Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 756,937,640 |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Property and equipment, net | $10,817 | $10,995 | ||
Due from managers | 111 | 52 | ||
Advances to and investments in affiliates | 412 | 415 | ||
Deferred financing costs, net | 39 | 42 | ||
Furniture, fixtures and equipment replacement fund | 149 | 173 | ||
Other | 256 | 244 | ||
Restricted cash | 33 | 32 | ||
Cash and cash equivalents | 392 | 861 | ||
Total assets | 12,209 | 12,814 | ||
Debt | ' | ' | ||
Senior notes, including $375 million and $371 million, respectively, net of discount, of Exchangeable Senior Debentures | 2,872 | 3,018 | ||
Credit facility | 718 | 946 | ||
Mortgage debt | 417 | 709 | ||
Other | 86 | 86 | ||
Total debt | 4,093 | 4,759 | ||
Accounts payable and accrued expenses | 185 | 214 | ||
Other | 386 | 389 | ||
Total liabilities | 4,664 | 5,362 | ||
Non-controlling interests - Host Hotels & Resorts, L.P. | 196 | 190 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ' | ' | ||
Common stock, par value $.01, 1,050 million shares authorized; 755.3 million and 754.8 million shares issued and outstanding, respectively | 8 | 8 | ||
Additional paid-in capital | 8,494 | 8,492 | ||
Accumulated other comprehensive loss | -2 | -9 | ||
Deficit | -1,189 | -1,263 | ||
Total equity of Host Hotels & Resorts, Inc. stockholders | 7,311 | 7,228 | ||
Non-controlling interests—other consolidated partnerships | 38 | 34 | ||
Total equity | 7,349 | 7,262 | ||
Total liabilities, non-controlling interests and equity | 12,209 | 12,814 | ||
Host Hotels & Resorts, L.P. capital: | ' | ' | ||
Accumulated other comprehensive loss | -2 | -9 | ||
HOST HOTELS & RESORTS L.P. | ' | ' | ||
ASSETS | ' | ' | ||
Property and equipment, net | 10,817 | 10,995 | ||
Due from managers | 111 | 52 | ||
Advances to and investments in affiliates | 412 | 415 | ||
Deferred financing costs, net | 39 | 42 | ||
Furniture, fixtures and equipment replacement fund | 149 | 173 | ||
Other | 256 | 244 | ||
Restricted cash | 33 | 32 | ||
Cash and cash equivalents | 392 | 861 | ||
Total assets | 12,209 | 12,814 | ||
Debt | ' | ' | ||
Senior notes, including $375 million and $371 million, respectively, net of discount, of Exchangeable Senior Debentures | 2,872 | 3,018 | ||
Credit facility | 718 | 946 | ||
Mortgage debt | 417 | 709 | ||
Other | 86 | 86 | ||
Total debt | 4,093 | 4,759 | ||
Accounts payable and accrued expenses | 185 | 214 | ||
Other | 386 | 389 | ||
Total liabilities | 4,664 | 5,362 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ' | ' | ||
Accumulated other comprehensive loss | -2 | -9 | ||
Total liabilities, non-controlling interests and equity | 12,209 | 12,814 | ||
Limited partnership interests of third parties | 196 | [1] | 190 | [1] |
Host Hotels & Resorts, L.P. capital: | ' | ' | ||
General partner | 1 | 1 | ||
Limited partner | 7,312 | 7,236 | ||
Accumulated other comprehensive loss | -2 | -9 | ||
Total Host Hotels & Resorts, L.P. capital | 7,311 | 7,228 | ||
Non-controlling interests—consolidated partnerships | 38 | 34 | ||
Total capital | $7,349 | $7,262 | ||
[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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Senior notes | $375 | $371 |
Credit facility | 718 | 946 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,050 | 1,050 |
Common stock, shares issued | 755.3 | 754.8 |
Common stock, shares outstanding | 755.3 | 754.8 |
Term Loan | ' | ' |
Credit facility | 500 | 500 |
HOST HOTELS & RESORTS L.P. | ' | ' |
Senior notes | 375 | 371 |
Credit facility | 718 | 946 |
HOST HOTELS & RESORTS L.P. | Term Loan | ' | ' |
Credit facility | $500 | $500 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Rooms | $808 | $762 |
Food and beverage | 405 | 369 |
Other | 96 | 93 |
Total revenues | 1,309 | 1,224 |
EXPENSES | ' | ' |
Rooms | 226 | 215 |
Food and beverage | 284 | 272 |
Other departmental and support expenses | 315 | 307 |
Management fees | 50 | 47 |
Other property-level expenses | 97 | 94 |
Depreciation and amortization | 172 | 173 |
Corporate and other expenses | 34 | 26 |
Gain on insurance settlements | -3 | 0 |
Total operating costs and expenses | 1,175 | 1,134 |
OPERATING PROFIT | 134 | 90 |
Interest income | 1 | 1 |
Interest expense | -58 | -76 |
Gain on sale of other assets | 0 | 12 |
Gain on foreign currency transactions and derivatives | 0 | 2 |
Equity in losses of affiliates | -8 | -2 |
INCOME BEFORE INCOME TAXES | 69 | 27 |
Benefit for income taxes | 7 | 7 |
INCOME FROM CONTINUING OPERATIONS | 76 | 34 |
Income from discontinued operations, net of tax | 0 | 26 |
INCOME BEFORE GAIN ON SALE OF PROPERTY | 76 | 60 |
Gain on sale of property, net of tax | 109 | ' |
NET INCOME | 185 | 60 |
Less: Net income attributable to non-controlling interests | -6 | -4 |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | 179 | 56 |
Basic earnings per common share: | ' | ' |
Continuing operations | $0.24 | $0.04 |
Discontinued operations | $0 | $0.04 |
Basic earnings per common share | $0.24 | $0.08 |
Diluted earnings per common share: | ' | ' |
Continuing operations | $0.24 | $0.04 |
Discontinued operations | $0 | $0.04 |
Diluted earnings per common share | $0.24 | $0.08 |
HOST HOTELS & RESORTS L.P. | ' | ' |
REVENUES | ' | ' |
Rooms | 808 | 762 |
Food and beverage | 405 | 369 |
Other | 96 | 93 |
Total revenues | 1,309 | 1,224 |
EXPENSES | ' | ' |
Rooms | 226 | 215 |
Food and beverage | 284 | 272 |
Other departmental and support expenses | 315 | 307 |
Management fees | 50 | 47 |
Other property-level expenses | 97 | 94 |
Depreciation and amortization | 172 | 173 |
Corporate and other expenses | 34 | 26 |
Gain on insurance settlements | -3 | 0 |
Total operating costs and expenses | 1,175 | 1,134 |
OPERATING PROFIT | 134 | 90 |
Interest income | 1 | 1 |
Interest expense | -58 | -76 |
Gain on sale of other assets | ' | 12 |
Gain on foreign currency transactions and derivatives | ' | 2 |
Equity in losses of affiliates | -8 | -2 |
INCOME BEFORE INCOME TAXES | 69 | 27 |
Benefit for income taxes | 7 | 7 |
INCOME FROM CONTINUING OPERATIONS | 76 | 34 |
Income from discontinued operations, net of tax | ' | 26 |
INCOME BEFORE GAIN ON SALE OF PROPERTY | 76 | 60 |
Gain on sale of property, net of tax | 109 | 0 |
NET INCOME | 185 | 60 |
Less: Net income attributable to non-controlling interests | -4 | -3 |
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $181 | $57 |
Basic earnings per common share: | ' | ' |
Continuing operations | $0.24 | $0.04 |
Discontinued operations | ' | $0.04 |
Basic earnings per common share | $0.24 | $0.08 |
Diluted earnings per common share: | ' | ' |
Continuing operations | $0.24 | $0.04 |
Discontinued operations | ' | $0.04 |
Diluted earnings per common share | $0.24 | $0.08 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NET INCOME | $185 | $60 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 7 | -3 |
Change in fair value of derivative instruments | 0 | 5 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 7 | 2 |
COMPREHENSIVE INCOME | 192 | 62 |
Less: Comprehensive income attributable to non-controlling interests | -6 | -4 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS INC. | 186 | 58 |
HOST HOTELS & RESORTS L.P. | ' | ' |
NET INCOME | 185 | 60 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 7 | -3 |
Change in fair value of derivative instruments | ' | 5 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 7 | 2 |
COMPREHENSIVE INCOME | 192 | 62 |
Less: Comprehensive income attributable to non-controlling interests | -4 | -3 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS INC. | $188 | $59 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $185 | $60 |
Discontinued operations: | ' | ' |
Gain on dispositions | 0 | -19 |
Depreciation | 0 | 4 |
Depreciation and amortization | 172 | 173 |
Amortization of finance costs, discounts and premiums, net | 6 | 7 |
Non-cash loss on extinguishment of debt | 1 | ' |
Stock compensation expense | 4 | 4 |
Deferred income taxes | -11 | -5 |
Gain on sale of other assets | 0 | -12 |
Gain on sale of property | -109 | ' |
Gain on foreign currency transactions and derivatives | 0 | -2 |
Equity in losses of affiliates | 8 | 2 |
Change in due from managers | -58 | -21 |
Changes in other assets | -9 | 21 |
Changes in other liabilities | -18 | -36 |
Cash provided by operating activities | 171 | 176 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from sales of assets, net | 274 | 279 |
Return of investment | 25 | ' |
Acquisitions | -73 | ' |
Advances to and investments in affiliates | -14 | -1 |
Capital expenditures: | ' | ' |
Renewals and replacements | -76 | -87 |
Redevelopment and acquisition-related investments | -14 | -36 |
New development | 0 | -5 |
Change in furniture, fixtures and equipment ("FF&E") replacement fund | 12 | -3 |
Cash provided by investing activities | 134 | 147 |
FINANCING ACTIVITIES | ' | ' |
Financing costs | 0 | -3 |
Issuances of debt | 0 | 400 |
Repayment of credit facility | -225 | -100 |
Repurchase/redemption of senior notes | -150 | -1 |
Mortgage debt prepayments and scheduled maturities | -301 | ' |
Scheduled principal repayments | 0 | -1 |
Issuance of common stock | 1 | 103 |
