Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HST | ||
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | ||
Entity Central Index Key | 0001070750 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference [Text Block] | Portions of Host Hotels & Resorts, Inc.’s definitive proxy statement to be filed with the Securities and Exchange Commission and delivered to stockholders in connection with its annual meeting of stockholders to be held on May 20, 2021 are incorporated by reference into Part III of this Form 10-K. | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
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 Avenue | ||
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 | ||
Entity Common Stock, Shares Outstanding | 705,364,549 | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 7,512,950,865 | ||
ICFR Auditor Attestation Flag | true | ||
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 Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
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 Avenue | ||
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 | ||
Entity Common Stock, Shares Outstanding | 697,748,677 | ||
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Property and equipment, net | $ 9,416 | $ 9,671 | |
Right-of-use assets | 597 | 595 | |
Due from managers | 22 | 63 | |
Advances to and investments in affiliates | 21 | 56 | |
Furniture, fixtures and equipment replacement fund | 139 | 176 | |
Other | 360 | 171 | |
Cash and cash equivalents | 2,335 | 1,573 | |
Total assets | 12,890 | 12,305 | |
Debt | |||
Senior notes | 3,065 | 2,776 | |
Credit facility, including term loans of $997 | 2,471 | 989 | |
Other debt | 5 | 29 | |
Total debt | 5,541 | 3,794 | |
Lease liabilities | 610 | 606 | |
Accounts payable and accrued expenses | 71 | 263 | |
Due to managers | 64 | ||
Other | 170 | 175 | |
Total liabilities | 6,456 | 4,838 | |
Partnership interests | 108 | 142 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 705.4 million shares and 713.4 million shares issued and outstanding, respectively | 7 | 7 | |
Additional paid-in capital | 7,568 | 7,675 | |
Accumulated other comprehensive loss | (74) | (56) | |
Deficit | (1,180) | (307) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,321 | 7,319 | |
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 6 | |
Total equity | 6,326 | 7,325 | |
Total liabilities, non-controlling interests and equity | 12,890 | 12,305 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (74) | (56) | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 9,416 | 9,671 | |
Right-of-use assets | 597 | 595 | |
Due from managers | 22 | 63 | |
Advances to and investments in affiliates | 21 | 56 | |
Furniture, fixtures and equipment replacement fund | 139 | 176 | |
Other | 360 | 171 | |
Cash and cash equivalents | 2,335 | 1,573 | |
Total assets | 12,890 | 12,305 | |
Debt | |||
Senior notes | 3,065 | 2,776 | |
Credit facility, including term loans of $997 | 2,471 | 989 | |
Other debt | 5 | 29 | |
Total debt | 5,541 | 3,794 | |
Lease liabilities | 610 | 606 | |
Accounts payable and accrued expenses | 71 | 263 | |
Due to managers | 64 | ||
Other | 170 | 175 | |
Total liabilities | 6,456 | 4,838 | |
Partnership interests | [1] | 108 | 142 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (74) | (56) | |
Total liabilities, non-controlling interests and equity | 12,890 | 12,305 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 6,394 | 7,374 | |
Accumulated other comprehensive loss | (74) | (56) | |
Total Host Hotels & Resorts, L.P. capital | 6,321 | 7,319 | |
Non-controlling interests—consolidated partnerships | 5 | 6 | |
Total capital | $ 6,326 | $ 7,325 | |
[1] | The book value recorded is equal to the greater of the redemption value or the historical cost. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Credit facility | $ 2,471 | $ 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 | 705,400,000 | 713,400,000 |
Common stock, shares outstanding | 705,400,000 | 713,400,000 |
Term Loan | ||
Credit facility | $ 997 | $ 997 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES | |||
Revenues | $ 1,620 | $ 5,469 | $ 5,524 |
EXPENSES | |||
Other property-level expenses | 312 | 365 | 387 |
Depreciation and amortization | 665 | 676 | 944 |
Corporate and other expenses | 89 | 107 | 104 |
Gain on insurance and business interruption settlements | (5) | (7) | |
Total operating costs and expenses | 2,573 | 4,670 | 4,994 |
OPERATING PROFIT (LOSS) | (953) | 799 | 530 |
Interest income | 8 | 32 | 15 |
Interest expense | (194) | (222) | (176) |
Other gains/(losses) | 208 | 340 | 902 |
Loss on foreign currency transactions and derivatives | (1) | ||
Equity in earnings (losses) of affiliates | (30) | 14 | 30 |
INCOME (LOSS) BEFORE INCOME TAXES | (961) | 962 | 1,301 |
Benefit (provision) for income taxes | 220 | (30) | (150) |
NET INCOME (LOSS) | (741) | 932 | 1,151 |
Less: Net (income) loss attributable to non-controlling interests | 9 | (12) | (64) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (732) | $ 920 | $ 1,087 |
Basic earnings (loss) per common share | $ (1.04) | $ 1.26 | $ 1.47 |
Diluted earnings (loss) per common share | $ (1.04) | $ 1.26 | $ 1.47 |
HOST HOTELS & RESORTS L.P. | |||
REVENUES | |||
Revenues | $ 1,620 | $ 5,469 | $ 5,524 |
EXPENSES | |||
Other property-level expenses | 312 | 365 | 387 |
Depreciation and amortization | 665 | 676 | 944 |
Corporate and other expenses | 89 | 107 | 104 |
Gain on insurance and business interruption settlements | (5) | (7) | |
Total operating costs and expenses | 2,573 | 4,670 | 4,994 |
OPERATING PROFIT (LOSS) | (953) | 799 | 530 |
Interest income | 8 | 32 | 15 |
Interest expense | (194) | (222) | (176) |
Other gains/(losses) | 208 | 340 | 902 |
Loss on foreign currency transactions and derivatives | (1) | ||
Equity in earnings (losses) of affiliates | (30) | 14 | 30 |
INCOME (LOSS) BEFORE INCOME TAXES | (961) | 962 | 1,301 |
Benefit (provision) for income taxes | 220 | (30) | (150) |
NET INCOME (LOSS) | (741) | 932 | 1,151 |
Less: Net (income) loss attributable to non-controlling interests | 1 | (2) | (52) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (740) | $ 930 | $ 1,099 |
Basic earnings (loss) per common share | $ (1.06) | $ 1.29 | $ 1.50 |
Diluted earnings (loss) per common share | $ (1.06) | $ 1.29 | $ 1.50 |
Rooms | |||
REVENUES | |||
Revenues | $ 976 | $ 3,431 | $ 3,547 |
EXPENSES | |||
Expenses | 362 | 873 | 918 |
Rooms | HOST HOTELS & RESORTS L.P. | |||
REVENUES | |||
Revenues | 976 | 3,431 | 3,547 |
EXPENSES | |||
Expenses | 362 | 873 | 918 |
Food and Beverage | |||
REVENUES | |||
Revenues | 426 | 1,647 | 1,616 |
EXPENSES | |||
Expenses | 420 | 1,120 | 1,103 |
Food and Beverage | HOST HOTELS & RESORTS L.P. | |||
REVENUES | |||
Revenues | 426 | 1,647 | 1,616 |
EXPENSES | |||
Expenses | 420 | 1,120 | 1,103 |
Other | |||
REVENUES | |||
Revenues | 218 | 391 | 361 |
EXPENSES | |||
Expenses | 686 | 1,295 | 1,302 |
Other | HOST HOTELS & RESORTS L.P. | |||
REVENUES | |||
Revenues | 218 | 391 | 361 |
EXPENSES | |||
Expenses | 686 | 1,295 | 1,302 |
Management Fees | |||
EXPENSES | |||
Expenses | 39 | 239 | 243 |
Management Fees | HOST HOTELS & RESORTS L.P. | |||
EXPENSES | |||
Expenses | $ 39 | $ 239 | $ 243 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET INCOME (LOSS) | $ (741) | $ 932 | $ 1,151 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (18) | (13) | |
Change in fair value of derivative instruments | (1) | (1) | 1 |
Amounts reclassified from other comprehensive income (loss) | 1 | 4 | 13 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (18) | 3 | 1 |
COMPREHENSIVE INCOME (LOSS) | (759) | 935 | 1,152 |
Less: Comprehensive (income) loss attributable to non-controlling interests | 9 | (12) | (65) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | (750) | 923 | 1,087 |
HOST HOTELS & RESORTS L.P. | |||
NET INCOME (LOSS) | (741) | 932 | 1,151 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (18) | (13) | |
Change in fair value of derivative instruments | (1) | (1) | 1 |
Amounts reclassified from other comprehensive income (loss) | 1 | 4 | 13 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (18) | 3 | 1 |
COMPREHENSIVE INCOME (LOSS) | (759) | 935 | 1,152 |
Less: Comprehensive (income) loss attributable to non-controlling interests | 1 | (2) | (53) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (758) | $ 933 | $ 1,099 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings / (Deficit) | Non-redeemable Non-controlling Interest of Other Consolidated Partnerships | Redeemable Non-controlling Interests of Host Hotels & Resorts, L.P. | Parent Company |
Balance, shares at Dec. 31, 2017 | 739.1 | |||||||
Balance at Dec. 31, 2017 | $ 7 | $ 8,097 | $ (60) | $ (1,071) | $ 29 | $ 167 | $ 7,002 | |
NET INCOME (LOSS) | $ 1,151 | 1,087 | 52 | 12 | 1,139 | |||
Other changes in ownership | 30 | (9) | (29) | 21 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (13) | 1 | (12) | |||||
Change in fair value of derivative instruments | 1 | 1 | 1 | |||||
Amounts reclassified from other comprehensive income (loss) | $ 13 | 13 | 13 | |||||
Common stock issuances (shares) | 0.2 | |||||||
Common stock issuances | 3 | 3 | ||||||
Comprehensive stock and employee stock purchase plans (shares) | 0.4 | |||||||
Comprehensive stock and employee stock purchase plans | 11 | 11 | ||||||
Common stock dividends | (630) | (630) | ||||||
Redemptions of limited partner interests for common stock (shares) | 0.7 | 0.7 | ||||||
Redemptions of limited partner interests for common stock | $ 15 | 15 | (15) | 15 | ||||
Distributions to non-controlling interests | (1) | (7) | (1) | |||||
Cumulative effect of accounting change | 4 | 4 | ||||||
Balance, shares at Dec. 31, 2018 | 740.4 | |||||||
Balance at Dec. 31, 2018 | $ 7 | 8,156 | (59) | (610) | 72 | 128 | 7,566 | |
NET INCOME (LOSS) | 932 | 920 | 2 | 10 | 922 | |||
Other changes in ownership | (11) | 1 | 13 | (10) | ||||
Change in fair value of derivative instruments | (1) | (1) | (1) | |||||
Amounts reclassified from other comprehensive income (loss) | $ 4 | 4 | 4 | |||||
Comprehensive stock and employee stock purchase plans (shares) | 0.6 | |||||||
Comprehensive stock and employee stock purchase plans | 10 | 10 | ||||||
Common stock dividends | (617) | (617) | ||||||
Redemptions of limited partner interests for common stock (shares) | 0.2 | 0.2 | ||||||
Redemptions of limited partner interests for common stock | $ 2 | 2 | (2) | 2 | ||||
Distributions to non-controlling interests | (69) | (7) | (69) | |||||
Repurchase of common stock (shares) | (27.8) | |||||||
Repurchase of common stock | (482) | (482) | ||||||
Balance, shares at Dec. 31, 2019 | 713.4 | 713.4 | ||||||
Balance at Dec. 31, 2019 | $ 7,325 | $ 7 | 7,675 | (56) | (307) | 6 | 142 | 7,325 |
NET INCOME (LOSS) | (741) | (732) | (1) | (8) | (733) | |||
Other changes in ownership | 22 | (21) | 22 | |||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (18) | (18) | ||||||
Change in fair value of derivative instruments | (1) | (1) | (1) | |||||
Amounts reclassified from other comprehensive income (loss) | $ 1 | 1 | 1 | |||||
Comprehensive stock and employee stock purchase plans (shares) | 0.7 | |||||||
Comprehensive stock and employee stock purchase plans | 15 | 15 | ||||||
Common stock dividends | (141) | (141) | ||||||
Redemptions of limited partner interests for common stock (shares) | 0.2 | 0.2 | ||||||
Redemptions of limited partner interests for common stock | $ 3 | 3 | (3) | 3 | ||||
Distributions to non-controlling interests | (2) | |||||||
Repurchase of common stock (shares) | (8.9) | |||||||
Repurchase of common stock | (147) | (147) | ||||||
Balance, shares at Dec. 31, 2020 | 705.4 | 705.4 | ||||||
Balance at Dec. 31, 2020 | $ 6,326 | $ 7 | $ 7,568 | $ (74) | $ (1,180) | $ 5 | $ 108 | $ 6,326 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
NET INCOME (LOSS) | $ (741) | $ 932 | $ 1,151 |
Adjustments to reconcile net income (loss) to net cash provided by operations: | |||
Depreciation and amortization | 665 | 676 | 944 |
Amortization of finance costs, discounts and premiums, net | 8 | 6 | 7 |
Loss on extinguishment of debt | 36 | 56 | |
Stock compensation expense | 17 | 15 | 14 |
Deferred income taxes | (165) | 7 | 4 |
Other gains | (208) | (340) | (902) |
Loss on foreign currency transactions and derivatives | 1 | ||
Gain on property insurance settlement | (4) | ||
Equity in (earnings) losses of affiliates | 30 | (14) | (30) |
Change in due from/to managers | 96 | 3 | 13 |
Distributions from investments in affiliates | 10 | 11 | 58 |
Changes in other assets | (33) | 7 | (5) |
Changes in other liabilities | (22) | (106) | 46 |
Net cash provided by (used in) operating activities | (307) | 1,250 | 1,300 |
INVESTING ACTIVITIES | |||
Proceeds from sales of assets, net | 281 | 1,192 | 1,605 |
Proceeds from loan receivable | 28 | ||
Return of investments in affiliates | 1 | 1 | |
Advances to and investments in affiliates | (5) | (6) | (7) |
Acquisitions | (602) | (1,025) | |
Capital expenditures: | |||
Renewals and replacements | (156) | (222) | (274) |
Return on investment | (343) | (336) | (200) |
Property insurance proceeds | 31 | ||
Net cash provided by (used in) investing activities | (195) | 58 | 100 |
FINANCING ACTIVITIES | |||
Financing costs | (11) | (17) | |
Issuances of debt | 740 | 645 | |
Draws on credit facility | 2,245 | 360 | |
Repayment of credit facility | (762) | (56) | (462) |
Repurchase/redemption of senior notes | (450) | (650) | |
Redemption of preferred equity units of Host L.P. | (22) | ||
Mortgage debt and other prepayments and scheduled maturities | (1) | ||
Debt extinguishment costs | (35) | (50) | |
Common stock repurchase | (147) | (482) | |
Dividends on common stock | (320) | (623) | (629) |
Distributions and payments to non-controlling interests | (3) | (75) | (8) |
Other financing activities | (4) | (7) | (8) |
Net cash provided by (used in) financing activities | 1,231 | (1,315) | (748) |
Effects of exchange rate changes on cash held | (3) | 1 | (5) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 726 | (6) | 647 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 1,750 | 1,756 | 1,109 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | 2,476 | 1,750 | 1,756 |
Supplemental disclosure of cash flow information: | |||
Cash and cash equivalents | 2,335 | 1,573 | 1,542 |
Restricted cash (included in other assets) | 2 | 1 | 1 |
Furniture, fixtures and equipment replacement fund | 139 | 176 | 213 |
Total cash and cash equivalents and restricted cash shown on the statements of cash flows | $ 2,476 | $ 1,750 | $ 1,756 |
Noncash Investing and Financing Items [Abstract] | |||
Redemptions of limited partner interests for common stock (shares) | 0.2 | 0.2 | 0.7 |
Redemptions of limited partner interests for common stock | $ 3 | $ 2 | $ 15 |
HOST HOTELS & RESORTS L.P. | |||
OPERATING ACTIVITIES | |||
NET INCOME (LOSS) | (741) | 932 | 1,151 |
Adjustments to reconcile net income (loss) to net cash provided by operations: | |||
Depreciation and amortization | 665 | 676 | 944 |
Amortization of finance costs, discounts and premiums, net | 8 | 6 | 7 |
Loss on extinguishment of debt | 36 | 56 | |
Stock compensation expense | 17 | 15 | 14 |
Deferred income taxes | (165) | 7 | 4 |
Other gains | (208) | (340) | (902) |
Loss on foreign currency transactions and derivatives | 1 | ||
Gain on property insurance settlement | (4) | ||
Equity in (earnings) losses of affiliates | 30 | (14) | (30) |
Change in due from/to managers | 96 | 3 | 13 |
Distributions from investments in affiliates | 10 | 11 | 58 |
Changes in other assets | (33) | 7 | (5) |
Changes in other liabilities | (22) | (106) | 46 |
Net cash provided by (used in) operating activities | (307) | 1,250 | 1,300 |
INVESTING ACTIVITIES | |||
Proceeds from sales of assets, net | 281 | 1,192 | 1,605 |
Proceeds from loan receivable | 28 | ||
Return of investments in affiliates | 1 | 1 | |
Advances to and investments in affiliates | (5) | (6) | (7) |
Acquisitions | (602) | (1,025) | |
Capital expenditures: | |||
Renewals and replacements | (156) | (222) | (274) |
Return on investment | (343) | (336) | (200) |
Property insurance proceeds | 31 | ||
Net cash provided by (used in) investing activities | (195) | 58 | 100 |
FINANCING ACTIVITIES | |||
Financing costs | (11) | (17) | |
Issuances of debt | 740 | 645 | |
Draws on credit facility | 2,245 | 360 | |
Repayment of credit facility | (762) | (56) | (462) |
Repurchase/redemption of senior notes | (450) | (650) | |
Redemption of preferred equity units of Host L.P. | (22) | ||
Mortgage debt and other prepayments and scheduled maturities | (1) | ||
Debt extinguishment costs | (35) | (50) | |
Distributions and payments to non-controlling interests | (68) | (1) | |
Other financing activities | (4) | (7) | (8) |
Repurchase of common OP units | (147) | (482) | |
Distributions on common OP units | (323) | (630) | (636) |
Net cash provided by (used in) financing activities | 1,231 | (1,315) | (748) |
Effects of exchange rate changes on cash held | (3) | 1 | (5) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 726 | (6) | 647 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 1,750 | 1,756 | 1,109 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | 2,476 | 1,750 | 1,756 |
Supplemental disclosure of cash flow information: | |||
Cash and cash equivalents | 2,335 | 1,573 | 1,542 |
Restricted cash (included in other assets) | 2 | 1 | 1 |
Furniture, fixtures and equipment replacement fund | 139 | 176 | 213 |
Total cash and cash equivalents and restricted cash shown on the statements of cash flows | $ 2,476 | $ 1,750 | $ 1,756 |
Noncash Investing and Financing Items [Abstract] | |||
Redemptions of limited partner interests for common stock (shares) | 0.2 | 0.2 | 0.7 |
Redemptions of limited partner interests for common stock | $ 3 | $ 2 | $ 15 |
1 Hotel South Beach | |||
Noncash Investing and Financing Items [Abstract] | |||
Preferred units issued | 23 | ||
Common units issued | 3 | ||
1 Hotel South Beach | HOST HOTELS & RESORTS L.P. | |||
Noncash Investing and Financing Items [Abstract] | |||
Preferred units issued | 23 | ||
Common units issued | 3 | ||
Chicago Marriott Suites O'Hare | |||
Noncash Investing and Financing Items [Abstract] | |||
Bridge loan extended to purchaser against sale of property | 28 | ||
Chicago Marriott Suites O'Hare | HOST HOTELS & RESORTS L.P. | |||
Noncash Investing and Financing Items [Abstract] | |||
Bridge loan extended to purchaser against sale of property | $ 28 | ||
Phoenician Land Parcel | |||
INVESTING ACTIVITIES | |||
Proceeds from sales of assets, net | 83 | ||
Noncash Investing and Financing Items [Abstract] | |||
Bridge loan extended to purchaser against sale of property | 9 | ||
Phoenician Land Parcel | HOST HOTELS & RESORTS L.P. | |||
Noncash Investing and Financing Items [Abstract] | |||
Bridge loan extended to purchaser against sale of property | $ 9 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET INCOME (LOSS) | $ (741) | $ 932 | $ 1,151 |
Change in fair value of derivative instruments | (1) | (1) | 1 |
Amounts reclassified from other comprehensive income (loss) | $ 1 | $ 4 | $ 13 |
Redemptions of limited partner interests for common stock (shares) | 0.2 | 0.2 | 0.7 |
Redemptions of limited partner interests for common stock | $ 3 | $ 2 | $ 15 |
HOST HOTELS & RESORTS L.P. | |||
Beginning Balance | 7,325 | 7,566 | 7,002 |
NET INCOME (LOSS) | (733) | 922 | 1,139 |
Other changes in ownership | 22 | (10) | 21 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (18) | (12) | |
Change in fair value of derivative instruments | (1) | (1) | 1 |
Amounts reclassified from other comprehensive income (loss) | 1 | 4 | 13 |
Common OP unit issuances | 3 | ||
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | 15 | 10 | 11 |
Distributions on common OP units | (141) | (617) | (630) |
Redemptions of limited partner interests for common stock | 3 | 2 | 15 |
Distributions to non-controlling interests | (69) | (1) | |
Repurchase of common stock | (147) | (482) | |
Cumulative effect of accounting change | 4 | ||
Ending Balance | $ 6,326 | $ 7,325 | $ 7,566 |
HOST HOTELS & RESORTS L.P. | Limited Partner | |||
Beginning Balance, units | 698.3 | 724.8 | 723.5 |
Beginning Balance | $ 7,374 | $ 7,552 | $ 7,032 |
NET INCOME (LOSS) | (732) | 920 | 1,087 |
Other changes in ownership | $ 22 | $ (11) | $ 30 |
Common OP unit issuances (units) | 0.2 | ||
Common OP unit issuances | $ 3 | ||
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans (units) | 0.7 | 0.5 | 0.4 |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | $ 15 | $ 10 | $ 11 |
Distributions on common OP units | $ (141) | $ (617) | $ (630) |
Redemptions of limited partner interests for common stock (shares) | 0.2 | 0.2 | 0.7 |
Redemptions of limited partner interests for common stock | $ 3 | $ 2 | $ 15 |
Repurchase of common stock (shares) | (8.7) | (27.2) | |
Repurchase of common stock | $ (147) | $ (482) | |
Cumulative effect of accounting change | $ 4 | ||
Ending Balance, units | 690.5 | 698.3 | 724.8 |
Ending Balance | $ 6,394 | $ 7,374 | $ 7,552 |
HOST HOTELS & RESORTS L.P. | General Partner | |||
Beginning Balance | 1 | 1 | 1 |
Ending Balance | 1 | 1 | 1 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | |||
Beginning Balance | (56) | (59) | (60) |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (18) | (13) | |
Change in fair value of derivative instruments | (1) | (1) | 1 |
Amounts reclassified from other comprehensive income (loss) | 1 | 4 | 13 |
Ending Balance | (74) | (56) | (59) |
HOST HOTELS & RESORTS L.P. | Non-controlling Interests of Consolidated Partnerships | |||
Beginning Balance | 6 | 72 | 29 |
NET INCOME (LOSS) | (1) | 2 | 52 |
Other changes in ownership | 1 | (9) | |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 1 | ||
Distributions to non-controlling interests | (69) | 1 | |
Ending Balance | 5 | 6 | 72 |
HOST HOTELS & RESORTS L.P. | Limited Partnership Interests Of Third Parties | |||
Beginning Balance | 142 | 128 | 167 |
NET INCOME (LOSS) | (8) | 10 | 12 |
Other changes in ownership | (21) | 13 | (29) |
Distributions on common OP units | (2) | (7) | (7) |
Redemptions of limited partner interests for common stock | (3) | (2) | (15) |
Ending Balance | $ 108 | $ 142 | $ 128 |
Supplemental Schedule of Noncas
Supplemental Schedule of Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: During 2020, 2019 and 2018, Host Inc. issued approximately 0.2 million, 0.2 million and 0.7 million shares of common stock, respectively, upon the conversion of Host L.P. units, or OP units, held by non-controlling interests valued at $3 million, $2 million and $15 million, respectively. In connection with the sale of a parcel of land adjacent to The Phoenician hotel in 2020, we received as consideration a note receivable of $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 preferred Host L.P. OP units and $3 million of common Host L.P. OP units. In connection with the sale of the Chicago Marriott Suites O’Hare in 2019, we extended a $28 million bridge loan to the purchaser. The proceeds received from the sale are net of this loan. |
