Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | |
Entity Central Index Key | 0001070750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | HST | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-14625 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 53-0085950 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 706,086,096 | |
HOST HOTELS & RESORTS L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | |
Entity Central Index Key | 0001061937 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-25087 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2095412 | |
Entity Address, Address Line One | 4747 Bethesda Ave | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 240 | |
Local Phone Number | 744-1000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Property and equipment, net | $ 9,506 | $ 9,416 | |
Right-of-use assets | 596 | 597 | |
Due from managers | 26 | 22 | |
Advances to and investments in affiliates | 34 | 21 | |
Furniture, fixtures and equipment replacement fund | 131 | 139 | |
Other | 420 | 360 | |
Cash and cash equivalents | 2,008 | 2,335 | |
Total assets | 12,721 | 12,890 | |
Debt | |||
Senior notes | 3,066 | 3,065 | |
Credit facility, including term loans of $996 and $997, respectively | 2,469 | 2,471 | |
Other debt | 5 | 5 | |
Total debt | 5,540 | 5,541 | |
Lease liabilities | 609 | 610 | |
Accounts payable and accrued expenses | 76 | 71 | |
Due to managers | 56 | 64 | |
Other | 166 | 170 | |
Total liabilities | 6,447 | 6,456 | |
Partnership interests | 124 | 108 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 706.1 million shares and 705.4 million shares issued and outstanding, respectively | 7 | 7 | |
Additional paid-in capital | 7,547 | 7,568 | |
Accumulated other comprehensive loss | (77) | (74) | |
Deficit | (1,332) | (1,180) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,145 | 6,321 | |
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 5 | |
Total equity | 6,150 | 6,326 | |
Total liabilities, non-controlling interests and equity | 12,721 | 12,890 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (77) | (74) | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 9,506 | 9,416 | |
Right-of-use assets | 596 | 597 | |
Due from managers | 26 | 22 | |
Advances to and investments in affiliates | 34 | 21 | |
Furniture, fixtures and equipment replacement fund | 131 | 139 | |
Other | 420 | 360 | |
Cash and cash equivalents | 2,008 | 2,335 | |
Total assets | 12,721 | 12,890 | |
Debt | |||
Senior notes | 3,066 | 3,065 | |
Credit facility, including term loans of $996 and $997, respectively | 2,469 | 2,471 | |
Other debt | 5 | 5 | |
Total debt | 5,540 | 5,541 | |
Lease liabilities | 609 | 610 | |
Accounts payable and accrued expenses | 76 | 71 | |
Due to managers | 56 | 64 | |
Other | 166 | 170 | |
Total liabilities | 6,447 | 6,456 | |
Partnership interests | [1] | 124 | 108 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (77) | (74) | |
Total liabilities, non-controlling interests and equity | 12,721 | 12,890 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 6,221 | 6,394 | |
Accumulated other comprehensive loss | (77) | (74) | |
Total Host Hotels & Resorts, L.P. capital | 6,145 | 6,321 | |
Non-controlling interests—consolidated partnerships | 5 | 5 | |
Total capital | $ 6,150 | $ 6,326 | |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Credit facility | $ 2,469 | $ 2,471 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 706,100,000 | 705,400,000 |
Common stock, shares outstanding | 706,100,000 | 705,400,000 |
Term Loan | ||
Credit facility | $ 996 | $ 997 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
REVENUES | ||
Revenues | $ 399 | $ 1,052 |
EXPENSES | ||
Other property-level expenses | 78 | 93 |
Depreciation and amortization | 165 | 164 |
Corporate and other expenses | 24 | 25 |
Total operating costs and expenses | 565 | 1,063 |
OPERATING LOSS | (166) | (11) |
Interest income | 1 | 6 |
Interest expense | (42) | (37) |
Other losses | (1) | (2) |
Equity in earnings of affiliates | 9 | 4 |
LOSS BEFORE INCOME TAXES | (199) | (40) |
Benefit for income taxes | 46 | 37 |
NET LOSS | (153) | (3) |
Less: Net loss attributable to non-controlling interests | 1 | |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (152) | (3) |
Basic loss per common share | $ (0.22) | |
Diluted loss per common share | $ (0.22) | |
HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | $ 399 | 1,052 |
EXPENSES | ||
Other property-level expenses | 78 | 93 |
Depreciation and amortization | 165 | 164 |
Corporate and other expenses | 24 | 25 |
Total operating costs and expenses | 565 | 1,063 |
OPERATING LOSS | (166) | (11) |
Interest income | 1 | 6 |
Interest expense | (42) | (37) |
Other losses | (1) | (2) |
Equity in earnings of affiliates | 9 | 4 |
LOSS BEFORE INCOME TAXES | (199) | (40) |
Benefit for income taxes | 46 | 37 |
NET LOSS | (153) | (3) |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (153) | (3) |
Basic loss per common share | $ (0.22) | |
Diluted loss per common share | $ (0.22) | |
Rooms | ||
REVENUES | ||
Revenues | $ 257 | 626 |
EXPENSES | ||
Expenses | 65 | 187 |
Rooms | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 257 | 626 |
EXPENSES | ||
Expenses | 65 | 187 |
Food and Beverage | ||
REVENUES | ||
Revenues | 77 | 330 |
EXPENSES | ||
Expenses | 62 | 245 |
Food and Beverage | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 77 | 330 |
EXPENSES | ||
Expenses | 62 | 245 |
Other | ||
REVENUES | ||
Revenues | 65 | 96 |
EXPENSES | ||
Expenses | 160 | 319 |
Other | HOST HOTELS & RESORTS L.P. | ||
REVENUES | ||
Revenues | 65 | 96 |
EXPENSES | ||
Expenses | 160 | 319 |
