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host hotels & resorts inc (HST) Key Developments

Host Hotels & Resorts, Inc. Announces Win in Texas Supreme Court

Host Hotels & Resorts, Inc. announced that on October 3, 2014 the company's litigation related to the San Antonio Marriott Rivercenter hotel ended in favor of the company as the Texas Supreme Court denied the motion for rehearing from Keystone-Texas Holding Corp. On June 13, 2014, the Texas Supreme Court had overruled a lower court's $57.3 million verdict against the company for allegedly interfering with an effort to sell a San Antonio shopping mall and adjacent land underlying the San Antonio Marriott Rivercenter hotel. Now that the decision by the Texas Supreme Court is final, the company will reverse the $69 million loss contingency previously recorded under GAAP. In addition, a court-ordered bond will be released and the Company will recoup its previously funded $25 million escrow.

Host Hotels & Resorts, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revised Earnings Guidance for the Full Year of 2014

Host Hotels & Resorts, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $1,431 million compared to $1,399 million a year ago. Operating profit was $225 million compared to $205 million a year ago. Income before income taxes was $174 million compared to $131 million a year ago. Income from continuing operations was $159 million or $0.21 per basic and diluted share compared to $116 million or $0.15 per basic and diluted share a year ago. Net income attributable to Host Inc. was $155 million or $0.21 per basic and diluted share compared to $119 million or $0.16 per basic and diluted share a year ago. Adjusted EBITDA was $411 million compared to $431 million a year ago. NAREIT FFO was $332 million or $0.43 per diluted share compared to $297 million or $0.39 per diluted share a year ago. Adjusted FFO was $334 million or $0.43 per diluted share compared to $342 million or $0.45 per diluted share a year ago. Diluted NAREIT FFO was $339 million compared to $303 million a year ago. Diluted Adjusted FFO was $341 million compared to $348 million a year ago. The increase in net income for the second quarter of 2014 primarily reflects the improvement in operations and a decline in interest expense as a result of the refinancing or repayment of debt since the beginning of 2013. This quarter, the company invested over $90 million on a variety of projects that it believes will enhance the competitiveness and value of portfolio. Specifically, the company invested approximately $71 million on renewal and replacement projects, including the renovation of the Sheraton Boston 428-room south tower, in addition to 2,700 square feet of restaurant and public space of that hotel. For the six months, the company reported total revenues of $2,740 million compared to $2,624 million a year ago. Operating profit was $359 million compared to $295 million a year ago. Income before income taxes was $355 million compared to $157 million a year ago. Income from continuing operations was $344 million or $0.44 per basic and diluted share compared to $150 million or $0.24 per basic and diluted share a year ago. Net income attributable to Host Inc. was $334 million or $0.44 per basic and diluted share compared to $175 million or $0.24 per basic and diluted share a year ago. Adjusted EBITDA was $719 million compared to $714 million a year ago. NAREIT FFO was $579 million or $0.75 per diluted share compared to $514 million or $0.68 per diluted share a year ago. Adjusted FFO was $585 million or $0.76 per diluted share compared to $549 million or $0.73 per diluted share a year ago. Diluted NAREIT FFO was $592 million compared to $527 million a year ago. Diluted Adjusted FFO was $598 million compared to $562 million a year ago. Net income also benefited from $108 million of net gains on property sales. The strong results were driven by several factors: first, through the quarter, portfolio achieved a cycle-high occupancy level of 81%, which allowed hotels to drive rate increases exceeding 4%, resulting in an improvement in comparable hotel RevPAR on a constant currency basis of 5.1%. The company spent over $180 million on properties, resulting in improvements to 2,800 guestrooms, over 100,000 square feet of meeting space and 60,000 square feet of public space. Of that amount, $147 was spent on renewal and replacement CapEx, $7 million on acquisition CapEx and $29 million on ROI investments. For the full year 2014, the company forecasts net income of $515 million to $538 million, interest expense of $219 million, depreciation and amortization of $691 million, income taxes of $24 million to $26 million, EBITDA of $1,449 million to $1,474 million, adjusted EBITDA of $1,380 million to $1,405 million, NAREIT FFO of $1,102 million to $1,125 million, adjusted FFO of $1,108 million to $1,131 million, diluted NAREIT FFO of $1,129 million to $1,152 million, diluted Adjusted FFO of $1,135 million to $1,158 million, EPS of $0.67 to $0.70, NAREIT FFO per diluted share of $1.44 to $1.46, adjusted FFO per diluted share of $1.44 to $1.47. The midpoint of this updated guidance reflects a $12.5 million increase in adjusted EBITDA and a $0.02 increase in FFO per share compared to prior guidance. The company expects operating profit of $635 million to $629 million. For the full year, the company expects to spend $330 million to $350 million on renewal and replacement CapEx, $25 million to $30 million on acquisition CapEx, and most importantly, $65 million to $75 million on redevelopment and ROI CapEx. The company expects comparable hotel RevPAR for the full year will increase between 5.75% and 6.25%, and adjusted operating profit margin growth will range between 100 and 130 basis points.

Host Hotels & Resorts, Inc. Announces Dividend for the Third Quarter of 2014, Payable on October 15, 2014 ; Plans to Pay Special Dividend in the Fourth Quarter of 2014

Host Hotels & Resorts, Inc. announced that on July 31, 2014, the Board of Directors authorized a regular quarterly cash dividend of $0.20 per share on its common stock for the third quarter. The dividend will be paid on October 15, 2014 to stockholders of record on September 30, 2014. The third quarter dividend is a 33% increase over the prior quarter and represents the Company's intended regular quarterly dividend for the next several quarters, subject to Board approval. The Company may also pay a special dividend in the fourth quarter so that its annual distribution equates to its taxable income.

Host Hotels & Resorts, Inc. Announces the Extension of its $1.5 Billion Credit Facility to 2019

Host Hotels & Resorts, Inc. announced that it has amended and extended its existing $1 billion revolver scheduled to mature in 2015 and its $500 million term loan scheduled to mature in 2017. The amended facility will extend the final maturity for both the revolver and term loan to 2019 (including extensions) and reduce pricing to reflect current market conditions. At the new pricing level based on present credit rating, the all-in pricing was reduced 30 basis points on the revolver and 32.5 basis points on the term loan. Therefore, U.S. dollar denominated borrowings would result in an initial all-in rate of 1.35% and 1.28%, respectively. At this time, approximately $220 million is outstanding under the revolver and $500 million under the term loan. The facility was arranged by Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities, LLC and Wells Fargo Securities LLC, as joint lead arrangers and joint book runners.

Marriott to open 80-Room Fairfield Inn & Suites

Marriott announced that the 80-room Fairfield Inn & Suites by Marriott is scheduled to open July 3, 2014. This is the first national chain business hotel by Marriott, Hilton or Holiday Inn in the Columbia River Gorge, or between Troutdale and Pendleton. Located at 2014 W. Seventh Street, the Fairfield Inn & Suites The Dalles will operate as a Marriott franchise.

 

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Accor SA €32.17 EUR -0.105
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Starwood Hotels & Resorts Worldwide Inc $79.49 USD +0.205
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