10-Q 1 hst-20210930.htm 10-Q 10-Q
Q30001061937false--12-31--12-3100010707500001070750hst:SanDiegoMember2020-01-012020-09-300001070750hst:SanAntonioAustinMember2020-01-012020-09-300001070750hst:DenverMember2021-07-012021-09-300001070750us-gaap:FoodAndBeverageMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2020-06-300001070750us-gaap:SubsequentEventMemberhst:WestfieldsMarriottWashingtonDullesSanRamonMarriottTheWestinBuckheadAtlantaTheWestinLosAngelesAirportAndTheWhitleyMember2021-10-012021-10-010001070750us-gaap:NoncontrollingInterestMember2020-06-300001070750hst:SeattleMember2021-07-012021-09-300001070750us-gaap:GeneralPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-12-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001070750hst:TermLoanMember2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2019-12-310001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-09-300001070750hst:NorthernVirginiaMember2020-01-012020-09-300001070750us-gaap:FairValueInputsLevel2Member2021-07-012021-09-300001070750hst:FloridaGulfCoastMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001070750hst:LosAngelesOrangeCountyMember2020-01-012020-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2020-12-310001070750us-gaap:RetainedEarningsMember2019-12-310001070750hst:ChicagoMember2021-01-012021-09-300001070750hst:AtTheMarketOfferingMember2021-01-012021-09-300001070750us-gaap:AdditionalPaidInCapitalMember2021-06-300001070750country:CA2021-07-012021-09-300001070750us-gaap:AdditionalPaidInCapitalMember2020-12-310001070750hst:MiamiMember2021-07-012021-09-300001070750hst:COVID19Memberus-gaap:RevolvingCreditFacilityMember2020-01-012020-12-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2020-09-300001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001070750hst:BostonMember2021-07-012021-09-300001070750hst:OtherUSLocationsMember2020-07-012020-09-300001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001070750hst:LosAngelesOrangeCountyMember2021-07-012021-09-300001070750hst:OtherUSLocationsMember2020-01-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001070750us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001070750us-gaap:ManagementServiceMember2021-01-012021-09-3000010707502020-01-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-3000010707502021-09-300001070750us-gaap:HotelOtherMember2020-07-012020-09-300001070750hst:NorthernVirginiaMember2020-07-012020-09-300001070750hst:FourSeasonsResortOrlandoMember2021-01-012021-09-300001070750us-gaap:OccupancyMember2020-01-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2020-07-012020-09-300001070750us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001070750us-gaap:NoncontrollingInterestMember2020-12-3100010707502020-09-300001070750us-gaap:RevolvingCreditFacilityMember2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberhst:AtTheMarketOfferingMember2021-01-012021-09-300001070750country:BR2020-07-012020-09-300001070750us-gaap:RetainedEarningsMember2020-06-300001070750hst:OrlandoMember2021-07-012021-09-300001070750us-gaap:GeneralPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-09-300001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-06-300001070750hst:SanFranciscoSanJoseMember2020-01-012020-09-300001070750hst:BostonMember2020-07-012020-09-300001070750us-gaap:FoodAndBeverageMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-01-012020-09-300001070750country:BR2020-12-310001070750hst:SanAntonioAustinMember2021-01-012021-09-300001070750hst:AtlantaMember2020-07-012020-09-300001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2021-06-300001070750country:CA2020-01-012020-09-3000010707502020-07-012020-09-300001070750country:CA2020-07-012020-09-300001070750us-gaap:FoodAndBeverageMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-07-012020-09-300001070750stpr:DC2020-01-012020-09-300001070750hst:PhoenicianLandParcelMember2020-01-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberhst:FourSeasonsResortOrlandoMember2021-01-012021-09-300001070750hst:BostonMember2021-01-012021-09-300001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2020-01-012020-09-3000010707502019-12-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:NoncontrollingInterestMember2019-12-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001070750hst:PhoenixMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:ManagementServiceMember2020-01-012020-09-300001070750hst:MauiOahuMember2020-07-012020-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2020-07-012020-09-300001070750us-gaap:HotelOtherMember2021-01-012021-09-300001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-06-300001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-07-012020-09-300001070750us-gaap:FairValueInputsLevel2Member2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:HotelOtherMember2020-01-012020-09-3000010707502020-06-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2021-07-012021-09-300001070750us-gaap:NonUsMember2021-01-012021-09-300001070750hst:NewYorkCityMember2020-07-012020-09-300001070750hst:BostonMember2020-01-012020-09-300001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LineOfCreditMembersrt:MaximumMember2021-09-300001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