Host Hotels & Resorts (HST) Research

Forward Estimates

EPS Estimates

Current Qtr

$0.33

$0.27$0.42

vs $0.32+3.1%

4 analysts

Next Qtr

$0.07

$0.03$0.10

vs $0.23-68.5%

4 analysts

Current Yr

$1.35

$1.26$1.53

vs $1.10+23.2%

4 analysts

Next Yr

$1.00

$0.88$1.15

vs $1.35-26.2%

4 analysts

Revenue Estimates

Current Qtr

$1.61B

$1.55B$1.66B

vs $1.59B+1.4%

13 analysts

Next Qtr

$1.35B

$1.29B$1.38B

vs $1.33B+1.1%

13 analysts

Current Yr

$6.10B

$5.91B$6.25B

vs $6.11B-0.3%

14 analysts

Next Yr

$6.13B

$5.89B$6.46B

vs $6.10B+0.5%

14 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for HST on EDGAR.

HST filing events and research context
Filed	Item	Context
Feb 25, 2026	business	Host Hotels & Resorts is the largest publicly traded lodging REIT, owning a geographically diverse portfolio of 76 luxury and upper-upscale hotels with approximately 41,700 rooms, primarily in the United States. Operating through an umbrella partnership (Host L.P.) and leasing properties to taxable REIT subsidiaries, Host utilizes third-party managers to run its hotels. Its portfolio is heavily concentrated in premium brands, with Marriott representing 62.9% of 2025 hotel revenues and Hyatt representing 16.5%. The company's strategy focuses on high-barrier-to-entry markets, capital recycling, and maintaining an investment-grade balance sheet. Host also holds non-controlling interests in joint ventures, notably a 49% minority stake in Noble Investment Group, expanding its footprint into upscale select-service and extended-stay segments. Key operational risks include the cyclical nature of lodging supply and demand, competition from traditional hotels and online short-term rentals, and labor dynamics, as 27% of its room count is subject to collective bargaining agreements. Management agreements typically feature 10-to-50-year terms with base fees of 2% to 3% of revenues and incentive fees of 10% to 20% of operating profits above owner priority returns.
Feb 25, 2026	mda	Host Hotels & Resorts (HST) faces significant operational inflexibility due to high fixed costs, including property taxes, utilities, and labor, which do not decrease proportionally with revenue declines. As a REIT, HST is legally prohibited from operating its hotels directly, relying instead on third-party managers. Notably, Marriott International manages or franchises approximately 64% of HST’s hotels by 2025 revenue. This structure limits HST's control over daily operations, pricing, and labor disputes, such as the June 2026 collective bargaining agreement expiration affecting three major New York City properties. HST’s portfolio is highly concentrated, with New York, Washington, D.C., San Diego, San Francisco, Phoenix, Florida, and Hawaii generating 65% of 2025 revenues. This concentration exposes the company to regional disruptions, including the ongoing impact of the 2023 Maui wildfires and 2024 Hurricanes Helene and Milton in Florida. Furthermore, escalating climate risks have increased insurance premiums and deductibles, while policy sub-limits may not fully cover aggregated losses. Additional material risks include potential joint-employer liabilities, strict REIT compliance requirements—such as limiting taxable REIT subsidiaries to 20% of assets through 2025—and cybersecurity vulnerabilities across third-party management networks.
Feb 25, 2026	risk_factors	Host Hotels & Resorts (HST) is executing a capital allocation strategy marked by high-profile asset sales, including the post-2025 $1.1 billion disposition of the Four Seasons Resorts in Orlando and Jackson Hole, and the $51 million sale of The St. Regis Houston, alongside exiting its Asia/Pacific joint venture. Operational growth in 2025, driven by transient demand and recovery in Maui, was offset by rising property-level expenses. Specifically, wage and benefit inflation—representing 58% of operating costs—increased 5% in 2025, with another 5% increase projected for 2026. Physical climate risks remain a critical concern; Hurricanes Helene and Milton caused a temporary closure of The Don CeSar, incurring $105 million in restoration costs, partially mitigated by $73 million in insurance proceeds. To drive future growth, HST is funding major transformational capital programs with Hyatt ($550 million to $600 million) and Marriott ($300 million to $350 million), supported by operator profit guarantees to offset renovation disruptions. Financially, HST maintains a $5.1 billion debt load (80% fixed-rate, 4.8% average interest rate) after refinancing $900 million in senior notes in 2025, and holds $480 million in remaining share repurchase capacity.

