According to analyst BTIG, Host Hotels & Resorts Inc. reports another healthy beat and raise with 2.5% RevPAR gain in its US portfolio. The Bethesda, MD-bsed REIT, the nation’s largest lodging real estate investment trust, has strength across the portfolio in the second quarter with conspicuous strength in resorts and Texas, according to BTIG, but noted that there were pockets of weakness with negative RevPAR comps in a handful of coastal markets.
The REIT’s president and CEO, James, Risoleo, said that “We are again pleased to report operating results that meaningfully exceeded our expectations for the quarter, resulting in strong bottom-line performance and increased full-year guidance. Another quarter of record occupancy enabled our managers to drive room rate growth, which combined with strong food and beverage profitability and increased ancillary revenues, led to excellent margin improvement.”
He added that he “continued to execute on the transaction front as we completed the previously disclosed sale of the W New York on Lexington Avenue for $190 million, while placing the W New York – Union Square under contract for $171 million with a sizeable deposit at risk.”
Those asset sales, he added, “further emphasize our capital recycling efforts as we hone our iconic and irreplaceable portfolio of hotels, while providing additional flexibility to our investment grade balance sheet. Combined with our unmatched scale and platform, we are well positioned to continue to create value for stockholders and enhance the world’s premier lodging REIT.”