Management Fees | ||
EXPENSES | ||
Expenses | 11 | 30 |
Management Fees | HOST HOTELS & RESORTS L.P. | ||
EXPENSES | ||
Expenses | $ 11 | $ 30 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
NET LOSS | $ (153) | $ (3) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (2) | (19) |
Change in fair value of derivative instruments | (1) | 3 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (3) | (16) |
COMPREHENSIVE LOSS | (156) | (19) |
Less: Comprehensive loss attributable to non-controlling interests | 1 | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | (155) | (19) |
HOST HOTELS & RESORTS L.P. | ||
NET LOSS | (153) | (3) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Foreign currency translation and other comprehensive income of unconsolidated affiliates | (2) | (19) |
Change in fair value of derivative instruments | (1) | 3 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (3) | (16) |
COMPREHENSIVE LOSS | (156) | (19) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (156) | $ (19) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net loss | $ (153) | $ (3) | |
Adjustments to reconcile net loss to net cash provided by (used in) operations: | |||
Net cash provided by (used in) operating activities | (49) | 157 | |
Depreciation and amortization | 165 | 164 | |
Amortization of finance costs, discounts and premiums, net | 2 | 2 | |
Stock compensation expense | 4 | 3 | |
Other losses | 1 | 2 | |
Equity in earnings of affiliates | (9) | (4) | |
Change in due from/to managers | (13) | 22 | |
Changes in other assets | (39) | (18) | |
Changes in other liabilities | (7) | (11) | |
INVESTING ACTIVITIES | |||
Proceeds from sales of assets, net | 3 | 1 | |
Proceeds from loan receivable | 9 | 28 | |
Advances to and investments in affiliates | (5) | (1) | |
Acquisitions | (189) | ||
Capital expenditures: | |||
Renewals and replacements | (32) | (55) | |
Return on investment | (61) | (76) | |
Net cash used in investing activities | (275) | (103) | |
FINANCING ACTIVITIES | |||
Financing costs | (3) | ||
Draws on credit facility | 1,500 | ||
Common stock repurchase | (147) | ||
Dividends on common stock | (179) | ||
Distributions and payments to non-controlling interests | (2) | ||
Other financing activities | (8) | (6) | |
Net cash provided by (used in) financing activities | (11) | 1,166 | |
Effects of exchange rate changes on cash held | (8) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (335) | 1,212 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 2,476 | 1,750 | $ 1,750 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 2,141 | 2,962 | 2,476 |
Supplemental disclosure of cash flow information: | |||
Cash and cash equivalents | 2,008 | 2,796 | 2,335 |
Restricted cash (included in other assets) | 2 | 1 | |
Furniture, fixtures and equipment replacement fund | 131 | 165 | 139 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 2,141 | 2,962 | |
Total interest paid | 35 | 27 | |
Income taxes paid | 1 | ||
HOST HOTELS & RESORTS L.P. | |||
OPERATING ACTIVITIES | |||
Net loss | (153) | (3) | |
Adjustments to reconcile net loss to net cash provided by (used in) operations: | |||
Net cash provided by (used in) operating activities | (49) | 157 | |
Depreciation and amortization | 165 | 164 | |
Amortization of finance costs, discounts and premiums, net | 2 | 2 | |
Stock compensation expense | 4 | 3 | |
Other losses | 1 | 2 | |
Equity in earnings of affiliates | (9) | (4) | |
Change in due from/to managers | (13) | 22 | |
Changes in other assets | (39) | (18) | |
Changes in other liabilities | (7) | (11) | |
INVESTING ACTIVITIES | |||
Proceeds from sales of assets, net | 3 | 1 | |
Proceeds from loan receivable | 9 | 28 | |
Advances to and investments in affiliates | (5) | (1) | |
Acquisitions | (189) | ||
Capital expenditures: | |||
Renewals and replacements | (32) | (55) | |
Return on investment | (61) | (76) | |
Net cash used in investing activities | (275) | (103) | |
FINANCING ACTIVITIES | |||
Financing costs | (3) | ||
Draws on credit facility | 1,500 | ||
Repurchase of common OP units | (147) | ||
Distributions on common OP units | (181) | ||
Other financing activities | (8) | (6) | |
Net cash provided by (used in) financing activities | (11) | 1,166 | |
Effects of exchange rate changes on cash held | (8) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (335) | 1,212 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 2,476 | 1,750 | 1,750 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 2,141 | 2,962 | 2,476 |
Supplemental disclosure of cash flow information: | |||
Cash and cash equivalents | 2,008 | 2,796 | 2,335 |
Restricted cash (included in other assets) | 2 | 1 | |
Furniture, fixtures and equipment replacement fund | 131 | 165 | $ 139 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 2,141 | 2,962 | |
Total interest paid | $ 35 | 27 | |
