Fiscal year ends DecLast earnings: May 7, 2026Est. next earnings: Aug 7, 2026
Latest Score
7.0/ 10
-1.0vs prior
4-Period Change
-1.0
vs Q1 '25
Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
6%
All quarters
7.0out of 10Positive
Sentiment · FY2026 Q1
Q4 '24Q1 '26
Top Analysts & Firms
Most Active Analysts
Analyst
Firm
Questions
ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base6Base 6GAAP revenue YoY +3.20% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for this lodging REIT — real rental/lease income, no distortion.+EPS0EPS 0REIT sector rule: use adjusted FFO instead of GAAP EPS. Transcript states adjusted FFO per share of $0.67, an increase of 4.7% over last year. FFO spread: 4.7 - 3.20 = +1.50 percentage points, inside ±5 percentage points. GAAP EPS YoY +102.86% is distorted by depreciation and a large one-time gain on the Four Seasons sale, economically meaningless for a lodging REIT. GAAP operating income YoY +9.47% (spread +6.27 percentage points) likewise includes depreciation and is not the operative metric; FFO is the sector-mandated measure.+Guidance+1Guidance +1Raised existing 2026 guidance: adjusted EBITDAre midpoint lifted from $1,770M (Q4 2025 guide) to $1,810M = (1810-1770)/1770 = +2.26%, a raise <3%. Comparable hotel RevPAR guidance also raised to 3%-4.5% (midpoint 3.75%, up 100bps).=Final7
How this score was built
Base6Base 6GAAP revenue YoY +3.20% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for this lodging REIT — real rental/lease income, no distortion.+
Macro Signals
↑Consumer Spending→Labor Market↑AI & Tech
Host Hotels & Resorts opened 2026 ahead of expectations, with adjusted FFO per share of $0.67 (up 4.7%) and adjusted EBITDAre of $543 million (up 5.6%). Comparable hotel RevPAR rose 4.4% and total RevPAR 4.6%, driven by rate growth, resilient high-end leisure demand, and out-of-room spending, while comparable hotel EBITDA margin expanded 70 basis points to 32.7% on productivity gains. Standout results came from San Francisco, which posted 26% RevPAR growth and over 70% EBITDA growth on the Super Bowl and an AI-led office recovery, partially offset by roughly 120 basis points of weather drag across the portfolio. Management raised full-year guidance, lifting the 2026 adjusted EBITDAre midpoint to $1,810 million and comparable hotel RevPAR growth to a 3%-4.5% range, and returned capital through a $75 million buyback plus a $0.20 regular and $0.72 special dividend funded by the Four Seasons sale gain.
Key Themes7
positive📊 company
RevPAR Growth Beat Expectations
Comparable hotel RevPAR improved 4.4% and total RevPAR improved 4.6% versus Q1 2025, driven by rate growth and continued strength in out-of-room spending.
Revenue GrowthDemandPricing
positive📊 company
Margin Expansion On Productivity
Comparable hotel EBITDA margin improved 70 basis points year-over-year to 32.7%, as total revenue growth outpaced absolute wage and benefit growth of only 4.5%.
EPS 0REIT sector rule: use adjusted FFO instead of GAAP EPS. Transcript states adjusted FFO per share of $0.67, an increase of 4.7% over last year. FFO spread: 4.7 - 3.20 = +1.50 percentage points, inside ±5 percentage points. GAAP EPS YoY +102.86% is distorted by depreciation and a large one-time gain on the Four Seasons sale, economically meaningless for a lodging REIT. GAAP operating income YoY +9.47% (spread +6.27 percentage points) likewise includes depreciation and is not the operative metric; FFO is the sector-mandated measure.
+
Guidance+1Guidance +1Raised existing 2026 guidance: adjusted EBITDAre midpoint lifted from $1,770M (Q4 2025 guide) to $1,810M = (1810-1770)/1770 = +2.26%, a raise <3%. Comparable hotel RevPAR guidance also raised to 3%-4.5% (midpoint 3.75%, up 100bps).
=
Final7
Adjusted FFO And EBITDAre Growth
Delivered adjusted EBITDAre of $543 million, up 5.6%, and adjusted FFO per share of $0.67, up 4.7% over last year, a strong start to 2026.
Revenue GrowthMargin
positive📊 company
Raised 2026 Full-Year Guidance
Lifted the 2026 adjusted EBITDAre midpoint to $1,810 million and raised comparable hotel RevPAR guidance to 3%-4.5% and total RevPAR to 3.5%-5%.
Guidance ReliabilityRevenue Growth
positive📊 company
Capital Return: Special Dividend And Buybacks
Repurchased 4 million shares at $18.97 for $75 million and authorized a $0.20 quarterly dividend plus a $0.72 special dividend from the Four Seasons sale gain.
Capital Allocation
mixed📊 company
Weather Headwinds In Hawaii
Weather cut first-quarter portfolio RevPAR by 120 basis points, including 80 basis points from Hawaii's Kona low and 40 basis points from Winter Storm Fern, but management reaffirmed the $120 million Maui EBITDA target on strong rebookings.
Demand
positive📊 company
San Francisco Market Recovery
San Francisco achieved 26% RevPAR growth and more than 70% EBITDA growth, benefiting from the Super Bowl and an accelerating AI-led office recovery.
DemandCloud & AI
what's the level of confidence in getting that $120 million for the year