Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | HST | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-14625 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 53-0085950 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 705,330,433 | |
HOST HOTELS & RESORTS L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | |
Entity Central Index Key | 0001061937 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-25087 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2095412 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Property and equipment, net | $ 9,487 | $ 9,671 | |
Right-of-use assets | 600 | 595 | |
Assets held for sale | 53 | ||
Due from managers | 19 | 63 | |
Advances to and investments in affiliates | 33 | 56 | |
Furniture, fixtures and equipment replacement fund | 138 | 176 | |
Other | 311 | 171 | |
Cash and cash equivalents | 2,430 | 1,573 | |
Total assets | 13,071 | 12,305 | |
Debt | |||
Senior notes | 3,150 | 2,776 | |
Credit facility, including term loans of $997 | 2,482 | 989 | |
Other debt | 6 | 29 | |
Total debt | 5,638 | 3,794 | |
Lease liabilities | 612 | 606 | |
Accounts payable and accrued expenses | 78 | 263 | |
Due to managers | 90 | ||
Other | 166 | 175 | |
Total liabilities | 6,584 | 4,838 | |
Partnership interests | 80 | 142 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 705.3 million shares and 713.4 million shares issued and outstanding, respectively | 7 | 7 | |
Additional paid-in capital | 7,589 | 7,675 | |
Accumulated other comprehensive loss | (79) | (56) | |
Deficit | (1,115) | (307) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,402 | 7,319 | |
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 6 | |
Total equity | 6,407 | 7,325 | |
Total liabilities, non-controlling interests and equity | 13,071 | 12,305 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (79) | (56) | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 9,487 | 9,671 | |
Right-of-use assets | 600 | 595 | |
Assets held for sale | 53 | ||
Due from managers | 19 | 63 | |
Advances to and investments in affiliates | 33 | 56 | |
Furniture, fixtures and equipment replacement fund | 138 | 176 | |
Other | 311 | 171 | |
Cash and cash equivalents | 2,430 | 1,573 | |
Total assets | 13,071 | 12,305 | |
Debt | |||
Senior notes | 3,150 | 2,776 | |
Credit facility, including term loans of $997 | 2,482 | 989 | |
Other debt | 6 | 29 | |
Total debt | 5,638 | 3,794 | |
Lease liabilities | 612 | 606 | |
Accounts payable and accrued expenses | 78 | 263 | |
Due to managers | 90 | ||
Other | 166 | 175 | |
Total liabilities | 6,584 | 4,838 | |
Partnership interests | [1] | 80 | 142 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (79) | (56) | |
Total liabilities, non-controlling interests and equity | 13,071 | 12,305 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 6,480 | 7,374 | |
Accumulated other comprehensive loss | (79) | (56) | |
Total Host Hotels & Resorts, L.P. capital | 6,402 | 7,319 | |
Non-controlling interests—consolidated partnerships | 5 | 6 | |
Total capital | $ 6,407 | $ 7,325 | |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Credit facility | $ 2,482 | $ 989 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 705,300,000 | 713,400,000 |
Common stock, shares outstanding | 705,300,000 | 713,400,000 |
Term Loan | ||
Credit facility | $ 997 | $ 997 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
REVENUES | ||||
Revenues | $ 198 | $ 1,262 | $ 1,353 | $ 4,135 |
EXPENSES | ||||
Other property-level expenses | 77 | 85 | 240 | 268 |
Depreciation and amortization | 166 | 165 | 498 | 501 |
Corporate and other expenses | 18 | 26 | 68 | 80 |
Gain on insurance and business interruption settlements | (4) | (4) | ||
Total operating costs and expenses | 516 | 1,125 | 2,035 | 3,502 |
OPERATING PROFIT (LOSS) | (318) | 137 | (682) | 633 |
Interest income | 8 | 7 | 23 | |
Interest expense | (66) | (46) | (143) | (132) |
Other gains/(losses) | 1 | 274 | 13 | 336 |
Loss on foreign currency transactions and derivatives | (1) | (1) | ||
Equity in earnings (losses) of affiliates | (5) | 4 | (26) | 13 |
INCOME (LOSS) BEFORE INCOME TAXES | (389) | 376 | (831) | 873 |
Benefit (provision) for income taxes | 73 | (4) | 156 | (22) |
NET INCOME (LOSS) | (316) | 372 | (675) | 851 |
Less: Net (income) loss attributable to non-controlling interests | 3 | (4) | 7 | (11) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (313) | $ 368 | $ (668) | $ 840 |
Basic earnings (loss) per common share | $ (0.44) | $ 0.51 | $ (0.95) | $ 1.14 |
Diluted earnings (loss) per common share | $ (0.44) | $ 0.51 | $ (0.95) | $ 1.14 |
HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | $ 198 | $ 1,262 | $ 1,353 | $ 4,135 |
EXPENSES | ||||
Other property-level expenses | 77 | 85 | 240 | 268 |
Depreciation and amortization | 166 | 165 | 498 | 501 |
Corporate and other expenses | 18 | 26 | 68 | 80 |
Gain on insurance and business interruption settlements | (4) | (4) | ||
Total operating costs and expenses | 516 | 1,125 | 2,035 | 3,502 |
OPERATING PROFIT (LOSS) | (318) | 137 | (682) | 633 |
Interest income | 8 | 7 | 23 | |
Interest expense | (66) | (46) | (143) | (132) |
Other gains/(losses) | 1 | 274 | 13 | 336 |
Loss on foreign currency transactions and derivatives | (1) | (1) | ||
Equity in earnings (losses) of affiliates | (5) | 4 | (26) | 13 |
INCOME (LOSS) BEFORE INCOME TAXES | (389) | 376 | (831) | 873 |
Benefit (provision) for income taxes | 73 | (4) | 156 | (22) |
NET INCOME (LOSS) | (316) | 372 | (675) | 851 |
Less: Net (income) loss attributable to non-controlling interests | (1) | (2) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (317) | $ 372 | $ (675) | $ 849 |
Basic earnings (loss) per common share | $ (0.45) | $ 0.52 | $ (0.97) | $ 1.17 |
Diluted earnings (loss) per common share | $ (0.45) | $ 0.52 | $ (0.97) | $ 1.17 |
Rooms | ||||
REVENUES | ||||
Revenues | $ 126 | $ 830 | $ 813 | $ 2,618 |
EXPENSES | ||||
Expenses | 69 | 221 | 299 | 664 |
Rooms | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 126 | 830 | 813 | 2,618 |
EXPENSES | ||||
Expenses | 69 | 221 | 299 | 664 |
Food and Beverage | ||||
REVENUES | ||||
Revenues | 31 | 341 | 372 | 1,223 |
EXPENSES | ||||
Expenses | 72 | 260 | 356 | 835 |
Food and Beverage | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 31 | 341 | 372 | 1,223 |
EXPENSES | ||||
Expenses | 72 | 260 | 356 | 835 |
Other | ||||
REVENUES | ||||
Revenues | 41 | 91 | 168 | 294 |
EXPENSES | ||||
Expenses | 109 | 320 | 541 | 981 |
Other | HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Revenues | 41 | 91 | 168 | 294 |
EXPENSES | ||||
Expenses | 109 | 320 | 541 | 981 |
Management Fees | ||||
EXPENSES | ||||
Expenses | 5 | 52 | 33 | 177 |
Management Fees | HOST HOTELS & RESORTS L.P. | ||||
EXPENSES | ||||
Expenses | $ 5 | $ 52 | $ 33 | $ 177 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
NET INCOME (LOSS) | $ (316) | $ 372 | $ (675) | $ 851 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (5) | (7) | (24) | (4) |
Change in fair value of derivative instruments | 0 | 1 | 1 | 0 |
Amounts reclassified from other comprehensive income (loss) | 1 | |||
