10-Q 1 hst-20240331.htm 10-Q hst-20240331
Q1false20240001070750--12-310001061937--12-3100010707502024-01-012024-03-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-3100010707502024-05-03xbrli:shares00010707502024-03-31iso4217:USD00010707502023-12-310001070750hst:TermLoanMember2024-03-31iso4217:USDxbrli:shares0001070750us-gaap:OccupancyMember2024-01-012024-03-310001070750us-gaap:OccupancyMember2023-01-012023-03-310001070750us-gaap:FoodAndBeverageMember2024-01-012024-03-310001070750us-gaap:FoodAndBeverageMember2023-01-012023-03-310001070750us-gaap:HotelOtherMember2024-01-012024-03-310001070750us-gaap:HotelOtherMember2023-01-012023-03-3100010707502023-01-012023-03-310001070750us-gaap:ManagementServiceMember2024-01-012024-03-310001070750us-gaap:ManagementServiceMember2023-01-012023-03-3100010707502022-12-3100010707502023-03-310001070750hst:TheCambyAutographCollectionMember2023-03-012023-03-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-03-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-12-310001070750hst:TermLoanMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-03-310001070750us-gaap:OccupancyMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750us-gaap:OccupancyMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750us-gaap:FoodAndBeverageMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750us-gaap:FoodAndBeverageMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750us-gaap:HotelOtherMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750us-gaap:HotelOtherMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750us-gaap:ManagementServiceMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750us-gaap:ManagementServiceMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2022-12-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-03-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberhst:TheCambyAutographCollectionMember2023-03-012023-03-310001070750hst:HostLimitedPartnershipInterestMember2024-03-31xbrli:pure0001070750country:US2024-03-31hst:hotel0001070750country:BR2024-03-310001070750country:CA2024-03-31hst:partnership0001070750us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-03-310001070750us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MinimumMember2024-01-012024-03-310001070750srt:MaximumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-01-012024-03-310001070750hst:RedeemableNonControllingInterestsMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-03-310001070750hst:FloridaGulfCoastMember2024-01-012024-03-310001070750hst:FloridaGulfCoastMember2023-01-012023-03-310001070750hst:OrlandoMember2024-01-012024-03-310001070750hst:OrlandoMember2023-01-012023-03-310001070750hst:SanDiegoMember2024-01-012024-03-310001070750hst:SanDiegoMember2023-01-012023-03-310001070750hst:PhoenixMember2024-01-012024-03-310001070750hst:PhoenixMember2023-01-012023-03-310001070750hst:MauiOahuMember2024-01-012024-03-310001070750hst:MauiOahuMember2023-01-012023-03-310001070750hst:SanFranciscoSanJoseMember2024-01-012024-03-310001070750hst:SanFranciscoSanJoseMember2023-01-012023-03-310001070750hst:MiamiMember2024-01-012024-03-310001070750hst:MiamiMember2023-01-012023-03-310001070750stpr:DC2024-01-012024-03-310001070750stpr:DC2023-01-012023-03-310001070750hst:NewYorkCityMember2024-01-012024-03-310001070750hst:NewYorkCityMember2023-01-012023-03-310001070750hst:HoustonMember2024-01-012024-03-310001070750hst:HoustonMember2023-01-012023-03-310001070750hst:SanAntonioMember2024-01-012024-03-310001070750hst:SanAntonioMember2023-01-012023-03-310001070750hst:LosAngelesOrangeCountyMember2024-01-012024-03-310001070750hst:LosAngelesOrangeCountyMember2023-01-012023-03-310001070750hst:JacksonvilleMember2024-01-012024-03-310001070750hst:JacksonvilleMember2023-01-012023-03-310001070750hst:NewOrleansMember2024-01-012024-03-310001070750hst:NewOrleansMember2023-01-012023-03-310001070750hst:BostonMember2024-01-012024-03-310001070750hst:BostonMember2023-01-012023-03-310001070750hst:AustinMember2024-01-012024-03-310001070750hst:AustinMember2023-01-012023-03-310001070750hst:NorthernVirginiaMember2024-01-012024-03-310001070750hst:NorthernVirginiaMember2023-01-012023-03-310001070750hst:ChicagoMember2024-01-012024-03-310001070750hst:ChicagoMember2023-01-012023-03-310001070750hst:SeattleMember2024-01-012024-03-310001070750hst:SeattleMember2023-01-012023-03-310001070750hst:DenverMember2024-01-012024-03-310001070750hst:DenverMember2023-01-012023-03-310001070750hst:PhiladelphiaMember2024-01-012024-03-310001070750hst:PhiladelphiaMember2023-01-012023-03-310001070750hst:AtlantaMember2024-01-012024-03-310001070750hst:AtlantaMember2023-01-012023-03-310001070750hst:OtherUSLocationsMember2024-01-012024-03-310001070750hst:OtherUSLocationsMember2023-01-012023-03-310001070750country:US2024-01-012024-03-310001070750country:US2023-01-012023-03-310001070750us-gaap:NonUsMember2024-01-012024-03-310001070750us-gaap:NonUsMember2023-01-012023-03-310001070750us-gaap:RevolvingCreditFacilityMember2024-01-012024-03-310001070750us-gaap:RevolvingCreditFacilityMember2024-03-310001070750us-gaap:CommonStockMember2023-12-310001070750us-gaap:AdditionalPaidInCapitalMember2023-12-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001070750us-gaap:RetainedEarningsMember2023-12-310001070750us-gaap:NoncontrollingInterestMember2023-12-310001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2023-12-310001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2024-01-012024-03-310001070750us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001070750us-gaap:RetainedEarningsMember2024-01-012024-03-310001070750us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001070750us-gaap:CommonStockMember2024-03-310001070750us-gaap:AdditionalPaidInCapitalMember2024-03-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001070750us-gaap:RetainedEarningsMember2024-03-310001070750us-gaap:NoncontrollingInterestMember2024-03-310001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2024-03-310001070750us-gaap:CommonStockMember2022-12-310001070750us-gaap:AdditionalPaidInCapitalMember2022-12-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001070750us-gaap:RetainedEarningsMember2022-12-310001070750us-gaap:NoncontrollingInterestMember2022-12-310001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2022-12-310001070750us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2023-01-012023-03-310001070750us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001070750us-gaap:RetainedEarningsMember2023-01-012023-03-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001070750us-gaap:CommonStockMember2023-03-310001070750us-gaap:AdditionalPaidInCapitalMember2023-03-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001070750us-gaap:RetainedEarningsMember2023-03-310001070750us-gaap:NoncontrollingInterestMember2023-03-310001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2023-03-310001070750us-gaap:GeneralPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-12-310001070750us-gaap:LimitedPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-12-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-12-310001070750us-gaap:NoncontrollingInterestMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-12-310001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-12-310001070750us-gaap:LimitedPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750us-gaap:NoncontrollingInterestMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750us-gaap:LimitedPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750us-gaap:NoncontrollingInterestMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-01-012024-03-310001070750us-gaap:GeneralPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-03-310001070750us-gaap:LimitedPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-03-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-03-310001070750us-gaap:NoncontrollingInterestMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-03-310001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-03-310001070750us-gaap:GeneralPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2022-12-310001070750us-gaap:LimitedPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2022-12-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2022-12-310001070750us-gaap:NoncontrollingInterestMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2022-12-310001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2022-12-310001070750us-gaap:NoncontrollingInterestMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-01-012023-03-310001070750us-gaap:GeneralPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-03-310001070750us-gaap:LimitedPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-03-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-03-310001070750us-gaap:NoncontrollingInterestMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-03-310001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2023-03-310001070750us-gaap:CommonStockMemberhst:EquityDistributionProgramMember2024-01-012024-03-310001070750us-gaap:SubsequentEventMember2024-04-152024-04-1500010707502024-02-212024-02-210001070750us-gaap:SubsequentEventMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2024-04-150001070750us-gaap:FairValueInputsLevel2Member2024-03-310001070750us-gaap:FairValueInputsLevel2Member2023-12-310001070750us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2024-03-310001070750us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2023-12-31hst:Segment0001070750us-gaap:NonUsMember2024-03-31hst:country0001070750country:US2023-12-310001070750country:BR2024-01-012024-03-310001070750country:BR2023-01-012023-03-310001070750country:BR2023-12-310001070750country:CA2024-01-012024-03-310001070750country:CA2023-01-012023-03-310001070750country:CA2023-12-31hst:Entity0001070750hst:HurricaneIanMember2023-12-310001070750hst:HurricaneIanMember2024-03-310001070750hst:HurricaneIanMember2024-01-012024-03-310001070750hst:BusinessInterruptionInsuranceMemberhst:HurricaneIanMember2024-01-012024-03-310001070750us-gaap:PropertyInsuranceProductLineMemberhst:HurricaneIanMember2024-01-012024-03-310001070750us-gaap:SubsequentEventMemberhst:HurricaneIanMember2024-04-012024-05-030001070750srt:MaximumMemberhst:OtherLitigationCasesMember2024-03-310001070750us-gaap:SubsequentEventMemberhst:SeriesGSeniorNotesThreePointEightSevenPercentDueAprilTwentyTwentyFourMember2024-04-012024-04-010001070750us-gaap:SubsequentEventMemberhst:OneHotelNashvilleMember2024-04-15hst:room0001070750us-gaap:SubsequentEventMemberhst:EmbassySuitesByHiltonNashvilleDowntownMember2024-04-150001070750us-gaap:SubsequentEventMemberhst:A1HotelNashvilleAndEmbassySuitesByHiltonNashvilleDowntownMember2024-04-152024-04-150001070750us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMember2024-04-012024-05-030001070750us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMember2024-05-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________________________________________________________________________________________________________________
FORM 10-Q
x         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2024
OR
o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File Number: 001-14625 (Host Hotels & Resorts, Inc.)
0-25087 (Host Hotels & Resorts, L.P.)
____________________________________________________________________________________________________________________________________________________________________________________________
HOST HOTELS & RESORTS, INC.
HOST HOTELS & RESORTS, L.P.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________________________________________________________________________________________________
Maryland (Host Hotels & Resorts, Inc.)
53-0085950
Delaware (Host Hotels & Resorts, L.P.)
52-2095412
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
4747 Bethesda Ave, Suite 1300
20814
Bethesda, Maryland
(Zip Code)
(Address of Principal Executive Offices)
(240) 744-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of Each Exchange on Which Registered
Host Hotels & Resorts, Inc.Common Stock, $0.01 par valueHSTThe Nasdaq Stock Market LLC
Host Hotels & Resorts, L.P.
NoneNoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Host Hotels & Resorts, Inc.Yes þNo o
Host Hotels & Resorts, L.P.Yes þNo o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Host Hotels & Resorts, Inc.Yes þNo o
Host Hotels & Resorts, L.P.Yes þNo o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Host Hotels & Resorts, Inc.
Large accelerated filer þAccelerated filer o
Non-accelerated filer oSmaller reporting company o
Emerging growth company o
Host Hotels & Resorts, L.P.
Large accelerated filer oAccelerated filer o
Non-accelerated filer þSmaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Host Hotels & Resorts, Inc.Yes oNo þ
Host Hotels & Resorts, L.P.
Yes oNo þ
As of May 3, 2024, there were 705,044,134 shares of Host Hotels & Resorts, Inc.’s common stock, $0.01 par value per share, outstanding.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q of Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. Unless stated otherwise or the context requires otherwise, references to “Host Inc.” mean Host Hotels & Resorts, Inc., a Maryland corporation, and references to “Host L.P.” mean Host Hotels & Resorts, L.P., a Delaware limited partnership, and its consolidated subsidiaries, in cases where it is important to distinguish between Host Inc. and Host L.P. We use the terms “we,” “our” or “the company” to refer to Host Inc. and Host L.P. together, unless the context indicates otherwise.
Host Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”). Host Inc. owns properties and conducts operations through Host L.P., of which Host Inc. is the sole general partner and of which it holds approximately 99% of the partnership interests (“OP units”). The remaining OP units are owned by various unaffiliated limited partners. As the sole general partner of Host L.P., Host Inc. has the exclusive and complete responsibility for Host L.P.’s day-to-day management and control. Management operates Host Inc. and Host L.P. as one enterprise. The management of Host Inc. consists of the same persons who direct the management of Host L.P. As general partner with control of Host L.P., Host Inc. consolidates Host L.P. for financial reporting purposes, and Host Inc. does not have significant assets other than its investment in Host L.P. Therefore, the assets and liabilities of Host Inc. and Host L.P. are substantially the same on their respective condensed consolidated financial statements and the disclosures of Host Inc. and Host L.P. also are substantially similar. For these reasons, we believe that the combination into a single report of the quarterly reports on Form 10-Q of Host Inc. and Host L.P. results in benefits to management and investors.
The substantive difference between the filings of Host Inc. and Host L.P. is that Host Inc. is a REIT with public stock, while Host L.P. is a partnership with no publicly traded equity. In the condensed consolidated financial statements, this difference primarily is reflected in the equity (or partners’ capital for Host L.P.) section of the consolidated balance sheets and in the consolidated statements of equity (or partners’ capital for Host L.P.). Apart from the different equity treatment, the condensed consolidated financial statements of Host Inc. and Host L.P. are nearly identical.
This combined Form 10-Q for Host Inc. and Host L.P. includes, for each entity, separate interim financial statements (but combined footnotes), separate reports on disclosure controls and procedures and internal control over financial reporting and separate CEO/CFO certifications. In addition, with respect to any other financial and non-financial disclosure items required by Form 10-Q, any material differences between Host Inc. and Host L.P. are discussed separately herein. For a more detailed discussion of the substantive differences between Host Inc. and Host L.P. and why we believe the combined filing results in benefits to investors, see the discussion in the combined Annual Report on Form 10-K for the year ended December 31, 2023 under the heading “Explanatory Note.”
i


