Host Hotels & Resorts, Inc. Reports Results for the Second Quarter 2025
Quarterly Comparable Hotel Total RevPAR Growth of 4.2% and Comparable Hotel RevPAR Growth of 3.0%Raises Full Year Guidance, Reflecting Outperformance in the First Half of the YearCompleted Sale of The Westin Cincinnati
BETHESDA, Md., July 30, 2025 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ:HST) (the "Company"), the nation's largest lodging real estate investment trust ("REIT"), today announced results for the second quarter of 2025.
OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)
Quarter endedJune 30,
Year-to-date ended June 30,
2025
2024
Percent Change
2025
2024
Percent Change
Revenues
$
1,586
$
1,466
8.2
%
$
3,180
$
2,937
8.3
%
Comparable hotel revenues⁽¹⁾
1,554
1,491
4.2
%
3,133
2,999
4.5
%
Comparable hotel Total RevPAR⁽¹⁾
400.91
384.71
4.2
%
406.33
386.81
5.0
%
Comparable hotel RevPAR⁽¹⁾
239.64
232.63
3.0
%
240.78
229.31
5.0
%
Net income
$
225
$
242
(7.0
%)
$
476
$
514
(7.4
%)
EBITDAre⁽¹⁾
491
502
(2.2
%)
999
1,006
(0.7
%)
Adjusted EBITDAre⁽¹⁾
496
481
3.1
%
1,010
970
4.1
%
Diluted earnings per common share
$
0.32
$
0.34
(5.9
%)
$
0.67
$
0.72
(6.9
%)
NAREIT FFO per diluted share⁽¹⁾
0.57
0.57
—
%
1.20
1.17
2.6
%
Adjusted FFO per diluted share⁽¹⁾
0.58
0.57
1.8
%
1.21
1.19
1.7
%
Additional detail on the Company's results, including data for 24 domestic markets, is available in the Second Quarter 2025 Supplemental Financial Information on the Company's website at www.hosthotels.com.
James F. Risoleo, President and Chief Executive Officer, said, "We are pleased with our strong operational and financial results, as Host delivered comparable hotel Total RevPAR growth of 4.2% over the second quarter of 2024, driven by strong transient demand leading to improvements in room revenues, food & beverage revenues and ancillary spend. Comparable hotel RevPAR increased 3.0% over the same period last year, driven by higher rates across the portfolio and improving leisure transient trends in Maui."
Risoleo continued, "As a result of our outperformance in the first half of the year, we are increasing our 2025 comparable hotel RevPAR growth guidance range to 1.5% to 2.5% and our comparable hotel Total RevPAR growth guidance range to 2.0% to 3.0% over 2024. During the second quarter, we also sold The Westin Cincinnati, repurchased $105 million of common stock and made additional progress on our portfolio reinvestments. We continue to believe Host is well positioned to successfully navigate the current environment as a result of our investment grade balance sheet, our size and scale, our diversified business and geographic mix, and our continued reinvestment in our portfolio."
(1)
NAREIT Funds From Operations ("FFO") per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission ("SEC"). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.
HIGHLIGHTS:
Comparable hotel Total RevPAR was $400.91 for the second quarter of 2025, representing an increase of 4.2% compared to the same period in 2024, due to improvements in room revenues driven by increased transient demand and leading to increases in food & beverage revenues and ancillary spend. Food & beverage revenues also benefited from the completion of repositioning projects at certain restaurant outlets. Comparable hotel Total RevPAR year-to-date in 2025 was $406.33, an increase of 5.0%.
Comparable hotel RevPAR was $239.64 for the second quarter of 2025, representing an increase of 3.0%, compared to the same period in 2024, driven primarily by increases in room rates and strong transient leisure demand, along with the continuing recovery in Maui, that more than offset a decrease in group demand. Comparable hotel RevPAR year-to-date in 2025 was $240.78, an increase of 5.0%.