HOST HOTELS & RESORTS L.P. | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: During 2020, 2019 and 2018, non-controlling partners converted common operating partnership units (“OP units”) valued at $3 million, $2 million and $15 million, respectively, in exchange for 0.2 million, 0.2 million and 0.7 million shares, respectively, of Host Inc. common stock. In connection with the sale of a parcel of land adjacent to The Phoenician hotel in 2020, we received as consideration a note receivable of $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 preferred Host L.P. OP units and $3 million of common Host L.P. OP units. In connection with the sale of the Chicago Marriott Suites O’Hare in 2019, we extended a $28 million bridge loan to the purchaser. The proceeds received from the sale are net of this loan . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Description of Business Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust, or REIT, with its operations conducted solely through Host Hotels & Resorts, L.P. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to the 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.” to refer specifically to Host Hotels & Resorts, Inc. and the term “Host L.P.” to refer specifically to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. Host Inc. holds approximately 99% of Host L.P.’s partnership interests, or OP units. 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 December 31, 2020, operations remain suspended at four 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. During 2020, we drew down $1.5 billion 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. Consolidated Portfolio As of December 31, 2020, the hotels in our consolidated portfolio are in the following countries: Hotels United States 74 Brazil 3 Canada 2 Total 79 Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the consolidated accounts of Host Inc., Host L.P. and their subsidiaries and controlled affiliates, including joint ventures and partnerships. We consolidate subsidiaries when we have the ability to control them. For the majority of our hotel and real estate investments, we consider those control rights to be (i) approval or amendment of developments plans, (ii) financing decisions, (iii) approval or amendments of operating budgets, and (iv) investment strategy decisions. We also evaluate our subsidiaries to determine if they are variable interest entities (“VIEs”). If a subsidiary is a VIE, it is subject to the consolidation framework specifically for VIEs. Typically, the entity that has the power to direct the activities that most significantly impact economic performance consolidates the VIE. We consider an entity to be a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. We review our subsidiaries and affiliates at least annually to determine (i) if they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics thereof. Three partnerships are considered VIE’s, as the general partner of these partnerships maintains control over the decisions that most significantly impact the partnerships. The first VIE is 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 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. The 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, also is a VIE. The total assets of this VIE at December 31, 2020 are $59 million and consist primarily of cash, a right-of-use (“ROU”) asset and property and equipment. Liabilities for the VIE total $28 million and consist of a lease liability, 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 December 31, 2020 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. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or 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 these estimates. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Property and Equipment Generally, property and equipment is recorded at cost. For hotels that we develop, cost includes interest and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Properties acquired in an asset acquisition are recorded at cost. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values. We capitalize certain inventory (such as china, glass, silver, and linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts then are amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We maintain a furniture, fixtures and equipment replacement fund for renewal and replacement capital expenditures at our hotels, which generally is funded with 5% of property revenues. Impairment testing. We analyze our consolidated hotels for impairment throughout the year when events or circumstances occur that indicate the carrying amount may not be recoverable. We test for impairment in several situations, including: • when a hotel has a current or projected loss from operations; • when management’s intent or ability to hold a property for a period that recovers its carrying value changes, making it more likely than not that a hotel will be sold before the end of its previously estimated useful life and the anticipated sales price is at or below the book value; or • when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying amount of an asset may not be recoverable. Due to the impact of the COVID-19 pandemic on operations, we performed recoverability assessments on all of our hotels. Recoverability of hotels is measured by performing a comparison of the carrying amount of each hotel to its expected undiscounted future cash flows over its remaining useful life. While expected undiscounted future cash flows are subject to uncertainty due to factors including the duration and financial impact of the resulting economic downturn and changes in travel patterns of hotel customers, we assumed a four-year recovery period to 2019 operating levels, based on previous disruptions and recoveries, as well as industry forecasts. In order to assess the sensitiv ity of the four-year recovery assumption, we performed the recoverability assessment using a six-year recovery period, with no changes to the outcome. To the extent that a hotel has a substantial remaining estimated useful life and management does not believe that it is more likely than not that it will be sold prior to the end thereof, it would be unusual for undiscounted cash flows to be insufficient to recover the property’s carrying amount . In the absence of other factors, we assume that the estimated useful life is equal to the remaining GAAP depreciable life because of the continuous property maintenance and improvement capital expenditures required under our management agreements , including critical infrastructure, which regularly is maintained and then replaced at the end of its useful life . We adjust our assumptions with respect to the remaining useful life of the property if situations dictate otherwise, such as an expiring ground lease, or that it is more likely than not that the hotel will be sold prior to the end of its previously expected useful life. During 2019, due to a reduction in the estimated hold period of the assets, we recognized impairment expense of $14 million related to one hotel and a right of use asset associated with an operating lease. No other properties had triggering events warranting impairment testing. During 2018, we recognized impairment expense of $260 million on four hotels. See Note 13 - Fair Value Measurements. Classification of Assets as Held for Sale. We will classify a hotel as held for sale when its sale is probable, will be completed within one year and actions to complete the sale are unlikely to change or it is unlikely that the sale will not occur. This policy is consistent with our experience with real estate transactions under which the timing and final terms of a sale frequently are not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist that could prevent the transaction from being completed in a timely manner. We typically classify hotels as held for sale when all the following conditions are met: • Host Inc.’s Board of Directors has approved the sale (to the extent that the dollar amount of the sale requires Board approval); • a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash; and • no significant financing or legal contingencies exist that could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation expense and will record an impairment expense if the fair value less costs to sell is less than the carrying amount of the hotel. We will classify the assets and related liabilities as held for sale on the balance sheet. Gains on sales of properties are recognized at the time of sale or are deferred and recognized as income in subsequent periods as conditions requiring deferral are satisfied or expire without further cost to us. Discontinued Operations. We generally include the operations of a hotel that was sold or a hotel that has been classified as held for sale in continuing operations, including the gain or loss on the sale, unless the sale represents a strategic shift that will have a major impact on our future operations and financial results. Asset retirement obligations. We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities, when incurred, which generally is upon acquisition, construction, or development and/or through the normal operation of the asset, if information exists with which to reasonably estimate the fair value of the obligation. Depreciation and Amortization Expense. We depreciate our property and equipment using the straight-line method. Depreciation expense is based on the estimated useful life of our assets and amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. The useful lives of the assets are based on several assumptions, including cost and timing of capital expenditures to maintain and refurbish the assets, as well as specific market and economic conditions. While management believes its estimates are reasonable, a change in the estimated useful lives could affect depreciation expense and net income or the gain or loss on the sale of any of our hotels. Intangible Assets and Acquired Liabilities In conjunction with our acquisitions, we may identify intangible assets and other liabilities. These identifiable intangible assets and other liabilities typically include above and below-market contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value in a business combination and at its relative fair value in an asset acquisition. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of terms and conditions for similar contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets and other liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. Non-Controlling Interests Other Consolidated Partnerships. As of December 31, 2020, we consolidate two majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-redeemable non-controlling interests - other consolidated partnerships on the consolidated balance sheets and totaled $5 million and $6 million as of December 31, 2020 and 2019, respectively. 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 $(1) million, $2 million and $52 million for the years ended December 31, 2020, 2019 and 2018, respectively. Host Inc.’s treatment of the non-controlling interests of Host L.P. Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying amount based on its 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. We have estimated that the redemption value is equivalent to the number of shares issuable upon conversion of the OP units currently owned by unaffiliated limited partners (one OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. common stock at the balance sheet date. Redeemable non-controlling interests of Host L.P. are classified in the mezzanine section of the balance sheet as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. The table below details the historical cost and redemption values for the non-controlling interests of Host L.P.: As of December 31, 2020 2019 OP units outstanding (millions) 7.2 7.5 Market price per Host Inc. common share $ 14.63 $ 18.55 Shares issuable upon conversion of one OP unit 1.021494 1.021494 Redemption value (millions) $ 108 $ 142 Historical cost (millions) 67 79 Book value (millions) (1) 108 142 ___________ (1) Net income (loss) is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership percentage during the period. Net income (loss) attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $(8) million, $10 million, and $12 million for 2020, 2019, and 2018, respectively. Investments in Affiliates Distributions from Investments in Affiliates. We classify the distributions from our equity investments in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions of cash that were generated by property operations are classified as cash flows from operating activities. However, distributions of cash that were generated by property sales are classified as cash flows from investing activities. Income Taxes Host Inc. elected to be treated as a REIT effective January 1, 1999 pursuant to the U.S. Internal Revenue Code of 1986, as amended. It is our intention to continue to comply with the REIT qualification requirements and to maintain our qualification for treatment as a REIT. A corporation that elects REIT status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and that complies with certain other requirements (relating primarily to the composition of its assets and the sources of its gross income) generally is not subject to federal and state corporate income taxation on its operating income that is distributed to its stockholders. As a partnership for federal income tax purposes, Host L.P. is not subject to federal income tax. Host L.P. is, however, subject to state, local and foreign income and franchise tax in certain jurisdictions. Additionally, each of the Host L.P. taxable REIT subsidiaries is taxable as a regular C corporation, and is subject to federal, state and foreign corporate income tax. Our consolidated income tax provision (benefit) includes the income tax provision (benefit) related to the operations of our taxable REIT subsidiaries, and state, local, and foreign income and franchise taxes incurred by Host L.P. and its subsidiaries. Deferred Pursuant to its partnership agreement, Host L.P. generally is required to reimburse Host Inc. for any tax payments it is required to make. Accordingly, the tax information included herein represents disclosures regarding Host Inc. and its subsidiaries. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss and capital loss carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. We must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. We recognize any accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Deferred Charges Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. These costs are presented as a direct deduction from the related long-term debt on the balance sheets. Foreign Currency Translation As of December 31, 2020, our foreign operations consist of hotels located in Brazil and Canada, as well as an investment in an Asia/Pacific joint venture. The financial statements of these hotels and our investments therein are maintained in their functional currency, which generally is the local currency, and their operations are translated to U.S. dollars using the average exchange rates for the period. The assets and liabilities of the hotels and the investments therein are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss). Foreign currency transactions are recorded in the functional currency for each applicable foreign entity using the exchange rates prevailing at the dates of the transactions. Assets and liabilities denominated in foreign currencies are remeasured at period end exchange rates. The resulting exchange differences are recorded in gain (loss) on foreign currency transactions and derivatives on the accompanying consolidated statements of operations, except when recorded in other comprehensive income (loss) as qualifying net investment hedges. Accumulated Other Comprehensive Income (Loss) The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): As of December 31, 2020 2019 Gain on foreign currency forward contracts $ 2 $ 3 Loss on interest rate swap cash flow hedges (3 ) (3 ) Foreign currency translation (74 ) (57 ) Other comprehensive loss attributable to non-controlling interests 1 1 Total accumulated other comprehensive loss $ (74 ) $ (56 ) During 2019, we reclassified a net loss due to foreign currency translation of $4 million related to foreign subsidiaries that were substantially liquidated. No material amounts were reclassified from accumulated other comprehensive loss in 2020. Revenues Substantially all of 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 s at year end. We collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) on our statements of operations. Revenues are recognized as follows: Income statement line item Recognition method Rooms revenues Rooms revenues represent revenues from the occupancy of our hotel rooms and are driven by the occupancy and average daily rate charged. Rooms revenues do not include ancillary services or fees charged. The contracts for room stays with customers generally are very short term in duration and revenues are recognized over the course of the hotel stay. Food and beverage revenues Food and beverage revenues consist of revenues from group functions, which may include banquet revenues and audio-visual revenues, as well as outlet revenues from the restaurants and lounges at our properties. Revenues are recognized as the services or products are provided. Our hotels may employ third parties to provide certain services, for example, audio and visual services. These contracts are evaluated to determine if the hotel is the principal or the agent in the transaction and we record the revenues as appropriate (i.e., gross vs. net). Other revenues Other revenues consist of ancillary revenues at the property, including attrition and cancelation fees, golf courses, resort and destination fees, spas, entertainment and other guest services, as well as rental revenues; primarily consisting of leased retail outlets. Other revenues generally are recognized as the services or products are provided. Attrition and cancelation fees are recognized for non-cancelable deposits when the customer provides notification of cancelation or is a no-show for the specified date, whichever comes first. Fair Value In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (“observable inputs”) and a reporting entity’s own assumptions about market data (“unobservable inputs”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability at the measurement date in an orderly transaction (an “exit price”). Assets and liabilities are measured using inputs from three levels of the fair value hierarchy. The three levels are as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 — Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 — Unobservable inputs reflect our assumptions about the pricing of an asset or liability when observable inputs are not available. 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. The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Year ended December 31, 2020 2019 2018 Net income (loss) $ (741 ) $ 932 $ 1,151 Less: Net (income) loss attributable to non-controlling interests 9 (12 ) (64 ) Net income (loss) attributable to Host Inc. $ (732 ) $ 920 $ 1,087 Basic weighted average shares outstanding 705.9 730.3 739.8 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.8 0.8 Diluted weighted average shares outstanding 705.9 731.1 740.6 Basic earnings (loss) per common share $ (1.04 ) $ 1.26 $ 1.47 Diluted earnings (loss) per common share $ (1.04 ) $ 1.26 $ 1.47 The calculation of Host L.P. basic and diluted earnings (loss) per common unit is shown below (in millions, except per unit amounts): Year ended December 31, 2020 2019 2018 Net income (loss) $ (741 ) $ 932 $ 1,151 Less: Net (income) loss attributable to non- controlling interests 1 (2 ) (52 ) Net income (loss) attributable to Host L.P. $ (740 ) $ 930 $ 1,099 Basic weighted average units outstanding 698.4 722.5 732.2 Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.8 0.8 Diluted weighted average units outstanding 698.4 723.3 733.0 Basic earnings (loss) per common unit $ (1.06 ) $ 1.29 $ 1.50 Diluted earnings (loss) per common unit $ (1.06 ) $ 1.29 $ 1.50 Share-Based Payments Upon the issuance of Host’s common stock under the compensation plans, Host L.P. will issue to Host Inc. common OP units of an equivalent value. These liabilities are included in the consolidated financial statements for Host Inc. and Host L.P. We recognize costs resulting from Host Inc.’s share-based payment transactions over their vesting periods. We classify share-based payment awards granted in exchange for employee services either as equity-classified awards or liability-classified awards. Equity-classified awards are measured based on the fair value on the date of grant. Liability-classified awards are remeasured to fair value each reporting period. The plan includes awards that vest over a one-year two-year three-year Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions and access to our credit facility, however, this cash balance is spread among a diversified group of investment grade financial institutions. Acquisitions and When acquiring an asset, we determine whether the acquisition is an asset acquisition or a business combination based on whether the fair value of the gross assets acquired is concentrated in a single (group of similar) identifiable assets, resulting in an asset acquisition or, if not, resulting in a business combination. If treated as an asset acquisition, the asset is recorded in accordance with our property and equipment policy and related acquisition costs are capitalized as part of the asset. In a business combination, we recognize identifiable assets acquired, liabilities assumed, and non-controlling interests at their fair values at the acquisition date based on the exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date). We evaluate several factors, including market data for similar assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets and liabilities acquired. Property and equipment are recorded at fair value and such fair value is allocated to land, buildings, improvements, furniture, fixtures and equipment using appraisals and valuations performed by management and independent third parties. Acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or appl |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | 2. Revenues Disaggregation of Revenues . While we do not consider the following disclosure of hotel 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 16 – Geographic and Business Segment Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Year ended December 31, Location 2020 2019 2018 Florida Gulf Coast $ 207 $ 338 $ 285 Phoenix 141 311 298 San Francisco/San Jose 134 519 488 San Diego 124 516 523 Maui/Oahu 122 400 366 New York 111 560 744 Miami 106 178 55 Orlando 67 221 217 Washington, D.C. (Central Business District) 66 341 330 Los Angeles 59 187 188 Jacksonville 54 100 98 Atlanta 52 159 158 Houston 46 116 118 Boston 41 303 304 New Orleans 38 106 103 Northern Virginia 34 135 158 Chicago 26 165 186 Orange County 26 104 119 San Antonio 25 105 116 Denver 24 93 89 Philadelphia 24 90 88 Seattle 21 120 129 Other 52 214 257 Domestic 1,600 5,381 5,417 International 20 88 107 Total $ 1,620 $ 5,469 $ 5,524 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 3 Property and Equipment Property and equipment consists of the following (in millions): As of December 31, 2020 2019 Land and land improvements $ 2,033 $ 2,062 Buildings and leasehold improvements 13,609 13,308 Furniture and equipment 2,471 2,362 Construction in progress 166 262 18,279 17,994 Less accumulated depreciation and amortization (8,863 ) (8,323 ) $ 9,416 $ 9,671 The aggregate cost of real estate for federal income tax purposes is approximately $9.7 billion at December 31, 2020. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2020 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates | 4. Investments in Affiliates We own investments in joint ventures for which the equity method of accounting is used. The debt of our joint ventures is non-recourse to, and not guaranteed by, us, and a default of such debt does not trigger a default under any of our debt instruments. We carry our investments at historical cost which, due to debt restructurings or distributions, may result in a negative investment balance. However, a negative investment balance does not represent a funding obligation for us or for our partners. Investments in affiliates consist of the following (in millions): As of December 31, 2020 Ownership Interests Our Investment Our Portion of Debt Total Debt Distributions received in 2020 (1) Assets Asia/Pacific JV 25 % $ 10 $ — $ — $ — A 36% interest in seven hotels and an office building in India Maui JV 67 % 46 18 27 10 131-unit vacation ownership project in Maui, HI Hyatt Place JV 50 % (13 ) 30 60 — One hotel in Nashville, TN Harbor Beach JV 49.9 % (39 ) 75 150 — One hotel in Fort Lauderdale, FL Philadelphia Marriott Downtown JV 11 % (7 ) 22 205 — One hotel in Philadelphia, PA Other investments 24 — — — Total $ 21 $ 145 $ 442 $ 10 As of December 31, 2019 Ownership Interests Our Investment Our Portion of Debt Total Debt Distributions received in 2019 (1) Assets Asia/Pacific JV 25 % $ 12 $ — $ — $ — A 36% interest in seven hotels and an office building in India Maui JV 67 % 72 17 26 — 131-unit vacation ownership project in Maui, HI Hyatt Place JV 50 % (13 ) 30 60 2 One hotel in Nashville, TN Harbor Beach JV 49.9 % (32 ) 75 150 9 One hotel in Fort Lauderdale, FL Philadelphia Marriott Downtown JV 11 % (6 ) 23 209 1 One hotel in Philadelphia, PA Other investments 23 — — — Total $ 56 $ 145 $ 445 $ 12 ___________ (1) Distributions received were funded by cash from operations unless otherwise noted. In 2020, our Maui timeshare joint venture recorded a $21 million impairment expense, of which our share was $14 million, on its inventory of timeshare units. This impairment expense is reflected through equity in (earnings) losses of affiliates on our consolidated statements of operations. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt Debt consists of the following (in millions): As of December 31, 2020 2019 Series C senior notes, with a rate of 4¾% due March 2023 $ — $ 447 Series D senior notes, with a rate of 3¾% due October 2023 399 398 Series E senior notes, with a rate of 4% due June 2025 497 497 Series F senior notes, with a rate of 4½% due February 2026 397 397 Series G senior notes, with a rate of 3⅞% due April 2024 398 397 Series H senior notes, with a rate of 3 ⅜ 640 640 Series I senior notes, with a rate of 3 ½ 734 — Total senior notes 3,065 2,776 Credit facility revolver (1) 1,474 (8 ) Credit facility term loan due January 2024 498 498 Credit facility term loan due January 2025 499 499 Other debt, with an average interest rate of 8.8% and 5.6% at December 31, 2020 and 2019, respectively, maturing through February 2024 5 29 Total debt $ 5,541 $ 3,794 _________ (1) There were no outstanding credit facility borrowings at December 31, 2019. Amount shown at December 31, 2019 represents deferred financing costs related to the credit facility revolver. Senior Notes General. Under the terms of our senior notes indenture, our senior notes are equal in right of payment with all our unsubordinated indebtedness and senior to all our subordinated obligations. The face amount of our senior notes at December 31, 2020 and 2019 was $3.1 billion and $2.8 billion, respectively. The senior notes balances as of December 31, 2020 and 2019 are net of unamortized discounts and deferred financing costs of approximately $35 million and $24 million, respectively. We pay interest on each series of our senior notes semi-annually in arrears at the respective annual rates indicated in the table above. Under the terms of the senior notes indenture, our ability to incur indebtedness is subject to restrictions and the satisfaction of various conditions. As of December 31, 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. On August 20, 2020, we issued $600 million of 3.5% Series I senior notes and on September 3, 2020, we completed the issuance of an additional $150 million of Series I senior notes, for total proceeds of $733 million, net of discounts, underwriting fees and expenses. The Series I senior notes are due in September 2030 and 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 of $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. Additionally, the remaining $86 million of Series C senior notes were redeemed in December 2020 for $94 million, including a premium of approximately $8 million. On September 26, 2019, we issued $650 million of 3.375% Series H senior notes due December 2029 for proceeds of approximately $640 million, net of discounts, underwriting fees and expenses. Interest is payable semi-annually in arrears on June 15 and December 15, commencing December 15, 2019. The net proceeds were used, together with cash on hand, to redeem our $300 million 6% Series Z senior notes due 2021 and our $350 million 5.25% Series B senior notes due 2022, including a prepayment premium of $50 million. Authorization for Repurchase of Senior Notes. In July 2019, Host Inc.’s Board of Directors authorized repurchases of up to $1.0 billion of senior notes (other than in accordance with their terms). No repurchases occurred in 2020 under this program. Subsequent to year end, in February 2021, Host Inc.’s Board of Directors reauthorized this authority through February 2023. Credit Facility. On August 1, 2019, we entered into the fifth amended and restated senior revolving credit and term loan facility, with Bank of America, N.A., as administrative agent, JPMorgan Chase Bank, N.A and Wells Fargo Bank, N.A. as co-syndication agents, and certain other agents and lenders. The credit facility allows for revolving borrowings in an aggregate principal amount of up to $1.5 billion (which is substantially fully utilized). The revolver also includes a foreign currency subfacility for Canadian dollars, Australian dollars, Euros, British pounds sterling and, if available to the lenders, Mexican pesos , of up to the foreign currency equivalent of $ 500 million, subject to a lower amount in the case of Mexican peso borrowings. The credit facility also provides for a term loan facility of $ 1 billion (which is fully utilized), a subfacility of up to $ 100 million for swingline borrowings in currencies other than U.S. dollars and a subfacility of up to $ 100 million for issuances of letters of credit. Host L.P. also has the option to add in the future $ 500 million of commitments which may be used for additional revolving credit facility borrowings and/or term loans, subject to obtaining additional loan commitments (which we have not currently obtained) and the satisfaction of certain conditions. The revolving credit facility has an initial scheduled maturity date of January 11, 2024 , which date may be extended by up to a year by the exercise of up to two six-month extension options , each of which is subject to certain conditions, including the payment of an extension fee and the accuracy of representations and warranties . One $ 500 million term loan tranche has an initial maturity date of January 11, 2024 , which date may be extended up to a year by the exercise of one 1-year extension option, which is subject to certain conditions, including the payment of an extension fee; and the second $500 million term loan tranche has a maturity date of January 9, 2025 , which date may not be extended . On June 26, 2020, we entered into an amendment to the credit facility, and subsequent to year end, on February 9, 2021, we entered into a second amendment to the credit facility (collectively, the “Amendments”). The Amendments suspend requirements to comply with all existing financial maintenance covenants under the credit facility for the period which began on July 1, 2020 and ends on the required financial statement reporting date for the second quarter of 2022 (such period, the “Covenant Relief Period”), followed by a phase-in period thereafter. The Amendments also provide for, among other things: an increase of 40 basis points in the interest rate applicable to outstanding borrowings during the Covenant Relief Period; the addition of a permanent LIBOR floor of 15 basis points; the addition of a minimum liquidity covenant requiring a minimum liquidity level of $400 million at the end of each month through the end of the Covenant Relief Period; certain limitations on acquisitions, distributions, repurchases, redemptions and capital expenditures during the Covenant Relief Period; limitations on debt incurrence to only those permitted under our senior notes indenture during the Covenant Relief Period; and a requirement during the Covenant Relief Period to apply the net cash proceeds in excess of $350,000,000 in the aggregate from asset sales and debt issuances (but not equity issuances) as a mandatory prepayment of amounts outstanding under the credit facility, subject to various exceptions. In connection with each Amendment, we paid a consent fee of 7.5 basis points on the amount of each consenting lender’s commitments under the revolver and term facilities. The following is a discussion of the terms of the credit facility agreement, including the terms that are in effect outside of the Covenant Relief Period, except where noted otherwise. Outside of the Covenant Relief Period, we pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin ranging from 77.5 to 145 basis points (depending on Host L.P.’s unsecured long-term debt rating). The Amendments increased the applicable margin during the Covenant Relief Period by 40 basis points. We also pay a facility fee ranging from 12.5 to 30 basis points, depending on our rating and regardless of usage. Based on Host L.P.’s unsecured long-term debt rating as of December 31, 2020, we are able to borrow at a rate of LIBOR plus 150 basis points for an all-in rate of 1.65% and pay a facility fee of 25 basis points. Outside of the Covenant Relief Period, interest on the term loans consists of floating rates equal to LIBOR plus a margin ranging from 85 to 165 basis points (depending on Host L.P.’s unsecured long-term debt rating). The Amendments also increased the applicable margin during the Covenant Relief Period by 40 basis points. Based on Host L.P.’s long-term debt rating as of December 31, 2020, our applicable margin on LIBOR loans under both term loans is 165 basis points, for an all-in rate of 1.8%. Net draws under the credit facility were $1,483 million in 2020 and net repayments were $56 million in 2019. As of December 31, 2020, we have $12 million of available capacity under the revolver portion of our credit facility. Due to the senior notes covenant noted above, however, we currently are restricted from incurring additional debt. Financial Covenants . The credit facility contains covenants concerning allowable leverage, fixed charge coverage and unsecured interest coverage (as defined in our credit facility). We are permitted to borrow and maintain amounts outstanding under the credit facility so long as our ratio of consolidated total debt to consolidated EBITDA (“leverage ratio”) is not in excess of 7.25x, our unsecured coverage ratio is not less than 1.75x and our fixed charge coverage ratio is not less than 1.25x. Except as set forth during the Covenant Relief Period and phase-in period thereafter, these calculations are performed based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions and financings as if they had occurred at the beginning of the period. Under the terms of the credit facility, interest expense excludes items such as gains and losses on the extinguishment of debt, deferred financing costs related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan in order to establish the debt at fair value and non-cash interest expense, all of which are or have been included in interest expense on our consolidated statements of operations. Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $ 100 million are deducted from our total debt balance. Under the terms of the Amendment, these covenant requirements currently are not in effect . Guarantees . The credit facility requires all Host L.P. subsidiaries which guarantee Host L.P. debt to similarly guarantee obligations under the credit facility. Currently, there are no such guarantees. Other Covenants and Events of Default . The credit facility contains restrictive covenants on customary matters. Certain covenants are less restrictive at any time that our leverage ratio is below 6.0x. At any time that our leverage ratio is below 6.0x, and outside of the Covenant Waiver Period, acquisitions, investments and dividends generally are permitted except where they would result in a breach of the financial covenants, calculated on a pro forma basis. Additionally, the credit facility’s restrictions on the incurrence of debt incorporate the same financial covenant as set forth in our senior notes indenture. Our senior notes and credit facility have cross default provisions that would trigger a default under those agreements if we were to have a payment default or an acceleration prior to maturity of other debt of Host L.P. or its subsidiaries. The amount of other debt in default needs to exceed certain thresholds in order to trigger a cross default and the thresholds are greater for secured debt than for unsecured debt. The credit facility also includes usual and customary events of default for facilities of this nature, and provides that, upon the occurrence and continuance of an event of default, payment of all amounts due under the credit facility may be accelerated, and the lenders’ commitments may be terminated. In addition, upon the occurrence of certain insolvency or bankruptcy related events of default, all amounts owed under the credit facility will become due and payable and the lenders’ commitments will terminate. Aggregate Debt Maturities Aggregate debt maturities are as follows (in millions): As of December 31, 2020 2021 $ — 2022 — 2023 400 2024 2,388 2025 1,000 Thereafter 1,800 5,588 Deferred financing costs (30 ) Unamortized discounts, net (17 ) $ 5,541 Interest The following is a reconciliation between interest expense and cash interest paid (in millions): Year ended December 31, 2020 (2) 2019 2018 Interest expense $ 194 $ 222 $ 176 Amortization of debt premiums/discounts, net (2 ) (1 ) (1 ) Amortization of deferred financing costs (6 ) (5 ) (6 ) Non-cash losses on debt extinguishment (1 ) (6 ) — Change in accrued interest (2 ) 9 2 Interest paid (1) $ 183 $ 219 $ 171 ___________ (1) Does not include capitalized interest of $5 million, $4 million and $3 million for 2020, 2019 and 2018, respectively. (2) Interest expense and interest paid includes cash prepayment premiums of approximately $35 million and $50 million in 2020 and 2019, respectively. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 6. Equity of Host Inc. and Capital of Host L.P. Equity of Host Inc. Host Inc. has authorized 1,050 million shares of common stock, with a par value of $0.01 no Capital of Host L.P. As of December 31, 2020, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining 1% of Host L.P.’s common OP units are held by various 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 OP unit. Repurchases and Issuances of Common Stock and Common OP Units In February 2017, the Host Inc. Board of Directors authorized a program to repurchase up to $500 million of common stock. On August 5, 2019, Host Inc.’s Board of Directors authorized an increase in its share repurchase program from $500 million to $1 billion. During 2020, we repurchased 8.9 million shares at an average price of $16.49 per share, exclusive of commissions, for a total of $147 million. In 2019, we repurchased 27.8 million shares at an average price of $17.37 per share, exclusive of commissions, for a total of $482 million. As of December 31, 2020, we have $371 million available for repurchase under the program. Under the terms of the Amendment of our credit facility, we currently are restricted from repurchasing stock or OP units. Dividends/Distributions Host Inc. is required to distribute at least 90% of its annual taxable income, excluding net capital gains, to its stockholders in order to maintain its qualification as a REIT. Funds used by Host Inc. to pay dividends on its common stock are provided by distributions from Host L.P. The amount of any future dividends will be determined by Host Inc.’s Board of Directors. The dividends that were taxable to our stockholders in 2020 were considered 5.9% qualified REIT dividends, 3.6% qualified dividend income, 46.6% unrecaptured Section 1250 gain, and 43.9% long term capital gain. The table below presents the amount of common dividends declared per share and common distributions per unit as follows: Year ended December 31, 2020 2019 2018 Common stock $ .20 $ .85 $ .85 Common OP units .204 .868 .868 As part of our response to COVID-19 and in order to preserve cash and future financial flexibility, we suspended our regular quarterly common cash dividends, commencing with the second quarter 2020 dividend that would have been paid in July 2020. Additionally, based on the terms of the credit facility amendments, we are restricted to paying a quarterly common cash dividend of $0.01 per share or higher amounts to the extent necessary to allow Host Inc. to maintain REIT status or to avoid corporate income or excise taxes, until after the covenant waiver period expires following the second quarter of 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our taxable year beginning January 1, 1999. To continue to qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our annual taxable income to our stockholders, excluding net capital gain. As a REIT, generally we will not be subject to U.S. federal and state corporate income taxes on that portion of our annual taxable income that is distributed to our stockholders. If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to U.S. federal and state corporate income taxes at regular corporate income tax rates and may not be able to qualify as a REIT for four subsequent taxable years . Even if we qualify to be treated as a REIT, we may be subject to certain state, local and foreign taxes on our income and property, and to U.S. federal and state corporate income and excise taxes on our undistributed taxable income. Our 201 8 tax provision include d approximately $ 77 mil lion of U.S. federal and state corporate income tax es that we paid on long-term capital gain generated in 201 8 that we chose to retain rather than to distribute to our stockholders. As a result of legislation enacted by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act in 2020, net operating losses generated in 2018, 2019, and 2020 may be carried back up to five years in order to procure a refund of U.S. federal corporate income taxes previously paid. Any net operating loss not carried back pursuant to these rules may be carried forward indefinitely, subject to an annual limit on the use thereof of 80% of annual taxable income. We recently filed refund claims to recover approximately $57 million of U.S. federal income taxes that we paid in 2017 through 2019, which is included in other assets on our consolidated balance sheet as of December 31, 2020. Set forth below is a table that documents our domestic and foreign tax attributes at December 31, 2020: Type Jurisdiction Amount (in millions) Expiration Net operating loss U.S. Federal $ 487 None Capital loss U.S. Federal and State 37 2023 General business credit U.S. Federal 1 Through 2040 Net operating loss U.S. State 827 Various Net operating loss Brazil 14 None Net operating loss Canada 20 Through 2040 Capital loss Canada 5 None We have recorded a 100% valuation allowance of approximately $9 million against the deferred tax asset related to our domestic capital loss carryover and a 100% valuation allowance of approximately $5 million against the deferred tax asset related to certain of our foreign net operating loss and capital loss carryovers as of December 31, 2020. We also have recorded a valuation allowance of approximately $5 million against the deferred tax asset related to our accumulated other comprehensive income (“AOCI”) foreign exchange net losses. The net increase of our valuation allowance for the year ended December 31, 2020 is approximately $6 million from the year ended December 31, 2019. The primary components of our net deferred tax assets are as follows (in millions): As of December 31, 2020 2019 Deferred tax assets Net operating losses, general business credits, and capital loss carryovers $ 172 $ 16 Property and equipment 3 3 Deferred revenue and expenses 17 20 Foreign exchange net losses (AOCI) 12 12 Total gross deferred tax assets 204 51 Less: Valuation allowance (19 ) (13 ) Total deferred tax assets, net of valuation allowance $ 185 $ 38 Deferred tax liabilities Investments in domestic affiliates (1 ) (6 ) Total gross deferred tax liabilities (1 ) (6 ) Net deferred tax assets $ 184 $ 32 We believe that it is more likely than not that the results of future operations will generate sufficient taxable income in order to realize our total deferred tax assets, net of a valuation allowance of $19 million, of $185 million. Our U.S. and foreign income (loss) from continuing operations before income taxes were as follows (in millions): Year ended December 31, 2020 2019 2018 U.S. income (loss) $ (945 ) $ 949 $ 887 Foreign income (loss) (16 ) 13 414 Total $ (961 ) $ 962 $ 1,301 The income tax provision (benefit) for continuing operations consists of (in millions): Year ended December 31, 2020 2019 2018 Current —Federal $ (57 ) $ 14 $ 79 —State 1 6 30 —Foreign 1 3 37 (55 ) 23 146 Deferred —Federal (96 ) 3 2 —State (63 ) 1 1 —Foreign (6 ) 3 1 (165 ) 7 4 Income tax provision (benefit) – continuing operations $ (220 ) $ 30 $ 150 The differences between the income tax provision (benefit) calculated at the statutory U.S. federal corporate income tax rate of 21% and the actual income tax provision (benefit) recorded for continuing operations are as follows (in millions): Year ended December 31, 2020 2019 2018 Statutory federal income tax provision (benefit) $ (202 ) $ 202 $ 273 Adjustment for nontaxable (income) loss of Host Inc. 34 (182 ) (192 ) Adjustment for net operating loss carryback to 2017-2019 18 — — State income tax provision (benefit), net (62 ) 7 31 Change to uncertain tax provision (3 ) (3 ) — Foreign income tax provision (benefit) (5 ) 6 38 Income tax provision (benefit) $ (220 ) $ 30 $ 150 Cash paid for income taxes, net of refunds received, was immaterial in 2020, and A reconciliation of the beginning and ending balances of our unrecognized tax benefits is as follows (in millions): 2020 2019 Balance at January 1 $ 8 $ 11 Reduction of unrecognized tax benefits due to expiration of statute of limitations (3 ) (3 ) Balance at December 31 $ 5 $ 8 All of such uncertain tax position amounts, if recognized, would impact our reconciliation between the income tax provision (benefit) calculated at the statutory U.S. federal corporate income tax rate of 21% and the actual income tax provision (benefit) recorded each year. We expect a decrease to the balance of unrecognized tax benefits within 12 months of the reporting date of approximately $4 million. As of December 31, 2020, the tax years that remain subject to examination by major tax jurisdictions generally include 2017-2020. There were no material interest or penalties recorded for the years ended December 31, 2020, 2019, and 2018. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 8. Leases Taxable REIT Subsidiaries Leases We lease substantially all our hotels to a wholly owned subsidiary that qualifies as a taxable REIT subsidiary due to the U.S. federal income tax prohibition on the ability of a REIT to derive revenues directly from the operations of a hotel. Ground Leases As of December 31, 2020, all or a portion of 22 of our hotels are subject to ground leases, generally with multiple renewal options, all of which are accounted for as operating leases. Payments for ground leases account for approximately 73% of our 2020 minimum lease payments and 96% of our total future minimum lease payments. For lease agreements with scheduled rent increases, we recognize the fixed portion of the lease expense ratably over the term of the lease. As the exercise of the renewal options were determined to be reasonably certain, the payments associated with the renewals have been included in the measurement of the lease liability and ROU asset. Contingent rental payments based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and ROU asset but will be recognized as variable lease expense if and when they are incurred. However, certain of these leases contain provisions that increase the minimum lease payments based on an average of the variable lease payments made over the previous years, for which we will reevaluate the lease liability and ROU asset as these payments represent an increase in the minimum payments for the remainder of the lease term. Certain of these leases also contain provisions that increase the minimum lease payments based on an index such as the Consumer Price Index. Such increases are not included in the measurement of the lease liability and ROU asset but will be recognized as variable lease expense if and when they are incurred. The discount rate used to calculate the lease liability and ROU asset is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. To calculate our IBR, we obtained a forward curve using LIBOR swap rates, with terms ranging from one to fifty years, as well as corresponding bond spreads based on the terms of the leases and our credit risk. The resulting discount rates for our ground leases range from 4.3% to 5.7%. Offices Leases and Other We have office leases for our headquarters office in Bethesda, which expires in 2036, as well as satellite offices in Miami and San Diego, which leases expire in 2022 and 2021, respectively, with no renewal options. We also have leases on facilities used in our former restaurant business, all of which we subsequently subleased. These leases and subleases contain one or more renewal options, generally for five- or ten-year On January 1, 2019, we adopted ASU No. 2016-02, Leases (Topic 842) Leases The following table presents lease cost and other information (in millions): Year ended December 31, 2020 2019 Lease cost Operating lease cost $ 43 $ 47 Variable lease cost 2 36 Sublease income (1 ) (1 ) Total lease cost $ 44 $ 82 Other information Operating cash flows used for operating leases $ 43 $ 47 Weighted-average remaining lease term - operating leases 49 years 50 years Weighted-average discount rate - operating leases 5.3 % 5.3 % Rent expense in accordance with ASC 840, under which we report prior to January 1, 2019, consists of (in millions): Year ended December 31, 2018 Minimum rentals on operating leases $ 45 Additional rentals based on sales 38 Less: sublease rentals (1 ) $ 82 The following table presents a reconciliation of the total amount of lease payments, on an undiscounted basis, to the lease liability on the balance sheet as of December 31, 2020 (in millions): As of December 31, 2020 Ground Leases Office Leases and Other Total Weighted-average discount rate - operating leases 5.4 % 3.5 % 5.3 % 2021 $ 32 $ 7 $ 39 2022 32 7 39 2023 32 5 37 2024 33 4 37 2025 33 4 37 Thereafter 1,519 52 1,571 Total undiscounted cash flows $ 1,681 $ 79 $ 1,760 Present values Long-term lease liabilities $ 550 $ 60 $ 610 Total lease liabilities $ 550 $ 60 $ 610 Difference between undiscounted cash flows and discounted cash flows $ 1,131 $ 19 $ 1,150 Minimum payments for the operating leases have not been reduced by aggregate minimum sublease rentals from restaurants of approximately $4 million that are payable to us under non-cancelable subleases. |
Employee Stock Plans
Employee Stock Plans | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Plans | 9. Employee Stock Plans Upon the issuance of Host Inc.’s common stock for stock-based compensation, Host L.P. issues to Host Inc. common OP units of an equivalent value. Accordingly, these awards and related disclosures are included in both Host Inc.’s and Host L.P.’s consolidated financial statements. Host Inc. maintains two stock-based compensation plans, the Comprehensive Stock and Cash Incentive Plan (the “2020 Comprehensive Plan”), under which Host Inc. may award to participating employees restricted stock units (“RSUs”), and the Employee Stock Purchase Plan. At December 31, 2020, there were approximately 15 million shares of Host Inc.’s common stock reserved and available for issuance under the 2020 Comprehensive Plan. We recognize costs resulting from share-based payments in our financial statements over their vesting periods. No compensation cost is recognized for awards for which employees do not render the requisite services. We classify share-based payment awards granted in exchange for employee services as either equity-classified or liability-classified awards. Equity-classified awards are measured based on their fair value as of the date of grant. In contrast, liability-classified awards are re-measured to fair value each reporting period. During 2020, 2019 and 2018, we recorded stock-based compensation expense of approximately $17 million, $15 million and $14 million, respectively. Shares granted in 2020, 2019 and 2018 totaled 2.2 million, 1.4 million and 1.2 million, respectively, while 1.2 million, 0.9 million and 0.8 million shares, respectively, vested during those years. Senior Executive Plan During 2020, Host Inc. granted 2.0 million RSU awards under the 2020 Comprehensive Plan, which amount represents the maximum number of RSUs that can be earned during the period of 2020 through 2022 if performance is at the “high” level of achievement and, for time based awards, the executive remains employed. The RSUs vest over a one, two or three-year RSU awards Vesting of RSUs awarded in 2020 is based on (1) continued employment on the vesting date (“Time-Based Award”); (2) the achievement of relative total shareholder return (“TSR”); and (3) our performance against certain annual strategic objectives. Approximately 40% of the RSUs are Time-Based Awards and vest on an annual basis over three years; approximately 30% of the RSUs are based on the satisfaction of the TSR compared to the NAREIT Equity Lodging & Resort index that serves as a relevant industry/asset specific measurement to our competitors and vest following a three year performance period; and the remaining 30% are based on our performance against certain strategic objectives and vest on an annual basis. The RSUs granted are considered equity-classified awards. As a result, the fair value of these awards is based on the fair value on the grant date, and such grant date fair value is not adjusted for subsequent movements thereof. We value the time based awards using the closing stock price on the grant date multiplied by the percentage of shares expected to be released, which is 100% of the time based awards. We also value the strategic objective awards using the closing stock price on the grant date multiplied by the percentage of shares expected to be released; however, as a result of the strategic objective awards’ performance conditions, we reevaluate the percentage based on the probability of meeting the performance conditions each period. We value the TSR awards using the economic theory NAREIT Lodging & Resorts Index 2020 Award Grants 2019 Award Grants Grant date stock price $ 10.06 $ 17.97 Volatility 33.1 % 23.7 % Beta 0.618 1.029 Risk-free rate - three year award 0.19 % 2.43 % In making these assumptions, we base the expected volatility on the historical volatility over three years using daily stock price observations. The beta is calculated by comparing the risk of our stock to the risk of the applicable peer group index, using three years of daily price data. We base the risk-free rate on the Treasury bond yields corresponding to the length of each performance period as reported by the Federal Reserve. The payout schedule for the TSR awards is as follows, with linear interpolation for points between the 30 th th TSR Percentile Ranking Payout (% of Maximum) At or above 75th percentile 100 % 50th percentile 50 30th percentile 25 Below 30th percentile 0 During 2020, 2019 and 2018, we recorded compensation expense of approximately $15 million, $13 million and $12 million, respectively, related to the RSU awards to senior executives. The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2020: Year ended December 31, 2020 2019 2018 Shares Fair Value Shares Fair Value Shares Fair Value (in millions) (per share) (in millions) (per share) (in millions) (per share) Balance, at beginning of year 1.2 $ 13 0.9 $ 14 0.7 $ 14 Granted 2.0 10 1.3 14 1.1 16 Vested (1) (1.1 ) 15 (0.7 ) 19 (0.7 ) 17 Forfeited/expired (0.5 ) 15 (0.3 ) 19 (0.2 ) 17 Balance, at end of year 1.6 10 1.2 13 0.9 14 Issued in calendar year (1) 0.4 19 0.4 17 0.3 20 ___________ (1) Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2020 include shares vested at December 31, 2019, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $5.4 million and $4.8 million for 2020, 2019 and 2018, respectively. Other Stock Plans In addition to the share-based plans described above, we maintain an upper-middle management plan and an employee stock purchase plan. The upper-middle management awards are time-based, equity-classified awards that vest within three years of the grant date and compensation expense is recognized over the life of the award based on the grant date fair value. Through the employee stock purchase plan, employees can purchase stock at a discount of 10% of the lower of the beginning and ending stock price each quarter. During 2020, 2019 and 2018, we granted a total of 0.2 million shares, 0.1 million shares and 0.1 million shares, respectively, under these two programs and recorded compensation expense of approximately $2 million in each year. |