HOST HOTELS & RESORTS, INC. AND HOST HOTELS & RESORTS, L.P.
INDEX
Page No.
Financial Statements for Host Hotels & Resorts, Inc.:
ii


HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2024 and December 31, 2023
(in millions, except share and per share amounts)
March 31,
2024
December 31, 2023
unaudited
ASSETS
Property and equipment, net $9,565 $9,624 
Right-of-use assets551 550 
Due from managers 158 128 
Advances to and investments in affiliates 147 126 
Furniture, fixtures and equipment replacement fund 231 217 
Notes receivable72 72 
Other 391 382 
Cash and cash equivalents1,349 1,144 
Total assets $12,464 $12,243 
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt
Senior notes$3,121 $3,120 
Credit facility, including the term loans of $997
1,290 989 
Mortgage and other debt99 100 
Total debt4,510 4,209 
Lease liabilities564 563 
Accounts payable and accrued expenses 237 408 
Due to managers37 64 
Other 176 173 
Total liabilities 5,524 5,417 
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. 200 189 
Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 705.0 million shares and 703.6 million shares issued and outstanding, respectively
7 7 
Additional paid-in capital 7,514 7,535 
Accumulated other comprehensive loss(73)(70)
Deficit (712)(839)
Total equity of Host Hotels & Resorts, Inc. stockholders 6,736 6,633 
Non-redeemable non-controlling interests—other consolidated partnerships4 4 
Total equity6,740 6,637 
Total liabilities, non-controlling interests and equity $12,464 $12,243 