Dividends on common stock | -98 | -65 |
Contributions from non-controlling interests | 0 | 2 |
Distributions to non-controlling interests | -1 | -1 |
Change in restricted cash for financing activities | -1 | ' |
Cash provided by (used in) financing activities | -775 | 334 |
Effects of exchange rate changes on cash held | 1 | 1 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -469 | 658 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 861 | 417 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 392 | 1,075 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid - periodic interest expense | 48 | 70 |
Interest paid - debt extinguishments | 2 | 0 |
Total interest paid | 50 | 70 |
Income taxes paid | 8 | 4 |
HOST HOTELS & RESORTS L.P. | ' | ' |
Net income | 185 | 60 |
Discontinued operations: | ' | ' |
Gain on dispositions | ' | -19 |
Depreciation | ' | 4 |
Depreciation and amortization | 172 | 173 |
Amortization of finance costs, discounts and premiums, net | 6 | 7 |
Non-cash loss on extinguishment of debt | 1 | 0 |
Stock compensation expense | 4 | 4 |
Deferred income taxes | -11 | -5 |
Gain on sale of other assets | ' | -12 |
Gain on sale of property | -109 | 0 |
Gain on foreign currency transactions and derivatives | ' | -2 |
Equity in losses of affiliates | 8 | 2 |
Change in due from managers | -58 | -21 |
Changes in other assets | -9 | 21 |
Changes in other liabilities | -18 | -36 |
Cash provided by operating activities | 171 | 176 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from sales of assets, net | 274 | 279 |
Return of investment | 25 | 0 |
Acquisitions | -73 | 0 |
Advances to and investments in affiliates | -14 | -1 |
Capital expenditures: | ' | ' |
Renewals and replacements | -76 | -87 |
Redevelopment and acquisition-related investments | -14 | -36 |
New development | ' | -5 |
Change in furniture, fixtures and equipment ("FF&E") replacement fund | 12 | -3 |
Cash provided by investing activities | 134 | 147 |
FINANCING ACTIVITIES | ' | ' |
Financing costs | ' | -3 |
Issuances of debt | ' | 400 |
Repayment of credit facility | -225 | -100 |
Repurchase/redemption of senior notes | -150 | -1 |
Mortgage debt prepayments and scheduled maturities | -301 | 0 |
Scheduled principal repayments | ' | -1 |
Contributions from non-controlling interests | ' | 2 |
Change in restricted cash for financing activities | -1 | 0 |
Cash provided by (used in) financing activities | -775 | 334 |
Issuance of common OP units | 1 | 103 |
Distributions on common OP units | -99 | -66 |
Effects of exchange rate changes on cash held | 1 | 1 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -469 | 658 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 861 | 417 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 392 | 1,075 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid - periodic interest expense | 48 | 70 |
Interest paid - debt extinguishments | 2 | ' |
Total interest paid | 50 | 70 |
Income taxes paid | $8 | $4 |
Supplemental_Disclosure_of_Non
Supplemental Disclosure of Noncash Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2014 | |
Supplemental Disclosure of Noncash Investing and Financing Activities | ' |
Supplemental disclosure of noncash investing and financing activities: | |
For the quarters ended March 31, 2014 and 2013, Host Inc. issued approximately 0.1 million shares and 0.1 million shares, respectively, upon the conversion of OP units of Host L.P. held by non-controlling partners valued at approximately $1 million and $1 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 quarters ended March 31, 2014 and 2013, limited partners converted OP units valued at approximately $1 million and $1 million, respectively, in exchange for approximately 0.1 million and 0.1 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 | 3 Months Ended | |||
Mar. 31, 2014 | ||||
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 March 31, 2014, Host Inc. holds approximately 99% of Host L.P.’s OP units. | ||||
Consolidated Portfolio | ||||
As of March 31, 2014, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: | ||||
Hotels | ||||
United States | 99 | |||
Australia | 1 | |||
Brazil | 1 | |||
Canada | 3 | |||
Chile | 2 | |||
Mexico | 1 | |||
New Zealand | 7 | |||
Total | 114 | |||
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”) (8 hotels). | ||||
As of March 31, 2014, the Euro JV owned hotels located in the following countries: | ||||
Hotels | ||||
Belgium | 3 | |||
France | 4 | |||
Germany | 1 | |||
Italy | 3 | |||
Poland | 1 | |||
Spain | 2 | |||
Sweden | 1 | |||
The Netherlands | 2 | |||
United Kingdom | 2 | |||
Total | 19 | |||
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 operational and five additional hotels in various stages of development in India. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2014 | ||
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, 2013. | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2014, and the results of our operations and cash flows for the quarters ended March 31, 2014 and 2013, respectively. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations. | ||
Reclassifications | ||
Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. | ||
Application of New Accounting Standard | ||
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosure of Disposal of Components of an Entity (“ASU 2014-08 Reporting for Discontinued Operations.”) Under this standard, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. In addition, it requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position. As a result, the operations of sold properties through the date of their disposal will be included in continuing operations, unless the sale represents a strategic shift. However, the gain or loss on the sale of a hotel will be reported separately below income from continuing operations. We adopted this standard as of January 1, 2014. No prior year restatements are permitted for this change in policy. For purposes of earnings per share calculation, beginning in 2014 gains and losses on property sales will be included in continuing operations. | ||
Earnings_Per_Common_Share_Unit
Earnings Per Common Share (Unit) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Common Share (Unit) | ' | ||||||||
3 | Earnings Per Common Share (Unit) | ||||||||
Host Inc. Earnings Per Common Share | |||||||||
Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings per common share is computed by dividing net income 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 per common share is shown below (in millions, except per share amounts): | |||||||||
Quarter ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 185 | $ | 60 | |||||
Less: Net income attributable to non-controlling interests | (6 | ) | (4 | ) | |||||
Net income attributable to Host Inc. | 179 | 56 | |||||||
Assuming conversion of exchangeable senior debentures | 7 | — | |||||||
Diluted income attributable to Host Inc. | $ | 186 | $ | 56 | |||||
Basic weighted average shares outstanding | 754.9 | 728.2 | |||||||
Assuming weighted average shares for conversion of exchangeable senior debentures | 29.9 | 9.9 | |||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.5 | |||||||
Diluted weighted average shares outstanding (1) | 785.1 | 738.6 | |||||||
Basic earnings per common share | $ | 0.24 | $ | 0.08 | |||||
Diluted earnings per common share | $ | 0.24 | $ | 0.08 | |||||
-1 | There were approximately 29 million potentially dilutive shares for the quarter ended March 31, 2013, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. Income allocated to non-controlling interests in Host L.P. has been excluded from the numerator and common OP units in Host L.P. have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts would have no impact. | ||||||||
Host L.P. Earnings Per Common Unit | |||||||||
Basic earnings per common unit is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings per common unit is computed by dividing net income 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 per unit is shown below (in millions, except per unit amounts): | |||||||||
Quarter ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 185 | $ | 60 | |||||
Less: Net income attributable to non-controlling interests | (4 | ) | (3 | ) | |||||
Net income attributable to Host L.P. | 181 | 57 | |||||||
Assuming conversion of exchangeable senior debentures | 7 | — | |||||||
Diluted income attributable to Host L.P. | $ | 188 | $ | 57 | |||||
Basic weighted average units outstanding | 748.5 | 722.7 | |||||||
Assuming weighted average units for conversion of exchangeable senior debentures | 29.3 | 9.6 | |||||||
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market | 0.3 | 0.5 | |||||||
Diluted weighted average units outstanding (1) | 778.1 | 732.8 | |||||||
Basic earnings per common unit | $ | 0.24 | $ | 0.08 | |||||
Diluted earnings per common unit | $ | 0.24 | $ | 0.08 | |||||
-1 | There were approximately 29 million potentially dilutive units for the quarter ended March 31, 2013, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. | ||||||||
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property and Equipment | ' | ||||||||
4 | Property and Equipment | ||||||||
