Host Hotels & Resorts has reported net income attributable to the company of $239m for the second quarter (Q2) 2024, up 13.8% from $210m in the same period last year.
Basic and diluted earnings per share were both $0.34 for Q2 2024, compared with $0.30 and $0.29, respectively, in Q2 2023.
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Total revenues for the quarter ending 30 June 2024 reached $1.46bn, a 5.03% increase from $1.39bn in the year-ago quarter.
Operating profit stood at $292m in Q2 2024, up from $249m in Q2 2023.
Total operating costs and expenses rose to $1.17bn in the three months to June 2024, from $1.14bn in the prior year.
Adjusted earnings before interest, taxes, depreciation, and amortisation for real estate (EBITDAre) for Q2 2024 were $476m, a 6.7% growth from $446m a year earlier.
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By GlobalDataComparable hotel total revenue per available room (RevPAR) was $368.25 in the quarter, a 0.5% rise from $366.60 in Q2 2023.
The company also announced the acquisition of the fee simple interest in the 234-room 1 Hotel Central Park for nearly $265m in cash.
It also closed the previously announced acquisition of the 450-room Ritz-Carlton O’ahu, Turtle Bay.
Host Hotels & Resorts president and CEO James F Risoleo said: “During the quarter, we repurchased $50m of common stock and completed several financing transactions, including the repayment of our Series G senior notes for $400m and the issuance of $600m of Series K senior notes at 5.7%.
“Thus far in 2024, we have acquired $1.5 billion of iconic and irreplaceable real estate, which we believe positions Host to deliver meaningful EBITDA growth.”
For the first quarter of 2024, Host Hotels & Resorts reported attributable net income of $268m and total revenues of $1.47bn. For the full year of 2024, the company projects adjusted EBITDAre between $1.61bn and $1.67bn, and net income to be in the range of $683m and $741m.
