Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HST | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
Entity Central Index Key | 1,070,750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 739,865,175 | |
HOST HOTELS & RESORTS L.P. | ||
Document And Entity Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS L.P. | |
Entity Central Index Key | 1,061,937 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Property and equipment, net | $ 10,379 | $ 10,583 | |
Assets held for sale | 5 | 55 | |
Due from managers | 106 | 56 | |
Advances to and investments in affiliates | 307 | 324 | |
Furniture, fixtures and equipment replacement fund | 182 | 141 | |
Other | 221 | 261 | |
Restricted cash | 2 | 15 | |
Cash and cash equivalents | 340 | 221 | |
Total assets | 11,542 | 11,656 | |
Debt | |||
Senior notes | 2,379 | 2,376 | |
Credit facility, including term loans of $997 million and $996 million, respectively | 1,306 | 1,291 | |
Mortgage debt | 67 | 200 | |
Total debt | 3,752 | 3,867 | |
Accounts payable and accrued expenses | 242 | 243 | |
Other | 280 | 299 | |
Total liabilities | 4,274 | 4,409 | |
Partnership interests | 138 | 143 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 738.1 million shares and 750.3 million shares issued and outstanding, respectively | 7 | 8 | |
Additional paid-in capital | 8,111 | 8,302 | |
Accumulated other comprehensive loss | (79) | (107) | |
Deficit | (948) | (1,139) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 7,091 | 7,064 | |
Non-controlling interests—other consolidated partnerships | 39 | 40 | |
Total equity | 7,130 | 7,104 | |
Total liabilities, non-controlling interests and equity | 11,542 | 11,656 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (79) | (107) | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 10,379 | 10,583 | |
Assets held for sale | 5 | 55 | |
Due from managers | 106 | 56 | |
Advances to and investments in affiliates | 307 | 324 | |
Furniture, fixtures and equipment replacement fund | 182 | 141 | |
Other | 221 | 261 | |
Restricted cash | 2 | 15 | |
Cash and cash equivalents | 340 | 221 | |
Total assets | 11,542 | 11,656 | |
Debt | |||
Senior notes | 2,379 | 2,376 | |
Credit facility, including term loans of $997 million and $996 million, respectively | 1,306 | 1,291 | |
Mortgage debt | 67 | 200 | |
Total debt | 3,752 | 3,867 | |
Accounts payable and accrued expenses | 242 | 243 | |
Other | 280 | 299 | |
Total liabilities | 4,274 | 4,409 | |
Partnership interests | [1] | 138 | 143 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (79) | (107) | |
Total equity | 7,130 | 7,104 | |
Total liabilities, non-controlling interests and equity | 11,542 | 11,656 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 7,169 | 7,170 | |
Accumulated other comprehensive loss | (79) | (107) | |
Total Host Hotels & Resorts, L.P. capital | 7,091 | 7,064 | |
Non-controlling interests—consolidated partnerships | 39 | 40 | |
Total capital | $ 7,130 | $ 7,104 | |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Credit facility | $ 1,306 | $ 1,291 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 738,100,000 | 750,300,000 |
Common stock, shares outstanding | 738,100,000 | 750,300,000 |
HOST HOTELS & RESORTS L.P. | ||
Credit facility | $ 1,306 | $ 1,291 |
Term Loan | ||
Credit facility | 997 | 996 |
Term Loan | HOST HOTELS & RESORTS L.P. | ||
Credit facility | $ 997 | $ 996 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
REVENUES | ||||
Rooms | $ 879 | $ 870 | $ 2,655 | $ 2,625 |
Food and beverage | 336 | 337 | 1,183 | 1,160 |
Other | 80 | 76 | 255 | 239 |
Total revenues | 1,295 | 1,283 | 4,093 | 4,024 |
EXPENSES | ||||
Rooms | 225 | 228 | 674 | 681 |
Food and beverage | 257 | 258 | 830 | 830 |
Other departmental and support expenses | 321 | 322 | 981 | 973 |
Management fees | 54 | 51 | 177 | 171 |
Other property-level expenses | 96 | 97 | 289 | 289 |
Depreciation and amortization | 182 | 177 | 541 | 528 |
Corporate and other expenses | 28 | 21 | 82 | 68 |
Gain on insurance and business interruption settlements | (12) | (4) | (15) | (4) |
Total operating costs and expenses | 1,151 | 1,150 | 3,559 | 3,536 |
OPERATING PROFIT | 144 | 133 | 534 | 488 |
Interest income | 2 | 2 | ||
Interest expense | (38) | (46) | (116) | (167) |
Gain on sale of assets | 14 | 5 | 245 | 62 |
Gain (loss) on foreign currency transactions and derivatives | (1) | (1) | 1 | (3) |
Equity in earnings of affiliates | 8 | 5 | 19 | 31 |
INCOME BEFORE INCOME TAXES | 127 | 96 | 685 | 413 |
Provision for income taxes | (19) | (9) | (42) | (13) |
NET INCOME | 108 | 87 | 643 | 400 |
Less: Net (income) loss attributable to non-controlling interests | (1) | (2) | (7) | (5) |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 107 | $ 85 | $ 636 | $ 395 |
Basic earnings per common share | $ 0.14 | $ 0.11 | $ 0.85 | $ 0.53 |
Diluted earnings per common share | $ 0.14 | $ 0.11 | $ 0.85 | $ 0.53 |
HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Rooms | $ 879 | $ 870 | $ 2,655 | $ 2,625 |
Food and beverage | 336 | 337 | 1,183 | 1,160 |
Other | 80 | 76 | 255 | 239 |
Total revenues | 1,295 | 1,283 | 4,093 | 4,024 |
EXPENSES | ||||
Rooms | 225 | 228 | 674 | 681 |
Food and beverage | 257 | 258 | 830 | 830 |
Other departmental and support expenses | 321 | 322 | 981 | 973 |
Management fees | 54 | 51 | 177 | 171 |
Other property-level expenses | 96 | 97 | 289 | 289 |
Depreciation and amortization | 182 | 177 | 541 | 528 |
Corporate and other expenses | 28 | 21 | 82 | 68 |
Gain on insurance and business interruption settlements | (12) | (4) | (15) | (4) |
Total operating costs and expenses | 1,151 | 1,150 | 3,559 | 3,536 |
OPERATING PROFIT | 144 | 133 | 534 | 488 |
Interest income | 2 | 2 | ||
Interest expense | (38) | (46) | (116) | (167) |
Gain on sale of assets | 14 | 5 | 245 | 62 |
Gain (loss) on foreign currency transactions and derivatives | (1) | (1) | 1 | (3) |
Equity in earnings of affiliates | 8 | 5 | 19 | 31 |
INCOME BEFORE INCOME TAXES | 127 | 96 | 685 | 413 |
Provision for income taxes | (19) | (9) | (42) | (13) |
NET INCOME | 108 | 87 | 643 | 400 |
Less: Net (income) loss attributable to non-controlling interests | (1) | 1 | ||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 108 | $ 86 | $ 644 | $ 400 |
Basic earnings per common share | $ 0.15 | $ 0.12 | $ 0.87 | $ 0.54 |
Diluted earnings per common share | $ 0.15 | $ 0.12 | $ 0.87 | $ 0.54 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
NET INCOME | $ 108 | $ 87 | $ 643 | $ 400 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (1) | (27) | 13 | (71) |
Change in fair value of derivative instruments | (8) | (2) | 7 | |
Amounts reclassified from other comprehensive income (loss) | (7) | 17 | (5) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (8) | (35) | 28 | (69) |
COMPREHENSIVE INCOME | 100 | 52 | 671 | 331 |
Less: Comprehensive (income) loss attributable to non-controlling interests | (1) | (2) | (7) | (5) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO REPORTING ENTITY | 99 | 50 | 664 | 326 |
HOST HOTELS & RESORTS L.P. | ||||
NET INCOME | 108 | 87 | 643 | 400 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (1) | (27) | 13 | (71) |
Change in fair value of derivative instruments | (8) | (2) | 7 | |
Amounts reclassified from other comprehensive income (loss) | (7) | 17 | (5) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (8) | (35) | 28 | (69) |
COMPREHENSIVE INCOME | 100 | 52 | 671 | 331 |
Less: Comprehensive (income) loss attributable to non-controlling interests | (1) | 1 | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 100 | $ 51 | $ 672 | $ 331 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
NET INCOME | $ 643 | $ 400 |
Adjustments to reconcile to cash provided by operations: | ||
Depreciation and amortization | 541 | 528 |
Amortization of finance costs, discounts and premiums, net | 4 | 19 |
Non-cash loss on extinguishment of debt | 6 | |
Stock compensation expense | 8 | 9 |
Deferred income taxes | 29 | 4 |
Gain on sale of assets | (245) | (62) |
(Gain) loss on foreign currency transactions and derivatives | (1) | 3 |
Gain on property insurance settlement | (1) | (4) |
Equity in earnings of affiliates | (19) | (31) |
Change in due from managers | (63) | (57) |
