Host Hotels & Resorts Announces Sale of the Four Seasons Resort Orlando at Walt Disney World® Resort and the Four Seasons Resort and Residences Jackson Hole

Host Hotels & Resorts (NASDAQ: HST) completed sales of the 444-room Four Seasons Resort Orlando and the 125-room Four Seasons Jackson Hole for a combined $1.1 billion.

Rhea-AI Summary

Host Hotels & Resorts (NASDAQ: HST) completed sales of the 444-room Four Seasons Resort Orlando and the 125-room Four Seasons Jackson Hole for a combined $1.1 billion. The company acquired the assets in 2021–2022 for $925 million.

The sale equates to a 14.9x trailing twelve-month EBITDA multiple (including ~$88 million foregone capex) and an 11.0% unlevered IRR that reflects $58 million of funded capex and transaction costs (reducing IRR ~170 bps). Host also closed the St. Regis Houston disposition for $51 million in January 2026.

Positive

• Dispositions totaled $1.1B for two Four Seasons resorts
• Realized an 11.0% unlevered IRR on the combined investment
• Sale achieved a 14.9x trailing twelve-month EBITDA multiple

Negative

• EBITDA multiple includes approximately $88M of foregone capex
• IRR reduced by ~170 basis points due to capex and costs

Argus Feb 19 session

-0.94% close to close Open Argus

Details

News Market Reaction – HST

On Feb 19, the first trading day after this news, HST closed 0.94% below the previous close.

Data tracked by StockTitan Argus for the Feb 19 session.

Market Context

This announcement highlights Host’s continued portfolio recycling, selling two Four Seasons resorts ...

Analysis

This announcement highlights Host’s continued portfolio recycling, selling two Four Seasons resorts for $1.1 billion at a 14.9x EBITDA multiple and achieving an 11.0% unlevered IRR. Management frames this as strengthening a “fortress” balance sheet and extending a track record of $6.4 billion of dispositions at higher multiples than its $4.9 billion of acquisitions. Investors may watch how proceeds are allocated and how this interacts with upcoming earnings disclosures.

Key Figures

Resort sale price: $1.1 billion Original purchase cost: $925 million EBITDA multiple: 14.9x +5 more

Resort sale price

$1.1 billion

Sale of Four Seasons Orlando and Jackson Hole resorts

Original purchase cost

$925 million

Combined acquisition cost in 2021 and 2022

EBITDA multiple

14.9x

Trailing twelve‑month EBITDA multiple on $1.1B resort sale

Unlevered IRR

11.0%

Unlevered internal rate of return over ownership period

Foregone capex

$88 million

Estimated foregone capital expenditures over next five years for sold resorts

St. Regis Houston sale

$51 million

Disposition of 232-room St. Regis Houston in January 2026

2018–2026 dispositions

$6.4 billion at 16.7x

Hotel sales since 2018 at blended EBITDA multiple

2018–2026 acquisitions

$4.9 billion at 13.6x

Hotel acquisitions since 2018 at blended EBITDA multiple

Historical Context

5 past events · Latest: Dec 11

5 events

1. Dec 11

   Dividend announcement

   24h Move

   +1.3%

   Raised full-year cash returns via regular and special dividends totaling $0.95 per share.

2. Dec 10

   Earnings call notice

   24h Move

   +1.7%

   Scheduled Q4 2025 results release and conference call for investor updates.

3. Nov 12

   Debt refinancing

   24h Move

   -2.7%

   Priced $400M 4.250% notes due 2028 to redeem 2026 senior notes.

4. Nov 06

   Investor presentation

   24h Move

   +6.8%

   Released updated Q3 2025 investor materials with operational and financial highlights.

5. Nov 05

   Earnings report

   24h Move

   +1.0%

   Reported Q3 2025 results with higher net income and a major asset sale gain.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

EBITDA, unlevered internal rate of return, IRR, FF&E reserve, +2 more

6 terms

EBITDA financial

"The sale price represents a 14.9x EBITDA multiple on trailing twelve-month EBITDA."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

unlevered internal rate of return financial

"The combined investment represents an 11.0% unlevered internal rate of return (“IRR”)."

Unlevered internal rate of return is the annualized percentage return a project or asset is expected to generate based only on its operating cash flows, before taking any debt or interest into account. It matters to investors because it shows the pure earning power of the underlying business—like judging an apple tree by how many apples it produces, without counting whether you used a loan to buy the orchard—helping compare opportunities on an apples-to-apples basis.

IRR financial

"The combined investment represents an 11.0% unlevered internal rate of return (“IRR”)."

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

View in glossary

FF&E reserve financial

"The IRR includes $58 million of capital expenditures, which was funded within the FF&E reserve."

