Host Hotels & Resorts

“As of the end of the fourth quarter, the Hyatt Transformational Capital Program is more than 75% complete and is tracking on time and under budget.”

Host's Hyatt Transformational Capital Program renovations are more than 75% complete and on budget, with operating-profit guarantees from Hyatt, indicating ongoing brand-owner capital collaboration.

“I mean we have -- not only is this our second Transformational Capital Program with Marriott. After we did 16 in the first round, we did 4 in this round.”

Host is executing a second Marriott Transformational Capital Program, expanding its renovation partnership with Marriott across additional owned hotels, a read-through to continued brand-owner investment activity for Marriott.

“since our last call, Moody's upgraded the company's issuer rating from Baa3 to Baa2 with a stable outlook.”

Moody's upgraded Host's issuer rating to Baa2 with stable outlook.

“Construction on the mid-rise condominium building at the Four Seasons, Orlando is substantially complete, and we are on track to begin closing on sales this quarter.”

Host's Four Seasons Orlando condo development nears completion with sales closings starting, at a Four Seasons-branded property.

“As of the third quarter, the Hyatt Transformational Capital program is approximately 65% complete, and is tracking on time and under budget.”

Host's Hyatt Transformational Capital renovation program is on time and under budget, a positive read on the Host-Hyatt operating relationship.

“we have reached a second agreement with Marriott to complete transformational renovations at 4 properties in our portfolio.”

Host and Marriott expand their transformational renovation partnership to four more properties, with Marriott providing operating-profit guarantees.

“We have leased the Palmer course to the developer that is developing some residential units adjacent to the resort itself, Areté Development.”

Host leased its Palmer golf course at Turtle Bay to residential developer Areté Development for adjacent housing development, while shelving its own renovation plans for that course.

“We also made progress on the condo development at the Four Seasons Resort Orlando at Walt Disney World Resort. We expect to complete the mid-rise condominium building and begin closing on sales in the fourth quarter of this year. We now have deposits and purchase agreements for 20 of the 40 units, including 8 of the 9 villas.”

Host's condo development is being built under the Four Seasons brand, with strong pre-sale demand (20 of 40 units, 8 of 9 villas under agreement) ahead of fourth-quarter closings.

“So it's been well received into the Ritz-Carlton system. Bonvoy is driving a lot of business to the property.”

Host's Turtle Bay resort was rebranded into Marriott's Ritz-Carlton system and is exceeding pro forma expectations, with Marriott's Bonvoy loyalty program driving meaningful bookings.

“As a reminder, we expect to benefit from approximately $27 million of operating profit guarantees related to the Hyatt Transformational Capital Program in 2025, which we expect will offset the majority of the EBITDA disruption at those properties.”

Hyatt operates several Host hotels under a joint renovation program and is contractually guaranteeing operating profit during the disruption, offsetting most of the EBITDA hit from ongoing construction.

“we expect to benefit from approximately $27 million of operating profit guarantees related to the Hyatt Transformational Capital Program this year which we expect will offset the majority of the EBITDA disruption at those properties.”

Hyatt is providing Host approximately $27 million in operating profit guarantees this year tied to their joint capital renovation program, offsetting most of the EBITDA disruption from ongoing hotel renovations.

“As of the first quarter, we are excited to share that all 16 of the Marriott Transformational Capital Program Comprehensive Renovations have stabilized and are meaningfully contributing to our portfolio performance.”

All 16 Marriott-managed hotels in Host's transformational capital renovation program have stabilized and are contributing positively to portfolio performance, validating the joint capital program with Marriott.