See notes to condensed consolidated financial statements.
1


HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter ended March 31, 2024 and 2023
(unaudited, in millions, except per share amounts)
Quarter ended March 31,
20242023
REVENUES
Rooms$853 $820 
Food and beverage473 431 
Other145 130 
Total revenues 1,471 1,381 
EXPENSES
Rooms202 193 
Food and beverage295 269 
Other departmental and support expenses334 315 
Management fees69 65 
Other property-level expenses104 91 
Depreciation and amortization180 169 
Corporate and other expenses27 31 
Gain on insurance settlements(31) 
Total operating costs and expenses 1,180 1,133 
OPERATING PROFIT291 248 
Interest income18 14 
Interest expense(47)(49)
Other gains 69 
Equity in earnings of affiliates8 7 
INCOME BEFORE INCOME TAXES270 289 
Benefit for income taxes2 2 
NET INCOME272 291 
Less: Net income attributable to non-controlling interests(4)(4)
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC.$268 $287 
Basic earnings per common share$0.38 $0.40 
Diluted earnings per common share$0.38 $0.40 

See notes to condensed consolidated financial statements.
2


HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Quarter ended March 31, 2024 and 2023
(unaudited, in millions)
Quarter ended March 31,
20242023
NET INCOME$272 $291 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation and other comprehensive income of unconsolidated affiliates(3)2 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX(3)2 
COMPREHENSIVE INCOME269 293 
Less: Comprehensive income attributable to non-controlling interests(4)(4)
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC.$265 $289 
`

See notes to condensed consolidated financial statements.
3


HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Quarter ended March 31, 2024 and 2023
(unaudited, in millions)
Quarter ended March 31,
20242023
OPERATING ACTIVITIES
Net income$272 $291 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization180 169 
Amortization of finance costs, discounts and premiums, net2 2 
Loss on extinguishment of debt 4 
Stock compensation expense6 7 
Other gains (69)
Gain on property insurance settlement(21) 
Equity in earnings of affiliates(8)(7)
Change in due from/to managers(58)(88)
Distributions from investments in affiliates3 7 
Property insurance proceeds - remediation costs 31 
Payments for inventory costs(6) 
Changes in other assets8 3 
Changes in other liabilities(13)(42)
Net cash provided by operating activities365 308 
INVESTING ACTIVITIES
Proceeds from sales of assets, net 35 
Advances to and investments in affiliates(18)(18)
Capital expenditures:
Renewals and replacements(70)(95)
Return on investment(33)(51)
Property insurance proceeds21 24 
Net cash used in investing activities(100)(105)
FINANCING ACTIVITIES
Financing costs (10)
Draws on credit facility300  
Debt extinguishment costs (3)
Common stock repurchases (50)
Dividends on common stock(316)(228)
Distributions and payments to non-controlling interests(5)(3)
Other financing activities(23)(14)
Net cash used in financing activities(44)(308)
Effects of exchange rate changes on cash held(2)1 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH219 (104)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD1,363 874 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD$1,582 $770 

See notes to condensed consolidated financial statements.
4


HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
Quarter ended March 31, 2024 and 2023
(unaudited)
Supplemental disclosure of cash flow information (in millions):
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the balance sheet to the amount shown in the statements of cash flows:
March 31, 2024March 31, 2023
Cash and cash equivalents$1,349 $563 
Restricted cash (included in other assets)2 4 
Cash included in furniture, fixtures and equipment replacement fund231 203 
Total cash and cash equivalents and restricted cash shown in the statements of cash flows$1,582 $770 
The following table presents cash paid (received) for the following:
 Quarter ended March 31,
 20242023
Total interest paid$39 $40 
Income taxes paid (refunds received)$2 $(1)
Supplemental schedule of noncash investing and financing activities:
In connection with the sale of The Camby, Autograph Collection in March 2023, we issued a $72 million loan to the buyer. The proceeds received from the sales are net of the loan.


See notes to condensed consolidated financial statements.
5


HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2024 and December 31, 2023
(in millions)
March 31,
2024
December 31, 2023
unaudited
ASSETS
Property and equipment, net $9,565 $9,624 
Right-of-use assets551 550 
Due from managers 158 128 
Advances to and investments in affiliates 147 126 
Furniture, fixtures and equipment replacement fund 231 217 
Notes receivable72 72 
Other 391 382 
Cash and cash equivalents1,349 1,144 
Total assets $12,464 $12,243 
LIABILITIES, LIMITED PARTNERSHIP INTERESTS OF THIRD PARTIES AND CAPITAL
Debt
Senior notes$3,121 $3,120 
Credit facility, including the term loans of $997
1,290 989 
Mortgage and other debt99 100 
Total debt4,510 4,209 
Lease liabilities564 563 
Accounts payable and accrued expenses 237 408 
Due to managers37 64 
Other 176 173 
Total liabilities 5,524 5,417 
Limited partnership interests of third parties 200 189 
Host Hotels & Resorts, L.P. capital:
General partner 1 1 
Limited partner 6,808 6,702 
Accumulated other comprehensive loss(73)(70)
Total Host Hotels & Resorts, L.P. capital 6,736 6,633 
Non-controlling interests—consolidated partnerships 4 4 
Total capital 6,740 6,637 
Total liabilities, limited partnership interests of third parties and capital$12,464 $12,243 


See notes to condensed consolidated financial statements.
6


HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter ended March 31, 2024 and 2023
(unaudited, in millions, except per unit amounts)
Quarter ended March 31,
20242023
REVENUES
Rooms $853 $820 
Food and beverage 473 431 
Other 145 130 
Total revenues 1,471 1,381 
EXPENSES
Rooms 202 193 
Food and beverage 295 269 
Other departmental and support expenses 334 315 
Management fees 69 65 
Other property-level expenses 104 91 
Depreciation and amortization 180 169 
Corporate and other expenses 27 31 
Gain on insurance settlements(31) 
Total operating costs and expenses 1,180 1,133 
OPERATING PROFIT291 248 
Interest income18 14 
Interest expense(47)(49)
Other gains 69 
Equity in earnings of affiliates8 7 
INCOME BEFORE INCOME TAXES270 289 
Benefit for income taxes2 2 
NET INCOME 272 291 
Less: Net income attributable to non-controlling interests  
NET INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, L.P.$272 $291 
Basic earnings per common unit$0.39 $0.41 
Diluted earnings per common unit$0.39 $0.41 


See notes to condensed consolidated financial statements.
7


HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Quarter ended March 31, 2024 and 2023
(unaudited, in millions)
Quarter ended March 31,
20242023
NET INCOME$272 $291 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation and other comprehensive income of unconsolidated affiliates(3)2 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX(3)2 
COMPREHENSIVE INCOME269 293 
Less: Comprehensive income attributable to non-controlling interests  
COMPREHENSIVE INCOME ATTRIBUTABLE TO HOST HOTELS & RESORTS, L.P.$269 $293 


See notes to condensed consolidated financial statements.
8


HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Quarter ended March 31, 2024 and 2023
(unaudited, in millions)
Quarter ended March 31,
20242023
OPERATING ACTIVITIES
Net income$272 $291 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization180 169 
Amortization of finance costs, discounts and premiums, net2 2 
Loss on extinguishment of debt 4 
Stock compensation expense6 7 
Other gains (69)
Gain on property insurance settlement(21) 
Equity in earnings of affiliates(8)(7)
Change in due from/to managers(58)(88)
Distributions from investments in affiliates3 7 
Property insurance proceeds - remediation costs 31 
Payments for inventory costs(6) 
Changes in other assets8 3 
Changes in other liabilities(13)(42)
Net cash provided by operating activities365 308 
INVESTING ACTIVITIES
Proceeds from sales of assets, net 35 
Advances to and investments in affiliates(18)(18)
Capital expenditures:
Renewals and replacements(70)(95)
Return on investment(33)(51)
Property insurance proceeds21 24 
Net cash used in investing activities(100)(105)
FINANCING ACTIVITIES
Financing costs (10)
Draws on credit facility300  
Debt extinguishment costs (3)
Repurchase of common OP units (50)
Distributions on common OP units(320)(231)
Distributions and payments to non-controlling interests(1) 
Other financing activities(23)(14)
Net cash used in financing activities(44)(308)
Effects of exchange rate changes on cash held(2)1 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH219 (104)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD1,363 874 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD$1,582 $770 

