Host Hotels Raises 2026 RevPAR Outlook After Growth Accelerates

The Tip Desk · November 4, 2026 · 5 min read

Comparable hotel RevPAR rose 8.8% in the third quarter, and the lodging REIT now expects full-year comparable RevPAR growth of 6.75%.

Host Hotels & Resorts (HST), the nation’s largest lodging real estate investment trust, reported comparable hotel RevPAR growth of 8.8% in the third quarter of 2026, accelerating from 7.0% in the second quarter and 4.4% in the first.

Comparable hotel Total RevPAR growth also picked up, reaching 7.3% after 5.9% in the second quarter and 4.6% in the first. Comparable hotel RevPAR was $219.50, reflecting rate increases of 5.7% and an occupancy increase of 2.1 points versus the third quarter of 2025. Comparable hotel Total RevPAR was $348.19.

President and Chief Executive Officer James F. Risoleo said the RevPAR increase was supported by rate growth and broad-based strength in leisure transient, group, and business transient demand, and that Total RevPAR growth reflected higher food and beverage revenues and leisure transient demand. The company said growth was driven by very strong transient demand throughout the quarter, boosted by the World Cup and an increase in business transient demand, in addition to an increase in group bookings, and despite the impacts from an active hurricane season in Hawaii during the quarter. Eleven of the company’s 24 domestic markets achieved double-digit increases in comparable hotel Total RevPAR.

Transient room nights rose 4.8% and transient rooms revenues rose 11.5% versus the third quarter of 2025. Group room nights rose 1.3% and group rooms revenues rose 4.5%. Contract room nights fell 2.3% and contract rooms revenues rose 4.6%. Comparable hotel results for both periods exclude Alila Ventana Big Sur, which was removed from the comparable set in the third quarter after the hotel was closed for one month during an evacuation mandate due to wildfires in the vicinity.

GAAP net income fell 56.4% to $71 million, or $0.10 a share, from $163 million, or $0.23 a share, a year earlier, reflecting a decline in gain on asset sales. GAAP operating profit margin improved 140 basis points to 9.0%, as higher room rates offset wage expense increases. Revenues were $1.347 billion. Comparable hotel EBITDA rose 11.4% to $331 million, with comparable hotel EBITDA margin up 90 basis points to 25.2%. Adjusted EBITDAre increased 8.8% to $347 million. NAREIT FFO was $0.38 a share and Adjusted FFO was $0.39 a share.

Risoleo said the company now expects full-year comparable hotel RevPAR growth of approximately 6.75% and comparable hotel Total RevPAR growth of approximately 6.0% over 2025, both above the high end of previously announced guidance ranges. After the second quarter, Host had raised those ranges to 4.75% to 5.25%. The updated 2026 guidance reflects the company’s strong third quarter results and improved expectations for the fourth quarter driven by strong leisure demand, favorable group booking pace, and improving business transient demand, the company said. Comparable hotel RevPAR for October also grew approximately 6.5% over 2025.

Full-year 2026 GAAP total revenues guidance was raised to $6.213 billion. Operating profit margin guidance rose to 15.4% and comparable hotel EBITDA margin guidance to 30.0%. Net income guidance was raised to $978 million from a $953 million midpoint, Adjusted EBITDAre to $1.865 billion from $1.830 billion, diluted earnings to $1.40 a share from $1.36, NAREIT FFO to $2.17 a share from $2.12, and Adjusted FFO to $2.21 a share from $2.16. Full-year operating profit margins and comparable hotel EBITDA margins are expected to increase compared with 2025, as rate improvements offset increases in wage expense, the company said. The guidance includes an estimated $3 million of net income and $6 million of Adjusted EBITDAre from the recent acquisitions, with those hotels included in comparable results starting in the fourth quarter. It also includes an estimated $18 million net contribution from condominium sales expected to close this year.

Subsequent to quarter end, Host acquired the leasehold interest in the 195-room 1 Hotel Brooklyn Bridge for $202 million, net of a $4 million FF&E reserve, and the fee-simple interest in the 308-room Renaissance Dallas at Plano Legacy West Hotel for $172 million. Risoleo said the two properties are expected to be immediately accretive. The company also amended its $2.5 billion credit facility, extending the $1.5 billion revolver to January 2031 and the two $500 million term loans to January 2031 and January 2032, with options that would align all maturities at January 2032. Pricing was cut 12.5 basis points on revolver draws, 15 basis points on the term loans, and 5 basis points on the facility fee. Chief Financial Officer Sourav Ghosh said that following the recast, debt has a weighted average maturity of 5.2 years and a weighted average interest rate of 4.8%. Total available liquidity was approximately $3.1 billion at September 30, 2026.

The company estimates Kona Low property costs of approximately $20 million to $25 million, including about $2 million of remediation, with restoration completion expected in 2027. It received $7 million of operating guarantees in the third quarter under Hyatt and Marriott transformational programs and expects $19 million of such guarantees in 2026.