Profit Sharing and Post-employm
Profit Sharing and Post-employment Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Profit Sharing and Post-employment Benefit Plans | 10. Profit Sharing and Post-employment Benefit Plans We contribute to defined contribution plans for the benefit of employees who meet certain eligibility requirements and who elect participation in the plans. The discretionary amount to be matched by us is determined annually by Host Inc.’s Board of Directors. Our liability recorded for this obligation is not material. Payments for these items were not material for the three years ended December 31, 2020. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] | |
Dispositions | 11. Dispositions We disposed of one hotel in 2020, 14 hotels in 2019 and four hotels in 2018 and recorded gains on sales of approximately $148 million, $339 million and $279 million, respectively. In 2020, we sold excess land adjacent to The Phoenician for $83 million, and recorded a gain on sale of approximately $59 million. Additionally, on September 21, 2018, we sold the New York Marriott Marquis retail and theater commercial units and the related signage areas of the hotel (the “Retail”) to Vornado Realty Trust for a sale price of $442 million and recorded a gain of approximately $386 million, which amount is net of the non-cash incurrence of a liability of approximately $35 million related to Vornado’s contractual right to future real estate tax rebates. Substantially all of the net proceeds from the sale of the Retail were used to close out a reverse like-kind exchange structure established in connection with the acquisition of the Hyatt portfolio in March 2018. We elected to pay U.S. federal and applicable state corporate income tax of approximately $16 million on the capital gain generated by the sale proceeds not used to close out the reverse like-kind exchange rather than to distribute such capital gain to our stockholders. The gain on sale of assets is included in other gains/(losses) on the consolidated statement of operations. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 12. Acquisitions Asset Acquisitions In February 2019, we acquired the fee simple interest in the 429-room 1 Hotel South Beach for a total purchase price of $610 million. Consideration included the issuance of $23 million of preferred Host L.P. OP units that were included in debt as of December 31, 2019, and $3 million of common Host L.P. OP units, all of which were subsequently redeemed in 2020. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements Impairment During 2019, we recorded an impairment expense of $14 million related to the Sheraton San Diego Hotel & Marina and a right-of-use asset associated with an operating lease, based on the expected sale proceeds and expected sub-rental income, respectively, which are considered observable inputs other than quoted prices (Level 2) in the GAAP fair value hierarchy. During 2018, we recorded an impairment expense of $44 million related to the W New York, the W New York – Union Square and the Westin New York Grand Central based on the expected sale proceeds of the properties, which are considered observable inputs other than quoted prices (Level 2) in the GAAP fair value hierarchy. The W New York and W New York – Union Square hotels were sold during 2018 and the Westin New York Grand Central was classified as held-for-sale as of December 31, 2018. The fair value of the Westin New York Grand Central, less costs to sell, at December 31, 2018 was $270 million. The Westin New York Grand Central was sold in 2019. During 2018, we also recorded an impairment expense of $216 million related to the Sheraton New York Times Square Hotel based on a range of sale prices negotiated with a potential buyer, which are considered observable inputs other than quoted prices (Level 2) in the GAAP fair value hierarchy. The fair value of the Sheraton New York Times Square Hotel following the impairment expense was $495 million. Impairment expense for 2019 and 2018 is recorded in depreciation and amortization on the consolidated statements of operations. 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): December 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 3,065 $ 3,284 $ 2,776 $ 2,953 Credit facility (Level 2) 2,471 2,483 989 1,000 |
Relationship with Marriott Inte
Relationship with Marriott International | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Relationship with Marriott International | 14. Relationship with Marriott International We have entered into various agreements with Marriott, including those for the management or franchise of approximately 70% of our hotels (as measured by revenues) and certain limited administrative services. In 2020, 2019 and 2018, we paid Marriott $28 million, $186 million and $200 million, respectively, of hotel management fees and approximately $3.0 million, $11.5 million and $11.7 million, respectively, of franchise fees. |
Hotel Management Agreements and
Hotel Management Agreements and Operating and License Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Contractors [Abstract] | |
Hotel Management Agreements and Operating and License Agreements | 15. Hotel Management Agreements and Operating and License Agreements All of our hotels are managed by third parties pursuant to management or operating agreements, with some of our hotels also being subject to separate license agreements addressing matters pertaining to operations under the designated brand. Hotels managed or franchised by Marriott and Hyatt represent 70 % and % of our total revenues, respectively. Under these agreements, the managers generally have sole responsibility for all activities necessary for the day-to-day operation of the hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. The managers also provide all employees for the hotels, prepare reports, budgets and projections, control the working capital, and provide other administrative and accounting support services to the hotels. Costs and expenses incurred by the managers are reimbursed by us. We have approval rights over budgets, capital expenditures, significant leases and contractual commitments, and various other matters. The initial term of our agreements generally is 10 to 25 years, with one or more renewal terms at the option of the manager. The majority of our agreements condition the manager’s right to exercise options for renewal upon the satisfaction of specified economic performance criteria. The manager typically receives a base management fee, which is calculated as a percentage (generally 2-3%) of annual gross revenues, and an incentive management fee, which typically is calculated as a percentage (generally 10-20%) of operating profit after the owner has received a priority return on its investment. In the case of our hotels operating under the W ® ® ® ® ® Pursuant to the agreements, the manager furnishes the hotels with certain chain services, which generally are provided on a central or regional basis to all hotels in the manager’s hotel system. Chain services include central training, advertising and promotion, national reservation systems, computerized payroll and accounting services, and such additional services as needed which may be more efficiently performed on a centralized basis. Costs and expenses incurred in providing such services are allocated among the hotels managed, owned or leased by the manager on a fair and equitable basis. In addition, our managers generally sponsor a guest rewards program, the costs of which are charged to all of the hotels that participate in such program. We are obligated to provide the manager with sufficient funds, generally 4-5% of the revenues generated at the hotel, to cover the cost of (a) certain non-routine repairs and maintenance to the hotels which normally are capitalized, and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Under certain circumstances, we will be required to establish escrow accounts for such purposes under terms outlined in the agreements. Due to the COVID-19 pandemic, our managers temporarily suspended these contribution requirements in 2020. We generally are limited in our ability to sell, lease or otherwise transfer our hotels unless the transferee assumes the related management agreement. However, most agreements include owner rights to terminate on the basis of the manager’s failure to meet certain performance-based metrics. Typically, these criteria are subject to the manager’s ability to ‘cure’ and avoid termination by payment to us of specified deficiency amounts (or, in some instances, waiver of the right to receive specified future management fees). In addition to any performance-based or other termination rights, we have negotiated with Marriott and some of our other managers specific termination rights related to specific agreements. These termination rights can take a number of different forms, including termination of agreements upon sale that leave the property unencumbered by any agreement; termination upon sale provided that the property continues to be operated under a license or franchise agreement with continued brand affiliation; and termination without sale or other condition, which may require the payment of a fee. These termination rights also may restrict the number of agreements that may be terminated over any annual or other period; impose limitations on the number of agreements terminated as measured by EBITDA; require that a certain number of hotels continue to maintain the brand affiliation; or be restricted to a specific pool of assets. |
Geographic and Business Segment
Geographic and Business Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Geographic and Business Segment Information | 16. Geographic and Business Segment Information We consider each one of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting and our other real estate investment activities (primarily our retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our foreign operations consist of hotels in two countries as of December 31, 2020. There were no intersegment sales during the periods presented. The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions): 2020 2019 2018 Revenues Property and Equipment, net Revenues Property and Equipment, net Revenues Property and Equipment, net United States $ 1,600 $ 9,331 $ 5,381 $ 9,570 $ 5,417 $ 9,651 Brazil 7 34 23 45 19 49 Canada 13 51 65 56 67 60 Mexico — — — — 21 — Total $ 1,620 $ 9,416 $ 5,469 $ 9,671 $ 5,524 $ 9,760 |
Legal Proceedings, Guarantees a
Legal Proceedings, Guarantees and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings, Guarantees and Contingencies | 17. Legal Proceedings, Guarantees and Contingencies We are involved in various legal proceedings in the ordinary course of business regarding the operation of our hotels and company matters. To the extent not covered by insurance, these lawsuits 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 recorded immaterial accruals as of December 31, 2020 related to such claims. We have estimated that, in the aggregate, our losses related to these proceedings will not be material. 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. Guarantees and Contingencies We have entered into certain guarantees which consist of commitments made to third parties for leases or debt that are not recognized in our consolidated financial statements due to various dispositions, spin-offs and contractual arrangements, but that we have agreed to pay in the event of certain circumstances, including the default by an unrelated party. We also may have contingent environmental liabilities related to the presence of hazardous or toxic substances. We consider the likelihood of any material payments under these guarantees and contingencies to be remote. Tax Indemnification Agreements Because of certain federal and state income tax considerations of the former owners of two hotels currently owned by Host L.P., we have agreed to restrictions on selling such hotels, or repaying or refinancing mortgage debt, for varying periods. One of these agreements expires in 2028 and the other in 2031. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 (in millions) Initial Cost Subsequent Foreign Gross Amount at December 31, 2020 Date of Buildings & Costs Currency Buildings & Accumulated Completion of Date Depreciation Description Debt Land Improvements Capitalized, net (1) Adjustment Land Improvements Total Depreciation Construction Acquired Life Hotels: 1 Hotel South Beach — 182 443 8 — 182 451 633 30 — 2019 34 Andaz Maui at Wailea Resort — 151 255 2 — 151 257 408 22 — 2018 38 Axiom Hotel — 36 38 40 — 36 78 114 20 — 2014 33 Boston Marriott Copley Place — — 203 85 — — 288 288 168 — 2002 40 Calgary Marriott Downtown Hotel — 5 18 47 (1 ) 5 64 69 44 — 1996 40 Chicago Marriott Suites Downers Grove — 2 14 14 — 2 28 30 19 — 1996 40 Coronado Island Marriott Resort & Spa — — 53 60 — — 113 113 71 — 1997 40 Denver Marriott Tech Center — 6 26 82 — 6 108 114 73 — 1994 40 Denver Marriott West — — 12 17 — — 29 29 25 — 1983 40 Embassy Suites by Hilton Chicago Downtown Magnificent Mile — — 86 19 — — 105 105 49 — 2004 40 Fairmont Kea Lani, Maui — 55 294 80 — 55 374 429 177 — 2004 40 Gaithersburg Marriott Washingtonian Center — 7 22 14 — 7 36 43 27 — 1993 40 Grand Hyatt Atlanta in Buckhead — 8 88 33 — 8 121 129 74 — 1998 40 Grand Hyatt San Francisco — 52 331 4 — 52 335 387 32 — 2018 34 Grand Hyatt Washington — 154 247 44 — 154 291 445 99 — 2012 33 Hilton Singer Island Oceanfront/Palm Beaches Resort — 2 10 22 — 2 32 34 26 — 1994 40 Houston Airport Marriott at George Bush Intercontinental — — 10 92 — — 102 102 80 — 1984 40 Houston Marriott Medical Center / Museum District — — 19 44 — — 63 63 45 — 1998 40 Hyatt Place Waikiki Beach — 12 120 4 — 12 124 136 33 — 2013 34 Hyatt Regency Coconut Point Resort and Spa — 33 185 3 — 33 188 221 17 — 2018 36 Hyatt Regency Maui Resort and Spa — 92 212 158 — 81 381 462 159 — 2003 40 Hyatt Regency Reston — 11 78 31 — 12 108 120 66 — 1998 40 Hyatt Regency San Francisco Airport — 16 119 112 — 20 227 247 133 — 1998 40 Hyatt Regency Washington on Capitol Hill — 40 230 45 — 40 275 315 127 — 2005 40 JW Marriott Atlanta Buckhead — 16 21 48 — 16 69 85 44 — 1990 40 JW Marriott Hotel Rio de Janeiro — 13 29 5 (30 ) 5 12 17 4 — 2010 40 JW Marriott Houston by the Galleria — 4 26 56 — 6 80 86 52 — 1994 40 JW Marriott Washington, DC — 26 98 70 — 26 168 194 108 — 2003 40 Manchester Grand Hyatt San Diego — — 548 76 — — 624 624 226 — 2011 35 Marina Del Rey Marriott — — 13 36 — — 49 49 34 — 1995 40 HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) December 31, 2020 (in millions) Initial Cost Subsequent Foreign Gross Amount at December 31, 2020 Date of Buildings & Costs Currency Buildings & Accumulated Completion of Date Depreciation Description Debt Land Improvements Capitalized, net (1) Adjustment Land Improvements Total Depreciation Construction Acquired Life Marriott Downtown at CF Toronto Eaton Centre — — 27 35 — — 62 62 42 — 1995 40 Marriott Marquis San Diego Marina — — 202 394 — — 596 596 374 — 1996 40 Miami Marriott Biscayne Bay — 38 27 40 — 38 67 105 55 — 1998 40 Minneapolis Marriott City Center — 34 27 63 — 34 90 124 67 — 1995 40 New Orleans Marriott — 16 96 153 — 16 249 265 178 — 1996 40 New York Marriott Downtown — 19 79 69 — 19 148 167 96 — 1997 40 New York Marriott Marquis — 49 552 124 — 49 676 725 524 — 1986 40 Newark Liberty International Airport Marriott — — 30 48 — — 78 78 61 — 1984 40 Orlando World Center Marriott — 18 157 447 — 29 593 622 348 — 1997 40 Philadelphia Airport Marriott — — 42 22 — — 64 64 43 — 1995 40 Rio de Janeiro Parque Olimpico Hotels — 21 39 2 (36 ) 9 17 26 4 2014 — 35 San Antonio Marriott Rivercenter — — 86 129 — — 215 215 124 — 1996 40 San Antonio Marriott Riverwalk — 6 45 40 — 6 85 91 57 — 1995 40 San Francisco Marriott Fisherman's Wharf — 6 20 34 — 6 54 60 39 — 1994 40 San Francisco Marriott Marquis — — 278 234 — — 512 512 337 — 1989 40 San Ramon Marriott — — 22 28 — — 50 50 33 — 1996 40 Santa Clara Marriott — — 39 92 — — 131 131 97 — 1989 40 Sheraton Boston Hotel — 42 262 79 — 42 341 383 160 — 2006 40 Sheraton New York Times Square Hotel — 346 409 (100 ) — 346 309 655 201 — 2006 40 Sheraton Parsippany Hotel — 8 30 25 — 8 55 63 31 — 2006 40 Swissôtel Chicago — 29 132 99 — 30 230 260 124 — 1998 40 Tampa Airport Marriott — — 9 27 — — 36 36 32 — 1971 40 The Camby Hotel — 10 63 32 — 10 95 105 60 — 1998 40 The Don CeSar — 46 158 26 — 46 184 230 24 — 2017 34 The Logan — 26 60 73 — 27 132 159 79 — 1998 40 The Phoenician, A Luxury Collection Resort — 59 307 110 — 61 415 476 100 — 2015 32 The Ritz-Carlton Golf Resort, Naples — 22 10 86 — 22 96 118 44 2002 — 40 The Ritz-Carlton, Amelia Island — 25 115 96 — 25 211 236 128 — 1998 40 The Ritz-Carlton, Marina Del Rey — — 52 39 — — 91 91 63 — 1997 40 HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) December 31, 2020 (in millions) Initial Cost Subsequent Foreign Gross Amount at December 31, 2020 Date of Buildings & Costs Currency Buildings & Accumulated Completion of Date Depreciation Description Debt Land Improvements Capitalized, net (1) Adjustment Land Improvements Total Depreciation Construction Acquired Life The Ritz-Carlton, Naples — 19 126 180 — 21 304 325 198 — 1996 40 The Ritz-Carlton, Tysons Corner — — 89 38 — — 127 127 78 — 1998 40 The St. Regis Houston — 6 33 21 — 6 54 60 30 — 2006 40 The Westin Buckhead Atlanta — 5 84 40 — 6 123 129 71 — 1998 40 The Westin Chicago River North — 33 116 19 — 33 135 168 40 — 2010 40 The Westin Cincinnati — — 54 20 — — 74 74 36 — 2006 40 The Westin Denver Downtown — — 89 23 — — 112 112 50 — 2006 40 The Westin Georgetown, Washington D.C. — 16 80 20 — 16 100 116 45 — 2006 40 The Westin Kierland Resort & Spa — 100 280 42 — 100 322 422 120 — 2006 40 The Westin Los Angeles Airport — — 102 26 — — 128 128 58 — 2006 40 The Westin Seattle — 39 175 46 — 39 221 260 95 — 2006 40 The Westin South Coast Plaza, Costa Mesa — — 46 25 — — 71 71 55 — 2006 40 The Westin Waltham Boston — 9 59 22 — 9 81 90 38 — 2006 40 The Whitley, a Luxury Collection Hotel, Atlanta Buckhead — 14 81 86 — 15 166 181 111 — 1996 40 W Hollywood — — 204 — — — 204 204 27 — 2017 35 W Seattle — 11 125 15 — 11 140 151 55 — 2006 40 Washington Marriott at Metro Center — 20 24 30 — 20 54 74 42 — 1994 40 Westfields Marriott Washington Dulles — 7 32 21 — 7 53 60 40 — 1994 40 YVE Hotel Miami — 15 41 3 — 15 44 59 10 — 2014 33 Total hotels: — 2,037 9,063 4,574 (67 ) 2,032 13,575 15,607 6,808 Other properties, each less than 5% of total — 1 31 3 — 1 34 35 1 — various 40 TOTAL $ — $ 2,038 $ 9,094 $ 4,577 $ (67 ) $ 2,033 $ 13,609 $ 15,642 $ 6,809 ___________ (1) Subsequent costs capitalized are net of impairment expense. HOST HOTELS & RESORTS, INC., AND SUBSIDIARIES HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 (in millions) Notes: (A) The change in total cost of properties for the fiscal years ended December 31, 2020, 2019 and 2018 is as follows: Balance at December 31, 2017 $ 15,463 Additions: Acquisitions 1,013 Capital expenditures and transfers from construction-in-progress 249 Deductions: Dispositions and other (551 ) Impairments (260 ) Assets held for sale (368 ) Balance at December 31, 2018 15,546 Additions: Acquisitions 625 Capital expenditures and transfers from construction-in-progress 332 Deductions: Dispositions and other (1,127 ) Impairments (6 ) Balance at December 31, 2019 15,370 Additions: Capital expenditures and transfers from construction-in-progress 446 Deductions: Dispositions and other (174 ) Balance at December 31, 2020 $ 15,642 (B) The change in accumulated depreciation and amortization of real estate assets for the fiscal years ended December 31, 2020, 2019 and 2018 is as follows: Balance at December 31, 2017 $ 6,272 Depreciation and amortization 546 Dispositions and other (344 ) Depreciation on assets held for sale (101 ) Balance at December 31, 2018 6,373 Depreciation and amortization 535 Dispositions and other (544 ) Balance at December 31, 2019 6,364 Depreciation and amortization 541 Dispositions and other (96 ) Balance at December 31, 2020 $ 6,809 (C) The aggregate cost of real estate for federal income tax purposes is approximately $9,658 million at December 31, 2020. (D) The total cost of properties excludes construction-in-progress assets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the consolidated accounts of Host Inc., Host L.P. and their subsidiaries and controlled affiliates, including joint ventures and partnerships. We consolidate subsidiaries when we have the ability to control them. For the majority of our hotel and real estate investments, we consider those control rights to be (i) approval or amendment of developments plans, (ii) financing decisions, (iii) approval or amendments of operating budgets, and (iv) investment strategy decisions. We also evaluate our subsidiaries to determine if they are variable interest entities (“VIEs”). If a subsidiary is a VIE, it is subject to the consolidation framework specifically for VIEs. Typically, the entity that has the power to direct the activities that most significantly impact economic performance consolidates the VIE. We consider an entity to be a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. We review our subsidiaries and affiliates at least annually to determine (i) if they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics thereof. Three partnerships are considered VIE’s, as the general partner of these partnerships maintains control over the decisions that most significantly impact the partnerships. The first VIE is 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 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. The 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, also is a VIE. The total assets of this VIE at December 31, 2020 are $59 million and consist primarily of cash, a right-of-use (“ROU”) asset and property and equipment. Liabilities for the VIE total $28 million and consist of a lease liability, 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 December 31, 2020 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. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or 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 these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. |