GAAP net income was $225 million for the second quarter of 2025, reflecting a 7.0% decrease compared to the second quarter of 2024, and GAAP operating profit margin was 17.5%, a decline of 240 basis points compared to the second quarter of 2024, both affected by a $47 million decrease in net gains on insurance settlements. Year-to-date GAAP net income was $476 million, a 7.4% decrease compared to 2024, and operating profit margin was 17.7%, a decline of 220 basis points compared to 2024, reflecting a decline of $68 million in net gains on insurance settlements. Net income benefited from improved operating results and a gain on asset sales in the second quarter of 2025.
Comparable hotel EBITDA was $481 million for the second quarter of 2025, relatively flat compared to the second quarter of 2024, and comparable hotel EBITDA margin decreased 120 basis points to 31.0%, the decrease entirely driven by $21 million of business interruption proceeds that were received in the second quarter of 2024 for the Maui wildfires. Improvements in room rates were able to offset an increase in wage expenses. Year-to-date, comparable hotel EBITDA was $985 million, an increase of 3.0% compared to 2024, however, comparable hotel EBITDA margin decreased 50 basis points to 31.4%.
Adjusted EBITDAre was $496 million for the second quarter of 2025, an increase of 3.1% compared to the second quarter of 2024, and year-to-date, Adjusted EBITDAre was $1,010 million, exceeding 2024 by 4.1%, as improvements in operations and earnings from the 2024 acquisitions more than offset the decline in business interruption proceeds.
Sold The Westin Cincinnati for $60 million and recorded a gain on sale of approximately $21 million in the second quarter. The hotel was expected to have capital expenditures needs of approximately $54 million in the near term and was subject to a ground lease.
Received additional business interruption proceeds of $9 million in the second quarter related to damages caused by Hurricanes Helene and Milton at The Don CeSar in 2024. To date, a total of $39 million of insurance proceeds have been received related to the claims, of which $24 million is related to business interruption proceeds, including $5 million of business interruption proceeds that were received in July.
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at June 30, 2025:
Total assets of $13.0 billion.
Debt balance of $5.1 billion, with a weighted average maturity of 5.4 years, and a weighted average interest rate of 4.9%. The Company maintained its balanced maturity schedule by refinancing its maturing $500 million 4% Series E senior notes through the issuance of $500 million 5.7% Series M senior notes due 2032 in an underwritten public offering in May 2025.
Total available liquidity of approximately $2.3 billion, including furniture, fixtures and equipment escrow reserves of $279 million and $1.5 billion available under the revolver portion of the credit facility.
SHARE REPURCHASES AND DIVIDENDS
During the second quarter of 2025, the Company repurchased 6.7 million shares of common stock at an average price of $15.56 per share, exclusive of commissions, through its common share repurchase program for a total of $105 million. As of June 30, 2025, the Company had approximately $480 million of remaining capacity under the repurchase program, pursuant to which its common stock may be purchased from time to time, depending upon market conditions.
The Company paid a second quarter common stock cash dividend of $0.20 per share on July 15, 2025 to stockholders of record on June 30, 2025. All future dividends, including any special dividends, are subject to approval by the Company's Board of Directors.
HOTEL BUSINESS MIX UPDATE
The Company's customers fall into three broad groups: transient, group and contract business, which accounted for approximately 60%, 36%, and 4%, respectively, of its full year 2024 room sales. As expected, group room nights for the second quarter were down year-over-year as a result of planned renovation disruption from the Hyatt Transformational Capital Program and business mix shifting from group to transient in Maui.
