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Host Hotels’ revenues fall $14M on COVID-19 cancellations
//March 3, 2020
Host Hotels & Resorts Inc. has seen negative impacts from COVID-19, the disease caused by the new coronavirus.
The Bethesda-headquartered real estate investment trust said in a news release that so far, its revenues fell by roughly $14 million and its net income fell by about $7 million, mainly because of group business cancellations, especially in California. The company’s adjusted EBITDA has also fallen about $7 million, which is about a half of a percent decrease at the midpoint of Host’s 2020 adjusted EBITDA guidance range of $1.36 billion to $1.41 billion.
The company is not providing assurances about future cancellations or their effect on its results because of the uncertainty of the duration and reach of the disease’s outbreak.
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