OTHER COMPREHENSIVE LOSS, NET OF TAX | (5) | (6) | (23) | (3) |
COMPREHENSIVE INCOME (LOSS) | (321) | 366 | (698) | 848 |
Less: Comprehensive (income) loss attributable to non-controlling interests | 3 | (4) | 7 | (11) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | (318) | 362 | (691) | 837 |
HOST HOTELS & RESORTS L.P. | ||||
NET INCOME (LOSS) | (316) | 372 | (675) | 851 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (5) | (7) | (24) | (4) |
Change in fair value of derivative instruments | 0 | 1 | 1 | 0 |
Amounts reclassified from other comprehensive income (loss) | 1 | |||
OTHER COMPREHENSIVE LOSS, NET OF TAX | (5) | (6) | (23) | (3) |
COMPREHENSIVE INCOME (LOSS) | (321) | 366 | (698) | 848 |
Less: Comprehensive (income) loss attributable to non-controlling interests | (1) | (2) | ||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (322) | $ 366 | $ (698) | $ 846 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING ACTIVITIES | ||
NET INCOME (LOSS) | $ (675) | $ 851 |
Adjustments to reconcile to cash provided by (used in) operations: | ||
Depreciation and amortization | 498 | 501 |
Amortization of finance costs, discounts and premiums, net | 6 | 5 |
Loss on extinguishment of debt | 28 | 3 |
Stock compensation expense | 11 | 11 |
Deferred income taxes | (2) | |
Other gains | (13) | (336) |
Gain on property insurance settlement | (4) | |
Equity in (earnings) losses of affiliates | 26 | (13) |
Change in due from/to managers | 130 | (43) |
Distributions from investments in affiliates | 8 | |
Changes in other assets | (161) | 8 |
Changes in other liabilities | (14) | (75) |
Net cash provided by (used in) operating activities | (164) | 914 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 11 | 895 |
Proceeds from loan receivable | 28 | |
Advances to and investments in affiliates | (4) | (5) |
Acquisitions | (602) | |
Capital expenditures: | ||
Renewals and replacements | (122) | (181) |
Return on investment | (262) | (211) |
Property insurance proceeds | 30 | |
Net cash used in investing activities | (349) | (74) |
FINANCING ACTIVITIES | ||
Financing costs | (11) | (15) |
Issuances of debt | 740 | 645 |
Draws on credit facility | 2,245 | |
Repayment of credit facility | (750) | (56) |
Repurchase/redemption of senior notes | (364) | |
Redemption of preferred equity units of Host L.P. | (22) | |
Debt extinguishment costs | (27) | |
Common stock repurchase | (147) | (395) |
Dividends on common stock | (320) | (480) |
Distributions and payments to non-controlling interests | (3) | (73) |
Other financing activities | (4) | (6) |
Net cash provided by (used in) financing activities | 1,337 | (380) |
Effects of exchange rate changes on cash held | (6) | (1) |
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 818 | 459 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,750 | 1,756 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 2,568 | 2,215 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 2,430 | 2,030 |
Restricted cash (included in other assets) | 1 | |
Furniture, fixtures and equipment replacement fund | 138 | 184 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 2,568 | 2,215 |
Total interest paid | 126 | 120 |
Income taxes paid | 2 | 85 |
HOST HOTELS & RESORTS L.P. | ||
OPERATING ACTIVITIES | ||
NET INCOME (LOSS) | (675) | 851 |
Adjustments to reconcile to cash provided by (used in) operations: | ||
Depreciation and amortization | 498 | 501 |
Amortization of finance costs, discounts and premiums, net | 6 | 5 |
Loss on extinguishment of debt | 28 | 3 |
Stock compensation expense | 11 | 11 |
Deferred income taxes | (2) | |
Other gains | (13) | (336) |
Gain on property insurance settlement | (4) | |
Equity in (earnings) losses of affiliates | 26 | (13) |
Change in due from/to managers | 130 | (43) |
Distributions from investments in affiliates | 8 | |
Changes in other assets | (161) | 8 |
Changes in other liabilities | (14) | (75) |
Net cash provided by (used in) operating activities | (164) | 914 |
INVESTING ACTIVITIES | ||
Proceeds from sales of assets, net | 11 | 895 |
Proceeds from loan receivable | 28 | |
Advances to and investments in affiliates | (4) | (5) |
Acquisitions | (602) | |
Capital expenditures: | ||
Renewals and replacements | (122) | (181) |
Return on investment | (262) | (211) |
Property insurance proceeds | 30 | |
Net cash used in investing activities | (349) | (74) |
FINANCING ACTIVITIES | ||
Financing costs | (11) | (15) |
Issuances of debt | 740 | 645 |
Draws on credit facility | 2,245 | |
Repayment of credit facility | (750) | (56) |
Repurchase/redemption of senior notes | (364) | |
Redemption of preferred equity units of Host L.P. | (22) | |
Debt extinguishment costs | (27) | |
Repurchase of common OP units | (147) | (395) |
Distributions on common OP units | (323) | (485) |
Distributions and payments to non-controlling interests | (68) | |
Other financing activities | (4) | (6) |
Net cash provided by (used in) financing activities | 1,337 | (380) |
Effects of exchange rate changes on cash held | (6) | (1) |
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 818 | 459 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,750 | 1,756 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 2,568 | 2,215 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 2,430 | 2,030 |
Restricted cash (included in other assets) | 1 | |
Furniture, fixtures and equipment replacement fund | 138 | 184 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 2,568 | 2,215 |
Total interest paid | 126 | 120 |
Income taxes paid | 2 | 85 |
Phoenician Land Parcel | ||
Supplemental disclosure of cash flow information: | ||
Notes receivable issued | 9 | |
Phoenician Land Parcel | HOST HOTELS & RESORTS L.P. | ||
Supplemental disclosure of cash flow information: | ||
Notes receivable issued | $ 9 | |
Hotel South Beach [Member] | ||
Supplemental disclosure of cash flow information: | ||
Preferred units issued | 23 | |
Common units issued | 3 | |
Hotel South Beach [Member] | HOST HOTELS & RESORTS L.P. | ||
Supplemental disclosure of cash flow information: | ||
Preferred units issued | 23 | |
Common units issued | $ 3 |
Supplemental Schedule of Noncas
Supplemental Schedule of Noncash Investing and Financing Activities | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: In connection with the sale of a parcel of land adjacent to The Phoenician hotel in 2020, we received as consideration a note receivable for $9 million. The proceeds received from the sale are net of this note receivable. Non-cash consideration for the acquisition of the 1 Hotel South Beach in 2019 included the issuance of $23 million of Host L.P. preferred OP units and $3 million of Host L.P. common OP units. Supplemental schedule of noncash investing and financing activities: In connection with the sale of a parcel of land adjacent to The Phoenician hotel in 2020, we received as consideration a note receivable for $9 million. The proceeds received from the sale are net of this note receivable. Non-cash consideration for the acquisition of the 1 Hotel South Beach in 2019 included the issuance of $23 million of Host L.P. preferred OP units and |