Distributions from equity investments | 20 | 14 |
Changes in other assets | 1 | 22 |
Changes in other liabilities | (49) | |
Cash provided by operating activities | 917 | 802 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 467 | 183 |
Return of investment | 23 | 21 |
Advances to and investments in affiliates | (4) | (4) |
Acquisitions | (54) | (402) |
Capital expenditures: | ||
Renewals and replacements | (218) | (293) |
Redevelopment and acquisition-related investments | (187) | (175) |
Change in furniture, fixtures and equipment ("FF&E") replacement fund | (53) | (23) |
Change in restricted cash for investing activities | 13 | (15) |
Property insurance proceeds | 11 | |
Cash used in investing activities | (13) | (697) |
FINANCING ACTIVITIES | ||
Financing costs | (7) | |
Issuances of debt | 499 | |
Draws on credit facility | 598 | 485 |
Term loan issuance | 300 | |
Repayment of credit facility | (590) | (460) |
Repurchase/redemption of senior notes | (500) | |
Mortgage debt and other prepayments and scheduled maturities | (137) | |
Common stock repurchase | (206) | (330) |
Dividends on common stock | (448) | (498) |
Other financing activities | (6) | (6) |
Cash used in financing activities | (789) | (517) |
Effects of exchange rate changes on cash held | 4 | (14) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 119 | (426) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 221 | 666 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 340 | 240 |
Supplemental disclosure of cash flow information: | ||
Interest paid - periodic interest expense | 105 | 128 |
Interest paid - debt extinguishments | 15 | |
Total interest paid | 105 | 143 |
Income taxes paid | 14 | 6 |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
NET INCOME | 643 | 400 |
Adjustments to reconcile to cash provided by operations: | ||
Depreciation and amortization | 541 | 528 |
Amortization of finance costs, discounts and premiums, net | 4 | 19 |
Non-cash loss on extinguishment of debt | 6 | |
Stock compensation expense | 8 | 9 |
Deferred income taxes | 29 | 4 |
Gain on sale of assets | (245) | (62) |
(Gain) loss on foreign currency transactions and derivatives | (1) | 3 |
Gain on property insurance settlement | (1) | (4) |
Equity in earnings of affiliates | (19) | (31) |
Change in due from managers | (63) | (57) |
Distributions from equity investments | 20 | 14 |
Changes in other assets | 1 | 22 |
Changes in other liabilities | (49) | |
Cash provided by operating activities | 917 | 802 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 467 | 183 |
Return of investment | 23 | 21 |
Advances to and investments in affiliates | (4) | (4) |
Acquisitions | (54) | (402) |
Capital expenditures: | ||
Renewals and replacements | (218) | (293) |
Redevelopment and acquisition-related investments | (187) | (175) |
Change in furniture, fixtures and equipment ("FF&E") replacement fund | (53) | (23) |
Change in restricted cash for investing activities | 13 | (15) |
Property insurance proceeds | 11 | |
Cash used in investing activities | (13) | (697) |
FINANCING ACTIVITIES | ||
Financing costs | (7) | |
Issuances of debt | 499 | |
Draws on credit facility | 598 | 485 |
Term loan issuance | 300 | |
Repayment of credit facility | (590) | (460) |
Repurchase/redemption of senior notes | (500) | |
Mortgage debt and other prepayments and scheduled maturities | (137) | |
Repurchase of common OP units | (206) | (330) |
Distributions on common OP units | (453) | (505) |
Other financing activities | (1) | 1 |
Cash used in financing activities | (789) | (517) |
Effects of exchange rate changes on cash held | 4 | (14) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 119 | (426) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 221 | 666 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 340 | 240 |
Supplemental disclosure of cash flow information: | ||
Interest paid - periodic interest expense | 105 | 128 |
Interest paid - debt extinguishments | 15 | |
Total interest paid | 105 | 143 |
Income taxes paid | $ 14 | $ 6 |
Supplemental Disclosure of Nonc
Supplemental Disclosure of Noncash Financing Activities | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Disclosure of Noncash Financing Activities | Supplemental disclosure of noncash financing activities: During the third quarter in 2015, holders of $8.7 million of our 2.5% Exchangeable Senior Debentures due 2029 elected to exchange their debentures into 0.7 million shares of Host Inc. common stock. Additionally, $22 million of the shares repurchased during the third quarter in 2015 were not settled until subsequent to September 30, 2015. Therefore, the corresponding cash payment did not occur until the fourth quarter. |
HOST HOTELS & RESORTS L.P. | |
Supplemental Disclosure of Noncash Financing Activities | Supplemental disclosure of noncash financing activities: During the third quarter in 2015, holders of $8.7 million of our 2.5% Exchangeable Senior Debentures due 2029 elected to exchange their debentures into 0.7 million shares of Host Inc. common stock. Additionally, $22 million of the shares repurchased during the third quarter in 2015 were not settled until subsequent to September 30, 2015. Therefore, the corresponding cash payment did not occur until the fourth quarter. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”), with its operations conducted solely through Host Hotels & Resorts, L.P. and its subsidiaries. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to these unaudited condensed consolidated financial statements, we use the terms “we” or “our” to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term “Host Inc.” specifically to refer to Host Hotels & Resorts, Inc. and the term “Host L.P.” specifically to refer to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. As of September 30, 2016, Host Inc. holds approximately 99% of Host L.P.’s OP units. Consolidated Portfolio As of September 30, 2016, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 89 Australia 1 Brazil 3 Canada 2 Mexico 1 Total 96 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”) (3 hotels) and a 33.4% interest in the second fund (“Euro JV Fund II”) (7 hotels). As of September 30, 2016, the Euro JV owned hotels located in the following countries: Hotels Belgium 1 France 3 Germany 1 Spain 2 Sweden 1 The Netherlands 1 United Kingdom 1 Total 10 We also own non-controlling interests in an additional five joint ventures that own eight hotels totaling approximately 3,400 rooms. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2016, and the results of our operations for the quarter and year-to-date periods ended September 30, 2016 and 2015, respectively, and cash flows for the year-to-date periods ended September 30, 2016 and 2015, respectively. Interim results are not necessarily indicative of full year performance because of the impact of seasonal variations. New Accounting Standards In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis Additionally, three partnerships now are considered VIE’s, as the general partner maintains control over the decisions that most significantly impact the partnerships; however, this consideration did not change the consolidation determination. This conclusion includes the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the general partner and holds 99% of the limited partner interests. Host Inc.’s sole significant asset is its investment in Host L.P. and, consequently, substantially all of Host Inc.’s assets and liabilities represent assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P and may be settled only with assets of Host L.P. We also determined that our consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental, of which we are the general partner and hold 85% of the partnership interests, is a VIE. The total assets of this VIE at September 30, 2016 are $61 million and consist of cash and property and equipment. Liabilities for the VIE total $3 million and consist of accounts payable and deferred revenue. The unconsolidated partnership that owns the Philadelphia Marriott Downtown, of which we hold 11% of the limited partner interests, also is a VIE. The carrying amount of this investment at September 30, 2016 is $(7) million and is included in advances to and investments in affiliates. The mortgage debt held by this VIE is non-recourse to us. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, |
