Welcome to our dedicated page for Host Hotels news (Ticker: HST), a resource for investors and traders seeking the latest updates and insights on Host Hotels stock.
Host Hotels & Resorts, Inc. reports developments for a lodging real estate investment trust focused on luxury and upper-upscale hotel properties in the United States and international markets. Company news commonly covers quarterly and annual operating results, comparable hotel RevPAR and Total RevPAR trends, hotel EBITDA, business outlook updates, investor presentations, and portfolio-level performance.
Recurring announcements also address capital allocation, hotel asset sales, reinvestment programs, dividends, share repurchases, and financing activity. As a REIT and hotel owner with interests in joint ventures, Host's updates often connect property transactions, lodging demand, food and beverage revenue, and balance-sheet actions to its portfolio strategy.
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BETHESDA, Md., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) has released its 2020 Corporate Responsibility (CR) Report showcasing their dedication to environmental, social, and governance (ESG) initiatives. The report introduces new targets for social responsibility by 2025 and highlights achievements like a newly approved emissions reduction target and the issuance of the first green bond in the lodging industry. The company emphasizes its response to COVID-19, maintaining its commitment to sustainable investments amidst challenges.
Host Hotels & Resorts (HST) reported third-quarter results, revealing an 84.3% drop in revenues to $198 million, and a net loss of $316 million. Despite these challenges, the company reopened 20 hotels and saw a 680 basis point increase in average occupancy from July to September. Subsequent sales of the Newport Beach Marriott for $216 million and adjacent land for $66 million improved liquidity. With $2.4 billion in cash, the company maintains strong financial flexibility despite operational disruptions from COVID-19, positioning itself for recovery with ongoing cost-saving measures.
Host Hotels & Resorts (ticker: HST) will transfer its stock exchange listing from the NYSE to the Nasdaq Global Select Market, effective November 2, 2020, with the final NYSE trading day on October 30, 2020. CEO James F. Risoleo expressed excitement about the advantages of partnering with Nasdaq, including cost-effective listing and enhanced investor relations solutions. Host Hotels is the largest lodging REIT in the U.S., owning 75 properties domestically and five internationally, with approximately 46,700 rooms.
Host Hotels & Resorts, Inc. (NYSE: HST) will report its third quarter 2020 financial results on November 4, 2020, post market close. A conference call to discuss these results and future business outlook is scheduled for November 5, 2020, at 12:00 p.m. ET. Interested parties can access the call via toll-free numbers or through a webcast on the company's website. Host Hotels is the largest lodging real estate investment trust, owning 75 properties in the U.S. and 5 internationally, totaling approximately 46,700 rooms.
Host Hotels & Resorts, Inc. (NYSE: HST) has appointed Joseph Ottinger as senior vice president and corporate controller effective October 5, 2020, succeeding Brian Macnamara, who will retire at the end of the year. Ottinger, a long-time employee, brings extensive financial expertise. Additionally, Tejal Engman has been promoted to senior vice president of investor relations. CEO James F. Risoleo praised both for their contributions and ability to navigate current challenges while ensuring shareholder value.
On September 15, 2020, Host Hotels & Resorts (NYSE: HST) reported its preliminary hotel operating results for July and August 2020. The company has reopened 19 hotels, with 70 out of 80 consolidated hotels now operating, representing 88% of total room count. RevPAR increased by 10.4% in July and 33.7% in August due to rising leisure demand. However, Host expects $60 to $70 million in severance expenses during the year's second half. The company successfully issued $750 million in senior notes, enhancing liquidity to approximately $2.2 billion, as it prepares for a slow recovery.
Host Hotels & Resorts, Inc. (NYSE: HST) announced the pricing of a $150 million offering of 3.50% Senior Notes due 2030, following an earlier issuance of $600 million in the same series. The offering is projected to close on September 3, 2020, with estimated net proceeds around $146 million. These funds will be allocated to LEED-certified green projects and general corporate purposes, including debt repurchases. The offering is conducted under an effective shelf registration statement and is backed by major financial institutions.
On August 18, 2020, Host Hotels & Resorts, Inc. (HST) announced the expiration of its Tender Offer for its 4.750% Series C Senior Notes due 2023, which ended on August 17, 2020. Approximately $363.7 million, or 81% of the notes outstanding, were validly tendered. Host L.P. plans to accept all valid tenders and will pay $1,070 per $1,000 principal amount within three business days. The payment will be funded by proceeds from a recent offering of $600 million in new senior notes. The company owns a portfolio of 80 luxury and upper-upscale hotels, totaling about 46,700 rooms.