Organization
Organization | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020, Host Inc. holds approximately 99% of Host L.P.’s partnership interests. Liquidity and Management’s Plans The COVID-19 pandemic has had a significant adverse impact on U.S. and global economic activity and has contributed to significant volatility in financial markets beginning in the first quarter of 2020. The adverse economic impact continues as various restrictive measures remain in place in many jurisdictions where we own hotels, including quarantines, restrictions on travel, school closings, limitations on the size of gatherings and/or restrictions on types of business that may continue to operate. As a result, the COVID-19 pandemic continues to negatively impact almost every industry directly or indirectly, including having a severe impact on the U.S. lodging industry generally and our company specifically. At the start of the pandemic, we suspended operations at 35 hotels and, as of September 30, 2020, operations remain suspended at nine of these hotels. The ongoing effects of COVID-19 on our operations and future bookings have had, and will continue to have, a material negative impact on our financial results and cash flows, and such negative impact may continue well after restrictive measures imposed by federal, state, local and other government authorities to contain the outbreak have been lifted. In September 2020, we drew down $746 million on the revolver portion of our credit facility as a precautionary measure in order to increase our cash position and preserve financial flexibility. We are continuing to take further measures to preserve our liquidity, including operating expense reductions, capital expenditures deferrals, suspension of future dividends and suspension of common stock repurchases. We also have reached agreements with our hotel managers to temporarily suspend furniture, fixture and equipment (“FF&E”) replacement fund contributions for our hotels and to defer certain hotel initiatives and brand standards. Due to the ongoing effects of COVID-19 on our operations, as of September 30, 2020, our EBITDA-to-interest coverage ratio fell below the required terms of our senior notes indenture. As such, we no longer Consolidated Portfolio As of September 30, 2020, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 75 Brazil 3 Canada 2 Total 80 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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, 2019. 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, 2020, and the results of our operations for the quarter and year-to-date periods ended September 30, 2020 and 2019, respectively, and cash flows for the year-to-date periods ended September 30, 2020 and 2019, respectively. Interim results are not necessarily indicative of full year performance because of the effect of seasonal variations as well as the impact from the COVID-19 pandemic. Three of the partnerships in which we own an interest are considered variable interest entities (VIEs) as the general partner maintains control over the decisions that most significantly impact the partnerships. These VIEs include the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the sole general partner and holds approximately 99% of its partnership interests; the consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental; and the unconsolidated partnership that owns the Philadelphia Marriott Downtown. Host Inc.’s sole significant asset is its investment in Host L.P. and, consequently, substantially all of Host Inc.’s assets and liabilities consists of the 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. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share (Unit) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share (Unit) | 3. Earnings (Loss) Per Common Share (Unit) Basic earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders) by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding. Diluted earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders), as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans or the common OP units distributed to Host Inc. to support such shares granted, and other non-controlling interests that have the option to convert their limited partner interests to common OP units. No effect is shown for any securities that are anti-dilutive. We have 7.3 million common OP units, which are convertible into 7.4 million common shares, that are not included in Host Inc.’s calculation of earnings (loss) per share as their effect is not dilutive. The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Quarter ended September 30, Year-to-date ended September 30, 2020 2019 2020 2019 Net income (loss) $ (316 ) $ 372 $ (675 ) $ 851 Less: Net (income) loss attributable to non-controlling interests 3 (4 ) 7 (11 ) Net income (loss) attributable to Host Inc. $ (313 ) $ 368 $ (668 ) $ 840 Basic weighted average shares outstanding 705.2 725.5 706.1 735.0 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.3 — 0.4 Diluted weighted average shares outstanding 705.2 725.8 706.1 735.4 Basic earnings (loss) per common share $ (.44 ) $ .51 $ (.95 ) $ 1.14 Diluted earnings (loss) per common share $ (.44 ) $ .51 $ (.95 ) $ 1.14 The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended September 30, Year-to-date ended September 30, 2020 2019 2020 2019 Net income (loss) $ (316 ) $ 372 $ (675 ) $ 851 Less: Net income attributable to non-controlling interests (1 ) — — (2 ) Net income (loss) attributable to Host L.P. $ (317 ) $ 372 $ (675 ) $ 849 Basic weighted average units outstanding 697.6 717.8 698.6 727.1 Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.3 — 0.4 Diluted weighted average units outstanding 697.6 718.1 698.6 727.5 Basic earnings (loss) per common unit $ (.45 ) $ .52 $ (.97 ) $ 1.17 Diluted earnings (loss) per common unit $ (.45 ) $ .52 $ (.97 ) $ 1.17 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 4. Revenue Substantially all our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenue at quarter end. We collect sales, use, occupancy and similar taxes from our customers, which we present on a net basis (excluded from revenues) on our statements of operations. Disaggregation of Revenues. While we do not consider the following presentation of revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 10 – Geographic Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended September 30, Year-to-date ended September 30, Location 2020 2019 2020 2019 Florida Gulf Coast $ 33 $ 51 $ 160 $ 256 San Francisco/San Jose 12 127 124 392 San Diego 16 138 108 409 Phoenix 17 45 108 236 New York 9 134 102 384 Maui/Oahu 4 99 98 305 Miami 12 36 77 125 Washington, D.C. (Central Business District) 4 76 61 259 Orlando 2 43 58 166 Los Angeles 11 49 51 141 Jacksonville 16 21 44 79 Atlanta 9 35 42 121 Boston 2 86 38 234 Houston 7 25 36 86 New Orleans 5 22 29 80 Northern Virginia 5 26 27 103 Orange County 5 25 24 84 Chicago 4 45 22 128 San Antonio 3 