Earnings Per Common Share (Unit
Earnings Per Common Share (Unit) | 9 Months Ended |
Sep. 30, 2016 | |
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 8.7 million OP units which are convertible into 8.9 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 September 30, Year-to-date ended September 30, 2016 2015 2016 2015 Net income $ 108 $ 87 $ 643 $ 400 Less: Net income attributable to non-controlling interests (1 ) (2 ) (7 ) (5 ) Net income attributable to Host Inc. $ 107 $ 85 $ 636 $ 395 Basic weighted average shares outstanding 740.6 746.4 744.8 752.1 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.5 0.4 0.4 0.4 Diluted weighted average shares outstanding (1) 741.1 746.8 745.2 752.5 Basic earnings per common share $ .14 $ .11 $ .85 $ .53 Diluted earnings per common share $ .14 $ .11 $ .85 $ .53 ___________ (1) 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 September 30, Year-to-date ended September 30, 2016 2015 2016 2015 Net income $ 108 $ 87 $ 643 $ 400 Less: Net (income) loss attributable to non-controlling interests — (1 ) 1 — Net income attributable to Host L.P. $ 108 $ 86 $ 644 $ 400 Basic weighted average units outstanding 733.8 739.9 738.1 745.5 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 0.5 0.4 0.4 0.4 Diluted weighted average units outstanding (1) 734.3 740.3 738.5 745.9 Basic earnings per common unit $ .15 $ .12 $ .87 $ .54 Diluted earnings per common unit $ .15 $ .12 $ .87 $ .54 ___________ (1) There were approximately 31 million potentially dilutive units for both the quarter and year-to-date ended September 30, 2015 related to our exchangeable senior debentures, which were anti-dilutive for the period. The exchangeable senior debentures were redeemed in 2015 and Host L.P. issued 31.3 million units. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consists of the following (in millions): September 30, 2016 December 31, 2015 Land and land improvements $ 2,059 $ 2,044 Buildings and leasehold improvements 13,696 13,472 Furniture and equipment 2,388 2,283 Construction in progress 109 289 18,252 18,088 Less accumulated depreciation and amortization (7,873 ) (7,505 ) $ 10,379 $ 10,583 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt Credit facility. During the quarter, we had net draws under the revolver portion of our credit facility of $50 million. As of September 30, 2016, we had $688 million of available capacity under the credit facility. Subsequent to quarter end, we made additional net draws of $60 million on the revolver portion of our credit facility. Mortgage Debt. During the quarter we amended the agreement for the mortgage loan secured by the Hilton Melbourne South Wharf, which extended the maturity of the loan to November 2017 and lowered the effective interest rate by 65 basis points. In connection with the sale of the ibis Christchurch and Novotel Christchurch Cathedral Square, we repaid the NZ$23 million ($17 million) mortgage debt secured by the properties. |
Investments in Affiliates
Investments in Affiliates | 9 Months Ended |
Sep. 30, 2016 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates | 6. Investments in Affiliates In August 2016, the joint venture that owns the Hyatt Place Nashville Downtown refinanced its $31 million construction loan with a new $60 million mortgage loan due August 2019 with two 12-month extension options. The loan bears interest at 1-month USD LIBOR plus 300 basis points, or 3.5% at September 30, 2016. Upon repayment of the construction loan, the partners were released of their guarantee on such loan. The joint venture also made a distribution to its partners, of which we received $16 million. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 7. Equity of Host Inc. and Capital of Host L.P. Equity of Host Inc. Equity of Host Inc. is allocated between controlling and non-controlling interests as follows (in millions): Equity of Host Inc. Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2015 $ 7,064 $ 40 $ 7,104 $ 143 Net income (loss) 636 (1 ) 635 8 Issuance of common stock 7 — 7 — Repurchase of common stock (206 ) — (206 ) — Dividends declared on common stock (445 ) — (445 ) — Distributions to non-controlling interests — — — (6 ) Other changes in ownership 7 7 (7 ) Other comprehensive income 28 — 28 — Balance, September 30, 2016 $ 7,091 $ 39 $ 7,130 $ 138 Capital of Host L.P. As of September 30, 2016, 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): Capital of Host L.P. Non-controlling interests Total Capital Limited Partnership Interest of Third Parties Balance, December 31, 2015 $ 7,064 $ 40 $ 7,104 $ 143 Net income (loss) 636 (1 ) 635 8 Issuance of common OP units 7 — 7 — Repurchase of common OP units (206 ) — (206 ) — Distributions declared on common OP units (445 ) — (445 ) (6 ) Other changes in ownership 7 — 7 (7 ) Other comprehensive income 28 — 28 — Balance, September 30, 2016 $ 7,091 $ 39 $ 7,130 $ 138 For Host Inc. and Host L.P., during the third quarter of 2016, we reclassified a net gain of $7 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 two properties in New Zealand. This net gain is included in gain on sale of assets on our consolidated statement of operations. Dividends/Distributions On September 15, 2016, Host Inc.’s Board of Directors declared a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend was paid on October 17, 2016 to stockholders of record as of September 30, 2016. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio. Share In October 2015, Host Inc.’s Board of Directors authorized a second program to repurchase up to $500 million of Host Inc. common stock. During the third quarter, we repurchased 2.8 million shares at an average price of $16.04 for a total purchase price of $44 million. Year-to-date September 30, 2016, we repurchased 13.1 million shares at an average price of $15.79 for a total purchase price of approximately $206 million. As of September 30, 2016, we have $117 million of repurchase capacity remaining under the program. The common stock may be purchased in the open market or through private transactions, including principal transactions with various financial institutions, like accelerated share repurchases, forwards, options and similar transactions, from time to time, dependent upon market conditions. The plan does not obligate us to repurchase any specific number or any specific dollar amount of shares and may be suspended at any time at our discretion. The shares repurchased constitute authorized but unissued shares. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2016 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | |
Dispositions | 8. Dispositions During the third quarter, we sold the ibis Christchurch and Novotel Christchurch Cathedral Square in New Zealand for NZ$43 million ($31 million). The following table provides summary results of operations for the ten hotels sold in 2016 and eight hotels sold in 2015, which are included in continuing operations (in millions): Quarter ended September 30, Year-to-date ended September 30, 2016 2015 2016 2015 Revenues $ 3 $ 46 $ 58 $ 176 Income before taxes and gain on disposal 1 12 10 23 Gain on disposals 12 5 242 61 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
