Quarterly Comparable Hotel Total RevPAR Growth of 0.8% and Comparable Hotel RevPAR Growth of 0.2%

Raises Full Year Comparable Hotel RevPAR Growth Guidance to ~3.0% Over 2024

Announces Second Marriott Transformational Capital Program

Completed Sale of Washington Marriott at Metro Center

BETHESDA, Md., Nov. 05, 2025 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ:HST) (the "Company"), the nation's largest lodging real estate investment trust ("REIT"), today announced results for the third quarter of 2025.

OPERATING RESULTS

(unaudited, in millions, except per share and hotel statistics)

	Quarter ended September 30,						Year-to-date ended September 30,
		2025		2024	Percent Change			2025		2024	Percent Change
Revenues	$	1,331	$	1,319	0.9	%	$	4,511	$	4,256	6.0	%
Comparable hotel revenues⁽¹⁾		1,293		1,282	0.9	%		4,388		4,245	3.4	%
Comparable hotel Total RevPAR⁽¹⁾		335.42		332.67	0.8	%		383.54		369.71	3.7	%
Comparable hotel RevPAR⁽¹⁾		208.07		207.58	0.2	%		229.95		222.10	3.5	%

Net income	$	163	$	84	94.0	%	$	639	$	598	6.9	%
EBITDAre⁽¹⁾		314		353	(11.0	%)		1,313		1,359	(3.4	%)
Adjusted EBITDAre⁽¹⁾		319		330	(3.3	%)		1,329		1,300	2.2	%

Diluted earnings per common share	$	0.23	$	0.12	91.7	%	$	0.91	$	0.84	8.3	%
NAREIT FFO per diluted share⁽¹⁾		0.34		0.36	(5.6	%)		1.54		1.53	0.7	%
Adjusted FFO per diluted share⁽¹⁾		0.35		0.36	(2.8	%)		1.56		1.55	0.6	%

Additional detail on the Company's results, including data for 24 domestic markets, is available in the Third Quarter 2025 Supplemental Financial Information on the Company's website at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, said, "Our strong third quarter results reflect our company's continued positive momentum and industry leadership. We delivered better than expected comparable hotel Total RevPAR growth of 0.8% over the third quarter of 2024, driven by strong transient demand leading to improvements in room revenues and ancillary spend. Comparable hotel RevPAR also outperformed our expectations, increasing 0.2% over the third quarter of last year, driven by higher rates across the portfolio and improving leisure transient trends in Maui. As a result of our outperformance, we now expect comparable hotel RevPAR growth of approximately 3.0% and comparable hotel Total RevPAR growth of approximately 3.4% over 2024, exceeding the high end of our previously announced guidance ranges."

Risoleo continued, "We continued to actively manage our portfolio with the sale of the Washington Marriott at Metro Center in the third quarter and made additional progress on our portfolio reinvestments. We are very pleased to have entered into a new agreement with Marriott to complete transformational renovations at four properties in our portfolio. We believe Host is well positioned to benefit from favorable demand trends as a result of our investment-grade balance sheet, our size and scale, our diversified business and geographic mix, and our continued reinvestment in our portfolio."

_______________________________

(1) NAREIT Funds From Operations ("FFO") per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission ("SEC"). See the Notes to Financial Information on why the Company believes 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 include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.

HIGHLIGHTS:

Comparable hotel Total RevPAR was $335.42 for the third quarter of 2025, representing an increase of 0.8% compared to the same period in 2024, due to improvements in room revenues and ancillary spend driven by increased transient demand. Comparable hotel Total RevPAR year-to-date in 2025 was $383.54, an increase of 3.7%.
Comparable hotel RevPAR was $208.07 for the third quarter of 2025, representing an increase of 0.2%, compared to the same period in 2024, driven primarily by increases in room rates and strong transient leisure demand, along with the continuing recovery in Maui, which collectively offset an expected decrease in group demand. Comparable hotel RevPAR year-to-date in 2025 was $229.95, an increase of 3.5%.
GAAP net income was $163 million for the third quarter of 2025, reflecting a 94.0% increase compared to the third quarter of 2024, benefitting from the gain on sale in the quarter. GAAP operating profit margin was 7.6%, a decline of 260 basis points compared to the third quarter of 2024, driven by a $24 million decrease in net gains on insurance settlements. Year-to-date GAAP net income was $639 million, a 6.9% increase compared to 2024, also benefitting from gains on sales, and operating profit margin was 14.7%, a decline of 220 basis points compared to 2024, reflecting a decline of $92 million in net gains on insurance settlements.
Comparable hotel EBITDA was $309 million for the third quarter of 2025, a decrease of 1.3% compared to the third quarter of 2024, reflecting a comparable hotel EBITDA margin decrease of 50 basis points to 23.9%, due to increases in wages and benefits expense. Year-to-date, comparable hotel EBITDA was $1,283 million, an increase of 2.0% compared to 2024, while comparable hotel EBITDA margin decreased 40 basis points to 29.2%.
Adjusted EBITDAre was $319 million for the third quarter of 2025, a decrease of 3.3% compared to the third quarter of 2024, as improvements in revenues did not offset the increase in expenses primarily from higher wages and benefits. Year-to-date Adjusted EBITDAre was $1,329 million, exceeding 2024 by 2.2%, as improvements in room rates and earnings from the 2024 acquisitions more than offset the decline in business interruption proceeds and the increases in wages and benefits.
Sold Washington Marriott at Metro Center for $177 million and recorded a gain on sale of approximately $122 million in the third quarter. In connection with the sale, the Company provided seller financing of $114 million.
Received business interruption proceeds of $5 million in July, as previously reported, related to damages caused by Hurricanes Helene and Milton at The Don CeSar in 2024. To date, a total of $40 million of insurance proceeds have been received related to the claims, of which $24 million is related to business interruption proceeds. The final phases of the reconstruction at The Don CeSar were completed in the third quarter, and all amenities are fully reopened at the property.
Reached an agreement with Marriott International to complete a second transformational capital program at four properties over a four-year period. These portfolio investments are designed to better position the assets to compete in their respective markets and enhance long-term performance. The Company expects to spend between $300 million and $350 million through 2029. In exchange, Marriott has provided enhanced owner priority returns on the agreed upon investments and operating profit guarantees of approximately $22 million, including $1 million in each of the third and fourth quarters of 2025, to offset expected business disruption.
Moody's upgraded the Company's credit rating to Baa2 with a stable outlook. In its press release, Moody's cited the Company's solid operating performance and maintenance of a conservative financial profile as evidenced by its low leverage, strong fixed charge coverage, and almost fully unencumbered property portfolio. Moody's also noted The Company's high-quality portfolio, which has been enhanced through meaningful capital investments over the past several years.¹