See notes to condensed consolidated financial statements.
9


HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
Quarter ended March 31, 2024 and 2023
(unaudited)
Supplemental disclosure of cash flow information (in millions):
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the balance sheet to the amount shown in the statements of cash flows:
 March 31, 2024March 31, 2023
Cash and cash equivalents$1,349 $563 
Restricted cash (included in other assets)2 4 
Cash included in furniture, fixtures and equipment replacement fund231 203 
Total cash and cash equivalents and restricted cash shown in the statements of cash flows$1,582 $770 
The following table presents cash paid (received) for the following:
 Quarter ended March 31,
 20242023
Total interest paid$39 $40 
Income taxes paid (refunds received)$2 $(1)
Supplemental schedule of noncash investing and financing activities:
In connection with the sale of The Camby, Autograph Collection in March 2023, we issued a $72 million loan to the buyer. The proceeds received from the sales are net of the loan.


See notes to condensed consolidated financial statements.
10


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.    Organization
Description of Business
Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”), with its operations conducted solely through Host Hotels & Resorts, L.P. and its subsidiaries. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to these unaudited condensed consolidated financial statements, we use the terms “we” or “our” to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term “Host Inc.” to refer specifically to Host Hotels & Resorts, Inc., and the term “Host L.P.” to refer specifically to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. As of March 31, 2024, Host Inc. holds approximately 99% of Host L.P.’s partnership interests.
Consolidated Portfolio
As of March 31, 2024, our consolidated portfolio, primarily consisting of luxury and upper upscale hotels, is located in the following countries:
Hotels
United States72
Brazil3
Canada2
Total77
2.    Summary of Significant Accounting Policies
We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10–K for the year ended December 31, 2023.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2024, and the results of our operations and cash flows for the quarter ended March 31, 2024 and 2023, respectively. Interim results are not necessarily indicative of full year performance because of the effect of seasonal variations.
Four of the partnerships in which we own an interest are considered variable interest entities ("VIEs"), as the general partner of these partnerships maintains control over the decisions that most significantly impact such partnerships. These VIEs include the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the sole general partner and holds approximately 99% of the limited partner interests; the consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental; and two unconsolidated partnerships that own hotel properties, of which we hold limited partner interests ranging from 11% - 21%. Host Inc.’s sole significant asset is its investment in Host L.P. and, consequently, substantially all of Host Inc.’s assets and liabilities consists of the assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P. and may be settled only with assets of Host L.P.

11


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
3.    Earnings Per Common Share (Unit)
Basic earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders) by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding. Diluted earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders), as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans or the Host L.P. common units distributed to Host Inc. to support such shares granted, and other non-controlling interests that have the option to convert their limited partner interests to Host L.P. common units. No effect is shown for any securities that are anti-dilutive. There are 9.5 million Host L.P. common units, which are convertible into 9.7 million Host Inc. common shares, that are not included in Host Inc.’s calculation of earnings (loss) per share as their effect is not dilutive. The calculation of Host Inc. basic and diluted earnings per common share is shown below (in millions, except per share amounts):
Quarter ended March 31,
20242023
Net income$272 $291 
Less: Net income attributable to non-controlling interests(4)(4)
Net income attributable to Host Inc.$268 $287 
Basic weighted average shares outstanding 704.0713.4
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market1.51.5
Diluted weighted average shares outstanding705.5714.9
Basic earnings per common share$0.38 $0.40 
Diluted earnings per common share$0.38 $0.40 
The calculation of Host L.P. basic and diluted earnings per unit is shown below (in millions, except per unit amounts):
Quarter ended March 31,
20242023
Net income$272 $291 
Less: Net income attributable to non-controlling interests  
Net income attributable to Host L.P.$272 $291 
Basic weighted average units outstanding 698.7708.3
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market1.51.5
Diluted weighted average units outstanding700.2709.8
Basic earnings per common unit$0.39 $0.41 
Diluted earnings per common unit$0.39 $0.41 
4.    Revenue
Substantially all our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenue at quarter end.

12


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
We collect sales, use, occupancy and similar taxes from our customers, which we present on a net basis (excluded from revenues) on our statements of operations.
Disaggregation of Revenues. While we do not consider the following disclosure of hotel revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 9 – Geographic Information.
By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions):
Quarter ended March 31,
Location20242023
Florida Gulf Coast$168 $96 
Orlando142 141 
San Diego136 125 
Phoenix120 129 
Maui/Oahu115 126 
San Francisco/San Jose106 100 
Miami84 83 
Washington, D.C. (Central Business District)80 76 
New York72 70 
Houston41 37 
San Antonio35 36 
Los Angeles/Orange County33 34 
Jacksonville31 31 
New Orleans31 29 
Boston30 29 
Austin23 25 
Northern Virginia22 19 
Chicago21 19 
Seattle19 18 
Denver19 14 
Philadelphia17 17 
Atlanta17 18 
Other90 90 
Domestic1,452 1,362 
International19 19 
Total $1,471 $1,381 

13


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
5.    Property and Equipment
Property and equipment consists of the following (in millions):
March 31, 2024December 31, 2023
Land and land improvements $1,981 $1,981 
Buildings and leasehold improvements 14,347 14,253 
Furniture and equipment 2,357 2,331 
Construction in progress 234 237 
18,919 18,802 
Less accumulated depreciation and amortization (9,354)(9,178)
$9,565 $9,624 
6.    Debt
Credit Facility. During the first quarter, we drew $300 million on the revolver portion of our credit facility. As of March 31, 2024, we had $1.2 billion of available capacity under the revolver portion of our credit facility.

7.    Equity of Host Inc. and Capital of Host L.P.
Equity of Host Inc.
The components of the equity of Host Inc. are as follows (in millions):
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings / (Deficit)Non-redeemable, non-controlling interestsTotal equityRedeemable, non-controlling interests
Balance, December 31, 2023$7 $7,535 $(70)$(839)$4 $6,637 $189 
Net income— — — 268 — 268 4 
Issuance of common stock for comprehensive stock plans, net— (12)— — — (12)— 
Dividends declared on common stock— — — (141)— (141)— 
Distributions to non-controlling interests — — — — (1)(1)(2)
Changes in ownership and other— (9)— — 1 (8)9 
Other comprehensive loss— — (3)— — (3)— 
Balance, March 31, 2024$7 $7,514 $(73)$(712)$4 $6,740 $200 

14


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings / (Deficit)Non-redeemable, non-controlling interestsTotal equityRedeemable, non-controlling interests
Balance, December 31, 2022$7 $7,717 $(75)$(939)$5 $6,715 $164 
Net income— — — 287  287 4 
Issuance of common stock for comprehensive stock plans, net— (4)— — — (4)— 
Repurchase of common stock— (50)— — — (50)— 
Dividends declared on common stock— — — (87)— (87)— 
Distributions to non-controlling interests — — — — —  (1)
Other comprehensive income— — 2 — — 2 — 
Balance, March 31, 2023$7 $7,663 $(73)$(739)$5 $6,863 $167 
Capital of Host L.P.
As of March 31, 2024, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining common OP units are owned by unaffiliated limited partners. Each common OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each common OP unit.
In exchange for any shares issued by Host Inc., Host L.P. will issue common OP units to Host Inc. based on the applicable conversion ratio. Additionally, funds used by Host Inc. to pay dividends on its common stock are provided by distributions from Host L.P.

