Host Hotels & Resorts forecasts 2024 revenue above estimates on business travel recovery

Host Hotels & Resorts

21/02/2024 23:53

Feb 21 (Reuters) - Real estate investment trust Host
Hotels & Resorts  HST.O  forecast on Wednesday its 2024 revenue
to be higher than Wall Street estimates, anticipating a
continued recovery in demand for business travel. 
    U.S. travel companies have been benefiting from increased
demand, primarily from small- and medium-sized enterprises.
    Host Hotels & Resorts, which owns about 72 properties in the
U.S. and five internationally, expects a full-year 2024 revenue
between $5.59 billion and $5.74 billion, compared with
expectations of $5.49 billion, according to LSEG data.  
    It expects 2024 adjusted funds from operations (FFO) to be
between $1.92 and $2.04 per share. Analysts expected an adjusted
FFO of $1.94 apiece.
    The Bethesda, Maryland-based company reported a
fourth-quarter adjusted FFO of 44 cents per share, in line with
analysts' expectations.  
    Total quarterly revenue increased by about 5% to $1.32
billion, above analysts' expectations of $1.29 billion. 
    

 (Reporting by Aishwarya Jain and Kannaki Deka in Bengaluru;
Editing by Alan Barona)
 ((Aishwarya.Jain@thomsonreuters.com;))