¹ A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Credit ratings are subject to change depending on financial and other factors

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at September 30, 2025:

Total assets of $13.0 billion.
Debt balance of $5.1 billion, with a weighted average maturity of 5.2 years, a weighted average interest rate of 4.9%, and a balanced maturity schedule.
Total available liquidity of approximately $2.2 billion, including furniture, fixtures and equipment escrow reserves of $205 million and $1.5 billion available under the revolver portion of the credit facility.

DIVIDENDS

The Company paid a third quarter common stock cash dividend of $0.20 per share on October 15, 2025 to stockholders of record on September 30, 2025. All future dividends, including any special dividends, are subject to approval by the Company's Board of Directors.

HOTEL BUSINESS MIX UPDATE

The Company's customers fall into three broad groups: transient, group and contract business, which accounted for approximately 60%, 36%, and 4%, respectively, of its full year 2024 room sales. As expected, group room nights for the third quarter were down year-over-year as a result of planned renovations under the Hyatt Transformational Capital Program and a shift in the timing of holidays.

The following are the results for transient, group and contract business in comparison to 2024, for the Company's current portfolio:

	Quarter ended September 30, 2025									Year-to-date ended September 30, 2025
	Transient			Group			Contract			Transient			Group			Contract
Room nights (in thousands)		1,535			928			219			4,383			3,127			616
Percent change in room nights vs. same period in 2024		(1.2	%)		(7.8	%)		11.6	%		—	%		(4.7	%)		12.5	%
Rooms revenues (in millions)	$	507		$	249		$	46		$	1,571		$	926		$	134
Percent change in revenues vs. same period in 2024		1.7	%		(4.7	%)		14.5	%		4.6	%		(0.9	%)		18.8	%

CAPITAL EXPENDITURES

The following presents the Company's capital expenditures spend through the third quarter of 2025 and the forecast for the full year 2025 (in millions):

	Year-to-date ended September 30, 2025		2025 Full Year Forecast

	Actual		Low-end of range		High-end of range
ROI - Marriott and Hyatt Transformational Capital Programs	$	114	$	190	$	195
All other return on investment ("ROI") projects		70		90		100
Total ROI Projects		184		280		295
Renewals and Replacements ("R&R")		200		250		265
R&R and ROI Capital expenditures		384		530		560
R&R - Property Damage Reconstruction		70		75		80
Total Capital Expenditures	$	454	$	605	$	640

Inventory spend for condo development⁽¹⁾		67		80		85
Total capital allocation	$	521	$	685	$	725

__________

(1) Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.

Under the Hyatt Transformational Capital Program, the Company received $8 million of operating guarantees in the third quarter of 2025. The Company substantially completed the transformational renovation of the Hyatt Regency Capitol Hill and, subsequent to quarter end, completed the Hyatt Regency Austin, two of the six assets included in the Hyatt Transformational Capital Program, and expects to receive $24 million of operating guarantees for the full year to offset expected business disruptions.

2025 OUTLOOK

Comparable hotel RevPAR performance exceeded expectations in the third quarter, leading to an improved forecast for the full year, even as short-term group volume remains soft. Following October estimated results of 5.5% growth in comparable hotel RevPAR over the same period in 2024, the revised guidance assumes limited impacts from the government shutdown, which is comparable to what was experienced in October.