15


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The components of the Capital of Host L.P. are as follows (in millions):
General PartnerLimited PartnerAccumulated Other Comprehensive Income (Loss)Non-controlling interestsTotal capital
Limited partnership interests of third parties
Balance, December 31, 2023$1 $6,702 $(70)$4 $6,637 $189 
Net income— 268 — — 268 4 
Issuance of common OP units to Host Inc. for comprehensive stock plans, net— (12)— — (12)— 
Distributions declared on common OP units — (141)— — (141)(2)
Distributions to non-controlling interests— — — (1)(1)— 
Changes in ownership and other— (9)— 1 (8)9 
Other comprehensive loss— — (3)— (3)— 
Balance, March 31, 2024$1 $6,808 $(73)$4 $6,740 $200 

General PartnerLimited PartnerAccumulated Other Comprehensive Income (Loss)Non-controlling interestsTotal capital
Limited partnership interests of third parties
Balance, December 31, 2022$1 $6,784 $(75)$5 $6,715 $164 
Net income— 287 —  287 4 
Issuance of common OP units to Host Inc. for comprehensive stock plans, net— (4)— — (4)— 
Repurchase of common OP units— (50)— — (50)— 
Distributions declared on common OP units — (87)— — (87)(1)
Other comprehensive income— — 2 — 2 — 
Balance, March 31, 2023$1 $6,930 $(73)$5 $6,863 $167 
Share Repurchases
As of March 31, 2024, there was $792 million available for repurchase under our common share repurchase program. There were no share repurchases during the first quarter of 2024.
Issuance of Common Stock
As of March 31, 2024, there was $600 million of remaining capacity to issue common shares of Host Inc. under our "at the market" distribution agreement. There were no shares issued during the first quarter of 2024.
Dividends/Distributions
On February 21, 2024, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend was paid on April 15, 2024 to stockholders of record as of March 28, 2024. Accordingly, Host L.P. made a distribution of $0.2042988 per unit on its common OP units based on the current conversion ratio.

16


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
8.    Fair Value Measurements
We did not elect the fair value measurement option for any of our financial assets or liabilities. The fair values of notes receivable, secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Our senior notes are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts.
The fair value of certain financial assets and financial liabilities is shown below (in millions):
March 31, 2024December 31, 2023
Carrying 
Amount
Fair ValueCarrying 
Amount
Fair Value
Financial assets
Notes receivable (Level 2)$72 $73 $72 $73 
Financial liabilities
Senior notes (Level 1) 3,121 2,903 3,120 2,915 
Credit facility (Level 2) 1,290 1,300 989 1,000 
Mortgage debt (Level 2) 99 87 100 86 

9.    Geographic Information
We consider each one of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting and our other real estate investment activities (primarily our retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our consolidated foreign operations consist of hotels in two countries as of March 31, 2024. There were no intersegment sales during the periods presented.
The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions):
Total RevenuesProperty and Equipment, net
Quarter ended March 31,March 31,
2024
December 31,
2023
20242023
United States$1,452 $1,362 $9,500 $9,556 
Brazil6 6 34 35 
Canada13 13 31 33 
Total $1,471 $1,381 $9,565 $9,624 
10.    Non-controlling Interests
Host Inc.’s treatment of the non-controlling interests of Host L.P.: Host Inc. adjusts the amount of the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying amount based on accumulated historical cost or its redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the common unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. common stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. We have estimated that the redemption value of the common OP units is equivalent to the number of common shares issuable upon conversion of the common OP units held by third parties valued at the market price of Host Inc. common stock at the balance sheet date. One common OP unit may be exchanged for 1.021494 shares of Host Inc. common stock. Redeemable non-controlling interests of Host L.P. are classified in the mezzanine section of our

17


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
balance sheets as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares.
The table below details the historical cost and redemption values for the non-controlling interests of Host L.P.:
 March 31, 2024December 31, 2023
Common OP units outstanding (millions) 9.5 9.5 
Market price per Host Inc. common share $20.68 $19.47 
Shares issuable upon conversion of one common OP unit 1.0214941.021494
Redemption value (millions) $200 $189 
Historical cost (millions) 94 93 
Book value (millions) ⁽¹⁾200 189 
___________
(1)The book value recorded is equal to the greater of redemption value or historical cost.
Other Consolidated Partnerships. Non-redeemable non-controlling interests - other consolidated partnerships on the balance sheets consists of the third party partnership interest of one majority-owned partnership.
11.    Contingencies
While the majority of our hotels in Florida were affected by Hurricane Ian, which made landfall on September 28, 2022, the most significant damage sustained during the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. The Hyatt Regency Coconut Point reopened to guests in November 2022, with the final phase of reconstruction, the resort's waterpark, completed in June 2023. On July 6, 2023, The Ritz-Carlton, Naples reopened the guestrooms, suites and amenities, including the new tower expansion.
Our current estimate of the book value of the property and equipment written off and remediation costs is approximately $130 million, for which we recorded a corresponding insurance receivable. As of March 31, 2024, we have received $244 million of insurance proceeds related to these claims, of which $130 million reduced our receivable to zero and, during the first quarter, $10 million of these proceeds were recognized as a gain on business interruption and $21 million was recognized as a gain on property insurance, which are both included in gain on insurance settlements on our unaudited condensed consolidated statements of operations. Subsequent to quarter end, we received an additional $19 million of insurance proceeds.
12.    Legal Proceedings
We are involved in various legal proceedings in the ordinary course of business regarding the operation of our hotels and Company matters. To the extent not covered by insurance, these legal proceedings generally fall into the following broad categories: disputes involving hotel-level contracts, employment litigation, compliance with laws such as the Americans with Disabilities Act, tax disputes and other general matters. Under our management agreements, our operators have broad latitude to resolve individual hotel-level claims for amounts generally less than $150,000. However, for matters exceeding such threshold, our operators may not settle claims without our consent.
Based on our analysis of legal proceedings with which we are involved or of which we currently are aware and our experience in resolving similar claims in the past, we have recorded immaterial accruals as of March 31, 2024 related to such claims. We have estimated that, in the aggregate, our losses related to these proceedings will not be material. We are not aware of any matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings.

18


HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
13.    Subsequent Events
Subsequent to quarter end, the following transactions were completed:
we repaid our $400 million 3⅞% Series G senior notes at maturity on April 1, 2024;
we acquired the 215-room 1 Hotel Nashville and 506-room Embassy Suites by Hilton Nashville Downtown for a total purchase price of $530 million on April 15, 2024; and
an additional draw of $65 million on the revolver portion of our credit facility, followed by a $150 million repayment on the facility, after which we have $1.3 billion available under our capacity.

