Q2 2024 Host Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Adjusted EBITDAre grew 6.7% year-over-year, reaching $476 million.
- Group room revenue increased by approximately 8%, driven by both rate and demand growth.
- Business transient revenue grew by 4%, indicating a steady recovery in business travel.
- The acquisition of 1 Hotel Central Park and Ritz-Carlton O'ahu Turtle Bay is expected to generate $22 million of adjusted EBITDA for 2024.
- Food and beverage revenue drove total RevPAR growth, particularly in banquets and catering.
- Comparable hotel RevPAR faced headwinds due to a slower than anticipated recovery in Maui, impacting overall performance.
- Domestic leisure demand moderated as consumers opted for international destinations, affecting transient revenue.
- Second quarter comparable hotel EBITDA margin was slightly down by 10 basis points year-over-year.
- The lodging recovery in Maui has been slower than expected, with airline capacity still impacted and a perception that the island is not ready for tourists.
- The company revised its 2024 guidance downward, anticipating a slower recovery in Maui and moderating domestic leisure transient demand.
Good morning, and welcome to the Host Hotels & Resorts second quarter 2024 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the call over to Jaime Marcus, Senior Vice President of Investor Relations.
Thank you and good morning, everyone. Before we begin, please note that many of the comments made today are considered to be forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties, that could cause future results to differ from those expressed. And we are not obligated to publicly update or revise these forward-looking statements.
In addition, on today's call, we will discuss certain non-GAAP financial information such as FFO, adjusted EBITDAre, and comparable hotel level results. You can find this information together with reconciliations to the most directly comparable GAAP information in yesterday's
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