-01-012021-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2020-01-012020-09-300001070750hst:SeattleMember2020-01-012020-09-300001070750us-gaap:RetainedEarningsMember2020-01-012020-09-300001070750hst:PhiladelphiaMember2020-01-012020-09-300001070750us-gaap:AdditionalPaidInCapitalMember2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001070750country:US2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:HotelOtherMember2021-01-012021-09-300001070750us-gaap:CommonStockMember2019-12-310001070750hst:OrlandoMember2020-01-012020-09-300001070750hst:AtlantaMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-01-012020-09-300001070750us-gaap:RetainedEarningsMember2020-07-012020-09-300001070750us-gaap:FoodAndBeverageMember2020-01-012020-09-300001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-12-310001070750hst:AtTheMarketOfferingMember2021-07-012021-09-300001070750hst:LosAngelesOrangeCountyMember2020-07-012020-09-300001070750us-gaap:CommonStockMember2021-09-300001070750hst:NewYorkCityMember2021-07-012021-09-300001070750us-gaap:GeneralPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-09-300001070750hst:NewOrleansMember2020-01-012020-09-300001070750hst:HostLimitedPartnershipInterestMember2021-09-300001070750hst:BakersCayResortKeyLargoMember2021-07-012021-09-300001070750us-gaap:GeneralPartnerMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-06-300001070750hst:MauiOahuMember2020-01-012020-09-300001070750us-gaap:NonUsMember2020-07-012020-09-300001070750us-gaap:RetainedEarningsMember2021-06-300001070750us-gaap:FoodAndBeverageMember2020-07-012020-09-300001070750hst:AtlantaMember2020-01-012020-09-300001070750hst:SanFranciscoSanJoseMember2021-01-012021-09-300001070750us-gaap:CommonStockMember2021-06-300001070750us-gaap:OccupancyMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:OccupancyMember2020-07-012020-09-300001070750hst:SeattleMember2021-01-012021-09-300001070750hst:NewOrleansMember2020-07-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-06-300001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001070750country:US2020-12-310001070750hst:NewYorkCityMember2021-01-012021-09-300001070750us-gaap:OccupancyMember2021-07-012021-09-300001070750us-gaap:FoodAndBeverageMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-07-012020-09-300001070750hst:SanAntonioAustinMember2020-07-012020-09-300001070750us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:GeneralPartnerMember2020-06-300001070750hst:PhiladelphiaMember2021-07-012021-09-300001070750stpr:DC2021-07-012021-09-300001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2019-12-310001070750hst:MauiOahuMember2021-01-012021-09-300001070750country:CA2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:ManagementServiceMember2020-07-012020-09-300001070750hst:MiamiMember2021-01-012021-09-300001070750hst:NorthernVirginiaMember2021-07-012021-09-300001070750hst:MiamiMember2020-01-012020-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2020-06-300001070750us-gaap:RetainedEarningsMember2021-07-012021-09-300001070750hst:HoustonMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001070750hst:ChicagoMember2020-07-012020-09-300001070750us-gaap:AdditionalPaidInCapitalMember2020-09-300001070750hst:SanFranciscoSanJoseMember2021-07-012021-09-300001070750us-gaap:HotelOtherMember2021-07-012021-09-300001070750us-gaap:NonUsMember2021-07-012021-09-300001070750country:US2021-07-012021-09-300001070750hst:MiamiMember2020-07-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-07-012021-09-300001070750us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001070750us-gaap:HotelOtherMember2020-01-012020-09-300001070750us-gaap:SubsequentEventMemberhst:WestfieldsMarriottWashingtonDullesSanRamonMarriottTheWestinBuckheadAtlantaTheWestinLosAngelesAirportAndTheWhitleyMember2021-10-010001070750hst:OrlandoMember2020-07-012020-09-300001070750srt:MaximumMemberhst:OtherLitigationCasesMember2021-09-300001070750us-gaap:ManagementServiceMember2020-01-012020-09-3000010707502021-07-012021-09-300001070750srt:ParentCompanyMember2021-09-300001070750us-gaap:CommonStockMember2020-09-300001070750hst:NorthernVirginiaMember2021-01-012021-09-300001070750us-gaap:FoodAndBeverageMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-07-012021-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2021-07-012021-09-300001070750hst:PhiladelphiaMember2021-01-012021-09-300001070750hst:SanDiegoMember2021-01-012021-09-300001070750us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001070750hst:SeattleMember2020-07-012020-09-300001070750hst:FloridaGulfCoastMember2020-01-012020-09-300001070750hst:SanDiegoMember2020-07-012020-09-300001070750hst:JacksonvilleMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:HotelOtherMember2020-07-012020-09-300001070750hst:FloridaGulfCoastMember2021-07-012021-09-300001070750hst:DenverMember2020-07-012020-09-300001070750hst:PhoenixMember2020-01-012020-09-300001070750hst:COVID19Member2020-04-012020-04-300001070750hst:SanDiegoMember2021-07-012021-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-09-300001070750hst:JacksonvilleMember2020-01-012020-09-300001070750us-gaap:RetainedEarningsMember2020-12-310001070750hst:MauiOahuMember2021-07-012021-09-300001070750hst:OtherUSLocationsMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:ManagementServiceMember2021-01-012021-09-300001070750hst:OtherUSLocationsMember2021-07-012021-09-300001070750country:CA2020-12-310001070750hst:JacksonvilleMember2021-07-012021-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2019-12-310001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-09-300001070750country:BR2021-07-012021-09-300001070750hst:JacksonvilleMember2020-07-012020-09-300001070750country:US2020-01-012020-09-300001070750us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:HotelOtherMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:ManagementServiceMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:NoncontrollingInterestMember2020-09-300001070750hst:NewOrleansMember2021-01-012021-09-300001070750hst:HoustonMember2020-01-012020-09-300001070750stpr:DC2021-01-012021-09-300001070750us-gaap:AdditionalPaidInCapitalMember2020-06-3000010707502021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:NoncontrollingInterestMember2021-06-300001070750hst:PhoenixMember2020-07-012020-09-300001070750hst:ChicagoMember2020-01-012020-09-300001070750hst:HoustonMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:NoncontrollingInterestMember2020-12-310001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2021-06-300001070750hst:AlilaVentanaBigSurMember2021-07-012021-09-300001070750country:US2021-01-012021-09-300001070750hst:LimitedPartnershipInterestsOfThirdPartiesMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-01-012020-09-300001070750country:US2020-07-012020-09-300001070750hst:NewYorkCityMember2020-01-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2019-12-3100010707502020-12-310001070750us-gaap:NoncontrollingInterestMember2021-09-300001070750us-gaap:NonUsMember2020-01-012020-09-300001070750hst:ChicagoMember2021-07-012021-09-300001070750us-gaap:OccupancyMember2020-07-012020-09-300001070750hst:AtTheMarketOfferingMember2021-09-300001070750us-gaap:RetainedEarningsMember2020-09-300001070750srt:ParentCompanyMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-01-012021-09-300001070750hst:BakersCayResortKeyLargoMember2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:OccupancyMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001070750us-gaap:CommonStockMember2020-12-310001070750us-gaap:CommonStockMember2020-06-300001070750country:BR2021-01-012021-09-300001070750us-gaap:ManagementServiceMember2021-07-012021-09-300001070750hst:AtlantaMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:GeneralPartnerMember2019-12-310001070750country:CA2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:OccupancyMember2020-01-012020-09-300001070750hst:LosAngelesOrangeCountyMember2021-01-012021-09-300001070750us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2021-09-300001070750us-gaap:RetainedEarningsMember2021-09-300001070750country:BR2021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:NoncontrollingInterestMember2020-06-300001070750hst:PhoenixMember2021-01-012021-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:OccupancyMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:NoncontrollingInterestMember2021-09-300001070750hst:SanAntonioAustinMember2021-07-012021-09-300001070750hst:TermLoanMember2020-12-3100010707502021-11-020001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-06-300001070750us-gaap:NoncontrollingInterestMember2020-09-300001070750hst:SanFranciscoSanJoseMember2020-07-012020-09-300001070750us-gaap:AdditionalPaidInCapitalMember2019-12-310001070750hst:OrlandoMember2021-01-012021-09-300001070750hst:DenverMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:NoncontrollingInterestMember2020-01-012020-09-300001070750us-gaap:NoncontrollingInterestMember2021-06-300001070750us-gaap:FairValueInputsLevel2Member2020-12-310001070750hst:HoustonMember2020-07-012020-09-300001070750us-gaap:NoncontrollingInterestMember2019-12-310001070750hst:PhiladelphiaMember2020-07-012020-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2020-12-310001070750us-gaap:ManagementServiceMember2020-07-012020-09-300001070750hst:DenverMember2020-01-012020-09-300001070750hst:FloridaGulfCoastMember2020-07-012020-09-300001070750hst:TemporaryEquityRedeemableNoncontrollingInterestsMember2020-09-300001070750hst:AlilaVentanaBigSurMember2021-09-300001070750hst:AtTheMarketOfferingMember2021-05-062021-05-060001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-01-012021-09-300001070750hst:NewOrleansMember2021-07-012021-09-300001070750hst:DowntownHoustonHotelMember2021-09-300001070750hst:DowntownHoustonHotelMember2021-07-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberhst:PhoenicianLandParcelMember2020-01-012020-09-300001070750country:BR2020-01-012020-09-300001070750stpr:DC2020-07-012020-09-300001070750us-gaap:RetainedEarningsMember2021-01-012021-09-300001070750hst:HostHotelsResortsLimitedPartnershipSubsidiariesMemberus-gaap:LimitedPartnerMember2020-12-310001070750us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2020-12-3100010707502021-06-300001070750us-gaap:FoodAndBeverageMemberhst:HostHotelsResortsLimitedPartnershipSubsidiariesMember2021-01-012021-09-30iso4217:USDxbrli:sharesxbrli:purehst:Roomxbrli:shareshst:Entityiso4217:USDhst:Hotel