Income taxes paid | $ 1 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”), with its operations conducted solely through Host Hotels & Resorts, L.P. and its subsidiaries. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to these unaudited condensed consolidated financial statements, we use the terms “we” or “our” to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term “Host Inc.” specifically to refer to Host Hotels & Resorts, Inc. and the term “Host L.P.” specifically to refer to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. As of March 31, 2021, Host Inc. holds approximately 99% of Host L.P.’s partnership interests. Liquidity and Management’s Plans The COVID-19 pandemic has had a significant adverse impact on U.S. and global economic activity and has contributed to significant volatility in financial markets beginning in the first quarter of 2020. The adverse economic impact continues as various restrictive measures remain in place in many jurisdictions where we own hotels, including quarantines, restrictions on travel, school closings, limitations on the size of gatherings and/or restrictions on types of business that may continue to operate. As a result, the COVID-19 pandemic continues to negatively impact almost every industry directly or indirectly, including having a severe impact on the U.S. lodging industry generally and our company specifically. At the start of the pandemic, we suspended operations at 35 hotels and, as of March 31, 2021, operations remain suspended at four of these hotels, with one additional hotel reopening subsequent to quarter end. The ongoing effects of COVID-19 on our operations and future bookings have had, and will continue to have, a material negative impact on our financial results and cash flows, and such negative impact may continue well after restrictive measures imposed by federal, state, local and other government authorities to contain the outbreak have been lifted. In 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 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 March 31, 2021, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 76 Brazil 3 Canada 2 Total 81 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10–K for the year ended December 31, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2021, and the results of our operations and cash flows for the quarters ended March 31, 2021 and 2020, respectively. Interim results are not necessarily indicative of full year performance because of the effect of seasonal variations as well as the impact from the COVID-19 pandemic. Three of the partnerships in which we own an interest are considered variable interest entities (VIEs) as the general partner maintains control over the decisions that most significantly impact such partnerships. These VIEs include the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the sole general partner and holds approximately 99% of its partnership interests; the consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental; and the unconsolidated partnership that owns the Philadelphia Marriott Downtown. Host Inc.’s sole significant asset is its investment in Host L.P. and, consequently, substantially all of Host Inc.’s assets and liabilities consists of the assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P. and may be repaid only with assets of Host L.P. Reclassifications Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share (Unit) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share (Unit) | 3. Earnings (Loss) Per Common Share (Unit) Basic earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders) by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding. Diluted earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders), as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans or the Host L.P. common 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 Host L.P. common units. No effect is shown for any securities that are anti-dilutive. We have 7.2 million Host L.P. common units, which are convertible into 7.3 million common shares, that are not included in Host Inc.’s calculation of earnings (loss) per share as their effect is not dilutive. The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Quarter ended March 31, 2021 2020 Net loss $ (153 ) $ (3 ) Less: Net loss attributable to non-controlling interests 1 — Net loss attributable to Host Inc. $ (152 ) $ (3 ) Basic weighted average shares outstanding 705.6 708.1 Diluted weighted average shares outstanding 705.6 708.1 Basic loss per common share $ (.22 ) $ — Diluted loss per common share $ (.22 ) $ — The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2021 2020 Net loss $ (153 ) $ (3 ) Less: Net loss attributable to non-controlling interests — — Net loss attributable to Host L.P. $ (153 ) $ (3 ) Basic weighted average units outstanding 698.0 700.7 Diluted weighted average units outstanding 698.0 700.7 Basic loss per common unit $ (.22 ) $ — Diluted loss per common unit $ (.22 ) $ — |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 4. Revenue Substantially all our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenue at quarter end. We collect sales, use, occupancy and similar taxes from our customers, which we present on a net basis (excluded from revenues) on our statements of operations. Disaggregation of Revenues. While we do not consider the following presentation of revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 10 – Geographic Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended March 31, Location 2021 2020 Florida Gulf Coast $ 81 $ 109 Miami 56 60 Phoenix 54 83 Maui/Oahu 44 93 Washington, D.C. (Central Business District) 23 54 San Diego 14 87 Jacksonville 14 19 Houston 13 25 San Francisco/San Jose 11 106 New York 11 77 Atlanta 11 30 Los Angeles/Orange County 10 52 Orlando 9 53 San Antonio/Austin 8 17 Northern Virginia 7 21 Philadelphia 5 13 Chicago 4 16 Boston 3 35 New Orleans 3 24 Denver 3 15 Seattle 2 18 Other 11 31 Domestic 397 1,038 International 2 14 Total $ 399 $ 1,052 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following (in millions): March 31, 2021 December 31, 2020 Land and land improvements $ 2,065 $ 2,033 Buildings and leasehold improvements 13,780 13,609 Furniture and equipment 2,494 2,471 Construction in progress 196 166 18,535 18,279 Less accumulated depreciation and amortization (9,029 ) (8,863 ) $ 9,506 $ 9,416 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Senior Notes. As of March 31, 2021, we are below the EBITDA-to-interest coverage ratio covenant requirement of our senior notes indenture necessary to incur additional debt, and, therefore, while not an event of default, we will be unable to incur additional debt while we remain below the required covenant level. Credit Facility. During the first quarter, we entered into a second amendment (the “Amendment”) to our senior unsecured bank credit facility with Bank of America, N.A., as administrative agent. The Amendment extends the “Covenant Relief P eriod ” provided by the first amendment, which suspends requirements to comply with all existing financial maintenance covenants under the credit facility, through the first quarter of 2022, followed by a phase-in period thereafter. As of March 31, 2021, we have $12 million of available capacity under the revolver portion of our credit facility. Due to the failure to satisfy the senior notes covenant requirement noted above, we currently are restricted from incurring additional debt. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 7. Equity of Host Inc. and Capital of Host L.P. Equity of Host Inc. The components of the Equity of Host Inc. are as follows (in millions): Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2020 $ 7 $ 7,568 $ (74 ) $ (1,180 ) $ 5 $ 6,326 $ 108 Net loss — — — (152 ) — (152 ) (1 ) Issuance of common stock for comprehensive stock plans, net — (4 ) — — — (4 ) — Changes in ownership and other — (17 ) — — — (17 ) 17 Other comprehensive loss — — (3 ) — — (3 ) — Balance, March 31, 2021 $ 7 $ 7,547 $ (77 ) $ (1,332 ) $ 5 $ 6,150 $ 124 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2019 $ 7 $ 7,675 $ (56 ) $ (307 ) $ 6 $ 7,325 $ 142 Net loss — — — (3 ) — (3 ) — Issuance of common stock for comprehensive stock plans, net — (5 ) — — — (5 ) — Repurchase of common stock — (147 ) — — — (147 ) — Dividends declared on common stock — — — (141 ) — (141 ) — Distributions to non-controlling interests — — — — — — (2 ) Changes in ownership and other — 57 — — — 57 (56 ) Other comprehensive loss — — (16 ) — — (16 ) — Balance, March 31, 2020 $ 7 $ 7,580 $ (72 ) $ (451 ) $ 6 $ 7,070 $ 84 Capital of Host L.P. As of March 31, 2021, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining common OP units are owned by unaffiliated limited partners. Each common OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each common OP unit. Under the credit facility, all redemptions must be made with Host Inc. common stock until Host L.P.’s leverage ratio (as calculated under the credit facility) is below 7.25x. In exchange for any shares issued by Host Inc., Host L.P. will issue common OP units to Host Inc. based on the applicable conversion ratio. Additionally, funds used by Host Inc. to pay dividends on its common stock are provided by distributions from Host L.P. The components of the Capital of Host L.P. are as follows (in millions): General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2020 $ 1 $ 6,394 $ (74 ) $ 5 $ 6,326 $ 108 Net loss — (152 ) — — (152 ) (1 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — (4 ) — — (4 ) — Changes in ownership and other — (17 ) — — (17 ) 17 Other comprehensive loss — — (3 ) — (3 ) — Balance, March 31, 2021 $ 1 $ 6,221 $ (77 ) $ 5 $ 6,150 $ 124 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2019 $ 1 $ 7,374 $ (56 ) $ 6 $ 7,325 $ 142 Net loss — (3 ) — — (3 ) — Issuance of common OP units to Host Inc. for comprehensive stock plans, net — (5 ) — — (5 ) — Repurchase of common OP units — (147 ) — — (147 ) — Distributions declared on common OP units — (141 ) — — (141 ) (2 ) Changes in ownership and other — 57 — — 57 (56 ) Other comprehensive loss — — (16 ) — (16 ) — Balance, March 31, 2020 $ 1 $ 7,135 $ (72 ) $ 6 $ 7,070 $ 84 Share Repurchases As of March 31, 2021, we have $371 million available for repurchase under our common share repurchase program. In accordance with the restrictions in our amended credit facility, there were no share repurchases during the first quarter of 2021. Dividends/Distributions As part of our response to the COVID-19 pandemic and in order to preserve cash and future financial flexibility, we have suspended our regular quarterly common cash dividends. Additionally, based on the terms of the credit facility amendments, we are restricted from paying a quarterly common cash dividend in excess of $0.01 per share, unless necessary to allow Host Inc. to maintain its REIT status or to avoid the payment of corporate income or excise taxes, until after the covenant waiver period expires following the second quarter of 2022. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 8. Acquisitions On March 15, 2021, we acquired the 448-room Hyatt Regency Austin for a total purchase price of $161 million. Subsequent to quarter end, we purchased the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort for a total purchase price of $610 million and the Royal Ka’anapali and Ka’anapali Kai golf courses, adjacent to our Hyatt Regency Maui hotel, for $28 million. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements We did not elect the fair value measurement option for any of our financial liabilities. The fair value of our credit facility is determined based on expected future payments discounted at a risk-adjusted rate. Our senior notes are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial liabilities is shown below (in millions): March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 3,066 $ 3,212 $ 3,065 $ 3,284 Credit facility (Level 2) 2,469 2,483 2,471 2,483 |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Geographic Information | 10. Geographic Information We consider each of our hotels to be an operating segment, The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended March 31, March 31, December 31, 2021 2020 2021 2020 United States $ 397 $ 1,038 $ 9,425 $ 9,331 Brazil 1 4 31 34 Canada 1 10 50 51 Total $ 399 $ 1,052 $ 9,506 $ 9,416 |