Property and equipment consists of the following (in millions): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Land and land improvements | $ | 1,995 | $ | 1,973 | |||||
Buildings and leasehold improvements | 13,283 | 13,435 | |||||||
Furniture and equipment | 2,194 | 2,223 | |||||||
Construction in progress | 153 | 176 | |||||||
17,625 | 17,807 | ||||||||
Less accumulated depreciation and amortization | (6,808 | ) | (6,812 | ) | |||||
$ | 10,817 | $ | 10,995 | ||||||
Debt
Debt | 3 Months Ended | |
Mar. 31, 2014 | ||
Debt | ' | |
5 | Debt | |
Mortgage debt: On February 28, 2014, we repaid the $300 million mortgage loan secured by The Ritz-Carlton, Naples and Newport Beach Marriott Hotel, at maturity. | ||
Senior notes: In February 2014, we redeemed the remaining $150 million 6¾ Series Q senior notes due 2016 for an aggregate price of $152 million. | ||
Credit facility: On January 10, 2014, we repaid $225 million on the revolver portion of our credit facility and as of March 31, 2014, we have $782 million of available capacity. |
Equity_of_Host_Inc_and_Capital
Equity of Host Inc. and Capital of Host L.P. | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity of Host Inc. and Capital of Host L.P. | ' | ||||||||||||
6 | Equity of Host Inc. and Capital of Host L.P. | ||||||||||||
Equity of Host Inc. | |||||||||||||
Equity of Host Inc. is allocated between controlling and non-controlling interests as follows (in millions): | |||||||||||||
Equity of | Non-redeemable non-controlling interests | Total equity | Redeemable non-controlling interests | ||||||||||
Host Inc. | |||||||||||||
Balance, December 31, 2013 | $ | 7,228 | $ | 34 | $ | 7,262 | $ | 190 | |||||
Net income | 179 | 4 | 183 | 2 | |||||||||
Issuance of common stock | 8 | — | 8 | — | |||||||||
Dividends declared on common stock | (106 | ) | — | (106 | ) | — | |||||||
Distributions to non-controlling interests | — | — | — | (1 | ) | ||||||||
Other changes in ownership | (5 | ) | — | (5 | ) | 5 | |||||||
Other comprehensive income | 7 | — | 7 | — | |||||||||
Balance, March 31, 2014 | $ | 7,311 | $ | 38 | $ | 7,349 | $ | 196 | |||||
Capital of Host L.P. | |||||||||||||
As of March 31, 2014, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining 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): | |||||||||||||
Limited | |||||||||||||
Non- | Partnership | ||||||||||||
Capital of | controlling | Total | Interests of | ||||||||||
Host L.P | Interests | Capital | Third Parties | ||||||||||
Balance, December 31, 2013 | $ | 7,228 | $ | 34 | $ | 7,262 | $ | 190 | |||||
Net income | 179 | 4 | 183 | 2 | |||||||||
Issuance of common OP units | 8 | — | 8 | — | |||||||||
Distributions declared on common OP units | (106 | ) | — | (106 | ) | (1 | ) | ||||||
Distributions to non-controlling interests | — | — | — | — | |||||||||
Other changes in ownership | (5 | ) | — | (5 | ) | 5 | |||||||
Other comprehensive income | 7 | — | 7 | — | |||||||||
Balance, March 31, 2014 | $ | 7,311 | $ | 38 | $ | 7,349 | $ | 196 | |||||
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 ended March 31, 2014. | |||||||||||||
Dividends/Distributions | |||||||||||||
On February 18, 2014, Host Inc.’s Board of Directors declared a regular dividend of $0.14 per share on its common stock. The dividend was paid on April 15, 2014 to stockholders of record as of March 31, 2014. Accordingly, Host L.P. made a distribution of $0.14300916 per unit on its common OP units based on the current conversion ratio. |
Dispositions
Dispositions | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Dispositions | ' | |||||
7 | Dispositions | |||||
Effective January 1, 2014, we adopted ASU 2014-08 Reporting for Discontinued Operations. As a result, operations of hotels sold subsequent to December 31, 2013 will continue to be reported in continuing operations, while gains (losses) on sale will be included in Gain on sale of property, net of tax below continuing operations. The results of properties sold in 2013, including the gain (loss) on sale, prior to adoption will continue to be reported in discontinued operations. | ||||||
During the first quarter of 2014, we sold an 89% controlling interest in the Philadelphia Marriott Downtown. As a result, the hotel is not consolidated in our financial statements. Additionally, we disposed of the Courtyard Nashua for approximately $10 million. We recognized a gain of $109 million related to the sale of these two hotels, net of tax. During the first quarter of 2013, we disposed of one property for a net gain of $19 million. | ||||||
The following table provides summary results of operations for the five hotels sold in 2013 which have been included in discontinued operations (in millions): | ||||||
Quarter ended March 31, 2013 | ||||||
Revenues | $ | 34 | ||||
Income before income taxes | 11 | |||||
Gain on disposition, net of tax | 19 | |||||
Acquisitions
Acquisitions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Acquisitions | ' | ||||||||
8 | Acquisitions | ||||||||
On January 21, 2014, we acquired the 151-room Powell Hotel in San Francisco, California, including retail space and the fee simple interest in the land, for approximately $75 million. Accounting for the acquisition requires an allocation of the purchase price to the assets acquired and the liabilities assumed at their respective estimated fair values. The purchase price allocations are estimated based on current available information; however, we still are in the process of obtaining appraisals and finalizing the accounting for the acquisition. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to this acquisition (in millions): | |||||||||
Property and equipment | $ | 73 | |||||||
Other assets | 2 | ||||||||
Total assets | 75 | ||||||||
Other liabilities | — | ||||||||
Net assets acquired | $ | 75 | |||||||
Our summarized unaudited consolidated pro forma results of operations, assuming the acquisition completed during 2014 occurred on January 1, 2013, are as follows (in millions, except per share and per unit amounts): | |||||||||
Quarter ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 1,309 | $ | 1,226 | |||||
Income from continuing operations | 77 | 35 | |||||||
Net income | 186 | 61 | |||||||
Host Inc.: | |||||||||
Net income attributable to Host Inc. | $ | 180 | $ | 57 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.24 | $ | 0.04 | |||||
Discontinued operations | — | 0.04 | |||||||
Basic earnings per common share | $ | 0.24 | $ | 0.08 | |||||
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.24 | $ | 0.04 | |||||
Discontinued operations | — | 0.04 | |||||||
Diluted earnings per common share | $ | 0.24 | $ | 0.08 | |||||
Host L.P.: | |||||||||
Net income attributable to Host L.P. | $ | 182 | $ | 58 | |||||
Basic earnings per common unit: | |||||||||
Continuing operations | $ | 0.24 | $ | 0.04 | |||||
Discontinued operations | — | 0.04 | |||||||
Basic earnings per common unit | $ | 0.24 | $ | 0.08 | |||||
Diluted earnings per common unit: | |||||||||
Continuing operations | $ | 0.24 | $ | 0.04 | |||||
Discontinued operations | — | 0.04 | |||||||
Diluted earnings per common unit | $ | 0.24 | $ | 0.08 | |||||
The above pro forma results of operations exclude $1 million of acquisition costs for the quarter ended March 31, 2014. The condensed consolidated statements of operations for the quarter ended March 31, 2014 include approximately $1 million of revenues and $0.2 million of net income for the quarter related to our 2014 acquisition. | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
9 | 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 March 31, 2014 and December 31, 2013, respectively (in millions): | ||||||||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||
Balance at March 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
2014 | (Level 2) | (Level 3) | ||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Foreign currency forward sale contracts (1) | $ | 2 | $ | — | $ | 2 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | (3 | ) | — | (3 | ) | — | ||||||||||||||||||
Foreign currency forward sale contracts (1) | (5 | ) | — | (5 | ) | — | ||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||||||
Foreign currency forward sale contracts (1) | 3 | — | 3 | — | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | (3 | ) | — | (3 | ) | — | ||||||||||||||||||
Foreign currency forward sale contracts (1) | (6 | ) | — | (6 | ) | — | ||||||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||||||
Impaired hotel properties held and used (2) | 9 | — | — | 9 | ||||||||||||||||||||
-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. | |||||||||||||||||||||||
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 March 31, 2014. | ||||||||||||||||||||||||
The following table summarizes our interest rate swap derivatives designated as cash flow hedges (in millions): | ||||||||||||||||||||||||
Change in Fair Value | ||||||||||||||||||||||||
Gain (Loss) | ||||||||||||||||||||||||
Total Notional | Quarter ended March 31, | |||||||||||||||||||||||
Transaction Date | Amount | Maturity Date | Swapped Index | All-in-Rate | 2014 | 2013 | ||||||||||||||||||