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended date September 30, 2021

OR

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.)

Delaware (Host Hotels & Resorts, L.P.)

(State or Other Jurisdiction of

Incorporation or Organization)

 

53-0085950

52-2095412

(I.R.S. Employer

Identification No.)

 

 

 

4747 Bethesda Ave, Suite 1300

Bethesda, Maryland

(Address of Principal Executive Offices)

 

20814

(Zip Code)

(240) 744-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

 

Title of each class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Host Hotels & Resorts, Inc.

 

Common Stock, $.01 par value

 

HST

 

The Nasdaq Stock Market LLC

Host Hotels & Resorts, L.P.

 

None

 

None

 

None

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  ☑

 

 

 

No ☐

 

Host Hotels & Resorts, L.P.

 

Yes  ☑

 

 

 

No ☐

 

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  ☑

 

 

 

No ☐

 

Host Hotels & Resorts, L.P.

 

Yes  ☑

 

 

 

No ☐

 

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    ☑

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company

Emerging growth company

 

 

 

Host Hotels & Resorts, L.P.

 

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer    ☑

Smaller reporting company

Emerging growth company

 

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. ☐

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 ☐

 

 

 

No

 

Host Hotels & Resorts, L.P.

 

Yes ☐

 

 

 

No

 

As of November 2, 2021, there were 714,035,318 shares of Host Hotels & Resorts, Inc.’s common stock, $.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 Host Inc.’s and Host L.P.’s filings is the fact 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, 2020 under the heading “Explanatory Note.”

i


 

HOST HOTELS & RESORTS, INC. AND HOST HOTELS & RESORTS, L.P.

INDEX

PART I. FINANCIAL INFORMATION

 

 

 

 

Page No.

Item 1.

