Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 29, 2015 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HST | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
Entity Central Index Key | 1070750 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 757,674,729 | |
HOST HOTELS & RESORTS L.P. | ||
Document And Entity Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS L.P. | |
Entity Central Index Key | 1061937 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
ASSETS | ||||
Property and equipment, net | $10,495 | $10,575 | ||
Due from managers | 149 | 70 | ||
Advances to and investments in affiliates | 387 | 433 | ||
Deferred financing costs, net | 33 | 35 | ||
Furniture, fixtures and equipment replacement fund | 169 | 129 | ||
Other | 292 | 281 | ||
Cash and cash equivalents | 485 | 684 | ||
Total assets | 12,010 | 12,207 | ||
Debt | ||||
Senior notes, including $390 million and $386 million, respectively, net of discount, of Exchangeable Senior Debentures | 2,888 | 2,884 | ||
Credit facility | 685 | 704 | ||
Mortgage debt | 395 | 404 | ||
Total debt | 3,968 | 3,992 | ||
Accounts payable and accrued expenses | 224 | 298 | ||
Other | 304 | 324 | ||
Total liabilities | 4,496 | 4,614 | ||
Partnership interests | 191 | 225 | ||
Host Hotels & Resorts, Inc. stockholders’ equity: | ||||
Common stock, par value $.01, 1,050 million shares authorized, 756.3 million shares and 755.8 million shares issued and outstanding, respectively | 8 | 8 | ||
Additional paid-in capital | 8,519 | 8,476 | ||
Accumulated other comprehensive loss | -87 | -50 | ||
Deficit | -1,151 | -1,098 | ||
Total equity of Host Hotels & Resorts, Inc. stockholders | 7,289 | 7,336 | ||
Non-controlling interests—other consolidated partnerships | 34 | 32 | ||
Total equity | 7,323 | 7,368 | ||
Total liabilities, non-controlling interests and equity | 12,010 | 12,207 | ||
Host Hotels & Resorts, L.P. capital: | ||||
Accumulated other comprehensive loss | -87 | -50 | ||
HOST HOTELS & RESORTS L.P. | ||||
ASSETS | ||||
Property and equipment, net | 10,495 | 10,575 | ||
Due from managers | 149 | 70 | ||
Advances to and investments in affiliates | 387 | 433 | ||
Deferred financing costs, net | 33 | 35 | ||
Furniture, fixtures and equipment replacement fund | 169 | 129 | ||
Other | 292 | 281 | ||
Cash and cash equivalents | 485 | 684 | ||
Total assets | 12,010 | 12,207 | ||
Debt | ||||
Senior notes, including $390 million and $386 million, respectively, net of discount, of Exchangeable Senior Debentures | 2,888 | 2,884 | ||
Credit facility | 685 | 704 | ||
Mortgage debt | 395 | 404 | ||
Total debt | 3,968 | 3,992 | ||
Accounts payable and accrued expenses | 224 | 298 | ||
Other | 304 | 324 | ||
Total liabilities | 4,496 | 4,614 | ||
Partnership interests | 191 | [1] | 225 | [1] |
Host Hotels & Resorts, Inc. stockholders’ equity: | ||||
Accumulated other comprehensive loss | -87 | -50 | ||
Total equity | 7,323 | 7,368 | ||
Total liabilities, non-controlling interests and equity | 12,010 | 12,207 | ||
Host Hotels & Resorts, L.P. capital: | ||||
General partner | 1 | 1 | ||
Limited partner | 7,375 | 7,385 | ||
Accumulated other comprehensive loss | -87 | -50 | ||
Total Host Hotels & Resorts, L.P. capital | 7,289 | 7,336 | ||
Non-controlling interests—consolidated partnerships | 34 | 32 | ||
Total capital | $7,323 | $7,368 | ||
[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, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Senior notes | $390 | $386 |
Credit facility | 685 | 704 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 756,300,000 | 755,800,000 |
Common stock, shares outstanding | 756,300,000 | 755,800,000 |
HOST HOTELS & RESORTS L.P. | ||
Senior notes | 390 | 386 |
Credit facility | 685 | 704 |
Term Loan | ||
Credit facility | 500 | 500 |
Term Loan | HOST HOTELS & RESORTS L.P. | ||
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, 2015 | Mar. 31, 2014 |
REVENUES | ||
Rooms | $818 | $808 |
Food and beverage | 403 | 405 |
Other | 96 | 96 |
Total revenues | 1,317 | 1,309 |
EXPENSES | ||
Rooms | 220 | 226 |
Food and beverage | 283 | 284 |
Other departmental and support expenses | 321 | 315 |
Management fees | 52 | 50 |
Other property-level expenses | 98 | 97 |
Depreciation and amortization | 175 | 172 |
Corporate and other expenses | 24 | 34 |
Gain on insurance settlements | -3 | |
Total operating costs and expenses | 1,173 | 1,175 |
OPERATING PROFIT | 144 | 134 |
Interest income | 1 | 1 |
Interest expense | -51 | -58 |
Gain on sale of assets | 4 | 112 |
Loss on foreign currency transactions and derivatives | -1 | |
Equity in losses of affiliates | -2 | -8 |
INCOME BEFORE INCOME TAXES | 95 | 181 |
Benefit for income taxes | 9 | 4 |
NET INCOME | 104 | 185 |
Less: Net income attributable to non-controlling interests | -6 | -6 |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 98 | 179 |
Basic earnings per common share | $0.13 | $0.24 |
Diluted earnings per common share | $0.13 | $0.24 |
HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Rooms | 818 | 808 |
Food and beverage | 403 | 405 |
Other | 96 | 96 |
Total revenues | 1,317 | 1,309 |
EXPENSES | ||
Rooms | 220 | 226 |
Food and beverage | 283 | 284 |
Other departmental and support expenses | 321 | 315 |
Management fees | 52 | 50 |
Other property-level expenses | 98 | 97 |
Depreciation and amortization | 175 | 172 |
Corporate and other expenses | 24 | 34 |
Gain on insurance settlements | -3 | |
Total operating costs and expenses | 1,173 | 1,175 |
OPERATING PROFIT | 144 | 134 |
Interest income | 1 | 1 |
Interest expense | -51 | -58 |
Gain on sale of assets | 4 | 112 |
Loss on foreign currency transactions and derivatives | -1 | |
Equity in losses of affiliates | -2 | -8 |
INCOME BEFORE INCOME TAXES | 95 | 181 |
Benefit for income taxes | 9 | 4 |
NET INCOME | 104 | 185 |
Less: Net income attributable to non-controlling interests | -5 | -4 |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $99 | $181 |
Basic earnings per common share | $0.13 | $0.24 |
Diluted earnings per common share | $0.13 | $0.24 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
NET INCOME | $104 | $185 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -47 | 7 |
Change in fair value of derivative instruments | 15 | |
Amounts reclassified from other comprehensive income (loss) | -5 | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -37 | 7 |
COMPREHENSIVE INCOME | 67 | 192 |
Less: Comprehensive income attributable to non-controlling interests | -6 | -6 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO REPORTING ENTITY | 61 | 186 |
HOST HOTELS & RESORTS L.P. | ||
NET INCOME | 104 | 185 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | -47 | 7 |
Change in fair value of derivative instruments | 15 | |
Amounts reclassified from other comprehensive income (loss) | -5 | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -37 | 7 |
COMPREHENSIVE INCOME | 67 | 192 |
Less: Comprehensive income attributable to non-controlling interests | -5 | -4 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO REPORTING ENTITY | $62 | $188 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES | ||
NET INCOME | $104 | $185 |
Adjustments to reconcile to cash provided by operations: | ||
Depreciation and amortization | 175 | 172 |
