Host Hotels & Resorts raises full-year adjusted FFO outlook on higher hotel occupancy

Host Hotels & Resorts

01/11/2023 21:14

Nov 1 (Reuters) - Real estate investment trust (REIT)
Host Hotels & Resorts  HST.O  raised its full-year outlook for
adjusted funds from operation (FFO) on Wednesday, helped by
healthy hotel occupancy rates.
    A recovery in international travel has lifted the quarterly
results of hotel operators, as post-pandemic flexible work
arrangements encourage more Americans to fly overseas for
leisure and business. 
    The company, which owns luxury and upscale hotels operating
under brand names such as JW Marriott and Ritz Carlton, now
expects adjusted FFO per share in the range of $1.90 to $1.95,
compared to prior expectations in the range of $1.82 to $1.89.  
 
    Host Hotels expects full-year RevPAR (revenue per available
room) to be 5.6% above pre-pandemic 2019.
    "Despite the impact of the wildfires in Maui, we maintained
the midpoint of our previous full year comparable hotel RevPAR
growth at 8%," said CEO James Risoleo.
    The company, which owns about 72 properties in the U.S. and
five internationally, reported an adjusted FFO per share of 41
cents for the third quarter ended September 30, compared to 38
cents last year. 
    Comparable hotel revenues were down slightly year-on-year to
$1.18 billion from $1.19 billion due to lower room rates. 
    Shares of Host Hotels & Resorts were up 2% in trading after
the bell. 
    

 (Reporting by Ananta Agarwal and Mehr Bedi in Bengaluru;
Editing by Krishna Chandra Eluri)
 ((Mehr.Bedi@thomsonreuters.com;))