Host Hotels & Resorts (NASDAQ:HST) reported what management described as a strong 2025, highlighting RevPAR and profit growth that exceeded its most recent guidance while continuing an active capital allocation program that included major asset sales, portfolio reinvestment, share repurchases, and dividends.
2025 results exceeded guidance
CEO Jim Risoleo said Host finished 2025 “meaningfully above” its latest guidance estimates. For the full year, the company reported Adjusted EBITDAre of $1.757 billion, up 4.6% versus 2024, and adjusted FFO per share of $2.07, up 3.5% year over year. Comparable hotel total RevPAR rose 4.2% and comparable hotel RevPAR rose 3.8% compared to 2024.
Risoleo said full-year RevPAR and Adjusted EBITDAre exceeded the company’s initial 2025 guidance by 2.3 percentage points and 8.5%, respectively, and that Host’s portfolio outperformed upper-tier industry RevPAR growth by about 200 basis points for the year.
Fourth-quarter demand driven by rate and spending outside the room
For the fourth quarter, Host reported Adjusted EBITDAre of $428 million and adjusted FFO per share of $0.51. Comparable hotel total RevPAR increased 5.4% year over year, while comparable hotel RevPAR rose 4.6%, which management said was driven by strong leisure transient demand, higher room rates, and increased out-of-room spending.
Comparable hotel EBITDA margin in the quarter declined 30 basis points to 28%, which management said reflected operational gains being offset by one-time benefits in the fourth quarter of 2024.
On mix, the company said transient revenue grew 6% in the quarter, “almost entirely” from rate increases. Business transient revenue rose about 1% as higher rates offset lower room nights, and group revenue was up about 1% year over year as rate increases offset group room-night declines tied to renovations and “citywide softness in several markets.” The company sold 900,000 group rooms in the quarter and 4.1 million group room nights for 2025.
Ancillary spending remained a key theme. Comparable hotel food and beverage revenue rose 6% in the quarter, while other revenues increased 10%, including growth in golf and spa. CFO Sourav Ghosh added that outlet revenue rose 9% and banquet and catering revenue increased 4%, supported by higher banquet contribution per group room night.
Maui recovery and luxury demand highlighted
Management repeatedly pointed to Maui as a standout. Risoleo said Maui contributed more than one-third of the company’s transient revenue growth in the fourth quarter. In that market, RevPAR grew 15% and total RevPAR (TRevPAR) grew 13% in the quarter, driven by demand growth. For full-year 2025, the company said Maui contributed $111 million of EBITDA—slightly above its most recent forecast and well ahead of its initial $90 million expectation entering 2025—and it expects Maui to contribute about $120 million of EBITDA in 2026.
In Q&A, Ghosh said the Wailea properties were “almost completely recovered” relative to pre-fire levels, while the Hyatt Regency Maui in Kaanapali would take more time due to group lead times. He said the company expects Hyatt Regency Maui EBITDA to rise from about $28 million to “close to $34 million” in 2026, and noted the potential for upside depending on group and short-term pickup trends.
Ghosh also emphasized luxury resort strength, noting transient revenue at luxury properties increased by more than 10% in the fourth quarter. He cited double-digit room night growth at The Ritz-Carlton, Naples and Fairmont Kea Lani while maintaining rates above $1,000.
Asset sales, dividends, and buybacks
Host outlined several transactions and its approach to returning capital. In 2025, it sold the Westin Cincinnati and the Washington Marriott at Metro Center for a combined $237 million, and provided $114 million of seller financing at 6.5% for the Washington Marriott transaction.
The company also announced the sale of the Four Seasons Resort Orlando at Walt Disney World Resort and the Four Seasons Resort and Residences Jackson Hole for $1.1 billion, which management said represented a 14.9x EBITDA multiple on trailing 12-month EBITDA, including about $88 million of estimated foregone capital expenditures over the next five years. Host said it acquired the two assets in 2021 and 2022 for a combined $925 million, and that the sale price represented an 11% unlevered internal rate of return.