Amortization of finance costs, discounts and premiums, net | 6 | 6 |
Non-cash loss on extinguishment of debt | 1 | |
Stock compensation expense | 5 | 4 |
Deferred income taxes | -13 | -11 |
Gain on sale of assets | -4 | -112 |
Loss on foreign currency transactions and derivatives | 1 | |
Equity in losses of affiliates | 2 | 8 |
Change in due from managers | -75 | -58 |
Distributions from equity investments | 4 | |
Changes in other assets | 13 | -6 |
Changes in other liabilities | -45 | -18 |
Cash provided by operating activities | 173 | 171 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 33 | 274 |
Return of investment | 25 | |
Acquisitions | -73 | |
Advances to and investments in affiliates | -14 | |
Capital expenditures: | ||
Renewals and replacements | -125 | -76 |
Redevelopment and acquisition-related investments | -45 | -14 |
Change in furniture, fixtures and equipment ("FF&E") replacement fund | -30 | 12 |
Cash provided by (used in) investing activities | -167 | 134 |
FINANCING ACTIVITIES | ||
Repayment of credit facility | -225 | |
Repurchase/redemption of senior notes | -150 | |
Mortgage debt and other prepayments and scheduled maturities | -301 | |
Issuance of common stock | 1 | 1 |
Dividends on common stock | -197 | -98 |
Distributions to non-controlling interests | -2 | -1 |
Change in restricted cash for financing activities | -1 | |
Cash used in financing activities | -198 | -775 |
Effects of exchange rate changes on cash held | -7 | 1 |
DECREASE IN CASH AND CASH EQUIVALENTS | -199 | -469 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 684 | 861 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 485 | 392 |
Supplemental disclosure of cash flow information: | ||
Interest paid - periodic interest expense | 44 | 48 |
Interest paid - debt extinguishments | 2 | |
Total interest paid | 44 | 50 |
Income taxes paid | 1 | 8 |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
NET INCOME | 104 | 185 |
Adjustments to reconcile to cash provided by operations: | ||
Depreciation and amortization | 175 | 172 |
Amortization of finance costs, discounts and premiums, net | 6 | 6 |
Non-cash loss on extinguishment of debt | 1 | |
Stock compensation expense | 5 | 4 |
Deferred income taxes | -13 | -11 |
Gain on sale of assets | -4 | -112 |
Loss on foreign currency transactions and derivatives | 1 | |
Equity in losses of affiliates | 2 | 8 |
Change in due from managers | -75 | -58 |
Distributions from equity investments | 4 | |
Changes in other assets | 13 | -6 |
Changes in other liabilities | -45 | -18 |
Cash provided by operating activities | 173 | 171 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 33 | 274 |
Return of investment | 25 | |
Acquisitions | -73 | |
Advances to and investments in affiliates | -14 | |
Capital expenditures: | ||
Renewals and replacements | -125 | -76 |
Redevelopment and acquisition-related investments | -45 | -14 |
Change in furniture, fixtures and equipment ("FF&E") replacement fund | -30 | 12 |
Cash provided by (used in) investing activities | -167 | 134 |
FINANCING ACTIVITIES | ||
Repayment of credit facility | -225 | |
Repurchase/redemption of senior notes | -150 | |
Mortgage debt and other prepayments and scheduled maturities | -301 | |
Proceeds from Issuance of Common Limited Partners Units | 1 | 1 |
Distributions on common OP units | -199 | -99 |
Change in restricted cash for financing activities | -1 | |
Cash used in financing activities | -198 | -775 |
Effects of exchange rate changes on cash held | -7 | 1 |
DECREASE IN CASH AND CASH EQUIVALENTS | -199 | -469 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 684 | 861 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 485 | 392 |
Supplemental disclosure of cash flow information: | ||
Interest paid - periodic interest expense | 44 | 48 |
Interest paid - debt extinguishments | 2 | |
Total interest paid | 44 | 50 |
Income taxes paid | $1 | $8 |
Organization
Organization | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Organization | ||||
1 | Organization | |||
Description of Business | ||||
Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”), with its operations conducted solely through Host Hotels & Resorts, L.P. and its subsidiaries. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to these 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, 2015, Host Inc. holds approximately 99% of Host L.P.’s OP units. | ||||
Consolidated Portfolio | ||||
As of March 31, 2015, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: | ||||
Hotels | ||||
United States | 97 | |||
Australia | 1 | |||
Brazil | 3 | |||
Canada | 2 | |||
Chile | 2 | |||
Mexico | 1 | |||
New Zealand | 7 | |||
Total | 113 | |||
International 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”) (10 hotels) and a 33.4% interest in the second fund (“Euro JV Fund II”) (9 hotels). | ||||
As of March 31, 2015, the Euro JV owned hotels located in the following countries: | ||||
Hotels | ||||
Belgium | 3 | |||
France | 4 | |||
Germany | 2 | |||
Italy | 3 | |||
Poland | 1 | |||
Spain | 2 | |||
Sweden | 1 | |||
The Netherlands | 2 | |||
United Kingdom | 1 | |||
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 that owns three operating hotels and four additional hotels in various stages of development in India. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | ||
2 | Summary of Significant Accounting Policies | |
We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10–K for the year ended December 31, 2014. | ||
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 financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2015, and the results of our operations and cash flows for the quarters ended March 31, 2015 and 2014, respectively. Interim results are not necessarily indicative of full year performance because of the impact of seasonal variations. | ||
Reclassifications | ||
Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. In particular, gain on sale of assets, which previously was presented net of tax following income from continuing operations on our statement of operations, has been reclassified to be included in income before income taxes following guidance issued by the SEC upon adoption of ASU 2014-08, Reporting for Discontinued Operations. | ||
New Accounting Standards | ||
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual reporting periods beginning after December 15, 2015. Upon adoption of the standard we will reclassify deferred financing costs, net from total assets to be shown net of debt in the liabilities section of our balance sheet. Adoption of this standard will only affect the presentation of our balance sheet. | ||
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. The ASU amends the consolidation guidance for variable interest entities (VIEs) and general partners' investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of the ASU on our consolidated financial statements and related disclosures. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, however in April 2015, the FASB proposed to defer the effective date to December 15, 2017. We have not yet completed our assessment of the effect of the new standard on our financial statements, including possible transition alternatives. | ||
Earnings_Per_Common_Share_Unit