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 at September 30, 2016 and December 31, 2015, respectively (in millions): Fair Value at Measurement Date Using Balance at September 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 7 $ — $ 7 $ — Liabilities Foreign currency forward sale contracts (1) (1 ) — (1 ) — Fair Value at Measurement Date Using Balance at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 17 $ — $ 17 $ — Liabilities Interest rate swap derivatives (1) (1 ) — (1 ) — ___________ (1) These derivative contracts have been designated as hedging instruments. Derivatives and Hedging Interest rate swap derivatives designated as cash flow hedges. We have designated our floating-to-fixed interest rate swap derivative as a cash flow hedge. The purpose of the interest rate swap is to hedge against changes in cash flows (interest payments) attributable to fluctuations in variable rate debt. The derivative is 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 swap. Changes in the fair value of the derivative are recorded to other comprehensive income (loss) on the accompanying balance sheets. The hedge was fully effective as of September 30, 2016. For the third quarter and year-to-date 2016, we recorded a gain of $1 million on our interest rate swap derivative designated as a cash flow hedge. The following table summarizes our outstanding contract (in millions): Total Notional Maturity Swapped All-in- Transaction Date Amount Date Index Rate November 2011 (1) A$ 62 November Reuters BBSY 6.7 % ___________ (1) The swap was entered into in connection with the A$86 million ($66 million) mortgage loan on the Hilton Melbourne South Wharf. 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 Amount in Total Transaction Gain (Loss) Gain (Loss) Transaction Date Foreign Amount Forward Quarter ended September 30, Year-to-date ended September 30, Range Currency in Dollars Date Range 2016 2015 2016 2015 May 2014-January 2016 € 100 $ 118 May 2017-January 2018 $ (1 ) $ — $ (2 ) $ 10 November 2014 C$ 25 $ 22 November 2016 $ — $ 2 $ (1 ) $ 3 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) Gain (Loss) Outstanding Outstanding in Quarter ended September 30, Year-to-date ended September 30, Currency US$ Foreign Currency 2016 2015 2016 2015 Canadian dollars (1) $ 35 C$ 46 $ — $ 3 $ (2 ) $ 4 Euros $ 87 € 77 $ (1 ) $ — $ (3 ) $ 7 Australian dollars $ 38 A$ 50 $ (1 ) $ — $ — $ — ___________ (1) We have drawn an additional $46 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 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): September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 2,379 $ 2,594 $ 2,376 $ 2,452 Credit facility (Level 2) 1,306 1,312 1,291 1,298 Mortgage debt and other, excluding capital leases (Level 66 66 199 199 |
Geographic Information
Geographic Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
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 during the third quarters of 2016 and 2015 consisted of hotels in six countries. During the third quarter, we sold our two remaining properties in New Zealand. 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 Revenues Property and Equipment, net Quarter ended September 30, Year-to-date ended September 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 United States $ 1,247 $ 1,230 $ 3,959 $ 3,857 $ 10,140 $ 10,294 Australia 8 8 24 25 88 88 Brazil 15 7 29 22 63 53 Canada 16 15 40 44 73 66 Chile — 5 9 18 — 44 Mexico 6 7 21 21 15 18 New Zealand 3 11 11 37 — 20 Total $ 1,295 $ 1,283 $ 4,093 $ 4,024 $ 10,379 $ 10,583 |
Non-Controlling Interests
Non-Controlling Interests | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 11. Non-controlling Interests Other Consolidated Partnerships. We consolidate four 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 balance sheets and totaled $39 million and $40 million as of September 30, 2016 and December 31, 2015, respectively. One of the partnerships has a finite life that terminates in 2095, and the associated non-controlling interests are redeemable at our option at the end of, but not prior to, the finite life. Net income attributable to non-controlling interests of consolidated partnerships is included in our determination of net income. Net income (loss) attributable to non-controlling interests of third parties was immaterial and $1 million for the quarters ended September 30, 2016 and 2015 and $(1) million and immaterial for the year-to-date periods ended September 30, 2016 and 2015. 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: September 30, 2016 December 31, 2015 OP units outstanding (millions) 8.7 9.1 Market price per Host Inc. common share $ 15.57 $ 15.34 Shares issuable upon conversion of one OP unit 1.021494 1.021494 Redemption value (millions) $ 138 $ 143 Historical cost (millions) 86 90 Book value (millions) (1) 138 143 ___________ (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. was $1 million and $1 million for the quarters ended September 30, 2016 and 2015, respectively, and $8 million and $5 million, for the year-to-date periods ended September 30, 2016 and 2015, respectively. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
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. 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 $5 million as of September 30, 2016 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 Accoun20
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis Additionally, three partnerships now are considered VIE’s, as the general partner maintains control over the decisions that most significantly impact the partnerships; however, this consideration did not change the consolidation determination. This conclusion includes the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the general partner and holds 99% of the limited partner interests. Host Inc.’s sole significant asset is its investment in Host L.P. and, consequently, substantially all of Host Inc.’s assets and liabilities represent assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P and may be settled only with assets of Host L.P. We also determined that our consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental, of which we are the general partner and hold 85% of the partnership interests, is a VIE. The total assets of this VIE at September 30, 2016 are $61 million and consist of cash and property and equipment. Liabilities for the VIE total $3 million and consist of accounts payable and deferred revenue. The unconsolidated partnership that owns the Philadelphia Marriott Downtown, of which we hold 11% of the limited partner interests, also is a VIE. The carrying amount of this investment at September 30, 2016 is $(7) million and is included in advances to and investments in affiliates. The mortgage debt held by this VIE is non-recourse to us. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Consolidated Portfolio of Hotels by Location | As of September 30, 2016, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 89 Australia 1 Brazil 3 Canada 2 Mexico 1 Total 96 |
European Joint Venture | |
Consolidated Portfolio of Hotels by Location | As of September 30, 2016, the Euro JV owned hotels located in the following countries: Hotels Belgium 1 France 3 Germany 1 Spain 2 Sweden 1 The Netherlands 1 United Kingdom 1 Total 10 |
Earnings Per Common Share (Un22
Earnings Per Common Share (Unit) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, Year-to-date ended September 30, 2016 2015 2016 2015 Net income $ 108 $ 87 $ 643 $ 400 Less: Net income attributable to non-controlling interests (1 ) (2 ) (7 ) (5 ) Net income attributable to Host Inc. $ 107 $ 85 $ 636 $ 395 Basic weighted average shares outstanding 740.6 746.4 744.8 752.1 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.5 0.4 0.4 0.4 Diluted weighted average shares outstanding (1) 741.1 746.8 745.2 752.5 Basic earnings per common share $ .14 $ .11 $ .85 $ .53 Diluted earnings per common share $ .14 $ .11 $ .85 $ .53 ___________ (1) |
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 September 30, Year-to-date ended September 30, 2016 2015 2016 2015 Net income $ 108 $ 87 $ 643 $ 400 Less: Net (income) loss attributable to non-controlling interests — (1 ) 1 — Net income attributable to Host L.P. $ 108 $ 86 $ 644 $ 400 Basic weighted average units outstanding 733.8 739.9 738.1 745.5 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 0.5 0.4 0.4 0.4 Diluted weighted average units outstanding (1) 734.3 740.3 738.5 745.9 Basic earnings per common unit $ .15 $ .12 $ .87 $ .54 Diluted earnings per common unit $ .15 $ .12 $ .87 $ .54 ___________ (1) There were approximately 31 million potentially dilutive units for both the quarter and year-to-date ended September 30, 2015 related to our exchangeable senior debentures, which were anti-dilutive for the period. The exchangeable senior debentures were redeemed in 2015 and Host L.P. issued 31.3 million units. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): September 30, 2016 December 31, 2015 Land and land improvements $ 2,059 $ 2,044 Buildings and leasehold improvements 13,696 13,472 Furniture and equipment 2,388 2,283 Construction in progress 109 289 18,252 18,088 Less accumulated depreciation and amortization (7,873 ) (7,505 ) $ 10,379 $ 10,583 |