 

Financial Statements for Host Hotels & Resorts, Inc.:

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets - September 30, 2021 (unaudited) and December 31, 2020

1

 

 

 

 

 

 

Condensed Consolidated Statements of Operations (unaudited) - Quarter and Year-to-date ended September 30, 2021 and 2020

2

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Quarter and Year-to-date ended September 30, 2021 and 2020

3

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) -Year-to-date ended September 30, 2021 and 2020

4

 

 

 

 

 

 

Financial Statements for Host Hotels & Resorts, L.P.:

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets - September 30, 2021 (unaudited) and December 31, 2020

6

 

 

 

 

 

 

Condensed Consolidated Statements of Operations (unaudited) - Quarter and Year-to-date ended September 30, 2021 and 2020

7

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Quarter and Year-to-date ended September 30, 2021 and 2020

8

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) - Year-to-date ended September 30, 2021 and 2020

9

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

11

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

46

 

 

 

 

Item 4.

 

Controls and Procedures

47

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

48

 

 

 

 

Item 6.

 

Exhibits

49

 

 

 

ii


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2021 and December 31, 2020

(in millions, except share and per share amounts)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

Property and equipment, net

 

$

10,124

 

 

$

9,416

 

Right-of-use assets

 

 

559

 

 

 

597

 

Assets held for sale

 

 

280

 

 

 

 

Due from managers

 

 

58

 

 

 

22

 

Advances to and investments in affiliates

 

 

62

 

 

 

21

 

Furniture, fixtures and equipment replacement fund

 

 

138

 

 

 

139

 

Other

 

 

453

 

 

 

360

 

Cash and cash equivalents

 

 

1,038

 

 

 

2,335

 

Total assets

 

$

12,712

 

 

$

12,890

 

 

 

 

 

 

 

 

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY

 

Debt

 

 

 

 

 

 

Senior notes

 

$

3,068

 

 

$

3,065

 

Credit facility, including the term loans of $997

 

 

2,472

 

 

 

2,471

 

Other debt

 

 

5

 

 

 

5

 

Total debt

 

 

5,545

 

 

 

5,541

 

Lease liabilities

 

 

572

 

 

 

610

 

Accounts payable and accrued expenses

 

 

91

 

 

 

71

 

Due to managers

 

 

55

 

 

 

64

 

Liabilities held for sale

 

 

37

 

 

 

 

Other

 

 

167

 

 

 

170

 

Total liabilities

 

 

6,467

 

 

 

6,456

 

 

 

 

 

 

 

 

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.

 

 

119

 

 

 

108

 

 

 

 

 

 

 

 

Host Hotels & Resorts, Inc. stockholders’ equity:

 

 

 

 

 

 

Common stock, par value $.01, 1,050 million shares authorized, 714.0 million shares and 705.4 million shares issued and outstanding, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

7,700

 

 

 

7,568

 

Accumulated other comprehensive loss

 

 

(75

)

 

 

(74

)

Deficit

 

 

(1,511

)

 

 

(1,180

)

Total equity of Host Hotels & Resorts, Inc. stockholders

 

 

6,121

 

 

 

6,321

 

Non-redeemable non-controlling interests—other consolidated partnerships

 

 

5

 

 

 

5

 

Total equity

 

 

6,126

 

 

 

6,326

 

Total liabilities, non-controlling interests and equity

 

$

12,712

 

 

$

12,890

 

 

 

 

 

 

 

 

See notes to condensed consolidated financial statements.

1


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Quarter and Year-to-date ended September 30, 2021 and 2020

(unaudited, in millions, except per share amounts)

 

 

 

Quarter ended September 30,

 

 

Year-to-date ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

$

557

 

 

$

126

 

 

$

1,237

 

 

$

813

 

Food and beverage

 

 

191

 

 

 

31

 

 

 

405

 

 

 

372

 

Other

 

 

96

 

 

 

41

 

 

 

250

 

 

 

168

 

Total revenues

 

 

844

 

 

 

198

 

 

 

1,892

 

 

 

1,353

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

 

150

 

 

 

69

 

 

 

324

 

 

 

299

 

Food and beverage

 

 

146

 

 

 