The following are the results for transient, group and contract business in comparison to 2024 performance, for the Company's current portfolio:
Quarter ended June 30, 2025
Year-to-date ended June 30, 2025
Transient
Group
Contract
Transient
Group
Contract
Room nights (in thousands)
1,560
1,091
208
2,909
2,224
397
Percent change in room nights vs. same period in 2024
1.6
%
(6.1
%)
14.6
%
0.5
%
(3.3
%)
12.9
%
Rooms revenues (in millions)
$
563
$
321
$
45
$
1,084
$
685
$
88
Percent change in revenues vs. same period in 2024
6.8
%
(4.9
%)
21.7
%
5.8
%
0.6
%
21.0
%
CAPITAL EXPENDITURES
The following presents the Company's capital expenditures spend through the second quarter of 2025 and the forecast for the full year 2025 (in millions):
Year-to-date ended June 30, 2025
2025 Full Year Forecast
Actual
Low-end of range
High-end of range
ROI - Hyatt Transformational Capital Program
$
54
$
170
$
180
All other return on investment ("ROI") projects
55
100
125
Total ROI Projects
109
270
305
Renewals and Replacements ("R&R")
129
250
275
R&R and ROI Capital expenditures
238
520
580
R&R - Property Damage Reconstruction
60
70
80
Total Capital Expenditures
$
298
$
590
$
660
Inventory spend for condo development(1)
43
75
85
Total capital allocation
$
341
$
665
$
745
(1)
Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.
Under the Hyatt Transformational Capital Program, the Company received $9 million of operating guarantees in the second quarter of 2025. The Company expects to receive $27 million of operating guarantees for the full year to offset expected business disruptions.
2025 OUTLOOK
Comparable hotel RevPAR growth continued into the second quarter, however, macroeconomic uncertainty remains for the second half of the year. The guidance reflects an expected year-over-year RevPAR decline in the third quarter and moderate growth in fourth quarter as short-term group volume remains soft. However, these may be affected by a changing macroeconomic sentiment and the international demand imbalance. Based on the current environment, the Company estimates that if comparable hotel RevPAR falls outside of this range, for every 100-basis point change in RevPAR, there would be an expected $32 million to $37 million change in both net income and Adjusted EBITDAre.
The guidance includes an expected decline in operating profit margin and comparable hotel EBITDA margin due to growth in wages and a decrease in business interruption proceeds, as compared to 2024. The guidance ranges for net income and Adjusted EBITDAre increased since prior quarter reflecting the higher room rates achieved in the first half of the year, successful renewal terms for insurance policies and the receipt of an additional $14 million of business interruption proceeds during the second and third quarters of 2025. Any additional insurance amounts related to Hurricanes Helene and Milton are still under discussion with insurance carriers and timing of receipt is uncertain. The guidance ranges for net income and Adjusted EBITDAre also include an estimated $25 million contribution from sales at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney® Resort.
The Company anticipates its 2025 operating results as compared to 2024 will be in the following range:
Current Full Year 2025 Guidance
Current Full Year 2025 Guidance Change vs. 2024
Previous Full Year 2025 Guidance Change vs. 2024
Change in Full Year 2025 Guidance to the Mid-Point
Comparable hotel Total RevPAR
$373 to $377
2.0% to 3.0%
0.7% to 2.7%
80 bps
Comparable hotel RevPAR
$224 to $226
1.5% to 2.5%
0.5% to 2.5%
50 bps
Total revenues under GAAP (in millions)
$6,054 to $6,109
6.5% to 7.5%
5.3% to 7.4%
63 bps
Operating profit margin under GAAP
13.3% to 13.7%
(210) bps to (170) bps
(320) bps to (230) bps
90 bps
Comparable hotel EBITDA margin
28.4% to 28.7%
(90) bps to (60) bps
(160) bps to (100) bps
60 bps
Based upon the above parameters, the Company estimates its 2025 guidance as follows:
Current Full Year 2025 Guidance
Previous Full Year 2025 Guidance
Change in Full Year 2025 Guidance to the Mid-Point
Net income (in millions)
$601 to $631
$512 to $581
$70
Adjusted EBITDAre (in millions)
$1,690 to $1,720
$1,610 to $1,680
$60
Diluted earnings per common share
$0.85 to $0.90
$0.72 to $0.82
$0.10
NAREIT FFO per diluted share
$1.95 to $1.99
$1.84 to $1.94
$0.08
Adjusted FFO per diluted share
$1.98 to $2.02
$1.88 to $1.97
$0.08
See the 2025 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Second Quarter 2025 Supplemental Financial Information for additional detail on the mid-point of full year 2025 guidance.
