Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 0/6 · 24/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pouvoir de fixation des prix—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Prévisibilité—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Solidité financière—
Missing required inputs: debtFcfGrade, currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 23.98
- Net debt / operating income (x)
- 5.04
- Interest coverage (x)
- 3.64
Allocation du capital—
Missing required inputs: cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 8.15
- 3-year average dilution (%)
- -1.10
- 3-year average SBC / revenue (%)
- 0.47
Qualité du management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Preuves
Certain management and operating agreements impose restrictions for a specified period which limit the manager and its affiliates from owning, operating or licensing a hotel of the same brand within a specified area.
Business / territorial protections · Dépôt 25/02/2026
The area restrictions vary with each hotel, from city blocks in urban areas to up to a multi-mile radius from the hotel in other areas.
Business / geographic extent of territorial protections · Dépôt 25/02/2026
We focus generally on the following types of assets: •Resorts in destination locations with limited supply growth.
Business / targeted resort assets · Dépôt 25/02/2026
In addition, our hotel managers or their affiliates manage, and in some cases own, have invested in, or provided credit support or operating guarantees, to hotels that compete with our hotels, all of which may result in conflicts of interest.
Risk factors / managers operating competing hotels · Dépôt 25/02/2026
In the long term, renewal and replacement ("R&R") capital expenditures are designed to maintain the quality and competitiveness of our hotels and typically occur at intervals of seven to ten years.
MD&A / recurring renewal and replacement investment · Dépôt 25/02/2026
Effective June 26, 2024, we achieved a milestone in the progress towards both of our targets, resulting in the maximum benefit of the basis point reduction in the interest rate on borrowings under the credit facility, and confirmed this milestone in 2025.
Liquidity / achieved sustainability borrowing milestone · Dépôt 25/02/2026
rating as of December 31, 2025, we are able to borrow on the revolver at a rate of adjusted SOFR plus 85 basis points less 4 basis points for meeting sustainability milestones for an all-in rate of 4.53% and pay a facility fee of 19 basis points.
Liquidity / contractual revolver pricing · Dépôt 25/02/2026
The size and composition of our portfolio and our affiliation with most of the leading brands and operators in the industry allow our enterprise analytics team to benchmark similar hotels and identify revenue-enhancement opportunities and cost efficiencies that can maximize the operating performance, long-term profitability and value of our real estate.
Business / enterprise analytics platform · Dépôt 25/02/2026
We depend primarily on external sources of capital to finance future growth, including acquisitions.
Liquidity / external capital dependence · Dépôt 07/08/2026
For the second quarter and year-to-date 2026, transient revenue increased by 6.9% and 6.2%, respectively, reflecting an increase in average rates of 7.7% and 6.9% for the quarter and year-to-date, respectively, driven by leisure demand, particularly at our resorts, and in connection with the FIFA World Cup matches.
MD&A / second-quarter and first-half transient rate results · Dépôt 07/08/2026
In addition, group revenue 35 increased by 7.4% and 4.8% for the second quarter and year-to-date, respectively, due to a combination of rate growth and an increase in room nights, driven by strong event-related demand and recently completed renovations.
MD&A / group revenue and demand drivers · Dépôt 07/08/2026
The following are the results of our transient, group and contract business: Quarter ended June 30, 2026 Year-to-date ended June 30, 2026 Transient business Group business Contract business Transient business Group business Contract business Room nights (in thousands) 1,487 1,093 215 2,773 2,199 419 Percent change in room nights vs.
MD&A / business-mix table headings and room nights · Dépôt 07/08/2026
same period in 2025 (0.7 %) 3.5 % 3.4 % (0.6 %) 2.1 % 5.6 % Rooms revenues (in millions) $ 559 $ 332 $ 48 $ 1,057 $ 688 $ 95 Percent change in revenues vs.
