Host Hotels HST Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 19, 2026 astatine 10:55 AM CST 40 min read

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Thursday, Feb. 19, 2026 astatine 10 a.m. ET

• President and Chief Executive Officer — James F. Risoleo

• Executive Vice President and Chief Financial Officer — Sourav Ghosh

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James F. Risoleo: And acknowledgment to everyone for joining america this morning. 2025 was different beardown twelvemonth for Host. We delivered operational improvements crossed our portfolio driven by complaint maturation and out-of-room spending, and we continued to successfully allocate superior done dispositions, portfolio reinvestment, stock repurchases, and dividends. We besides maintained an investment-grade equilibrium expanse portion positioning Host to instrumentality vantage of aboriginal opportunities. Turning to our results, we finished 2025 meaningfully supra our astir caller guidance estimates. For the afloat year, we delivered adjusted EBITDAre of $1,757,000,000, a 4.6% summation implicit 2024, and adjusted FFO per stock of $2.07, a 3.5% summation twelvemonth implicit year. Comparable edifice full RevPAR grew 4.2% and comparable edifice RevPAR grew 3.8% compared to 2024.

Comparable edifice EBITDA borderline of 28.9% was down 40 ground points twelvemonth implicit year, driven by $21,000,000 of concern interruption proceeds that we received successful 2024 for the Maui wildfires. Our full-year RevPAR and adjusted EBITDAre exceeded our archetypal 2025 guidance by 2.3 percent points and 8.5%, respectively. Notably, our portfolio outperformed the upper-tier manufacture RevPAR maturation by astir 200 ground points for the year. During the 4th quarter, we delivered adjusted EBITDAre of $428,000,000 and adjusted FFO per stock of $0.51. Comparable edifice full RevPAR improved 5.4% compared to 2024, and comparable edifice RevPAR was up 4.6%, driven by beardown leisure transient demand, higher country rates, and accrued out-of-room spending.

Comparable edifice EBITDA margins declined by 30 ground points to 28% arsenic these operational improvements were offset by definite one-time benefits successful 2024. Turning to concern mix, RevPAR maturation successful the 4th fourth was amended than expected, driven by resilient transient demand, peculiarly astatine our luxury resorts. Transient gross grew by 6% driven astir wholly by complaint increases. In presumption of markets, we saw peculiarly beardown transient show successful Maui, New York, and San Francisco. In fact, Maui was a standout market, contributing much than one-third of the transient gross maturation successful the 4th quarter. RevPAR grew 15% and TrevPAR grew 13%, driven by beardown request growth.