Property and Equipment | Property and Equipment Generally, property and equipment is recorded at cost. For hotels that we develop, cost includes interest and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Properties acquired in an asset acquisition are recorded at cost. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values. We capitalize certain inventory (such as china, glass, silver, and linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts then are amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We maintain a furniture, fixtures and equipment replacement fund for renewal and replacement capital expenditures at our hotels, which generally is funded with 5% of property revenues. Impairment testing. We analyze our consolidated hotels for impairment throughout the year when events or circumstances occur that indicate the carrying amount may not be recoverable. We test for impairment in several situations, including: • when a hotel has a current or projected loss from operations; • when management’s intent or ability to hold a property for a period that recovers its carrying value changes, making it more likely than not that a hotel will be sold before the end of its previously estimated useful life and the anticipated sales price is at or below the book value; or • when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying amount of an asset may not be recoverable. Due to the impact of the COVID-19 pandemic on operations, we performed recoverability assessments on all of our hotels. Recoverability of hotels is measured by performing a comparison of the carrying amount of each hotel to its expected undiscounted future cash flows over its remaining useful life. While expected undiscounted future cash flows are subject to uncertainty due to factors including the duration and financial impact of the resulting economic downturn and changes in travel patterns of hotel customers, we assumed a four-year recovery period to 2019 operating levels, based on previous disruptions and recoveries, as well as industry forecasts. In order to assess the sensitiv ity of the four-year recovery assumption, we performed the recoverability assessment using a six-year recovery period, with no changes to the outcome. To the extent that a hotel has a substantial remaining estimated useful life and management does not believe that it is more likely than not that it will be sold prior to the end thereof, it would be unusual for undiscounted cash flows to be insufficient to recover the property’s carrying amount . In the absence of other factors, we assume that the estimated useful life is equal to the remaining GAAP depreciable life because of the continuous property maintenance and improvement capital expenditures required under our management agreements , including critical infrastructure, which regularly is maintained and then replaced at the end of its useful life . We adjust our assumptions with respect to the remaining useful life of the property if situations dictate otherwise, such as an expiring ground lease, or that it is more likely than not that the hotel will be sold prior to the end of its previously expected useful life. During 2019, due to a reduction in the estimated hold period of the assets, we recognized impairment expense of $14 million related to one hotel and a right of use asset associated with an operating lease. No other properties had triggering events warranting impairment testing. During 2018, we recognized impairment expense of $260 million on four hotels. See Note 13 - Fair Value Measurements. Classification of Assets as Held for Sale. We will classify a hotel as held for sale when its sale is probable, will be completed within one year and actions to complete the sale are unlikely to change or it is unlikely that the sale will not occur. This policy is consistent with our experience with real estate transactions under which the timing and final terms of a sale frequently are not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist that could prevent the transaction from being completed in a timely manner. We typically classify hotels as held for sale when all the following conditions are met: • Host Inc.’s Board of Directors has approved the sale (to the extent that the dollar amount of the sale requires Board approval); • a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash; and • no significant financing or legal contingencies exist that could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation expense and will record an impairment expense if the fair value less costs to sell is less than the carrying amount of the hotel. We will classify the assets and related liabilities as held for sale on the balance sheet. Gains on sales of properties are recognized at the time of sale or are deferred and recognized as income in subsequent periods as conditions requiring deferral are satisfied or expire without further cost to us. Discontinued Operations. We generally include the operations of a hotel that was sold or a hotel that has been classified as held for sale in continuing operations, including the gain or loss on the sale, unless the sale represents a strategic shift that will have a major impact on our future operations and financial results. Asset retirement obligations. We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities, when incurred, which generally is upon acquisition, construction, or development and/or through the normal operation of the asset, if information exists with which to reasonably estimate the fair value of the obligation. Depreciation and Amortization Expense. We depreciate our property and equipment using the straight-line method. Depreciation expense is based on the estimated useful life of our assets and amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. The useful lives of the assets are based on several assumptions, including cost and timing of capital expenditures to maintain and refurbish the assets, as well as specific market and economic conditions. While management believes its estimates are reasonable, a change in the estimated useful lives could affect depreciation expense and net income or the gain or loss on the sale of any of our hotels. |
Intangible Assets and Acquired Liabilities | Intangible Assets and Acquired Liabilities In conjunction with our acquisitions, we may identify intangible assets and other liabilities. These identifiable intangible assets and other liabilities typically include above and below-market contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value in a business combination and at its relative fair value in an asset acquisition. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of terms and conditions for similar contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets and other liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. |
Non-Controlling Interests | Non-Controlling Interests Other Consolidated Partnerships. As of December 31, 2020, we consolidate two majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-redeemable non-controlling interests - other consolidated partnerships on the consolidated balance sheets and totaled $5 million and $6 million as of December 31, 2020 and 2019, respectively. 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 $(1) million, $2 million and $52 million for the years ended December 31, 2020, 2019 and 2018, respectively. Host Inc.’s treatment of the non-controlling interests of Host L.P. Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying amount based on its 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. We have estimated that the redemption value is equivalent to the number of shares issuable upon conversion of the OP units currently owned by unaffiliated limited partners (one OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. common stock at the balance sheet date. Redeemable non-controlling interests of Host L.P. are classified in the mezzanine section of the balance sheet as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. The table below details the historical cost and redemption values for the non-controlling interests of Host L.P.: As of December 31, 2020 2019 OP units outstanding (millions) 7.2 7.5 Market price per Host Inc. common share $ 14.63 $ 18.55 Shares issuable upon conversion of one OP unit 1.021494 1.021494 Redemption value (millions) $ 108 $ 142 Historical cost (millions) 67 79 Book value (millions) (1) 108 142 ___________ (1) Net income (loss) is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership percentage during the period. Net income (loss) attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $(8) million, $10 million, and $12 million for 2020, 2019, and 2018, respectively. |
Investments in Affiliates | Investments in Affiliates Distributions from Investments in Affiliates. We classify the distributions from our equity investments in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions of cash that were generated by property operations are classified as cash flows from operating activities. However, distributions of cash that were generated by property sales are classified as cash flows from investing activities. |
Income Taxes | Income Taxes Host Inc. elected to be treated as a REIT effective January 1, 1999 pursuant to the U.S. Internal Revenue Code of 1986, as amended. It is our intention to continue to comply with the REIT qualification requirements and to maintain our qualification for treatment as a REIT. A corporation that elects REIT status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and that complies with certain other requirements (relating primarily to the composition of its assets and the sources of its gross income) generally is not subject to federal and state corporate income taxation on its operating income that is distributed to its stockholders. As a partnership for federal income tax purposes, Host L.P. is not subject to federal income tax. Host L.P. is, however, subject to state, local and foreign income and franchise tax in certain jurisdictions. Additionally, each of the Host L.P. taxable REIT subsidiaries is taxable as a regular C corporation, and is subject to federal, state and foreign corporate income tax. Our consolidated income tax provision (benefit) includes the income tax provision (benefit) related to the operations of our taxable REIT subsidiaries, and state, local, and foreign income and franchise taxes incurred by Host L.P. and its subsidiaries. Deferred Pursuant to its partnership agreement, Host L.P. generally is required to reimburse Host Inc. for any tax payments it is required to make. Accordingly, the tax information included herein represents disclosures regarding Host Inc. and its subsidiaries. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss and capital loss carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. We must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. We recognize any accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. |
Deferred Charges | Deferred Charges Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. These costs are presented as a direct deduction from the related long-term debt on the balance sheets. |
Foreign Currency Translation | Foreign Currency Translation As of December 31, 2020, our foreign operations consist of hotels located in Brazil and Canada, as well as an investment in an Asia/Pacific joint venture. The financial statements of these hotels and our investments therein are maintained in their functional currency, which generally is the local currency, and their operations are translated to U.S. dollars using the average exchange rates for the period. The assets and liabilities of the hotels and the investments therein are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss). Foreign currency transactions are recorded in the functional currency for each applicable foreign entity using the exchange rates prevailing at the dates of the transactions. Assets and liabilities denominated in foreign currencies are remeasured at period end exchange rates. The resulting exchange differences are recorded in gain (loss) on foreign currency transactions and derivatives on the accompanying consolidated statements of operations, except when recorded in other comprehensive income (loss) as qualifying net investment hedges. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): As of December 31, 2020 2019 Gain on foreign currency forward contracts $ 2 $ 3 Loss on interest rate swap cash flow hedges (3 ) (3 ) Foreign currency translation (74 ) (57 ) Other comprehensive loss attributable to non-controlling interests 1 1 Total accumulated other comprehensive loss $ (74 ) $ (56 ) During 2019, we reclassified a net loss due to foreign currency translation of $4 million related to foreign subsidiaries that were substantially liquidated. No material amounts were reclassified from accumulated other comprehensive loss in 2020. |
Revenues | Revenues Substantially all of 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 s at year end. We collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) on our statements of operations. Revenues are recognized as follows: Income statement line item Recognition method Rooms revenues Rooms revenues represent revenues from the occupancy of our hotel rooms and are driven by the occupancy and average daily rate charged. Rooms revenues do not include ancillary services or fees charged. The contracts for room stays with customers generally are very short term in duration and revenues are recognized over the course of the hotel stay. Food and beverage revenues Food and beverage revenues consist of revenues from group functions, which may include banquet revenues and audio-visual revenues, as well as outlet revenues from the restaurants and lounges at our properties. Revenues are recognized as the services or products are provided. Our hotels may employ third parties to provide certain services, for example, audio and visual services. These contracts are evaluated to determine if the hotel is the principal or the agent in the transaction and we record the revenues as appropriate (i.e., gross vs. net). Other revenues Other revenues consist of ancillary revenues at the property, including attrition and cancelation fees, golf courses, resort and destination fees, spas, entertainment and other guest services, as well as rental revenues; primarily consisting of leased retail outlets. Other revenues generally are recognized as the services or products are provided. Attrition and cancelation fees are recognized for non-cancelable deposits when the customer provides notification of cancelation or is a no-show for the specified date, whichever comes first. |
Fair Value Measurement | Fair Value In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (“observable inputs”) and a reporting entity’s own assumptions about market data (“unobservable inputs”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability at the measurement date in an orderly transaction (an “exit price”). Assets and liabilities are measured using inputs from three levels of the fair value hierarchy. The three levels are as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 — Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 — Unobservable inputs reflect our assumptions about the pricing of an asset or liability when observable inputs are not available. |
Earnings (Loss) Per Common Share (Unit) | 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. The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Year ended December 31, 2020 2019 2018 Net income (loss) $ (741 ) $ 932 $ 1,151 Less: Net (income) loss attributable to non-controlling interests 9 (12 ) (64 ) Net income (loss) attributable to Host Inc. $ (732 ) $ 920 $ 1,087 Basic weighted average shares outstanding 705.9 730.3 739.8 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.8 0.8 Diluted weighted average shares outstanding 705.9 731.1 740.6 Basic earnings (loss) per common share $ (1.04 ) $ 1.26 $ 1.47 Diluted earnings (loss) per common share $ (1.04 ) $ 1.26 $ 1.47 The calculation of Host L.P. basic and diluted earnings (loss) per common unit is shown below (in millions, except per unit amounts): Year ended December 31, 2020 2019 2018 Net income (loss) $ (741 ) $ 932 $ 1,151 Less: Net (income) loss attributable to non- controlling interests 1 (2 ) (52 ) Net income (loss) attributable to Host L.P. $ (740 ) $ 930 $ 1,099 Basic weighted average units outstanding 698.4 722.5 732.2 Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.8 0.8 Diluted weighted average units outstanding 698.4 723.3 733.0 Basic earnings (loss) per common unit $ (1.06 ) $ 1.29 $ 1.50 Diluted earnings (loss) per common unit $ (1.06 ) $ 1.29 $ 1.50 |
Share-Based Payments | Share-Based Payments Upon the issuance of Host’s common stock under the compensation plans, Host L.P. will issue to Host Inc. common OP units of an equivalent value. These liabilities are included in the consolidated financial statements for Host Inc. and Host L.P. We recognize costs resulting from Host Inc.’s share-based payment transactions over their vesting periods. We classify share-based payment awards granted in exchange for employee services either as equity-classified awards or liability-classified awards. Equity-classified awards are measured based on the fair value on the date of grant. Liability-classified awards are remeasured to fair value each reporting period. The plan includes awards that vest over a one-year two-year three-year |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions and access to our credit facility, however, this cash balance is spread among a diversified group of investment grade financial institutions. |
Acquisitions and Business Combinations | Acquisitions and When acquiring an asset, we determine whether the acquisition is an asset acquisition or a business combination based on whether the fair value of the gross assets acquired is concentrated in a single (group of similar) identifiable assets, resulting in an asset acquisition or, if not, resulting in a business combination. If treated as an asset acquisition, the asset is recorded in accordance with our property and equipment policy and related acquisition costs are capitalized as part of the asset. In a business combination, we recognize identifiable assets acquired, liabilities assumed, and non-controlling interests at their fair values at the acquisition date based on the exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date). We evaluate several factors, including market data for similar assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets and liabilities acquired. Property and equipment are recorded at fair value and such fair value is allocated to land, buildings, improvements, furniture, fixtures and equipment using appraisals and valuations performed by management and independent third parties. Acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. Other items that we evaluate include identifiable intangible assets, lease assets and liabilities and, in a business combination, goodwill. Identifiable intangible assets typically consist of assumed contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. Finance lease obligations that are assumed as part of the acquisition of a leasehold interest are measured at fair value and are included as debt on the accompanying balance sheet and we record the corresponding right-of-use assets. Classification of a lease does not change if it is part of an asset acquisition or a business combination. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources that arise in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. In certain situations, and usually only in connection with the acquisition of a foreign hotel, a deferred tax liability is recognized due to the difference between the fair value and the tax basis of the acquired assets at the acquisition date. In a business combination, any consideration paid in excess of the net fair value of the identifiable assets and liabilities acquired would be recorded to goodwill. In very limited circumstances, we may record a bargain purchase gain if the consideration paid is less than the net fair value of the assets and liabilities acquired. |
Leases | Leases We consider an arrangement to contain a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for compensation. All leases pursuant to which we are the lessee, including operating leases, are recognized as lease assets and lease liabilities on the balance sheet. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our fixed payment obligations. Leases with a term of 12 months or less are not recorded on the balance sheet. We use our estimated incremental borrowing rate to determine the present value of our lease obligations at initiation or modification. Our operating leases may require fixed payments, variable payments based on a percentage of revenue or income, or payments equal to the greater of a fixed or variable payment. Variable payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation is incurred. Operating lease expense is recognized on a straight-line basis over the lease term. Our lease terms include renewal options that we are reasonably certain to exercise, and renewal options controlled by the lessor. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Consolidated Portfolio of Hotels by Countries | As of December 31, 2020, the hotels in our consolidated portfolio are in the following countries: Hotels United States 74 Brazil 3 Canada 2 Total 79 |
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 of Host L.P.: As of December 31, 2020 2019 OP units outstanding (millions) 7.2 7.5 Market price per Host Inc. common share $ 14.63 $ 18.55 Shares issuable upon conversion of one OP unit 1.021494 1.021494 Redemption value (millions) $ 108 $ 142 Historical cost (millions) 67 79 Book value (millions) (1) 108 142 ___________ (1) |
Components of Total Accumulated Other Comprehensive Income (Loss) in the Balance Sheets | The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): As of December 31, 2020 2019 Gain on foreign currency forward contracts $ 2 $ 3 Loss on interest rate swap cash flow hedges (3 ) (3 ) Foreign currency translation (74 ) (57 ) Other comprehensive loss attributable to non-controlling interests 1 1 Total accumulated other comprehensive loss $ (74 ) $ (56 ) |
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): Year ended December 31, 2020 2019 2018 Net income (loss) $ (741 ) $ 932 $ 1,151 Less: Net (income) loss attributable to non-controlling interests 9 (12 ) (64 ) Net income (loss) attributable to Host Inc. $ (732 ) $ 920 $ 1,087 Basic weighted average shares outstanding 705.9 730.3 739.8 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.8 0.8 Diluted weighted average shares outstanding 705.9 731.1 740.6 Basic earnings (loss) per common share $ (1.04 ) $ 1.26 $ 1.47 Diluted earnings (loss) per common share $ (1.04 ) $ 1.26 $ 1.47 |
HOST HOTELS & RESORTS L.P. | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host L.P. basic and diluted earnings (loss) per common unit is shown below (in millions, except per unit amounts): Year ended December 31, 2020 2019 2018 Net income (loss) $ (741 ) $ 932 $ 1,151 Less: Net (income) loss attributable to non- controlling interests 1 (2 ) (52 ) Net income (loss) attributable to Host L.P. $ (740 ) $ 930 $ 1,099 Basic weighted average units outstanding 698.4 722.5 732.2 Assuming distribution of common units to support shares granted under the comprehensive stock plans, less shares assumed purchased at market — 0.8 0.8 Diluted weighted average units outstanding 698.4 723.3 733.0 Basic earnings (loss) per common unit $ (1.06 ) $ 1.29 $ 1.50 Diluted earnings (loss) per common unit $ (1.06 ) $ 1.29 $ 1.50 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 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 disclosure of hotel 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 16 – Geographic and Business Segment Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Year ended December 31, Location 2020 2019 2018 Florida Gulf Coast $ 207 $ 338 $ 285 Phoenix 141 311 298 San Francisco/San Jose 134 519 488 San Diego 124 516 523 Maui/Oahu 122 400 366 New York 111 560 744 Miami 106 178 55 Orlando 67 221 217 Washington, D.C. (Central Business District) 66 341 330 Los Angeles 59 187 188 Jacksonville 54 100 98 Atlanta 52 159 158 Houston 46 116 118 Boston 41 303 304 New Orleans 38 106 103 Northern Virginia 34 135 158 Chicago 26 165 186 Orange County 26 104 119 San Antonio 25 105 116 Denver 24 93 89 Philadelphia 24 90 88 Seattle 21 120 129 Other 52 214 257 Domestic 1,600 5,381 5,417 International 20 88 107 Total $ 1,620 $ 5,469 $ 5,524 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): As of December 31, 2020 2019 Land and land improvements $ 2,033 $ 2,062 Buildings and leasehold improvements 13,609 13,308 Furniture and equipment 2,471 2,362 Construction in progress 166 262 18,279 17,994 Less accumulated depreciation and amortization (8,863 ) (8,323 ) $ 9,416 $ 9,671 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Summary of Investments in Affiliates | We own investments in joint ventures for which the equity method of accounting is used. The debt of our joint ventures is non-recourse to, and not guaranteed by, us, and a default of such debt does not trigger a default under any of our debt instruments. We carry our investments at historical cost which, due to debt restructurings or distributions, may result in a negative investment balance. However, a negative investment balance does not represent a funding obligation for us or for our partners. Investments in affiliates consist of the following (in millions): As of December 31, 2020 Ownership Interests Our Investment Our Portion of Debt Total Debt Distributions received in 2020 (1) Assets Asia/Pacific JV 25 % $ 10 $ — $ — $ — A 36% interest in seven hotels and an office building in India Maui JV 67 % 46 18 27 10 131-unit vacation ownership project in Maui, HI Hyatt Place JV 50 % (13 ) 30 60 — One hotel in Nashville, TN Harbor Beach JV 49.9 % (39 ) 75 150 — One hotel in Fort Lauderdale, FL Philadelphia Marriott Downtown JV 11 % (7 ) 22 205 — One hotel in Philadelphia, PA Other investments 24 — — — Total $ 21 $ 145 $ 442 $ 10 As of December 31, 2019 Ownership Interests Our Investment Our Portion of Debt Total Debt Distributions received in 2019 (1) Assets Asia/Pacific JV 25 % $ 12 $ — $ — $ — A 36% interest in seven hotels and an office building in India Maui JV 67 % 72 17 26 — 131-unit vacation ownership project in Maui, HI Hyatt Place JV 50 % (13 ) 30 60 2 One hotel in Nashville, TN Harbor Beach JV 49.9 % (32 ) 75 150 9 One hotel in Fort Lauderdale, FL Philadelphia Marriott Downtown JV 11 % (6 ) 23 209 1 One hotel in Philadelphia, PA Other investments 23 — — — Total $ 56 $ 145 $ 445 $ 12 ___________ (1) Distributions received were funded by cash from operations unless otherwise noted. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt consists of the following (in millions): As of December 31, 2020 2019 Series C senior notes, with a rate of 4¾% due March 2023 $ — $ 447 Series D senior notes, with a rate of 3¾% due October 2023 399 398 Series E senior notes, with a rate of 4% due June 2025 497 497 Series F senior notes, with a rate of 4½% due February 2026 397 397 Series G senior notes, with a rate of 3⅞% due April 2024 398 397 Series H senior notes, with a rate of 3 ⅜ 640 640 Series I senior notes, with a rate of 3 ½ 734 — Total senior notes 3,065 2,776 Credit facility revolver (1) 1,474 (8 ) Credit facility term loan due January 2024 498 498 Credit facility term loan due January 2025 499 499 Other debt, with an average interest rate of 8.8% and 5.6% at December 31, 2020 and 2019, respectively, maturing through February 2024 5 29 Total debt $ 5,541 $ 3,794 _________ (1) There were no outstanding credit facility borrowings at December 31, 2019. Amount shown at December 31, 2019 represents deferred financing costs related to the credit facility revolver. |
Aggregate Debt Maturities | Aggregate debt maturities are as follows (in millions): As of December 31, 2020 2021 $ — 2022 — 2023 400 2024 2,388 2025 1,000 Thereafter 1,800 5,588 Deferred financing costs (30 ) Unamortized discounts, net (17 ) $ 5,541 |
Reconciliation between Interest Expense and Cash Interest Paid | The following is a reconciliation between interest expense and cash interest paid (in millions): Year ended December 31, 2020 (2) 2019 2018 Interest expense $ 194 $ 222 $ 176 Amortization of debt premiums/discounts, net (2 ) (1 ) (1 ) Amortization of deferred financing costs (6 ) (5 ) (6 ) Non-cash losses on debt extinguishment (1 ) (6 ) — Change in accrued interest (2 ) 9 2 Interest paid (1) $ 183 $ 219 $ 171 ___________ (1) Does not include capitalized interest of $5 million, $4 million and $3 million for 2020, 2019 and 2018, respectively. (2) Interest expense and interest paid includes cash prepayment premiums of approximately $35 million and $50 million in 2020 and 2019, respectively. |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common Dividends Declared Per Share | The table below presents the amount of common dividends declared per share and common distributions per unit as follows: Year ended December 31, 2020 2019 2018 Common stock $ .20 $ .85 $ .85 Common OP units .204 .868 .868 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Operating Loss, Capital Loss and General Business Credit Carryforwards | Set forth below is a table that documents our domestic and foreign tax attributes at December 31, 2020: Type Jurisdiction Amount (in millions) Expiration Net operating loss U.S. Federal $ 487 None Capital loss U.S. Federal and State 37 2023 General business credit U.S. Federal 1 Through 2040 Net operating loss U.S. State 827 Various Net operating loss Brazil 14 None Net operating loss Canada 20 Through 2040 Capital loss Canada 5 None |
