately 11.7 million shares of Host Inc. common stock. In connection with the debentures exchanged for Host Inc. common stock, Host L.P. issued 11.5 million common OP units. |
Organization
Organization | 9 Months Ended | |
Sep. 30, 2013 | ||
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 the 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, 2013, Host Inc. holds approximately 98.7% of Host L.P.’s OP units. | ||
Consolidated Portfolio | ||
As of September 30, 2013, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is detailed below: | ||
Hotels | ||
United States | 103 | |
Australia | 1 | |
Brazil | 1 | |
Canada | 3 | |
Chile | 2 | |
Mexico | 1 | |
New Zealand | 7 | |
Total | 118 | |
Joint Ventures | ||
We own a non-controlling interest in a joint venture in Europe (“Euro JV”) that owns hotels in two separate funds. We own a 32.1% interest in the first fund (“Euro JV Fund I”) (11 hotels) and a 33.4% interest in the second fund (“Euro JV Fund II”) (9 hotels). | ||
As of September 30, 2013, the Euro JV owned hotels located in the following countries: | ||
Hotels | ||
Belgium | 3 | |
France | 5 | |
Germany | 1 | |
Italy | 3 | |
Poland | 1 | |
Spain | 2 | |
Sweden | 1 | |
The Netherlands | 2 | |
United Kingdom | 2 | |
Total | 20 | |
In addition, our joint venture in Asia (“Asia/Pacific JV”), in which we own a 25% non-controlling interest, owns one hotel in Australia and a non-controlling interest in an entity with two hotels in India. | ||
Change in Reporting Periods | ||
Effective January 1, 2013, we report quarterly operating results on a calendar cycle, which now is consistent across all of our hotel managers and the majority of companies in the lodging industry. Historically, our annual financial statements have been reported on a calendar basis and are unaffected by this change. However, our quarterly operating results had been reported based on a 52-53 week fiscal calendar used by Marriott International, Inc. (“Marriott”), the manager of approximately 50% of our properties. For 2013, Marriott converted to reporting results based on a 12-month calendar year. During 2012, Marriott used a fiscal year ending on the Friday closest to December 31 and reported twelve weeks of operations for the first three quarters and sixteen weeks for the fourth quarter of the year for its Marriott-managed hotels. Accordingly, our first three quarters of operations in 2012 ended on March 23, June 15 and September 7. In contrast, managers of our other hotels, such as Ritz-Carlton, Hyatt, and Starwood, reported results on a monthly basis. During 2012, we did not report the month of operations that ended after our fiscal quarter until the following quarter for those hotels using a monthly reporting period because these hotel managers did not make mid-month results available to us. Accordingly, the month of operations that ended after our fiscal quarter was included in our quarterly results of operations in the following quarter for those calendar reporting hotel managers. As a result, our 2012 quarterly results of operations include results from hotel managers reporting results on a monthly basis as follows: first quarter (January, February), second quarter (March to May), third quarter (June to August) and fourth quarter (September to December). | ||
We will not restate the previously filed 2012 quarterly financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) because certain property-level operating expenses for our Marriott-managed properties necessary to restate operations are unavailable on a daily basis. Because we rely upon our operators for the hotel operating results used in our financial statements, the unavailability of this information on a calendar quarter basis for 2012 made restating our financial statements in accordance with GAAP unfeasible. Accordingly, the corresponding 2012 quarterly historical operating results are not comparable to our 2013 quarterly operating results. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
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 unaudited condensed consolidated 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, 2012. | ||
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, 2013, and the results of our operations for the quarter and year-to-date periods ended September 30, 2013 and September 7, 2012, respectively, and cash flows for the year-to-date periods ended September 30, 2013 and September 7, 2012. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations. |
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share (Unit) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Earnings Per Common Share (Unit) | ' | ||||||||||||||||||||||||||||||
3. | Earnings (Loss) Per Common Share (Unit) | ||||||||||||||||||||||||||||||
Host Inc. Earnings (Loss) Per Common Share | |||||||||||||||||||||||||||||||
Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): | |||||||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | ||||||||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Net income (loss) | $ | 18 | $ | (36 | ) | $ | 199 | $ | 48 | ||||||||||||||||||||||
Less: Net (income) loss attributable to non-controlling interests | 1 | 2 | (5 | ) | (2 | ) | |||||||||||||||||||||||||
Net income (loss) attributable to Host Inc. | $ | 19 | $ | (34 | ) | $ | 194 | $ | 46 | ||||||||||||||||||||||
Diluted income (loss) attributable to Host Inc. | $ | 19 | $ | (34 | ) | $ | 194 | $ | 46 | ||||||||||||||||||||||
Basic weighted average shares outstanding | 749.0 | 721.3 | 740.9 | 715.7 | |||||||||||||||||||||||||||
Diluted weighted average shares outstanding (a) | 749.7 | 721.3 | 744.9 | 715.7 | |||||||||||||||||||||||||||
Basic earnings (loss) per common share | $ | .03 | $ | (.05 | ) | $ | .26 | $ | .06 | ||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | .03 | $ | (.05 | ) | $ | .26 | $ | .06 | ||||||||||||||||||||||
(a) | There were approximately 30 million and 29 million for the quarter and year-to-date periods ended September 30, 2013, respectively, and approximately 40 million for both the quarter and year-to-date periods ended September 7, 2012, potentially dilutive shares for our exchangeable senior debentures, which shares were not included in the computation of diluted earnings (loss) per share because to do so would have been anti-dilutive for the period. | ||||||||||||||||||||||||||||||
Host L.P. Earnings (Loss) Per Common Unit | |||||||||||||||||||||||||||||||
Basic earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders, as adjusted for potentially dilutive securities, by the weighted average number of common units outstanding plus other potentially dilutive securities. Dilutive securities may include units issued to Host Inc. to support Host Inc. common shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): | |||||||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | ||||||||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Net income (loss) | $ | 18 | $ | (36 | ) | $ | 199 | $ | 48 | ||||||||||||||||||||||
Less: Net (income) loss attributable to non-controlling interests | 1 | 1 | (2 | ) | (1 | ) | |||||||||||||||||||||||||
Net income (loss) attributable to Host L.P. | $ | 19 | $ | (35 | ) | $ | 197 | $ | 47 | ||||||||||||||||||||||
Diluted income (loss) attributable to Host L.P. | $ | 19 | $ | (35 | ) | $ | 197 | $ | 47 | ||||||||||||||||||||||
Basic weighted average units outstanding | 743.0 | 716.2 | 735.1 | 710.8 | |||||||||||||||||||||||||||
Diluted weighted average units outstanding (a) | 743.6 | 716.2 | 739.0 | 710.8 | |||||||||||||||||||||||||||
Basic earnings (loss) per common unit | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .07 | ||||||||||||||||||||||
Diluted earnings (loss) per common unit | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .07 | ||||||||||||||||||||||
(a) | There were approximately 29 million for both the quarter and year-to-date periods ended September 30, 2013 and approximately 40 million and 39 million for the quarter and year-to-date ended September 7, 2012, respectively, potentially dilutive units for our exchangeable senior debentures, which units were not included in the computation of diluted earnings (loss) per unit because to do so would have been anti-dilutive for the period. | ||||||||||||||||||||||||||||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Property and Equipment | ' | ||||||||||
4. | Property and Equipment | ||||||||||
Property and equipment consists of the following (in millions): | |||||||||||
September 30, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Land and land improvements | $ | 1,948 | $ | 1,996 | |||||||
Buildings and leasehold improvements | 13,478 | 13,665 | |||||||||
Furniture and equipment | 2,233 | 2,227 | |||||||||
Construction in progress | 178 | 199 | |||||||||
17,837 | 18,087 | ||||||||||
Less accumulated depreciation and amortization | (6,727 | ) | (6,499 | ) | |||||||
$ | 11,110 | $ | 11,588 | ||||||||
Investment_in_Affiliates
Investment in Affiliates | 9 Months Ended | |
Sep. 30, 2013 | ||
Investment in Affiliates | ' | |
5. | Investment in Affiliates | |
On August 29, 2013, the Euro JV Fund II acquired the 465-room Sheraton Stockholm Hotel in Stockholm, Sweden, for approximately €102 million ($135 million). In connection with the acquisition, the Euro JV Fund II entered into a €61 million ($81 million) mortgage loan with an initial interest rate of 5.87% that matures in 2018. We contributed approximately €14 million ($19 million) to the Euro JV Fund II in connection with this acquisition, funded through a draw on our credit facility. | ||
On October 22, 2013, the Euro JV Fund II sold the Courtyard Paris La Defense West – Colombes for €19 million. |
Debt
Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt | ' | |
6. | Debt | |
Senior notes. On September 30, 2013, we redeemed $200 million of our 6¾% Series Q senior notes due 2016 for an aggregate price of $202 million using cash on hand. | ||
Credit facility. In August 2013, we drew €15 million ($21 million) under our credit facility which was used primarily to fund our contribution to the Euro JV to facilitate the Euro JV’s acquisition of the Sheraton Stockholm Hotel. As of September 30, 2013, we have $771 million of available capacity under the revolver portion of our credit facility. | ||
Equity_of_Host_Inc_and_Capital
Equity of Host Inc. and Capital of Host L.P. | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Equity of Host Inc. and Capital of Host L.P. | ' | ||||||||||||||||||||||||||||||||
7. | Equity of Host Inc. and Capital of Host L.P. | ||||||||||||||||||||||||||||||||