Non-Controlling Interests
Non-Controlling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 11. Non-controlling Interests Host Inc.’s treatment of the non-controlling interests of Host L.P.: Host Inc. adjusts the amount of the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of their carrying amount based on accumulated historical cost or their redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the common unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. common stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. Therefore, the redemption value of the common OP units is equivalent to the number of common shares that would be issued upon conversion of the common OP units held by third parties valued at the market price of Host Inc. common stock at the balance sheet date. One common OP unit may be exchanged for 1.021494 shares of Host Inc. common stock. Redeemable non-controlling interests of Host L.P. are classified in the mezzanine section of our balance sheets as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. During the Covenant Relief Period, all redemptions must be made with Host Inc. common stock. The table below details the historical cost and redemption values for the non-controlling interests: March 31, 2021 December 31, 2020 Common OP units outstanding (millions) 7.2 7.2 Market price per Host Inc. common share $ 16.85 $ 14.63 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 124 $ 108 Historical cost (millions) 65 67 Book value (millions) (1) 124 108 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. Other Consolidated Partnerships. We consolidate two majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party limited partner interests are included in non-redeemable non-controlling interests — other consolidated partnerships on the balance sheets and totaled $5 million as of both March 31, 2021 and December 31, 2020. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 12. Legal Proceedings 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 legal proceedings generally fall into the following broad categories: disputes involving hotel-level contracts, employment litigation, compliance with laws such as the Americans with Disabilities Act, tax disputes and other general matters. Under our management agreements, our operators have broad latitude to resolve individual hotel-level claims for amounts generally less than $150,000. However, for matters exceeding such threshold, our operators may not settle claims without our consent. Based on our analysis of legal proceedings with which we are involved or of which we currently are aware and our experience in resolving similar claims in the past, we have recorded immaterial accruals as of March 31, 2021 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 matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. |
Organization (Tables)
Organization (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidated Portfolio of Hotels by Location | As of March 31, 2021, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries: Hotels United States 76 Brazil 3 Canada 2 Total 81 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Unit) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Quarter ended March 31, 2021 2020 Net loss $ (153 ) $ (3 ) Less: Net loss attributable to non-controlling interests 1 — Net loss attributable to Host Inc. $ (152 ) $ (3 ) Basic weighted average shares outstanding 705.6 708.1 Diluted weighted average shares outstanding 705.6 708.1 Basic loss per common share $ (.22 ) $ — Diluted loss per common share $ (.22 ) $ — |
HOST HOTELS & RESORTS L.P. | |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host L.P. basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts): Quarter ended March 31, 2021 2020 Net loss $ (153 ) $ (3 ) Less: Net loss attributable to non-controlling interests — — Net loss attributable to Host L.P. $ (153 ) $ (3 ) Basic weighted average units outstanding 698.0 700.7 Diluted weighted average units outstanding 698.0 700.7 Basic loss per common unit $ (.22 ) $ — Diluted loss per common unit $ (.22 ) $ — |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Hotel Revenues by Market Location | Disaggregation of Revenues. While we do not consider the following presentation of revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 10 – Geographic Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Quarter ended March 31, Location 2021 2020 Florida Gulf Coast $ 81 $ 109 Miami 56 60 Phoenix 54 83 Maui/Oahu 44 93 Washington, D.C. (Central Business District) 23 54 San Diego 14 87 Jacksonville 14 19 Houston 13 25 San Francisco/San Jose 11 106 New York 11 77 Atlanta 11 30 Los Angeles/Orange County 10 52 Orlando 9 53 San Antonio/Austin 8 17 Northern Virginia 7 21 Philadelphia 5 13 Chicago 4 16 Boston 3 35 New Orleans 3 24 Denver 3 15 Seattle 2 18 Other 11 31 Domestic 397 1,038 International 2 14 Total $ 399 $ 1,052 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): March 31, 2021 December 31, 2020 Land and land improvements $ 2,065 $ 2,033 Buildings and leasehold improvements 13,780 13,609 Furniture and equipment 2,494 2,471 Construction in progress 196 166 18,535 18,279 Less accumulated depreciation and amortization (9,029 ) (8,863 ) $ 9,506 $ 9,416 |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