The guidance includes an expected decline in operating profit margin and comparable hotel EBITDA margin due to growth in wages and a decrease in business interruption proceeds, as compared to 2024. The guidance for net income and Adjusted EBITDAre increased since the prior quarter, reflecting the higher room rates achieved. Any additional insurance amounts related to Hurricanes Helene and Milton are still under discussion with insurance carriers, with a final determination expected in 2026; therefore, no additional amounts are included in guidance. The guidance for net income and Adjusted EBITDAre also includes an estimated $16 million contribution from sales expected to close in the fourth quarter at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort. The anticipated 2025 contribution from the condominium development has declined $5 million from previous guidance as eight of the contracts signed thus far have been for the villas, which are anticipated to close in 2026. It is important to note the expectations for the overall project have not changed, and sales prices and project costs are on target.

The Company anticipates its 2025 operating results as compared to 2024 will be approximately as follows:

	Current Full Year 2025 Guidance	Current Full Year 2025 Guidance Change vs. 2024	Previous Full Year 2025 Guidance Midpoint Change vs. 2024	Change in Full Year 2025 Guidance
Comparable hotel Total RevPAR	$380	3.4%	2.5%	90 bps
Comparable hotel RevPAR	$227	3.0%	2.0%	100 bps
Total revenues under GAAP (in millions)	$6,060	6.6%	7.0%	(40) bps
Operating profit margin under GAAP	13.9%	(150) bps	(190) bps	40 bps
Comparable hotel EBITDA margin	28.8%	(50) bps	(70) bps	20 bps

Based upon the above parameters, the Company estimates its 2025 guidance will be approximately as follows:

	Current Full Year 2025 Guidance	Previous Full Year 2025 Guidance Midpoint	Change in Full Year 2025 Guidance
Net income (in millions)	$780	$616	$164
Adjusted EBITDAre (in millions)	$1,730	$1,705	$25
Diluted earnings per common share	$1.11	$0.88	$0.24
NAREIT FFO per diluted share	$2.00	$1.97	$0.03
Adjusted FFO per diluted share	$2.03	$2.00	$0.03

See the 2025 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results.

ABOUT HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 74 properties in the United States and five properties internationally totaling approximately 42,500 rooms. The Company also holds non-controlling interests in seven domestic joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott^®, Ritz-Carlton^®, Westin^®, Sheraton^®, W^®, The Luxury Collection^®, Hyatt^®, Fairmont^®, 1 Hotels^®, Hilton^®, Four Seasons^®, Swissôtel^®, ibis^® and Novotel^®, as well as independent brands. For additional information, please visit the Company's website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include, but may not be limited to, our expectations regarding the recovery of travel and the lodging industry, the impact of the Maui wildfires and 2025 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company's annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of November 5, 2025, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks have any responsibility or liability for any information contained in this press release.

*** Tables to Follow ***

Host Hotels & Resorts, Inc., herein referred to as "we," "Host Inc.," or the "Company," is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. ("Host LP"), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of September 30, 2025, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.

HOST HOTELS & RESORTS, INC. Condensed Consolidated Balance Sheets (unaudited, in millions, except shares and per share amounts)

	September 30, 2025			December 31, 2024

ASSETS
Property and equipment, net	$	10,670		$	10,906
Right-of-use assets		561			559
Assets held for sale		32			—
Due from managers		101			36
Advances to and investments in affiliates		217			166
Furniture, fixtures and equipment replacement fund		205			242
Notes receivable		114			79
Other		601			506
Cash and cash equivalents		539			554
Total assets	$	13,040		$	13,048

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes	$	3,988		$	3,993
Credit facility, including the term loans of $999 and $998, respectively		995			992
Mortgage and other debt		96			98
Total debt		5,079			5,083
Lease liabilities		564			560
Accounts payable and accrued expenses		260			351
Due to managers		60			54
Other		264			223
Total liabilities		6,227			6,271

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.		149			165

Host Hotels & Resorts, Inc. stockholders' equity:
Common stock, par value $0.01, 1,050 million shares authorized, 687.7 million shares and 699.1 million shares issued and outstanding, respectively		7			7
Additional paid-in capital		7,284			7,462
Accumulated other comprehensive loss		(67	)		(83	)
Deficit		(563	)		(777	)
Total equity of Host Hotels & Resorts, Inc. stockholders		6,661			6,609
Non-redeemable non-controlling interests—other consolidated partnerships		3			3
Total equity		6,664			6,612
Total liabilities, non-controlling interests and equity	$	13,040		$	13,048

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(1) Please see our Third Quarter 2025 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.