Earnings Per Common Share (Unit) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
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. We have 9.2 million OP units which are convertible into 9.4 million common shares which are not included in Host Inc.’s calculation of earnings per share as their effect is not dilutive. The calculation of basic and diluted earnings per common share is shown below (in millions, except per share amounts): | |||||||||
Quarter ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 104 | $ | 185 | |||||
Less: Net income attributable to non-controlling interests | (6 | ) | (6 | ) | |||||
Net income attributable to Host Inc. | 98 | 179 | |||||||
Assuming conversion of exchangeable senior debentures | — | 7 | |||||||
Diluted income attributable to Host Inc. | $ | 98 | $ | 186 | |||||
Basic weighted average shares outstanding | 756 | 754.9 | |||||||
Assuming weighted average shares for conversion of exchangeable senior debentures | — | 29.9 | |||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.3 | |||||||
Diluted weighted average shares outstanding (1) | 756.3 | 785.1 | |||||||
Basic earnings per common share | $ | 0.13 | $ | 0.24 | |||||
Diluted earnings per common share | $ | 0.13 | $ | 0.24 | |||||
___________ | |||||||||
-1 | There were approximately 31 million potentially dilutive shares for the quarter ended March 31, 2015 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 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 distributed 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, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 104 | $ | 185 | |||||
Less: Net income attributable to non-controlling interests | (5 | ) | (4 | ) | |||||
Net income attributable to Host L.P. | 99 | 181 | |||||||
Assuming conversion of exchangeable senior debentures | — | 7 | |||||||
Diluted income attributable to Host L.P. | $ | 99 | $ | 188 | |||||
Basic weighted average units outstanding | 749.4 | 748.5 | |||||||
Assuming weighted average units for conversion of exchangeable senior debentures | — | 29.3 | |||||||
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market | 0.3 | 0.3 | |||||||
Diluted weighted average units outstanding (1) | 749.7 | 778.1 | |||||||
Basic earnings per common unit | $ | 0.13 | $ | 0.24 | |||||
Diluted earnings per common unit | $ | 0.13 | $ | 0.24 | |||||
___________ | |||||||||
-1 | There were approximately 30 million potentially dilutive units for the quarter ended March 31, 2015 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, 2015 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment | |||||||||
4 | Property and Equipment | ||||||||
Property and equipment consists of the following (in millions): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Land and land improvements | $ | 1,985 | $ | 1,990 | |||||
Buildings and leasehold improvements | 13,368 | 13,336 | |||||||
Furniture and equipment | 2,263 | 2,217 | |||||||
Construction in progress | 183 | 209 | |||||||
17,799 | 17,752 | ||||||||
Less accumulated depreciation and amortization | (7,304 | ) | (7,177 | ) | |||||
$ | 10,495 | $ | 10,575 | ||||||
Equity_of_Host_Inc_and_Capital
Equity of Host Inc. and Capital of Host L.P. | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Equity of Host Inc. and Capital of Host L.P. | |||||||||||||
5 | 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, 2014 | $ | 7,336 | $ | 32 | $ | 7,368 | $ | 225 | |||||
Net income | 98 | 5 | 103 | 1 | |||||||||
Issuance of common stock | 10 | — | 10 | — | |||||||||
Dividends declared on common stock | (151 | ) | — | (151 | ) | — | |||||||
Distributions to non-controlling interests | — | — | — | (2 | ) | ||||||||
Other changes in ownership | 33 | (3 | ) | 30 | (33 | ) | |||||||
Other comprehensive loss | (37 | ) | — | (37 | ) | — | |||||||
Balance, March 31, 2015 | $ | 7,289 | $ | 34 | $ | 7,323 | $ | 191 | |||||
Capital of Host L.P. | |||||||||||||
As of March 31, 2015, 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, 2014 | $ | 7,336 | $ | 32 | $ | 7,368 | $ | 225 | |||||
Net income | 98 | 5 | 103 | 1 | |||||||||
Issuance of common OP units | 10 | — | 10 | — | |||||||||
Distributions declared on common OP units | (151 | ) | — | (151 | ) | (2 | ) | ||||||
Distributions to non-controlling interests | — | — | — | — | |||||||||
Other changes in ownership | 33 | (3 | ) | 30 | (33 | ) | |||||||
Other comprehensive loss | (37 | ) | — | (37 | ) | — | |||||||
Balance, March 31, 2015 | $ | 7,289 | $ | 34 | $ | 7,323 | $ | 191 | |||||
For Host Inc. and Host L.P., during the first quarter of 2015, we reclassified a net gain of $5 million that had been recognized previously in foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates in other comprehensive income related to the sale of the Delta Meadowvale Hotel & Conference Centre and recognized such gain in gain on sale of assets on our consolidated statement of operations. | |||||||||||||
Dividends/Distributions | |||||||||||||
On February 17, 2015, Host Inc.’s Board of Directors declared a regular dividend of $0.20 per share on its common stock. The dividend was paid on April 15, 2015 to stockholders of record as of March 31, 2015. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio. |
Dispositions
Dispositions | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Dispositions | |||||||||
6 | Dispositions | ||||||||
On March 16, 2015, we sold the Delta Meadowvale Hotel & Conference Centre for approximately C$40 million ($31 million) plus an additional C$2 million ($2 million) for the FF&E replacement fund. | |||||||||
The following table provides summary results of operations for the one hotel sold in 2015 and the five hotels sold in 2014, which are included in continuing operations (in millions): | |||||||||
Quarter ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 4 | $ | 31 | |||||
Income before taxes | — | 5 | |||||||
Gain on disposals | 3 | 112 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
7 | 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, 2015 and December 31, 2014, 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 | |||||||||||||||||||||
2015 | (Level 2) | (Level 3) | ||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Foreign currency forward sale contracts (1) | $ | 28 | $ | — | $ | 28 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | (2 | ) | — | (2 | ) | — | ||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||
Balance at December 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) | $ | 13 | $ | — | $ | 13 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | (2 | ) | — | (2 | ) | — | ||||||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||||||
Impaired hotel properties sold (2) | — | — | — | 18 | ||||||||||||||||||||
___________ | ||||||||||||||||||||||||
-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 the book value as of December 31, 2014. | |||||||||||||||||||||||
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 other comprehensive income (loss) on the accompanying balance sheets. The hedges were fully effective as of March 31, 2015. | ||||||||||||||||||||||||
The following table summarizes our interest rate swap derivatives designated as cash flow hedges (in millions): | ||||||||||||||||||||||||
Change in Fair Value | ||||||||||||||||||||||||