22 21 81 Denver 4 27 21 72 Seattle 2 35 20 92 Philadelphia 6 22 20 67 Other 8 50 44 170 Domestic 196 1,239 1,335 4,070 International 2 23 18 65 Total $ 198 $ 1,262 $ 1,353 $ 4,135 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following (in millions): September 30, 2020 December 31, 2019 Land and land improvements $ 2,046 $ 2,062 Buildings and leasehold improvements 13,473 13,308 Furniture and equipment 2,436 2,362 Construction in progress 221 262 18,176 17,994 Less accumulated depreciation and amortization (8,689 ) (8,323 ) $ 9,487 $ 9,671 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Senior Notes. During the third quarter, we issued $750 million of 3.5% Series I senior notes due September 2030 for proceeds of approximately $733 million, net of discounts, underwriting fees and expenses. Interest is payable semi-annually in arrears on March 15 and September 15, commencing March 15, 2021. The proceeds of this issuance were used to repurchase via a tender offer $364 million (approximately 81%) of the $450 million 4.75% Series C senior notes due 2023 for $390 million, including a prepayment premium of $26 million. As of September 30, 2020, we are below the EBITDA-to-interest coverage ratio covenant requirement of our senior notes indenture necessary to incur additional debt, and, therefore, we will not be able to incur additional debt until we are in compliance. Credit Facility. During the quarter, we drew approximately $746 million on the revolver portion of our credit facility, which fully utilized its available capacity at September 30, 2020. Based on our current unsecured long-term debt rating, the interest rate applicable to outstanding borrowings is LIBOR plus 150 basis points and LIBOR plus 165 basis points for the revolver and term facilities, respectively. The commitment fee on the revolver is 25 basis points. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 9 Months Ended |
Sep. 30, 2020 | |
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. The components of the Equity of Host Inc. are as follows (in millions): Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2019 $ 7 $ 7,675 $ (56 ) $ (307 ) $ 6 $ 7,325 $ 142 Net loss — — — (668 ) — (668 ) (7 ) Issuance of common stock for comprehensive stock plans, net — 7 — — — 7 — Repurchase of common stock — (147 ) — — — (147 ) — Dividends declared on common stock — — — (141 ) — (141 ) — Distributions to non-controlling interests — — — — — — (2 ) Changes in ownership and other — 54 — 1 (1 ) 54 (53 ) Other comprehensive loss — — (23 ) — — (23 ) — Balance, September 30, 2020 $ 7 $ 7,589 $ (79 ) $ (1,115 ) $ 5 $ 6,407 $ 80 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, June 30, 2020 $ 7 $ 7,586 $ (74 ) $ (802 ) $ 5 $ 6,722 $ 81 Net loss — — — (313 ) — (313 ) (3 ) Issuance of common stock for comprehensive stock plans, net — 6 — — — 6 — Changes in ownership and other — (3 ) — — (3 ) 2 Other comprehensive loss — — (5 ) — — (5 ) — Balance, September 30, 2020 $ 7 $ 7,589 $ (79 ) $ (1,115 ) $ 5 $ 6,407 $ 80 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2018 $ 7 $ 8,156 $ (59 ) $ (610 ) $ 72 $ 7,566 $ 128 Net income — — — 840 2 842 9 Issuance of common stock for comprehensive stock plans, net — 6 — — — 6 — Repurchase of common stock — (400 ) — — — (400 ) — Dividends declared on common stock — — — (438 ) — (438 ) — Distributions to non-controlling interests — — — — (68 ) (68 ) (5 ) Changes in ownership and other — — — — — — 1 Other comprehensive loss — — (3 ) — — (3 ) — Balance, September 30, 2019 $ 7 $ 7,762 $ (62 ) $ (208 ) $ 6 $ 7,505 $ 133 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, June 30, 2019 $ 7 $ 7,948 $ (56 ) $ (432 ) $ 7 $ 7,474 $ 141 Net income — — — 368 — 368 4 Issuance of common stock for comprehensive stock plans, net — 4 — — — 4 — Repurchase of common stock — (200 ) — — — (200 ) — Dividends declared on common stock — — — (144 ) — (144 ) — Distributions to non-controlling interests — — — — (1 ) (1 ) (2 ) Changes in ownership and other — 10 — — — 10 (10 ) Other comprehensive loss — — (6 ) — — (6 ) — Balance, September 30, 2019 $ 7 $ 7,762 $ (62 ) $ (208 ) $ 6 $ 7,505 $ 133 Capital of Host L.P. As of September 30, 2020, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining common OP units are owned by unaffiliated limited partners. Each common 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 common OP unit. During the period beginning July 1, 2020 until the required financial statement reporting date for the third quarter of 2021 (such period, the “Covenant Relief Period”), all redemptions must be made with Host Inc. common stock. In exchange for any shares issued by Host Inc., Host L.P. will issue common 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. The components of the Capital of Host L.P. are as follows (in millions): General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2019 $ 1 $ 7,374 $ (56 ) $ 6 $ 7,325 $ 142 Net loss — (668 ) — — (668 ) (7 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 7 — — 7 — Repurchase of common OP units — (147 ) — — (147 ) — Distributions declared on common OP units — (141 ) — — (141 ) (2 ) Changes in ownership and other — 55 — (1 ) 54 (53 ) Other comprehensive loss — — (23 ) — (23 ) — Balance, September 30, 2020 $ 1 $ 6,480 $ (79 ) $ 5 $ 6,407 $ 80 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, June 30, 2020 $ 1 $ 6,790 $ (74 ) $ 5 $ 6,722 $ 81 Net loss — (313 ) — — (313 ) (3 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 6 — — 6 — Changes in ownership and other — (3 ) — — (3 ) 2 Other comprehensive loss — — (5 ) — (5 ) — Balance, September 30, 2020 $ 1 $ 6,480 $ (79 ) $ 5 $ 6,407 $ 80 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2018 $ 1 $ 7,552 $ (59 ) $ 72 $ 7,566 $ 128 Net income — 840 — 2 842 9 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 6 — — 6 — Repurchase of common OP units — (400 ) — — (400 ) — Distributions declared on common OP units — (438 ) — — (438 ) (5 ) Distributions to non-controlling interests — — — (68 ) (68 ) — Changes in ownership and other — — — — — 1 Other comprehensive loss — — (3 ) — (3 ) — Balance, September 30, 2019 $ 1 $ 7,560 $ (62 ) $ 6 $ 7,505 $ 133 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, June 30, 2019 $ 1 $ 7,522 $ (56 ) $ 7 $ 7,474 $ 141 Net income — 368 — — 368 4 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 4 — — 4 — Repurchase of common OP units — (200 ) — — (200 ) — Distributions declared on common OP units — (144 ) — — (144 ) — Distributions to non-controlling interests — — — (1 ) (1 ) (2 ) Changes in ownership and other — 10 — — 10 (10 ) Other comprehensive loss — — (6 ) — (6 ) — Balance, September 30, 2019 $ 1 $ 7,560 $ (62 ) $ 6 $ 7,505 $ 133 Share Repurchases As of September 30, 2020, we have $371 million available for repurchase under our common share repurchase program. In accordance with the terms of our credit facility waiver, there were no share repurchases during the third quarter of 2020. Dividends/Distributions We suspended our regular quarterly common cash dividend, commencing with the second quarter dividend that would have been paid in July 2020. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2020 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | |
Dispositions | 8. Dispositions Subsequent to quarter end, we sold the Newport Beach Marriott Hotel & Spa for $216 million, including $14 million for the FF&E replacement funds, and excess land adjacent to The Phoenician hotel for $66 million, and expect to record a combined gain of approximately $200 million in the fourth quarter. As of September 30, 2020, the Newport Beach Marriott Hotel & Spa was classified as held for sale. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements We did not elect the fair value measurement option for any of our financial liabilities. The fair value of our credit facility is determined based on expected future payments discounted at a risk-adjusted rate. Our 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, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 3,150 $ 3,195 $ 2,776 $ 2,953 Credit facility (Level 2) 2,482 2,495 989 1,000 |
Geographic Information
Geographic Information | 9 Months Ended |
Sep. 30, 2020 | |
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 our other real estate investment activities (primarily office buildings) are immaterial and, with our operating segments, meet the aggregation criteria. Accordingly, we report one reportable segment: hotel ownership. Our consolidated foreign operations consist of hotels in two countries as of September 30, 2020. There were no intersegment sales during the periods presented. The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended September 30, Year-to-date ended September 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 United States $ 196 $ 1,239 $ 1,335 $ 4,070 $ 9,405 $ 9,570 Brazil 1 6 6 17 32 45 Canada 1 17 12 48 50 56 Total $ 198 $ 1,262 $ 1,353 $ 4,135 $ 9,487 $ 9,671 |
Non-Controlling Interests
Non-Controlling Interests | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 11. Non-controlling Interests 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 their carrying amount based on accumulated historical cost or their 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 for 1.021494 shares of Host Inc. common stock. Redeemable 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. During the Covenant Relief Period, all redemptions must be made with Host Inc. common stock. The table below details the historical cost and redemption values for the non-controlling interests: September 30, 2020 December 31, 2019 Common OP units outstanding (millions) 7.3 7.5 Market price per Host Inc. common share $ 10.79 $ 18.55 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 80 $ 142 Historical cost (millions) 68 79 Book value (millions) (1) 80 142 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. Other Consolidated Partnerships. We consolidate two majority-owned partnerships that have third-party, non-controlling ownership interests. The third party limited partner interests are included in non-redeemable non-controlling interests — other consolidated partnerships on the balance sheets and totaled $5 million and $6 million as of September 30, 2020 and December 31, 2019, respectively. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 1 2 . 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 are involved or of which we currently are aware and our experience in resolving similar claims in the past, we have recorded minimal accruals as of September 30, 2020 related to such claims. We have estimated that, in the aggregate, our losses related to these proceedings would not be material. We are not aware of any 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. |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidated Portfolio of Hotels by Location | As of September 30, 2020, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 75 Brazil 3 Canada 2 Total 80 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Unit) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Quarter ended September 30, Year-to-date ended September 30, 2020 2019 2020 2019 Net income (loss) $ (316 ) $ 372 $ (675 ) $ 851 Less: Net (income) loss attributable to non-controlling interests 3 (4 ) 7 (11 ) Net income (loss) attributable to Host Inc. $ (313 ) $ 368 $ (668 ) $ 840 Basic weighted average shares outstanding 705.2 725.5 706.1 735.0 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.3 — 0.4 Diluted weighted average shares outstanding 705.2 725.8 706.1 735.4 Basic earnings (loss) per common share $ (.44 ) $ .51 $ (.95 ) $ 1.14 Diluted earnings (loss) per common share $ (.44 ) $ .51 $ (.95 ) $ 1.14 |
HOST HOTELS & RESORTS L.P. | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended September 30, Year-to-date ended September 30, 2020 2019 2020 2019 Net income (loss) $ (316 ) $ 372 $ (675 ) $ 851 Less: Net income attributable to non-controlling interests (1 ) — — (2 ) Net income (loss) attributable to Host L.P. $ (317 ) $ 372 $ (675 ) $ 849 Basic weighted average units outstanding 697.6 717.8 698.6 727.1 Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.3 — 0.4 Diluted weighted average units outstanding 697.6 718.1 698.6 727.5 Basic earnings (loss) per common unit $ (.45 ) $ .52 $ (.97 ) $ 1.17 Diluted earnings (loss) per common unit $ (.45 ) $ .52 $ (.97 ) $ 1.17 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Hotel Revenues by Market Location | Disaggregation of Revenues. While we do not consider the following presentation of revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 10 – Geographic Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended September 30, Year-to-date ended September 30, Location 2020 2019 2020 2019 Florida Gulf Coast $ 33 $ 51 $ 160 $ 256 San Francisco/San Jose 12 127 124 392 San Diego 16 138 108 409 Phoenix 17 45 108 236 New York 9 134 102 384 Maui/Oahu 4 99 98 305 Miami 12 36 77 125 Washington, D.C. (Central Business District) 4 76 61 259 Orlando 2 43 58 166 Los Angeles 11 49 51 141 Jacksonville 16 21 44 79 Atlanta 9 35 42 121 Boston 2 86 38 234 Houston 7 25 36 86 New Orleans 5 22 29 80 Northern Virginia 5 26 27 103 Orange County 5 25 24 84 Chicago 4 45 22 128 San Antonio 3 22 21 81 Denver 4 27 21 72 Seattle 2 35 20 92 Philadelphia 6 22 20 67 Other 8 50 44 170 Domestic 196 1,239 1,335 4,070 International 2 23 18 65 Total $ 198 $ 1,262 $ 1,353 $ 4,135 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): September 30, 2020 December 31, 2019 Land and land improvements $ 2,046 $ 2,062 Buildings and leasehold improvements 13,473 13,308 Furniture and equipment 2,436 2,362 Construction in progress 221 262 18,176 17,994 Less accumulated depreciation and amortization (8,689 ) (8,323 ) $ 9,487 $ 9,671 |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
HOST HOTELS & RESORTS, INC. | |