November 2011 (1) | A$ | 62 | Nov-16 | Reuters BBSY | 6.7 | % | $ | — | $ | 1 | ||||||||||||||
February 2011 (2) | NZ$ | 79 | Feb-16 | NZ$ Bank Bill | 7.15 | % | $ | — | $ | — | ||||||||||||||
-1 | The swap was entered into in connection with the A$82 million ($76 million) mortgage loan on the Hilton Melbourne South Wharf. | |||||||||||||||||||||||
-2 | The swap was entered into in connection with the NZ$105 million ($91 million) mortgage loan on seven properties in New Zealand. | |||||||||||||||||||||||
Interest rate swap derivatives designated as fair value hedges. We had three fixed-to-floating interest rate swap agreements with an aggregate notional amount totaling $300 million that matured on March 1, 2014. During the quarter ended March 31, 2013, the fair value of the swaps decreased $1 million. | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Transaction | Total | |||||||||||||||||||||||
Amount in | Transaction | Gain (Loss) | ||||||||||||||||||||||
Transaction Date | Foreign | Amount | Forward Purchase | Quarter ended March 31, | ||||||||||||||||||||
Range | Currency | in Dollars | Date Range | 2014 | 2013 | |||||||||||||||||||
May 2008-January 2013 | € | 120 | $ | 163 | May 2014-January 2016 | $ | — | $ | 3 | |||||||||||||||
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 foreign operations (in millions): | ||||||||||||||||||||||||
Balance | Balance | Gain (Loss) | ||||||||||||||||||||||
Outstanding | Outstanding in | Quarter ended March 31, | ||||||||||||||||||||||
Currency | US$ | Foreign Currency | 2014 | 2013 | ||||||||||||||||||||
Canadian dollars (1) | $ | 28 | C$ | 31 | $ | 1 | $ | 1 | ||||||||||||||||
Euros | $ | 102 | € | 74 | $ | — | $ | 1 | ||||||||||||||||
-1 | We have an additional $69 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): | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||
Senior notes (Level 1) | $ | 2,497 | $ | 2,679 | $ | 2,647 | $ | 2,766 | ||||||||||||||||
Exchangeable Senior Debentures (Level 1) | 375 | 622 | 371 | 603 | ||||||||||||||||||||
Credit facility (Level 2) | 718 | 718 | 946 | 946 | ||||||||||||||||||||
Mortgage debt and other, excluding capital leases (Level 2) | 501 | 515 | 793 | 802 | ||||||||||||||||||||
Geographic_Information
Geographic Information | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Geographic Information | ' | |||||||||||||||
10 | 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 office buildings and apartments) are immaterial and, with our operating segments, meet the aggregation criteria, and thus, we report one segment: hotel ownership. Our consolidated foreign 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 March 31, | ||||||||||||||||
2014 | 2013 | 31-Mar-14 | 31-Dec-13 | |||||||||||||
United States | $ | 1,243 | $ | 1,159 | $ | 10,312 | $ | 10,498 | ||||||||
Australia | 9 | 10 | 111 | 106 | ||||||||||||
Brazil | 7 | 8 | 80 | 76 | ||||||||||||
Canada | 19 | 21 | 84 | 89 | ||||||||||||
Chile | 9 | 8 | 51 | 54 | ||||||||||||
Mexico | 7 | 6 | 32 | 32 | ||||||||||||
New Zealand | 15 | 12 | 147 | 140 | ||||||||||||
Total | $ | 1,309 | $ | 1,224 | $ | 10,817 | $ | 10,995 | ||||||||
NonControlling_Interests
Non-Controlling Interests | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Non-Controlling Interests | ' | ||||||||
11 | Non-controlling Interests | ||||||||
Other Consolidated Partnerships. We consolidate six 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 $38 million and $34 million as of March 31, 2014 and December 31, 2013, respectively. Two 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 March 31, 2014 and December 31, 2013, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $72 million and approximately $68 million, respectively. | |||||||||
Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income 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 $4 million and $3 million for the quarters ended March 31, 2014 and 2013, 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 that would be issued upon conversion of the common OP units held by third parties valued at the market price of Host Inc. common stock at the balance sheet date. One common OP unit may be exchanged into 1.021494 shares of Host Inc. common stock. Non-controlling interests of Host L.P. are classified in the mezzanine section of our 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: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
OP units outstanding (millions) | 9.5 | 9.5 | |||||||
Market price per Host Inc. common share | $ | 20.24 | $ | 19.44 | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||
Redemption value (millions) | $ | 196 | $ | 190 | |||||
Historical cost (millions) | 95 | 95 | |||||||
Book value (millions) (1) | 196 | 190 | |||||||
-1 | 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 attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests of Host L.P. The net income attributable to the non-controlling interests of Host L.P. was $2 million and $1 million for the quarters ended March 31, 2014 and 2013, respectively. | |||||||||
Legal_Proceedings
Legal Proceedings | 3 Months Ended | |
Mar. 31, 2014 | ||
Legal Proceedings | ' | |
12 | 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 $23 million as of March 31, 2014 for liabilities related to legal proceedings and estimate that, in the aggregate, our losses related to these proceedings could be as much as $50 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 $69 million related to the litigation concerning the ground lease for the San Antonio Marriott Rivercenter. On May 16, 2012, we filed a Petition for review in the Texas Supreme Court and provided briefing on the merits, which were concluded in January 2013. On June 28, 2013, the Court issued an order denying the petition for review; however, on December 13, 2013, the Court granted our motion for rehearing on that order and heard oral arguments on our appeal on February 4, 2014. 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 details on this legal proceeding, see Part I, Item 3, Legal Proceedings, of our Annual Report on Form 10-K for the year ended December 31, 2013. | ||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Application of New Accounting Standard | ' |
Application of New Accounting Standard | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosure of Disposal of Components of an Entity (“ASU 2014-08 Reporting for Discontinued Operations.”) Under this standard, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. In addition, it requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position. As a result, the operations of sold properties through the date of their disposal will be included in continuing operations, unless the sale represents a strategic shift. However, the gain or loss on the sale of a hotel will be reported separately below income from continuing operations. We adopted this standard as of January 1, 2014. No prior year restatements are permitted for this change in policy. For purposes of earnings per share calculation, beginning in 2014 gains and losses on property sales will be included in continuing operations. | |
Organization_Tables
Organization (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Consolidated Portfolio of Hotels by Location | ' | |||
As of March 31, 2014, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: | ||||
Hotels | ||||
United States | 99 | |||
Australia | 1 | |||
Brazil | 1 | |||
Canada | 3 | |||
Chile | 2 | |||
Mexico | 1 | |||
New Zealand | 7 | |||
Total | 114 | |||
European Joint Venture | ' | |||
Consolidated Portfolio of Hotels by Location | ' | |||
As of March 31, 2014, the Euro JV owned hotels located in the following countries: | ||||
Hotels | ||||
Belgium | 3 | |||
France | 4 | |||
Germany | 1 | |||
Italy | 3 | |||
Poland | 1 | |||
Spain | 2 | |||
Sweden | 1 | |||
The Netherlands | 2 | |||
United Kingdom | 2 | |||
Total | 19 | |||
Earnings_Per_Common_Share_Unit1
Earnings Per Common Share (Unit) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Common Share (Unit) | ' | ||||||||
Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings per common share is computed by dividing net income 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 per common share is shown below (in millions, except per share amounts): | |||||||||
Quarter ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 185 | $ | 60 | |||||
Less: Net income attributable to non-controlling interests | (6 | ) | (4 | ) | |||||
Net income attributable to Host Inc. | 179 | 56 | |||||||
Assuming conversion of exchangeable senior debentures | 7 | — | |||||||
Diluted income attributable to Host Inc. | $ | 186 | $ | 56 | |||||
Basic weighted average shares outstanding | 754.9 | 728.2 | |||||||
Assuming weighted average shares for conversion of exchangeable senior debentures | 29.9 | 9.9 | |||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.5 | |||||||
Diluted weighted average shares outstanding (1) | 785.1 | 738.6 | |||||||
Basic earnings per common share | $ | 0.24 | $ | 0.08 | |||||
Diluted earnings per common share | $ | 0.24 | $ | 0.08 | |||||