Gain (Loss) | ||||||||||||||||||||||||
Total Notional | Maturity | Swapped | All-in- | Quarter ended March 31, | ||||||||||||||||||||
Transaction Date | Amount | Date | Index | Rate | 2015 | 2014 | ||||||||||||||||||
November 2011 (1) | A$ | 62 | November 2016 | Reuters BBSY | 6.7 | % | $ | — | $ | — | ||||||||||||||
February 2011 (2) | NZ$ | 79 | February 2016 | NZ$ Bank Bill | 7.15 | % | $ | — | $ | — | ||||||||||||||
___________ | ||||||||||||||||||||||||
-1 | The swap was entered into in connection with the A$86 million ($66 million) mortgage loan on the Hilton Melbourne South Wharf. | |||||||||||||||||||||||
-2 | The swap was entered into in connection with the NZ$105 million ($78 million) mortgage loan on seven properties in New Zealand. | |||||||||||||||||||||||
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 other comprehensive income (loss) within the equity portion of our balance sheet. The foreign currency 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 forward sale contracts (in millions): | ||||||||||||||||||||||||
Currently Outstanding | Change in Fair Value - All Contracts | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Transaction | Total | Gain (Loss) | ||||||||||||||||||||||
Amount in | Transaction | |||||||||||||||||||||||
Transaction Date | Foreign | Amount | Forward Purchase | Quarter ended March 31, | ||||||||||||||||||||
Range | Currency | in Dollars | Date Range | 2015 | 2014 | |||||||||||||||||||
July 2011-May 2014 | € | 100 | $ | 135 | August 2015-May 2017 | $ | 14 | $ | — | |||||||||||||||
Nov-14 | C$ | 25 | $ | 22 | November 2016 | $ | 1 | $ | — | |||||||||||||||
In addition to the foreign currency 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 of the designated credit facility draws are recorded to other comprehensive income (loss). | ||||||||||||||||||||||||
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 | 2015 | 2014 | ||||||||||||||||||||
Canadian dollars (1) | $ | 36 | C$ | 46 | $ | 2 | $ | 1 | ||||||||||||||||
Euros | $ | 83 | € | 77 | $ | 10 | $ | — | ||||||||||||||||
___________ | ||||||||||||||||||||||||
-1 | We have drawn an additional $48 million on the credit facility in Canadian dollars, which draw 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. The fair values of 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 is shown below (in millions): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||
Senior notes (Level 1) | $ | 2,498 | $ | 2,665 | $ | 2,498 | $ | 2,668 | ||||||||||||||||
Exchangeable Senior Debentures (Level 1) | 390 | 630 | 386 | 739 | ||||||||||||||||||||
Credit facility (Level 2) | 685 | 685 | 704 | 704 | ||||||||||||||||||||
Mortgage debt and other, excluding capital leases (Level 2) | 394 | 408 | 403 | 413 | ||||||||||||||||||||
Geographic_Information
Geographic Information | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Geographic Information | ||||||||||||||||
8 | 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, | March 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
United States | $ | 1,258 | $ | 1,243 | $ | 10,089 | $ | 10,111 | ||||||||
Australia | 9 | 9 | 95 | 102 | ||||||||||||
Brazil | 7 | 7 | 67 | 82 | ||||||||||||
Canada | 14 | 19 | 55 | 82 | ||||||||||||
Chile | 7 | 9 | 43 | 44 | ||||||||||||
Mexico | 7 | 7 | 24 | 26 | ||||||||||||
New Zealand | 15 | 15 | 122 | 128 | ||||||||||||
Total | $ | 1,317 | $ | 1,309 | $ | 10,495 | $ | 10,575 | ||||||||
NonControlling_Interests
Non-Controlling Interests | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Non-Controlling Interests | |||||||||
9 | 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 $34 million and $32 million as of March 31, 2015 and December 31, 2014, 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, 2015 and December 31, 2014, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $94 million and $85 million, respectively. | |||||||||
Net income attributable to non-controlling interests of consolidated partnerships is included in our determination of net income. Net income attributable to non-controlling interests of third parties was $5 million and $4 million for the quarters ended March 31, 2015 and 2014, 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 sheets as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. | |||||||||
The table below details the historical cost and redemption values for the non-controlling interests: | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
OP units outstanding (millions) | 9.2 | 9.3 | |||||||
Market price per Host Inc. common share | $ | 20.18 | $ | 23.77 | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||
Redemption value (millions) | $ | 191 | $ | 225 | |||||
Historical cost (millions) | 92 | 94 | |||||||
Book value (millions) (1) | 191 | 225 | |||||||
___________ | |||||||||
-1 | The book value recorded is equal to the greater of redemption value or historical cost. | ||||||||
Net income 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 the non-controlling interests of Host L.P. for the quarters ended March 31, 2015 and 2014 was $1 million and $2 million, respectively. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Legal Proceedings | ||
10 | 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. | ||
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 $4 million as of March 31, 2015 for liabilities related to legal proceedings and estimate that, in the aggregate, our losses related to these proceedings will not exceed $10 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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications |
Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. In particular, gain on sale of assets, which previously was presented net of tax following income from continuing operations on our statement of operations, has been reclassified to be included in income before income taxes following guidance issued by the SEC upon adoption of ASU 2014-08, Reporting for Discontinued Operations. | |
New Accounting Standards | New Accounting Standards |
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual reporting periods beginning after December 15, 2015. Upon adoption of the standard we will reclassify deferred financing costs, net from total assets to be shown net of debt in the liabilities section of our balance sheet. Adoption of this standard will only affect the presentation of our balance sheet. | |
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. The ASU amends the consolidation guidance for variable interest entities (VIEs) and general partners' investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of the ASU on our consolidated financial statements and related disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, however in April 2015, the FASB proposed to defer the effective date to December 15, 2017. We have not yet completed our assessment of the effect of the new standard on our financial statements, including possible transition alternatives. | |
Organization_Tables
Organization (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Consolidated Portfolio of Hotels by Location | As of March 31, 2015, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: | |||
Hotels | ||||
United States | 97 | |||
Australia | 1 | |||
Brazil | 3 | |||