Components of Equity | The components of the Equity of Host Inc. are as follows (in millions): Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2019 $ 7 $ 7,675 $ (56 ) $ (307 ) $ 6 $ 7,325 $ 142 Net loss — — — (668 ) — (668 ) (7 ) Issuance of common stock for comprehensive stock plans, net — 7 — — — 7 — Repurchase of common stock — (147 ) — — — (147 ) — Dividends declared on common stock — — — (141 ) — (141 ) — Distributions to non-controlling interests — — — — — — (2 ) Changes in ownership and other — 54 — 1 (1 ) 54 (53 ) Other comprehensive loss — — (23 ) — — (23 ) — Balance, September 30, 2020 $ 7 $ 7,589 $ (79 ) $ (1,115 ) $ 5 $ 6,407 $ 80 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, June 30, 2020 $ 7 $ 7,586 $ (74 ) $ (802 ) $ 5 $ 6,722 $ 81 Net loss — — — (313 ) — (313 ) (3 ) Issuance of common stock for comprehensive stock plans, net — 6 — — — 6 — Changes in ownership and other — (3 ) — — (3 ) 2 Other comprehensive loss — — (5 ) — — (5 ) — Balance, September 30, 2020 $ 7 $ 7,589 $ (79 ) $ (1,115 ) $ 5 $ 6,407 $ 80 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2018 $ 7 $ 8,156 $ (59 ) $ (610 ) $ 72 $ 7,566 $ 128 Net income — — — 840 2 842 9 Issuance of common stock for comprehensive stock plans, net — 6 — — — 6 — Repurchase of common stock — (400 ) — — — (400 ) — Dividends declared on common stock — — — (438 ) — (438 ) — Distributions to non-controlling interests — — — — (68 ) (68 ) (5 ) Changes in ownership and other — — — — — — 1 Other comprehensive loss — — (3 ) — — (3 ) — Balance, September 30, 2019 $ 7 $ 7,762 $ (62 ) $ (208 ) $ 6 $ 7,505 $ 133 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, June 30, 2019 $ 7 $ 7,948 $ (56 ) $ (432 ) $ 7 $ 7,474 $ 141 Net income — — — 368 — 368 4 Issuance of common stock for comprehensive stock plans, net — 4 — — — 4 — Repurchase of common stock — (200 ) — — — (200 ) — Dividends declared on common stock — — — (144 ) — (144 ) — Distributions to non-controlling interests — — — — (1 ) (1 ) (2 ) Changes in ownership and other — 10 — — — 10 (10 ) Other comprehensive loss — — (6 ) — — (6 ) — Balance, September 30, 2019 $ 7 $ 7,762 $ (62 ) $ (208 ) $ 6 $ 7,505 $ 133 |
HOST HOTELS & RESORTS L.P. | |
Components of Capital | The components of the Capital of Host L.P. are as follows (in millions): General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2019 $ 1 $ 7,374 $ (56 ) $ 6 $ 7,325 $ 142 Net loss — (668 ) — — (668 ) (7 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 7 — — 7 — Repurchase of common OP units — (147 ) — — (147 ) — Distributions declared on common OP units — (141 ) — — (141 ) (2 ) Changes in ownership and other — 55 — (1 ) 54 (53 ) Other comprehensive loss — — (23 ) — (23 ) — Balance, September 30, 2020 $ 1 $ 6,480 $ (79 ) $ 5 $ 6,407 $ 80 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, June 30, 2020 $ 1 $ 6,790 $ (74 ) $ 5 $ 6,722 $ 81 Net loss — (313 ) — — (313 ) (3 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 6 — — 6 — Changes in ownership and other — (3 ) — — (3 ) 2 Other comprehensive loss — — (5 ) — (5 ) — Balance, September 30, 2020 $ 1 $ 6,480 $ (79 ) $ 5 $ 6,407 $ 80 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2018 $ 1 $ 7,552 $ (59 ) $ 72 $ 7,566 $ 128 Net income — 840 — 2 842 9 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 6 — — 6 — Repurchase of common OP units — (400 ) — — (400 ) — Distributions declared on common OP units — (438 ) — — (438 ) (5 ) Distributions to non-controlling interests — — — (68 ) (68 ) — Changes in ownership and other — — — — — 1 Other comprehensive loss — — (3 ) — (3 ) — Balance, September 30, 2019 $ 1 $ 7,560 $ (62 ) $ 6 $ 7,505 $ 133 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, June 30, 2019 $ 1 $ 7,522 $ (56 ) $ 7 $ 7,474 $ 141 Net income — 368 — — 368 4 Issuance of common OP units to Host Inc. for comprehensive stock plans, net — 4 — — 4 — Repurchase of common OP units — (200 ) — — (200 ) — Distributions declared on common OP units — (144 ) — — (144 ) — Distributions to non-controlling interests — — — (1 ) (1 ) (2 ) Changes in ownership and other — 10 — — 10 (10 ) Other comprehensive loss — — (6 ) — (6 ) — Balance, September 30, 2019 $ 1 $ 7,560 $ (62 ) $ 6 $ 7,505 $ 133 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Certain Financial Liabilities and Other Financial Instruments | The fair value of certain financial liabilities is shown below (in millions): September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 3,150 $ 3,195 $ 2,776 $ 2,953 Credit facility (Level 2) 2,482 2,495 989 1,000 |
Geographic Information (Tables)
Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographical Area | The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended September 30, Year-to-date ended September 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 United States $ 196 $ 1,239 $ 1,335 $ 4,070 $ 9,405 $ 9,570 Brazil 1 6 6 17 32 45 Canada 1 17 12 48 50 56 Total $ 198 $ 1,262 $ 1,353 $ 4,135 $ 9,487 $ 9,671 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 Common OP units outstanding (millions) 7.3 7.5 Market price per Host Inc. common share $ 10.79 $ 18.55 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 80 $ 142 Historical cost (millions) 68 79 Book value (millions) (1) 80 142 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020USD ($) | Apr. 30, 2020Hotel | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($)Hotel | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Draws on credit facility | $ 2,245 | |||
COVID - 19 [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Number of hotels suspends operations | Hotel | 35 | 9 | ||
Revolving Credit Facility [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Draws on credit facility | $ 746 | |||
Revolving Credit Facility [Member] | COVID - 19 [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Draws on credit facility | $ 746 | |||
Host L.P. | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Percentage of the common OP units | 99.00% | 99.00% | 99.00% |
Consolidated Portfolio of Hotel
Consolidated Portfolio of Hotels by Location (Detail) | Sep. 30, 2020Hotel |
Real Estate Properties [Line Items] | |
Hotels | 80 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 75 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 30, 2020 |
Host L.P. | |
Significant Accounting Policies [Line Items] | |
Investment ownership percentage | 99.00% |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Unit) - Additional Information (Detail) - HOST HOTELS & RESORTS, INC. shares in Millions | Sep. 30, 2020shares |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
Common OP units outstanding | 7.3 |
Number of common shares that would be outstanding if OP units were converted | 7.4 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
NET INCOME (LOSS) | $ (316) | $ 372 | $ (675) | $ 851 |
Less: Net (income) loss attributable to non-controlling interests | 3 | (4) | 7 | (11) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (313) | $ 368 | $ (668) | $ 840 |
Basic weighted average shares outstanding | 705.2 | 725.5 | 706.1 | 735 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.4 | ||
Diluted weighted average shares/units outstanding | 705.2 | 725.8 | 706.1 | 735.4 |
Basic earnings (loss) per common share | $ (0.44) | $ 0.51 | $ (0.95) | $ 1.14 |
