HOST酒店及度假村 2024年度报告

2 0 2 4 A N N U A L R E P O R T HOST AT A GLANCE HOST HOTELS & RESORTS OWNS THE LARGEST PORTFOLIO OF LUXURY AND UPPER UPSCALE HOTELS INTHE PUBLIC MARKETS. WITH ICONIC AND IRREPLACEABLE PROPERTIES LOCATED IN THE TOP DESTINATIONSACROSS THE UNITED STATES, A BEST-IN-CLASS INVESTMENT GRADE BALANCE SHEET AND A STRONGANALYTICS PLATFORM, WE ARE WELL-POSITIONED TO CREATE LONG-TERM VALUE FOR OUR STOCKHOLDERS. ON THE COVER AND ABOVE:THE RITZ-CARLTON O’AHU, TURTLE BAY(Acquired in 2024) 2024HIGHLIGHTS & ACCOMPLISHMENTS ELEVATED EBITDAGROWTH PROFILE Comparable Hotel Total RevPAR grew 2.1% whileRevPAR grew nearly 1% Acquired $1.5B of iconic and irreplaceable real estateacross four properties, including The Ritz-Carlton O’ahu,Turtle Bay, 1 Hotel Central Park, 1 Hotel Nashville andEmbassy Suites by Hilton Nashville Downtown Nearly $550 million invested in capital expendituresand resiliency investments, including the HyattTransformational Capital Program CAPITAL ALLOCATIONTRACK RECORD Acquired four hotels that finished 2024 with a RevPAR of$400, nearly twice the portfolio average16 of 24 hotels have stabilized after transformationalrenovations and are outperforming relative to theircompetitive setsReturned $844 million of capital to stockholders throughshare repurchases and dividends paid DIVERSEPORTFOLIO Geographic diversification: no market accounts for morethan 10% of 2024 total revenuesThree of four recently acquired hotels are located innew markets STRONGBALANCE SHEET Only investment grade rating among lodging REITsIssued $1.3B of senior notes, including a green bond,while repaying a $400M maturity and maintaining abalanced maturity schedule SIZE, SCALE,& REPUTATION Operational benchmarking and analytical capabilityAbility to source off-market transactions and leveragerelationships with operatorsContinued to be recognized as a Corporate Responsibilityleader and achieved a new milestone in our sustainabilityefforts leading to lower interest rate on credit facility TO OUR STOCKHOLDERS continuing to position Host to take advantage of potentialopportunities in the future. We delivered full year comparable hotel total revenue peravailable room (“TRevPAR”) growth of 2.1% over 2023 andended the year with comparable TRevPAR of approximately$356. Growth was driven by improvements in food andbeverage revenues and increases in other revenues fromancillary spending, leading to net income of $707 million,a 6% decrease compared to 2023, and Adjusted EBITDAreof $1,656 million, a 1.7% increase year-over-year. Dilutedearnings per share was $0.99 and Adjusted FFO per dilutedshare was $1.97.1As expected, margin declined in 2024as a result of higher wages and benefits, fixed expensepressures, and the impacts from the Maui wildfires in 2023. JAMES F. RISOLEOPresident, Chief Executive Officer and Director RICHARD E. MARRIOTTChairman of the Board Over the course of 2024, weDELIVERED OPERATIONALIMPROVEMENTS, driven by continued rate growth andout-of-room spending. During the year, we acquired $1.5billion of iconic and irreplaceable real estate across fourproperties. We continued to reinvest in our portfoliothrough capital expenditures and resiliency investments.We also made progress on the Hyatt TransformationalCapital Program, and the condominium development atthe Four Seasons Resort Orlando at Walt Disney World®Resort. We returned significant capital to our stockholdersin the form of dividends and share repurchases. Lastly,we maintained our investment grade balance sheet while WeACQUIRED $1.5 BILLION OF ICONIC AND IRREPLACE-ABLE REAL ESTATEacross four properties, including the1 Hotel Nashville and Embassy Suites by Hilton NashvilleDowntown, the 1 Hotel Central Park, and The Ritz-CarltonO’ahu, Turtle Bay, three of which are in new markets for Host. WeSIGNIFICANTLY REINVESTED IN OUR PORTFOLIOTHROUGH CAPITAL EXPENDITURES AND RESILIENCYINVESTMENTS. In 2024, we invested nearly $550 millionin capital expenditures and resiliency investments at ourproperties. We believe these reinvestments will position (Comprehensive Renovation Completed in 2023) (Comprehensive Renovation Completed in 2020) our portfolio to outperform in the future. We completedrenovations to approximately 2,100 guest rooms, 213,000square feet of meeting space, and approximately 93,000square feet of public space. In addition, we made progresson the Hyatt Transformational Capital Program andcompleted vertical construction on the mid-rise condo-minium building at the Four Seasons Resort Orlando atWalt Disney World® Resort, marking a significant milestonein the development. $107 million of common stock at an average price of $16.99per share, and we have approximately $685 million ofremaining capacity under the common share repurchaseprogram. We also declared dividends of $0.90 per commonshare for the year. We also continued to beRECOGNIZED AS A GLOBAL LEADERIN CORPORATE RESPONSIBILITYover the course of lastyear. We were named to the Dow Jones Best-in-Class