Canada | 2 | |||
Chile | 2 | |||
Mexico | 1 | |||
New Zealand | 7 | |||
Total | 113 | |||
European Joint Venture | ||||
Consolidated Portfolio of Hotels by Location | As of March 31, 2015, the Euro JV owned hotels located in the following countries: | |||
Hotels | ||||
Belgium | 3 | |||
France | 4 | |||
Germany | 2 | |||
Italy | 3 | |||
Poland | 1 | |||
Spain | 2 | |||
Sweden | 1 | |||
The Netherlands | 2 | |||
United Kingdom | 1 | |||
Total | 19 | |||
Earnings_Per_Common_Share_Unit1
Earnings Per Common Share (Unit) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Common Share (Unit) | The calculation of basic and diluted earnings per common share is shown below (in millions, except per share amounts): | ||||||||
Quarter ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 104 | $ | 185 | |||||
Less: Net income attributable to non-controlling interests | (6 | ) | (6 | ) | |||||
Net income attributable to Host Inc. | 98 | 179 | |||||||
Assuming conversion of exchangeable senior debentures | — | 7 | |||||||
Diluted income attributable to Host Inc. | $ | 98 | $ | 186 | |||||
Basic weighted average shares outstanding | 756 | 754.9 | |||||||
Assuming weighted average shares for conversion of exchangeable senior debentures | — | 29.9 | |||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.3 | |||||||
Diluted weighted average shares outstanding (1) | 756.3 | 785.1 | |||||||
Basic earnings per common share | $ | 0.13 | $ | 0.24 | |||||
Diluted earnings per common share | $ | 0.13 | $ | 0.24 | |||||
___________ | |||||||||
-1 | There were approximately 31 million potentially dilutive shares for the quarter ended March 31, 2015 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 HOTELS & RESORTS L.P. | |||||||||
Earnings Per Common Share (Unit) | The calculation of basic and diluted earnings per unit is shown below (in millions, except per unit amounts): | ||||||||
Quarter ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 104 | $ | 185 | |||||
Less: Net income attributable to non-controlling interests | (5 | ) | (4 | ) | |||||
Net income attributable to Host L.P. | 99 | 181 | |||||||
Assuming conversion of exchangeable senior debentures | — | 7 | |||||||
Diluted income attributable to Host L.P. | $ | 99 | $ | 188 | |||||
Basic weighted average units outstanding | 749.4 | 748.5 | |||||||
Assuming weighted average units for conversion of exchangeable senior debentures | — | 29.3 | |||||||
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market | 0.3 | 0.3 | |||||||
Diluted weighted average units outstanding (1) | 749.7 | 778.1 | |||||||
Basic earnings per common unit | $ | 0.13 | $ | 0.24 | |||||
Diluted earnings per common unit | $ | 0.13 | $ | 0.24 | |||||
___________ | |||||||||
-1 | There were approximately 30 million potentially dilutive units for the quarter ended March 31, 2015 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, 2015 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment consists of the following (in millions): | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Land and land improvements | $ | 1,985 | $ | 1,990 | |||||
Buildings and leasehold improvements | 13,368 | 13,336 | |||||||
Furniture and equipment | 2,263 | 2,217 | |||||||
Construction in progress | 183 | 209 | |||||||
17,799 | 17,752 | ||||||||
Less accumulated depreciation and amortization | (7,304 | ) | (7,177 | ) | |||||
$ | 10,495 | $ | 10,575 | ||||||
Equity_of_Host_Inc_and_Capital1
Equity of Host Inc. and Capital of Host L.P. (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
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, 2014 | $ | 7,336 | $ | 32 | $ | 7,368 | $ | 225 | |||||
Net income | 98 | 5 | 103 | 1 | |||||||||
Issuance of common stock | 10 | — | 10 | — | |||||||||
Dividends declared on common stock | (151 | ) | — | (151 | ) | — | |||||||
Distributions to non-controlling interests | — | — | — | (2 | ) | ||||||||
Other changes in ownership | 33 | (3 | ) | 30 | (33 | ) | |||||||
Other comprehensive loss | (37 | ) | — | (37 | ) | — | |||||||
Balance, March 31, 2015 | $ | 7,289 | $ | 34 | $ | 7,323 | $ | 191 | |||||
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, 2014 | $ | 7,336 | $ | 32 | $ | 7,368 | $ | 225 | |||||
Net income | 98 | 5 | 103 | 1 | |||||||||
Issuance of common OP units | 10 | — | 10 | — | |||||||||
Distributions declared on common OP units | (151 | ) | — | (151 | ) | (2 | ) | ||||||
Distributions to non-controlling interests | — | — | — | — | |||||||||
Other changes in ownership | 33 | (3 | ) | 30 | (33 | ) | |||||||
Other comprehensive loss | (37 | ) | — | (37 | ) | — | |||||||
Balance, March 31, 2015 | $ | 7,289 | $ | 34 | $ | 7,323 | $ | 191 | |||||
Dispositions_Tables
Dispositions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Summary of Results of Operations for Hotels Sold Included in Continuing Operations | The following table provides summary results of operations for the one hotel sold in 2015 and the five hotels sold in 2014, which are included in continuing operations (in millions): | ||||||||
Quarter ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 4 | $ | 31 | |||||
Income before taxes | — | 5 | |||||||
Gain on disposals | 3 | 112 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
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, 2015 and December 31, 2014, 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 | |||||||||||||||||||||
2015 | (Level 2) | (Level 3) | ||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis: | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Foreign currency forward sale contracts (1) | $ | 28 | $ | — | $ | 28 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | (2 | ) | — | (2 | ) | — | ||||||||||||||||||
Fair Value at Measurement Date Using | ||||||||||||||||||||||||
Balance at December 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) | $ | 13 | $ | — | $ | 13 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Interest rate swap derivatives (1) | (2 | ) | — | (2 | ) | — | ||||||||||||||||||
Fair Value Measurements on a Non-recurring Basis: | ||||||||||||||||||||||||
Impaired hotel properties sold (2) | — | — | — | 18 | ||||||||||||||||||||
___________ | ||||||||||||||||||||||||
-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 the book value as of December 31, 2014. | |||||||||||||||||||||||
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 | Maturity | Swapped | All-in- | Quarter ended March 31, | ||||||||||||||||||||
Transaction Date | Amount | Date | Index | Rate | 2015 | 2014 | ||||||||||||||||||
November 2011 (1) | A$ | 62 | November 2016 | Reuters BBSY | 6.7 | % | $ | — | $ | — | ||||||||||||||
February 2011 (2) | NZ$ | 79 | February 2016 | NZ$ Bank Bill | 7.15 | % | $ | — | $ | — | ||||||||||||||
___________ | ||||||||||||||||||||||||
-1 | The swap was entered into in connection with the A$86 million ($66 million) mortgage loan on the Hilton Melbourne South Wharf. | |||||||||||||||||||||||
-2 | The swap was entered into in connection with the NZ$105 million ($78 million) mortgage loan on seven properties in New Zealand. | |||||||||||||||||||||||
Foreign Currency Sale Contracts | The following table summarizes our foreign currency forward sale contracts (in millions): | |||||||||||||||||||||||