Equity of Host Inc. | |||||||||||||||||||||||||||||||||
Equity of Host Inc. is allocated between controlling and non-controlling interests as follows (in millions): | |||||||||||||||||||||||||||||||||
Equity of | Non-redeemable | Total | Redeemable | ||||||||||||||||||||||||||||||
Host Inc. | non-controlling | equity | non-controlling | ||||||||||||||||||||||||||||||
interests | interests | ||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 6,825 | $ | 34 | $ | 6,859 | $ | 158 | |||||||||||||||||||||||||
Net income | 194 | 2 | 196 | 3 | |||||||||||||||||||||||||||||
Issuance of common stock | 483 | –– | 483 | –– | |||||||||||||||||||||||||||||
Dividends declared on common stock | (247 | ) | –– | (247 | ) | –– | |||||||||||||||||||||||||||
Distributions to non-controlling interests | –– | (4 | ) | (4 | ) | (3 | ) | ||||||||||||||||||||||||||
Other changes in ownership | (17 | ) | 4 | (13 | ) | 17 | |||||||||||||||||||||||||||
Other comprehensive loss | (12 | ) | –– | (12 | ) | –– | |||||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 7,226 | $ | 36 | $ | 7,262 | $ | 175 | |||||||||||||||||||||||||
Capital of Host L.P. | |||||||||||||||||||||||||||||||||
As of September 30, 2013, Host Inc. is the owner of approximately 98.7% of Host L.P.’s common OP units. The remaining 1.3% of the common OP units are held by third party limited partners. Each OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each OP unit. | |||||||||||||||||||||||||||||||||
In exchange for any shares issued by Host Inc., Host L.P. will issue 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. | |||||||||||||||||||||||||||||||||
Capital of Host L.P. is allocated between controlling and non-controlling interests as follows (in millions): | |||||||||||||||||||||||||||||||||
Capital of | Non-controlling | Total | Limited partnership | ||||||||||||||||||||||||||||||
Host L.P. | interests | capital | interests of | ||||||||||||||||||||||||||||||
third parties | |||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 6,825 | $ | 34 | $ | 6,859 | $ | 158 | |||||||||||||||||||||||||
Net income | 194 | 2 | 196 | 3 | |||||||||||||||||||||||||||||
Issuance of common OP units | 483 | –– | 483 | –– | |||||||||||||||||||||||||||||
Distributions declared on common OP units | (247 | ) | –– | (247 | ) | (3 | ) | ||||||||||||||||||||||||||
Distributions to non-controlling interests | –– | (4 | ) | (4 | ) | –– | |||||||||||||||||||||||||||
Other changes in ownership | (17 | ) | 4 | (13 | ) | 17 | |||||||||||||||||||||||||||
Other comprehensive loss | (12 | ) | –– | (12 | ) | –– | |||||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 7,226 | $ | 36 | $ | 7,262 | $ | 175 | |||||||||||||||||||||||||
For Host Inc. and Host L.P., there were no material amounts reclassified out of accumulated other comprehensive income (loss) to net income for the quarter and year-to-date ended September 30, 2013. | |||||||||||||||||||||||||||||||||
Issuance of Common Stock | |||||||||||||||||||||||||||||||||
During the third quarter of 2013, Host Inc. issued 6.0 million shares of common stock, at an average price of $18.39 per share, for net proceeds of approximately $109 million. These issuances were made in “at-the-market” offerings pursuant to Sales Agency Financing Agreements with BNY Mellon Capital Markets, LLC and Scotia Capital (USA) Inc. In connection with the common stock issuance, Host L.P. issued 5.9 million common OP units. These issuances completed the capacity under the current agreements. Year-to-date, we have issued 16.9 million shares of common stock, at an average price of $17.78 per share, for net proceeds of approximately $297 million. For year-to-date, Host L.P. has issued 16.5 million common OP units in connection with these issuances. | |||||||||||||||||||||||||||||||||
Dividends/Distributions | |||||||||||||||||||||||||||||||||
On September 16, 2013, Host Inc.’s Board of Directors declared a regular dividend of $0.12 per share on its common stock. The dividend was paid on October 15, 2013 to stockholders of record as of September 30, 2013. Accordingly, Host L.P. made a distribution of $0.12257928 per unit on its common OP units based on the current conversion ratio. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Acquisitions | ' | |||||||||||||||||||||||||
8. | Acquisitions | |||||||||||||||||||||||||
On May 31, 2013, we acquired the 426-room Hyatt Place Waikiki Beach in Honolulu, Hawaii for approximately $138.5 million. In connection with the acquisition, we incurred $1 million of acquisition costs and acquired a $0.5 million FF&E replacement fund. Accounting for the acquisition of a hotel property or other entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to this acquisition (in millions): | ||||||||||||||||||||||||||
Property and equipment | $ | 138 | ||||||||||||||||||||||||
Restricted cash, FF&E reserves and other assets | 1 | |||||||||||||||||||||||||
Total net assets acquired | $ | 139 | ||||||||||||||||||||||||
Our summarized unaudited consolidated pro forma results of operations, assuming the acquisition completed during 2013 occurred on January 1, 2012, are as follows (in millions, except per share and per unit amounts): | ||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | |||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Revenues | $ | 1,223 | $ | 1,164 | $ | 3,881 | $ | 3,425 | ||||||||||||||||||
Income (loss) from continuing operations | 2 | (39 | ) | 157 | (16 | ) | ||||||||||||||||||||
Net income (loss) | 18 | (35 | ) | 202 | 47 | |||||||||||||||||||||
Host Inc.: | ||||||||||||||||||||||||||
Net income (loss) attributable to Host Inc. | $ | 19 | $ | (33 | ) | $ | 197 | $ | 45 | |||||||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||||||||
Continuing operations | $ | .01 | $ | (.05 | ) | $ | .21 | $ | (.02 | ) | ||||||||||||||||
Discontinued operations | .02 | –– | .06 | .08 | ||||||||||||||||||||||
Basic earnings (loss) per common share | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .06 | |||||||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||||||||
Continuing operations | $ | .01 | $ | (.05 | ) | $ | .20 | $ | (.02 | ) | ||||||||||||||||
Discontinued operations | .02 | –– | .06 | .08 | ||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | .03 | $ | (.05 | ) | $ | .26 | $ | .06 | |||||||||||||||||
Host L.P.: | ||||||||||||||||||||||||||
Net income (loss) attributable to Host L.P. | $ | 19 | $ | (34 | ) | $ | 200 | $ | 46 | |||||||||||||||||
Basic earnings (loss) per common unit: | ||||||||||||||||||||||||||
Continuing operations | $ | .01 | $ | (.05 | ) | $ | .21 | $ | (.03 | ) | ||||||||||||||||
Discontinued operations | .02 | –– | .06 | .09 | ||||||||||||||||||||||
Basic earnings (loss) per common unit | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .06 | |||||||||||||||||
Diluted earnings (loss) per common unit: | ||||||||||||||||||||||||||
Continuing operations | $ | .01 | $ | (.05 | ) | $ | .21 | $ | (.03 | ) | ||||||||||||||||
Discontinued operations | .02 | –– | .06 | .09 | ||||||||||||||||||||||
Diluted earnings (loss) per common unit | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .06 | |||||||||||||||||
The above pro forma results of operations exclude $1 million of acquisition costs for the year-to-date ended September 30, 2013. The condensed consolidated statements of operations for 2013 include approximately $7 million of revenues and $1 million of net income for the quarter and $9 million of revenues and $2 million of net income for the year-to-date related to our 2013 acquisition. |
Dispositions
Dispositions | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||
Dispositions | ' | |||||||||||||||||||||||||||||
9. | Dispositions | |||||||||||||||||||||||||||||
During 2013, we disposed of (i) The Ritz-Carlton, San Francisco for approximately $161 million in the second quarter and (ii) the Atlanta Marriott Marquis for approximately $293 million in the first quarter. During 2012, we disposed of three properties. Additionally, as of September 30, 2013, the Portland Marriott Downtown Waterfront is considered held-for-sale and its operations have been reclassified to discontinued operations. On November 1, 2013, we sold this hotel for approximately $87 million. | ||||||||||||||||||||||||||||||
The following table summarizes revenues, income before income taxes and gain on disposition of the hotels which have been included in discontinued operations for all periods presented (in millions): | ||||||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Revenues | $ | 10 | $ | 48 | $ | 56 | $ | 157 | ||||||||||||||||||||||
Income before income taxes | 3 | 4 | 18 | 14 | ||||||||||||||||||||||||||
Gain on disposition | 14 | –– | 32 | 48 | ||||||||||||||||||||||||||
During the third quarter of 2013, we recognized $14 million of the deferred gain related to the sale of The Ritz-Carlton, San Francisco upon satisfaction of certain closing conditions. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||||||||||||||||
10. | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||
The following tables detail the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, as well as non-recurring fair value measurements, at September 30, 2013 and December 31, 2012, respectively (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||||||||||||||||
September 30, | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
2013 | Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives (a) | $ | 3 | $ | –– | $ | 3 | $ | –– | ||||||||||||||||||||||||||||||||||||||
Forward currency sale contracts (a) | 3 | –– | 3 | –– | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives (a) | (4 | ) | –– | (4 | ) | –– | ||||||||||||||||||||||||||||||||||||||||
Forward currency sale contracts (a) | (3 | ) | –– | (3 | ) | –– | ||||||||||||||||||||||||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||||||||||||||||
December 31, | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
2012 | Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives (a) | $ | 7 | $ | –– | $ | 7 | $ | –– | ||||||||||||||||||||||||||||||||||||||
Forward currency sale contract (a) | 5 | –– | 5 | –– | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives (a) | (6 | ) | –– | (6 | ) | –– | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||||||||||||||||||||||||||||
Impaired hotel properties held and used (b) | 34 | –– | –– | 34 | ||||||||||||||||||||||||||||||||||||||||||
(a) These derivative contracts have been designated as hedging instruments. | ||||||||||||||||||||||||||||||||||||||||||||||