An FF&E reserve is money set aside by a property owner to replace or maintain tangible items like furniture, fixtures and equipment (FF&E) used in a building — think beds, desks, lighting, kitchen appliances and similar movable items. For investors, this reserve affects a property's ongoing cash needs and profitability because it reduces available distributable cash now but preserves the asset's value and income potential later, much like saving for routine appliance replacements in a household budget.

basis points financial

"These items negatively impacted the IRR calculation by approximately 170 basis points."

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

non-GAAP financial

"This press release contains non-GAAP financial measures."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

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Completed the Previously Announced Sale of the St. Regis Houston

BETHESDA, Md., Feb. 18, 2026 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the "Company"), the nation's largest lodging real estate investment trust, today announced it has sold the 444-room Four Seasons Resort Orlando at Walt Disney World^® Resort in Orlando, Florida and the 125-room Four Seasons Resort and Residences Jackson Hole in Teton Village, Wyoming, for a sale price of $1.1 billion. The Company purchased the hotels in 2021 and 2022, respectively, for a total of $925 million with no significant capital expenditures required over its ownership period. The sale price represents a 14.9x EBITDA multiple on trailing twelve-month EBITDA. The EBITDA multiple includes approximately $88 million of estimated foregone capital expenditures over the next five years. The combined investment represents an 11.0% unlevered internal rate of return (“IRR”) over the Company’s ownership period. The IRR includes $58 million of capital expenditures, which was funded within the FF&E reserve, as well as transaction costs. These items negatively impacted the IRR calculation by approximately 170 basis points.

James F. Risoleo, President and Chief Executive Officer, said, “The sale of these two iconic properties represents another important step in advancing our capital allocation strategy. The $1.1 billion sale price for these resorts represents an 11.0% unlevered IRR over our ownership period and an EBITDA multiple that is significantly higher than our Company’s recent trading multiple. We are pleased with our ability to monetize two recently acquired hotels at an attractive profit and an accretive multiple, and we will continue to use our competitive advantages to create value for our shareholders.”

Mr. Risoleo continued, “The proceeds will further solidify Host’s fortress balance sheet, which will continue to be an important competitive advantage for the Company. Our significant financial flexibility provides optionality to pursue the highest return opportunities and simultaneously return capital to shareholders through dividends and share repurchases, reinvest in our geographically diverse portfolio, and take advantage of dispositions while prudently pursuing accretive acquisitions. We will continue to be opportunistic in our capital allocation strategy while positioning Host to outperform over the long term.”

The sale excludes the ongoing condo development at the Four Seasons Resort Orlando at Walt Disney World^® Resort.

In January 2026, the Company also closed on the previously announced disposition of the 232-room St. Regis Houston for $51 million. The sale price represents a 25.0x EBITDA multiple on trailing twelve-month EBITDA. The EBITDA multiple includes approximately $49 million of estimated foregone capital expenditures over the next five years.

Since 2018, the Company has disposed of approximately $6.4 billion of hotels at a blended 16.7x EBITDA multiple. The EBITDA multiple includes estimated foregone capital expenditures of $1.2 billion dollars. This compares favorably to the Company’s $4.9 billion of acquisitions over the same period at a blended 13.6x EBITDA multiple.

This press release contains non-GAAP financial measures. See the supplemental information attached for a description of these measures and reconciliations to the most directly comparable GAAP measure as well as additional detail on the calculation of IRR. 

ABOUT HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 71 properties in the United States and five properties internationally totaling approximately 41,700 rooms. The Company also holds non-controlling interests in seven domestic joint ventures.

SUPPLEMENTAL INFORMATION

EBITDA Multiples
The following table reconciles net income to Hotel EBITDA for the following transactions (in millions, except for room count and multiples):

	No. of Rooms	Price	Hotel Net Income(6)	Plus:  Depreciation	Plus: Interest expense	Plus:  Income Tax	Equals:  Hotel EBITDA	Net income multiple(2)(3)	EBITDA multiple(2)(3)
Four Seasons Resort Orlando at Walt Disney World® Resort and Four Seasons Resort and Residences Jackson Hole(1)	569	$1,100	$42.4	$37.5	—	—	$79.9	26x	14.9x
St. Regis Houston	232	$51	$1.7	$2.3	—	—	$4.0	30x	25.0x
2018-2026 Dispositions(4)	20,761	$6,391	$222.5	$216.1	$10.4	$2.3	$451.3	29x	16.7x
2018-2026 Acquisitions(5)	5,273	$4,909	$211.4	$145.3	$4.7	—	$361.4	23x	13.6x