MD&A / business-mix room-night changes · Dépôt 07/08/2026
•Comparable hotel EBITDA was $497 million, an increase of 7.8% compared to the second quarter of 2025, reflecting a comparable hotel EBITDA margin increase of 60 basis points to 31.9% due to improvements in operations, largely driven by average room rate increases, which offset increases in wage expense, higher incentive management fees, and reductions in operating profit guarantee payments and attrition and cancellation fees over the same period in 2025.
Operating highlights / realized EBITDA margin and cost offsets · Dépôt 05/08/2026
Year-to-date, comparable hotel EBITDA was $1,002 million, an increase of 7.4% compared to 2025, while comparable hotel EBITDA margin increased 60 basis points to 32.3%.
Operating highlights / first-half EBITDA margin · Dépôt 05/08/2026
We expect year-over-year margin comparisons to moderate as the year progresses, primarily driven by lower room rate growth expectations in the second half of the year.
MD&A / expected moderation in rate and margin comparisons · Dépôt 07/08/2026
Retail room rates will fluctuate more freely depending on anticipated demand levels (e.g., seasonality and weekday vs.
Business / retail rate flexibility · Dépôt 25/02/2026
These rates typically are negotiated annually at a discount to the anticipated retail rate.
Business / annual negotiated corporate rates · Dépôt 25/02/2026
Under these management or operating agreements, the managers have sole responsibility and exclusive authority for all activities necessary for the day-to-day operation of the hotels, including establishing room rates, securing reservations, procuring inventories, supplies and services, providing periodic inspection and consultation visits to the hotels by the managers’ technical and operational experts and promoting and publicizing the hotels.
Business / managers' exclusive daily operating and pricing authority · Dépôt 25/02/2026
Although we consult with our hotel operators with respect to strategic business plans, the hotel operators are under no obligation to implement any of our recommendations with respect to these matters.
Risk factors / operators need not implement owner recommendations · Dépôt 25/02/2026
The table below details our significant cash flows for the years ended December 31, 2025 and 2024 (in millions): 2025 2024 Cash and cash equivalents and restricted cash, beginning of period $ 798 $ 1,363 Net increase (decrease) in cash and cash equivalents and restricted cash 139 (565) Cash and cash equivalents and restricted cash, end of period $ 937 $ 798 Operating activities Net cash provided by operating activities $ 1,510 $ 1,498 Investing activities Acquisitions and investments (99) (1,560) Dispositions, including proceeds from loan receivable, and return of capital from investments 207 1 Capital expenditures (644) (548) Financing activities Issuance of senior notes 892 1,279 Repurchase of senior notes (900) (400) Common stock repurchase (205) (107) Host Inc.: Dividends on common stock (623) (737) Host LP.: Distributions on common OP units (631) (748) Cash Provided by Operating Activities.
MD&A / 2025 and 2024 sources and uses of cash · Dépôt 25/02/2026
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year-to-date ended June 30, 2026 and 2025 (unaudited, in millions) Year-to-date ended June 30, 2026 2025 OPERATING ACTIVITIES Net income $ 742 $ 476 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 383 391 Amortization of finance costs, discounts and premiums, net 6 6 Non-cash stock-based compensation expense 12 11 Other gains (241) (26) Equity in earnings of affiliates (11) (14) Change in due from/to managers (102) (58) Distributions from investments in affiliates 11 9 Property insurance proceeds - remediation costs 2 — Payments for inventory costs (16) (43) Decrease in inventory for units sold 58 — Changes in other assets 36 31 Changes in other liabilities (35) (34) Net cash provided by operating activities 845 749 INVESTING ACTIVITIES Proceeds from sales of assets, net 1,073 63 Proceeds from loan receivable — 79 Return of investments in affiliates 18 3 Advances to and investments in affiliates (42) (55) Capital expenditures: Renewals and replacements (140) (189) Return on investment (103) (109) Property insurance proceeds — 10 Net cash provided by (used in) investing activities 806 (198) FINANCING ACTIVITIES Financing costs — (4) Issuances of debt — 494 Repurchase/redemption of senior notes — (500) Mortgage debt and other prepayments and scheduled maturities (1) (1) Common stock repurchases (75) (205) Dividends on common stock (377) (348) Distributions and payments to non-controlling interests (6) (5) Other financing activities (17) (14) Net cash used in financing activities (476) (583) Effects of exchange rate changes on cash held (1) 5 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 1,174 (27) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 937 798 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 2,111 $ 771 See notes to condensed consolidated financial statements.