HOST HOTELS & RESORTS, INC. Condensed Consolidated Statements of Operations (unaudited, in millions, except per share amounts)

	Quarter ended September 30,						Year-to-date ended September 30,
		2025			2024			2025			2024
Revenues
Rooms	$	826		$	825		$	2,713		$	2,563
Food and beverage		364			365			1,345			1,285
Other		141			129			453			408
Total revenues		1,331			1,319			4,511			4,256
Expenses
Rooms		222			216			680			632
Food and beverage		278			267			914			848
Other departmental and support expenses		357			345			1,096			1,022
Management fees		52			55			191			193
Other property-level expenses		103			108			321			313
Depreciation and amortization		196			197			587			565
Corporate and other expenses⁽¹⁾		27			25			83			81
Net gain on insurance settlements		(5	)		(29	)		(24	)		(116	)
Total operating costs and expenses		1,230			1,184			3,848			3,538
Operating profit		101			135			663			718
Interest income		7			11			22			43
Interest expense		(60	)		(59	)		(175	)		(156	)
Other gains		122			1			148			1
Equity in earnings of affiliates		2			2			16			12
Income before income taxes		172			90			674			618
Provision for income taxes		(9	)		(6	)		(35	)		(20	)
Net income		163			84			639			598
Less: Net income attributable to non-controlling interests		(2	)		(2	)		(9	)		(9	)
Net income attributable to Host Inc.	$	161		$	82		$	630		$	589
Basic and diluted earnings per common share	$	0.23		$	0.12		$	0.91		$	0.84

___________

(1) Corporate and other expenses include the following items:

	Quarter ended September 30,				Year-to-date ended September 30,
		2025		2024		2025		2024
General and administrative costs	$	22	$	19	$	67	$	64
Non-cash stock-based compensation expense		5		6		16		17
Total	$	27	$	25	$	83	$	81

HOST HOTELS & RESORTS, INC. Earnings per Common Share (unaudited, in millions, except per share amounts)

	Quarter ended September 30,						Year-to-date ended September 30,
		2025			2024			2025			2024
Net income	$	163		$	84		$	639		$	598
Less: Net income attributable to non-controlling interests		(2	)		(2	)		(9	)		(9	)
Net income attributable to Host Inc.	$	161		$	82		$	630		$	589

Basic weighted average shares outstanding		687.5			700.9			692.6			703.1
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market		2.0			1.5			1.9			1.6
Diluted weighted average shares outstanding⁽¹⁾		689.5			702.4			694.5			704.7
Basic and diluted earnings per common share	$	0.23		$	0.12		$	0.91		$	0.84

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(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units ("OP Units") held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.

HOST HOTELS & RESORTS, INC.

Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location⁽¹⁾

	As of September 30, 2025		Quarter ended September 30, 2025								Quarter ended September 30, 2024
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui	3	1,580	$	611.54	69.9	%	$	427.23	$	675.34	$	626.00	57.0	%	$	356.87	$	569.42	19.7	%	18.6	%
Jacksonville	1	446		516.44	72.4	%		374.11		826.86		500.84	71.6	%		358.59		805.21	4.3	%	2.7	%
Oahu⁽²⁾	2	876		481.95	83.8	%		403.71		620.81		458.26	81.6	%		373.80		562.08	8.0	%	10.4	%
Miami	2	1,038		387.67	59.1	%		229.04		433.63		366.49	59.2	%		216.89		414.64	5.6	%	4.6	%
Florida Gulf Coast	4	1,529		375.39	42.7	%		160.16		350.93		321.25	55.6	%		178.55		382.02	(10.3	%)	(8.1	%)
New York	3	2,720		400.99	88.9	%		356.36		487.87		379.23	87.5	%		331.84		447.06	7.4	%	9.1	%
Phoenix	3	1,545		262.62	61.9	%		162.56		410.51		269.17	54.5	%		146.75		374.60	10.8	%	9.6	%
Nashville	2	721		330.15	77.6	%		256.22		449.68		335.61	80.5	%		270.28		435.21	(5.2	%)	3.3	%
Orlando	2	2,448		346.50	53.4	%		185.18		421.34		312.21	60.3	%		188.39		426.35	(1.7	%)	(1.2	%)
Los Angeles/Orange County	3	1,067		308.01	76.7	%		236.26		354.62		303.51	81.9	%		248.54		369.47	(4.9	%)	(4.0	%)
San Diego	3	3,294		302.44	76.9	%		232.44		410.75		305.38	84.2	%		257.27		455.83	(9.7	%)	(9.9	%)
Boston	2	1,496		297.49	79.6	%		236.86		303.04		301.09	84.4	%		253.98		316.86	(6.7	%)	(4.4	%)
Washington, D.C. (CBD)	4	2,786		265.42	56.6	%		150.31		232.09		263.04	67.1	%		176.54		266.46	(14.9	%)	(12.9	%)
Philadelphia	2	810		231.56	83.9	%		194.39		301.51		236.34	83.7	%		197.75		298.37	(1.7	%)	1.1	%
Northern Virginia	2	916		254.61	72.4	%		184.39		268.82		246.97	74.3	%		183.58		272.79	0.4	%	(1.5	%)
Chicago	3	1,562		275.28	83.7	%		230.39		323.52		284.56	79.3	%		225.77		302.96	2.0	%	6.8	%
Seattle	2	1,315		278.57	82.7	%		230.37		292.94		278.67	84.2	%		234.60		295.93	(1.8	%)	(1.0	%)
San Francisco/San Jose	6	4,162		228.63	74.7	%		170.68		243.57		221.47	71.4	%		158.03		224.25	8.0	%	8.6	%
Atlanta	2	810		205.50	69.2	%		142.11		218.67		193.10	62.3	%		120.29		182.01	18.1	%	20.1	%
Houston	4	1,710		195.20	61.2	%		119.37		163.15		195.95	69.7	%		136.51		186.16	(12.6	%)	(12.4	%)
San Antonio	2	1,512		207.97	58.2	%		121.08		186.09		201.02	56.3	%		113.14		179.56	7.0	%	3.6	%
Denver	3	1,342		213.29	74.8	%		159.43		230.23		212.74	82.1	%		174.65		252.81	(8.7	%)	(8.9	%)
New Orleans	1	1,333		150.07	58.8	%		88.31		151.18		161.65	68.4	%		110.53		180.91	(20.1	%)	(16.4	%)
Austin	2	769		205.41	41.4	%		85.07		157.45		206.04	60.4	%		124.50		226.42	(31.7	%)	(30.5	%)
Other	8	2,551		301.73	70.5	%		212.81		327.45		301.01	68.5	%		206.27		323.59	3.2	%	1.2	%
Domestic	71	40,338		302.35	69.5	%		210.04		340.12		293.19	71.7	%		210.08		338.13	—	%	0.6	%