(b) The fair value measurements are as of the measurement date of the impairment and may not reflect subsequent book values. | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives designated as cash flow hedges. We have designated our floating-to-fixed interest rate swap derivatives as cash flow hedges. The purpose of the interest rate swaps is to hedge against changes in cash flows (interest payments) attributable to fluctuations in variable rate debt. The derivatives are valued based on the prevailing market yield curve on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the swaps. Changes in the fair value of the derivatives are recorded to accumulated other comprehensive income (loss) within the equity portion of our balance sheets. The hedges were fully effective as of September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our interest rate swap derivatives designated as cash flow hedges (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Change in Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
Transaction | Total | Maturity | Swapped | All-in Rate | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||||||||||||
Date | Notional | Date | Index | Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||||||||||||||
Amount | September 30, | September 7, | September 30, | September 7, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
November 2011 (1) | A$ | 62 | November 2016 | Reuters BBSY | 6.7 | % | $ | –– | $ | –– | $ | 1 | $ | –– | ||||||||||||||||||||||||||||||||
February 2011 (2) | NZ$ | 79 | Feb-16 | NZ$ Bank Bill | 7.15 | % | $ | –– | $ | –– | $ | 1 | $ | (2 | ) | |||||||||||||||||||||||||||||||
(1) The swap was entered into in connection with the A$82 million ($85 million) mortgage loan on the Hilton Melbourne South Wharf. | ||||||||||||||||||||||||||||||||||||||||||||||
(2) The swap was entered into in connection with the NZ$105 million ($87 million) mortgage loan on seven properties in New Zealand. | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives designated as fair value hedges. We have designated our fixed-to-floating interest rate swap derivatives as fair value hedges. We enter into these derivative instruments to hedge changes in the fair value of fixed-rate debt that occur as a result of changes in market interest rates. The derivatives are valued based on the prevailing market yield curve on the date of measurement. We also evaluate counterparty credit risk in the calculation of the fair value of the swaps. The changes in the fair value of the derivatives largely are offset by corresponding changes in the fair value of the underlying debt due to changes in the 3-month LIBOR rate, which change is recorded as an adjustment to the carrying amount of the debt. Any difference between the change in the fair value of the swap and the change in the fair value of the underlying debt, which difference was not significant for the periods presented, is considered the ineffective portion of the hedging relationship and is recognized in net income (loss). | ||||||||||||||||||||||||||||||||||||||||||||||
We have three fixed-to-floating interest rate swap agreements for an aggregate notional amount totaling $300 million. During both the quarters ended September 30, 2013 and September 7, 2012, the fair value of the swaps decreased $1 million. During the year-to-date periods ended September 30, 2013 and September 7, 2012, the fair value of the swaps decreased $4 million and $2 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign Investment Hedging Instruments. We have five foreign currency forward sale contracts that hedge a portion of the foreign currency exposure resulting from the eventual repatriation of our net investment in foreign operations. These derivatives are considered hedges of the foreign currency exposure of a net investment in a foreign operation and are marked-to-market with changes in fair value recorded to accumulated other comprehensive income (loss) within the equity portion of our balance sheets. The forward sale contracts are valued based on the forward yield curve of the foreign currency to U.S. dollar forward exchange rate on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the derivatives. | ||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our foreign currency sale contracts (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Currently Outstanding | Change in Fair Value – All Contracts | |||||||||||||||||||||||||||||||||||||||||||||
Transaction | Total | Total | Forward | Gain (Loss) | Gain (Loss) | |||||||||||||||||||||||||||||||||||||||||
Date Range | Transaction | Transaction | Purchase | Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||||||||||||||
Amount in | Amount | Date Range | ||||||||||||||||||||||||||||||||||||||||||||
Foreign | in Dollars | |||||||||||||||||||||||||||||||||||||||||||||
Currency | September 30, | September 7, | September 30, | September 7, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
May 2008-January 2013 | € | 120 | $ | 163 | May 2014 - January 2016 | $ | (6 | ) | $ | (2 | ) | $ | (2 | ) | $ | 1 | ||||||||||||||||||||||||||||||
In addition to the forward sale contracts, we have designated a portion of the foreign currency draws on our credit facility as hedges of net investments in foreign operations. Changes in fair value in the designated credit facility draws are recorded to accumulated other comprehensive income (loss) within the equity portion of our balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the draws on our credit facility that are designated as hedges of net investments in international operations (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Currency | Balance | Balance | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding in | Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||||||||||||||||
US$ | Foreign Currency | September 30, | September 7, | September 30, | September 7, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Canadian dollars (1) | $ | 30 | C$ | 31 | $ | (1 | ) | $ | –– | $ | 1 | $ | –– | |||||||||||||||||||||||||||||||||
Australian dollars | $ | 6 | A$ | 7 | $ | –– | $ | –– | $ | 1 | $ | –– | ||||||||||||||||||||||||||||||||||
Euros | $ | 100 | € | 74 | $ | (3 | ) | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||||||||||||||||||||||||||||
(1) We have an additional $74 million outstanding on the credit facility in Canadian dollars that has not been designated as a hedging instrument. | ||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Other Financial Liabilities. We did not elect the fair value measurement option for any of our other financial liabilities. Valuations for secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Senior Notes and the Exchangeable Senior Debentures are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. | ||||||||||||||||||||||||||||||||||||||||||||||
The fair value of certain financial liabilities are shown below (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Senior notes (Level 1) | $ | 2,647 | $ | 2,758 | $ | 3,038 | $ | 3,296 | ||||||||||||||||||||||||||||||||||||||
Exchangeable Senior Debentures (Level 1) | 367 | 562 | 531 | 725 | ||||||||||||||||||||||||||||||||||||||||||
Credit facility (Level 2) | 729 | 729 | 763 | 763 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage debt and other, net of capital leases (Level 2) | 816 | 831 | 1,078 | 1,094 | ||||||||||||||||||||||||||||||||||||||||||
Geographic_Information
Geographic Information | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Geographic Information | ' | |||||||||||||||||||||||||||||||||||||||||||||
11. | Geographic Information | |||||||||||||||||||||||||||||||||||||||||||||
We consider each of our hotels to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual hotels. All of our other real estate investment activities (primarily our office buildings) are immaterial and, with our operating segments, meet the aggregation criteria, and thus, we report one segment: hotel ownership. Our consolidated international operations consist of hotels in six countries. There were no intersegment sales during the periods presented. | ||||||||||||||||||||||||||||||||||||||||||||||
The following table presents total revenues and property and equipment for each of the geographical areas in which we operate (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Property and equipment, net | |||||||||||||||||||||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | September 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
United States | $ | 1,160 | $ | 1,096 | $ | 3,676 | $ | 3,243 | $ | 10,634 | $ | 11,095 | ||||||||||||||||||||||||||||||||||
Australia | 10 | 10 | 30 | 27 | 115 | 133 | ||||||||||||||||||||||||||||||||||||||||
Brazil | 7 | 8 | 22 | 22 | 36 | 39 | ||||||||||||||||||||||||||||||||||||||||
Canada | 22 | 20 | 69 | 60 | 93 | 97 | ||||||||||||||||||||||||||||||||||||||||
Chile | 7 | 10 | 24 | 24 | 57 | 63 | ||||||||||||||||||||||||||||||||||||||||
Mexico | 6 | 6 | 17 | 16 | 32 | 26 | ||||||||||||||||||||||||||||||||||||||||
New Zealand | 11 | 8 | 33 | 23 | 143 | 135 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,223 | $ | 1,158 | $ | 3,871 | $ | 3,415 | $ | 11,110 | $ | 11,588 | ||||||||||||||||||||||||||||||||||
Noncontrolling_Interests
Non-controlling Interests | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Non-Controlling Interests | ' | |||||||||||||
12. | Non-controlling Interests | |||||||||||||
Other Consolidated Partnerships. We consolidate five majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-controlling interests — other consolidated partnerships on the condensed consolidated balance sheets and totaled $36 million and $34 million as of September 30, 2013 and December 31, 2012, respectively. Three of the partnerships have finite lives that terminate between 2081 and 2095, and the associated non-controlling interests are mandatorily redeemable at our option at the end of, but not prior to, the finite life. At September 30, 2013 and December 31, 2012, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $71 million and approximately $65 million, respectively. | ||||||||||||||
Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income (loss) attributable to non-controlling interests of third parties, which is included in the determination of net income (loss) attributable to Host Inc. and Host L.P., was $(1) million for both the quarters ended September 30, 2013 and September 7, 2012. Net income (loss) attributable to non-controlling interests of third parties was $2 million and $1 million for the year-to-date periods ended September 30, 2013 and September 7, 2012, respectively | ||||||||||||||