Diluted earnings (loss) per common share | $ (0.44) | $ 0.51 | $ (0.95) | $ 1.14 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share Diluted [Line Items] | ||||
NET INCOME (LOSS) | $ (316) | $ 372 | $ (675) | $ 851 |
Less: Net (income) loss attributable to non-controlling interests | 3 | (4) | 7 | (11) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (313) | $ 368 | $ (668) | $ 840 |
Basic weighted average shares outstanding | 705.2 | 725.5 | 706.1 | 735 |
Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.4 | ||
Diluted weighted average shares/units outstanding | 705.2 | 725.8 | 706.1 | 735.4 |
Basic earnings (loss) per common share | $ (0.44) | $ 0.51 | $ (0.95) | $ 1.14 |
Diluted earnings (loss) per common share | $ (0.44) | $ 0.51 | $ (0.95) | $ 1.14 |
HOST HOTELS & RESORTS L.P. | ||||
Earnings Per Share Diluted [Line Items] | ||||
NET INCOME (LOSS) | $ (316) | $ 372 | $ (675) | $ 851 |
Less: Net (income) loss attributable to non-controlling interests | (1) | (2) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (317) | $ 372 | $ (675) | $ 849 |
Basic weighted average shares outstanding | 697.6 | 717.8 | 698.6 | 727.1 |
Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.3 | 0.4 | ||
Diluted weighted average shares/units outstanding | 697.6 | 718.1 | 698.6 | 727.5 |
Basic earnings (loss) per common share | $ (0.45) | $ 0.52 | $ (0.97) | $ 1.17 |
Diluted earnings (loss) per common share | $ (0.45) | $ 0.52 | $ (0.97) | $ 1.17 |
Summary of Hotel Revenues by Ma
Summary of Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 198 | $ 1,262 | $ 1,353 | $ 4,135 |
San Diego | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 16 | 138 | 108 | 409 |
San Francisco/San Jose | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 12 | 127 | 124 | 392 |
New York | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 9 | 134 | 102 | 384 |
Maui/Oahu | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 4 | 99 | 98 | 305 |
Washington, D.C. (Central Business District) | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 4 | 76 | 61 | 259 |
Florida Gulf Coast | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 33 | 51 | 160 | 256 |
Phoenix | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 17 | 45 | 108 | 236 |
Boston | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 2 | 86 | 38 | 234 |
Orlando | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 2 | 43 | 58 | 166 |
Los Angeles | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 11 | 49 | 51 | 141 |
Chicago | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 4 | 45 | 22 | 128 |
Miami | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 12 | 36 | 77 | 125 |
Atlanta | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 9 | 35 | 42 | 121 |
Northern Virginia | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 5 | 26 | 27 | 103 |
Seattle | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 2 | 35 | 20 | 92 |
Houston | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 7 | 25 | 36 | 86 |
Orange County | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 5 | 25 | 24 | 84 |
San Antonio | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 3 | 22 | 21 | 81 |
New Orleans | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 5 | 22 | 29 | 80 |
Jacksonville | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 16 | 21 | 44 | 79 |
Denver | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 4 | 27 | 21 | 72 |
Philadelphia | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 6 | 22 | 20 | 67 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 8 | 50 | 44 | 170 |
United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 196 | 1,239 | 1,335 | 4,070 |
International | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 2 | $ 23 | $ 18 | $ 65 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 2,046 | $ 2,062 |
Buildings and leasehold improvements | 13,473 | 13,308 |
Furniture and equipment | 2,436 | 2,362 |
Construction in progress | 221 | 262 |
Property, Plant and Equipment, Gross, Total | 18,176 | 17,994 |
Less accumulated depreciation and amortization | (8,689) | (8,323) |
Property and equipment, net | $ 9,487 | $ 9,671 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Repayment of debt | $ 364,000,000 | |
Prepayment premium | 27,000,000 | |
Draws on credit facility | 2,245,000,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Draws on credit facility | $ 746,000,000 | |
Commitment fee | 0.25% | |
LIBOR | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
LIBOR | Term Loan | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | |
Series I senior notes 3.5% due September 2030 | ||
Debt Instrument [Line Items] | ||
Face amount of debt | $ 750,000,000 | $ 750,000,000 |
Debt interest rate | 3.50% | 3.50% |
Proceed from issuance of note | $ 733,000,000 | |
Frequency of interest payable | Interest is payable semi-annually | |
Date of first payment | Mar. 15, 2021 | |
Debt instrument maturity period | 2030-09 | |
Series C senior notes 4.75% due 2023 | ||
Debt Instrument [Line Items] | ||
Face amount of debt | $ 450,000,000 | $ 450,000,000 |
Debt interest rate | 4.75% | 4.75% |
Proceed from issuance of note | $ 364,000,000 | |
Repayment of debt | 390,000,000 | |
Prepayment premium | $ 26,000,000 |
Components of Equity (Detail)
Components of Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | $ 6,722 | $ 7,474 | $ 7,325 | $ 7,566 |
Net income (loss) | (313) | 368 | (668) | 840 |
Net income (loss) | (313) | 368 | (668) | 842 |
Issuance of common stock for comprehensive stock plans, net | 6 | 4 | 7 | 6 |
Repurchase of common stock | (200) | (147) | (400) | |
Dividends declared on common stock | (144) | (141) | (438) | |
Distributions to non-controlling interests | (1) | (68) | ||
Changes in ownership and other | (3) | 10 | 54 | |
Other comprehensive income/(loss) | (5) | (6) | (23) | (3) |
Ending Balance | 6,407 | 7,505 | 6,407 | 7,505 |
Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 7 | 7 | 7 | 7 |
Ending Balance | 7 | 7 | 7 | 7 |
Additional Paid-in Capital | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 7,586 | 7,948 | 7,675 | 8,156 |
Issuance of common stock for comprehensive stock plans, net | 6 | 4 | 7 | 6 |
Repurchase of common stock | (200) | (147) | (400) | |
Changes in ownership and other | (3) | 10 | 54 | |
Ending Balance | 7,589 | 7,762 | 7,589 | 7,762 |
Accumulated Other Comprehensive Income (Loss) | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | (74) | (56) | (56) | (59) |
Other comprehensive income/(loss) | (5) | (6) | (23) | (3) |
Ending Balance | (79) | (62) | (79) | (62) |
Retained Earnings / (Deficit) | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | (802) | (432) | (307) | (610) |
Net income (loss) | (313) | 368 | (668) | 840 |
Dividends declared on common stock | (144) | (141) | (438) | |
Changes in ownership and other | 1 | |||
Ending Balance | (1,115) | (208) | (1,115) | (208) |
Non-redeemable, non-controlling interests | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 5 | 7 | 6 | 72 |
Net income attributable to non-controlling interests | 2 | |||
Distributions to non-controlling interests | (1) | (68) | ||
