Here are 1-3 brief analogies for Host Hotels & Resorts (HST):

• It's like Realty Income for luxury hotels.
• It's the landlord behind some of Marriott and Hilton's most valuable hotels.
• It's like Prologis for hotels.

• Hotel Property Ownership: Host Hotels & Resorts primarily generates revenue through the ownership of luxury and upper-upscale hotel properties, which are managed by third-party brands.
• Real Estate Investment (as a REIT): As a Real Estate Investment Trust (REIT), HST provides investors with a vehicle to invest in a diversified portfolio of income-producing hotel real estate.
• Strategic Asset Management: The company engages in strategic asset management of its hotel portfolio, including capital allocation, renovations, and optimizing operator agreements, to enhance property value and generate returns.

Major Customers of Host Hotels & Resorts (HST)

Host Hotels & Resorts (HST) is a lodging real estate investment trust (REIT) that owns a portfolio of upscale and luxury hotels. It does not directly operate these hotels or sell rooms to individual guests. Instead, HST contracts with major hotel operating companies to manage its properties. These operating companies are the direct "customers" of Host Hotels & Resorts, as they lease or manage the properties and remit payments (such as rent, management fees, or a share of profits) to HST.

The major customer companies that manage properties for Host Hotels & Resorts include:

• Marriott International (Symbol: MAR) - Marriott operates a significant portion of Host's hotel portfolio under various brands, including Marriott, The Ritz-Carlton, St. Regis, Westin, and Sheraton, among others.
• Hilton Worldwide Holdings (Symbol: HLT) - Hilton manages a substantial number of Host's properties under brands such as Hilton, Embassy Suites, DoubleTree by Hilton, and Curio Collection by Hilton.
• Hyatt Hotels Corporation (Symbol: H) - Hyatt also manages a portion of Host's upscale and luxury hotel assets.

• Marriott International, Inc. (MAR)
• Hilton Worldwide Holdings Inc. (HLT)
• Hyatt Hotels Corporation (H)
• Loews Hotels Holding Corporation
• Four Seasons Hotels Limited
• Aimbridge Hospitality
• Remington Hotels

James F. Risoleo, President and Chief Executive Officer

Mr. Risoleo joined Host Hotels & Resorts in 1996 and has served as President and Chief Executive Officer since January 2017. Prior to his current role, he was Executive Vice President and Managing Director of European business activities and, in 2015, assumed leadership for all West Coast investment activities in addition to Europe. He also served as Executive Vice President and Chief Investment Officer from 2000 to 2011 and as Senior Vice President for Acquisitions. Before joining Host, Mr. Risoleo was Vice President, Development at Interstate Hotels Corporation and a Senior Vice President, Commercial Real Estate at Westinghouse Electric Corporation. He previously served as the non-executive Chairman of Cole Office & Industrial REIT, a public non-listed REIT, from 2015 to 2018.

Sourav Ghosh, Executive Vice President and Chief Financial Officer

Mr. Ghosh joined Host Hotels & Resorts in 2009 and has served as Executive Vice President and Chief Financial Officer since September 2020. His previous roles at Host include Executive Vice President, Strategy & Analytics, and Vice President, Global Business Intelligence & Portfolio Strategy. Prior to Host, Mr. Ghosh held several positions at Starwood Hotels & Resorts, including Senior Director of Real Estate Investments and Director of Acquisitions & Development, where he was responsible for sourcing, structuring, and negotiating acquisitions and development deals.

Nathan S. Tyrrell, Executive Vice President and Chief Investment Officer

Mr. Tyrrell joined Host Hotels & Resorts in 2005 and has served as Executive Vice President and Chief Investment Officer since 2017. He previously held various leadership positions within the company, including Executive Vice President, Investments; Managing Director, Investments; and Senior Vice President, Treasurer. Before joining Host, Mr. Tyrrell worked in finance and development at The Rouse Company, a publicly traded REIT, and in investment banking for Alex. Brown Realty, Inc.

Julie P. Aslaksen, Executive Vice President, General Counsel and Secretary

Ms. Aslaksen has served as Executive Vice President, General Counsel and Secretary since joining Host Hotels & Resorts in 2019. Her prior experience includes serving as Vice President and General Counsel at General Dynamics Information Technology, and as Staff Vice President, Deputy General Counsel and Assistant Secretary at General Dynamics Corporation.

Michael E. Lentz, Executive Vice President, Development, Design & Construction

Mr. Lentz joined Host Hotels & Resorts in 2016 and has served as Executive Vice President, Development, Design & Construction since 2019. Previously, he was Managing Director of Global Development, Design & Construction at Host. Prior to Host, Mr. Lentz served as Senior Vice President and Head of Global Development for Las Vegas Sands Corp., a global gaming company, and as Vice President of Project Development at Walt Disney Imagineering.