Host Inc.’s treatment of the non-controlling interests of Host L.P.: Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying value based on 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 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 shares issuable 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 into 1.021494 shares of Host Inc. common stock. Non-controlling interests of Host L.P. are classified in the mezzanine section of the balance sheet as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. | ||||||||||||||
The table below details the historical cost and redemption values for the non-controlling interests: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
OP units outstanding (millions) | 9.7 | 9.9 | ||||||||||||
Market price per Host Inc. common share | $ | 17.67 | $ | 15.67 | ||||||||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | ||||||||||||
Redemption value (millions) | $ | 175 | $ | 158 | ||||||||||
Historical cost (millions) | $ | 96 | $ | 96 | ||||||||||
Book value (millions) (a) | $ | 175 | $ | 158 | ||||||||||
(a) The book value recorded is equal to the greater of redemption value or historical cost. | ||||||||||||||
Net income (loss) is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership interest during the period. Net income (loss) attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P. The income (loss) attributable to the non-controlling interests of Host L.P. was immaterial for the quarter ended September 30, 2013 and $3 million for year-to-date ended September 30, 2013, and was $(1) million and $1 million for the quarter and year-to-date ended September 7, 2012, respectively. |
Legal_Proceedings
Legal Proceedings | 9 Months Ended | |
Sep. 30, 2013 | ||
Legal Proceedings | ' | |
13. | Legal Proceedings | |
We are involved in various legal proceedings in the normal course of business regarding the operation of our hotels and company matters. To the extent not covered by insurance, these 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. | ||
Excluding the San Antonio litigation discussed below, based on our analysis of legal proceedings with which we currently are involved or of which we are aware and our experience in resolving similar claims in the past, we have accrued approximately $11 million as of September 30, 2013 for liabilities related to legal proceedings and estimate that, in the aggregate, our losses related to these proceedings could be as much as $53 million. We believe this range represents the maximum potential loss for all of our legal proceedings. We are not aware of any other matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings. | ||
We also have accrued a loss contingency of approximately $68 million related to the litigation concerning the ground lease for the San Antonio Marriott Rivercenter. On June 28, 2013, the Texas Supreme Court issued an order denying our Petition for Review. The Court's procedures provide for the right to seek rehearing of such an order, and we have exercised that right. No assurances can be given as to the outcome of this appeal. In relation to this legal proceeding, we previously funded a court-ordered $25 million escrow reserve, which is included in restricted cash. For further detail on this legal proceeding, see Part II, Item 1, Legal Proceedings of this filing and Part I, Item 3, Legal Proceedings, of our Annual Report on Form 10-K for the year ended December 31, 2012. |
Organization_Tables
Organization (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
Number of Hotels with Rooms, Primarily Consisting of Luxury and Upper Upscale, by Location | ' | |
As of September 30, 2013, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is detailed below: | ||
Hotels | ||
United States | 103 | |
Australia | 1 | |
Brazil | 1 | |
Canada | 3 | |
Chile | 2 | |
Mexico | 1 | |
New Zealand | 7 | |
Total | 118 | |
European Joint Venture | ' | |
Number of Hotels with Rooms, Primarily Consisting of Luxury and Upper Upscale, by Location | ' | |
As of September 30, 2013, the Euro JV owned hotels located in the following countries: | ||
Hotels | ||
Belgium | 3 | |
France | 5 | |
Germany | 1 | |
Italy | 3 | |
Poland | 1 | |
Spain | 2 | |
Sweden | 1 | |
The Netherlands | 2 | |
United Kingdom | 2 | |
Total | 20 | |
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share (Unit) (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS, INC. | ' | ||||||||||||||||||||||||||||||
Earnings Per Common Share (Unit) | ' | ||||||||||||||||||||||||||||||
Host Inc. Earnings (Loss) Per Common Share | |||||||||||||||||||||||||||||||
Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): | |||||||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | ||||||||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Net income (loss) | $ | 18 | $ | (36 | ) | $ | 199 | $ | 48 | ||||||||||||||||||||||
Less: Net (income) loss attributable to non-controlling interests | 1 | 2 | (5 | ) | (2 | ) | |||||||||||||||||||||||||
Net income (loss) attributable to Host Inc. | $ | 19 | $ | (34 | ) | $ | 194 | $ | 46 | ||||||||||||||||||||||
Diluted income (loss) attributable to Host Inc. | $ | 19 | $ | (34 | ) | $ | 194 | $ | 46 | ||||||||||||||||||||||
Basic weighted average shares outstanding | 749.0 | 721.3 | 740.9 | 715.7 | |||||||||||||||||||||||||||
Diluted weighted average shares outstanding (a) | 749.7 | 721.3 | 744.9 | 715.7 | |||||||||||||||||||||||||||
Basic earnings (loss) per common share | $ | .03 | $ | (.05 | ) | $ | .26 | $ | .06 | ||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | .03 | $ | (.05 | ) | $ | .26 | $ | .06 | ||||||||||||||||||||||
(a) | There were approximately 30 million and 29 million for the quarter and year-to-date periods ended September 30, 2013, respectively, and approximately 40 million for both the quarter and year-to-date periods ended September 7, 2012, potentially dilutive shares for our exchangeable senior debentures, which shares were not included in the computation of diluted earnings (loss) per share because to do so would have been anti-dilutive for the period. | ||||||||||||||||||||||||||||||
HOST HOTELS & RESORTS L.P. | ' | ||||||||||||||||||||||||||||||
Earnings Per Common Share (Unit) | ' | ||||||||||||||||||||||||||||||
Host L.P. Earnings (Loss) Per Common Unit | |||||||||||||||||||||||||||||||
Basic earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders, as adjusted for potentially dilutive securities, by the weighted average number of common units outstanding plus other potentially dilutive securities. Dilutive securities may include units issued to Host Inc. to support Host Inc. common shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): | |||||||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | ||||||||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Net income (loss) | $ | 18 | $ | (36 | ) | $ | 199 | $ | 48 | ||||||||||||||||||||||
Less: Net (income) loss attributable to non-controlling interests | 1 | 1 | (2 | ) | (1 | ) | |||||||||||||||||||||||||
Net income (loss) attributable to Host L.P. | $ | 19 | $ | (35 | ) | $ | 197 | $ | 47 | ||||||||||||||||||||||
Diluted income (loss) attributable to Host L.P. | $ | 19 | $ | (35 | ) | $ | 197 | $ | 47 | ||||||||||||||||||||||
Basic weighted average units outstanding | 743.0 | 716.2 | 735.1 | 710.8 | |||||||||||||||||||||||||||
Diluted weighted average units outstanding (a) | 743.6 | 716.2 | 739.0 | 710.8 | |||||||||||||||||||||||||||
Basic earnings (loss) per common unit | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .07 | ||||||||||||||||||||||
Diluted earnings (loss) per common unit | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .07 | ||||||||||||||||||||||
(a) | There were approximately 29 million for both the quarter and year-to-date periods ended September 30, 2013 and approximately 40 million and 39 million for the quarter and year-to-date ended September 7, 2012, respectively, potentially dilutive units for our exchangeable senior debentures, which units were not included in the computation of diluted earnings (loss) per unit because to do so would have been anti-dilutive for the period. | ||||||||||||||||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Property and Equipment | ' | ||||||||||
Property and equipment consists of the following (in millions): | |||||||||||
September 30, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Land and land improvements | $ | 1,948 | $ | 1,996 | |||||||
Buildings and leasehold improvements | 13,478 | 13,665 | |||||||||
Furniture and equipment | 2,233 | 2,227 | |||||||||
Construction in progress | 178 | 199 | |||||||||
17,837 | 18,087 | ||||||||||
Less accumulated depreciation and amortization | (6,727 | ) | (6,499 | ) | |||||||
$ | 11,110 | $ | 11,588 | ||||||||
Equity_of_Host_Inc_and_Capital1
Equity of Host Inc. and Capital of Host L.P. (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Equity Allocation Between Controlling and Non-Controlling Interests | ' | ||||||||||||||||||||||||||||||||
Equity of Host Inc. is allocated between controlling and non-controlling interests as follows (in millions): | |||||||||||||||||||||||||||||||||
Equity of | Non-redeemable | Total | Redeemable | ||||||||||||||||||||||||||||||
Host Inc. | non-controlling | equity | non-controlling | ||||||||||||||||||||||||||||||
interests | interests | ||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 6,825 | $ | 34 | $ | 6,859 | $ | 158 | |||||||||||||||||||||||||
Net income | 194 | 2 | 196 | 3 | |||||||||||||||||||||||||||||
Issuance of common stock | 483 | –– | 483 | –– | |||||||||||||||||||||||||||||
Dividends declared on common stock | (247 | ) | –– | (247 | ) | –– | |||||||||||||||||||||||||||
Distributions to non-controlling interests | –– | (4 | ) | (4 | ) | (3 | ) | ||||||||||||||||||||||||||
Other changes in ownership | (17 | ) | 4 | (13 | ) | 17 | |||||||||||||||||||||||||||
Other comprehensive loss | (12 | ) | –– | (12 | ) | –– | |||||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 7,226 | $ | 36 | $ | 7,262 | $ | 175 | |||||||||||||||||||||||||
Capital Allocation Between Controlling and Non-Controlling Interests | ' | ||||||||||||||||||||||||||||||||
Capital of Host L.P. is allocated between controlling and non-controlling interests as follows (in millions): | |||||||||||||||||||||||||||||||||
Capital of | Non-controlling | Total | Limited partnership | ||||||||||||||||||||||||||||||