Risoleo said the company is retaining the condo development at Four Seasons Orlando, which was excluded from the sale. Host recognized $17 million of net Adjusted EBITDAre from the sale of 16 condo units in 2025 and expects an additional $20 million to $25 million as remaining units are sold.
Management said it expects a taxable gain of about $500 million from the Four Seasons sales and has 45 days to identify a potential like-kind exchange. If Host cannot identify an “accretive acquisition” in that timeframe, it said it would intend to return the taxable gain through a special dividend. In Q&A, Risoleo said it was “more likely than not” the company will pay the special dividend, estimating it at roughly $0.72 per share.
Other dispositions included the previously announced sale of the St. Regis Houston for $51 million, which Host said represented a 25x EBITDA multiple (including about $49 million of estimated foregone capex over the next five years). The Sheraton Parsippany was under contract to sell for $15 million, with an expected close in the second quarter.
Host also returned capital via repurchases and dividends. In 2025, it repurchased 13.1 million shares at an average price of $15.68, totaling $205 million. The company declared quarterly dividends of $0.20 per share in the fourth quarter and a $0.15 special dividend, bringing total dividends declared for 2025 to $0.95 per share. The board later authorized another $0.20 quarterly dividend payable April 15 to shareholders of record March 31.
2026 outlook: modest RevPAR growth, World Cup tailwind, and flat margins at midpoint
For 2026, Host guided to comparable hotel total RevPAR growth of 2.5% to 4% and comparable hotel RevPAR growth of 2% to 3.5%. EBITDA margins are expected to range from down 20 basis points to up 20 basis points year over year; at the midpoint, the company expects a 29.2% comparable hotel EBITDA margin, flat to 2025.
Ghosh said the midpoint assumes a stable environment that continues trends from the second half of 2025, including leisure transient strength tied to special events such as the World Cup, modest improvements in short-term group bookings, and stable business transient demand.
Management said 2026 RevPAR growth should be weakest in the first quarter due to tough comparisons (including the prior year’s presidential inauguration and pickup from Los Angeles wildfires), strongest in the second quarter due to the World Cup and an earlier Easter, with the back half of the year in between. January 2026 RevPAR declined only 40 basis points, which management said exceeded expectations given comparisons.
At the midpoint, management expects a 40 basis point net full-year RevPAR benefit from special events, including a 60 basis point lift from the World Cup offset by a 20 basis point headwind from the prior year’s inauguration. Maui is expected to contribute about 35 basis points to full-year RevPAR growth.
Host’s 2026 Adjusted EBITDAre midpoint guidance is $1.77 billion. Ghosh said the year-over-year increase is expected despite headwinds, including an $87 million decline from dispositions, a $17 million net decline in business interruption proceeds, and a $7 million decline in operating profit guarantees from renovation programs. The 2026 midpoint includes $28 million of EBITDA from the Don CeSar (excluded from the comparable set due to a 2025 closure), about $7 million of business interruption proceeds related to hurricanes Helene and Milton received in January, and $20 million to $25 million of estimated net EBITDA from the Four Seasons Orlando condo development tied to unit closings.
On expenses, Ghosh said wage rates are expected to rise about 5% in 2026, following slightly over 6% wage growth in 2025, and noted wages and benefits represent about 50% of comparable hotel operating expenses. He also cited productivity enhancements and expectations that insurance costs could be lower.
Host ended 2025 with a 2.6x leverage ratio and $2.4 billion of total available liquidity. The company reported a weighted average debt maturity of 5.1 years at a weighted average interest rate of 4.8%, and said it has no debt maturities in 2026.
About Host Hotels & Resorts (NASDAQ:HST)
Host Hotels & Resorts, Inc is a real estate investment trust (REIT) focused on owning and managing premium lodging properties. The company’s portfolio predominantly comprises luxury and upper-upscale hotels and resorts operated under leading global brands. Through strategic acquisitions, dispositions and capital investments, Host Hotels & Resorts seeks to enhance long-term value by aligning property-level operating performance with broader market trends in hospitality demand.
The company’s holdings span major urban, resort and conference destinations across North America, Europe and the Asia-Pacific region.