Financial statements / first-half 2026 cash flows · Dépôt 07/08/2026
There were no shares issued during year-to-date 2026.
Equity / no first-half 2026 ATM issuance · Dépôt 07/08/2026
We meet these objectives through an appropriate mix of compensation elements, which for 2025 included: METRICS AND KEY DRIVERS Base Salary uMarket-competitive pay reflective of executive's role, experience and individual performance; only component of compensation that is fixed Annual Cash Incentive uAnnual Cash Incentive is fully performance-based and includes a cap on the maximum amount that can be earned u56% tied to CapEx Cash Flow, an operational metric which represents reinvestment in assets necessary to maintain the quality and competitiveness of our hotels u24% tied to Return on Invested Capital, a key metric that provides an emphasis on investing capital effectively u20% tied to measurable individual contributions in support of the achievement of our annual business plan METRICS ALIGNED WITH CORPORATE STRATEGY Long-Term Equity Incentive (Performance- Based) AT- RISK PAY uRepresents 60% of total long-term incentive award u3-year Relative TSR (30%) ■Relative TSR measured versus the NAREIT Lodging & Resorts Index uAdjusted EBlTDAre performance (30%) ■Key Quantitative Metric that measures operating performance ■3-year vesting period ■Targets are set and measured annually over 3 years BASED ON 100% QUANTITATIVE METRICS Long-Term Equity Incentive (Time-Based) uRepresents 40% of total long-term incentive award uRestricted stock units vest ratably over a three-year period uAligns the interests of the executives with long-term stockholder value See “Compensation Discussion and Analysis – Our Compensation Program” for a further discussion of the Company’s compensation programs.
Compensation discussion / actual 2025 incentive structure · Dépôt 08/04/2026
the policy. In addition, all named executive officers have met the required stock ownership levels in 2025.
Compensation discussion / actual ownership-guideline compliance · Dépôt 08/04/2026
The CD&A explains the conditions for vesting of the restricted stock units, which for 2025 are: (i) the Company’s performance against annual Adjusted EBITDAre goals, which vests at the end of a three-year period, (ii) the results of the Company’s total stockholder return compared against the NAREIT Lodging & Resorts Index over a three-year performance period, and (iii) time- based, with restricted stock units vesting over a three-year period in substantially equal installments.
Executive compensation / 2025 award vesting conditions · Dépôt 08/04/2026
Risoleo - President and Chief Executive Officer üDelivered revenue performance that surpassed budget and consistently outpaced quarterly expectations and peers; oversaw cross- functional collaboration between the Company and our hotel managers to help drive revenue growth, identify sustainable cost savings and improve long-term profitability; oversaw initiative to rejuvenate travel to Maui, which helped drive Maui’s strong recovery in 2025 üChampioned strategic investment of capital in the Company’s existing portfolio to position the Company to gain market share; led efforts to successfully complete over 180 capital investment projects with a total investment of $505 million, with an aggregate savings of approximately $33 million üChampioned second Marriott Transformational Capital Program securing operating guarantees and enhanced owner’s priority at the four hotels participating in the program; provided active oversight of the completion under budget of three of six hotels in the Hyatt Transformational Capital Program üOversaw successful disposition activity, finalizing the sale of The Westin Cincinnati, the Washington Marriott Metro Center and the Company’s interest in the Asia joint venture; continued to expand relationships with hotel owners, brokers, hotel managers and lenders to facilitate future investment opportunities üOversaw the Company’s capital allocation strategies, including the issuance of $900 million in senior notes in two offerings, and the repurchase of $205 million in Company common stock at an average price of $15.68; secured Moody’s ratings upgrade in 2025, reflecting the Company's enhanced credit quality and financial discipline üActive and integral part of Investor Relations team that collectively engaged with close to 200 institutional investment firms to share the Company's strategic vision and attended 11 conferences; hosted 13 property tours as well as interviews with top-tier trade media publications üChampioned and provided guidance on corporate responsibility strategy, achieving continued progress toward key 2030 environmental and organizational goals and reinforcing our 2050 vision and sustainable financing strategies; prioritized advancing resiliency measures, completing over $20 million in targeted proactive investments in flood barriers, wildfire mitigation, and redundant emergency power üContinued to drive initiatives to invest in employee growth and leadership development, launching a new program in 2025 to expand professional development 60 Compensation Discussion and Analysis Individual Performance for Mr.
