Host Hotels Q4 EBITDAre $428M, RevPAR +5.4%; Full-Year EBITDAre $1.757B
Host Hotels & Resorts reported Q4 adjusted EBITDAre of $428M and FFO per share of $0.51, with comparable hotel total RevPAR rising 5.4% year-over-year. Full-year EBITDAre rose 4.6% to $1.757B and FFO per share gained 3.5% to $2.07, driven by $1.1B in Four Seasons sales and a ~$0.72 special dividend.
1. Q4 Financial Performance
Host Hotels posted Q4 adjusted EBITDAre of $428 million and FFO per share of $0.51, as comparable hotel total RevPAR rose 5.4% and RevPAR increased 4.6% year-over-year. Ancillary revenue streams grew, with food & beverage up 6%, other revenues up 10%, outlet revenue up 9% and banquet and catering up 4%.
2. Full-Year 2025 Results and 2026 Outlook
For full-year 2025, adjusted EBITDAre climbed 4.6% to $1.757 billion and FFO per share rose 3.5% to $2.07. Comparable hotel total RevPAR increased 4.2% and RevPAR rose 3.8%, while 2026 guidance targets 2.5%–4% total RevPAR growth and 2% comparable RevPAR growth.
3. Asset Sales and Capital Allocation
The company realized $1.1 billion from the sale of Four Seasons Orlando and Jackson Hole at a 14.9x EBITDA multiple and noted an 11% unlevered IRR. Host sold additional properties for $288 million, repurchased 13.1 million shares for $205 million, and declared a $0.72 special dividend alongside quarterly payouts.
4. Maui Recovery and Luxury Segment
Maui market RevPAR surged 15% in Q4 and total RevPAR rose 13%, contributing $111 million of EBITDA in 2025 with a $120 million forecast for 2026. Luxury properties saw transient revenue climb over 10%, driven by strong demand at The Ritz-Carlton Naples and Fairmont Kea Lani.