Primary Components of Net Deferred Tax Asset | The primary components of our net deferred tax assets are as follows (in millions): As of December 31, 2020 2019 Deferred tax assets Net operating losses, general business credits, and capital loss carryovers $ 172 $ 16 Property and equipment 3 3 Deferred revenue and expenses 17 20 Foreign exchange net losses (AOCI) 12 12 Total gross deferred tax assets 204 51 Less: Valuation allowance (19 ) (13 ) Total deferred tax assets, net of valuation allowance $ 185 $ 38 Deferred tax liabilities Investments in domestic affiliates (1 ) (6 ) Total gross deferred tax liabilities (1 ) (6 ) Net deferred tax assets $ 184 $ 32 |
Income (Loss) from Continuing Operations Before Income Taxes | Our U.S. and foreign income (loss) from continuing operations before income taxes were as follows (in millions): Year ended December 31, 2020 2019 2018 U.S. income (loss) $ (945 ) $ 949 $ 887 Foreign income (loss) (16 ) 13 414 Total $ (961 ) $ 962 $ 1,301 |
Provision (Benefit) for Income Taxes from Continuing Operations | The income tax provision (benefit) for continuing operations consists of (in millions): Year ended December 31, 2020 2019 2018 Current —Federal $ (57 ) $ 14 $ 79 —State 1 6 30 —Foreign 1 3 37 (55 ) 23 146 Deferred —Federal (96 ) 3 2 —State (63 ) 1 1 —Foreign (6 ) 3 1 (165 ) 7 4 Income tax provision (benefit) – continuing operations $ (220 ) $ 30 $ 150 |
Income Tax Provision (Benefit) Calculated at Statutory U.S. Federal Corporate Income Tax Rate and Actual Income Tax Provision (Benefit) Recorded | The differences between the income tax provision (benefit) calculated at the statutory U.S. federal corporate income tax rate of 21% and the actual income tax provision (benefit) recorded for continuing operations are as follows (in millions): Year ended December 31, 2020 2019 2018 Statutory federal income tax provision (benefit) $ (202 ) $ 202 $ 273 Adjustment for nontaxable (income) loss of Host Inc. 34 (182 ) (192 ) Adjustment for net operating loss carryback to 2017-2019 18 — — State income tax provision (benefit), net (62 ) 7 31 Change to uncertain tax provision (3 ) (3 ) — Foreign income tax provision (benefit) (5 ) 6 38 Income tax provision (benefit) $ (220 ) $ 30 $ 150 |
Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending balances of our unrecognized tax benefits is as follows (in millions): 2020 2019 Balance at January 1 $ 8 $ 11 Reduction of unrecognized tax benefits due to expiration of statute of limitations (3 ) (3 ) Balance at December 31 $ 5 $ 8 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Costs and Other Information | The following table presents lease cost and other information (in millions): Year ended December 31, 2020 2019 Lease cost Operating lease cost $ 43 $ 47 Variable lease cost 2 36 Sublease income (1 ) (1 ) Total lease cost $ 44 $ 82 Other information Operating cash flows used for operating leases $ 43 $ 47 Weighted-average remaining lease term - operating leases 49 years 50 years Weighted-average discount rate - operating leases 5.3 % 5.3 % |
Rent Expense | Rent expense in accordance with ASC 840, under which we report prior to January 1, 2019, consists of (in millions): Year ended December 31, 2018 Minimum rentals on operating leases $ 45 Additional rentals based on sales 38 Less: sublease rentals (1 ) $ 82 |
Reconciliation of Total Lease Payments, on Undiscounted Basis, to Lease Liability on Balance Sheet | The following table presents a reconciliation of the total amount of lease payments, on an undiscounted basis, to the lease liability on the balance sheet as of December 31, 2020 (in millions): As of December 31, 2020 Ground Leases Office Leases and Other Total Weighted-average discount rate - operating leases 5.4 % 3.5 % 5.3 % 2021 $ 32 $ 7 $ 39 2022 32 7 39 2023 32 5 37 2024 33 4 37 2025 33 4 37 Thereafter 1,519 52 1,571 Total undiscounted cash flows $ 1,681 $ 79 $ 1,760 Present values Long-term lease liabilities $ 550 $ 60 $ 610 Total lease liabilities $ 550 $ 60 $ 610 Difference between undiscounted cash flows and discounted cash flows $ 1,131 $ 19 $ 1,150 |
Employee Stock Plans (Tables)
Employee Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Assumption used with Black Scholes Option Valuations Models | We value the TSR awards using the economic theory NAREIT Lodging & Resorts Index 2020 Award Grants 2019 Award Grants Grant date stock price $ 10.06 $ 17.97 Volatility 33.1 % 23.7 % Beta 0.618 1.029 Risk-free rate - three year award 0.19 % 2.43 % |
Schedule Payout for TSR Awards | The payout schedule for the TSR awards is as follows, with linear interpolation for points between the 30 th th TSR Percentile Ranking Payout (% of Maximum) At or above 75th percentile 100 % 50th percentile 50 30th percentile 25 Below 30th percentile 0 |
Summary of Status of Senior Executive Plans | The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2020: Year ended December 31, 2020 2019 2018 Shares Fair Value Shares Fair Value Shares Fair Value (in millions) (per share) (in millions) (per share) (in millions) (per share) Balance, at beginning of year 1.2 $ 13 0.9 $ 14 0.7 $ 14 Granted 2.0 10 1.3 14 1.1 16 Vested (1) (1.1 ) 15 (0.7 ) 19 (0.7 ) 17 Forfeited/expired (0.5 ) 15 (0.3 ) 19 (0.2 ) 17 Balance, at end of year 1.6 10 1.2 13 0.9 14 Issued in calendar year (1) 0.4 19 0.4 17 0.3 20 ___________ (1) Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2020 include shares vested at December 31, 2019, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $5.4 million and $4.8 million for 2020, 2019 and 2018, respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 3,065 $ 3,284 $ 2,776 $ 2,953 Credit facility (Level 2) 2,471 2,483 989 1,000 |
Geographic and Business Segme_2
Geographic and Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographical Area | The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions): 2020 2019 2018 Revenues Property and Equipment, net Revenues Property and Equipment, net Revenues Property and Equipment, net United States $ 1,600 $ 9,331 $ 5,381 $ 9,570 $ 5,417 $ 9,651 Brazil 7 34 23 45 19 49 Canada 13 51 65 56 67 60 Mexico — — — — 21 — Total $ 1,620 $ 9,416 $ 5,469 $ 9,671 $ 5,524 $ 9,760 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2020Hotel | Dec. 31, 2020USD ($)HotelEntity | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | |
Significant Accounting Policies [Line Items] | ||||
Draws on credit facility | $ 2,245 | $ 360 | ||
Total assets of VIE | 12,890 | $ 12,305 | ||
Liabilities of VIE | 6,456 | 4,838 | ||
Advances to and investments in affiliates | $ 21 | $ 56 | ||
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5.00% | |||
Number of impaired assets | Property | 1 | 4 | ||
Impairment charges | $ 14 | $ 260 | ||
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 | ||
Net income (loss) attributable to non-controlling interests | (1) | 2 | 52 | |
Net income (loss) | $ (8) | 10 | 12 | |
Percentage greater than threshold of income tax examination minimum likelihood of tax benefits being realized upon settlement | 50.00% | |||
Net loss related to sale of assets, previously recognized in foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates, reclassified | $ (1) | (4) | (13) | |
RSU Awards | Vesting over one-year Period | ||||
Significant Accounting Policies [Line Items] | ||||
Equity award vesting period | 1 year | |||
RSU Awards | Vesting over two-year Period | ||||
Significant Accounting Policies [Line Items] | ||||
Equity award vesting period | 2 years | |||
RSU Awards | Vesting over three-year Period | ||||
Significant Accounting Policies [Line Items] | ||||
Equity award vesting period | 3 years | |||
Property, Plant and Equipment, Other Types | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | |||
HOST HOTELS & RESORTS L.P. | ||||
Significant Accounting Policies [Line Items] | ||||
Draws on credit facility | $ 2,245 | 360 | ||
Total assets of VIE | 12,890 | 12,305 | ||
Liabilities of VIE | $ 6,456 | $ 4,838 | ||
OP units conversion basis | one OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. | |||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | ||
Net loss related to sale of assets, previously recognized in foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates, reclassified | $ (1) | $ (4) | $ (13) | |
Houston Airport Marriott at George Bush Intercontinental | Variable Interest Entities | ||||
Significant Accounting Policies [Line Items] | ||||
Total assets of VIE | 59 | |||
Liabilities of VIE | $ 28 | |||
Houston Airport Marriott at George Bush Intercontinental | General Partner | ||||
Significant Accounting Policies [Line Items] | ||||
General partner and limited partner interest | 85.00% | |||
Philadelphia Marriott Downtown | Variable Interest Entities Not Primary Beneficiary | ||||
Significant Accounting Policies [Line Items] | ||||
Advances to and investments in affiliates | $ (7) | |||
Philadelphia Marriott Downtown | Limited Partner Interest | ||||
Significant Accounting Policies [Line Items] | ||||
General partner and limited partner interest | 11.00% | |||
COVID - 19 | ||||
Significant Accounting Policies [Line Items] | ||||
Number of hotels suspends operations | Hotel | 35 | 4 | ||
COVID - 19 | Revolving Credit Facility | ||||
Significant Accounting Policies [Line Items] | ||||
Draws on credit facility | $ 1,500 | |||
Host L.P. | ||||
Significant Accounting Policies [Line Items] | ||||
Investment ownership percentage | 99.00% |
Consolidated Portfolio of Hotel
Consolidated Portfolio of Hotels by Countries (Detail) | Dec. 31, 2020Hotel |
Real Estate Properties [Line Items] | |
Hotels | 79 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 74 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Historical Cost and Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 108 | $ 142 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
OP units outstanding (millions) | shares | 7.2 | 7.5 | |
Market price per Host Inc. common share | $ / shares | $ 14.63 | $ 18.55 | |
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 108 | $ 142 | |
Historical cost (millions) | 67 | 79 | |
Book value (millions) | [1] | $ 108 | $ 142 |
[1] | The book value recorded is equal to the greater of the redemption value or the historical cost. |
Components of Total Accumulated
Components of Total Accumulated Other Comprehensive Income (Loss) in Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Gain on foreign currency forward contracts | $ 2 | $ 3 |
Loss on interest rate swap cash flow hedges | (3) | (3) |
Foreign currency translation | (74) | (57) |
Other comprehensive loss attributable to non-controlling interests | 1 | 1 |
Total accumulated other comprehensive loss | $ (74) | $ (56) |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share Or Unit (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share Diluted [Line Items] | |||
NET INCOME (LOSS) | $ (741) | $ 932 | $ 1,151 |
Less: Net (income) loss attributable to non-controlling interests | 9 | (12) | (64) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (732) | $ 920 | $ 1,087 |
Basic weighted average shares outstanding | 705.9 | 730.3 | 739.8 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.8 | 0.8 | |
Diluted weighted average shares/units outstanding | 705.9 | 731.1 | 740.6 |
Basic earnings (loss) per common share | $ (1.04) | $ 1.26 | $ 1.47 |
Diluted earnings (loss) per common share | $ (1.04) | $ 1.26 | $ 1.47 |
HOST HOTELS & RESORTS L.P. | |||
Earnings Per Share Diluted [Line Items] | |||
NET INCOME (LOSS) | $ (741) | $ 932 | $ 1,151 |
Less: Net (income) loss attributable to non-controlling interests | 1 | (2) | (52) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (740) | $ 930 | $ 1,099 |
Basic weighted average shares outstanding | 698.4 | 722.5 | 732.2 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.8 | 0.8 | |
Diluted weighted average shares/units outstanding | 698.4 | 723.3 | 733 |
Basic earnings (loss) per common share | $ (1.06) | $ 1.29 | $ 1.50 |
Diluted earnings (loss) per common share | $ (1.06) | $ 1.29 | $ 1.50 |
Summary of Hotel Revenues by Ma
Summary of Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenues | $ 1,620 | $ 5,469 | $ 5,524 |
New York | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 111 | 560 | 744 |
San Francisco/San Jose | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 134 | 519 | 488 |
San Diego | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 124 | 516 | 523 |
Maui/Oahu | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 122 | 400 | 366 |
Washington, D.C. (Central Business District) | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 66 | 341 | 330 |
Florida Gulf Coast | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 207 | 338 | 285 |
Phoenix | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 141 | 311 | 298 |
Boston | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 41 | 303 | 304 |
Orlando | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 67 | 221 | 217 |
Los Angeles | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 59 | 187 | 188 |
Miami | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 106 | 178 | 55 |
Chicago | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 26 | 165 | 186 |
Atlanta | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 52 | 159 | 158 |
Northern Virginia | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 34 | 135 | 158 |
Seattle | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 21 | 120 | 129 |
Houston | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 46 | 116 | 118 |
New Orleans | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 38 | 106 | 103 |
San Antonio | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 25 | 105 | 116 |
Orange County | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 26 | 104 | 119 |
Jacksonville | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 54 | 100 | 98 |
Denver | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 24 | 93 | 89 |
Philadelphia | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 24 | 90 | 88 |
Other | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 52 | 214 | 257 |
United States | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 1,600 | 5,381 | 5,417 |
International | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | $ 20 | $ 88 | $ 107 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Abstract] | |||
Land and land improvements | $ 2,033 | $ 2,062 | |
Buildings and leasehold improvements | 13,609 | 13,308 | |
Furniture and equipment | 2,471 | 2,362 | |
Construction in progress | 166 | 262 | |
Property, Plant and Equipment, Gross, Total | 18,279 | 17,994 | |
Less accumulated depreciation and amortization | (8,863) | (8,323) | |
Property and equipment, net | $ 9,416 | $ 9,671 | $ 9,760 |
Property and Equipment - Additi
Property and Equipment - Additional information (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Property Plant And Equipment [Abstract] | |
Cost of real estate for federal income tax purposes | $ 9,658 |
Summary of Investments in Affil
Summary of Investments in Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule Of Investments [Line Items] | |||
Our Investment | $ 21 | $ 56 | |
Our Portion of Debt | 145 | 145 | |
Total Debt | 442 | 445 | |
Distributions received | [1] | $ 10 | $ 12 |
Asia/Pacific Joint Venture | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 25.00% | 25.00% | |
Our Investment | $ 10 | $ 12 | |
Assets | A 36% interest in seven hotels and an office building in India | A 36% interest in seven hotels and an office building in India | |
Maui JV | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 67.00% | 67.00% | |
Our Investment | $ 46 | $ 72 | |
Our Portion of Debt | 18 | 17 | |
Total Debt | 27 | $ 26 | |
Distributions received | [1] | $ 10 | |
Assets | 131-unit vacation ownership project in Maui, HI | 131-unit vacation ownership project in Maui, HI | |
Hyatt Place Nashville Downtown | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 50.00% | 50.00% | |
Our Investment | $ (13) | $ (13) | |
Our Portion of Debt | 30 | 30 | |
Total Debt | $ 60 | 60 | |
Distributions received | [1] | $ 2 | |
Assets | One hotel in Nashville, TN | One hotel in Nashville, TN | |
Harbor Beach JV | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 49.90% | 49.90% | |
Our Investment | $ (39) | $ (32) | |
Our Portion of Debt | 75 | 75 | |
Total Debt | $ 150 | 150 | |
Distributions received | [1] | $ 9 | |
Assets | One hotel in Fort Lauderdale, FL | One hotel in Fort Lauderdale, FL | |
Philadelphia Marriott Downtown JV | |||
Schedule Of Investments [Line Items] | |||
Investment ownership percentage | 11.00% | 11.00% | |
Our Investment | $ (7) | $ (6) | |
Our Portion of Debt | 22 | 23 | |
Total Debt | $ 205 | 209 | |
Distributions received | [1] | $ 1 | |
Assets | One hotel in Philadelphia, PA | One hotel in Philadelphia, PA | |
Other investments | |||
Schedule Of Investments [Line Items] | |||
Our Investment | $ 24 | $ 23 | |
[1] | Distributions received were funded by cash from operations unless otherwise noted. |
Investments in Affiliates - Add
Investments in Affiliates - Additional Information (Detail) - Maui JV $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Investments In And Advances To Affiliates [Line Items] | |
Asset Impairment Charges | $ 21 |
HOST HOTELS & RESORTS, INC. | |
Investments In And Advances To Affiliates [Line Items] | |
Asset Impairment Charges | $ 14 |
Debt (Detail)
Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Senior notes | $ 3,065 | $ 2,776 |
Credit facility, including term loans of $997 | 2,471 | 989 |
Other debt | 5 | 29 |
Total debt | 5,541 | 3,794 |
Series C senior notes 4.75% due March 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 447 | |
Series D senior notes 3.75% due October 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 399 | 398 |
Series E senior notes 4% due June 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 497 | 497 |
Series G senior notes 3.875% due April 2024 | ||
Debt Instrument [Line Items] | ||
Senior notes | 398 | 397 |
Series I senior notes 3.5% due September 2030 | ||
Debt Instrument [Line Items] | ||
Senior notes | 734 | |
Series F senior notes 4.5% due February 2026 | ||
Debt Instrument [Line Items] | ||
Senior notes | 397 | 397 |
Series H senior notes 3.375% due December 2029 | ||
Debt Instrument [Line Items] | ||
Senior notes | 640 | 640 |
Term Loan due January 2024 | ||
Debt Instrument [Line Items] | ||
Credit facility, including term loans of $997 | 498 | 498 |
Term Loan due January 2025 | ||
Debt Instrument [Line Items] | ||
Credit facility, including term loans of $997 | 499 | 499 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility | $ 1,474 | $ (8) |
Debt (Parenthetical) (Detail)
Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Outstanding credit facility borrowings | $ 0 | |
Other Debt | ||
Debt Instrument [Line Items] | ||
Average interest rate | 8.80% | 5.60% |
Debt instrument maturity period | 2024-02 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Sep. 03, 2020 | Jun. 26, 2020 | Sep. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 20, 2020 | Aug. 01, 2019 | Jul. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||||||||
Repayment of debt | $ 450,000,000 | $ 650,000,000 | ||||||||
Prepayment premium | 35,000,000 | 50,000,000 | ||||||||
Aggregate borrowing capacity | $ 1,500,000,000 | |||||||||
Additional borrowing capacity | $ 500,000,000 | |||||||||
Credit facility | $ 2,471,000,000 | 2,471,000,000 | 989,000,000 | |||||||
Cash and cash equivalents | 2,335,000,000 | 2,335,000,000 | 1,573,000,000 | $ 1,542,000,000 | ||||||
Foreign Currency Borrowings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate borrowing capacity | 500,000,000 | 500,000,000 | ||||||||
Credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument increase in interest rate | 0.40% | |||||||||
Consent fee | 0.075% | |||||||||
Covenant relief period start date | Jul. 1, 2020 | |||||||||
Credit facility | Letter of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate borrowing capacity | 100,000,000 | 100,000,000 | ||||||||
Credit facility | Interest Rate Floor | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate floor | 0.15% | |||||||||
Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate borrowing capacity | 1,000,000,000 | $ 1,000,000,000 | ||||||||
Debt instrument increase in interest rate | 0.40% | |||||||||
Credit facility | $ 997,000,000 | $ 997,000,000 | 997,000,000 | |||||||
Debt interest rate | 1.80% | 1.80% | ||||||||
Term Loan | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable interest rate | 1.65% | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument increase in interest rate | 0.40% | |||||||||
Credit facility maturity date | Jan. 11, 2024 | |||||||||
Renewal period of credit facility | two six-month extension options | |||||||||
Facility commitment fee | 0.25% | |||||||||
Debt interest rate | 1.65% | 1.65% | ||||||||
Net proceeds from (repayment of) credit facility | $ 1,483,000,000 | $ (56,000,000) | ||||||||
Line of credit facility remaining borrowing capacity | $ 12,000,000 | $ 12,000,000 | ||||||||
Revolving Credit Facility | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable interest rate | 1.50% | |||||||||
Line of credit interest terms | Outside of the Covenant Relief Period, we pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin | |||||||||
Term Loan due January 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility maturity date | Jan. 11, 2024 | |||||||||
Credit facility | 500,000,000 | $ 500,000,000 | ||||||||
Renewal period of credit facility | one 1-year extension | |||||||||
Term Loan due January 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility maturity date | Jan. 9, 2025 | |||||||||
Credit facility | 500,000,000 | $ 500,000,000 | ||||||||
Upper Limit | Swingline Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate borrowing capacity | 100,000,000 | $ 100,000,000 | ||||||||
Upper Limit | Term Loan | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable interest rate | 1.65% | |||||||||
Upper Limit | Revolving Credit Facility | Investment grade | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility commitment fee | 0.30% | |||||||||
Upper Limit | Revolving Credit Facility | LIBOR | Investment grade | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable interest rate | 1.45% | |||||||||
Lower Limit | Term Loan | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable interest rate | 0.85% | |||||||||
Lower Limit | Revolving Credit Facility | Investment grade | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility commitment fee | 0.125% | |||||||||
Lower Limit | Revolving Credit Facility | LIBOR | Investment grade | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable interest rate | 0.775% | |||||||||
Series I senior notes 3.5% due September 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 150,000,000 | $ 600,000,000 | ||||||||
Debt interest rate | 3.50% | |||||||||
Proceed from issuance of note | 733,000,000 | |||||||||
Debt instrument maturity period | 2030-09 | |||||||||
Frequency of interest payable | Interest is payable semi-annually | |||||||||
Date of first payment | Mar. 15, 2021 | |||||||||
Series H senior notes 3.375% due December 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 650,000,000 | |||||||||
Debt interest rate | 3.375% | |||||||||
Proceed from issuance of note | $ 640,000,000 | |||||||||
Debt instrument maturity period | 2029-12 | |||||||||
Frequency of interest payable | Interest is payable semi-annually | |||||||||
Date of first payment | Dec. 15, 2019 | |||||||||
Series Z senior notes 6% due October 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt interest rate | 6.00% | |||||||||
Repayment of debt | $ 300,000,000 | |||||||||
Series C senior notes 4.75% due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 450,000,000 | |||||||||
Debt interest rate | 4.75% | |||||||||
Repayment of debt | $ 364,000,000 | 86,000,000 | ||||||||
Percentage of total debt repaid | 81.00% | |||||||||
Repayment of debt | $ 390,000,000 | 94,000,000 | ||||||||
Prepayment premium | $ 26,000,000 | 8,000,000 | ||||||||
Series B senior notes 5.25% due March 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt interest rate | 5.25% | |||||||||
Repayment of debt | $ 350,000,000 | |||||||||
Covenant Relief Period | Credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility, minimum liquidity covenant | $ 400,000,000 | $ 400,000,000 | ||||||||
Net cash proceeds as a mandatory prepayment of amounts outstanding under the Credit Facility | $ 350,000,000 | |||||||||
Covenant Requirement | Credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt covenant compliance | Under the terms of the Amendment, these covenant requirements currently are not in effect. | |||||||||
Debt instrument covenant description | Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. | |||||||||
Covenant Requirement | Upper Limit | Credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Leverage ratio | 7.25 | 7.25 | ||||||||
Covenant Requirement | Lower Limit | Credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured interest coverage ratio | 1.75% | |||||||||
Fixed charge coverage ratio | 1.25% | 1.25% | ||||||||
Cash and cash equivalents | $ 100,000,000 | $ 100,000,000 | ||||||||
Debt Covenant | Less Restrictive Covenant | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Leverage ratio | 6 | 6 | ||||||||
Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | $ 3,100,000,000 | $ 3,100,000,000 | 2,800,000,000 | |||||||
Unamortized discount | $ 35,000,000 | $ 35,000,000 | $ 24,000,000 | |||||||
Debt covenant compliance | As of December 31, 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. | |||||||||
Senior Notes | Upper Limit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt repurchase authorized amount | $ 1,000,000,000 |
Aggregate Debt Maturities (Deta
Aggregate Debt Maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2023 | $ 400 | |
2024 | 2,388 | |
2025 | 1,000 | |
Thereafter | 1,800 | |
Debt principal outstanding | 5,588 | |
