Host Hotels & Resorts, L.P. is a real estate investment trust (REIT) that mainly involves in the ownership and operation of hotel properties. The Company owns a geographically diverse portfolio of hotels situated in major urban centers and resort destinations. Essentially, Host Hotels & Resorts is a leading owner of high-quality lodging real estate.
Host Hotels & Resorts has representation in 16 countries. The Company invested in excess of $1 billion in 2015 in its properties. Across its portfolio, Host completed the renovations of 8,000 guestrooms last year.
The Company is the largest lodging REIT. It predominantly invests in luxury and upper upscale hotels. Host has its head office in Bethesda, Maryland. The Company previously went by the name Host Marriott Corporation.
It mainly operates hotels under well-known brand names and partners with premium brands. These include:
- The Ritz-Carlton
- Renaissance Hotels
- JW Marriott
- Novotel Hotels & Resorts
- SwissôteL Hotels & Resorts
- Pullman Hotels & Resorts
- Hilton Worldwide
- Le Meridien
- Westin Hotels & Resorts
- W Hotels Worldwide
- The Luxury Collection
The Company also partners with independent brands in the operation of properties in more than 50 major markets globally.
Host’s investment emphasis is on gateway cities and vital global markets. It has, since 2010, directly acquired, or purchased via its joint ventures (JVs), interests in 32 hotels. Properties in its major markets represent 90% of the Company’s revenues. Urban and Resort properties make up 83% of its portfolio, based on revenues.
Host Hotels & Resorts has its diverse resort properties. An example of these are its Fairmont Kea Lani, Maui; the Fort Lauderdale Marriott Harbor Beach Resort & Spa; The Phoenician, A Luxury Collection Resort (AAA Five-Diamond), Scottsdale Arizona; The Ritz-Carlton, Naples, Florida; and the Hotel Arts Barcelona (Spain), among others.
Its Signature City Center Hotels include the Axiom Hotel in San Francisco, California; the Embassy Suites by Hilton Chicago Downtown Magnificent Mile; the Calgary Marriott Downtown Hotel (Alberta); and the Hilton Melbourne South Wharf Hotel in Australia, among others.
Regarding its Signature City-Center Hotels, at the end of Fiscal Year 2015, the Company had 48 Signature assets for 20,117 rooms, with 896,028 square feet of meeting space. Its Average Daily Rate for Consolidated Hotels (Signature City-Center Hotels) was $219.
Overall, Host Hotels & Resorts owns 89 properties in the U.S. and 9 properties worldwide, totaling about 54,500 rooms.
Furthermore, Host Hotels & Resorts has its Convention Destination Hotels. These include the Boston Marriott Copley Place; the JW Marriott Desert Springs Resort & Spa in Palm Desert, California; the New Orleans Marriott; and the Manchester Grand Hyatt San Diego, among others as well.
For the first half of this year, highlights for Host Hotels & Resorts include the Company completing a major redevelopment project at the Marriott Marquis San Diego Marina. It added the new Marriott Hall this past June. The Company increased the meeting space platform by 152,000 square feet for a total of 280,000 square feet of meeting space capacity at this hotel.
Moreover, for the first half of this year, Host Hotels & Resorts sold 8 non-core assets ($466 Million in dispositions). Total hotels sold since 2014 amounts to $2.6 billion. This includes properties owned by its JVs. It works to fine tune its portfolio via the sale of these non-core assets. It sells these assets when it sees that the growth potential is limited. It will also sell properties with considerable capital expenditure (capex) requirements that it does not believe would produce an ROI (Return On Investment).