HOST HOTELS & RESORTS, INC. | |
Components of Equity | The components of the Equity of Host Inc. are as follows (in millions): Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2020 $ 7 $ 7,568 $ (74 ) $ (1,180 ) $ 5 $ 6,326 $ 108 Net loss — — — (152 ) — (152 ) (1 ) Issuance of common stock for comprehensive stock plans, net — (4 ) — — — (4 ) — Changes in ownership and other — (17 ) — — — (17 ) 17 Other comprehensive loss — — (3 ) — — (3 ) — Balance, March 31, 2021 $ 7 $ 7,547 $ (77 ) $ (1,332 ) $ 5 $ 6,150 $ 124 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings / (Deficit) Non-redeemable, non-controlling interests Total equity Redeemable, non-controlling interests Balance, December 31, 2019 $ 7 $ 7,675 $ (56 ) $ (307 ) $ 6 $ 7,325 $ 142 Net loss — — — (3 ) — (3 ) — Issuance of common stock for comprehensive stock plans, net — (5 ) — — — (5 ) — Repurchase of common stock — (147 ) — — — (147 ) — Dividends declared on common stock — — — (141 ) — (141 ) — Distributions to non-controlling interests — — — — — — (2 ) Changes in ownership and other — 57 — — — 57 (56 ) Other comprehensive loss — — (16 ) — — (16 ) — Balance, March 31, 2020 $ 7 $ 7,580 $ (72 ) $ (451 ) $ 6 $ 7,070 $ 84 |
HOST HOTELS & RESORTS L.P. | |
Components of Capital | The components of the Capital of Host L.P. are as follows (in millions): General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2020 $ 1 $ 6,394 $ (74 ) $ 5 $ 6,326 $ 108 Net loss — (152 ) — — (152 ) (1 ) Issuance of common OP units to Host Inc. for comprehensive stock plans, net — (4 ) — — (4 ) — Changes in ownership and other — (17 ) — — (17 ) 17 Other comprehensive loss — — (3 ) — (3 ) — Balance, March 31, 2021 $ 1 $ 6,221 $ (77 ) $ 5 $ 6,150 $ 124 General Partner Limited Partner Accumulated Other Comprehensive Income (Loss) Non-controlling interests Total capital Limited partnership interests of third parties Balance, December 31, 2019 $ 1 $ 7,374 $ (56 ) $ 6 $ 7,325 $ 142 Net loss — (3 ) — — (3 ) — Issuance of common OP units to Host Inc. for comprehensive stock plans, net — (5 ) — — (5 ) — Repurchase of common OP units — (147 ) — — (147 ) — Distributions declared on common OP units — (141 ) — — (141 ) (2 ) Changes in ownership and other — 57 — — 57 (56 ) Other comprehensive loss — — (16 ) — (16 ) — Balance, March 31, 2020 $ 1 $ 7,135 $ (72 ) $ 6 $ 7,070 $ 84 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 3,066 $ 3,212 $ 3,065 $ 3,284 Credit facility (Level 2) 2,469 2,483 2,471 2,483 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographical Area | The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions): Total Revenues Property and Equipment, net Quarter ended March 31, March 31, December 31, 2021 2020 2021 2020 United States $ 397 $ 1,038 $ 9,425 $ 9,331 Brazil 1 4 31 34 Canada 1 10 50 51 Total $ 399 $ 1,052 $ 9,506 $ 9,416 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Historical Cost and Redemption Values for the Non-Controlling Interests | The table below details the historical cost and redemption values for the non-controlling interests: March 31, 2021 December 31, 2020 Common OP units outstanding (millions) 7.2 7.2 Market price per Host Inc. common share $ 16.85 $ 14.63 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 124 $ 108 Historical cost (millions) 65 67 Book value (millions) (1) 124 108 ___________ (1) The book value recorded is equal to the greater of redemption value or historical cost. |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2021Hotel | Apr. 30, 2020Hotel | Mar. 31, 2021Hotel | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Draws on credit facility | $ | $ 1,500 | ||||
Subsequent Event [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Number of additional hotel reopening | Hotel | 1 | ||||
COVID - 19 [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Number of hotels suspends operations | Hotel | 35 | 4 | |||
Revolving Credit Facility | COVID - 19 [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Draws on credit facility | $ | $ 1,500 | ||||
Host L.P. | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Percentage of the common OP units | 99.00% |
Consolidated Portfolio of Hotel
Consolidated Portfolio of Hotels by Location (Detail) | Mar. 31, 2021Hotel |
Real Estate Properties [Line Items] | |
Hotels | 81 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 76 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 31, 2021 |
Host L.P. | |
Significant Accounting Policies [Line Items] | |
Investment ownership percentage | 99.00% |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Unit) - Additional Information (Detail) - HOST HOTELS & RESORTS, INC. shares in Millions | Mar. 31, 2021shares |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |
Common units outstanding | 7.2 |
Number of common shares that would be outstanding if OP units were converted | 7.3 |
Host Inc. Earnings (Loss) Per C
Host Inc. Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
NET LOSS | $ (153) | $ (3) |
Less: Net loss attributable to non-controlling interests | 1 | |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (152) | $ (3) |
Basic weighted average shares outstanding | 705.6 | 708.1 |
Diluted weighted average shares/units outstanding | 705.6 | 708.1 |
Basic loss per common share | $ (0.22) | |
Diluted loss per common share | $ (0.22) |
Host LP Earnings (Loss) Per Com
Host LP Earnings (Loss) Per Common Unit (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share Diluted [Line Items] | ||
NET LOSS | $ (153) | $ (3) |
