Host Hotels tops 4th-quarter forecasts
Posted: 3:36 pm Thu, February 21, 2013
Host Hotels & Resorts Inc., of Bethesda, the nation’s largest lodging real estate investment trust, topped Wall Street’s expectations, reporting fourth-quarter funds from operations of $308 million, or 40 cents per diluted share, versus $242 million, or 32 cents per diluted share, for the year-ago period.
Revenue totaled $1.75 billion, compared to $1.6 billion in the 2011 period. Analysts polled by Thomson Reuters forecast, on average, FFO of 38 cents per share on revenue of $1.72 billion. Comparable revenue per available room, or REVPAR, a key industry metric, rose to $144.09 from $136.25 in the year-ago period, driven by higher average room rates and continued growth in occupancy.