Currently Outstanding | Change in Fair Value - All Contracts | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Transaction | Total | Gain (Loss) | ||||||||||||||||||||||
Amount in | Transaction | |||||||||||||||||||||||
Transaction Date | Foreign | Amount | Forward Purchase | Quarter ended March 31, | ||||||||||||||||||||
Range | Currency | in Dollars | Date Range | 2015 | 2014 | |||||||||||||||||||
July 2011-May 2014 | € | 100 | $ | 135 | August 2015-May 2017 | $ | 14 | $ | — | |||||||||||||||
Nov-14 | C$ | 25 | $ | 22 | November 2016 | $ | 1 | $ | — | |||||||||||||||
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 | 2015 | 2014 | ||||||||||||||||||||
Canadian dollars (1) | $ | 36 | C$ | 46 | $ | 2 | $ | 1 | ||||||||||||||||
Euros | $ | 83 | € | 77 | $ | 10 | $ | — | ||||||||||||||||
___________ | ||||||||||||||||||||||||
-1 | We have drawn an additional $48 million on the credit facility in Canadian dollars, which draw 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 is shown below (in millions): | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||
Senior notes (Level 1) | $ | 2,498 | $ | 2,665 | $ | 2,498 | $ | 2,668 | ||||||||||||||||
Exchangeable Senior Debentures (Level 1) | 390 | 630 | 386 | 739 | ||||||||||||||||||||
Credit facility (Level 2) | 685 | 685 | 704 | 704 | ||||||||||||||||||||
Mortgage debt and other, excluding capital leases (Level 2) | 394 | 408 | 403 | 413 | ||||||||||||||||||||
Geographic_Information_Tables
Geographic Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
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, | March 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
United States | $ | 1,258 | $ | 1,243 | $ | 10,089 | $ | 10,111 | ||||||||
Australia | 9 | 9 | 95 | 102 | ||||||||||||
Brazil | 7 | 7 | 67 | 82 | ||||||||||||
Canada | 14 | 19 | 55 | 82 | ||||||||||||
Chile | 7 | 9 | 43 | 44 | ||||||||||||
Mexico | 7 | 7 | 24 | 26 | ||||||||||||
New Zealand | 15 | 15 | 122 | 128 | ||||||||||||
Total | $ | 1,317 | $ | 1,309 | $ | 10,495 | $ | 10,575 | ||||||||
Noncontrolling_Interests_Table
Non-controlling Interests (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Historical Cost and Redemption Values for Non-Controlling Interests | The table below details the historical cost and redemption values for the non-controlling interests: | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
OP units outstanding (millions) | 9.2 | 9.3 | |||||||
Market price per Host Inc. common share | $ | 20.18 | $ | 23.77 | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||||||
Redemption value (millions) | $ | 191 | $ | 225 | |||||
Historical cost (millions) | 92 | 94 | |||||||
Book value (millions) (1) | 191 | 225 | |||||||
___________ | |||||||||
-1 | The book value recorded is equal to the greater of redemption value or historical cost. |
Organization_Additional_Inform
Organization - Additional Information (Detail) | Mar. 31, 2015 |
Hotel | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 113 |
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 | 10 |
European Joint Venture | Fund II | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Investment ownership percentage | 33.40% |
Number of hotels | 9 |
Asia/Pacific Joint Venture | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Investment ownership percentage | 25.00% |
Asia/Pacific Joint Venture | Australia | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 1 |
Asia/Pacific Joint Venture | India | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 3 |
Number of hotels in various stages of development | 4 |
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, 2015 |
Hotel | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 113 |
European Joint Venture | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 19 |
United States | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 97 |
Australia | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 1 |
Brazil | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 3 |
Canada | |
Segment Reporting Other Significant Reconciling Item [Line Items] | |
Hotels | 2 |
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 | 2 |
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 | 1 |
Earnings_Per_Common_Share_Unit2
Earnings Per Common Share (Unit) - Additional Information (Detail) (HOST HOTELS & RESORTS, INC.) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
HOST HOTELS & RESORTS, INC. | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
OP units outstanding | 9.2 |
Number of common shares that would be outstanding if OP units were converted | 9.4 |
Host_Inc_Earnings_Loss_Per_Com
Host Inc. Earnings (Loss) Per Common Share (Detail) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Earnings Per Share [Abstract] | ||||
NET INCOME | $104 | $185 | ||
Less: Net income attributable to non-controlling interests | -6 | -6 | ||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 98 | 179 | ||
Assuming conversion of exchangeable senior debentures | 7 | |||
Diluted income attributable to Host Inc. | $98 | $186 | ||
Basic weighted average shares outstanding | 756 | 754.9 | ||
Assuming weighted average shares for conversion of exchangeable senior debentures | 29.9 | |||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.3 | ||
Diluted weighted average shares outstanding | 756.3 | [1] | 785.1 | [1] |
Basic earnings per common share | $0.13 | $0.24 | ||
Diluted earnings per common share | $0.13 | $0.24 | ||
[1] | There were approximately 31 million potentially dilutive shares for the quarter ended March 31, 2015 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_Loss_Per_Com1
Host Inc. Earnings (Loss) Per Common Share (Parenthetical) (Detail) (HOST HOTELS & RESORTS, INC.) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
HOST HOTELS & RESORTS, INC. | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Anti-dilutive shares which were not included in the computation of diluted EPS | 31 |
Host_LP_Earnings_Loss_Per_Comm
Host LP Earnings (Loss) Per Common Unit (Detail) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Earnings Per Share Diluted [Line Items] | ||||
NET INCOME | $104 | $185 | ||
Less: Net income attributable to non-controlling interests | -6 | -6 | ||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 98 | 179 | ||
Diluted income attributable to Host Inc. | 98 | 186 | ||
Basic weighted average shares outstanding | 756 | 754.9 | ||
Assuming weighted average shares for conversion of exchangeable senior debentures | 29.9 | |||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.3 | ||
Diluted weighted average shares outstanding | 756.3 | [1] | 785.1 | [1] |
Basic earnings per common share | $0.13 | $0.24 | ||
Diluted earnings per common share | $0.13 | $0.24 | ||
HOST HOTELS & RESORTS L.P. | ||||
Earnings Per Share Diluted [Line Items] | ||||
NET INCOME | 104 | 185 | ||
Less: Net income attributable to non-controlling interests | -5 | -4 | ||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 99 | 181 | ||
Assuming conversion of exchangeable senior debentures | 7 | |||
Diluted income attributable to Host Inc. | $99 | $188 | ||
Basic weighted average shares outstanding | 749.4 | 748.5 | ||
Assuming weighted average shares for conversion of exchangeable senior debentures | 29.3 | |||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.3 | ||