Equity of Host Inc. and Capit24
Equity of Host Inc. and Capital of Host L.P. (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Host Inc. Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2015 $ 7,064 $ 40 $ 7,104 $ 143 Net income (loss) 636 (1 ) 635 8 Issuance of common stock 7 — 7 — Repurchase of common stock (206 ) — (206 ) — Dividends declared on common stock (445 ) — (445 ) — Distributions to non-controlling interests — — — (6 ) Other changes in ownership 7 7 (7 ) Other comprehensive income 28 — 28 — Balance, September 30, 2016 $ 7,091 $ 39 $ 7,130 $ 138 |
Capital Allocation between Controlling and Non-Controlling Interests | Capital of Host L.P. is allocated between controlling and non-controlling interests as follows (in millions): Capital of Host L.P. Non-controlling interests Total Capital Limited Partnership Interest of Third Parties Balance, December 31, 2015 $ 7,064 $ 40 $ 7,104 $ 143 Net income (loss) 636 (1 ) 635 8 Issuance of common OP units 7 — 7 — Repurchase of common OP units (206 ) — (206 ) — Distributions declared on common OP units (445 ) — (445 ) (6 ) Other changes in ownership 7 — 7 (7 ) Other comprehensive income 28 — 28 — Balance, September 30, 2016 $ 7,091 $ 39 $ 7,130 $ 138 |
Dispositions (Tables)
Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | |
Summary of Results of Operations for Hotels Sold Included in Continuing Operations | The following table provides summary results of operations for the ten hotels sold in 2016 and eight hotels sold in 2015, which are included in continuing operations (in millions) Quarter ended September 30, Year-to-date ended September 30, 2016 2015 2016 2015 Revenues $ 3 $ 46 $ 58 $ 176 Income before taxes and gain on disposal 1 12 10 23 Gain on disposals 12 5 242 61 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 at September 30, 2016 and December 31, 2015, respectively (in millions): Fair Value at Measurement Date Using Balance at September 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 7 $ — $ 7 $ — Liabilities Foreign currency forward sale contracts (1) (1 ) — (1 ) — Fair Value at Measurement Date Using Balance at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 17 $ — $ 17 $ — Liabilities Interest rate swap derivatives (1) (1 ) — (1 ) — ___________ (1) These derivative contracts have been designated as hedging instruments. |
Interest Rate Swap Derivatives Designated as Cash Flow Hedges | For the third quarter and year-to-date 2016, we recorded a gain of $1 million on our interest rate swap derivative designated as a cash flow hedge. The following table summarizes our outstanding contract (in millions): Total Notional Maturity Swapped All-in- Transaction Date Amount Date Index Rate November 2011 (1) A$ 62 November Reuters BBSY 6.7 % ___________ (1) The swap was entered into in connection with the A$86 million ($66 million) mortgage loan on the Hilton Melbourne South Wharf. |
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 Amount in Total Transaction Gain (Loss) Gain (Loss) Transaction Date Foreign Amount Forward Quarter ended September 30, Year-to-date ended September 30, Range Currency in Dollars Date Range 2016 2015 2016 2015 May 2014-January 2016 € 100 $ 118 May 2017-January 2018 $ (1 ) $ — $ (2 ) $ 10 November 2014 C$ 25 $ 22 November 2016 $ — $ 2 $ (1 ) $ 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) Gain (Loss) Outstanding Outstanding in Quarter ended September 30, Year-to-date ended September 30, Currency US$ Foreign Currency 2016 2015 2016 2015 Canadian dollars (1) $ 35 C$ 46 $ — $ 3 $ (2 ) $ 4 Euros $ 87 € 77 $ (1 ) $ — $ (3 ) $ 7 Australian dollars $ 38 A$ 50 $ (1 ) $ — $ — $ — ___________ (1) We have drawn an additional $46 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): September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 2,379 $ 2,594 $ 2,376 $ 2,452 Credit facility (Level 2) 1,306 1,312 1,291 1,298 Mortgage debt and other, excluding capital leases (Level 66 66 199 199 |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Revenues Property and Equipment, net Quarter ended September 30, Year-to-date ended September 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 United States $ 1,247 $ 1,230 $ 3,959 $ 3,857 $ 10,140 $ 10,294 Australia 8 8 24 25 88 88 Brazil 15 7 29 22 63 53 Canada 16 15 40 44 73 66 Chile — 5 9 18 — 44 Mexico 6 7 21 21 15 18 New Zealand 3 11 11 37 — 20 Total $ 1,295 $ 1,283 $ 4,093 $ 4,024 $ 10,379 $ 10,583 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Historical Cost and Redemption Values for the Non-Controlling Interests | The table below details the historical cost and redemption values for the non-controlling interests: September 30, 2016 December 31, 2015 OP units outstanding (millions) 8.7 9.1 Market price per Host Inc. common share $ 15.57 $ 15.34 Shares issuable upon conversion of one OP unit 1.021494 1.021494 Redemption value (millions) $ 138 $ 143 Historical cost (millions) 86 90 Book value (millions) (1) 138 143 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Supplemental Disclosure of No29
Supplemental Disclosure of Noncash Financing Activities (Host Hotels & Resorts, Inc) - Additional Information (Detail) shares in Millions, $ in Millions | 3 Months Ended |
Sep. 30, 2015USD ($)shares | |
Other Significant Noncash Transactions [Line Items] | |
Shares repurchased not settled | $ 22 |
2.5% Exchangeable Senior Debentures Due 2029 | |
Other Significant Noncash Transactions [Line Items] | |
Exchangeable senior debentures, exchanged | $ 8.7 |
Debt interest rate | 2.50% |
Debt converted into shares of Host Inc. common stock | shares | 0.7 |
Supplemental Disclosure of No30
Supplemental Disclosure of Noncash Financing Activities (HOST HOTELS & RESORTS, L.P.) - Additional Information (Detail) shares in Millions, $ in Millions | 3 Months Ended |
Sep. 30, 2015USD ($)shares | |
Other Significant Noncash Transactions [Line Items] | |
Shares repurchased not settled | $ 22 |
2.5% Exchangeable Senior Debentures Due 2029 | |
Other Significant Noncash Transactions [Line Items] | |
Exchangeable senior debentures, exchanged | $ 8.7 |
Debt interest rate | 2.50% |
Debt converted into shares of Host Inc. common stock | shares | 0.7 |
HOST HOTELS & RESORTS L.P. | |
Other Significant Noncash Transactions [Line Items] | |
Shares repurchased not settled | $ 22 |
HOST HOTELS & RESORTS L.P. | 2.5% Exchangeable Senior Debentures Due 2029 | |
Other Significant Noncash Transactions [Line Items] | |
Exchangeable senior debentures, exchanged | $ 8.7 |
Debt interest rate | 2.50% |
Debt converted into shares of Host Inc. common stock | shares | 0.7 |
Organization - Additional Infor
Organization - Additional Information (Detail) | Sep. 30, 2016HotelFundJointVentureRoom |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 96 |
European Joint Venture | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 10 |
Number of funds | Fund | 2 |
European Joint Venture | Fund I | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Investment ownership percentage | 32.10% |
Number of hotels | 3 |
European Joint Venture | Fund II | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Investment ownership percentage | 33.40% |
Number of hotels | 7 |
Other Joint Venture | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of hotels | 8 |
Number of joint ventures | JointVenture | 5 |
Number of rooms | Room | 3,400 |
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 Hotel
Consolidated Portfolio of Hotels by Location (Detail) | Sep. 30, 2016Hotel |
Real Estate Properties [Line Items] | |
Hotels | 96 |
European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 10 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 89 |
Australia | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Mexico | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Belgium | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
France | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Germany | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Spain | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Sweden | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