Deferred financing costs | (30) | |
Unamortized discounts, net | (17) | |
Total debt | $ 5,541 | $ 3,794 |
Reconciliation between Interest
Reconciliation between Interest Expense and Cash Interest Paid (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Debt Disclosure [Abstract] | ||||
Interest expense | $ 194 | $ 222 | $ 176 | |
Amortization of debt premiums/discounts, net | (2) | (1) | (1) | |
Amortization of deferred financing costs | (6) | (5) | (6) | |
Non-cash losses on debt extinguishment | (1) | (6) | ||
Change in accrued interest | (2) | 9 | 2 | |
Interest paid | [1] | $ 183 | $ 219 | $ 171 |
[1] | Does not include capitalized interest of $5 million, $4 million and $3 million for 2020, 2019 and 2018, respectively. |
Reconciliation between Intere_2
Reconciliation between Interest Expense and Cash Interest Paid (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Capitalized interest | $ 5 | $ 4 | $ 3 |
Cash Prepayment | $ 35 | $ 50 |
Equity of Host Inc. and Capit_3
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Aug. 05, 2019USD ($) | May 31, 2018USD ($) | Feb. 28, 2017USD ($) | |
Stockholders Equity Note [Line Items] | |||||
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 | |||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||
Common stock, shares outstanding | 705,400,000 | 713,400,000 | |||
Dividend policy | The amount of any future dividends will be determined by Host Inc.’s Board of Directors. | ||||
Dividends taxable as REIT qualified | 5.90% | 63.40% | |||
Dividends taxable as ordinary income | 3.60% | 33.70% | |||
Dividends taxable as unrecaptured Section 1250 gain | 46.60% | 2.50% | |||
Dividend taxable as long term capital gain | 43.90% | 0.40% | |||
Dividends taxable as ordinary income deduction section 199A | 20.00% | 20.00% | |||
Line of credit facility, dividend restrictions | based on the terms of the credit facility amendments, we are restricted to paying a quarterly common cash dividend of $0.01 per share or higher amounts to the extent necessary to allow Host Inc. to maintain REIT status or to avoid corporate income or excise taxes, until after the covenant waiver period expires following the second quarter of 2022 | ||||
Lower Limit | |||||
Stockholders Equity Note [Line Items] | |||||
Percentage of annual taxable income Host Inc is required to distribute | 90.00% | ||||
Host L.P. | |||||
Stockholders Equity Note [Line Items] | |||||
Investment ownership percentage | 99.00% | ||||
Percentage of the common OP Units | 1.00% | ||||
HOST HOTELS & RESORTS, INC. | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 | |||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||
Common stock, shares outstanding | 705,400,000 | 713,400,000 | |||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||
Preferred stock, no par value | $ / shares | |||||
Preferred stock, shares outstanding | 0 | 0 | |||
Common OP units, outstanding | 690,500,000 | 698,300,000 | |||
Common stock repurchase, authorized amount | $ | $ 1,000 | $ 500 | |||
Available shares for repurchase | $ | $ 371 | ||||
Shares repurchased, average price | $ / shares | $ 16.49 | $ 17.37 | |||
Shares repurchased | 8,900,000 | 27,800,000 | |||
Repurchase of common stock, amount | $ | $ 147 | $ 482 | |||
HOST HOTELS & RESORTS, INC. | Maximum [Member] | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock repurchase, authorized amount | $ | $ 500 | ||||
HOST HOTELS & RESORTS L.P. | |||||
Stockholders Equity Note [Line Items] | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |||
Common OP units, outstanding | 697,700,000 | 705,800,000 |
Common Dividends Declared Per S
Common Dividends Declared Per Share (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Common stock | $ 0.20 | $ 0.85 | $ 0.85 |
Common OP units | $ 0.204 | $ 0.868 | $ 0.868 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Number of subsequent years we may not able to qualify as REIT if failed to qualify for taxation as a REIT in any taxable year | 4 years | ||
Income tax provision | $ (220) | $ 30 | $ 150 |
Net operating loss carry back period | 5 years | ||
Percentage of limitation on net operating losses of annual income | 80.00% | ||
Valuation allowance | $ 19 | 13 | |
Net increase in valuation allowance | 6 | ||
Total deferred tax assets, net of valuation allowance | $ 185 | $ 38 | |
Statutory federal income tax rate | 21.00% | 21.00% | |
Cash paid for income taxes, net of refunds received | $ 93 | 82 | |
Decrease to unrecognized tax benefits | $ 4 | ||
Recognized material interest or penalties | 0 | $ 0 | 0 |
Other Assets | U.S. Federal | |||
Income Taxes [Line Items] | |||
Income taxes receivable | $ 57 | ||
Lower Limit | |||
Income Taxes [Line Items] | |||
Open tax year by major tax jurisdiction | 2017 | ||
Upper Limit | |||
Income Taxes [Line Items] | |||
Open tax year by major tax jurisdiction | 2020 | ||
Long Term Capital Gain | |||
Income Taxes [Line Items] | |||
Income tax provision | $ 77 | ||
Domestic | Lower Limit | |||
Income Taxes [Line Items] | |||
Open tax year by major tax jurisdiction | 2017 | ||
Domestic | Upper Limit | |||
Income Taxes [Line Items] | |||
Open tax year by major tax jurisdiction | 2019 | ||
Domestic | AOCI Foreign Exchange Net loss | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 5 | ||
Domestic | Capital Loss Carryover | |||
Income Taxes [Line Items] | |||
Valuation allowance | 9 | ||
Foreign Tax Authority | Net Operating Loss and Capital Loss Carryover | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 5 | ||
Lower Limit | |||
Income Taxes [Line Items] | |||
Percentage of annual taxable income Host Inc is required to distribute | 90.00% |
Summary of Operating Loss, Capi
Summary of Operating Loss, Capital Loss and General Business Credit Carryforwards (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
U.S. Federal | |
Income Taxes [Line Items] | |
Net operating loss | $ 487 |
Net operating losses, Expiration | None |
U.S. State | |
Income Taxes [Line Items] | |
Net operating loss | $ 827 |
Net operating losses, Expiration | Various |
Foreign Tax Authority | Brazil | |
Income Taxes [Line Items] | |
Net operating loss | $ 14 |
Net operating losses, Expiration | None |
Foreign Tax Authority | Canada | |
Income Taxes [Line Items] | |
Net operating loss | $ 20 |
Net operating losses, Expiration | Through 2040 |
Capital Loss Carryover | U.S. Federal and State | |
Income Taxes [Line Items] | |
Tax credit carryforward, amount | $ 37 |
Net operating losses, Expiration | 2023 |
Capital Loss Carryover | Foreign Tax Authority | Canada | |
Income Taxes [Line Items] | |
Tax credit carryforward, amount | $ 5 |
Net operating losses, Expiration | None |
General business credit | U.S. Federal | |
Income Taxes [Line Items] | |
Tax credit carryforward, amount | $ 1 |
Net operating losses, Expiration | Through 2040 |
Primary Components of Net Defer
Primary Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Net operating losses, general business credits, and capital loss carryovers | $ 172 | $ 16 |
Property and equipment | 3 | 3 |
Deferred revenue and expenses | 17 | 20 |
Foreign exchange net losses (AOCI) | 12 | 12 |
Total gross deferred tax assets | 204 | 51 |
Less: Valuation allowance | (19) | (13) |
Total deferred tax assets, net of valuation allowance | 185 | 38 |
Deferred tax liabilities | ||
Investments in domestic affiliates | (1) | (6) |
Total gross deferred tax liabilities | (1) | (6) |
Net deferred tax assets | $ 184 | $ 32 |
Income (Loss) from Continuing O
Income (Loss) from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. income (loss) | $ (945) | $ 949 | $ 887 |
Foreign income (loss) | (16) | 13 | 414 |
INCOME (LOSS) BEFORE INCOME TAXES | $ (961) | $ 962 | $ 1,301 |
Provision (Benefit) for Income
Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current Federal | $ (57) | $ 14 | $ 79 |
Current State | 1 | 6 | 30 |
Current Foreign | 1 | 3 | 37 |
Current Income Tax Expense (Benefit), Total | (55) | 23 | 146 |
Deferred Federal | (96) | 3 | 2 |
Deferred State | (63) | 1 | 1 |
Deferred Foreign | (6) | 3 | 1 |
Deferred income taxes | (165) | 7 | 4 |
Income tax provision (benefit) – continuing operations | $ (220) | $ 30 | $ 150 |
Income Tax Provision (Benefit)
Income Tax Provision (Benefit) Calculated at Statutory U.S. Federal Corporate Income Tax Rate and Actual Income Tax Provision (Benefit) Recorded (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax provision (benefit) | $ (202) | $ 202 | $ 273 |
Adjustment for nontaxable (income) loss of Host Inc. | 34 | (182) | (192) |
Adjustment for net operating loss carryback to 2017-2019 | 18 | ||
State income tax provision (benefit), net | (62) | 7 | 31 |
Change to uncertain tax provision | (3) | (3) | |
Foreign income tax provision (benefit) | (5) | 6 | 38 |
Income tax provision (benefit) – continuing operations | $ (220) | $ 30 | $ 150 |
Unrecognized Tax Benefits Recon
Unrecognized Tax Benefits Reconciliation (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1 | $ 8 | $ 11 |
Reduction of unrecognized tax benefits due to expiration of statute of limitations | (3) | (3) |
Balance at December 31 | $ 5 | $ 8 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)GroundLeaseContract | Dec. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | ||
Number of hotels subject to ground leases | GroundLease | 22 | |
Operating leases information | leases and subleases contain one or more renewal options | |
Aggregate contingent liabilities relating to our former restaurant business | $ 3 | $ 5 |
Minimum payments from restaurants and the Sub lessee payable to us under non-cancelable subleases | 4 | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Financial leases | $ 1 | $ 1 |
Ground Leases | ||
Lessee Lease Description [Line Items] | ||
Percentage of 2019 minimum lease payments | 73.00% | |
Percentage of total future minimum lease payments | 96.00% | |
Ground Leases | Lower Limit | ||
Lessee Lease Description [Line Items] | ||
Discount rates | 4.30% | |
Ground Leases | Lower Limit | IBR | ||
Lessee Lease Description [Line Items] | ||
LIBOR swap rates, terms used to calculate IBR | 1 year | |
Ground Leases | Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Discount rates | 5.70% | |
Ground Leases | Maximum [Member] | IBR | ||
Lessee Lease Description [Line Items] | ||
LIBOR swap rates, terms used to calculate IBR | 50 years | |
Office Leases | Bethesda | ||
Lessee Lease Description [Line Items] | ||
Lease expiration date | 2036 | |
Office Leases | Miami | ||
Lessee Lease Description [Line Items] | ||
Lease expiration date | 2022 | |
Office Leases | San Diego | ||
Lessee Lease Description [Line Items] | ||
Lease expiration date | 2021 | |
Restaurant Sublease | Lower Limit | ||
Lessee Lease Description [Line Items] | ||
Number of renewal options | Contract | 1 | |
Minimum additional renewal option period | 5 years | |
Restaurant Sublease | Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Minimum additional renewal option period | 10 years |
Leases - Lease Costs and Other
Leases - Lease Costs and Other Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost | ||
Operating lease cost | $ 43 | $ 47 |
Variable lease cost | 2 | 36 |
Sublease income | (1) | (1) |
Total lease cost | 44 | 82 |
Other information | ||
Operating cash flows used for operating leases | $ 43 | $ 47 |
Weighted-average remaining lease term - operating leases | 49 years | 50 years |
Weighted-average discount rate - operating leases | 5.30% | 5.30% |
Rent Expense (Detail)
Rent Expense (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Leases [Abstract] | |
Minimum rentals on operating leases | $ 45 |
Additional rentals based on sales | 38 |
Less: sublease rentals | (1) |
Operating Leases, Rent Expense, Total | $ 82 |
Leases - Reconciliation of Tota
Leases - Reconciliation of Total Lease Payments, on Undiscounted Basis, to Lease Liability on Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee Lease Description [Line Items] | ||
Weighted-average discount rate - operating leases | 5.30% | 5.30% |
2021 | $ 39 | |
2022 | 39 | |
2023 | 37 | |
2024 | 37 | |
2025 | 37 | |
Thereafter | 1,571 | |
Total undiscounted cash flows | 1,760 | |
Long-term lease liabilities | 610 | |
Lease liabilities | 610 | $ 606 |
Difference between undiscounted cash flows and discounted cash flows | $ 1,150 | |
Ground Leases | ||
Lessee Lease Description [Line Items] | ||
Weighted-average discount rate - operating leases | 5.40% | |
2021 | $ 32 | |
2022 | 32 | |
2023 | 32 | |
2024 | 33 | |
2025 | 33 | |
Thereafter | 1,519 | |
Total undiscounted cash flows | 1,681 | |
Long-term lease liabilities | 550 | |
Lease liabilities | 550 | |
Difference between undiscounted cash flows and discounted cash flows | $ 1,131 | |
Office Leases and Other | ||
Lessee Lease Description [Line Items] | ||
Weighted-average discount rate - operating leases | 3.50% | |
2021 | $ 7 | |
2022 | 7 | |
2023 | 5 | |
2024 | 4 | |
2025 | 4 | |
Thereafter | 52 | |
Total undiscounted cash flows | 79 | |
Long-term lease liabilities | 60 | |
Lease liabilities | 60 | |
Difference between undiscounted cash flows and discounted cash flows | $ 19 |
Employee Stock Plans - Addition
Employee Stock Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefits Disclosure [Line Items] | |||
Compensation expense | $ 17 | $ 15 | $ 14 |
Granted | 2,200,000 | 1,400,000 | 1,200,000 |
Vested | 1,200,000 | 900,000 | 800,000 |
RSU Awards | Executive Officer | |||
Employee Benefits Disclosure [Line Items] | |||
Compensation expense | $ 15 | $ 13 | $ 12 |
RSU Awards | Vesting over one-year Period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 1 year | ||
RSU Awards | Vesting over two-year Period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 2 years | ||
RSU Awards | Vesting over three-year Period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years | ||
RSU Awards | Time-Based Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years | ||
Percentage of total shares awarded | 40.00% | ||
Percentage of shares expected to be released | 100.00% | ||
RSU Awards | TSR Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years | ||
Percentage of total shares awarded | 30.00% | ||
RSU Awards | Performance-Based Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Percentage of total shares awarded | 30.00% | ||
RSU Awards | TSR Awards, Performance Period Three | |||
Employee Benefits Disclosure [Line Items] | |||
Performance period | 3 years | ||
Other Stock Plans, Upper-middle management awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years | ||
Other Stock Plans, employee stock purchase plan | |||
Employee Benefits Disclosure [Line Items] | |||
Employee stock purchase plan discount percentage | 10.00% | ||
Other Stock Plans | |||
Employee Benefits Disclosure [Line Items] | |||
Compensation expense | $ 2 | $ 2 | $ 2 |
Granted | 200,000 | 100,000 | 100,000 |
2020 Comprehensive Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 15,000,000 | ||
Senior Executive Plan | RSU Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Granted | 2,000,000 | ||
Unvested RSUs | 1,500,000 | ||
Unrecognized compensation cost related to unvested RSU awards | $ 11 | ||
Senior Executive Plan | RSU Awards | Vesting over one-year Period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 1 year | ||
Senior Executive Plan | RSU Awards | Vesting over two-year Period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 2 years | ||
Senior Executive Plan | RSU Awards | Vesting over three-year Period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years |
Employee Stock Plans - Assumpti
Employee Stock Plans - Assumption used with Black Scholes Option Valuations Models (Details) - NAREIT Lodging & Resorts Index - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
2020 Award Grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Market price per Host Inc. common share | $ 10.06 | |
Volatility | 33.10% | |
Beta | 0.618 | |
2020 Award Grants | Three Year Award | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free rate | 0.19% | |
2019 Award Grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Market price per Host Inc. common share | $ 17.97 | |
Volatility | 23.70% | |
Beta | 1.029 | |
2019 Award Grants | Three Year Award | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free rate | 2.43% |
Employee Stock Plans - Schedule
Employee Stock Plans - Schedule Payout for TSR Awards (Detail) - RSU Awards - TSR Awards | Dec. 31, 2020 |
Disclosure Employee Stock Plans Schedule Payout For T S R Awards Detail [Line Items] | |
At or above 75th percentile | 100.00% |
50th percentile | 50.00% |
30th percentile | 25.00% |
Below 30th percentile | 0.00% |
Summary of Status of Senior Exe
Summary of Status of Senior Executive Plans (Detail) - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Shares | ||||
Granted | 2.2 | 1.4 | 1.2 | |
Vested | (1.2) | (0.9) | (0.8) | |
Restricted Stock | Executive Officer | ||||
Shares | ||||
Balance, at beginning of year | 1.2 | 0.9 | 0.7 | |
Granted | 2 | 1.3 | 1.1 | |
Vested | [1] | (1.1) | (0.7) | (0.7) |
Forfeited/expired | (0.5) | (0.3) | (0.2) | |
Balance, at end of year | 1.6 | 1.2 | 0.9 | |
Issued in calendar year | [1] | 0.4 | 0.4 | 0.3 |
Fair Value | ||||
Balance, at beginning of year | $ 13 | $ 14 | $ 14 | |
Granted | 10 | 14 | 16 | |
Vested | [1] | 15 | 19 | 17 |
Forfeited/expired | 15 | 19 | 17 | |
Balance, at end of year | 10 | 13 | 14 | |
Issued in calendar year | [1] | $ 19 | $ 17 | $ 20 |
[1] | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2020 include shares vested at December 31, 2019, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $5.4 million and $4.8 million for 2020, 2019 and 2018, respectively. |
Summary of Status of Senior E_2
Summary of Status of Senior Executive Plans (Parenthetical) (Detail) - Executive Officer - Restricted Stock - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares issued | [1] | 0.4 | 0.4 | 0.3 |
Value of shares withheld for employee tax requirements | $ 5.5 | $ 5.4 | $ 4.8 | |
[1] | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.4 million shares issued in 2020 include shares vested at December 31, 2019, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $5.5 million, $5.4 million and $4.8 million for 2020, 2019 and 2018, respectively. |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) $ in Millions | Sep. 21, 2018USD ($) | Dec. 31, 2020USD ($)Hotel | Dec. 31, 2019USD ($)Hotel | Dec. 31, 2018USD ($)Hotel |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Number of hotels sold | Hotel | 1 | 14 | 4 | |
Gain on sale of assets | $ 148 | $ 339 | $ 279 | |
Proceeds from sales of assets, net | 281 | 1,192 | 1,605 | |
Income tax provision | (220) | $ 30 | 150 | |
Long Term Capital Gain | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Income tax provision | $ 77 | |||
Phoenician Land Parcel | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on sale of assets | 59 | |||
Proceeds from sales of assets, net | 83 | |||
Retail | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on sale of assets | $ 386 | |||
Proceeds from sales of assets, net | 442 | |||
Future real estate tax rebates liability | $ 35 | |||
Retail | United States | Long Term Capital Gain | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Income tax provision | $ 16 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - 1 Hotel South Beach $ in Millions | 1 Months Ended |
Feb. 28, 2019USD ($)Room | |
Asset Acquisition And Business Combination [Line Items] | |
Number of rooms/apartment | Room | 429 |
Acquisition purchase price | $ 610 |
Preferred OP units issued | 23 |
Common OP units issued | $ 3 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment expense | $ 14 | $ 260 |
Sheraton San Diego Hotel Marina | Level 2 | Righ of Use Asset | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment expense | $ 14 | |
W New York, W New York - Union Square and Westin New York Grand Central | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment expense | 44 | |
Westin New York Grand Central | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value, net of selling cost | 270 | |
Sheraton New York Times Square Hotel | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment expense | 216 | |
Fair value of property, following the impairment loss | $ 495 |
Fair Values of Certain Financia
Fair Values of Certain Financial Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Financial liabilities | ||
Senior notes | $ 3,065 | $ 2,776 |
Credit facility, carrying value | 2,471 | 989 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 3,284 | 2,953 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | $ 2,483 | $ 1,000 |
Relationship with Marriott In_2
Relationship with Marriott International - Additional Information (Detail) - Agreements with Marriott International Inc - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Percentage of management agreements, based on revenues | 70.00% | ||
Franchise fees | $ 3 | $ 11.5 | $ 11.7 |
Management Fees | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 28 | $ 186 | $ 200 |
Hotel Management Agreements a_2
Hotel Management Agreements and Operating and License Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Contract | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5.00% |
Lower Limit | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Base management fee as percentage of annual gross revenues | 2.00% |
Management incentive fee as percentage of operating profit | 10.00% |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 4.00% |
Lower Limit | Contractual Rights | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Agreement initial term | 10 years |
Number of renewal options | 1 |
Upper Limit | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Base management fee as percentage of annual gross revenues | 3.00% |
Management incentive fee as percentage of operating profit | 20.00% |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5.00% |
Upper Limit | Contractual Rights | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Agreement initial term | 25 years |
Marriott | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage of management agreements, based on revenues | 70.00% |
Marriott | Hotels Operating under W, Westin, Sheraton, Luxury Collection and St. Regis Brands | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Base management fee as percentage of annual gross revenues | 1.00% |
Marriott | Occupancy | Licensing Agreements | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage sales paid for fees | 5.00% |
Marriott | Food and Beverage | Licensing Agreements | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage sales paid for fees | 2.00% |
Hyatt | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage of management agreements, based on revenues | 17.00% |
Geographic and Business Segme_3
Geographic and Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,620 | $ 5,469 | $ 5,524 |
Property and equipment, net | 9,416 | 9,671 | 9,760 |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,600 | 5,381 | 5,417 |
Property and equipment, net | 9,331 | 9,570 | 9,651 |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 7 | 23 | 19 |
Property and equipment, net | 34 | 45 | 49 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13 | 65 | 67 |
Property and equipment, net | $ 51 | $ 56 | 60 |
Mexico | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 21 |
Legal Proceedings, Guarantees_2
Legal Proceedings, Guarantees and Contingencies - Additional Information (Detail) | Dec. 31, 2020USD ($) |
Other Litigation Cases | Upper Limit | |
Loss Contingencies [Line Items] | |
Loss contingency , estimate of possible loss | $ 150,000 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Debt | $ 5,588 | ||||
Initial Costs, Land | 2,038 | ||||
Initial Costs, Buildings & Improvements | 9,094 | ||||
Subsequent Costs Capitalized, net | [1] | 4,577 | |||
Foreign Currency Adjustment | (67) | ||||
Land | 2,033 | ||||
Buildings & Improvements | 13,609 | ||||
Total | 15,642 | $ 15,370 | $ 15,546 | $ 15,463 | |
Accumulated Depreciation | 6,809 | $ 6,364 | $ 6,373 | $ 6,272 | |
Other Property | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | 1 | ||||
Initial Costs, Buildings & Improvements | 31 | ||||
Subsequent Costs Capitalized, net | [1] | 3 | |||
Land | 1 | ||||
Buildings & Improvements | 34 | ||||
Total | 35 | ||||
Accumulated Depreciation | $ 1 | ||||
Depreciation Life | 40 years | ||||
Date Acquired | various | ||||
1 Hotel South Beach | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 182 | ||||
Initial Costs, Buildings & Improvements | 443 | ||||
Subsequent Costs Capitalized, net | [1] | 8 | |||
Land | 182 | ||||
Buildings & Improvements | 451 | ||||
Total | 633 | ||||
Accumulated Depreciation | $ 30 | ||||
Date Acquired | 2019 | ||||
Depreciation Life | 34 years | ||||
Andaz Maui at Wailea Resort | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 151 | ||||
Initial Costs, Buildings & Improvements | 255 | ||||
Subsequent Costs Capitalized, net | [1] | 2 | |||
Land | 151 | ||||
Buildings & Improvements | 257 | ||||
Total | 408 | ||||
Accumulated Depreciation | $ 22 | ||||
Date Acquired | 2018 | ||||
Depreciation Life | 38 years | ||||
Axiom Hotel | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 36 | ||||
Initial Costs, Buildings & Improvements | 38 | ||||
Subsequent Costs Capitalized, net | [1] | 40 | |||
Land | 36 | ||||
Buildings & Improvements | 78 | ||||
Total | 114 | ||||
Accumulated Depreciation | $ 20 | ||||
Date Acquired | 2014 | ||||
Depreciation Life | 33 years | ||||
Boston Marriott Copley Place | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 203 | ||||
Subsequent Costs Capitalized, net | [1] | 85 | |||
Buildings & Improvements | 288 | ||||
Total | 288 | ||||
Accumulated Depreciation | $ 168 | ||||
Date Acquired | 2002 | ||||
Depreciation Life | 40 years | ||||
Calgary Marriott Downtown Hotel | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 5 | ||||
Initial Costs, Buildings & Improvements | 18 | ||||
Subsequent Costs Capitalized, net | [1] | 47 | |||
Foreign Currency Adjustment | (1) | ||||
Land | 5 | ||||
Buildings & Improvements | 64 | ||||
Total | 69 | ||||
Accumulated Depreciation | $ 44 | ||||
Date Acquired | 1996 | ||||
Depreciation Life | 40 years | ||||
Chicago Marriott Suites Downers Grove | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 2 | ||||
Initial Costs, Buildings & Improvements | 14 | ||||
Subsequent Costs Capitalized, net | [1] | 14 | |||
Land | 2 | ||||
Buildings & Improvements | 28 | ||||
Total | 30 | ||||
Accumulated Depreciation | $ 19 | ||||
Date Acquired | 1996 | ||||
Depreciation Life | 40 years | ||||