International	5	1,499		214.10	72.3	%		154.77		206.87		206.99	67.6	%		140.02		183.91	10.5	%	12.5	%
All Locations	76	41,837	$	299.07	69.6	%	$	208.07	$	335.42	$	290.27	71.5	%	$	207.58	$	332.67	0.2	%	0.8	%

___________

(1) See the Notes to Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.

(2) Prior to our ownership of The Ritz Carlton O'ahu, Turtle Bay, golf revenues were recorded by the property based on gross sales. After our acquisition of the property in July 2024, the golf course operates under a lease agreement, under which we record rental income, resulting in lower total revenues when compared to the periods prior to our ownership.

Comparable Hotel Results by Location⁽¹⁾

	As of September 30, 2025		Year-to-date ended September 30, 2025								Year-to-date ended September 30, 2024
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui	3	1,580	$	641.29	71.8	%	$	460.58	$	728.70	$	658.69	59.3	%	$	390.76	$	639.14	17.9	%	14.0	%
Jacksonville	1	446		546.80	74.6	%		407.90		918.63		527.92	74.2	%		391.58		876.65	4.2	%	4.8	%
Oahu⁽²⁾	2	876		482.90	83.5	%		403.43		618.34		454.33	82.5	%		374.93		589.86	7.6	%	4.8	%
Miami	2	1,038		541.24	72.8	%		394.28		694.08		521.24	70.2	%		365.80		636.48	7.8	%	9.1	%
Florida Gulf Coast	4	1,529		518.80	65.0	%		337.19		734.07		480.88	68.8	%		330.77		699.62	1.9	%	4.9	%
New York	3	2,720		381.66	85.9	%		327.75		471.21		360.45	82.9	%		298.70		421.87	9.7	%	11.7	%
Phoenix	3	1,545		389.03	71.5	%		278.30		651.58		393.86	69.8	%		275.08		632.88	1.2	%	3.0	%
Nashville	2	721		338.77	80.7	%		273.48		469.46		341.19	80.8	%		275.55		445.00	(0.8	%)	5.5	%
Orlando	2	2,448		398.78	65.9	%		262.80		556.99		363.77	68.3	%		248.43		527.80	5.8	%	5.5	%
Los Angeles/Orange County	3	1,067		306.41	78.2	%		239.47		361.29		297.47	79.1	%		235.16		350.72	1.8	%	3.0	%
San Diego	3	3,294		302.30	76.2	%		230.25		430.73		298.26	81.5	%		243.21		452.45	(5.3	%)	(4.8	%)
Boston	2	1,496		291.42	75.7	%		220.46		287.97		280.49	79.8	%		223.91		292.37	(1.5	%)	(1.5	%)
Washington, D.C. (CBD)	4	2,786		312.81	63.6	%		198.84		290.96		289.60	69.6	%		201.45		300.31	(1.3	%)	(3.1	%)
Philadelphia	2	810		235.96	82.1	%		193.71		295.87		233.93	80.5	%		188.37		286.45	2.8	%	3.3	%
Northern Virginia	2	916		268.51	68.6	%		184.16		284.99		255.73	73.0	%		186.80		287.34	(1.4	%)	(0.8	%)
Chicago	3	1,562		252.43	72.0	%		181.64		258.88		255.00	70.5	%		179.73		249.82	1.1	%	3.6	%
Seattle	2	1,315		251.35	71.8	%		180.44		240.72		254.22	70.5	%		179.21		239.04	0.7	%	0.7	%
San Francisco/San Jose	6	4,162		255.37	70.3	%		179.44		265.08		245.14	68.2	%		167.30		244.90	7.3	%	8.2	%
Atlanta	2	810		214.99	68.2	%		146.72		244.64		204.24	61.4	%		125.42		207.89	17.0	%	17.7	%
Houston	4	1,710		209.62	68.2	%		142.92		198.42		203.11	73.9	%		150.03		205.12	(4.7	%)	(3.3	%)
San Antonio	2	1,512		223.44	61.8	%		138.18		219.96		216.80	61.4	%		133.13		214.38	3.8	%	2.6	%
Denver	3	1,342		203.98	67.2	%		137.17		207.38		201.25	70.5	%		141.92		215.52	(3.3	%)	(3.8	%)
New Orleans	1	1,333		205.67	65.4	%		134.43		215.07		191.16	72.3	%		138.16		219.14	(2.7	%)	(1.9	%)
Austin	2	769		238.80	52.4	%		125.10		231.79		247.35	66.2	%		163.68		292.67	(23.6	%)	(20.8	%)
Other	8	2,551		309.70	68.5	%		212.05		328.96		304.18	65.2	%		198.32		311.62	6.9	%	5.6	%
Domestic	71	40,338		328.28	71.1	%		233.53		390.93		314.22	71.8	%		225.74		376.74	3.4	%	3.8	%