The Netherlands | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
United Kingdom | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)GroundLease | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)GroundLease | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 0 | $ 0 | |||
Total assets, adjustment applied due to new accounting principle in period of adoption | 11,542,000,000 | 11,542,000,000 | $ 11,656,000,000 | ||
Total liabilities, adjustment applied due to new accounting principle in period of adoption | 4,274,000,000 | 4,274,000,000 | 4,409,000,000 | ||
Change on total revenues due to new accounting principle in period of adoption | 1,295,000,000 | $ 1,283,000,000 | 4,093,000,000 | $ 4,024,000,000 | |
Advances to and investments in affiliates | 307,000,000 | 307,000,000 | 324,000,000 | ||
Variable Interest Entities | |||||
Significant Accounting Policies [Line Items] | |||||
Total assets of VIE | 61,000,000 | 61,000,000 | |||
Liabilities of VIE | $ 3,000,000 | $ 3,000,000 | |||
HOST HOTELS & RESORTS, INC. | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of the common OP units | 99.00% | 99.00% | |||
Philadelphia Marriott Downtown | Limited Partnership Interests Of Parent Company Ownership | |||||
Significant Accounting Policies [Line Items] | |||||
General partner and limited partner interest | 11.00% | ||||
General Partner | HOST HOTELS & RESORTS, INC. | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of the common OP units | 99.00% | 99.00% | |||
General Partner | Houston Airport Marriott | |||||
Significant Accounting Policies [Line Items] | |||||
General partner and limited partner interest | 85.00% | ||||
Fort Lauderdale Marriott Harbor Beach Resort | General Partner | |||||
Significant Accounting Policies [Line Items] | |||||
Investment ownership percentage | 49.90% | 49.90% | |||
ASU 2016-02 | |||||
Significant Accounting Policies [Line Items] | |||||
Number of ground leases | GroundLease | 26 | 26 | |||
Percentage of operating lease payments | 85.00% | 85.00% | |||
ASU 2015-02 | |||||
Significant Accounting Policies [Line Items] | |||||
Change on net income due to new accounting principle in period of adoption | 2,000,000 | (5,000,000) | |||
Effect on equity due to new accounting principle in period of adoption | $ 0 | $ 0 | |||
ASU 2015-02 | Variable Interest Entities Not Primary Beneficiary | |||||
Significant Accounting Policies [Line Items] | |||||
Advances to and investments in affiliates | $ (7,000,000) | (7,000,000) | |||
ASU 2015-02 | Restatement Adjustment | |||||
Significant Accounting Policies [Line Items] | |||||
Total assets, adjustment applied due to new accounting principle in period of adoption | (128,000,000) | ||||
Total liabilities, adjustment applied due to new accounting principle in period of adoption | $ (150,000,000) | ||||
Change on total revenues due to new accounting principle in period of adoption | $ (4,000,000) | $ (29,000,000) | |||
Minimum | Asset | ASU 2016-02 | |||||
Significant Accounting Policies [Line Items] | |||||
Right of use asset and operating lease liability | 400,000,000 | ||||
Minimum | Liability | ASU 2016-02 | |||||
Significant Accounting Policies [Line Items] | |||||
Right of use asset and operating lease liability | 400,000,000 | ||||
Maximum | Asset | ASU 2016-02 | |||||
Significant Accounting Policies [Line Items] | |||||
Right of use asset and operating lease liability | 500,000,000 | ||||
Maximum | Liability | ASU 2016-02 | |||||
Significant Accounting Policies [Line Items] | |||||
Right of use asset and operating lease liability | $ 500,000,000 |
Earnings Per Common Share (Un34
Earnings Per Common Share (Unit) - Additional Information (Detail) - HOST HOTELS & RESORTS, INC. shares in Millions | 9 Months Ended |
Sep. 30, 2016shares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
OP units outstanding | 8.7 |
Number of common shares that would be outstanding if OP units were converted | 8.9 |
Host Inc. Earnings (Loss) Per C
Host Inc. Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Earnings Per Share [Abstract] | |||||
NET INCOME | $ 108 | $ 87 | $ 643 | $ 400 | |
Less: Net (income) loss attributable to non-controlling interests | (1) | (2) | (7) | (5) | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 107 | $ 85 | $ 636 | $ 395 | |
Basic weighted average shares outstanding | 740.6 | 746.4 | 744.8 | 752.1 | |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.5 | 0.4 | 0.4 | 0.4 | |
Diluted weighted average shares/units outstanding | [1] | 741.1 | 746.8 | 745.2 | 752.5 |
Basic earnings per common share | $ 0.14 | $ 0.11 | $ 0.85 | $ 0.53 | |
Diluted earnings per common share | $ 0.14 | $ 0.11 | $ 0.85 | $ 0.53 | |
[1] | There were approximately 31 million potentially dilutive shares for both the quarter and year-to-date ended September 30, 2015 related to our exchangeable senior debentures, which were anti-dilutive for the period. The exchangeable senior debentures were redeemed in 2015 in exchange for 32 million shares. |
Host Inc. Earnings (Loss) Per36
Host Inc. Earnings (Loss) Per Common Share (Parenthetical) (Detail) - HOST HOTELS & RESORTS, INC. - shares shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | |
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 | 31 | |
Shares issued in exchange of senior debentures | 32 |
Host LP Earnings (Loss) Per Com
Host LP Earnings (Loss) Per Common Unit (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Earnings Per Share Diluted [Line Items] | |||||
NET INCOME | $ 108 | $ 87 | $ 643 | $ 400 | |
Less: Net (income) loss attributable to non-controlling interests | (1) | (2) | (7) | (5) | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 107 | $ 85 | $ 636 | $ 395 | |
Basic weighted average shares outstanding | 740.6 | 746.4 | 744.8 | 752.1 | |
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market | 0.5 | 0.4 | 0.4 | 0.4 | |
Diluted weighted average shares/units outstanding | [1] | 741.1 | 746.8 | 745.2 | 752.5 |
Basic earnings per common share | $ 0.14 | $ 0.11 | $ 0.85 | $ 0.53 | |
Diluted earnings per common share | $ 0.14 | $ 0.11 | $ 0.85 | $ 0.53 | |
HOST HOTELS & RESORTS L.P. | |||||
Earnings Per Share Diluted [Line Items] | |||||
NET INCOME | $ 108 | $ 87 | $ 643 | $ 400 | |
Less: Net (income) loss attributable to non-controlling interests | (1) | 1 | |||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 108 | $ 86 | $ 644 | $ 400 | |
Basic weighted average shares outstanding | 733.8 | 739.9 | 738.1 | 745.5 | |
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market | 0.5 | 0.4 | 0.4 | 0.4 | |
Diluted weighted average shares/units outstanding | [2] | 734.3 | 740.3 | 738.5 | 745.9 |
Basic earnings per common share | $ 0.15 | $ 0.12 | $ 0.87 | $ 0.54 | |
Diluted earnings per common share | $ 0.15 | $ 0.12 | $ 0.87 | $ 0.54 | |
[1] | There were approximately 31 million potentially dilutive shares for both the quarter and year-to-date ended September 30, 2015 related to our exchangeable senior debentures, which were anti-dilutive for the period. The exchangeable senior debentures were redeemed in 2015 in exchange for 32 million shares. | ||||
[2] | There were approximately 31 million potentially dilutive units for both the quarter and year-to-date ended September 30, 2015 related to our exchangeable senior debentures, which were anti-dilutive for the period. The exchangeable senior debentures were redeemed in 2015 and Host L.P. issued 31.3 million units. |
Host LP Earnings (Loss) Per C38
Host LP Earnings (Loss) Per Common Unit (Parenthetical) (Detail) - HOST HOTELS & RESORTS L.P. - shares shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | |
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 | 31 | |
Units issued by Host L.P. | 31.3 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 2,059 | $ 2,044 |
Buildings and leasehold improvements | 13,696 | 13,472 |
Furniture and equipment | 2,388 | 2,283 |
Construction in progress | 109 | 289 |
Property, Plant and Equipment, Gross, Total | 18,252 | 18,088 |
Less accumulated depreciation and amortization | (7,873) | (7,505) |
Property and equipment, net | $ 10,379 | $ 10,583 |
