Host Hotels & Resorts (HST) Q1 2026 earnings summary

Executive summary

• First quarter 2026 results exceeded expectations, with comparable hotel RevPAR up 4.4% and Total RevPAR up 4.6% year-over-year, driven by strong leisure and group demand, especially in San Francisco, Florida, and Phoenix markets.

• Net income nearly doubled to $501 million, primarily due to $242 million in gains from the sale of three hotels and improved operations.

• Operates as a premier U.S. lodging REIT with 76 luxury and upper-upscale hotels totaling 41,700 rooms in 21 top U.S. markets as of March 31, 2026.

• Board authorized a $0.92 per share Q2 2026 dividend, including a $0.72 special dividend from Four Seasons asset sales.

• Resorts in Florida, Phoenix, and San Francisco outperformed, with San Francisco posting 26% RevPAR growth and over 70% EBITDA growth, benefiting from the Super Bowl and market recovery.

Financial highlights

• Comparable hotel revenues rose 3.2% to $1.645 billion; comparable hotel EBITDA increased 7.0% to $505 million, with EBITDA margin up 70 basis points to 32.7%.

• Adjusted EBITDAre for Q1 was $543 million, up 5.6%; Adjusted FFO per share was $0.67, up 4.7% year-over-year.

• Net income for the year ended December 31, 2025, was $776 million; forecast for 2026 is $932 million.

• Diluted earnings per share were $0.72, up from $0.35 in Q1 2025.

• Cash and cash equivalents at quarter-end were $1.7 billion, with $1.5 billion available under the revolver portion of the credit facility.

Outlook and guidance

• 2026 full-year guidance raised: comparable hotel RevPAR growth expected at 3.0%–4.5%, Total RevPAR at 3.5%–5.0%.

• Net income forecasted at $908–$955 million; Adjusted EBITDAre at $1.785–$1.835 billion; diluted EPS $1.30–$1.37.

• Comparable hotel EBITDA margin expected to be up 20–50 basis points year-over-year; midpoint margin guidance is 29.5%.

• Capital expenditures for 2026 are projected between $545 million and $655 million.

• Maui expected to contribute $120 million in EBITDA for 2026, with RevPAR growth target near 9%.