Compensation discussion / CEO project execution assessment · Dépôt 08/04/2026
During the second quarter, we completed construction of 40 condominiums on a five-acre development parcel to be Four Seasons-branded and managed residences at the Four Seasons Resort Orlando at Walt Disney World® Resort.
Strategic initiatives / completed condominium construction · Dépôt 07/08/2026
Under the Hyatt and Marriott Transformational Capital Programs, the Company received $5 million of operating guarantees in the second quarter of 2026 to offset expected business disruption.
Capital expenditures / operating guarantees actually received · Dépôt 05/08/2026
The transformational renovation at the Grand Hyatt Washington was completed in the second quarter of 2026.
Capital expenditures / completed Grand Hyatt Washington renovation · Dépôt 05/08/2026
Officer, and an independent director serving as Lead Director.
Corporate governance / independent lead director · Dépôt 08/04/2026
The Audit Committee also has a long-standing policy regarding its pre-approval of all audit and permissible non-audit services provided by the independent registered public accountant, which is summarized below, as part of the controls and processes that help ensure KPMG’s continued independence.
Audit oversight / service preapproval policy · Dépôt 08/04/2026
Culture and Compensation Committee Interlocks and Insider Participation None of the members of the Culture and Compensation Committee who served during 2025 were an officer or employee of the Company, were formerly an officer of the Company or had any relationship that is required to be disclosed as a transaction with a related person.
Compensation committee / absence of disclosed interlocks and related-person relationships · Dépôt 08/04/2026
Overton, stepson of our CEO, James Risoleo, is a principal at BDT & MSD Partners and worked on the transaction on
Related-person transactions / incomplete counterparty family-connection passage · Dépôt 08/04/2026
Comparable hotel RevPAR increased 4.6% for the quarter and 3.8% for the full year due to higher rates across the portfolio.
CEO results commentary / reported 2025 rate-driven RevPAR growth · Dépôt 18/02/2026
As expected, group room nights for the fourth quarter and full year were down year-over-year, affected by planned renovations under the Transformational Capital Programs.
Business mix / realized 2025 group room-night decline during renovations · Dépôt 18/02/2026
The Company maintained its balanced maturity schedule by refinancing its maturing $400 million 4.5% Series F senior notes through the issuance of $400 million 4.25% Series N senior notes due in 2028 in an underwritten public offering in November 2025.
Balance sheet / completed senior-note refinancing · Dépôt 18/02/2026
In addition to the liabilities on our consolidated balance sheet, under our capital expenditures program, we have budgeted to spend $580 million to $670 million in 2025.
MD&A / original 2025 capital-expenditure budget · Dépôt 26/02/2025
Following the February 2026 sale of the Four Seasons Resort Orlando at Walt Disney World® Resort and the Four Seasons Resort and Residences Jackson Hole for a sale price of $1.1 billion, Host Inc.'s Board of Directors approved a $0.72 special dividend in the second quarter that was paid on July 15, 2026, representing the distribution of the approximately $500 million taxable gain resulting from the sale.
Liquidity / completed asset sale and paid special dividend · Dépôt 07/08/2026