Changes in ownership and other | (1) | |||
Ending Balance | 5 | 6 | 5 | 6 |
Redeemable, non-controlling interests | ||||
Stockholders Equity Note [Line Items] | ||||
Beginning Balance | 81 | 141 | 142 | 128 |
Net income | (3) | 4 | (7) | 9 |
Distributions to non-controlling interests | (2) | (5) | ||
Changes in ownership and other | 2 | (10) | (53) | 1 |
Ending Balance | $ 80 | $ 133 | $ 80 | $ 133 |
Equity of Host Inc. and Capit_3
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($)shares | Dec. 31, 2019 | |
Host L.P. | ||
Stockholders Equity Note [Line Items] | ||
Percentage of the common OP units | 99.00% | |
HOST HOTELS & RESORTS L.P. | ||
Stockholders Equity Note [Line Items] | ||
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 |
HOST HOTELS & RESORTS, INC. | ||
Stockholders Equity Note [Line Items] | ||
Share repurchase program, shares repurchased | shares | 0 | |
Stock Repurchase Program, Authorized Amount | $ | $ 371 |
Components of Capital (Detail)
Components of Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Limited Partners Capital Account [Line Items] | ||||
Net income (loss) | $ (313) | $ 368 | $ (668) | $ 840 |
Net income (loss) | (313) | 368 | (668) | 842 |
Issuance of common stock for comprehensive stock plans, net | 6 | 4 | 7 | 6 |
Repurchase of common OP units | (200) | (147) | (400) | |
Distributions to non-controlling interests | (1) | (68) | ||
Other comprehensive income/(loss) | (5) | (6) | (23) | (3) |
Accumulated Other Comprehensive Income (Loss) | ||||
Limited Partners Capital Account [Line Items] | ||||
Other comprehensive income/(loss) | (5) | (6) | (23) | (3) |
Non-redeemable, non-controlling interests | ||||
Limited Partners Capital Account [Line Items] | ||||
Net income attributable to non-controlling interests | 2 | |||
Distributions to non-controlling interests | (1) | (68) | ||
HOST HOTELS & RESORTS L.P. | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 6,722 | 7,474 | 7,325 | 7,566 |
Net income (loss) | (317) | 372 | (675) | 849 |
Net income (loss) | (313) | 368 | (668) | 842 |
Issuance of common stock for comprehensive stock plans, net | 6 | 4 | 7 | 6 |
Repurchase of common OP units | (200) | (147) | (400) | |
Distributions declared on common OP units | (144) | (141) | (438) | |
Distributions to non-controlling interests | (1) | (68) | ||
Changes in ownership and other | (3) | 10 | 54 | |
Other comprehensive income/(loss) | (5) | (6) | (23) | (3) |
Ending Balance | 6,407 | 7,505 | 6,407 | 7,505 |
HOST HOTELS & RESORTS L.P. | General Partner | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 1 | 1 | 1 | 1 |
Ending Balance | 1 | 1 | 1 | 1 |
HOST HOTELS & RESORTS L.P. | Limited Partner | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 6,790 | 7,522 | 7,374 | 7,552 |
Net income (loss) | (313) | 368 | (668) | 840 |
Issuance of common stock for comprehensive stock plans, net | 6 | 4 | 7 | 6 |
Repurchase of common OP units | (200) | (147) | (400) | |
Distributions declared on common OP units | (144) | (141) | (438) | |
Changes in ownership and other | (3) | 10 | 55 | |
Ending Balance | 6,480 | 7,560 | 6,480 | 7,560 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | (74) | (56) | (56) | (59) |
Other comprehensive income/(loss) | (5) | (6) | (23) | (3) |
Ending Balance | (79) | (62) | (79) | (62) |
HOST HOTELS & RESORTS L.P. | Non-redeemable, non-controlling interests | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 5 | 7 | 6 | 72 |
Net income attributable to non-controlling interests | 2 | |||
Distributions to non-controlling interests | (1) | (68) | ||
Changes in ownership and other | (1) | |||
Ending Balance | 5 | 6 | 5 | 6 |
HOST HOTELS & RESORTS L.P. | Limited partnership interests of third parties | ||||
Limited Partners Capital Account [Line Items] | ||||
Beginning Balance | 81 | 141 | 142 | 128 |
Net income | (3) | 4 | (7) | 9 |
Distributions declared on common OP units | (2) | (5) | ||
Distributions to non-controlling interests | (2) | |||
Changes in ownership and other | 2 | (10) | (53) | 1 |
Ending Balance | $ 80 | $ 133 | $ 80 | $ 133 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - USD ($) $ in Millions | Oct. 01, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $ 11 | $ 895 | |||
Furniture, fixtures and equipment replacement fund | $ 138 | $ 184 | $ 176 | ||
Forecast | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Combined gain on sale of assets, net | $ 200 | ||||
Newport Beach Marriott Hotel & Spa [Member] | Subsequent Event | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $ 216 | ||||
Furniture, fixtures and equipment replacement fund | 14 | ||||
Phoenician Land Parcel | Subsequent Event | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of assets, net | $ 66 |
Fair Values of Certain Financia
Fair Values of Certain Financial Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financial liabilities | ||
Senior notes | $ 3,150 | $ 2,776 |
Credit facility, carrying value | 2,482 | 989 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 3,195 | 2,953 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | $ 2,495 | $ 1,000 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020SegmentCountry | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 1 |
Non-US | |
Segment Reporting Information [Line Items] | |
Foreign operations, number of countries | Country | 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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 198 | $ 1,262 | $ 1,353 | $ 4,135 | |
Property and equipment, net | 9,487 | 9,487 | $ 9,671 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 196 | 1,239 | 1,335 | 4,070 | |
Property and equipment, net | 9,405 | 9,405 | 9,570 | ||
Brazil | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1 | 6 | 6 | 17 | |
Property and equipment, net | 32 | 32 | 45 | ||
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1 | $ 17 | 12 | $ 48 | |
Property and equipment, net | $ 50 | $ 50 | $ 56 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($)Entity | Dec. 31, 2019USD ($) | |
Minority Interest [Line Items] | ||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | Entity | 2 | |
Non-redeemable non-controlling interests - other consolidated partnerships | $ | $ 5 | $ 6 |
HOST HOTELS & RESORTS L.P. | ||
Minority Interest [Line Items] | ||
OP units conversion basis | One common OP unit may be exchanged for 1.021494 shares of Host Inc | |
Shares issuable upon conversion of one OP unit | 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, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 80 | $ 142 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Common OP units outstanding (millions) | shares | 7.3 | 7.5 | |
Market price per Host Inc. common share | $ / shares | $ 10.79 | $ 18.55 | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 80 | $ 142 | |
Historical cost (millions) | 68 | 79 | |
Book value (millions) | [1] | $ 80 | $ 142 |
[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, 2020USD ($) |
Other Litigation Cases | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency , estimate of possible loss | $ 150,000 |