International	5	1,499		196.33	67.9	%		133.40		183.36		196.00	63.2	%		123.88		178.79	7.7	%	2.6	%
All Locations	76	41,837	$	323.76	71.0	%	$	229.95	$	383.54	$	310.48	71.5	%	$	222.10	$	369.71	3.5	%	3.7	%

___________

Results by Location - actual, based on ownership period⁽¹⁾

	As of September 30,
	2025	2024	Quarter ended September 30, 2025								Quarter ended September 30, 2024
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui	3	3	$	611.54	69.9	%	$	427.23	$	675.34	$	626.00	57.0	%	$	356.87	$	569.42	19.7	%	18.6	%
Jacksonville	1	1		516.44	72.4	%		374.11		826.86		500.84	71.6	%		358.59		805.21	4.3	%	2.7	%
Oahu	2	2		481.95	83.8	%		403.71		620.81		386.23	82.6	%		318.97		462.52	26.6	%	34.2	%
Miami	2	2		387.67	59.1	%		229.04		433.63		366.49	59.2	%		216.89		414.64	5.6	%	4.6	%
Florida Gulf Coast	5	5		372.69	46.3	%		172.40		369.38		332.00	57.0	%		189.13		403.96	(8.8	%)	(8.6	%)
New York	3	3		400.99	88.9	%		356.36		487.87		378.23	87.7	%		331.88		441.73	7.4	%	10.4	%
Phoenix	3	3		262.62	61.9	%		162.56		410.51		269.17	54.5	%		146.75		374.60	10.8	%	9.6	%
Nashville	2	2		330.15	77.6	%		256.22		449.68		335.61	80.5	%		270.28		435.21	(5.2	%)	3.3	%
Orlando	2	2		346.50	53.4	%		185.18		421.34		312.21	60.3	%		188.39		426.35	(1.7	%)	(1.2	%)
Los Angeles/Orange County	3	3		308.01	76.7	%		236.26		354.62		303.51	81.9	%		248.54		369.47	(4.9	%)	(4.0	%)
San Diego	3	3		302.44	76.9	%		232.44		410.75		305.38	84.2	%		257.27		455.83	(9.7	%)	(9.9	%)
Boston	2	2		297.49	79.6	%		236.86		303.04		301.09	84.4	%		253.98		316.86	(6.7	%)	(4.4	%)
Washington, D.C. (CBD)	4	5		260.24	57.4	%		149.50		227.53		261.33	69.0	%		180.29		265.21	(17.1	%)	(14.2	%)
Philadelphia	2	2		231.56	83.9	%		194.39		301.51		236.34	83.7	%		197.75		298.37	(1.7	%)	1.1	%
Northern Virginia	2	2		254.61	72.4	%		184.39		268.82		246.97	74.3	%		183.58		272.79	0.4	%	(1.5	%)
Chicago	3	3		275.28	83.7	%		230.39		323.52		284.56	79.3	%		225.77		302.96	2.0	%	6.8	%
Seattle	2	2		278.57	82.7	%		230.37		292.94		278.67	84.2	%		234.60		295.93	(1.8	%)	(1.0	%)
San Francisco/San Jose	6	6		228.63	74.7	%		170.68		243.57		221.47	71.4	%		158.03		224.25	8.0	%	8.6	%
Atlanta	2	2		205.50	69.2	%		142.11		218.67		193.10	62.3	%		120.29		182.01	18.1	%	20.1	%
Houston	5	5		204.97	58.2	%		119.28		164.24		207.33	66.6	%		138.07		189.00	(13.6	%)	(13.1	%)
San Antonio	2	2		207.97	58.2	%		121.08		186.09		201.02	56.3	%		113.14		179.56	7.0	%	3.6	%
Denver	3	3		213.29	74.8	%		159.43		230.23		212.74	82.1	%		174.65		252.81	(8.7	%)	(8.9	%)
New Orleans	1	1		150.07	58.8	%		88.31		151.18		161.65	68.4	%		110.53		180.91	(20.1	%)	(16.4	%)
Austin	2	2		205.41	41.4	%		85.07		157.45		206.04	60.4	%		124.50		226.42	(31.7	%)	(30.5	%)
Other	9	10		353.05	67.2	%		237.21		361.71		325.57	69.7	%		226.89		348.53	4.5	%	3.8	%
Domestic	74	76		305.68	69.0	%		210.84		341.26		293.06	71.6	%		209.71		336.55	0.5	%	1.4	%

International	5	5		214.10	72.3	%		154.77		206.87		206.99	67.6	%		140.02		183.91	10.5	%	12.5	%
All Locations	79	81	$	302.34	69.1	%	$	208.89	$	336.63	$	290.24	71.4	%	$	207.30	$	331.32	0.8	%	1.6	%

___________

(1) Represents the results of the 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.