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 42,900 rooms. The Company also holds non-controlling interests in seven 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®, 1 Hotels®, Hilton®, Four Seasons®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company's website at www.hosthotels.com.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include, but may not be limited to, our expectations regarding the recovery of travel and the lodging industry, the impact of the Maui wildfires and 2025 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company's annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of July 30, 2025, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks have any responsibility or liability for any information contained in this press release.
*** Tables to Follow ***
Host Hotels & Resorts, Inc., herein referred to as "we," "Host Inc.," or the "Company," is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. ("Host LP"), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of June 30, 2025, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)
June 30,2025
December 31, 2024
ASSETS
Property and equipment, net
$
10,795
$
10,906
Right-of-use assets
563
559
Due from managers
83
36
Advances to and investments in affiliates
223
166
Furniture, fixtures and equipment replacement fund
279
242
Notes receivable
—
79
Other
527
506
Cash and cash equivalents
490
554
Total assets
$
12,960
$
13,048
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes
$
3,987
$
3,993
Credit facility, including the term loans of $998
994
992
Mortgage and other debt
96
98
Total debt
5,077
5,083
Lease liabilities
566
560
Accounts payable and accrued expenses
261
351
Due to managers
44
54
Other
235
223
Total liabilities
6,183
6,271
Redeemable non-controlling interests - Host Hotels & Resorts, L.P.
136
165
Host Hotels & Resorts, Inc. stockholders' equity:
Common stock, par value $0.01, 1,050 million shares authorized, 687.5 million shares and 699.1 million shares issued and outstanding, respectively
7
7
Additional paid-in capital
7,290
7,462
Accumulated other comprehensive loss
(74
)
(83
)
Deficit
(585
)
(777
)
Total equity of Host Hotels & Resorts, Inc. stockholders
6,638
6,609
Non-redeemable non-controlling interests—other consolidated partnerships
3
3
Total equity
6,641
6,612
Total liabilities, non-controlling interests and equity
$
12,960
$
13,048
(1)
Please see our Second Quarter 2025 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)
Quarter endedJune 30,
Year-to-date ended June 30,
2025
2024
2025
2024
Revenues
Rooms
$
949
$
885
$
1,887
$
1,738
Food and beverage
478
447
981
920
Other
159
134
312
279
Total revenues
1,586
1,466
3,180
2,937
Expenses
Rooms
233
214
458
416
Food and beverage
313
286
636
581
Other departmental and support expenses
375
343
739
677
Management fees
70
69
139
138
Other property-level expenses
107
101
218
205
Depreciation and amortization
195
188
391
368
Corporate and other expenses⁽¹⁾
25
29
56
56
Net gain on insurance settlements
(9
)
(56
)
(19
)
(87
)
Total operating costs and expenses
1,309
1,174
2,618
2,354
Operating profit
277
292
562
583
Interest income
7
14
15
32
Interest expense
(58
)
(50
)
(115
)
(97
)
Other gains
22
—
26
—
Equity in earnings of affiliates
4
2
14
10
Income before income taxes
252
258
502
528
Provision for income taxes
(27
)
(16
)
(26
)
(14
)
Net income
225
242
476
514
Less: Net income attributable to non-controlling interests
(4
)
(3
)
(7
)
(7
)
Net income attributable to Host Inc.
$
221
$
239
$
469
$
507
Basic earnings per common share
$
0.32
$
0.34
$
0.68
$
0.72
Diluted earnings per common share
$
0.32
$
0.34
$
0.67
$
0.72
(1)
Corporate and other expenses include the following items:
Quarter endedJune 30,
Year-to-date ended June 30,
2025
2024
2025
2024
General and administrative costs
$
20
$
24
$
45
$
45
Non-cash stock-based compensation expense
5
5
11
11
Total
$
25
$
29
$
56
$
56
HOST HOTELS & RESORTS, INC.
