Host boasts RevPAR gains, optimistic 2026 guidance

BETHESDA, Maryland — Host Hotels & Resorts reported a RevPAR gain of 4.6% year-over-year for its properties and offered “bullish” guidance for its hotels in 2026.

Host also said it has four assets sold or under contract to sell in early 2026.

The REIT’s hotel performance continued to improve in the fourth quarter, as total RevPAR at its hotels was up 5.4% YOY in Q4 and up 4.2% for all of 2025, reflecting increased transient demand and improvements in food and beverage revenues and ancillary spending.

Host also offered extremely optimistic full-year guidance for 2026, including total RevPAR gains of 2.5-4%, RevPAR gains of 2-2.5%, operating profit margin of 13.9-14.6% and hotel EBITDA of 29-29.4%.

Comparable hotel RevPAR was up 4.6% in Q4 and 3.8% for all of 2025 due to higher rates across the portfolio, while operating profit margin was up 12% and hotel EBITDA was up 28%.

“Our strong fourth quarter and full year 2025 results underscore the success of our strategy and the quality of our portfolio,” said Host President and CEO James Risoleo. “In 2026, we are optimistic about the state of travel for luxury and upper-upscale hotels, as affluent consumers continue to prioritize spending on experiences. With an investment-grade balance sheet, significant liquidity, and a diversified portfolio of iconic properties, Host is well positioned to capture additional upside from lodging demand growth and take advantage of potential opportunities in the future.”

In 2026, we are optimistic about the state of travel for luxury and upper-upscale hotels, as affluent consumers continue to prioritize spending on experiences.

James Risoleo

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Analyst Patrick Scholes of Truist Securities said Host’s RevPAR growth was well ahead of Street expectations and said the EBITDA guidance for 2026 is well above consensus.

“This guidance no longer includes income from several asset sales announced this afternoon, whereas consensus still has income from these now-sold hotels in the numbers,” he said. “Asset sales at sizable multiples. About half of the proceeds (approximately $500 million) will likely be paid out as a special dividend, and what happens to the rest is TBD (based on conversations with investors, they prefer share repurchases for the rest given where the stock is trading).”

Analyst Michael Bellisario of R.W. Baird said the earnings beat also represented bullish buy-side expectations.

“We expect [Host] shares to react positively… (with) the high-value/high-multiple asset sales (a special dividend is likely coming soon), and the strong 2026 outlook, which we believe matches the most bullish buy-side expectations ahead of the print. Investor expectations have been elevated, in our opinion, and [Host] has become a consensus long (not necessarily a crowded long though), but we believe the overall update should be good enough to keep the momentum going over the near-term.”

Update on sales, pipeline

Risoleo said Host sold $1.4 billion of real estate across five properties in 2025 and also reinvested $644 million in its portfolio through capex and resiliency investments. Host also refinanced $900 million of senior notes in 2025 through two separate public offerings and repurchased 13.1 million shares of common stock.

In a deal reported late last month, Host confirmed it has sold the 444-key Four Seasons Resort Orlando at Walt Disney World Resort in Florida and the 125-key Four Seasons Resort and Residences Jackson Hole in Wyoming for a total sales price of $1.1 billion (the buyer was not disclosed). The hotels were purchased in 2021 and 2022 for a total of $925 million and were expected to require approximately $88 million in capex over the next five years.

Host also said the Sheraton Parsippany in New Jersey is under contract to sell for $15 million with an expected close in the first half of 2026. The hotels in Orlando, Jackson Hole and Parsippany were included in Host’s 2025 performance figures.

The REIT also sold The St. Regis Houston in Texas in January for $51 million to Saddlebrook Equity and Management, the family office of Houston businessman Leslie Doggett. The hotel, which was rebranded but remains in the Marriott system, was expected to require approximately $49 million in capex  over the next five years. Since the hotel was classified as held-for-sale at the end of 2025, its results were not included in Host’s comparable hotel results.

In 2025, Host also sold The Westin Cincinnati in Ohio and the Washington Marriott at Metro Center in Washington, D.C., in separate transactions totaling $237 million. The REIT also provided $114 million in seller financing for the DC sale.

Other results

• Host reported net income of $137 million and $776 million for full-year 2025.
• Host’s adjusted EBITDAre was $428 million and $1.757 billion for full-year 2025, a 4.6% increase YOY.
• Host said it commenced a second capital program with Marriott International at four properties and expects to spend $300-350 million over a four-year period. In addition, the REIT also completed renovations at three of the six assets under the existing Hyatt capital program.
• At the end of 2025, Host’s total assets were valued at $13 billion, and the REIT’s debt balance was $5.1 billion, with a weighted average maturity of 5.1 years and a weighted average interest rate of 4.8%.  
• Host’s total available liquidity was approximately $2.4 billion with reserves of $167 million and $1.5 billion available under the revolver portion of its credit facility.