19


Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this report. Host Inc. operates as a self-managed and self-administered REIT. Host Inc. is the sole general partner of Host L.P. and holds approximately 99% of its partnership interests. Host L.P. is a limited partnership operating through an umbrella partnership structure. The remaining common OP units are owned by various unaffiliated limited partners.
Forward-Looking Statements
In this quarterly report on Form 10-Q, we make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “expect,” “may,” “intend,” “predict,” “project,” “plan,” “will,” “estimate” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are based on management’s current expectations and assumptions and are not guarantees of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results to differ materially from those anticipated at the time the forward-looking statements are made.
The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:
the effect on lodging demand of (i) changes in national and local economic and business conditions, including concerns about U.S. economic growth and the potential for an economic recession in the United States or globally, the recent high level of inflation, rising interest rates, global economic prospects, consumer confidence and the value of the U.S. dollar, and (ii) factors that may shape public perception of travel to a particular location, including natural disasters, such as the Maui wildfires in 2023, weather events, such as Hurricane Ian in 2022, pandemics and other public health crises, such as the COVID-19 pandemic, and the occurrence or potential occurrence of terrorist attacks, all of which will affect occupancy rates at our hotels and the demand for hotel products and services;
risks that U.S. immigration policies and border closings, travel restrictions or advisories, changes in energy prices or changes in foreign exchange rates will suppress international travel to the United States generally or decrease the labor pool;
the impact of geopolitical developments outside the U.S., such as large-scale wars or international conflicts, slowing global growth, or trade tensions and tariffs between the United States and its trading partners such as China, all of which could affect global travel and lodging demand within the United States;
volatility in global financial and credit markets, which could materially adversely affect U.S. and global economic conditions, business activity, and lodging demand as well as negatively impact our ability to obtain financing and increase our borrowing costs;
future U.S. governmental action to address budget deficits through reductions in spending and similar austerity measures, as well as the impact of potential U.S. government shutdowns, all of which could materially adversely affect U.S. economic conditions, business activity, credit availability and borrowing costs;
operating risks associated with the hotel business, including the effect of labor stoppages or strikes, increasing operating or labor costs, including increased labor costs in the current inflationary environment, the ability of our managers to adequately staff our hotels as a result of shortages in labor, severance and furlough payments to hotel employees or changes in workplace rules that affect labor costs;
the effect of rating agency downgrades of our debt securities or on the cost and availability of new debt financings;
the reduction in our operating flexibility and the limitation on our ability to incur debt, pay dividends and make distributions resulting from restrictive covenants in our debt agreements and other risks associated with the amount of our indebtedness or related to restrictive covenants in our debt agreements, including the risk that a default could occur;
our ability to maintain our hotels in a first-class manner, including meeting capital expenditures requirements, and the effect of renovations, including temporary closures, on our hotel occupancy and financial results;
the ability of our hotels to compete effectively against other lodging businesses in the highly competitive markets in which we operate in areas such as access, location, quality of accommodations and room rate structures;

20


our ability to acquire or develop additional hotels and the risk that potential acquisitions or developments may not perform in accordance with our expectations;
the ability to complete hotel renovations on schedule and on, or under, budget and the potential for increased costs and construction delays due to shortages of supplies as a result of supply chain disruptions;
relationships with property managers and joint venture partners and our ability to realize the expected benefits of our joint ventures and other strategic relationships;
risks associated with a single manager, Marriott International, managing a significant percentage of our hotels;
changes in the desirability of the geographic regions of the hotels in our portfolio or in the travel patterns of hotel customers;
the growth of third-party internet and other travel intermediaries in attracting and retaining customers which compete with our hotels;
our ability to recover fully under our existing insurance policies for terrorist acts and natural disasters and our ability to maintain adequate or full replacement cost “all-risk” property insurance policies on our hotels on commercially reasonable terms;
the effect of a data breach or significant disruption of hotel operator information technology networks as a result of cyber-attacks;
the effects of tax legislative action and other changes in laws and regulations, or the interpretation thereof, including the need for compliance with new environmental and safety requirements;
the ability of Host Inc. and each of the REITs acquired, established or to be established by Host Inc. to continue to satisfy complex rules in order to qualify as REITs for U.S. federal income tax purposes and Host Inc.’s and Host L.P.’s ability and the ability of our subsidiaries, and similar entities to be acquired or established by us, to operate effectively within the limitations imposed by these rules; and
risks associated with our ability to execute our dividend policy, including factors such as investment activity, operating results and the economic outlook, any or all of which may influence the decision of our board of directors as to whether to pay future dividends at levels previously disclosed or to use available cash to pay special dividends.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. Achievement of future results is subject to risks, uncertainties and potentially inaccurate assumptions, including those risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 and in other filings with the Securities and Exchange Commission (“SEC”). Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that we will attain these expectations or that any deviations will not be material.

21


Operating Results and Outlook
Operating Results
The following table reflects certain line items from our unaudited condensed consolidated statements of operations and significant operating statistics (in millions, except per share and hotel statistics):
Historical Income Statement Data:
Quarter ended March 31,
20242023
Change
Total revenues$1,471 $1,381 6.5 %
Net income272 291 (6.5 %)
Operating profit291 248 17.3 %
Operating profit margin under GAAP19.8 %18.0 %180  bps
EBITDAre⁽¹⁾
$504 $444 13.5 %
Adjusted EBITDAre⁽¹⁾
483 444 8.8 %
Diluted earnings per common share0.38 0.40 (5.0 %)
NAREIT FFO per diluted share⁽¹⁾0.60 0.54 11.1 %
Adjusted FFO per diluted share⁽¹⁾0.60 0.55 9.1 %
Comparable Hotel Data:
Quarter ended March 31,
20242023
Change
Comparable hotel revenues ⁽¹⁾$1,398 $1,375 1.7 %
Comparable hotel EBITDA ⁽¹⁾435 448 (2.9 %)
Comparable hotel EBITDA margin ⁽¹⁾31.2 %32.6 %(140) bps
Comparable hotel Total RevPAR ⁽¹⁾$369.58 $367.56 0.5 %
Comparable hotel RevPAR ⁽¹⁾215.37 218.08 (1.2 %)
___________
(1)EBITDAre, Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share and comparable hotel operating results (including hotel revenues and hotel EBITDA and margins) are non-GAAP financial measures within the meaning of the rules of the SEC. See “Non-GAAP Financial Measures” and "Comparable Hotel Operating Statistics and Results" for more information on these measures, including why we believe these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics are based on 76 comparable hotels as of March 31, 2024 and include adjustments for non-comparable hotels, dispositions and acquisitions. See Comparable Hotel RevPAR Overview for results of the portfolio based on our ownership period, without these adjustments.
Revenues
Total revenues increased $90 million, or 6.5%, as compared to the first quarter of 2023 driven by strong group business leading to increases in food and beverage revenues, in addition to improvements in other revenues. First quarter also benefited from the results of The Ritz-Carlton, Naples, which was closed in the first half of 2023.
Comparable hotel RevPAR decreased 1.2% and comparable hotel Total RevPAR increased 0.5%, compared to the first quarter of 2023. The decline in comparable hotel RevPAR was due to a decrease in average rates, as occupancy remained flat to 2023, while comparable hotel Total RevPAR benefited from an increase in food and beverage and other revenues. Downtown markets continued to perform well, fueled by group business, however improvements were offset due to the continuing impacts of the August 2023 wildfires in Maui and softening short term leisure demand, primarily impacting our resort properties in locations that also faced poor weather conditions in the first quarter of 2024.
Comparable hotel Total RevPAR in our Denver, Northern Virginia, and Houston markets led the portfolio with increases of 39.1%, 17.8% and 10.4%, respectively, in the first quarter, primarily due to rate and occupancy growth driven by strong group and leisure demand. Hotels in our San Diego market, one of our larger markets by room count, also outperformed our portfolio with a comparable hotel Total RevPAR increase of 7.3%, with rate increases driven by strong group performance, while our San Francisco/San Jose market outperformed with comparable hotel Total RevPAR growth of 4.8%, with a very strong January due to convention events. These strong performances were offset by comparable hotel