Filed

Item

Context

Feb 25, 2026

business

Host Hotels & Resorts is the largest publicly traded lodging REIT, owning a geographically diverse portfolio of 76 luxury and upper-upscale hotels with approximately 41,700 rooms, primarily in the United States. Operating through an umbrella partnership (Host L.P.) and leasing properties to taxable REIT subsidiaries, Host utilizes third-party managers to run its hotels. Its portfolio is heavily concentrated in premium brands, with Marriott representing 62.9% of 2025 hotel revenues and Hyatt representing 16.5%. The company's strategy focuses on high-barrier-to-entry markets, capital recycling, and maintaining an investment-grade balance sheet. Host also holds non-controlling interests in joint ventures, notably a 49% minority stake in Noble Investment Group, expanding its footprint into upscale select-service and extended-stay segments. Key operational risks include the cyclical nature of lodging supply and demand, competition from traditional hotels and online short-term rentals, and labor dynamics, as 27% of its room count is subject to collective bargaining agreements. Management agreements typically feature 10-to-50-year terms with base fees of 2% to 3% of revenues and incentive fees of 10% to 20% of operating profits above owner priority returns.

Feb 25, 2026

mda

Host Hotels & Resorts (HST) faces significant operational inflexibility due to high fixed costs, including property taxes, utilities, and labor, which do not decrease proportionally with revenue declines. As a REIT, HST is legally prohibited from operating its hotels directly, relying instead on third-party managers. Notably, Marriott International manages or franchises approximately 64% of HST’s hotels by 2025 revenue. This structure limits HST's control over daily operations, pricing, and labor disputes, such as the June 2026 collective bargaining agreement expiration affecting three major New York City properties. HST’s portfolio is highly concentrated, with New York, Washington, D.C., San Diego, San Francisco, Phoenix, Florida, and Hawaii generating 65% of 2025 revenues. This concentration exposes the company to regional disruptions, including the ongoing impact of the 2023 Maui wildfires and 2024 Hurricanes Helene and Milton in Florida. Furthermore, escalating climate risks have increased insurance premiums and deductibles, while policy sub-limits may not fully cover aggregated losses. Additional material risks include potential joint-employer liabilities, strict REIT compliance requirements—such as limiting taxable REIT subsidiaries to 20% of assets through 2025—and cybersecurity vulnerabilities across third-party management networks.

Feb 25, 2026

risk_factors

Host Hotels & Resorts (HST) is executing a capital allocation strategy marked by high-profile asset sales, including the post-2025 $1.1 billion disposition of the Four Seasons Resorts in Orlando and Jackson Hole, and the $51 million sale of The St. Regis Houston, alongside exiting its Asia/Pacific joint venture. Operational growth in 2025, driven by transient demand and recovery in Maui, was offset by rising property-level expenses. Specifically, wage and benefit inflation—representing 58% of operating costs—increased 5% in 2025, with another 5% increase projected for 2026. Physical climate risks remain a critical concern; Hurricanes Helene and Milton caused a temporary closure of The Don CeSar, incurring $105 million in restoration costs, partially mitigated by $73 million in insurance proceeds. To drive future growth, HST is funding major transformational capital programs with Hyatt ($550 million to $600 million) and Marriott ($300 million to $350 million), supported by operator profit guarantees to offset renovation disruptions. Financially, HST maintains a $5.1 billion debt load (80% fixed-rate, 4.8% average interest rate) after refinancing $900 million in senior notes in 2025, and holds $480 million in remaining share repurchase capacity.

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HST filing events and research context

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