Less: Net loss attributable to non-controlling interests | 1 | |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (152) | $ (3) |
Basic weighted average shares outstanding | 705.6 | 708.1 |
Diluted weighted average shares/units outstanding | 705.6 | 708.1 |
Basic loss per common share | $ (0.22) | |
Diluted loss per common share | $ (0.22) | |
HOST HOTELS & RESORTS L.P. | ||
Earnings Per Share Diluted [Line Items] | ||
NET LOSS | $ (153) | $ (3) |
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ (153) | $ (3) |
Basic weighted average shares outstanding | 698 | 700.7 |
Diluted weighted average shares/units outstanding | 698 | 700.7 |
Basic loss per common share | $ (0.22) | |
Diluted loss per common share | $ (0.22) |
Summary of Hotel Revenues by Ma
Summary of Hotel Revenues by Market Locations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 399 | $ 1,052 |
Florida Gulf Coast | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 81 | 109 |
Miami | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 56 | 60 |
Phoenix | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 54 | 83 |
Maui/Oahu | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 44 | 93 |
Washington, D.C. (Central Business District) | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 23 | 54 |
San Diego | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 14 | 87 |
Jacksonville | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 14 | 19 |
Houston | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 13 | 25 |
San Francisco/San Jose | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 11 | 106 |
New York | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 11 | 77 |
Atlanta | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 11 | 30 |
Los Angeles/Orange County | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 10 | 52 |
Orlando | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 9 | 53 |
San Antonio/Austin | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 8 | 17 |
Northern Virginia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 7 | 21 |
Philadelphia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 5 | 13 |
Chicago | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 4 | 16 |
Boston | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 3 | 35 |
New Orleans | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 3 | 24 |
Denver | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 3 | 15 |
Seattle | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 2 | 18 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 11 | 31 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | 397 | 1,038 |
International | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues | $ 2 | $ 14 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 2,065 | $ 2,033 |
Buildings and leasehold improvements | 13,780 | 13,609 |
Furniture and equipment | 2,494 | 2,471 |
Construction in progress | 196 | 166 |
Property, Plant and Equipment, Gross, Total | 18,535 | 18,279 |
Less accumulated depreciation and amortization | (9,029) | (8,863) |
Property and equipment, net | $ 9,506 | $ 9,416 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of credit facility remaining borrowing capacity | $ 12 |
Components of Equity (Detail)
Components of Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stockholders Equity Note [Line Items] | ||
Beginning Balance | $ 6,326 | $ 7,325 |
Net loss | (152) | (3) |
Net loss | (152) | (3) |
Issuance of common stock for comprehensive stock plans, net | (4) | (5) |
Repurchase of common stock | (147) | |
Dividends declared on common stock | (141) | |
Changes in ownership and other | (17) | 57 |
Other comprehensive income/(loss) | (3) | (16) |
Ending Balance | 6,150 | 7,070 |
Common Stock | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7 | 7 |
Ending Balance | 7 | 7 |
Additional Paid-in Capital | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 7,568 | 7,675 |
Issuance of common stock for comprehensive stock plans, net | (4) | (5) |
Repurchase of common stock | (147) | |
Changes in ownership and other | (17) | 57 |
Ending Balance | 7,547 | 7,580 |
Accumulated Other Comprehensive Income (Loss) | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | (74) | (56) |
Other comprehensive income/(loss) | (3) | (16) |
Ending Balance | (77) | (72) |
Retained Earnings / (Deficit) | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | (1,180) | (307) |
Net loss | (152) | (3) |
Dividends declared on common stock | (141) | |
Ending Balance | (1,332) | (451) |
Non-redeemable, non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 5 | 6 |
Ending Balance | 5 | 6 |
Redeemable, non-controlling interests | ||
Stockholders Equity Note [Line Items] | ||
Beginning Balance | 108 | 142 |
Net loss | (1) | |
Distributions to non-controlling interests | (2) | |
Changes in ownership and other | 17 | (56) |
Ending Balance | $ 124 | $ 84 |
Equity of Host Inc. and Capit_3
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020 | |
Stockholders Equity Note [Line Items] | ||
Line of credit facility dividend restrictions | based on the terms of the credit facility amendments, we are restricted from paying a quarterly common cash dividend in excess of $0.01 per share, unless necessary to allow Host Inc. to maintain its REIT status or to avoid the payment of corporate income or excise taxes, until after the covenant waiver period expires following the second quarter of 2022 | |
Maximum allowable dividend per share covenant waiver period | $ / shares | $ 0.01 | |
Host L.P. | ||
Stockholders Equity Note [Line Items] | ||
Percentage of the common OP units | 99.00% | |
HOST HOTELS & RESORTS L.P. | ||
