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.
Host Hotels & Resorts (HST) announced the successful amendment of its $1.5 billion revolving credit facility and two $500 million term loans. The changes include a waiver of financial covenants until mid-2021 and modifications aimed at easing compliance post-waiver. The company aims to preserve liquidity during business disruptions and enhance investment flexibility, with permission to fund acquisitions and capital expenditures. HST plans to repay $750 million of its revolving credit by June 30, 2020, while maintaining its unsecured asset status and liquidity thresholds.
Host Hotels & Resorts (NYSE: HST) has temporarily suspended its quarterly dividend, starting with the second quarter, to preserve liquidity. This decision, affecting an estimated $140 million in cash, aligns with measures to reduce capital expenditures by $100 to $125 million and corporate expenses by 10% to 15%. The company's President and CEO stated that the Board will monitor financial performance to determine when to reinstate the dividend. Previously, the company paid a $0.20 per share dividend on April 15, 2020.
Host Hotels & Resorts (NYSE: HST) announced its recommendation to reject an unsolicited mini-tender offer from MacKenzie Capital Management for up to 90,000 operating partnership units at $8.55 each. This offer is significantly below the current market value of $12.31 per share, as of June 17, 2020. The company cautions investors about potential risks associated with mini-tender offers and urges OP unitholders to consult financial advisors before taking any action. Host Hotels, a leading lodging REIT, owns 75 properties in the U.S. and holds interests in additional ventures.
Host Hotels & Resorts, Inc. (NYSE: HST) reported a 24.3% decline in revenues for Q1 2020 compared to the previous year, primarily due to the impact of COVID-19. The company has suspended operations at 35 hotels and expects a significant drop in occupancy, averaging just 12% in April. Despite this, Host maintains a strong balance sheet with $2.5 billion in cash and no near-term debt maturities. Strategic cost reductions aim to lower hotel operating costs by 70-75% in April, contributing to financial resilience during the pandemic.