22


Total RevPAR declines at several of our resort-focused markets, in addition to declines in our Austin, Atlanta and Los Angeles/Orange County markets of 9.8%, 6.1% and 5.3%, respectively. The declines were driven primarily by a decline in short-term transient demand, primarily due to poor weather conditions in several markets, as well as difficult comparisons to the first quarter of 2023. In addition, comparable hotel Total RevPAR at our Maui/Oahu market declined by 9.8% due to the continuing impacts of Maui wildfires in August 2023.
Operating profit
For the first quarter of 2024, operating profit margin under GAAP was 19.8%, representing a 180 basis point improvement to 2023, primarily due to the insurance gains recognized in the first quarter. Comparable hotel EBITDA margin was 31.2%, a decrease of 140 basis points compared to the same period in 2023, reflecting increases in wages and insurance expenses.
Net income, Adjusted EBITDAre and Adjusted FFO per share
Net income decreased $19 million for the quarter, primarily due to a decline in gain on asset sales, partially offset by gains on insurance settlements recognized in the first quarter. These changes led to a decrease in diluted earnings per share of $0.02, or 5.0%, for the quarter. Adjusted EBITDAre, which excludes gain on sale of assets, among other items, increased $39 million to $483 million. Adjusted FFO per diluted share increased $0.05 to $0.60 for the first quarter, reflecting the increase in Adjusted EBITDAre, partially offset by an increase in interest expense (excluding debt extinguishment costs) which is included in Adjusted FFO per diluted share but not Adjusted EBITDAre.
Outlook
While there were portfolio-specific challenges in the first quarter of 2024, we continue to see economic conditions conducive to year-over-year growth for the lodging industry. First quarter headwinds included the evolving nature of demand at our Maui properties, unseasonable weather conditions in several of our markets, and difficult comparisons to a very strong first quarter of 2023. Although inflation has surprised to the upside in the first quarter, it has moderated substantially over the past year, while unemployment remains at very low levels, and consumer spending remains strong. However, the Federal Reserve has maintained its stance of a tight monetary policy, and expectations of rate cuts have been pushed further out. In addition, other risks to economic growth remain, including geopolitical instability throughout the globe, volatile oil prices and the uncertainty surrounding presidential elections both in the U.S. and abroad. As a result, while the overall expectation of a recession has moderated, a slowdown in economic growth is anticipated. Blue Chip Economic Indicators consensus currently estimates an increase in real U.S. GDP of 2.4% for 2024, down slightly from 2.5% growth in 2023, and business investment growth is also anticipated to slow over the coming quarters, expected to average 2.4% for 2024.
Overall, hotel supply growth is anticipated to remain below the long-term historical average in 2024, although we expect to see above-average growth in a few markets where our hotels are located, such as New York and Austin. Supply chain challenges have resulted in project delays across the U.S., and a tight lending environment has created construction financing challenges for future projects. We anticipate that the new project pipeline will remain suppressed until macroeconomic concerns moderate and interest rates decline.
At the same time, demand patterns have normalized from the outsized impact of the pandemic on our industry, particularly in luxury and upper upscale hotels in top U.S. markets where our hotels are located. The majority of our urban markets are closing the gap to pre-pandemic levels, reflecting increases in group business and a gradual recovery in business transient and international demand. Further, while average rates have moderated from post-pandemic highs at our resorts, they remain elevated compared to pre-pandemic levels. However, there are signs of softening short term leisure demand and transient demand has recovered more slowly in certain markets, such as San Francisco and Seattle. In addition, the impact from the wildfires on the Maui market, one of our largest markets by revenues, has created challenges for anticipating performance levels in the coming months as the community continues to rebuild.
Based on the trends noted, we expect comparable hotel RevPAR growth for the full year 2024 will be between 2.0% and 4.0%. However, the range of potential outcomes on the economy and the lodging industry specifically remains exceptionally wide, reflecting varying analyst assumptions surrounding the impact of higher interest rates, inflation, ongoing labor shortages in key industries, and escalating geopolitical conflicts. Additionally, following the collapse of a portion of Highway 1 in California in March 2024, Alila Ventana Big Sur is temporarily closed to guests. The hotel will be removed from our comparable hotel set beginning in the second quarter of 2024.

23


As noted above, the current outlook for the lodging industry remains uncertain; therefore, there can be no assurances as to the continued recovery in lodging demand for any number of reasons, including, but not limited to, slower than anticipated return of group and business travel or deteriorating macroeconomic conditions.
Strategic Initiatives
Acquisitions. Subsequent to quarter end, we acquired the 215-room 1 Hotel Nashville and 506-room Embassy Suites by Hilton Nashville Downtown for a total purchase price of $530 million. The hotels comprise a two-hotel complex featuring seven food and beverage outlets, a spa, two fitness centers, a yoga studio and 33,000 square feet of shared meeting space.
Financing Transactions. During the first quarter, we drew $300 million under the revolver portion of our credit facility. Subsequent to quarter end, we had net repayments of $85 million under the revolver, resulting in remaining available capacity of $1.3 billion under the revolver portion of our credit facility. Additionally, subsequent to quarter end, we repaid the $400 million of 3⅞% Series G senior notes at maturity.
Capital Projects. During the first quarter of 2024, we spent approximately $33 million on return on investment ("ROI") capital projects, $58 million on renewal and replacement projects, and $12 million on hurricane restoration work. This included our continuing restoration efforts following Hurricane Ian, for which we estimate the total property reconstruction and remediation costs, including significant enhancements, to be approximately $300 million to $320 million, of which approximately 30% relates to remediation costs. As of May 1, 2024, we have received total insurance proceeds of $263 million out of the expected potential insurance recovery of approximately $310 million related to our Hurricane Ian claims, of which $10 million has been recognized as business interruption proceeds in the first quarter of 2024.
In collaboration with Hyatt, we initiated a transformational capital program in 2023 on six properties in our portfolio. These investments are intended to position the targeted hotels to compete better in their respective markets while seeking to enhance long-term performance. During the first quarter of 2024, we spent approximately $11 million on this program, which is included in ROI capital projects. We expect to invest approximately $125 million to $200 million per year over the next three to four years on this program. Hyatt has agreed to provide additional priority returns on the agreed upon investments and operating profit guarantees totaling $40 million to offset expected business disruptions.
For full year 2024, we expect total capital expenditures of $500 million to $605 million, consisting of ROI projects of approximately $225 million to $280 million, renewal and replacement expenditures of $250 million to $300 million, and $25 million for the final restoration work for the damage caused by Hurricane Ian. The ROI projects include approximately $125 million to $150 million for the Hyatt transformational capital program discussed above.

24


Results of Operations
The following table reflects certain line items from our unaudited condensed consolidated statements of operations (in millions, except percentages):
Quarter ended March 31,
20242023
Change
Total revenues$1,471 $1,381 6.5 %
Operating costs and expenses:
Property-level costs ⁽¹⁾1,184 1,102 7.4 %
Corporate and other expenses27 31 (12.9)%
Gain on insurance settlements31 — N/M
Operating profit291 248 17.3 %
Interest expense47 49 (4.1)%
Other gains— 69 (100.0)%
Benefit for income taxes— %
Host Inc.:
Net income attributable to non-controlling interests— %
Net income attributable to Host Inc.268 287 (6.6)%
Host L.P.:
Net income attributable to non-controlling interests— — — %
Net income attributable to Host L.P.272 291 (6.5)%
___________
(1)Amount represents total operating costs and expenses from our unaudited condensed consolidated statements of operations, less corporate and other expenses and gain on insurance settlements.
N/M = Not meaningful.
Statement of Operations Results and Trends
Hotel Sales Overview
The following table presents total revenues in accordance with GAAP and includes all consolidated hotels (in millions, except percentages):
Quarter ended March 31,
20242023
Change
Revenues:
Rooms$853 $820 4.0 %
Food and beverage473 431 9.7 %
Other145 130 11.5 %
Total revenues $1,471 $1,381 6.5 %
Total revenues for the first quarter improved 6.5% compared to the first quarter of 2023, primarily due to the resumption of operations at The Ritz-Carlton, Naples, which was closed during the first half of 2023 as a result of Hurricane Ian. In addition, strong group business led to improvements in food and beverage revenues, while other revenues also increased, which offset the decline in RevPAR at our comparable hotels.
Rooms. Total rooms revenues increased $33 million, or 4.0%, for the first quarter compared to 2023, reflecting the reopening of The Ritz-Carlton, Naples. Rooms revenues at our comparable hotels decreased $1 million, or 0.1%, for the quarter driven by a decrease in average room rate.