Host L.P. | interests | capital | interests of | ||||||||||||||||||||||||||||||
third parties | |||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 6,825 | $ | 34 | $ | 6,859 | $ | 158 | |||||||||||||||||||||||||
Net income | 194 | 2 | 196 | 3 | |||||||||||||||||||||||||||||
Issuance of common OP units | 483 | –– | 483 | –– | |||||||||||||||||||||||||||||
Distributions declared on common OP units | (247 | ) | –– | (247 | ) | (3 | ) | ||||||||||||||||||||||||||
Distributions to non-controlling interests | –– | (4 | ) | (4 | ) | –– | |||||||||||||||||||||||||||
Other changes in ownership | (17 | ) | 4 | (13 | ) | 17 | |||||||||||||||||||||||||||
Other comprehensive loss | (12 | ) | –– | (12 | ) | –– | |||||||||||||||||||||||||||
Balance, September 30, 2013 | $ | 7,226 | $ | 36 | $ | 7,262 | $ | 175 | |||||||||||||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions | ' | |||||||||||||||||||||||||
On May 31, 2013, we acquired the 426-room Hyatt Place Waikiki Beach in Honolulu, Hawaii for approximately $138.5 million. In connection with the acquisition, we incurred $1 million of acquisition costs and acquired a $0.5 million FF&E replacement fund. Accounting for the acquisition of a hotel property or other entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to this acquisition (in millions): | ||||||||||||||||||||||||||
Property and equipment | $ | 138 | ||||||||||||||||||||||||
Restricted cash, FF&E reserves and other assets | 1 | |||||||||||||||||||||||||
Total net assets acquired | $ | 139 | ||||||||||||||||||||||||
Summary of Unaudited Consolidated Pro Forma Results of Operations | ' | |||||||||||||||||||||||||
Our summarized unaudited consolidated pro forma results of operations, assuming the acquisition completed during 2013 occurred on January 1, 2012, are as follows (in millions, except per share and per unit amounts): | ||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | |||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Revenues | $ | 1,223 | $ | 1,164 | $ | 3,881 | $ | 3,425 | ||||||||||||||||||
Income (loss) from continuing operations | 2 | (39 | ) | 157 | (16 | ) | ||||||||||||||||||||
Net income (loss) | 18 | (35 | ) | 202 | 47 | |||||||||||||||||||||
Host Inc.: | ||||||||||||||||||||||||||
Net income (loss) attributable to Host Inc. | $ | 19 | $ | (33 | ) | $ | 197 | $ | 45 | |||||||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||||||||
Continuing operations | $ | .01 | $ | (.05 | ) | $ | .21 | $ | (.02 | ) | ||||||||||||||||
Discontinued operations | .02 | –– | .06 | .08 | ||||||||||||||||||||||
Basic earnings (loss) per common share | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .06 | |||||||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||||||||
Continuing operations | $ | .01 | $ | (.05 | ) | $ | .20 | $ | (.02 | ) | ||||||||||||||||
Discontinued operations | .02 | –– | .06 | .08 | ||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | .03 | $ | (.05 | ) | $ | .26 | $ | .06 | |||||||||||||||||
Host L.P.: | ||||||||||||||||||||||||||
Net income (loss) attributable to Host L.P. | $ | 19 | $ | (34 | ) | $ | 200 | $ | 46 | |||||||||||||||||
Basic earnings (loss) per common unit: | ||||||||||||||||||||||||||
Continuing operations | $ | .01 | $ | (.05 | ) | $ | .21 | $ | (.03 | ) | ||||||||||||||||
Discontinued operations | .02 | –– | .06 | .09 | ||||||||||||||||||||||
Basic earnings (loss) per common unit | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .06 | |||||||||||||||||
Diluted earnings (loss) per common unit: | ||||||||||||||||||||||||||
Continuing operations | $ | .01 | $ | (.05 | ) | $ | .21 | $ | (.03 | ) | ||||||||||||||||
Discontinued operations | .02 | –– | .06 | .09 | ||||||||||||||||||||||
Diluted earnings (loss) per common unit | $ | .03 | $ | (.05 | ) | $ | .27 | $ | .06 | |||||||||||||||||
Dispositions_Tables
Dispositions (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||
Revenues, Income (Loss) before Income Taxes and Gain on Dispositions in Discontinued Operations | ' | |||||||||||||||||||||||||||||
The following table summarizes revenues, income before income taxes and gain on disposition of the hotels which have been included in discontinued operations for all periods presented (in millions): | ||||||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Revenues | $ | 10 | $ | 48 | $ | 56 | $ | 157 | ||||||||||||||||||||||
Income before income taxes | 3 | 4 | 18 | 14 | ||||||||||||||||||||||||||
Gain on disposition | 14 | –– | 32 | 48 | ||||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | ' | |||||||||||||||||||||||||||||||||||||||||||||
The following tables detail the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, as well as non-recurring fair value measurements, at September 30, 2013 and December 31, 2012, respectively (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||||||||||||||||
September 30, | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
2013 | Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives (a) | $ | 3 | $ | –– | $ | 3 | $ | –– | ||||||||||||||||||||||||||||||||||||||
Forward currency sale contracts (a) | 3 | –– | 3 | –– | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives (a) | (4 | ) | –– | (4 | ) | –– | ||||||||||||||||||||||||||||||||||||||||
Forward currency sale contracts (a) | (3 | ) | –– | (3 | ) | –– | ||||||||||||||||||||||||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||||||||||||||||
December 31, | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
2012 | Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives (a) | $ | 7 | $ | –– | $ | 7 | $ | –– | ||||||||||||||||||||||||||||||||||||||
Forward currency sale contract (a) | 5 | –– | 5 | –– | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivatives (a) | (6 | ) | –– | (6 | ) | –– | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||||||||||||||||||||||||||||
Impaired hotel properties held and used (b) | 34 | –– | –– | 34 | ||||||||||||||||||||||||||||||||||||||||||
(a) These derivative contracts have been designated as hedging instruments. | ||||||||||||||||||||||||||||||||||||||||||||||
(b) The fair value measurements are as of the measurement date of the impairment and may not reflect subsequent book values. | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Derivatives Designated as Cash Flow Hedges | ' | |||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our interest rate swap derivatives designated as cash flow hedges (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Change in Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
Transaction | Total | Maturity | Swapped | All-in Rate | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||||||||||||
Date | Notional | Date | Index | Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||||||||||||||
Amount | September 30, | September 7, | September 30, | September 7, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
November 2011 (1) | A$ | 62 | November 2016 | Reuters BBSY | 6.7 | % | $ | –– | $ | –– | $ | 1 | $ | –– | ||||||||||||||||||||||||||||||||
February 2011 (2) | NZ$ | 79 | Feb-16 | NZ$ Bank Bill | 7.15 | % | $ | –– | $ | –– | $ | 1 | $ | (2 | ) | |||||||||||||||||||||||||||||||
(1) The swap was entered into in connection with the A$82 million ($85 million) mortgage loan on the Hilton Melbourne South Wharf. | ||||||||||||||||||||||||||||||||||||||||||||||
(2) The swap was entered into in connection with the NZ$105 million ($87 million) mortgage loan on seven properties in New Zealand. | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Sale Contracts | ' | |||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our foreign currency sale contracts (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Currently Outstanding | Change in Fair Value – All Contracts | |||||||||||||||||||||||||||||||||||||||||||||
Transaction | Total | Total | Forward | Gain (Loss) | Gain (Loss) | |||||||||||||||||||||||||||||||||||||||||
Date Range | Transaction | Transaction | Purchase | Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||||||||||||||
Amount in | Amount | Date Range | ||||||||||||||||||||||||||||||||||||||||||||
Foreign | in Dollars | |||||||||||||||||||||||||||||||||||||||||||||
Currency | September 30, | September 7, | September 30, | September 7, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
May 2008-January 2013 | € | 120 | $ | 163 | May 2014 - January 2016 | $ | (6 | ) | $ | (2 | ) | $ | (2 | ) | $ | 1 | ||||||||||||||||||||||||||||||
Draws on Credit Facility that are Designated as Net Investments in International Operations | ' | |||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the draws on our credit facility that are designated as hedges of net investments in international operations (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Currency | Balance | Balance | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding in | Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||||||||||||||||
US$ | Foreign Currency | September 30, | September 7, | September 30, | September 7, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Canadian dollars (1) | $ | 30 | C$ | 31 | $ | (1 | ) | $ | –– | $ | 1 | $ | –– | |||||||||||||||||||||||||||||||||
Australian dollars | $ | 6 | A$ | 7 | $ | –– | $ | –– | $ | 1 | $ | –– | ||||||||||||||||||||||||||||||||||
Euros | $ | 100 | € | 74 | $ | (3 | ) | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||||||||||||||||||||||||||||
(1) We have an additional $74 million outstanding on the credit facility in Canadian dollars that has not been designated as a hedging instrument. | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Certain Financial Liabilities and Other Financial Instruments | ' | |||||||||||||||||||||||||||||||||||||||||||||
The fair value of certain financial liabilities are shown below (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Senior notes (Level 1) | $ | 2,647 | $ | 2,758 | $ | 3,038 | $ | 3,296 | ||||||||||||||||||||||||||||||||||||||
Exchangeable Senior Debentures (Level 1) | 367 | 562 | 531 | 725 | ||||||||||||||||||||||||||||||||||||||||||
Credit facility (Level 2) | 729 | 729 | 763 | 763 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage debt and other, net of capital leases (Level 2) | 816 | 831 | 1,078 | 1,094 | ||||||||||||||||||||||||||||||||||||||||||
Geographic_Information_Tables
Geographic Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues and Long-Lived Assets by Geographical Area | ' | |||||||||||||||||||||||||||||||||||||||||||||