The permanent shift towards remote and hybrid work models, significantly reducing demand for traditional business travel, corporate meetings, and large group events. Host Hotels & Resorts owns a portfolio of upscale and luxury hotels, many of which are heavily reliant on these segments in major urban markets. This trend, which accelerated during the pandemic and has shown signs of becoming a sustained behavioral and corporate policy change, threatens to structurally lower occupancy rates and average daily rates (ADRs) for these properties, impacting the REIT's revenue and asset valuations.

Host Hotels & Resorts (symbol: HST) primarily operates in the luxury and upper-upscale segments of the hospitality market. The company owns hotel properties predominantly in the United States, with a smaller presence in other international markets like Brazil and Canada.

The addressable markets for their main products and services can be sized as follows:

• U.S. Luxury and Upper-Upscale Hotel Market: The U.S. hotels market size was estimated at USD 263.21 billion in 2024. The luxury and upscale segment collectively accounted for approximately 61% of this market in 2024. Therefore, the addressable market for Host Hotels & Resorts within the U.S. luxury and upper-upscale hotel segment was approximately USD 160.56 billion in 2024. This segment is projected to grow significantly, with the overall U.S. hotel market expected to reach USD 395.69 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.1% from 2025 to 2030.
• U.S. Hospitality Market (Broader Context): The overall United States hospitality market is valued at USD 247.45 billion in 2025 and is forecast to reach USD 313.87 billion by 2030, advancing at a 4.9% CAGR. Another estimate pegs the United States Hospitality Market at USD 1270.04 billion in 2024, projected to reach USD 1989.6 billion by 2033, growing at a CAGR of 5.11%.
• Global Luxury Hotel Market: The global luxury hotel market size was valued at USD 114.2 billion in 2024 and is estimated to reach USD 157.7 billion by 2033, exhibiting a CAGR of 3.61% during the period of 2025-2033. Other estimates place the global luxury hotel market size at USD 115.2 billion in 2024, projected to reach approximately USD 214.4 billion by 2033, growing at a CAGR of 7.1%. North America currently dominates the global luxury hotel market, holding over 37.1% of the market share in 2024.

Share Repurchases

• Since 2022, Host Hotels & Resorts repurchased 32.4 million shares at an average price of $16.03, totaling $520 million.
• As of Q1 2025, the company had repurchased $415 million of stock at an average price of $16.16 per share since 2022.
• As of late 2023, Host H&R had repurchased $181 million worth of its own shares at an average price of $15.93 per share, with $792 million remaining under the authorized share buyback limit.

Share Issuance

• In 2021, Host Hotels & Resorts issued new shares to raise capital.
• In May 2025, Host Hotels & Resorts, L.P. priced $500 million of 5.700% Series M Senior Notes due 2032. The net proceeds were approximately $490 million and were planned to redeem outstanding Series E senior notes due 2025.
• In 2024, Host Hotels issued $900 million of senior notes.

Outbound Investments

• In May 2024, Host Hotels & Resorts agreed to acquire the 450-room Turtle Bay Resort on Oahu, Hawaii, including a 49-acre land parcel, for approximately $680 million (net of key money), or $725 million overall. The acquisition was expected to close in late July 2024.
• In 2024, Host Hotels invested over $1.5 billion in the acquisition of four hotels, including The Ritz-Carlton O'ahu, Turtle Bay, 1 Hotel Central Park, 1 Hotel Nashville, and Embassy Suites by Hilton Nashville Downtown.
• Since 2018, the company has disposed of approximately $5.1 billion of hotels at a blended 17.2 times EBITDA multiple, including estimated foregone capital expenditures of $1 billion, compared to $4.9 billion of acquisitions over the same period at a blended 13.6 times EBITDA multiple.

Capital Expenditures

• Host Hotels & Resorts' capital expenditure guidance for the full year 2025 is $605 million to $640 million, including $75 million to $80 million for property damage reconstruction and $280 million to $295 million for redevelopment. This also includes an expected spend of $80 million to $85 million for condominium development at the Four Seasons Resort Orlando.
• In 2024, the company reinvested $548 million in its portfolio through capital expenditures and resiliency investments.
• The primary focus of capital expenditures includes multi-year, comprehensive renovation programs such as the Marriott Transformational Capital Program (MTCP) and Hyatt Transformational Capital Program (HTCP) for numerous hotels, aimed at increasing RevPAR index share and elevating EBITDA growth. Additionally, in Q3 2025, Host entered a second transformational capital program with Marriott for four properties, expecting to spend $300 million to $350 million through 2029.