Diluted weighted average shares outstanding | 749.7 | [2] | 778.1 | [2] |
Basic earnings per common share | $0.13 | $0.24 | ||
Diluted earnings per common share | $0.13 | $0.24 | ||
[1] | There were approximately 31 million potentially dilutive shares for the quarter ended March 31, 2015 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 30 million potentially dilutive units for the quarter ended March 31, 2015 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_Loss_Per_Comm1
Host LP Earnings (Loss) Per Common Unit (Parenthetical) (Detail) (HOST HOTELS & RESORTS L.P.) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
HOST HOTELS & RESORTS L.P. | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Anti-dilutive shares which were not included in the computation of diluted EPS | 30 |
Summary_of_Property_and_Equipm
Summary of Property and Equipment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $1,985 | $1,990 |
Buildings and leasehold improvements | 13,368 | 13,336 |
Furniture and equipment | 2,263 | 2,217 |
Construction in progress | 183 | 209 |
Property, Plant and Equipment, Gross, Total | 17,799 | 17,752 |
Less accumulated depreciation and amortization | -7,304 | -7,177 |
Property and equipment, net | $10,495 | $10,575 |
Equity_Allocation_between_Cont
Equity Allocation between Controlling and Non-Controlling Interests (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders Equity Note [Line Items] | ||
Beginning Balance | $7,368 | |
Net income attributable to Host L.P. | 98 | 179 |
Net income attributable to non-controlling interests | 5 | 4 |
Net income | 1 | 2 |
Other comprehensive loss | -37 | 7 |
Ending Balance | 7,323 | |
HOST HOTELS & RESORTS, INC. | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7,368 | |
Net income | 103 | |
Issuance of common stock | 10 | |
Dividends declared on common stock | -151 | |
Other changes in ownership | 30 | |
Other comprehensive loss | -37 | |
Ending Balance | 7,323 | |
HOST HOTELS & RESORTS, INC. | Parent | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7,336 | |
Net income attributable to Host L.P. | 98 | |
Issuance of common stock | 10 | |
Dividends declared on common stock | -151 | |
Other changes in ownership | 33 | |
Other comprehensive loss | -37 | |
Ending Balance | 7,289 | |
HOST HOTELS & RESORTS, INC. | Non-redeemable, non-controlling interest | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 32 | |
Net income attributable to non-controlling interests | 5 | |
Other changes in ownership | -3 | |
Ending Balance | 34 | |
HOST HOTELS & RESORTS, INC. | Redeemable non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 225 | |
Net income | 1 | |
Distributions to non-controlling interests | -2 | |
Other changes in ownership | -33 | |
Ending Balance | $191 |
Equity_of_Host_Inc_and_Capital2
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Feb. 17, 2015 | Dec. 31, 2014 |
Stockholders Equity Note [Line Items] | |||
Net gain had been recognized previously in foreign currency translation and other comprehensive income (loss) related to the sale | $5 | ||
HOST HOTELS & RESORTS, INC. | |||
Stockholders Equity Note [Line Items] | |||
Percentage of the common OP Units | 99.00% | ||
Dividend declaration date | 17-Feb-15 | ||
Dividend per share, declared | $0.20 | ||
Dividend payable date | 15-Apr-15 | ||
Dividend record date | 31-Mar-15 | ||
HOST HOTELS & RESORTS L.P. | |||
Stockholders Equity Note [Line Items] | |||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |
Net gain had been recognized previously in foreign currency translation and other comprehensive income (loss) related to the sale | $5 | ||
Common OP units, distribution paid | $0.20 |
Capital_Allocation_between_Con
Capital Allocation between Controlling and Non-Controlling Interests (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | $7,368 | |
Net income attributable to Host L.P. | 98 | 179 |
Net income attributable to non-controlling interests | 5 | 4 |
Net income | 1 | 2 |
Other comprehensive loss | -37 | 7 |
Ending Balance | 7,323 | |
HOST HOTELS & RESORTS L.P. | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 7,368 | |
Net income attributable to Host L.P. | 99 | 181 |
Net income | 103 | |
Issuance of common stock | 10 | |
Dividends declared on common stock | -151 | |
Other changes in ownership | 30 | |
Other comprehensive loss | -37 | 7 |
Ending Balance | 7,323 | |
HOST HOTELS & RESORTS L.P. | Parent | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 7,336 | |
Net income attributable to Host L.P. | 98 | |
Issuance of common stock | 10 | |
Dividends declared on common stock | -151 | |
Other changes in ownership | 33 | |
Other comprehensive loss | -37 | |
Ending Balance | 7,289 | |
HOST HOTELS & RESORTS L.P. | Non-controlling Interests | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 32 | |
Net income attributable to non-controlling interests | 5 | |
Other changes in ownership | -3 | |
Ending Balance | 34 | |
HOST HOTELS & RESORTS L.P. | Limited Partnership Interests Of Third Parties | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 225 | |
Net income | 1 | |
Dividends declared on common stock | -2 | |
Other changes in ownership | -33 | |
Ending Balance | $191 |
Dispositions_Additional_Inform
Dispositions - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 16, 2015 | Mar. 16, 2015 |
USD ($) | USD ($) | Hotel | Delta Meadowvale Hotel & Conference Center | Delta Meadowvale Hotel & Conference Center | |
Hotel | USD ($) | CAD | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $33 | $274 | $31 | 40 | |
FF&E replacement fund retained | $2 | 2 | |||
Number of properties sold | 1 | 5 |
Summary_of_Results_of_Operatio
Summary of Results of Operations for One Hotel Sold in Twenty Fifteen and Five Hotels Sold in Twenty Fourteen which are Included in Continuing Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Discontinued Operations And Disposal Groups [Abstract] | ||
Revenues | $4 | $31 |
Income before taxes | 5 | |
Gain on disposals | $3 | $112 |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Foreign currency forward sale contracts | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a recurring basis, Assets | $28 | [1] | $13 | [1] |
Interest rate swap derivatives | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a recurring basis, Liabilities | -2 | [1] | -2 | [1] |
Significant Other Observable Inputs (Level 2) | Foreign currency forward sale contracts | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a recurring basis, Assets | 28 | [1] | 13 | [1] |
Significant Other Observable Inputs (Level 2) | Interest rate swap derivatives | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a recurring basis, Liabilities | -2 | [1] | -2 | [1] |
Significant Unobservable Inputs (Level 3) | Impaired Hotel Properties Held And Used | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurements on a non-recurring basis, Impaired hotel properties held and used | $18 | [2] | ||
[1] | These derivative contracts have been designated as hedging instruments. | |||
[2] | The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2014. |
Interest_Rate_Swap_Derivatives
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Detail) | 3 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | |||||||