1. The proceeds will be net of $23 million for the buyer's acquisition of the furniture, fixture and equipment ("FF&E") reserves.
2. Consistent with industry practice, acquisition EBITDA multiples are calculated as the ratio between the purchase price and forecast operations (hotel EBITDA) in the year of acquisition. The comparable GAAP metric to EBITDA multiple is the ratio of the purchase price to hotel net income (loss) as shown in the table above along with a reconciliation of hotel net income to EBITDA.
3. Consistent with industry practice, disposition EBITDA multiples are calculated as the ratio between the sales price (plus estimated avoided capital expenditures over the five years following the disposition dates) and EBITDA on a Trailing Twelve Month (“TTM”) basis from the disposition date. The comparable GAAP metric to EBITDA multiple is the ratio of the purchase price to hotel net income (loss) as shown in the table above, which also includes a reconciliation of hotel net income to hotel EBITDA.
4. For 2018 – 2026 dispositions, EBITDA on a TTM basis was used except for 2020 – 2022 dispositions which use 2019 full year results as the TTM results are not representative of normalized operations.
5. For 2018 – 2026 acquisitions, forecast operations in the year of acquisition were used except a for hotels acquired in 2021, when 2019 operations were used as 2021 results were not representative of normalized operations, with the following exceptions: Baker's Cay Resort Key Largo (2021 acquisition), based on 2021 forecast operations at acquisition, as the property was under renovation and closed for part of 2019; The Laura Hotel (2021 acquisition), based on estimated normalized results at acquisition that assume results are in-line with the 2019 results of comparable Houston properties, as the property was re-opened with a new manager and brand when acquired in 2021; Alila Ventana Big Sur (2021 acquisition), based on 2021 forecast operations at acquisition as the property was under renovation for part of 2019; The Alida, Savannah (2021 acquisition), which adjusts 2019 results for construction disruption to the surrounding Plant Riverside District and for initial ramp-up of hotel operations. Acquisition EBITDA includes an upward adjustment of $13 million to reflect normalized operations for both The Laura Hotel and The Alida, Savannah.
6. Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the benefit (provision) for income taxes.

IRR Calculation
The following table summarizes the key components used in the calculation of the Internal Rate of Return (“IRR”) for our ownership period of the Four Seasons Resort Orlando at Walt Disney World^® Resort and Four Seasons Resort and Residences Jackson Hole (in millions, except for IRR):

	5/4/2021	2021	11/1/2022	2022	2023	2024	2025	YTD 2026	2/17/2026
Cash provided by operations	—	$18	—	$72	$81	$58	$88	$19	—
Proceeds from sales of assets	—	—	—	—	—	—	—	—	$1,100
Acquisitions	$(610)	—	$(315)	—	—	—	—	—	—
Transaction costs and proration items	$25	—	$15	—	—	—	—	—	$(65)
Capital expenditures	—	$(4)	—	$(8)	$(19)	$(17)	$(9)	$(1)	—
Cash provided by (used in) investing activities	$(585)	$(4)	$(300)	$(8)	$(19)	$(17)	$(9)	$(1)	$1,035
IRR	11.0%

SOURAV GHOSH Chief Financial Officer (240) 744-5267

JAIME MARCUS Investor Relations (240) 744-5117 ir@hosthotels.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What assets did Host Hotels & Resorts (HST) sell on February 18, 2026?

Host sold the 444-room Four Seasons Resort Orlando and the 125-room Four Seasons Jackson Hole. According to the company, the combined sale price was $1.1 billion and excludes ongoing condo development at Orlando.

How much did HST originally pay for the two Four Seasons properties?

The company purchased the two resorts in 2021–2022 for a total of $925 million. According to the company, no significant capital expenditures were required during ownership.

What EBITDA multiple did Host report for the Four Seasons sales and what does it include?

Host reported a 14.9x trailing twelve-month EBITDA multiple for the combined sale. According to the company, that multiple includes about $88 million of estimated foregone capital expenditures over five years.

What unlevered IRR did HST realize on the Four Seasons dispositions?

The company reported an 11.0% unlevered IRR over its ownership period. According to the company, the IRR includes $58 million of funded capex and transaction costs that lowered returns by ~170 basis points.

What was the outcome of Host's January 2026 disposition of the St. Regis Houston?

Host closed the sale of the 232-room St. Regis Houston for $51 million in January 2026. According to the company, that price represented a 25.0x trailing twelve-month EBITDA multiple including foregone capex.

How do these recent dispositions compare to Host's 2018–present activity?

Since 2018, Host disposed of about $6.4 billion of hotels at a blended 16.7x EBITDA multiple. According to the company, dispositions compare to $4.9 billion of acquisitions at a blended 13.6x multiple.