The following table presents total revenues and property and equipment for each of the geographical areas in which we operate (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Property and equipment, net | |||||||||||||||||||||||||||||||||||||||||||||
Quarter ended | Year-to-date ended | |||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 7, | September 30, | September 7, | September 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
United States | $ | 1,160 | $ | 1,096 | $ | 3,676 | $ | 3,243 | $ | 10,634 | $ | 11,095 | ||||||||||||||||||||||||||||||||||
Australia | 10 | 10 | 30 | 27 | 115 | 133 | ||||||||||||||||||||||||||||||||||||||||
Brazil | 7 | 8 | 22 | 22 | 36 | 39 | ||||||||||||||||||||||||||||||||||||||||
Canada | 22 | 20 | 69 | 60 | 93 | 97 | ||||||||||||||||||||||||||||||||||||||||
Chile | 7 | 10 | 24 | 24 | 57 | 63 | ||||||||||||||||||||||||||||||||||||||||
Mexico | 6 | 6 | 17 | 16 | 32 | 26 | ||||||||||||||||||||||||||||||||||||||||
New Zealand | 11 | 8 | 33 | 23 | 143 | 135 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,223 | $ | 1,158 | $ | 3,871 | $ | 3,415 | $ | 11,110 | $ | 11,588 | ||||||||||||||||||||||||||||||||||
Noncontrolling_Interests_Table
Non-controlling Interests (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Historical Cost and Redemption Values for Non-Controlling Interests | ' | |||||||||||||
The table below details the historical cost and redemption values for the non-controlling interests: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
OP units outstanding (millions) | 9.7 | 9.9 | ||||||||||||
Market price per Host Inc. common share | $ | 17.67 | $ | 15.67 | ||||||||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | ||||||||||||
Redemption value (millions) | $ | 175 | $ | 158 | ||||||||||
Historical cost (millions) | $ | 96 | $ | 96 | ||||||||||
Book value (millions) (a) | $ | 175 | $ | 158 | ||||||||||
(a) The book value recorded is equal to the greater of redemption value or historical cost. |
Supplemental_Disclosure_of_Non1
Supplemental Disclosure of Noncash Investing and Financing Activities (Host Hotels & Resorts, Inc) - Additional Information (Detail) (HOST HOTELS & RESORTS, INC., USD $) | 9 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Sep. 07, 2012 | Sep. 30, 2013 | Mar. 31, 2013 |
Exchangeable Senior Debentures 3.25% | |||
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Shares issued for converted units, shares | 0.5 | 0.2 | ' |
Common operating partnership units, value | $8 | $3 | ' |
Exchangeable Debentures | ' | ' | $174 |
Debt interest rate | ' | ' | 3.25% |
Debt converted into shares of Host Inc. common stock | ' | ' | 11.7 |
Supplemental_Disclosure_of_Non2
Supplemental Disclosure of Noncash Investing and Financing Activities (HOST HOTELS & RESORTS, L.P.) - Additional Information (Detail) (HOST HOTELS & RESORTS L.P., USD $) | 9 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Sep. 07, 2012 | Sep. 30, 2013 | Mar. 31, 2013 |
Exchangeable Senior Debentures 3.25% | |||
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Common operating partnership units, value | $8 | $3 | ' |
Shares issued for converted units, shares | 0.5 | 0.2 | ' |
Exchangeable Debentures | ' | ' | $174 |
Debt interest rate | ' | ' | 3.25% |
Debt converted into shares of Host Inc. common stock | ' | ' | 11.7 |
Common OP units issued, units | ' | ' | 11.5 |
Number_of_Hotels_with_Rooms_Pr
Number of Hotels with Rooms, Primarily Consisting of Luxury and Upper Upscale, by Location (Detail) | Sep. 30, 2013 |
Hotel | |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 118 |
United States | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 103 |
Australia | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
Brazil | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
Canada | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 3 |
Chile | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 2 |
Mexico | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
New Zealand | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 7 |
Corporate Joint Venture | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 20 |
Corporate Joint Venture | Belgium | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 3 |
Corporate Joint Venture | France | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 5 |
Corporate Joint Venture | Germany | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
Corporate Joint Venture | Italy | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 3 |
Corporate Joint Venture | Poland | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
Corporate Joint Venture | Spain | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 2 |
Corporate Joint Venture | Sweden | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
Corporate Joint Venture | The Netherlands | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 2 |
Corporate Joint Venture | United Kingdom | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 2 |
Organization_Additional_Inform
Organization - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 118 |
Marriott | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Percentage of properties managed | 50.00% |
AUSTRALIA | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 1 |
HOST HOTELS & RESORTS, INC. | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Percentage of the common OP Units invested in Host LP | 98.70% |
Corporate Joint Venture | Asian Joint Venture | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Investment ownership percentage | 25.00% |
Corporate Joint Venture | AUSTRALIA | Asian Joint Venture | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 1 |
Corporate Joint Venture | INDIA | Asian Joint Venture | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 2 |
Corporate Joint Venture | European Joint Venture | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 20 |
Corporate Joint Venture | European Joint Venture | Fund I | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Investment ownership percentage | 32.10% |
Number of hotels | 11 |
Corporate Joint Venture | European Joint Venture | Fund I I | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Investment ownership percentage | 33.40% |
Number of hotels | 9 |
Host_Inc_Earnings_Loss_Per_Com
Host Inc. Earnings (Loss) Per Common Share (Detail) (HOST HOTELS & RESORTS, INC., USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 | ||||
HOST HOTELS & RESORTS, INC. | ' | ' | ' | ' | ||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' | ' | ||||
NET INCOME (LOSS) | $18 | ($36) | $48 | $199 | ||||
Less: Net (income) loss attributable to non-controlling interests | 1 | 2 | -2 | -5 | ||||
Net income (loss) attributable to Host Inc. | 19 | -34 | 46 | 194 | ||||
Diluted income (loss) attributable to Host Inc. | $19 | ($34) | $46 | $194 | ||||
Basic weighted average shares outstanding | 749 | 721.3 | 715.7 | 740.9 | ||||
Diluted weighted average shares outstanding | 749.7 | [1] | 721.3 | [1] | 715.7 | [1] | 744.9 | [1] |
Basic earnings (loss) per common share | $0.03 | ($0.05) | $0.06 | $0.26 | ||||
Diluted earnings (loss) per common share | $0.03 | ($0.05) | $0.06 | $0.26 | ||||
[1] | There were approximately 30 million and 29 million for the quarter and year-to-date periods ended September 30, 2013, respectively, and approximately 40 million for both the quarter and year-to-date periods ended September 7, 2012, potentially dilutive shares for our exchangeable senior debentures, which shares were not included in the computation of diluted earnings (loss) per share because to do so would have been anti-dilutive for the period. |
Host_Inc_Earnings_Loss_Per_Com1
Host Inc. Earnings (Loss) Per Common Share (Parenthetical) (Detail) (HOST HOTELS & RESORTS, INC.) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
HOST HOTELS & RESORTS, INC. | ' | ' | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares which were not included in the computation of diluted EPS | 30 | 40 | 40 | 29 |
Host_LP_Earnings_Loss_Per_Comm
Host LP Earnings (Loss) Per Common Unit (Detail) (HOST HOTELS & RESORTS L.P., USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 | ||||
HOST HOTELS & RESORTS L.P. | ' | ' | ' | ' | ||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' | ' | ||||
NET INCOME (LOSS) | $18 | ($36) | $48 | $199 | ||||
Less: Net (income) loss attributable to non-controlling interests | 1 | 1 | -1 | -2 | ||||
Net income (loss) attributable to Host L.P. | 19 | -35 | 47 | 197 | ||||
Diluted income (loss) attributable to Host L.P. | $19 | ($35) | $47 | $197 | ||||
Basic weighted average shares outstanding | 743 | 716.2 | 710.8 | 735.1 | ||||
Diluted weighted average shares outstanding | 743.6 | [1] | 716.2 | [1] | 710.8 | [1] | 739 | [1] |
Basic earnings (loss) per common unit | $0.03 | ($0.05) | $0.07 | $0.27 | ||||
Diluted earnings (loss) per common unit | $0.03 | ($0.05) | $0.07 | $0.27 | ||||
[1] | There were approximately 29 million for both the quarter and year-to-date periods ended September 30, 2013 and approximately 40 million and 39 million for the quarter and year-to-date ended September 7, 2012, respectively, potentially dilutive units for our exchangeable senior debentures, which units were not included in the computation of diluted earnings (loss) per unit because to do so would have been anti-dilutive for the period. |
Host_LP_Earnings_Loss_Per_Comm1
Host LP Earnings (Loss) Per Common Unit (Parenthetical) (Detail) (HOST HOTELS & RESORTS L.P.) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
HOST HOTELS & RESORTS L.P. | ' | ' | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares which were not included in the computation of diluted EPS | 29 | 40 | 39 | 29 |
Summary_of_Property_and_Equipm
Summary of Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ' | ' |
Land and land improvements | $1,948 | $1,996 |
Buildings and leasehold improvements | 13,478 | 13,665 |
Furniture and equipment | 2,233 | 2,227 |
Construction in progress | 178 | 199 |
Property, Plant and Equipment, Gross, Total | 17,837 | 18,087 |
Less accumulated depreciation and amortization | -6,727 | -6,499 |
Property and equipment, net | $11,110 | $11,588 |
Investment_in_Affiliates_Addit
Investment in Affiliates - Additional Information (Detail) | 1 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 29, 2013 | Aug. 29, 2013 | Aug. 29, 2013 | Aug. 29, 2013 | Oct. 22, 2013 |
Sheraton Stockholm Hotel | Sheraton Stockholm Hotel | Sheraton Stockholm Hotel | Sheraton Stockholm Hotel | Courtyard Paris La Defense West – Colombes | |
Sweden | Sweden | European Joint Venture | European Joint Venture | European Joint Venture | |