-1 | There were approximately 29 million potentially dilutive shares for the quarter ended March 31, 2013, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. Income allocated to non-controlling interests in Host L.P. has been excluded from the numerator and common OP units in Host L.P. have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts would have no impact. | ||||||||
HOST HOTELS & RESORTS L.P. | ' | ||||||||
Earnings Per Common Share (Unit) | ' | ||||||||
Basic earnings per common unit is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings per common unit is computed by dividing net income 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 per unit is shown below (in millions, except per unit amounts): | |||||||||
Quarter ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 185 | $ | 60 | |||||
Less: Net income attributable to non-controlling interests | (4 | ) | (3 | ) | |||||
Net income attributable to Host L.P. | 181 | 57 | |||||||
Assuming conversion of exchangeable senior debentures | 7 | — | |||||||
Diluted income attributable to Host L.P. | $ | 188 | $ | 57 | |||||
Basic weighted average units outstanding | 748.5 | 722.7 | |||||||
Assuming weighted average units for conversion of exchangeable senior debentures | 29.3 | 9.6 | |||||||
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market | 0.3 | 0.5 | |||||||
Diluted weighted average units outstanding (1) | 778.1 | 732.8 | |||||||
Basic earnings per common unit | $ | 0.24 | $ | 0.08 | |||||
Diluted earnings per common unit | $ | 0.24 | $ | 0.08 | |||||
-1 | There were approximately 29 million potentially dilutive units for the quarter ended March 31, 2013, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property and Equipment | ' | ||||||||
Property and equipment consists of the following (in millions): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Land and land improvements | $ | 1,995 | $ | 1,973 | |||||
Buildings and leasehold improvements | 13,283 | 13,435 | |||||||
Furniture and equipment | 2,194 | 2,223 | |||||||
Construction in progress | 153 | 176 | |||||||
17,625 | 17,807 | ||||||||
Less accumulated depreciation and amortization | (6,808 | ) | (6,812 | ) | |||||
$ | 10,817 | $ | 10,995 | ||||||
Equity_of_Host_Inc_and_Capital1
Equity of Host Inc. and Capital of Host L.P. (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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 non-controlling interests | Total equity | Redeemable non-controlling interests | ||||||||||
Host Inc. | |||||||||||||
Balance, December 31, 2013 | $ | 7,228 | $ | 34 | $ | 7,262 | $ | 190 | |||||
Net income | 179 | 4 | 183 | 2 | |||||||||
Issuance of common stock | 8 | — | 8 | — | |||||||||
Dividends declared on common stock | (106 | ) | — | (106 | ) | — | |||||||
Distributions to non-controlling interests | — | — | — | (1 | ) | ||||||||
Other changes in ownership | (5 | ) | — | (5 | ) | 5 | |||||||
Other comprehensive income | 7 | — | 7 | — | |||||||||
Balance, March 31, 2014 | $ | 7,311 | $ | 38 | $ | 7,349 | $ | 196 | |||||
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): | |||||||||||||
Limited | |||||||||||||
Non- | Partnership | ||||||||||||
Capital of | controlling | Total | Interests of | ||||||||||
Host L.P | Interests | Capital | Third Parties | ||||||||||
Balance, December 31, 2013 | $ | 7,228 | $ | 34 | $ | 7,262 | $ | 190 | |||||
Net income | 179 | 4 | 183 | 2 | |||||||||
Issuance of common OP units | 8 | — | 8 | — | |||||||||
Distributions declared on common OP units | (106 | ) | — | (106 | ) | (1 | ) | ||||||
Distributions to non-controlling interests | — | — | — | — | |||||||||
Other changes in ownership | (5 | ) | — | (5 | ) | 5 | |||||||
Other comprehensive income | 7 | — | 7 | — | |||||||||
Balance, March 31, 2014 | $ | 7,311 | $ | 38 | $ | 7,349 | $ | 196 | |||||
Dispositions_Tables
Dispositions (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Summary of Results of Operations in Discontinued Operations | ' | |||||
The following table provides summary results of operations for the five hotels sold in 2013 which have been included in discontinued operations (in millions): | ||||||
Quarter ended March 31, 2013 | ||||||
Revenues | $ | 34 | ||||
Income before income taxes | 11 | |||||
Gain on disposition, net of tax | 19 | |||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions | ' | ||||||||
On January 21, 2014, we acquired the 151-room Powell Hotel in San Francisco, California, including retail space and the fee simple interest in the land, for approximately $75 million. Accounting for the acquisition requires an allocation of the purchase price to the assets acquired and the liabilities assumed at their respective estimated fair values. The purchase price allocations are estimated based on current available information; however, we still are in the process of obtaining appraisals and finalizing the accounting for the acquisition. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to this acquisition (in millions): | |||||||||
Property and equipment | $ | 73 | |||||||
Other assets | 2 | ||||||||
Total assets | 75 | ||||||||
Other liabilities | — | ||||||||
Net assets acquired | $ | 75 | |||||||
Summary of Unaudited Consolidated Pro Forma Results of Operations | ' | ||||||||
Our summarized unaudited consolidated pro forma results of operations, assuming the acquisition completed during 2014 occurred on January 1, 2013, are as follows (in millions, except per share and per unit amounts): | |||||||||
Quarter ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 1,309 | $ | 1,226 | |||||
Income from continuing operations | 77 | 35 | |||||||
Net income | 186 | 61 | |||||||
Host Inc.: | |||||||||
Net income attributable to Host Inc. | $ | 180 | $ | 57 | |||||
Basic earnings per common share: | |||||||||
Continuing operations | $ | 0.24 | $ | 0.04 | |||||
Discontinued operations | — | 0.04 | |||||||
Basic earnings per common share | $ | 0.24 | $ | 0.08 | |||||
Diluted earnings per common share: | |||||||||
Continuing operations | $ | 0.24 | $ | 0.04 | |||||
Discontinued operations | — | 0.04 | |||||||
Diluted earnings per common share | $ | 0.24 | $ | 0.08 | |||||
Host L.P.: | |||||||||
Net income attributable to Host L.P. | $ | 182 | $ | 58 | |||||
Basic earnings per common unit: | |||||||||
Continuing operations | $ | 0.24 | $ | 0.04 | |||||
Discontinued operations | — | 0.04 | |||||||
Basic earnings per common unit | $ | 0.24 | $ | 0.08 | |||||
Diluted earnings per common unit: | |||||||||
Continuing operations | $ | 0.24 | $ | 0.04 | |||||
Discontinued operations | — | 0.04 | |||||||
Diluted earnings per common unit | $ | 0.24 | $ | 0.08 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, respectively (in millions): | ||||||||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||
Balance at March 31, | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
2014 | (Level 2) | (Level 3) | ||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Foreign currency forward sale contracts (1) | $ | 2 | $ | — | $ | 2 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | (3 | ) | — | (3 | ) | — | ||||||||||||||||||
Foreign currency forward sale contracts (1) | (5 | ) | — | (5 | ) | — | ||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||||||
Foreign currency forward sale contracts (1) | 3 | — | 3 | — | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | (3 | ) | — | (3 | ) | — | ||||||||||||||||||
Foreign currency forward sale contracts (1) | (6 | ) | — | (6 | ) | — | ||||||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||||||
Impaired hotel properties held and used (2) | 9 | — | — | 9 | ||||||||||||||||||||
-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 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 | ||||||||||||||||||||||||
Gain (Loss) | ||||||||||||||||||||||||
Total Notional | Quarter ended March 31, | |||||||||||||||||||||||
Transaction Date | Amount | Maturity Date | Swapped Index | All-in-Rate | 2014 | 2013 | ||||||||||||||||||
November 2011 (1) | A$ | 62 | Nov-16 | Reuters BBSY | 6.7 | % | $ | — | $ | 1 | ||||||||||||||
February 2011 (2) | NZ$ | 79 | Feb-16 | NZ$ Bank Bill | 7.15 | % | $ | — | $ | — | ||||||||||||||
-1 | The swap was entered into in connection with the A$82 million ($76 million) mortgage loan on the Hilton Melbourne South Wharf. | |||||||||||||||||||||||
-2 | The swap was entered into in connection with the NZ$105 million ($91 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 | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Transaction | Total | |||||||||||||||||||||||
Amount in | Transaction | Gain (Loss) | ||||||||||||||||||||||
Transaction Date | Foreign | Amount | Forward Purchase | Quarter ended March 31, | ||||||||||||||||||||
Range | Currency | in Dollars | Date Range | 2014 | 2013 | |||||||||||||||||||
May 2008-January 2013 | € | 120 | $ | 163 | May 2014-January 2016 | $ | — | $ | 3 | |||||||||||||||
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations | ' | |||||||||||||||||||||||
The following table summarizes the draws on our credit facility that are designated as hedges of net investments in foreign operations (in millions): | ||||||||||||||||||||||||
Balance | Balance | Gain (Loss) | ||||||||||||||||||||||
Outstanding | Outstanding in | Quarter ended March 31, | ||||||||||||||||||||||
Currency | US$ | Foreign Currency | 2014 | 2013 | ||||||||||||||||||||