Stockholders Equity Note [Line Items] | ||
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 |
HOST HOTELS & RESORTS L.P. | Line Of Credit [Member] | Maximum | ||
Stockholders Equity Note [Line Items] | ||
Leverage ratio as calculated under the credit facility | 7.25 | |
HOST HOTELS & RESORTS, INC. | ||
Stockholders Equity Note [Line Items] | ||
Share repurchase program, shares repurchased | shares | 0 | |
Stock Repurchase Program, Authorized Amount | $ | $ 371 |
Components of Capital (Detail)
Components of Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Limited Partners Capital Account [Line Items] | ||
Net loss | $ (152) | $ (3) |
Net loss | (152) | (3) |
Issuance of common stock for comprehensive stock plans, net | (4) | (5) |
Repurchase of common OP units | (147) | |
Other comprehensive income/(loss) | (3) | (16) |
Accumulated Other Comprehensive Income (Loss) | ||
Limited Partners Capital Account [Line Items] | ||
Other comprehensive income/(loss) | (3) | (16) |
HOST HOTELS & RESORTS L.P. | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 6,326 | 7,325 |
Net loss | (153) | (3) |
Net loss | (152) | (3) |
Issuance of common stock for comprehensive stock plans, net | (4) | (5) |
Repurchase of common OP units | (147) | |
Distributions declared on common OP units | (141) | |
Changes in ownership and other | (17) | 57 |
Other comprehensive income/(loss) | (3) | (16) |
Ending Balance | 6,150 | 7,070 |
HOST HOTELS & RESORTS L.P. | General Partner | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 1 | 1 |
Ending Balance | 1 | 1 |
HOST HOTELS & RESORTS L.P. | Limited Partner | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 6,394 | 7,374 |
Net loss | (152) | (3) |
Issuance of common stock for comprehensive stock plans, net | (4) | (5) |
Repurchase of common OP units | (147) | |
Distributions declared on common OP units | (141) | |
Changes in ownership and other | (17) | 57 |
Ending Balance | 6,221 | 7,135 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | (74) | (56) |
Other comprehensive income/(loss) | (3) | (16) |
Ending Balance | (77) | (72) |
HOST HOTELS & RESORTS L.P. | Non-redeemable, non-controlling interests | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 5 | 6 |
Ending Balance | 5 | 6 |
HOST HOTELS & RESORTS L.P. | Limited partnership interests of third parties | ||
Limited Partners Capital Account [Line Items] | ||
Beginning Balance | 108 | 142 |
Net loss | (1) | |
Distributions declared on common OP units | (2) | |
Changes in ownership and other | 17 | (56) |
Ending Balance | $ 124 | $ 84 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | Mar. 15, 2021USD ($)Room | Apr. 30, 2021USD ($)Room |
Hyatt Regency Austin | ||
Asset Acquisition And Business Combination [Line Items] | ||
Number of rooms/apartment | Room | 448 | |
Acquisition purchase price | $ 161 | |
Four Seasons Resort Orlando | Subsequent Event [Member] | ||
Asset Acquisition And Business Combination [Line Items] | ||
Number of rooms/apartment | Room | 444 | |
Acquisition purchase price | $ 610 | |
Ka’anapali Golf Courses | Subsequent Event [Member] | ||
Asset Acquisition And Business Combination [Line Items] | ||
Acquisition purchase price | $ 28 |
Fair Values of Certain Financia
Fair Values of Certain Financial Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financial liabilities | ||
Senior notes | $ 3,066 | $ 3,065 |
Credit facility, carrying value | 2,469 | 2,471 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 3,212 | 3,284 |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | $ 2,483 | $ 2,483 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021SegmentCountry | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 1 |
Non-US | |
Segment Reporting Information [Line Items] | |
Foreign operations, number of countries | Country | 2 |
Revenues and Long-Lived Assets
Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 399 | $ 1,052 | |
Property and equipment, net | 9,506 | $ 9,416 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 397 | 1,038 | |
Property and equipment, net | 9,425 | 9,331 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1 | 4 | |
Property and equipment, net | 31 | 34 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1 | $ 10 | |
Property and equipment, net | $ 50 | $ 51 |
Non-Controlling Interests - Add
Non-Controlling Interests - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)Entity | Dec. 31, 2020USD ($) | |
Minority Interest [Line Items] | ||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | Entity | 2 | |
Non-redeemable non-controlling interests - other consolidated partnerships | $ | $ 5 | $ 5 |
HOST HOTELS & RESORTS L.P. | ||
Minority Interest [Line Items] | ||
OP units conversion basis | One common OP unit may be exchanged for 1.021494 shares of Host Inc | |
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 |
Historical Cost and Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 124 | $ 108 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Common OP units outstanding (millions) | shares | 7.2 | 7.2 | |
Market price per Host Inc. common share | $ / shares | $ 16.85 | $ 14.63 | |
Shares issuable upon conversion of one common OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 124 | $ 108 | |
Historical cost (millions) | 65 | 67 | |
Book value (millions) | [1] | $ 124 | $ 108 |
[1] | The book value recorded is equal to the greater of redemption value or historical cost. |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Mar. 31, 2021USD ($) |
Other Litigation Cases | Maximum | |
Loss Contingencies [Line Items] | |
Loss contingency , estimate of possible loss | $ 150,000 |