Host Hotels & Resorts announced Monday that coronavirus (COVID-19) has negatively affected its total revenues by about $14 million, net income by about $7 million and adjusted EBITDA by approximately $7 million, amounting to a decline of 0.5% at the midpoint of its 2020 guidance range of $1.36 billion to $1.41 billion. Host will maintain its guidance range.
BETHESDA, Md., March 02, 2020 -- Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the "Company"), today announced that, to date, Coronavirus (COVID-19) has negatively impacted its total revenues by approximately $14 million, net income by approximately $7 million and adjusted EBITDA by approximately $7 million, which amounts to a decrease of 0.5% at the mid-point of the Company’s 2020 adjusted EBITDA guidance range of $1,360 to $1,405 million.
This current impact does not materially affect the Company’s previously announced 2020 guidance, which remains unchanged as of the date of this release. The current decline in operations has primarily been group business cancellations, particularly in California, and the Company is working closely with the operators of its properties as the COVID-19 situation continues to evolve.
Due to the uncertainty regarding the duration and extent of the COVID-19 outbreak, the Company cannot provide further assurances regarding future cancellations or their effect on the Company’s results and the Company does not intend to provide further updates unless deemed appropriate.
About Host Hotels & Resorts
Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 75 properties in the United States and five properties internationally totaling approximately 46,500 rooms. The Company also holds non-controlling interests in six domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.
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