Canadian dollars (1) | $ | 28 | C$ | 31 | $ | 1 | $ | 1 | ||||||||||||||||
Euros | $ | 102 | € | 74 | $ | — | $ | 1 | ||||||||||||||||
-1 | We have an additional $69 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): | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||
Senior notes (Level 1) | $ | 2,497 | $ | 2,679 | $ | 2,647 | $ | 2,766 | ||||||||||||||||
Exchangeable Senior Debentures (Level 1) | 375 | 622 | 371 | 603 | ||||||||||||||||||||
Credit facility (Level 2) | 718 | 718 | 946 | 946 | ||||||||||||||||||||
Mortgage debt and other, excluding capital leases (Level 2) | 501 | 515 | 793 | 802 | ||||||||||||||||||||
Geographic_Information_Tables
Geographic Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 March 31, | ||||||||||||||||
2014 | 2013 | 31-Mar-14 | 31-Dec-13 | |||||||||||||
United States | $ | 1,243 | $ | 1,159 | $ | 10,312 | $ | 10,498 | ||||||||
Australia | 9 | 10 | 111 | 106 | ||||||||||||
Brazil | 7 | 8 | 80 | 76 | ||||||||||||
Canada | 19 | 21 | 84 | 89 | ||||||||||||
Chile | 9 | 8 | 51 | 54 | ||||||||||||
Mexico | 7 | 6 | 32 | 32 | ||||||||||||
New Zealand | 15 | 12 | 147 | 140 | ||||||||||||
Total | $ | 1,309 | $ | 1,224 | $ | 10,817 | $ | 10,995 | ||||||||
Noncontrolling_Interests_Table
Non-controlling Interests (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Historical Cost and Redemption Values for Non-Controlling Interests | ' | ||||||||
The table below details the historical cost and redemption values for the non-controlling interests: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
OP units outstanding (millions) | 9.5 | 9.5 | |||||||
Market price per Host Inc. common share | $ | 20.24 | $ | 19.44 | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||
Redemption value (millions) | $ | 196 | $ | 190 | |||||
Historical cost (millions) | 95 | 95 | |||||||
Book value (millions) (1) | 196 | 190 | |||||||
-1 | 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) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
Exchangeable Senior Debentures 3.25% | |||
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Shares issued for converted units, shares | 0.1 | 0.1 | ' |
Redemptions of limited partner interests for common stock | $1 | $1 | ' |
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) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
Exchangeable Senior Debentures 3.25% | HOST HOTELS & RESORTS L.P. | HOST HOTELS & RESORTS L.P. | HOST HOTELS & RESORTS L.P. | |||
Exchangeable Senior Debentures 3.25% | ||||||
Redemptions of limited partner interests for common stock | $1 | $1 | ' | $1 | $1 | ' |
Shares issued for converted units, shares | 0.1 | 0.1 | ' | 0.1 | 0.1 | ' |
Exchangeable Debentures | ' | ' | $174 | ' | ' | $174 |
Debt interest rate | ' | ' | 3.25% | ' | ' | 3.25% |
Debt converted into shares of Host Inc. common stock | ' | ' | 11.7 | ' | ' | 11.7 |
Common OP unit issuances (units) | ' | ' | ' | ' | ' | 11.5 |
Organization_Additional_Inform
Organization - Additional Information (Detail) | Mar. 31, 2014 |
Hotel | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 114 |
Australia | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 1 |
European Joint Venture | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 19 |
Number of funds | 2 |
European Joint Venture | Fund I | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Investment ownership percentage | 32.10% |
Number of hotels | 11 |
European Joint Venture | Fund II | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Investment ownership percentage | 33.40% |
Number of hotels | 8 |
Asian Joint Venture | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Investment ownership percentage | 25.00% |
Asian Joint Venture | Australia | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 1 |
Asian Joint Venture | India | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Number of hotels | 2 |
Number of hotels in various stages of development | 5 |
HOST HOTELS & RESORTS, INC. | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Percentage of the common OP Units | 99.00% |
Consolidated_Portfolio_of_Hote
Consolidated Portfolio of Hotels by Location (Detail) | Mar. 31, 2014 |
Hotel | |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 114 |
European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 19 |
United States | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 99 |
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 |
Belgium | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 3 |
France | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 4 |
Germany | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
Italy | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 3 |
Poland | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
Spain | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 2 |
Sweden | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 1 |
The Netherlands | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 2 |
United Kingdom | European Joint Venture | ' |
Segment Reporting Other Significant Reconciling Item [Line Items] | ' |
Hotels | 2 |
Host_Inc_Earnings_Per_Common_S
Host Inc. Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ||
Net income | $185 | $60 | ||
Less: Net income attributable to non-controlling interests | -6 | -4 | ||
Net income attributable to Host Inc. | 179 | 56 | ||
Assuming conversion of exchangeable senior debentures | 7 | 0 | ||
Diluted income attributable to Host Inc. | $186 | $56 | ||
Basic weighted average shares outstanding | 754.9 | 728.2 | ||
Assuming weighted average shares for conversion of exchangeable senior debentures | 29.9 | 9.9 | ||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.5 | ||
Diluted weighted average shares outstanding | 785.1 | [1] | 738.6 | [1] |
Basic earnings per common share | $0.24 | $0.08 | ||
Diluted earnings per common share | $0.24 | $0.08 | ||
[1] | There were approximately 29 million potentially dilutive shares for the quarter ended March 31, 2013, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. |
Host_Inc_Earnings_Per_Common_S1
Host Inc. Earnings Per Common Share (Parenthetical) (Detail) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
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 |
Host_LP_Earnings_Per_Common_Un
Host LP Earnings Per Common Unit (Detail) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ||
NET INCOME | $185 | $60 | ||
Less: Net income attributable to non-controlling interests | -6 | -4 | ||
Net income attributable to Host L.P. | 179 | 56 | ||
Assuming conversion of exchangeable senior debentures | 7 | 0 | ||
Basic weighted average units outstanding | 754.9 | 728.2 | ||
Diluted weighted average shares outstanding | 785.1 | [1] | 738.6 | [1] |
Basic earnings per common unit | $0.24 | $0.08 | ||
Diluted earnings per common unit | $0.24 | $0.08 | ||
Host Hotels Resorts Limited Partnership | ' | ' | ||
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ||
NET INCOME | 185 | 60 | ||
Less: Net income attributable to non-controlling interests | -4 | -3 | ||
Net income attributable to Host L.P. | 181 | 57 | ||
Assuming conversion of exchangeable senior debentures | 7 | 0 | ||
Diluted income attributable to Host L.P. | $188 | $57 | ||
Basic weighted average units outstanding | 748.5 | 722.7 | ||
Assuming weighted average units for conversion of exchangeable senior debentures | 29.3 | 9.6 | ||
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market | 0.3 | 0.5 | ||
Diluted weighted average shares outstanding | 778.1 | [2] | 732.8 | [2] |
Basic earnings per common unit | $0.24 | $0.08 | ||
Diluted earnings per common unit | $0.24 | $0.08 | ||
[1] | There were approximately 29 million potentially dilutive shares for the quarter ended March 31, 2013, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. | |||
[2] | There were approximately 29 million potentially dilutive units for the quarter ended March 31, 2013, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. |
Host_LP_Earnings_Per_Common_Un1
Host LP Earnings Per Common Unit (Parenthetical) (Detail) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
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 |
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 |
Summary_of_Property_and_Equipm
Summary of Property and Equipment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ' | ' |
Land and land improvements | $1,995 | $1,973 |
Buildings and leasehold improvements | 13,283 | 13,435 |
Furniture and equipment | 2,194 | 2,223 |
Construction in progress | 153 | 176 |
Property, Plant and Equipment, Gross, Total | 17,625 | 17,807 |
Less accumulated depreciation and amortization | -6,808 | -6,812 |
Property and equipment, net | $10,817 | $10,995 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Jan. 10, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 |
Series Q senior notes 6.75% due June 2016 | Ritz Carlton Naples and Newport Beach Marriott Hotel Spa | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Repayment of secured mortgage loan | ' | $301 | ' | ' | $300 |
Repayment of senior notes | ' | ' | ' | 150 | ' |
Debt interest rate | ' | ' | ' | 6.75% | ' |
Redemption price of senior notes | ' | 150 | 1 | 152 | ' |