25


Food and beverage. Total food and beverage ("F&B") revenues increased $42 million, or 9.7%, for the first quarter compared to 2023 due to the reopening of The Ritz-Carlton, Naples and reflecting an increase in comparable F&B revenues of $15 million, or 3.5%, primarily driven by improvements in banquet and audio-visual revenues at convention hotels as group demand continues to recover.
Other revenues. Total other revenues increased $15 million, or 11.5%, for the first quarter compared to 2023 driven by the reopening of The Ritz-Carlton, Naples and reflecting an increase at our comparable hotels in other revenues of $9 million, or 6.9%, primarily due to elevated levels of attrition and cancelation fees and an increase in ancillary revenues.
Property-level Operating Expenses
The following table presents property-level operating expenses in accordance with GAAP and includes all consolidated hotels (in millions, except percentages):
Quarter ended March 31,
20242023
Change
Expenses:
Rooms$202 $193 4.7 %
Food and beverage295 269 9.7 %
Other departmental and support expenses334 315 6.0 %
Management fees69 65 6.2 %
Other property-level expenses104 91 14.3 %
Depreciation and amortization180 169 6.5 %
Total property-level operating expenses$1,184 $1,102 7.4 %
Our operating costs and expenses, which consist of both fixed and variable components, are affected by several factors. Rooms expenses are affected mainly by occupancy, which drives costs related to items such as housekeeping, reservation systems, room supplies, laundry services and front desk costs. Food and beverage expenses correlate closely with food and beverage revenues and are affected by occupancy and the mix of business between banquet, audio-visual and outlet sales. However, the most significant expense for the rooms, food and beverage, and other departmental and support expenses is wages and employee benefits, which comprise approximately 58% of these expenses. For the first quarter of 2024, these expenses increased 5% on a per available rooms basis compared to 2023, primarily due to an overall increase in general wage rates and benefits. Wage and benefit rate inflation is expected to be approximately 5% in 2024.
Other property-level expenses consist of property taxes, the amounts and structure of which are highly dependent on local jurisdiction taxing authorities, and property and general liability insurance, all of which do not necessarily increase or decrease based on similar changes in revenues at our hotels.
The increase in expenses for the first quarter of 2024 compared to 2023 for rooms, food and beverage, other departmental and support, and management fees was generally due to the corresponding increases in revenues due to the reopening of the Ritz-Carlton, Naples and reflected changes in our comparable hotels results, as described below:
Rooms. Rooms expenses increased $9 million, or 4.7%, for the quarter. Our comparable hotels rooms expenses increased $5 million, or 2.6%, for the quarter driven by an overall increase in wage rates.
Food and beverage. F&B expenses increased $26 million, or 9.7%, for the quarter. For our comparable hotels, F&B expenses increased $11 million, or 4.1% for the quarter. Overall, F&B costs as a percentage of revenues remained consistent year over year.
Other departmental and support expenses. Other departmental and support expenses increased $19 million, or 6.0%, for the quarter. On a comparable hotel basis, other departmental and support expenses increased $12 million, or 3.8%, for the quarter. These increases were primarily due to higher wage expense.
Management fees. Total management fees increased $4 million, or 6.2%, for the quarter. Base management fees, which generally are calculated as a percentage of total revenues, increased $4 million, or 8.4%, for the quarter. At our comparable hotels, base management fees increased $1 million, or 3.5%. Incentive management fees, which generally are

26


based on the amount of operating profit at each hotel after we receive a priority return on our investment, remained flat year over year. At our comparable hotels, incentive management fees decreased $2 million, or 6.3%.
Other property-level expenses. These expenses generally do not vary significantly based on occupancy and include expenses such as property taxes and insurance. Other property-level expenses increased $13 million, or 14.3%, for the quarter, due to increases in property insurance premiums, rent on a portion of our ground leases that are based on a percentage of sales, and property taxes. Other property-level expenses at our comparable hotels increased $9 million, or 9.8%, for the quarter. Other property-level expenses were partially offset by the receipt of operating profit guarantees under the transformational capital programs in 2024 and 2023.
Other Income and Expense
Corporate and other expenses. The following table details our corporate and other expenses for the quarter (in millions):
Quarter ended March 31,
20242023
General and administrative costs$21 $21 
Non-cash stock-based compensation expense
Litigation accruals— 
       Total $27 $31 
Gain on insurance settlements. In 2024, we recorded a gain on insurance consisting of $21 million related to property insurance proceeds and $10 million for receipt of business interruption proceeds relating to Hurricane Ian.
Interest expense. Interest expense decreased for the quarter due to debt extinguishment costs incurred during the first quarter of 2023, partially offset by an increase in interest rates on our floating rate debt. The following table details our interest expense for the quarter (in millions):
Quarter ended March 31,
20242023
Cash interest expense ⁽¹⁾$45 $43 
Non-cash interest expense
Non-cash debt extinguishment costs— 
Cash debt extinguishment costs ⁽¹⁾— 
Total interest expense$47 $49 
_________
(1)Including the change in accrued interest, total cash interest paid was $39 million and $40 million for the quarters ended March 31, 2024 and 2023, respectively.
Other gains. Other gains in the first quarter of 2023 reflected the sale of The Camby, Autograph Collection.
Benefit for income taxes. We lease substantially all our properties to consolidated subsidiaries designated as taxable REIT subsidiaries (“TRS”) for U.S. federal income tax purposes. Taxable income or loss generated/incurred by the TRS primarily represents hotel-level operations and the aggregate rent paid to Host L.P. by the TRS, on which we record an income tax provision or benefit. For the first quarter of 2024, we recorded a net income tax benefit of $2 million due to the recognition of federal income tax credits related to the installation of a co-generation plant at one of our properties.
Comparable Hotel RevPAR Overview
We discuss operating results for our hotels on a comparable hotel basis. Comparable hotels are those properties that we have consolidated for the entirety of the reporting periods being compared. Comparable hotels do not include the results of hotels sold or classified as held-for-sale, hotels that have sustained substantial property damage or business interruption, or hotels that have undergone large-scale capital projects, in each case requiring closures lasting one month or longer during the reporting periods being compared. See “Comparable Hotel Operating Statistics and Results” below for more information on how we determine our comparable hotels.

27


We also include, following the comparable hotels results by geographic location, the same operating statistics presentation on an actual basis, which includes results for our portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition. Lastly, we discuss our hotel results by mix of business (i.e., transient, group, or contract).
Hotel Operating Data by Location
The following tables set forth performance information for our hotels by geographic location for the quarters ended March 31, 2024 and 2023, respectively, on a comparable hotel and actual basis:
Comparable Hotel Results by Location
As of March 31, 2024
Quarter ended March 31, 2024Quarter ended March 31, 2023
LocationNo. of
Properties
No. of
Rooms
Average
Room Rate
Average
Occupancy
Percentage
RevPARTotal RevPARAverage
Room Rate
Average
Occupancy
Percentage
RevPARTotal RevPARPercent
Change in
RevPAR
Percent
Change in
Total RevPAR
Miami21,038$635.30 82.0 %$520.71 $867.57 $643.96 77.9 %$501.89 $862.22 3.7 %0.6 %
Phoenix31,545490.11 81.3 %398.36 854.54 529.55 82.5 %436.73 878.14 (8.8)%(2.7)%
Maui/Oahu42,006539.98 72.6 %391.83 631.50 605.58 76.2 %461.65 700.34 (15.1)%(9.8)%
Florida Gulf Coast41,403436.83 80.1 %350.05 739.96 435.39 80.2 %