USD ($) | EUR (€) | Sweden | Sweden | Subsequent Event | |
USD ($) | EUR (€) | EUR (€) | |||
Room | Room | ||||
Investments In And Advances To Affiliates [Line Items] | ' | ' | ' | ' | ' |
Number of rooms | ' | ' | 465 | 465 | ' |
Acquisition date total consideration transferred | ' | ' | $135 | € 102 | ' |
Issuances of debt | ' | ' | 81 | 61 | ' |
Interest rate of secured debt | ' | ' | 5.87% | 5.87% | ' |
Amount of contribution in connection acquisition | 19 | 14 | ' | ' | ' |
Proceeds from sales of assets, net | ' | ' | ' | ' | € 19 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 1 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
USD ($) | EUR (€) | USD ($) | Series Q Senior Notes 6.75% Due June 2016 | |
USD ($) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Repayment of senior notes | ' | ' | ' | $200 |
Debt interest rate | ' | ' | ' | 6.75% |
Redemption price of Senior notes | ' | ' | ' | 202 |
Draws on credit facility | 21 | 15 | ' | ' |
Remaining borrowing capacity | ' | ' | $771 | ' |
Equity_Allocation_Between_Cont
Equity Allocation Between Controlling and Non-Controlling Interests (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Net income | ($1) | ($1) | $1 | $2 |
Net income | ' | -1 | 1 | 3 |
HOST HOTELS & RESORTS, INC. | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 6,859 |
Net income (loss) attributable to Host L.P. | 19 | -34 | 46 | 194 |
Net income | ' | ' | ' | 196 |
Issuance of common stock | ' | ' | ' | 483 |
Dividends declared on common stock | ' | ' | ' | -247 |
Distributions to non-controlling interests | ' | ' | ' | -4 |
Other changes in ownership | ' | ' | ' | -13 |
Other comprehensive loss | 12 | 16 | 10 | -12 |
Ending Balance | 7,262 | ' | ' | 7,262 |
HOST HOTELS & RESORTS, INC. | Parent | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 6,825 |
Net income (loss) attributable to Host L.P. | ' | ' | ' | 194 |
Issuance of common stock | ' | ' | ' | 483 |
Dividends declared on common stock | ' | ' | ' | -247 |
Other changes in ownership | ' | ' | ' | -17 |
Other comprehensive loss | ' | ' | ' | -12 |
Ending Balance | 7,226 | ' | ' | 7,226 |
HOST HOTELS & RESORTS, INC. | Non-controlling Interests of Consolidated Partnerships | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 34 |
Net income | ' | ' | ' | 2 |
Issuance of common stock | ' | ' | ' | ' |
Dividends declared on common stock | ' | ' | ' | ' |
Distributions to non-controlling interests | ' | ' | ' | -4 |
Other changes in ownership | ' | ' | ' | 4 |
Other comprehensive loss | ' | ' | ' | ' |
Ending Balance | 36 | ' | ' | 36 |
HOST HOTELS & RESORTS, INC. | Redeemable non-controlling interests | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 158 |
Net income | ' | ' | ' | 3 |
Issuance of common stock | ' | ' | ' | ' |
Dividends declared on common stock | ' | ' | ' | ' |
Distributions to non-controlling interests | ' | ' | ' | -3 |
Other changes in ownership | ' | ' | ' | 17 |
Other comprehensive loss | ' | ' | ' | ' |
Ending Balance | $175 | ' | ' | $175 |
Capital_Allocation_Between_Con
Capital Allocation Between Controlling and Non-Controlling Interests (Detail) (HOST HOTELS & RESORTS L.P., USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
Limited Partners Capital Account [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | $6,859 |
Net income (loss) attributable to Host L.P. | 19 | -35 | 47 | 197 |
Net income | ' | ' | ' | 196 |
Issuance of common OP units | ' | ' | ' | 483 |
Distributions declared on common OP units | ' | ' | ' | -247 |
Distributions to non-controlling interests | ' | ' | ' | -4 |
Other changes in ownership | ' | ' | ' | -13 |
Other comprehensive loss | 12 | 16 | 10 | -12 |
Ending Balance | 7,262 | ' | ' | 7,262 |
Parent | ' | ' | ' | ' |
Limited Partners Capital Account [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 6,825 |
Net income (loss) attributable to Host L.P. | ' | ' | ' | 194 |
Issuance of common OP units | ' | ' | ' | 483 |
Distributions declared on common OP units | ' | ' | ' | -247 |
Distributions to non-controlling interests | ' | ' | ' | ' |
Other changes in ownership | ' | ' | ' | -17 |
Other comprehensive loss | ' | ' | ' | -12 |
Ending Balance | 7,226 | ' | ' | 7,226 |
Non-controlling Interests of Consolidated Partnerships | ' | ' | ' | ' |
Limited Partners Capital Account [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 34 |
Net income (loss) attributable to Host L.P. | ' | ' | ' | 2 |
Issuance of common OP units | ' | ' | ' | ' |
Distributions declared on common OP units | ' | ' | ' | ' |
Distributions to non-controlling interests | ' | ' | ' | -4 |
Other changes in ownership | ' | ' | ' | 4 |
Other comprehensive loss | ' | ' | ' | ' |
Ending Balance | 36 | ' | ' | 36 |
Limited Partnership Interests Of Third Parties | ' | ' | ' | ' |
Limited Partners Capital Account [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 158 |
Net income (loss) attributable to Host L.P. | ' | ' | ' | 3 |
Issuance of common OP units | ' | ' | ' | ' |
Distributions declared on common OP units | ' | ' | ' | -3 |
Distributions to non-controlling interests | ' | ' | ' | ' |
Other changes in ownership | ' | ' | ' | 17 |
Other comprehensive loss | ' | ' | ' | ' |
Ending Balance | $175 | ' | ' | $175 |
Equity_of_Host_Inc_and_Capital2
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS, INC. | HOST HOTELS & RESORTS L.P. | HOST HOTELS & RESORTS L.P. | HOST HOTELS & RESORTS L.P. | HOST HOTELS & RESORTS L.P. | |
Sales Agency Financing Agreement Twenty Twelve | Sales Agency Financing Agreement Twenty Twelve | Sales Agency Financing Agreement Twenty Twelve | Sales Agency Financing Agreement Twenty Twelve | ||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the common OP Units | ' | 98.70% | ' | ' | 1.30% | ' | ' | ' | ' |
Shares issuable upon conversion of one OP unit | ' | ' | ' | ' | ' | 1.021494 | 1.021494 | ' | ' |
Common stock issued, shares | ' | ' | 6,000,000 | 16,900,000 | ' | ' | ' | ' | ' |
Average price per share for stock issued | ' | ' | $18.39 | $17.78 | ' | ' | ' | ' | ' |
Issuance of common stock | $255 | $303 | $109 | $297 | ' | ' | ' | ' | ' |
Common OP units issued, units | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | 16,500,000 |
Dividend declaration date | ' | 16-Sep-13 | ' | ' | ' | ' | ' | ' | ' |
Dividend per share, declared | ' | $0.12 | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | 15-Oct-13 | ' | ' | ' | ' | ' | ' | ' |
Dividend record date | ' | 30-Sep-13 | ' | ' | ' | ' | ' | ' | ' |
Common OP units, distribution paid | ' | ' | ' | ' | ' | $0.12 | ' | ' | ' |
Estimated_Fair_Value_of_Assets
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions (Detail) (Hyatt Place Waikiki Beach, USD $) | 31-May-13 |
In Millions, unless otherwise specified | |
Hyatt Place Waikiki Beach | ' |
Business Acquisition [Line Items] | ' |
Property and equipment | $138 |
Restricted cash, FF&E reserves and other assets | 1 |
Total net assets acquired | $139 |
Summary_of_Unaudited_Consolida
Summary of Unaudited Consolidated Pro Forma Results of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Revenues | $1,223 | $1,164 | $3,425 | $3,881 |
Income (loss) from continuing operations | 2 | -39 | -16 | 157 |
Net income (loss) | 18 | -35 | 47 | 202 |
HOST HOTELS & RESORTS, INC. | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to Host Inc. | 19 | -33 | 45 | 197 |
Basic earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations | $0.01 | ($0.05) | ($0.02) | $0.21 |
Discontinued operations | $0.02 | ' | $0.08 | $0.06 |
Basic earnings (loss) per common share | $0.03 | ($0.05) | $0.06 | $0.27 |
Diluted earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations | $0.01 | ($0.05) | ($0.02) | $0.20 |
Discontinued operations | $0.02 | ' | $0.08 | $0.06 |
Diluted earnings (loss) per common share | $0.03 | ($0.05) | $0.06 | $0.26 |
HOST HOTELS & RESORTS L.P. | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to Host Inc. | $19 | ($34) | $46 | $200 |
Basic earnings (loss) per common unit: | ' | ' | ' | ' |
Continuing operations | 0.01 | -0.05 | -0.03 | 0.21 |
Discontinued operations | 0.02 | ' | 0.09 | 0.06 |
Basic earnings (loss) per common unit | 0.03 | -0.05 | 0.06 | 0.27 |
Diluted earnings (loss) per common unit: | ' | ' | ' | ' |
Continuing operations | 0.01 | -0.05 | -0.03 | 0.21 |
Discontinued operations | 0.02 | ' | 0.09 | 0.06 |
Diluted earnings (loss) per common unit | 0.03 | -0.05 | 0.06 | 0.27 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 |
Hyatt Place Waikiki Beach | |||
Room | |||
Business Acquisition [Line Items] | ' | ' | ' |
Number of rooms | ' | ' | 426 |
Acquisition purchase price | ' | ' | $138.50 |
Acquisition-related expenses | ' | 1 | 1 |
FF&E replacement fund | ' | ' | 0.5 |
Pro forma, total revenues | 7 | 9 | ' |
Pro forma, net income | $1 | $2 | ' |
Revenues_Income_Loss_before_Ta
Revenues, Income (Loss) before Taxes, and Gain on Dispositions in Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues | $10 | $48 | $157 | $56 |
Income before income taxes | 3 | 4 | 14 | 18 |
Gain on disposition | $14 | ' | $48 | $32 |
Dispositions_Additional_Inform
Dispositions - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Nov. 01, 2013 |
Hotel | Hotel | Ritz-Carlton, San Francisco | Ritz-Carlton, San Francisco | Atlanta Marriott Marquis | Subsequent Event | |
Final Closing Obligations | Portland Marriott | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from sales of assets, net | ' | ' | $161 | ' | $293 | $87 |
Number of properties sold | ' | 3 | ' | ' | ' | ' |
Number of properties considered as held for sale | 1 | ' | ' | ' | ' | ' |
Recognized gain on sale of properties | ' | ' | ' | $14 | ' | ' |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value Measurements on a Recurring Basis | Interest Rate Swap Derivatives | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | $3 | [1] | $7 | [1] |
Derivative liabilities | -4 | [1] | -6 | [1] |
Fair Value Measurements on a Recurring Basis | Forward currency sale contracts | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 3 | [1] | 5 | [1] |
Derivative liabilities | -3 | [1] | ' | |
Fair Value Measurements on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Interest Rate Swap Derivatives | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 3 | [1] | 7 | [1] |
Derivative liabilities | -4 | [1] | -6 | [1] |
Fair Value Measurements on a Recurring Basis | Significant Other Observable Inputs (Level 2) | Forward currency sale contracts | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 3 | [1] | 5 | [1] |
Derivative liabilities | -3 | [1] | ' | |