Results by Location - actual, based on ownership period⁽¹⁾

	As of September 30,
	2025	2024	Year-to-date ended September 30, 2025								Year-to-date ended September 30, 2024
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Maui	3	3	$	641.29	71.8	%	$	460.58	$	728.70	$	658.69	59.3	%	$	390.76	$	639.14	17.9	%	14.0	%
Jacksonville	1	1		546.80	74.6	%		407.90		918.63		527.92	74.2	%		391.58		876.65	4.2	%	4.8	%
Oahu	2	2		482.90	83.5	%		403.43		618.34		286.14	90.3	%		258.41		343.46	56.1	%	80.0	%
Miami	2	2		541.24	72.8	%		394.28		694.08		521.24	70.2	%		365.80		636.48	7.8	%	9.1	%
Florida Gulf Coast	5	5		500.78	62.0	%		310.25		662.29		474.03	70.0	%		331.62		694.60	(6.4	%)	(4.7	%)
New York	3	3		381.66	85.9	%		327.75		471.21		347.40	83.0	%		288.45		406.46	13.6	%	15.9	%
Phoenix	3	3		389.03	71.5	%		278.30		651.58		393.86	69.8	%		275.08		632.88	1.2	%	3.0	%
Nashville	2	2		338.77	80.7	%		273.48		469.46		355.57	84.0	%		298.70		474.17	(8.4	%)	(1.0	%)
Orlando	2	2		398.78	65.9	%		262.80		556.99		363.77	68.3	%		248.43		527.80	5.8	%	5.5	%
Los Angeles/Orange County	3	3		306.41	78.2	%		239.47		361.29		297.47	79.1	%		235.16		350.72	1.8	%	3.0	%
San Diego	3	3		302.30	76.2	%		230.25		430.73		298.26	81.5	%		243.21		452.45	(5.3	%)	(4.8	%)
Boston	2	2		291.42	75.7	%		220.46		287.97		280.49	79.8	%		223.91		292.37	(1.5	%)	(1.5	%)
Washington, D.C. (CBD)	4	5		309.88	65.0	%		201.57		290.56		289.07	71.0	%		205.24		298.07	(1.8	%)	(2.5	%)
Philadelphia	2	2		235.96	82.1	%		193.71		295.87		233.93	80.5	%		188.37		286.45	2.8	%	3.3	%
Northern Virginia	2	2		268.51	68.6	%		184.16		284.99		255.73	73.0	%		186.80		287.34	(1.4	%)	(0.8	%)
Chicago	3	3		252.43	72.0	%		181.64		258.88		255.00	70.5	%		179.73		249.82	1.1	%	3.6	%
Seattle	2	2		251.35	71.8	%		180.44		240.72		254.22	70.5	%		179.21		239.04	0.7	%	0.7	%
San Francisco/San Jose	6	6		255.37	70.3	%		179.44		265.08		245.14	68.2	%		167.30		244.90	7.3	%	8.2	%
Atlanta	2	2		214.99	68.2	%		146.72		244.64		204.24	61.4	%		125.42		207.89	17.0	%	17.7	%
Houston	5	5		221.02	65.5	%		144.79		203.16		215.18	70.9	%		152.65		210.55	(5.1	%)	(3.5	%)
San Antonio	2	2		223.44	61.8	%		138.18		219.96		216.80	61.4	%		133.13		214.38	3.8	%	2.6	%
Denver	3	3		203.98	67.2	%		137.17		207.38		201.25	70.5	%		141.92		215.52	(3.3	%)	(3.8	%)
New Orleans	1	1		205.67	65.4	%		134.43		215.07		191.16	72.3	%		138.16		219.14	(2.7	%)	(1.9	%)
Austin	2	2		238.80	52.4	%		125.10		231.79		247.35	66.2	%		163.68		292.67	(23.6	%)	(20.8	%)
Other	9	10		332.51	66.4	%		220.82		339.56		312.71	65.8	%		205.79		317.66	7.3	%	6.9	%
Domestic	74	76		329.75	70.7	%		233.06		388.90		310.56	71.7	%		222.80		370.84	4.6	%	4.9	%

International	5	5		196.33	67.9	%		133.40		183.36		196.00	63.2	%		123.88		178.79	7.7	%	2.6	%
All Locations	79	81	$	325.30	70.6	%	$	229.61	$	381.82	$	306.99	71.4	%	$	219.32	$	364.14	4.7	%	4.9	%

