HST Q4 2025 Earnings Call Summary

Full Year 2025 Results:
- Adjusted EBITDAre: $1,757 million (up 4.6% YoY)
- Adjusted FFO per share: $2.07 (up 3.5% YoY)
- Comparable hotel total RevPAR: +4.2%
- Comparable hotel RevPAR: +3.8%
- Comparable hotel EBITDA margin: 28.9% (down 40 bps YoY due to prior year’s business interruption proceeds)
Q4 2025 Results:
- Adjusted EBITDAre: $428 million
- Adjusted FFO per share: $0.51
- Comparable hotel total RevPAR: +5.4%
- Comparable hotel RevPAR: +4.6%
- Comparable hotel EBITDA margin: 28% (down 30 bps YoY)

Successful capital allocation through asset dispositions, reinvestment, share repurchases, and dividends.
Sold The Westin Cincinnati and Washington Marriott at Metro Center for $237 million and announced the sale of two Four Seasons resorts for $1.1 billion, achieving a 14.9x EBITDA multiple.
Completed $644 million in capital expenditures, focusing on renovations and resiliency initiatives.
Strong performance in leisure transient demand, particularly in luxury resorts, with Maui contributing significantly to revenue growth.
Continued focus on transformational renovations, with the Hyatt Transformational Capital Program over 75% complete.

For 2026, guidance includes:
- Comparable hotel total RevPAR growth: 2.5% to 4%
- Comparable hotel RevPAR growth: 2% to 3.5%
- Adjusted EBITDAre midpoint: $1,770 million (1% increase YoY)
- Comparable hotel EBITDA margin expected to be flat to slightly down.
Anticipated contributions from special events like the World Cup, expected to provide a net benefit of 60 bps to RevPAR.

Comparable hotel EBITDA margin decreased due to prior year’s one-time benefits and business interruption proceeds.
Group revenue showed only modest growth, with declines in group room nights attributed to renovations and market softness.
Potential headwinds from rising wage rates (expected to increase by 5%) and ongoing challenges in certain markets like San Diego and Chicago.
The company is cautious about the acquisition market, which remains less robust despite some improvements.

Management indicated a strong market for luxury hotel assets, suggesting a willingness to explore further high-value dispositions if opportunities arise.
The company is considering a special dividend from the $500 million taxable gain from recent sales if no accretive acquisitions are identified within the required timeframe.
Maui's recovery is ongoing, with expectations for EBITDA growth to $120 million in 2026, but challenges remain with the Hyatt Regency Maui's recovery timeline.
Management expressed confidence in maintaining a sustainable dividend policy while being open to adjusting based on market conditions and capital allocation opportunities.

HST — Host Hotels & Resorts, Inc.