72

 

 

 

313

 

 

 

356

 

Other departmental and support expenses

 

 

252

 

 

 

109

 

 

 

621

 

 

 

541

 

Management fees

 

 

27

 

 

 

5

 

 

 

59

 

 

 

33

 

Other property-level expenses

 

 

82

 

 

 

77

 

 

 

239

 

 

 

240

 

Depreciation and amortization

 

 

263

 

 

 

166

 

 

 

597

 

 

 

498

 

Corporate and other expenses

 

 

24

 

 

 

18

 

 

 

73

 

 

 

68

 

Gain on insurance and business interruption settlements

 

 

(5

)

 

 

 

 

 

(5

)

 

 

 

Total operating costs and expenses

 

 

939

 

 

 

516

 

 

 

2,221

 

 

 

2,035

 

OPERATING LOSS

 

 

(95

)

 

 

(318

)

 

 

(329

)

 

 

(682

)

Interest income

 

 

1

 

 

 

 

 

 

2

 

 

 

7

 

Interest expense

 

 

(43

)

 

 

(66

)

 

 

(128

)

 

 

(143

)

Other gains

 

 

2

 

 

 

 

 

 

4

 

 

 

13

 

Equity in earnings (losses) of affiliates

 

 

2

 

 

 

(5

)

 

 

36

 

 

 

(26

)

LOSS BEFORE INCOME TAXES

 

 

(133

)

 

 

(389

)

 

 

(415

)

 

 

(831

)

Benefit for income taxes

 

 

13

 

 

 

73

 

 

 

81

 

 

 

156

 

NET LOSS

 

 

(120

)

 

 

(316

)

 

 

(334

)

 

 

(675

)

Less: Net loss attributable to non-controlling interests

 

 

1

 

 

 

3

 

 

 

3

 

 

 

7

 

NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC.

 

$

(119

)

 

$

(313

)

 

$

(331

)

 

$

(668

)

Basic loss per common share

 

$

(.17

)

 

$

(.44

)

 

$

(.47

)

 

$

(.95

)

Diluted loss per common share

 

$

(.17

)

 

$

(.44

)

 

$

(.47

)

 

$

(.95

)

See notes to condensed consolidated financial statements.

2


 

 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Quarter and Year-to-date ended September 30, 2021 and 2020

(unaudited, in millions)

 

 

 

Quarter ended September 30,

 

 

Year-to-date ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NET LOSS

 

$

(120

)

 

$

(316

)

 

$

(334

)

 

$

(675

)

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation and other comprehensive income of unconsolidated affiliates

 

 

(5

)

 

 

(5

)

 

 

(1

)

 

 

(24

)

Change in fair value of derivative instruments

 

 

1

 

 

 

 

 

 

 

 

 

1

 

OTHER COMPREHENSIVE LOSS, NET OF TAX

 

 

(4

)

 

 

(5

)

 

 

(1

)

 

 

(23

)

COMPREHENSIVE LOSS

 

 

(124

)

 

 

(321

)

 

 

(335

)

 

 

(698

)

Less: Comprehensive loss attributable to non-controlling interests

 

 

1

 

 

 

3

 

 

 

3

 

 

 

7

 

COMPREHENSIVE LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC.

 

$

(123

)

 

$

(318

)

 

$

(332

)

 

$

(691

)

See notes to condensed consolidated financial statements.

 

 

 

3


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year-to-date ended September 30, 2021 and 2020

(unaudited, in millions)

 

 

 

Year-to-date ended September 30,

 

 

 

2021

 

 

2020

 

OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$

(334

)

 

$

(675

)

Adjustments to reconcile net loss to net cash provided by (used in) operations:

 

 

 

 

 

 

Depreciation and amortization

 

 

597

 

 

 

498

 

Amortization of finance costs, discounts and premiums, net

 

 

7

 

 

 

6

 

Loss on extinguishment of debt

 

 

 

 

 

28

 

Stock compensation expense

 

 

13

 

 

 

11

 

Other gains

 

 

(4

)

 

 

(13

)

Equity in (earnings) losses of affiliates

 

 

(36

)

 

 

26

 