USD ($) | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | |||||||
Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | ||||||||
Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Swap Entered In Connection With Seven Properties | Swap Entered In Connection With Seven Properties | Swap Entered In Connection With Seven Properties | ||||||||
Australia | Australia | Australia | New Zealand | New Zealand | New Zealand | ||||||||
USD ($) | USD ($) | AUD | USD ($) | USD ($) | NZD | ||||||||
Derivative [Line Items] | |||||||||||||
Transaction Date | Nov-11 | [1] | Feb-11 | [2] | |||||||||
Notional Amount | 62,000,000 | [1] | 79,000,000 | [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 | $15,000,000 | $0 | [1] | $0 | [1] | $0 | [2] | $0 | [2] | ||||
[1] | The swap was entered into in connection with the A$86Â million ($66Â million) mortgage loan on the Hilton Melbourne South Wharf. | ||||||||||||
[2] | The swap was entered into in connection with the NZ$105Â million ($78Â million) mortgage loan on seven properties in New Zealand. |
Interest_Rate_Swap_Derivatives1
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Parenthetical) (Detail) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Australia | New Zealand | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap |
Hotel | Hotel | Hotel | Australia | Australia | New Zealand | New Zealand | ||
Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Swap Entered In Connection With Seven Properties | Swap Entered In Connection With Seven Properties | |||||
USD ($) | AUD | USD ($) | NZD | |||||
Hotel | ||||||||
Derivative [Line Items] | ||||||||
Mortgage debt | $395 | $404 | $66 | 86 | $78 | 105 | ||
Hotels | 113 | 1 | 7 | 7 | 7 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) | Mar. 31, 2015 |
Contract | |
Fair Value Disclosures [Abstract] | |
Number of foreign currency forward contracts outstanding | 5 |
Foreign_Currency_Sale_Contract
Foreign Currency Sale Contracts (Detail) (Foreign Exchange Contract) | 3 Months Ended | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
Foreign Currency Forward Sale Contract 1 | Foreign Currency Forward Sale Contract 1 | Foreign Currency Forward Sale Contract 2 | Foreign Currency Forward Sale Contract 2 | |
European Joint Venture | European Joint Venture | Canadian Properties | Canadian Properties | |
USD ($) | EUR (€) | USD ($) | CAD | |
Derivative [Line Items] | ||||
Transaction Date Range | July 2011-May 2014 | Nov-14 | ||
Total transaction amount | $135,000,000 | € 100,000,000 | $22,000,000 | 25,000,000 |
Forward purchase date range | August 2015-May 2017 | Nov-16 | ||
Change in fair value gain (loss) | $14,000,000 | $1,000,000 |
Draws_on_Credit_Facility_that_
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations (Detail) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |||
USD ($) | USD ($) | USD ($) | Canadian Dollars | Canadian Dollars | Canadian Dollars | Euros | Euros | ||||
USD ($) | USD ($) | CAD | USD ($) | EUR (€) | |||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||||||
Balance Outstanding | $685 | $704 | $36 | [1] | 46 | [1] | $83 | € 77 | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | ($47) | $7 | $2 | [1] | $1 | [1] | $10 | ||||
[1] | We have drawn an additional $48Â million on the credit facility in Canadian dollars, which draw has not been designated as a hedging instrument. |
Draws_on_Credit_Facility_that_1
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations (Parenthetical) (Detail) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | ||
In Millions, unless otherwise specified | USD ($) | USD ($) | Canadian Dollars | Canadian Dollars | Canadian Dollars | ||
USD ($) | CAD | Not Designated as Hedging Instrument | |||||
USD ($) | |||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||||
Credit facility | $685 | $704 | $36 | [1] | 46 | [1] | $48 |
[1] | We have drawn an additional $48Â million on the credit facility in Canadian dollars, which draw 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, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Financial liabilities | ||
Senior notes (Level 1) | $2,498 | $2,498 |
Exchangeable Senior Debentures (Level 1), carrying value | 390 | 386 |
Credit facility (Level 2), carrying value | 685 | 704 |
Mortgage debt and other, excluding capital leases | ||
Financial liabilities | ||
Mortgage debt and other, excluding capital leases (Level 2), carrying value | 394 | 403 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 2,665 | 2,668 |
Exchangeable Senior Debentures (Level 1), fair value | 630 | 739 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | 685 | 704 |
Mortgage debt and other, excluding capital leases (Level 2), fair value | $408 | $413 |
Geographic_Information_Additio
Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Entity | |
Country | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
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, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Revenues | $1,317 | $1,309 | |
Property and equipment, net | 10,495 | 10,575 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,258 | 1,243 | |
Property and equipment, net | 10,089 | 10,111 | |
Australia | |||
Segment Reporting Information [Line Items] | |||
Revenues | 9 | 9 | |
Property and equipment, net | 95 | 102 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 7 | 7 | |
Property and equipment, net | 67 | 82 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14 | 19 | |
Property and equipment, net | 55 | 82 | |
Chile | |||
Segment Reporting Information [Line Items] | |||
Revenues | 7 | 9 | |
Property and equipment, net | 43 | 44 | |
Mexico | |||
Segment Reporting Information [Line Items] | |||
Revenues | 7 | 7 | |
Property and equipment, net | 24 | 26 | |
New Zealand | |||
Segment Reporting Information [Line Items] | |||
Revenues | 15 | 15 | |
Property and equipment, net | $122 | $128 |
NonControlling_Interests_Addit
Non-Controlling Interests - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
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 | $34 | $32 | |
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 | 94 | 85 | |
Net income attributable to non-controlling interests outside partnerships | 5 | 4 | |
Net income | $1 | $2 | |
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 | ||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |
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 |
Historical_Cost_and_Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, except Per Share data, unless otherwise specified | ||||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||||
Book value | $191 | $225 | ||
HOST HOTELS & RESORTS L.P. | ||||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||||
OP units outstanding | 9.2 | 9.3 | ||
Market price per Host Inc. common share | $20.18 | $23.77 | ||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | ||
Redemption value) | 191 | 225 | ||
Historical cost | 92 | 94 | ||
Book value | $191 | [1] | $225 | [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, 2015 |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $4,000,000 |
Estimate of possible losses | 10,000,000 |
Other Litigation Cases | |
Loss Contingencies [Line Items] | |
Maximum exposure of litigation | $150,000 |