Debt - Additional Information (
Debt - Additional Information (Detail) NZD in Millions, $ in Millions | Oct. 28, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016NZD |
Debt Instrument [Line Items] | |||
Repayment of mortgage | $ 137 | ||
Hilton Melbourne South Wharf | |||
Debt Instrument [Line Items] | |||
Maturity period of the loan | 2017-11 | 2017-11 | |
Change in effective interest rate, basis points | (0.65%) | (0.65%) | |
Ibis Christchurch and Novotel Christchurch Cathedral Square | |||
Debt Instrument [Line Items] | |||
Repayment of mortgage | $ 17 | NZD 23 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Net draws under revolver portion of credit facility | 50 | ||
Amount of borrowing capacity currently available under the credit facility | $ 688 | ||
Revolving Credit Facility | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Net draws under revolver portion of credit facility | $ 60 |
Investment in Affiliates - Addi
Investment in Affiliates - Additional Information (Detail) - USD ($) $ in Millions | Aug. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Investments In And Advances To Affiliates [Line Items] | |||
Distribution from joint venture to partner | $ 23 | $ 21 | |
Hyatt Place Nashville Downtown | |||
Investments In And Advances To Affiliates [Line Items] | |||
Refinanced construction loan | $ 31 | ||
New mortgage loan | 60 | ||
Maturity period of the loan | 2019-08 | ||
Number of extension period | two 12-month extension options | ||
Mortgage loan, base rate description | 1-month USD LIBOR plus | ||
Mortgage loan, interest rate | 3.50% | ||
Distribution from joint venture to partner | $ 16 | ||
Hyatt Place Nashville Downtown | 1-month USD LIBOR | |||
Investments In And Advances To Affiliates [Line Items] | |||
Mortgage loan, basis spread on variable rate | 3.00% |
Equity Allocation between Contr
Equity Allocation between Controlling and Non-Controlling Interests (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | $ 7,104 | |||
NET INCOME (LOSS) ATTRIBUTABLE TO REPORTING ENTITY | $ 107 | $ 85 | 636 | $ 395 |
Net income (loss) attributable to non-controlling interests | 1 | (1) | ||
Net income (loss) | 1 | 1 | 8 | 5 |
Other comprehensive income | (8) | $ (35) | 28 | $ (69) |
Ending Balance | 7,130 | 7,130 | ||
HOST HOTELS & RESORTS, INC. | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 7,104 | |||
Net income (loss) | 635 | |||
Issuance of common stock | 7 | |||
Repurchase of common stock /OP units | (44) | (206) | ||
Dividends declared on common stock | (445) | |||
Other changes in ownership | 7 | |||
Other comprehensive income | 28 | |||
Ending Balance | 7,130 | 7,130 | ||
HOST HOTELS & RESORTS, INC. | Parent | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 7,064 | |||
NET INCOME (LOSS) ATTRIBUTABLE TO REPORTING ENTITY | 636 | |||
Issuance of common stock | 7 | |||
Repurchase of common stock /OP units | (206) | |||
Dividends declared on common stock | (445) | |||
Other changes in ownership | 7 | |||
Other comprehensive income | 28 | |||
Ending Balance | 7,091 | 7,091 | ||
HOST HOTELS & RESORTS, INC. | Non-redeemable, non-controlling interest | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 40 | |||
Net income (loss) attributable to non-controlling interests | (1) | |||
Ending Balance | 39 | 39 | ||
HOST HOTELS & RESORTS, INC. | Redeemable non-controlling interests | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 143 | |||
Net income (loss) | 8 | |||
Distributions to non-controlling interests | (6) | |||
Other changes in ownership | (7) | |||
Ending Balance | $ 138 | $ 138 |
Equity of Host Inc. and Capit43
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, shares in Millions | Sep. 15, 2016$ / shares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Dec. 31, 2015 | Oct. 31, 2015USD ($) |
Stockholders Equity Note [Line Items] | ||||||
Amounts reclassified from other comprehensive income (loss) | $ 7,000,000 | $ (17,000,000) | $ 5,000,000 | |||
HOST HOTELS & RESORTS, INC. | ||||||
Stockholders Equity Note [Line Items] | ||||||
Percentage of the common OP units | 99.00% | 99.00% | ||||
Dividend declaration date | Sep. 15, 2016 | |||||
Dividend per share, declared | $ / shares | $ 0.20 | |||||
Dividend payable date | Oct. 17, 2016 | |||||
Dividend record date | Sep. 30, 2016 | |||||
Common stock repurchase, shares | shares | 2.8 | 13.1 | ||||
Common stock repurchase, average price per share | $ / shares | $ 16.04 | $ 15.79 | ||||
Common stock repurchase, value | $ 44,000,000 | $ 206,000,000 | ||||
Stock Repurchase Program capacity | $ 117,000,000 | $ 117,000,000 | ||||
HOST HOTELS & RESORTS, INC. | Maximum | ||||||
Stockholders Equity Note [Line Items] | ||||||
Common stock repurchase, authorized amount | $ 500,000,000 | |||||
HOST HOTELS & RESORTS L.P. | ||||||
Stockholders Equity Note [Line Items] | ||||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | 1.021494 | |||
Amounts reclassified from other comprehensive income (loss) | $ 7,000,000 | $ (17,000,000) | $ 5,000,000 | |||
Common OP units, distribution paid | $ / shares | $ 0.2042988 | |||||
Common stock repurchase, value | $ 206,000,000 |
Capital Allocation between Cont
Capital Allocation between Controlling and Non-Controlling Interests (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | $ 7,104 | |||
NET INCOME (LOSS) ATTRIBUTABLE TO REPORTING ENTITY | $ 107 | $ 85 | 636 | $ 395 |
Net income (loss) attributable to non-controlling interests | 1 | (1) | ||
Net income (loss) | 1 | 1 | 8 | 5 |
Other comprehensive income | (8) | (35) | 28 | (69) |
Ending Balance | 7,130 | 7,130 | ||
HOST HOTELS & RESORTS L.P. | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 7,104 | |||
NET INCOME (LOSS) ATTRIBUTABLE TO REPORTING ENTITY | 108 | 86 | 644 | 400 |
Net income (loss) | 635 | |||
Issuance of common OP units | 7 | |||
Repurchase of common stock /OP units | (206) | |||
Distributions declared on common OP units | (445) | |||
Other changes in ownership | 7 | |||
Other comprehensive income | (8) | $ (35) | 28 | $ (69) |
Ending Balance | 7,130 | 7,130 | ||
HOST HOTELS & RESORTS L.P. | Parent | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 7,064 | |||
NET INCOME (LOSS) ATTRIBUTABLE TO REPORTING ENTITY | 636 | |||
Issuance of common OP units | 7 | |||
Repurchase of common stock /OP units | (206) | |||
Distributions declared on common OP units | (445) | |||
Other changes in ownership | 7 | |||
Other comprehensive income | 28 | |||
Ending Balance | 7,091 | 7,091 | ||
HOST HOTELS & RESORTS L.P. | Non-controlling Interests | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 40 | |||
Net income (loss) attributable to non-controlling interests | (1) | |||
Ending Balance | 39 | 39 | ||
HOST HOTELS & RESORTS L.P. | Limited Partnership Interests Of Third Parties | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 143 | |||
Net income (loss) | 8 | |||
Distributions declared on common OP units | (6) | |||
Other changes in ownership | (7) | |||
Ending Balance | $ 138 | $ 138 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) NZD in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2016NZD | Sep. 30, 2016USD ($)Hotel | Sep. 30, 2015USD ($) | Dec. 31, 2015Hotel | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $ | $ 467 | $ 183 | |||
Number of hotels sold | Hotel | 10 | 8 | |||
Ibis Christchurch and Novotel Christchurch | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $ 31 | NZD 43 |
Summary of Results of Operation
Summary of Results of Operations for Ten Hotels Sold in Twenty Sixteen and Eight Hotels Sold in Twenty Fifteen which are Included in Continuing Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | ||||
Revenues | $ 3 | $ 46 | $ 58 | $ 176 |
Income before taxes and gain on disposal | 1 | 12 | 10 | 23 |
Gain on disposals | $ 12 | $ 5 | $ 242 | $ 61 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities (Detail) - Financial assets and liabilities measured on recurring basis - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
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 | [1] | $ 7 | $ 17 |
Fair value measurements on a recurring basis, Liabilities | [1] | (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 | [1] | (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 | [1] | 7 | 17 |