Repayments on credit facility | 225 | 225 | 100 | ' | ' |
Remaining borrowing capacity | ' | $782 | ' | ' | ' |
Equity_Allocation_between_Cont
Equity Allocation between Controlling and Non-Controlling Interests (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stockholders Equity Note [Line Items] | ' | ' |
Beginning Balance | $7,262 | ' |
Net income attributable to Host L.P. | 179 | 56 |
Net income attributable to non-controlling interests | 4 | 3 |
Net income | 2 | 1 |
Other comprehensive income | 7 | 2 |
Ending Balance | 7,349 | ' |
HOST HOTELS & RESORTS, INC. | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Beginning Balance | 7,262 | ' |
Net income | 183 | ' |
Issuance of common stock | 8 | ' |
Dividends declared on common stock | -106 | ' |
Distributions to non-controlling interests | 0 | ' |
Other changes in ownership | -5 | ' |
Other comprehensive income | 7 | ' |
Ending Balance | 7,349 | ' |
HOST HOTELS & RESORTS, INC. | Parent | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Beginning Balance | 7,228 | ' |
Net income attributable to Host L.P. | 179 | ' |
Issuance of common stock | 8 | ' |
Dividends declared on common stock | -106 | ' |
Distributions to non-controlling interests | 0 | ' |
Other changes in ownership | -5 | ' |
Other comprehensive income | 7 | ' |
Ending Balance | 7,311 | ' |
HOST HOTELS & RESORTS, INC. | Non-controlling Interests of Consolidated Partnerships | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Beginning Balance | 34 | ' |
Net income attributable to non-controlling interests | 4 | ' |
Issuance of common stock | 0 | ' |
Dividends declared on common stock | 0 | ' |
Distributions to non-controlling interests | 0 | ' |
Other changes in ownership | 0 | ' |
Other comprehensive income | 0 | ' |
Ending Balance | 38 | ' |
HOST HOTELS & RESORTS, INC. | Redeemable non-controlling interests | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Beginning Balance | 190 | ' |
Net income | 2 | ' |
Issuance of common stock | 0 | ' |
Dividends declared on common stock | 0 | ' |
Distributions to non-controlling interests | -1 | ' |
Other changes in ownership | 5 | ' |
Other comprehensive income | 0 | ' |
Ending Balance | $196 | ' |
Equity_of_Host_Inc_and_Capital2
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
HOST HOTELS & RESORTS, INC. | ' |
Stockholders Equity Note [Line Items] | ' |
Percentage of the common OP Units | 99.00% |
Dividend declaration date | 18-Feb-14 |
Dividend per share, declared | $0.14 |
Dividend payable date | 15-Apr-14 |
Dividend record date | 31-Mar-14 |
Host Hotels Resorts Limited Partnership | ' |
Stockholders Equity Note [Line Items] | ' |
Shares issuable upon conversion of one OP unit | 1.021494 |
Common OP units, distribution paid | $0.14 |
Capital_Allocation_between_Con
Capital Allocation between Controlling and Non-Controlling Interests (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Limited Partners Capital Account [Line Items] | ' | ' |
Net income attributable to Host L.P. | $179 | $56 |
Other comprehensive income | 7 | 2 |
Host Hotels Resorts Limited Partnership | ' | ' |
Limited Partners Capital Account [Line Items] | ' | ' |
Beginning Balance | 7,262 | ' |
Net income attributable to Host L.P. | 181 | 57 |
Net income | 183 | ' |
Issuance of common OP units | 8 | ' |
Distributions declared on common OP units | -106 | ' |
Distributions to non-controlling interests | 0 | ' |
Other changes in ownership | -5 | ' |
Other comprehensive income | 7 | ' |
Ending Balance | 7,349 | ' |
Host Hotels Resorts Limited Partnership | Parent | ' | ' |
Limited Partners Capital Account [Line Items] | ' | ' |
Beginning Balance | 7,228 | ' |
Net income attributable to Host L.P. | 179 | ' |
Issuance of common OP units | 8 | ' |
Distributions declared on common OP units | -106 | ' |
Distributions to non-controlling interests | 0 | ' |
Other changes in ownership | -5 | ' |
Other comprehensive income | 7 | ' |
Ending Balance | 7,311 | ' |
Host Hotels Resorts Limited Partnership | Non-controlling Interests of Consolidated Partnerships | ' | ' |
Limited Partners Capital Account [Line Items] | ' | ' |
Beginning Balance | 34 | ' |
Net income attributable to Host L.P. | 4 | ' |
Issuance of common OP units | 0 | ' |
Distributions declared on common OP units | 0 | ' |
Distributions to non-controlling interests | 0 | ' |
Other changes in ownership | 0 | ' |
Other comprehensive income | 0 | ' |
Ending Balance | 38 | ' |
Host Hotels Resorts Limited Partnership | Limited Partnership Interests Of Third Parties | ' | ' |
Limited Partners Capital Account [Line Items] | ' | ' |
Beginning Balance | 190 | ' |
Net income attributable to Host L.P. | 2 | ' |
Issuance of common OP units | 0 | ' |
Distributions declared on common OP units | -1 | ' |
Distributions to non-controlling interests | 0 | ' |
Other changes in ownership | 5 | ' |
Other comprehensive income | 0 | ' |
Ending Balance | $196 | ' |
Dispositions_Additional_Inform
Dispositions - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Hotel | Hotel | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' |
Gain on disposition, net of tax | ' | $19 |
Gain on sale of property, net of tax | 109 | ' |
Proceeds from sales of assets, net | 274 | 279 |
Number of properties sold | 2 | 1 |
Philadelphia Marriott Downtown | ' | ' |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' |
Percentage of controlling interest sold | 89.00% | ' |
Courtyard Nashua | ' | ' |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' |
Proceeds from sales of assets, net | $10 | ' |
Summary_of_Results_of_Operatio
Summary of Results of Operations in Discontinued Operations (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' |
Revenues | $34 |
Income before income taxes | 11 |
Gain on disposition, net of tax | $19 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Jan. 21, 2014 |
Powell Hotel San Francisco California | ||
Room | ||
Business Acquisition [Line Items] | ' | ' |
Number of rooms | ' | 151 |
Acquisition purchase price | ' | $75 |
Acquisition-related expenses | 1 | ' |
Pro forma, total revenues | 1 | ' |
Pro forma, net income | $0.20 | ' |
Estimated_Fair_Value_of_Assets
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Property and equipment | $73 |
Other assets | 2 |
Total assets | 75 |
Other liabilities | 0 |
Net assets acquired | $75 |
Summary_of_Unaudited_Consolida
Summary of Unaudited Consolidated Pro Forma Results of Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Revenues | $1,309 | $1,226 |
Income from continuing operations | 77 | 35 |
Net income | 186 | 61 |
HOST HOTELS & RESORTS, INC. | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Net income attributable to Host Inc. | 180 | 57 |
Basic earnings per common share: | ' | ' |
Continuing operations | $0.24 | $0.04 |
Discontinued operations | $0 | $0.04 |
Basic earnings per common share | $0.24 | $0.08 |
Diluted earnings per common share: | ' | ' |
Continuing operations | $0.24 | $0.04 |
Discontinued operations | $0 | $0.04 |
Diluted earnings per common share | $0.24 | $0.08 |
HOST HOTELS & RESORTS L.P. | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Net income attributable to Host Inc. | $182 | $58 |
Basic earnings per common unit: | ' | ' |
Continuing operations | 0.24 | 0.04 |
Discontinued operations | 0 | 0.04 |
Basic earnings per common unit | 0.24 | 0.08 |
Diluted earnings per common unit: | ' | ' |
Continuing operations | 0.24 | 0.04 |
Discontinued operations | 0 | 0.04 |
Diluted earnings per common unit | 0.24 | 0.08 |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value Measurements on a Recurring Basis | Forward Currency Sale Contracts | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | $2 | [1] | $3 | [1] |
Derivative liabilities | -5 | [1] | -6 | [1] |
Fair Value Measurements on a Recurring Basis | Interest Rate Swap Derivatives | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | ' | 1 | [1] | |
Derivative liabilities | -3 | [1] | -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 | ' | 9 | [2] | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measurements on a Recurring Basis | Forward Currency Sale Contracts | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 0 | [1] | 0 | [1] |
Derivative liabilities | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measurements on a Recurring Basis | Interest Rate Swap Derivatives | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | ' | 0 | [1] | |
Derivative liabilities | 0 | [1] | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 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 | ' | 0 | [2] | |
Significant Other Observable Inputs (Level 2) | Fair Value Measurements on a Recurring Basis | Forward Currency Sale Contracts | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 2 | [1] | 3 | [1] |
Derivative liabilities | -5 | [1] | -6 | [1] |
Significant Other Observable Inputs (Level 2) | Fair Value Measurements on a Recurring Basis | Interest Rate Swap Derivatives | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | ' | 1 | [1] | |
Derivative liabilities | -3 | [1] | -3 | [1] |
Significant Unobservable Inputs (Level 3) | Fair Value Measurements on a Recurring Basis | Forward Currency Sale Contracts | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | 0 | [1] | 0 | [1] |