___________

HOST HOTELS & RESORTS, INC. Schedule of Comparable Hotel Results ⁽¹⁾ (unaudited, in millions, except hotel statistics)

	Quarter ended September 30,						Year-to-date ended September 30,
		2025			2024			2025			2024
Number of hotels		76			76			76			76
Number of rooms		41,837			41,837			41,837			41,837
Change in comparable hotel Total RevPAR		0.8	%		—			3.7	%		—
Change in comparable hotel RevPAR		0.2	%		—			3.5	%		—
Operating profit margin⁽²⁾		7.6	%		10.2	%		14.7	%		16.9	%
Comparable hotel EBITDA margin⁽²⁾		23.9	%		24.4	%		29.2	%		29.6	%
Food and beverage profit margin⁽²⁾		23.6	%		26.8	%		32.0	%		34.0	%
Comparable hotel food and beverage profit margin⁽²⁾		24.1	%		26.6	%		32.4	%		33.7	%

Net income	$	163		$	84		$	639		$	598
Depreciation and amortization		196			197			587			565
Interest expense		60			59			175			156
Provision for income taxes		9			6			35			20
Gain on sale of property and corporate level income/expense		(104	)		(18	)		(103	)		(51	)
Property transaction adjustments⁽³⁾		—			(3	)		(13	)		21
Non-comparable hotel results, net⁽⁴⁾		(15	)		(12	)		(37	)		(51	)
Comparable hotel EBITDA⁽¹⁾	$	309		$	313		$	1,283		$	1,258

___________

(1) See the Notes to Financial Information for a discussion of comparable hotel results, which are non-GAAP measures, and the limitations on their use. For additional information on comparable hotel EBITDA by location, see the Third Quarter 2025 Supplemental Financial Information posted on our website.

(2) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:



	Quarter ended September 30, 2025														Quarter ended September 30, 2024
				Adjustments														Adjustments
	GAAP Results			Property transaction adjustments ⁽³⁾			Non- comparable hotel results, net ⁽⁴⁾			Depreciation and corporate level items			Comparable hotel Results		GAAP Results			Property transaction adjustments ⁽³⁾			Non- comparable hotel results, net ⁽⁴⁾			Depreciation and corporate level items			Comparable hotel Results
Revenues
Room	$	826		$	(6	)	$	(18	)	$	—		$	802	$	825		$	(8	)	$	(17	)	$	—		$	800
Food and beverage		364			(2	)		(7	)		—			355		365			—			(9	)		—			356
Other		141			(1	)		(4	)		—			136		129			2			(5	)		—			126
Total revenues		1,331			(9	)		(29	)		—			1,293		1,319			(6	)		(31	)		—			1,282
Expenses
Room		222			(2	)		(2	)		—			218		216			(1	)		(3	)		—			212
Food and beverage		278			(2	)		(7	)		—			269		267			1			(7	)		—			261
Other		512			(5	)		(10	)		—			497		508			(3	)		(9	)		—			496
Depreciation and amortization		196			—			—			(196	)		—		197			—			—			(197	)		—
Corporate and other expenses		27			—			—			(27	)		—		25			—			—			(25	)		—
Net gain on insurance settlements		(5	)		—			5			—			—		(29	)		—			—			29			—
Total expenses		1,230			(9	)		(14	)		(223	)		984		1,184			(3	)		(19	)		(193	)		969
Operating Profit - Comparable hotel EBITDA	$	101		$	—		$	(15	)	$	223		$	309	$	135		$	(3	)	$	(12	)	$	193		$	313


	Year-to-date ended September 30, 2025														Year-to-date ended September 30, 2024
				Adjustments													Adjustments
	GAAP Results			Property transaction adjustments ⁽³⁾			Non- comparable hotel results, net ⁽⁴⁾			Depreciation and corporate level items			Comparable hotel Results		GAAP Results		Property transaction adjustments ⁽³⁾		Non- comparable hotel results, net ⁽⁴⁾			Depreciation and corporate level items			Comparable hotel Results
Revenues
Room	$	2,713		$	(41	)	$	(41	)	$	—		$	2,631	$	2,563	$	37	$	(50	)	$	—		$	2,550
Food and beverage		1,345			(12	)		(17	)		—			1,316		1,285		25		(29	)		—			1,281
Other		453			(4	)		(8	)		—			441		408		20		(14	)		—			414
Total revenues		4,511			(57	)		(66	)		—			4,388		4,256		82		(93	)		—			4,245
Expenses
Room		680			(9	)		(8	)		—			663		632		11		(9	)		—			634
Food and beverage		914			(9	)		(15	)		—			890		848		21		(19	)		—			850
Other		1,608			(26	)		(30	)		—			1,552		1,528		29		(33	)		—			1,524
Depreciation and amortization		587			—			—			(587	)		—		565		—		—			(565	)		—
Corporate and other expenses		83			—			—			(83	)		—		81		—		—			(81	)		—
Net gain on insurance settlements		(24	)		—			24

Host Hotels & Resorts, Inc. Reports Results for the Third Quarter 2025