Fair value measurements on a recurring basis, Liabilities | [1] | $ (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 | [1] | $ (1) | |
[1] | These derivative contracts have been designated as hedging instruments. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($)Contract | Sep. 30, 2016USD ($)Contract | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Number of foreign currency forward contracts outstanding | Contract | 5 | 5 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swap derivatives | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Gain on derivative | $ | $ 1 | $ 1 |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Detail) - Cash Flow Hedging - Interest rate swap derivatives - Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf - Australia | 9 Months Ended | |
Sep. 30, 2016AUD | [1] | |
Derivative [Line Items] | ||
Transaction Date | 2011-11 | |
Notional amount | AUD 62,000,000 | |
Maturity Date | 2016-11 | |
Swapped Index | Reuters BBSY | |
All-in-Rate | 6.70% | |
[1] | The swap was entered into in connection with the A$86 million ($66 million) mortgage loan on the Hilton Melbourne South Wharf. |
Interest Rate Swap Derivative50
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Parenthetical) (Detail) AUD in Millions, $ in Millions | Sep. 30, 2016USD ($) | Sep. 30, 2016AUD | Dec. 31, 2015USD ($) |
Derivative [Line Items] | |||
Mortgage debt | $ 67 | $ 200 | |
Interest Rate Swap | Australia | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | |||
Derivative [Line Items] | |||
Mortgage debt | $ 66 | AUD 86 |
Foreign Currency Sale Contracts
Foreign Currency Sale Contracts (Detail) - Foreign Exchange Contract | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016CAD | |
Euros | ||||||
Derivative [Line Items] | ||||||
Total transaction amount | $ 118,000,000 | $ 118,000,000 | € 100,000,000 | |||
Change in fair value gain (loss) | (1,000,000) | $ (2,000,000) | $ 10,000,000 | |||
Euros | Minimum | ||||||
Derivative [Line Items] | ||||||
Transaction Date Range | 2014-05 | |||||
Forward purchase date range | 2017-05 | |||||
Euros | Maximum | ||||||
Derivative [Line Items] | ||||||
Transaction Date Range | 2016-01 | |||||
Forward purchase date range | 2018-01 | |||||
Canadian Dollars | ||||||
Derivative [Line Items] | ||||||
Transaction Date Range | 2014-11 | |||||
Total transaction amount | $ 22,000,000 | $ 22,000,000 | CAD 25,000,000 | |||
Forward purchase date range | 2016-11 | |||||
Change in fair value gain (loss) | $ 2,000,000 | $ (1,000,000) | $ 3,000,000 |
Draws on Credit Facility that a
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations (Detail) € in Millions, CAD in Millions, AUD in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016AUD | Sep. 30, 2016EUR (€) | Sep. 30, 2016CAD | Dec. 31, 2015USD ($) | ||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||||
Credit facility | $ 1,306 | $ 1,306 | $ 1,291 | ||||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (1) | $ (27) | 13 | $ (71) | |||||
Canadian Dollars | |||||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||||
Credit facility | [1] | 35 | 35 | CAD 46 | |||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | [1] | $ 3 | (2) | 4 | |||||
Euros | |||||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||||
Credit facility | 87 | 87 | € 77 | ||||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (1) | (3) | $ 7 | ||||||
Australian Dollars | |||||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | |||||||||
Credit facility | 38 | $ 38 | AUD 50 | ||||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | $ (1) | ||||||||
[1] | We have drawn an additional $46 million on the credit facility in Canadian dollars, which draw has not been designated as a hedging instrument. |
Draws on Credit Facility that53
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations (Parenthetical) (Detail) CAD in Millions, $ in Millions | Sep. 30, 2016USD ($) | Sep. 30, 2016CAD | Dec. 31, 2015USD ($) | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | $ 1,306 | $ 1,291 | ||
Canadian Dollars | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | [1] | 35 | CAD 46 | |
Canadian Dollars | Not Designated as Hedging Instrument | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | $ 46 | |||
[1] | We have drawn an additional $46 million on the credit facility in Canadian dollars, which draw has not been designated as a hedging instrument. |
Fair Values of Certain Financia
Fair Values of Certain Financial Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financial liabilities | ||
Senior notes | $ 2,379 | $ 2,376 |
Credit facility, carrying value | 1,306 | 1,291 |
Mortgage debt and other, excluding capital leases, carrying value | 66 | 199 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 2,594 | 2,452 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | 1,312 | 1,298 |
Significant Other Observable Inputs (Level 2) | Mortgage debt and other, excluding capital leases | ||
Financial liabilities | ||
Mortgage debt and other, excluding capital leases (Level 2), fair value | $ 66 | $ 199 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016HotelSegmentCountry | Dec. 31, 2015Hotel | Sep. 30, 2015Country | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 1 | ||
Number of hotels sold | 10 | 8 | |
Non-US | |||
Segment Reporting Information [Line Items] | |||
Foreign operations, number of countries | Country | 6 | 6 | |
New Zealand | |||
Segment Reporting Information [Line Items] | |||
Number of hotels sold | 2 |
Revenues and Long-Lived Assets
Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,295 | $ 1,283 | $ 4,093 | $ 4,024 | |
Property and equipment, net | 10,379 | 10,379 | $ 10,583 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,247 | 1,230 | 3,959 | 3,857 | |
Property and equipment, net | 10,140 | 10,140 | 10,294 | ||
Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 8 | 8 | 24 | 25 | |
Property and equipment, net | 88 | 88 | 88 | ||
Brazil | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 15 | 7 | 29 | 22 | |
Property and equipment, net | 63 | 63 | 53 | ||
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 16 | 15 | 40 | 44 | |
Property and equipment, net | 73 | 73 | 66 | ||
Chile | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5 | 9 | 18 | ||
Property and equipment, net | 44 | ||||
Mexico | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 6 | 7 | 21 | 21 | |
Property and equipment, net | 15 | 15 | 18 | ||
New Zealand | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 3 | $ 11 | $ 11 | $ 37 | |
Property and equipment, net | $ 20 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Entity | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Entity | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Minority Interest [Line Items] | |||||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | Entity | 4 | 4 | |||
Non-controlling interests—other consolidated partnerships | $ 39 | $ 39 | $ 40 | ||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests with finite lives | Entity | 1 | 1 | |||
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | 2,095 | ||||
Net income (loss) attributable to non-controlling interests outside partnerships | $ 1 | $ (1) | |||
Net income (loss) | $ 1 | $ 1 | $ 8 | $ 5 | |
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 | 1.021494 |
Historical Cost and Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Sep. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 138 | $ 143 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
OP units outstanding (millions) | shares | 8.7 | 9.1 | |
Market price per Host Inc. common share | $ / shares | $ 15.57 | $ 15.34 | |
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 138 | $ 143 | |
Historical cost (millions) | 86 | 90 | |
Book value (millions) | [1] | $ 138 | $ 143 |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Sep. 30, 2016USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 5,000,000 |
Maximum | |
Loss Contingencies [Line Items] | |
Estimate of possible losses | 10,000,000 |
Other Litigation Cases | |
Loss Contingencies [Line Items] | |
Estimate of possible losses | $ 150,000 |