Derivative liabilities | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Fair Value Measurements on a Recurring Basis | Interest Rate Swap Derivatives | ' | ' | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' | ||
Derivative assets | ' | 0 | [1] | |
Derivative liabilities | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | 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 | ' | $9 | [2] | |
[1] | These derivative contracts have been designated as hedging instruments. | |||
[2] | The fair value measurements are as of the measurement date of the impairment and may not reflect subsequent book values. |
Interest_Rate_Swap_Derivatives
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Detail) | 3 Months Ended | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | ||||||
USD ($) | USD ($) | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | |||||||
Interest Rate Swap 1 | Interest Rate Swap 1 | Interest Rate Swap 1 | Interest Rate Swap 2 | Interest Rate Swap 2 | Interest Rate Swap 2 | |||||||||
USD ($) | USD ($) | AUD | USD ($) | USD ($) | NZD | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Transaction Date | ' | ' | 'November 2011 | [1] | ' | ' | 'February 2011 | [2] | ' | ' | ||||
Notional Amount | ' | ' | ' | ' | 62 | [1] | ' | ' | 79 | [2] | ||||
Maturity Date | ' | ' | '2016-11 | [1] | ' | ' | '2016-02 | [2] | ' | ' | ||||
Swapped Index | ' | ' | 'Reuters BBSY | [1] | ' | ' | 'NZ$ Bank Bill | [2] | ' | ' | ||||
All-in-Rate | ' | ' | ' | ' | 6.70% | [1] | ' | ' | 7.15% | [2] | ||||
Change in fair value of derivative instruments | $0 | $5 | $0 | [1] | $1 | [1] | ' | $0 | [2] | $0 | [2] | ' | ||
[1] | The swap was entered into in connection with the A$82Â million ($76Â million) mortgage loan on the Hilton Melbourne South Wharf. | |||||||||||||
[2] | The swap was entered into in connection with the NZ$105Â million ($91Â million) mortgage loan on seven properties in New Zealand. |
Interest_Rate_Swap_Derivatives1
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Parenthetical) (Detail) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | New Zealand | Interest Rate Swap Derivatives | Interest Rate Swap Derivatives | Interest Rate Swap Derivatives | Interest Rate Swap Derivatives |
Hotel | Hotel | New Zealand | New Zealand | Hilton Melbourne South Wharf | Hilton Melbourne South Wharf | ||
USD ($) | NZD | USD ($) | AUD | ||||
Hotel | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt | $417 | $709 | ' | $91 | 105 | $76 | 82 |
Hotels | 114 | ' | 7 | 7 | 7 | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 |
Contract | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ' | ' |
Number of foreign currency forward contracts outstanding | ' | 5 |
Fixed To Floating | Matured Interest Rate Swap Derivatives | ' | ' |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ' | ' |
Number of interest rate derivative agreements | ' | 3 |
Interest rate notional amount | ' | $300 |
Fair value of swaps decreased | $1 | ' |
Foreign_Currency_Sale_Contract
Foreign Currency Sale Contracts (Detail) (Foreign Exchange Contract, European Joint Venture) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
USD ($) | USD ($) | EUR (€) | |
Derivative [Line Items] | ' | ' | ' |
Transaction Date Range | 'May 2008-January 2013 | ' | ' |
Total transaction amount | $163 | ' | € 120 |
Forward purchase date range | 'May 2014-January 2016 | ' | ' |
Change in fair value gain (loss) | $0 | $3 | ' |
Draws_on_Credit_Facility_that_
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations (Detail) | 3 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |||
USD ($) | USD ($) | Canadian Dollars | Canadian Dollars | Canadian Dollars | Euros | Euros | Euros | ||||
USD ($) | USD ($) | CAD | USD ($) | USD ($) | EUR (€) | ||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Balance Outstanding | ' | ' | $28 | [1] | ' | 31 | [1] | $102 | ' | € 74 | |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | $7 | ($3) | $1 | [1] | $1 | [1] | ' | $0 | $1 | ' | |
[1] | We have an additional $69Â million outstanding on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Draws_on_Credit_Facility_that_1
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations (Parenthetical) (Detail) (Canadian Dollars) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||
In Millions, unless otherwise specified | USD ($) | CAD | Not Designated as Hedging Instrument | ||
USD ($) | |||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ' | ' | ' | ||
Balance Outstanding | $28 | [1] | 31 | [1] | $69 |
[1] | We have an additional $69Â 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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Exchangeable Senior Debentures (Level 1) | $375 | $371 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Portion at Fair Value, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Exchangeable Senior Debentures (Level 1) | 622 | 603 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Senior notes (Level 1) | 2,497 | 2,647 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | Portion at Fair Value, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Senior notes (Level 1) | 2,679 | 2,766 |
Significant Other Observable Inputs (Level 2) | Carrying (Reported) Amount, Fair Value Disclosure | Credit Facility | ' | ' |
Financial liabilities | ' | ' |
Credit facility (Level 2) | 718 | 946 |
Significant Other Observable Inputs (Level 2) | Portion at Fair Value, Fair Value Disclosure | Credit Facility | ' | ' |
Financial liabilities | ' | ' |
Credit facility (Level 2) | 718 | 946 |
Significant Other Observable Inputs (Level 2) | Mortgage Backed Securities, Other | Carrying (Reported) Amount, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Mortgage debt and other, excluding capital leases (Level 2) | 501 | 793 |
Significant Other Observable Inputs (Level 2) | Mortgage Backed Securities, Other | Portion at Fair Value, Fair Value Disclosure | ' | ' |
Financial liabilities | ' | ' |
Mortgage debt and other, excluding capital leases (Level 2) | $515 | $802 |
Geographic_Information_Additio
Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
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 |
Revenues_and_LongLived_Assets_
Revenues and Long-Lived Assets by Geographical Area (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $1,309 | $1,224 | ' |
Property and equipment, net | 10,817 | ' | 10,995 |
United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 1,243 | 1,159 | ' |
Property and equipment, net | 10,312 | ' | 10,498 |
Australia | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 9 | 10 | ' |
Property and equipment, net | 111 | ' | 106 |
Brazil | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 7 | 8 | ' |
Property and equipment, net | 80 | ' | 76 |
Canada | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 19 | 21 | ' |
Property and equipment, net | 84 | ' | 89 |
Chile | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 9 | 8 | ' |
Property and equipment, net | 51 | ' | 54 |
Mexico | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 7 | 6 | ' |
Property and equipment, net | 32 | ' | 32 |
New Zealand | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 15 | 12 | ' |
Property and equipment, net | $147 | ' | $140 |
NonControlling_Interests_Addit
Non-Controlling Interests - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Entity | |||
Minority Interest [Line Items] | ' | ' | ' |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | 6 | ' | ' |
Non-controlling interests—other consolidated partnerships | $38 | ' | $34 |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests with finite lives | 2 | ' | ' |
Non-controlling interests in outside partnerships, fair value | 72 | ' | 68 |
Net (income) loss attributable to non-controlling interests outside partnerships | 4 | 3 | ' |
Net income (loss) | $2 | $1 | ' |
Lower Limit | ' | ' | ' |
Minority Interest [Line Items] | ' | ' | ' |
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | '2081 | ' | ' |
Upper Limit | ' | ' | ' |
Minority Interest [Line Items] | ' | ' | ' |
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | '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 | ' | ' |
Historical_Cost_and_Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) (HOST HOTELS & RESORTS L.P., USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
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 (millions) | 9,500,000 | 9,500,000 | ||
Market price per Host Inc. common share | $20.24 | $19.44 | ||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | ||
Redemption value (millions) | $196 | $190 | ||
Historical cost (millions) | 95 | 95 | ||
Book value (millions) | $196 | [1] | $190 | [1] |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
Loss Contingencies [Line Items] | ' |
Loss contingency accrual | $23,000,000 |
Estimate of possible losses | 50,000,000 |
Keystone | ' |
Loss Contingencies [Line Items] | ' |
Loss contingency accrual | 69,000,000 |
Escrow reserve | 25,000,000 |
Other Litigation Cases | Individual Counterparty | ' |
Loss Contingencies [Line Items] | ' |
Maximum exposure of litigation | $150,000 |