Coronado Island Marriott Resort & Spa | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 53 | ||||
Subsequent Costs Capitalized, net | [1] | 60 | |||
Buildings & Improvements | 113 | ||||
Total | 113 | ||||
Accumulated Depreciation | $ 71 | ||||
Date Acquired | 1997 | ||||
Depreciation Life | 40 years | ||||
Denver Marriott Tech Center | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 6 | ||||
Initial Costs, Buildings & Improvements | 26 | ||||
Subsequent Costs Capitalized, net | [1] | 82 | |||
Land | 6 | ||||
Buildings & Improvements | 108 | ||||
Total | 114 | ||||
Accumulated Depreciation | $ 73 | ||||
Date Acquired | 1994 | ||||
Depreciation Life | 40 years | ||||
Denver Marriott West | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 12 | ||||
Subsequent Costs Capitalized, net | [1] | 17 | |||
Buildings & Improvements | 29 | ||||
Total | 29 | ||||
Accumulated Depreciation | $ 25 | ||||
Date Acquired | 1983 | ||||
Depreciation Life | 40 years | ||||
Embassy Suites by Hilton Chicago Downtown Magnificent Mile | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 86 | ||||
Subsequent Costs Capitalized, net | [1] | 19 | |||
Buildings & Improvements | 105 | ||||
Total | 105 | ||||
Accumulated Depreciation | $ 49 | ||||
Date Acquired | 2004 | ||||
Depreciation Life | 40 years | ||||
Fairmont Kea Lani, Maui | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 55 | ||||
Initial Costs, Buildings & Improvements | 294 | ||||
Subsequent Costs Capitalized, net | [1] | 80 | |||
Land | 55 | ||||
Buildings & Improvements | 374 | ||||
Total | 429 | ||||
Accumulated Depreciation | $ 177 | ||||
Date Acquired | 2004 | ||||
Depreciation Life | 40 years | ||||
Gaithersburg Marriott Washingtonian Center | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 7 | ||||
Initial Costs, Buildings & Improvements | 22 | ||||
Subsequent Costs Capitalized, net | [1] | 14 | |||
Land | 7 | ||||
Buildings & Improvements | 36 | ||||
Total | 43 | ||||
Accumulated Depreciation | $ 27 | ||||
Date Acquired | 1993 | ||||
Depreciation Life | 40 years | ||||
Grand Hyatt Atlanta in Buckhead | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 8 | ||||
Initial Costs, Buildings & Improvements | 88 | ||||
Subsequent Costs Capitalized, net | [1] | 33 | |||
Land | 8 | ||||
Buildings & Improvements | 121 | ||||
Total | 129 | ||||
Accumulated Depreciation | $ 74 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
Grand Hyatt San Francisco | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 52 | ||||
Initial Costs, Buildings & Improvements | 331 | ||||
Subsequent Costs Capitalized, net | [1] | 4 | |||
Land | 52 | ||||
Buildings & Improvements | 335 | ||||
Total | 387 | ||||
Accumulated Depreciation | $ 32 | ||||
Date Acquired | 2018 | ||||
Depreciation Life | 34 years | ||||
Grand Hyatt Washington | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 154 | ||||
Initial Costs, Buildings & Improvements | 247 | ||||
Subsequent Costs Capitalized, net | [1] | 44 | |||
Land | 154 | ||||
Buildings & Improvements | 291 | ||||
Total | 445 | ||||
Accumulated Depreciation | $ 99 | ||||
Date Acquired | 2012 | ||||
Depreciation Life | 33 years | ||||
Hilton Singer Island Oceanfront/Palm Beaches Resort | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 2 | ||||
Initial Costs, Buildings & Improvements | 10 | ||||
Subsequent Costs Capitalized, net | [1] | 22 | |||
Land | 2 | ||||
Buildings & Improvements | 32 | ||||
Total | 34 | ||||
Accumulated Depreciation | $ 26 | ||||
Date Acquired | 1994 | ||||
Depreciation Life | 40 years | ||||
Houston Airport Marriott at George Bush Intercontinental | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 10 | ||||
Subsequent Costs Capitalized, net | [1] | 92 | |||
Buildings & Improvements | 102 | ||||
Total | 102 | ||||
Accumulated Depreciation | $ 80 | ||||
Date Acquired | 1984 | ||||
Depreciation Life | 40 years | ||||
Houston Marriott Medical Center / Museum District | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 19 | ||||
Subsequent Costs Capitalized, net | [1] | 44 | |||
Buildings & Improvements | 63 | ||||
Total | 63 | ||||
Accumulated Depreciation | $ 45 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
Hyatt Place Waikiki Beach | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 12 | ||||
Initial Costs, Buildings & Improvements | 120 | ||||
Subsequent Costs Capitalized, net | [1] | 4 | |||
Land | 12 | ||||
Buildings & Improvements | 124 | ||||
Total | 136 | ||||
Accumulated Depreciation | $ 33 | ||||
Date Acquired | 2013 | ||||
Depreciation Life | 34 years | ||||
Hyatt Regency Coconut Point Resort and Spa | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 33 | ||||
Initial Costs, Buildings & Improvements | 185 | ||||
Subsequent Costs Capitalized, net | [1] | 3 | |||
Land | 33 | ||||
Buildings & Improvements | 188 | ||||
Total | 221 | ||||
Accumulated Depreciation | $ 17 | ||||
Date Acquired | 2018 | ||||
Depreciation Life | 36 years | ||||
Hyatt Regency Maui Resort and Spa | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 92 | ||||
Initial Costs, Buildings & Improvements | 212 | ||||
Subsequent Costs Capitalized, net | [1] | 158 | |||
Land | 81 | ||||
Buildings & Improvements | 381 | ||||
Total | 462 | ||||
Accumulated Depreciation | $ 159 | ||||
Date Acquired | 2003 | ||||
Depreciation Life | 40 years | ||||
Hyatt Regency Reston | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 11 | ||||
Initial Costs, Buildings & Improvements | 78 | ||||
Subsequent Costs Capitalized, net | [1] | 31 | |||
Land | 12 | ||||
Buildings & Improvements | 108 | ||||
Total | 120 | ||||
Accumulated Depreciation | $ 66 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
Hyatt Regency San Francisco Airport | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 16 | ||||
Initial Costs, Buildings & Improvements | 119 | ||||
Subsequent Costs Capitalized, net | [1] | 112 | |||
Land | 20 | ||||
Buildings & Improvements | 227 | ||||
Total | 247 | ||||
Accumulated Depreciation | $ 133 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
Hyatt Regency Washington on Capitol Hill | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 40 | ||||
Initial Costs, Buildings & Improvements | 230 | ||||
Subsequent Costs Capitalized, net | [1] | 45 | |||
Land | 40 | ||||
Buildings & Improvements | 275 | ||||
Total | 315 | ||||
Accumulated Depreciation | $ 127 | ||||
Date Acquired | 2005 | ||||
Depreciation Life | 40 years | ||||
JW Marriott Atlanta Buckhead | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 16 | ||||
Initial Costs, Buildings & Improvements | 21 | ||||
Subsequent Costs Capitalized, net | [1] | 48 | |||
Land | 16 | ||||
Buildings & Improvements | 69 | ||||
Total | 85 | ||||
Accumulated Depreciation | $ 44 | ||||
Date Acquired | 1990 | ||||
Depreciation Life | 40 years | ||||
JW Marriott Hotel Rio de Janeiro | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 13 | ||||
Initial Costs, Buildings & Improvements | 29 | ||||
Subsequent Costs Capitalized, net | [1] | 5 | |||
Foreign Currency Adjustment | (30) | ||||
Land | 5 | ||||
Buildings & Improvements | 12 | ||||
Total | 17 | ||||
Accumulated Depreciation | $ 4 | ||||
Date Acquired | 2010 | ||||
Depreciation Life | 40 years | ||||
JW Marriott Houston by the Galleria | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 4 | ||||
Initial Costs, Buildings & Improvements | 26 | ||||
Subsequent Costs Capitalized, net | [1] | 56 | |||
Land | 6 | ||||
Buildings & Improvements | 80 | ||||
Total | 86 | ||||
Accumulated Depreciation | $ 52 | ||||
Date Acquired | 1994 | ||||
Depreciation Life | 40 years | ||||
JW Marriott, Washington DC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 26 | ||||
Initial Costs, Buildings & Improvements | 98 | ||||
Subsequent Costs Capitalized, net | [1] | 70 | |||
Land | 26 | ||||
Buildings & Improvements | 168 | ||||
Total | 194 | ||||
Accumulated Depreciation | $ 108 | ||||
Date Acquired | 2003 | ||||
Depreciation Life | 40 years | ||||
Manchester Grand Hyatt San Diego | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 548 | ||||
Subsequent Costs Capitalized, net | [1] | 76 | |||
Buildings & Improvements | 624 | ||||
Total | 624 | ||||
Accumulated Depreciation | $ 226 | ||||
Date Acquired | 2011 | ||||
Depreciation Life | 35 years | ||||
Marina Del Rey Marriott | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 13 | ||||
Subsequent Costs Capitalized, net | [1] | 36 | |||
Buildings & Improvements | 49 | ||||
Total | 49 | ||||
Accumulated Depreciation | $ 34 | ||||
Date Acquired | 1995 | ||||
Depreciation Life | 40 years | ||||
Marriott Downtown at CF Toronto Eaton Centre | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 27 | ||||
Subsequent Costs Capitalized, net | [1] | 35 | |||
Buildings & Improvements | 62 | ||||
Total | 62 | ||||
Accumulated Depreciation | $ 42 | ||||
Date Acquired | 1995 | ||||
Depreciation Life | 40 years | ||||
Marriott Marquis San Diego Marina | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 202 | ||||
Subsequent Costs Capitalized, net | [1] | 394 | |||
Buildings & Improvements | 596 | ||||
Total | 596 | ||||
Accumulated Depreciation | $ 374 | ||||
Date Acquired | 1996 | ||||
Depreciation Life | 40 years | ||||
Miami Marriott Biscayne Bay | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 38 | ||||
Initial Costs, Buildings & Improvements | 27 | ||||
Subsequent Costs Capitalized, net | [1] | 40 | |||
Land | 38 | ||||
Buildings & Improvements | 67 | ||||
Total | 105 | ||||
Accumulated Depreciation | $ 55 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
Minneapolis Marriott City Center | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 34 | ||||
Initial Costs, Buildings & Improvements | 27 | ||||
Subsequent Costs Capitalized, net | [1] | 63 | |||
Land | 34 | ||||
Buildings & Improvements | 90 | ||||
Total | 124 | ||||
Accumulated Depreciation | $ 67 | ||||
Date Acquired | 1995 | ||||
Depreciation Life | 40 years | ||||
New Orleans Marriott | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 16 | ||||
Initial Costs, Buildings & Improvements | 96 | ||||
Subsequent Costs Capitalized, net | [1] | 153 | |||
Land | 16 | ||||
Buildings & Improvements | 249 | ||||
Total | 265 | ||||
Accumulated Depreciation | $ 178 | ||||
Date Acquired | 1996 | ||||
Depreciation Life | 40 years | ||||
New York Marriott Downtown | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 19 | ||||
Initial Costs, Buildings & Improvements | 79 | ||||
Subsequent Costs Capitalized, net | [1] | 69 | |||
Land | 19 | ||||
Buildings & Improvements | 148 | ||||
Total | 167 | ||||
Accumulated Depreciation | $ 96 | ||||
Date Acquired | 1997 | ||||
Depreciation Life | 40 years | ||||
New York Marriott Marquis | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 49 | ||||
Initial Costs, Buildings & Improvements | 552 | ||||
Subsequent Costs Capitalized, net | [1] | 124 | |||
Land | 49 | ||||
Buildings & Improvements | 676 | ||||
Total | 725 | ||||
Accumulated Depreciation | $ 524 | ||||
Date Acquired | 1986 | ||||
Depreciation Life | 40 years | ||||
Newark Liberty International Airport Marriott | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 30 | ||||
Subsequent Costs Capitalized, net | [1] | 48 | |||
Buildings & Improvements | 78 | ||||
Total | 78 | ||||
Accumulated Depreciation | $ 61 | ||||
Date Acquired | 1984 | ||||
Depreciation Life | 40 years | ||||
Orlando World Center Marriott | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 18 | ||||
Initial Costs, Buildings & Improvements | 157 | ||||
Subsequent Costs Capitalized, net | [1] | 447 | |||
Land | 29 | ||||
Buildings & Improvements | 593 | ||||
Total | 622 | ||||
Accumulated Depreciation | $ 348 | ||||
Date Acquired | 1997 | ||||
Depreciation Life | 40 years | ||||
San Francisco Marriott Fisherman?s Wharf | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 6 | ||||
Initial Costs, Buildings & Improvements | 20 | ||||
Subsequent Costs Capitalized, net | [1] | 34 | |||
Land | 6 | ||||
Buildings & Improvements | 54 | ||||
Total | 60 | ||||
Accumulated Depreciation | $ 39 | ||||
Date Acquired | 1994 | ||||
Depreciation Life | 40 years | ||||
Philadelphia Airport Marriott | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 42 | ||||
Subsequent Costs Capitalized, net | [1] | 22 | |||
Buildings & Improvements | 64 | ||||
Total | 64 | ||||
Accumulated Depreciation | $ 43 | ||||
Date Acquired | 1995 | ||||
Depreciation Life | 40 years | ||||
Rio de Janeiro Parque Olimpico Hotels | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 21 | ||||
Initial Costs, Buildings & Improvements | 39 | ||||
Subsequent Costs Capitalized, net | [1] | 2 | |||
Foreign Currency Adjustment | (36) | ||||
Land | 9 | ||||
Buildings & Improvements | 17 | ||||
Total | 26 | ||||
Accumulated Depreciation | $ 4 | ||||
Date of Completion of Construction | 2014 | ||||
Depreciation Life | 35 years | ||||
San Antonio Marriott Rivercenter | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 86 | ||||
Subsequent Costs Capitalized, net | [1] | 129 | |||
Buildings & Improvements | 215 | ||||
Total | 215 | ||||
Accumulated Depreciation | $ 124 | ||||
Date Acquired | 1996 | ||||
Depreciation Life | 40 years | ||||
San Antonio Marriott Riverwalk | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 6 | ||||
Initial Costs, Buildings & Improvements | 45 | ||||
Subsequent Costs Capitalized, net | [1] | 40 | |||
Land | 6 | ||||
Buildings & Improvements | 85 | ||||
Total | 91 | ||||
Accumulated Depreciation | $ 57 | ||||
Date Acquired | 1995 | ||||
Depreciation Life | 40 years | ||||
Swissôtel | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 29 | ||||
Initial Costs, Buildings & Improvements | 132 | ||||
Subsequent Costs Capitalized, net | [1] | 99 | |||
Land | 30 | ||||
Buildings & Improvements | 230 | ||||
Total | 260 | ||||
Accumulated Depreciation | $ 124 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
San Francisco Marriott Marquis | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 278 | ||||
Subsequent Costs Capitalized, net | [1] | 234 | |||
Buildings & Improvements | 512 | ||||
Total | 512 | ||||
Accumulated Depreciation | $ 337 | ||||
Date Acquired | 1989 | ||||
Depreciation Life | 40 years | ||||
San Ramon Marriott | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 22 | ||||
Subsequent Costs Capitalized, net | [1] | 28 | |||
Buildings & Improvements | 50 | ||||
Total | 50 | ||||
Accumulated Depreciation | $ 33 | ||||
Date Acquired | 1996 | ||||
Depreciation Life | 40 years | ||||
Santa Clara Marriott | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 39 | ||||
Subsequent Costs Capitalized, net | [1] | 92 | |||
Buildings & Improvements | 131 | ||||
Total | 131 | ||||
Accumulated Depreciation | $ 97 | ||||
Date Acquired | 1989 | ||||
Depreciation Life | 40 years | ||||
The Phoenician, A Luxury Collection Resort | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 59 | ||||
Initial Costs, Buildings & Improvements | 307 | ||||
Subsequent Costs Capitalized, net | [1] | 110 | |||
Land | 61 | ||||
Buildings & Improvements | 415 | ||||
Total | 476 | ||||
Accumulated Depreciation | $ 100 | ||||
Date Acquired | 2015 | ||||
Depreciation Life | 32 years | ||||
Sheraton Boston Hotel | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 42 | ||||
Initial Costs, Buildings & Improvements | 262 | ||||
Subsequent Costs Capitalized, net | [1] | 79 | |||
Land | 42 | ||||
Buildings & Improvements | 341 | ||||
Total | 383 | ||||
Accumulated Depreciation | $ 160 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
The Ritz-Carlton Golf Resort, Naples | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 22 | ||||
Initial Costs, Buildings & Improvements | 10 | ||||
Subsequent Costs Capitalized, net | [1] | 86 | |||
Land | 22 | ||||
Buildings & Improvements | 96 | ||||
Total | 118 | ||||
Accumulated Depreciation | $ 44 | ||||
Date of Completion of Construction | 2002 | ||||
Depreciation Life | 40 years | ||||
The Ritz-Carlton, Amelia Island | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 25 | ||||
Initial Costs, Buildings & Improvements | 115 | ||||
Subsequent Costs Capitalized, net | [1] | 96 | |||
Land | 25 | ||||
Buildings & Improvements | 211 | ||||
Total | 236 | ||||
Accumulated Depreciation | $ 128 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
Sheraton New York Times Square Hotel | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 346 | ||||
Initial Costs, Buildings & Improvements | 409 | ||||
Subsequent Costs Capitalized, net | [1] | (100) | |||
Land | 346 | ||||
Buildings & Improvements | 309 | ||||
Total | 655 | ||||
Accumulated Depreciation | $ 201 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
The Ritz-Carlton, Marina Del Rey | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 52 | ||||
Subsequent Costs Capitalized, net | [1] | 39 | |||
Buildings & Improvements | 91 | ||||
Total | 91 | ||||
Accumulated Depreciation | $ 63 | ||||
Date Acquired | 1997 | ||||
Depreciation Life | 40 years | ||||
Sheraton Parsippany Hotel | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 8 | ||||
Initial Costs, Buildings & Improvements | 30 | ||||
Subsequent Costs Capitalized, net | [1] | 25 | |||
Land | 8 | ||||
Buildings & Improvements | 55 | ||||
Total | 63 | ||||
Accumulated Depreciation | $ 31 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
Tampa Airport Marriott | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 9 | ||||
Subsequent Costs Capitalized, net | [1] | 27 | |||
Buildings & Improvements | 36 | ||||
Total | 36 | ||||
Accumulated Depreciation | $ 32 | ||||
Date Acquired | 1971 | ||||
Depreciation Life | 40 years | ||||
The Camby Hotel | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 10 | ||||
Initial Costs, Buildings & Improvements | 63 | ||||
Subsequent Costs Capitalized, net | [1] | 32 | |||
Land | 10 | ||||
Buildings & Improvements | 95 | ||||
Total | 105 | ||||
Accumulated Depreciation | $ 60 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
The Don CeSar | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 46 | ||||
Initial Costs, Buildings & Improvements | 158 | ||||
Subsequent Costs Capitalized, net | [1] | 26 | |||
Land | 46 | ||||
Buildings & Improvements | 184 | ||||
Total | 230 | ||||
Accumulated Depreciation | $ 24 | ||||
Date Acquired | 2017 | ||||
Depreciation Life | 34 years | ||||
The Logan | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 26 | ||||
Initial Costs, Buildings & Improvements | 60 | ||||
Subsequent Costs Capitalized, net | [1] | 73 | |||
Land | 27 | ||||
Buildings & Improvements | 132 | ||||
Total | 159 | ||||
Accumulated Depreciation | $ 79 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
The Ritz-Carlton, Naples | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 19 | ||||
Initial Costs, Buildings & Improvements | 126 | ||||
Subsequent Costs Capitalized, net | [1] | 180 | |||
Land | 21 | ||||
Buildings & Improvements | 304 | ||||
Total | 325 | ||||
Accumulated Depreciation | $ 198 | ||||
Date Acquired | 1996 | ||||
Depreciation Life | 40 years | ||||
The Ritz-Carlton, Tysons Corner | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 89 | ||||
Subsequent Costs Capitalized, net | [1] | 38 | |||
Buildings & Improvements | 127 | ||||
Total | 127 | ||||
Accumulated Depreciation | $ 78 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
The St. Regis Houston | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 6 | ||||
Initial Costs, Buildings & Improvements | 33 | ||||
Subsequent Costs Capitalized, net | [1] | 21 | |||
Land | 6 | ||||
Buildings & Improvements | 54 | ||||
Total | 60 | ||||
Accumulated Depreciation | $ 30 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
The Westin Buckhead Atlanta | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 5 | ||||
Initial Costs, Buildings & Improvements | 84 | ||||
Subsequent Costs Capitalized, net | [1] | 40 | |||
Land | 6 | ||||
Buildings & Improvements | 123 | ||||
Total | 129 | ||||
Accumulated Depreciation | $ 71 | ||||
Date Acquired | 1998 | ||||
Depreciation Life | 40 years | ||||
The Westin Chicago River North | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 33 | ||||
Initial Costs, Buildings & Improvements | 116 | ||||
Subsequent Costs Capitalized, net | [1] | 19 | |||
Land | 33 | ||||
Buildings & Improvements | 135 | ||||
Total | 168 | ||||
Accumulated Depreciation | $ 40 | ||||
Date Acquired | 2010 | ||||
Depreciation Life | 40 years | ||||
The Westin Cincinnati | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 54 | ||||
Subsequent Costs Capitalized, net | [1] | 20 | |||
Buildings & Improvements | 74 | ||||
Total | 74 | ||||
Accumulated Depreciation | $ 36 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
The Westin Denver Downtown | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 89 | ||||
Subsequent Costs Capitalized, net | [1] | 23 | |||
Buildings & Improvements | 112 | ||||
Total | 112 | ||||
Accumulated Depreciation | $ 50 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
The Westin Georgetown, Washington D.C. | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 16 | ||||
Initial Costs, Buildings & Improvements | 80 | ||||
Subsequent Costs Capitalized, net | [1] | 20 | |||
Land | 16 | ||||
Buildings & Improvements | 100 | ||||
Total | 116 | ||||
Accumulated Depreciation | $ 45 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
The Westin Kierland Resort & Spa | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 100 | ||||
Initial Costs, Buildings & Improvements | 280 | ||||
Subsequent Costs Capitalized, net | [1] | 42 | |||
Land | 100 | ||||
Buildings & Improvements | 322 | ||||
Total | 422 | ||||
Accumulated Depreciation | $ 120 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
The Westin Los Angeles Airport | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 102 | ||||
Subsequent Costs Capitalized, net | [1] | 26 | |||
Buildings & Improvements | 128 | ||||
Total | 128 | ||||
Accumulated Depreciation | $ 58 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
Westin Seattle | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 39 | ||||
Initial Costs, Buildings & Improvements | 175 | ||||
Subsequent Costs Capitalized, net | [1] | 46 | |||
Land | 39 | ||||
Buildings & Improvements | 221 | ||||
Total | 260 | ||||
Accumulated Depreciation | $ 95 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
Westin South Coast Plaza Costa Mesa | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 46 | ||||
Subsequent Costs Capitalized, net | [1] | 25 | |||
Buildings & Improvements | 71 | ||||
Total | 71 | ||||
Accumulated Depreciation | $ 55 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
Westin Waltham Boston | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 9 | ||||
Initial Costs, Buildings & Improvements | 59 | ||||
Subsequent Costs Capitalized, net | [1] | 22 | |||
Land | 9 | ||||
Buildings & Improvements | 81 | ||||
Total | 90 | ||||
Accumulated Depreciation | $ 38 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
The Whitley, A Luxury Collection Hotel, Atlanta Buckhead | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 14 | ||||
Initial Costs, Buildings & Improvements | 81 | ||||
Subsequent Costs Capitalized, net | [1] | 86 | |||
Land | 15 | ||||
Buildings & Improvements | 166 | ||||
Total | 181 | ||||
Accumulated Depreciation | $ 111 | ||||
Date Acquired | 1996 | ||||
Depreciation Life | 40 years | ||||
W Hollywood | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings & Improvements | $ 204 | ||||
Buildings & Improvements | 204 | ||||
Total | 204 | ||||
Accumulated Depreciation | $ 27 | ||||
Date Acquired | 2017 | ||||
Depreciation Life | 35 years | ||||
W Seattle | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 11 | ||||
Initial Costs, Buildings & Improvements | 125 | ||||
Subsequent Costs Capitalized, net | [1] | 15 | |||
Land | 11 | ||||
Buildings & Improvements | 140 | ||||
Total | 151 | ||||
Accumulated Depreciation | $ 55 | ||||
Date Acquired | 2006 | ||||
Depreciation Life | 40 years | ||||
Washington Marriott At Metro Center | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 20 | ||||
Initial Costs, Buildings & Improvements | 24 | ||||
Subsequent Costs Capitalized, net | [1] | 30 | |||
Land | 20 | ||||
Buildings & Improvements | 54 | ||||
Total | 74 | ||||
Accumulated Depreciation | $ 42 | ||||
Date Acquired | 1994 | ||||
Depreciation Life | 40 years | ||||
Westfields Marriott Washington Dulles | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 7 | ||||
Initial Costs, Buildings & Improvements | 32 | ||||
Subsequent Costs Capitalized, net | [1] | 21 | |||
Land | 7 | ||||
Buildings & Improvements | 53 | ||||
Total | 60 | ||||
Accumulated Depreciation | $ 40 | ||||
Date Acquired | 1994 | ||||
Depreciation Life | 40 years | ||||
YVE Hotel Miami | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 15 | ||||
Initial Costs, Buildings & Improvements | 41 | ||||
Subsequent Costs Capitalized, net | [1] | 3 | |||
Land | 15 | ||||
Buildings & Improvements | 44 | ||||
Total | 59 | ||||
Accumulated Depreciation | $ 10 | ||||
Date Acquired | 2014 | ||||
Depreciation Life | 33 years | ||||
Total Hotels | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 2,037 | ||||
Initial Costs, Buildings & Improvements | 9,063 | ||||
Subsequent Costs Capitalized, net | [1] | 4,574 | |||
Foreign Currency Adjustment | (67) | ||||
Land | 2,032 | ||||
Buildings & Improvements | 13,575 | ||||
Total | 15,607 | ||||
Accumulated Depreciation | $ 6,808 | ||||
[1] | (1) Subsequent costs capitalized are net of impairment expense. |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | |
Cost of real estate for federal income tax purposes | $ 9,658 |
Upper Limit | |
Real Estate And Accumulated Depreciation [Line Items] | |
Other properties, percentage | 5.00% |
Reconciliation of Carrying Amou
Reconciliation of Carrying Amounts of Real Estate Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Beginning Balance | $ 15,370 | $ 15,546 | $ 15,463 |
Additions: | |||
Acquisitions | 625 | 1,013 | |
Capital expenditures and transfers from construction-in-progress | 446 | 332 | 249 |
Deductions: | |||
Dispositions and other | (174) | (1,127) | (551) |
Impairments | (6) | (260) | |
Assets held for sale | (368) | ||
Ending Balance | $ 15,642 | $ 15,370 | $ 15,546 |
Change in Accumulated Depreciat
Change in Accumulated Depreciation and Amortization of Real Estate Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation Other Required Disclosures [Abstract] | |||
Beginning Balance | $ 6,364 | $ 6,373 | $ 6,272 |
Depreciation and amortization | 541 | 535 | 546 |
Dispositions and other | (96) | (544) | (344) |
Depreciation on assets held for sale | (101) | ||
Ending Balance | $ 6,809 | $ 6,364 | $ 6,373 |