Fair Value, Measurements, Nonrecurring | Impaired Hotel Properties Held and Used | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Impaired hotel properties held and used | ' | 34 | [2] | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Hotel Properties Held and Used | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Impaired hotel properties held and used | ' | $34 | [2] | |
[1] | These derivative contracts have been designated as hedging instruments. | |||
[2] | The fair value measurements are as of the measurement date of the impairment and may not reflect subsequent book values. |
Interest_Rate_Swap_Derivatives
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||
Interest Rate Swap 1 | Interest Rate Swap 1 | Interest Rate Swap 1 | Interest Rate Swap 1 | Interest Rate Swap 2 | Interest Rate Swap 2 | Interest Rate Swap 2 | Interest Rate Swap 2 | Interest Rate Swap 2 | ||||||||||
USD ($) | USD ($) | USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | NZD | ||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Transaction Date | ' | ' | 'November 2011 | [1] | ' | ' | ' | ' | 'Febuary 2011 | [2] | ' | |||||||
Total Notional Amount | ' | ' | ' | 62 | [1] | ' | ' | ' | ' | 79 | [2] | |||||||
Maturity Date | ' | ' | '2016-11 | [1] | ' | ' | ' | ' | '2016-02 | [2] | ' | |||||||
Swapped Index | ' | ' | 'Reuters BBSY | [1] | ' | ' | ' | ' | 'NZ$ Bank Bill | [2] | ' | |||||||
All-in Rate | ' | ' | ' | 6.70% | [1] | ' | ' | ' | ' | 7.15% | [2] | |||||||
Change in Fair Value Gain (Loss) | ' | [1] | ' | [1] | $1 | [1] | ' | ' | [2] | ' | [2] | ($2) | [2] | $1 | [2] | ' | ||
[1] | The swap was entered into in connection with the A$82Â million ($85Â million) mortgage loan on the Hilton Melbourne South Wharf. | |||||||||||||||||
[2] | The swap was entered into in connection with the NZ$105Â million ($87Â million) mortgage loan on seven properties in New Zealand. |
Interest_Rate_Swap_Derivatives1
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Parenthetical) (Detail) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Hotel | New Zealand | New Zealand | Hilton Melbourne South Wharf | Hilton Melbourne South Wharf |
USD ($) | NZD | USD ($) | AUD | ||
Hotel | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Mortgage loan | ' | $87 | 105 | $85 | 82 |
Number of hotels | 118 | 7 | 7 | ' | ' |
Foreign_Currency_Sale_Contract
Foreign Currency Sale Contracts (Detail) (Foreign Exchange Contract, European Joint Venture) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Transaction Date Range | ' | ' | ' | 'May 2008-January 2013 | ' |
Total transaction amount | $163 | ' | ' | $163 | € 120 |
Forward purchase date range | ' | ' | ' | 'May 2014 - January 2016 | ' |
Change in fair value gain (loss) | ($6) | ($2) | $1 | ($2) | ' |
Draws_on_Credit_Facility_that_
Draws on Credit Facility that are Designated as Net Investments in International Operations (Detail) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |||
Canadian Dollars | Canadian Dollars | Canadian Dollars | Australian Dollars | Australian Dollars | Euros | Euros | Euros | Euros | Euros | ||||
USD ($) | USD ($) | CAD | USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | ||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Balance outstanding | $30 | [1] | $30 | [1] | 31 | [1] | $6 | 7 | $100 | ' | ' | $100 | € 74 |
Gain (Loss) | ($1) | [1] | $1 | [1] | ' | $1 | ' | ($3) | ($1) | ($1) | ($3) | ' | |
[1] | We have an additional $74Â million outstanding on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Draws_on_Credit_Facility_that_1
Draws on Credit Facility that are Designated as Net Investments in International Operations (Parenthetical) (Detail) (Canadian Dollars) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
In Millions, unless otherwise specified | USD ($) | CAD | Not Designated as Hedging Instrument | ||
USD ($) | |||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ' | ' | ' | ||
Draws on the line of credit | $30 | [1] | 31 | [1] | $74 |
[1] | We have an additional $74Â million outstanding on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Fair_Values_of_Certain_Financi
Fair Values of Certain Financial Liabilities and Other Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Carrying (Reported) Amount, Fair Value Disclosure | Senior Notes | ' | ' |
Financial liabilities | ' | ' |
Senior notes (Level 1) | $2,647 | $3,038 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Carrying (Reported) Amount, Fair Value Disclosure | Exchangeable Senior Debentures | ' | ' |
Financial liabilities | ' | ' |
Exchangeable Senior Debentures (Level 1) | 367 | 531 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Portion at Fair Value, Fair Value Disclosure | Senior Notes | ' | ' |
Financial liabilities | ' | ' |
Senior notes (Level 1) | 2,758 | 3,296 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Portion at Fair Value, Fair Value Disclosure | Exchangeable Senior Debentures | ' | ' |
Financial liabilities | ' | ' |
Exchangeable Senior Debentures (Level 1) | 562 | 725 |
Significant Other Observable Inputs (Level 2) | Carrying (Reported) Amount, Fair Value Disclosure | Credit Facility | ' | ' |
Financial liabilities | ' | ' |
Credit facility (Level 2) | 729 | 763 |
Significant Other Observable Inputs (Level 2) | Carrying (Reported) Amount, Fair Value Disclosure | Mortgage Debt and Other, Net of Capital Leases | ' | ' |
Financial liabilities | ' | ' |
Mortgage debt and other, net of capital leases (Level 2) | 816 | 1,078 |
Significant Other Observable Inputs (Level 2) | Portion at Fair Value, Fair Value Disclosure | Credit Facility | ' | ' |
Financial liabilities | ' | ' |
Credit facility (Level 2) | 729 | 763 |
Significant Other Observable Inputs (Level 2) | Portion at Fair Value, Fair Value Disclosure | Mortgage Debt and Other, Net of Capital Leases | ' | ' |
Financial liabilities | ' | ' |
Mortgage debt and other, net of capital leases (Level 2) | $831 | $1,094 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 |
Contract | Contract | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Number of foreign currency forward contracts outstanding | 5 | ' | ' | 5 |
Interest Rate Swap Derivatives | ' | ' | ' | ' |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Number of interest rate derivative agreements | 3 | ' | ' | 3 |
Fair value of swaps (decreased) increased | ($1) | ($1) | ($2) | ($4) |
Interest rate notional amount | $300 | ' | ' | $300 |
Revenues_and_LongLived_Assets_
Revenues and Long-Lived Assets by Geographical Area (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $1,223 | $1,158 | $3,415 | $3,871 | ' |
Property and equipment, net | 11,110 | ' | ' | 11,110 | 11,588 |
Operating Segments | United States | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 1,160 | 1,096 | 3,243 | 3,676 | ' |
Property and equipment, net | 10,634 | ' | ' | 10,634 | 11,095 |
Operating Segments | Australia | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 10 | 10 | 27 | 30 | ' |
Property and equipment, net | 115 | ' | ' | 115 | 133 |
Operating Segments | Brazil | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 7 | 8 | 22 | 22 | ' |
Property and equipment, net | 36 | ' | ' | 36 | 39 |
Operating Segments | Canada | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 22 | 20 | 60 | 69 | ' |
Property and equipment, net | 93 | ' | ' | 93 | 97 |
Operating Segments | Chile | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 7 | 10 | 24 | 24 | ' |
Property and equipment, net | 57 | ' | ' | 57 | 63 |
Operating Segments | Mexico | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 6 | 6 | 16 | 17 | ' |
Property and equipment, net | 32 | ' | ' | 32 | 26 |
Operating Segments | New Zealand | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 11 | 8 | 23 | 33 | ' |
Property and equipment, net | $143 | ' | ' | $143 | $135 |
Geographic_Information_Additio
Geographic Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Entity | |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 1 |
Australia, Brazil, Canada, Chile, Mexico and New Zealand | ' |
Segment Reporting Information [Line Items] | ' |
Foreign operations, number of countries | 6 |
Historical_Cost_and_Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) (HOST HOTELS & RESORTS L.P., USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, except Share data, unless otherwise specified | ||||
HOST HOTELS & RESORTS L.P. | ' | ' | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ' | ' | ||
OP units outstanding | 9,700,000 | 9,900,000 | ||
Market price per Host Inc. common share | $17.67 | $15.67 | ||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | ||
Redemption value | $175 | $158 | ||
Historical cost | 96 | 96 | ||
Book value | $175 | [1] | $158 | [1] |
[1] | The book value recorded is equal to the greater of redemption value or historical cost |
NonControlling_Interests_Addit
Non-Controlling Interests - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 07, 2012 | Sep. 07, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Entity | Entity | ||||
Minority Interest [Line Items] | ' | ' | ' | ' | ' |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | 5 | ' | ' | 5 | ' |
Non-controlling interests in outside partnerships | $36 | ' | ' | $36 | $34 |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests with finite lives | 3 | ' | ' | 3 | ' |
Non-controlling interests in outside partnerships, fair value | 71 | ' | ' | 71 | 65 |
Net income | -1 | -1 | 1 | 2 | ' |
Net income | ' | ($1) | $1 | $3 | ' |
Lower Limit | ' | ' | ' | ' | ' |
Minority Interest [Line Items] | ' | ' | ' | ' | ' |
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | '2081 | ' | ' | '2081 | ' |
Upper Limit | ' | ' | ' | ' | ' |
Minority Interest [Line Items] | ' | ' | ' | ' | ' |
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | '2095 | ' | ' | '2095 | ' |
HOST HOTELS & RESORTS L.P. | ' | ' | ' | ' | ' |
Minority Interest [Line Items] | ' | ' | ' | ' | ' |
OP units conversion basis | ' | ' | ' | 'One common OP unit may be exchanged into 1.021494 shares of Host Inc. common stock. | ' |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
San Antonio Marriott Rivercenter | ' |
Loss Contingencies [Line Items] | ' |
Loss contingency accrual | $68,000,000 |
Escrow reserve | 25,000,000 |
Other Litigation Cases | ' |
Loss Contingencies [Line Items] | ' |
Maximum exposure of litigation | 53,000,000 |
Loss contingency accrual | 11,000,000 |
Individual Counterparty | Other Litigation Cases | ' |
Loss Contingencies [Line Items] | ' |
Maximum exposure of litigation | $150,000 |