Change in due from/to managers

 

 

(78

)

 

 

130

 

Distributions from investments in affiliates

 

 

4

 

 

 

 

Changes in other assets

 

 

(99

)

 

 

(161

)

Changes in other liabilities

 

 

8

 

 

 

(14

)

Net cash provided by (used in) operating activities

 

 

78

 

 

 

(164

)

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Proceeds from sales of assets, net

 

 

8

 

 

 

11

 

Proceeds from loan receivable

 

 

9

 

 

 

28

 

Advances to and investments in affiliates

 

 

(9

)

 

 

(4

)

Acquisitions

 

 

(1,217

)

 

 

 

Capital expenditures:

 

 

 

 

 

 

Renewals and replacements

 

 

(92

)

 

 

(122

)

Return on investment

 

 

(201

)

 

 

(262

)

Net cash used in investing activities

 

 

(1,502

)

 

 

(349

)

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

Financing costs

 

 

(3

)

 

 

(11

)

Issuances of debt

 

 

 

 

 

740

 

Draws on credit facility

 

 

 

 

 

2,245

 

Repayment of credit facility

 

 

 

 

 

(750

)

Repurchase/redemption of senior notes

 

 

 

 

 

(364

)

Redemption of preferred equity units of Host LP

 

 

 

 

 

(22

)

Debt extinguishment costs

 

 

 

 

 

(27

)

Issuance of common stock

 

 

138

 

 

 

 

Common stock repurchase

 

 

 

 

 

(147

)

Dividends on common stock

 

 

 

 

 

(320

)

Distributions and payments to non-controlling interests

 

 

 

 

 

(3

)

Other financing activities

 

 

(8

)

 

 

(4

)

Net cash provided by financing activities

 

 

127

 

 

 

1,337

 

Effects of exchange rate changes on cash held

 

 

 

 

 

(6

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(1,297

)

 

 

818

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

 

 

2,476

 

 

 

1,750

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

 

$

1,179

 

 

$

2,568

 

 

See notes to condensed consolidated financial statements.

 

 

4


 

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

Year-to-date ended September 30, 2021 and 2020

(unaudited)

Supplemental disclosure of cash flow information (in millions):

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet to the amount shown in the statements of cash flows:

 

 

September 30, 2021

 

 

September 30, 2020

 

Cash and cash equivalents

 

$

1,038

 

 

$

2,430

 

Restricted cash (included in other assets)

 

 

3

 

 

 

 

Cash included in furniture, fixtures and equipment replacement fund

 

 

138

 

 

 

138

 

Total cash and cash equivalents and restricted cash shown in the statements of cash flows

 

$

1,179

 

 

$

2,568

 

The following table presents cash paid for the following:

 

 

Year-to-date ended September 30,

 

 

 

2021

 

 

2020

 

Total interest paid

 

$

115

 

 

$

126

 

Income taxes paid (refunds received)

 

$

(3

)

 

$

2

 

Supplemental schedule of noncash investing and financing activities:

In 2021, non-cash consideration for the acquisition of the Four Seasons Resort Orlando at Walt Disney World® Resort included the assumption of hotel-level liabilities of approximately $24 million, consisting primarily of advance deposits received from guests for future stays that were retained by the seller.

 

In connection with the sale of a parcel of land adjacent to The Phoenician hotel in 2020, we received as consideration a note receivable for $9 million. The proceeds received in 2020 from the sale are net of this note receivable. The note receivable was collected in January 2021.

See notes to condensed consolidated financial statements.

5


 

HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2021 and December 31, 2020

(in millions)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

Property and equipment, net

 

$

10,124

 

 

$

9,416

 

Right-of-use assets

 

 

559

 

 

 

597

 

Assets held for sale

 

 

280

 

 

 

 

Due from managers

 

 

58

 

 

 

22

 

Advances to and investments in affiliates

 

 

62

 

 

 

21

 

Furniture, fixtures and equipment replacement fund

 

 

138

 

 

 

139

 

Other

 

 

453

 

 

 

360

 

Cash and cash equivalents

 

 

1,038

 

 

 

2,335

 

Total assets

 

$

12,712