Earnings per Common Share
(unaudited, in millions, except per share amounts)
Quarter ended June 30,
Year-to-date ended June 30,
2025
2024
2025
2024
Net income
$
225
$
242
$
476
$
514
Less: Net income attributable to non-controlling interests
(4
)
(3
)
(7
)
(7
)
Net income attributable to Host Inc.
$
221
$
239
$
469
$
507
Basic weighted average shares outstanding
692.5
704.3
695.2
704.2
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market
1.4
1.6
1.5
1.6
Diluted weighted average shares outstanding⁽¹⁾
693.9
705.9
696.7
705.8
Basic earnings per common share
$
0.32
$
0.34
$
0.68
$
0.72
Diluted earnings per common share
$
0.32
$
0.34
$
0.67
$
0.72
(1)
Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units ("OP Units") held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.
HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels
Comparable Hotel Results by Location(1)
As of June 30, 2025
Quarter ended June 30, 2025
Quarter ended June 30, 2024
Location
No. ofProperties
No. ofRooms
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
PercentChange inRevPAR
PercentChange inTotal RevPAR
Miami
2
1,038
$
539.89
75.7
%
$
408.45
$
732.84
$
519.87
69.5
%
$
361.34
$
629.52
13.0
%
16.4
%
Maui
3
1,580
626.40
70.6
%
442.40
723.40
676.16
55.2
%
373.09
610.68
18.6
%
18.5
%
Florida Gulf Coast
4
1,529
471.48
71.2
%
335.60
755.64
439.08
69.3
%
304.42
685.54
10.2
%
10.2
%
Jacksonville
1
446
591.43
83.3
%
492.44
1,100.34
550.05
86.4
%
475.21
1,051.33
3.6
%
4.7
%
Oahu (2)
2
876
483.12
83.1
%
401.38
608.74
467.67
84.0
%
392.89
636.30
2.2
%
(4.3
%)
Phoenix
3
1,545
374.07
71.6
%
267.76
659.33
381.00
73.9
%
281.53
672.33
(4.9
%)
(1.9
%)
New York
3
2,720
409.04
89.7
%
366.84
542.26
386.90
86.9
%
336.30
482.84
9.1
%
12.3
%
Orlando
2
2,448
400.73
71.1
%
285.05
592.11
362.78
70.4
%
255.42
520.59
11.6
%
13.7
%
Nashville
2
721
359.88
84.2
%
303.14
507.51
372.01
87.9
%
327.05
513.45
(7.3
%)
(1.2
%)
Los Angeles/Orange County
3
1,067
300.14
78.6
%
235.89
361.04
289.81
80.4
%
233.00
347.78
1.2
%
3.8
%
San Diego
3
3,294
302.46
78.9
%
238.56
448.16
294.68
83.0
%
244.53
448.79
(2.4
%)
(0.1
%)
Washington, D.C. (CBD)
5
3,245
331.57
69.4
%
230.04
319.10
325.59
77.2
%
251.26
358.58
(8.4
%)
(11.0
%)
Boston
2
1,496
329.47
82.3
%
271.06
337.00
304.22
87.2
%
265.32
338.20
2.2
%
(0.4
%)
Philadelphia
2
810
256.55
85.5
%
219.35
325.22
258.20
85.1
%
219.67
331.95
(0.1
%)
(2.0
%)
Northern Virginia
2
916
280.77
67.8
%
190.41
297.05
274.53
77.0
%
211.30
323.51
(9.9
%)
(8.2
%)
San Francisco/San Jose
6
4,162
244.24
72.4
%
176.83
266.41
228.30
69.3
%
158.29
230.28
11.7
%
15.7
%
New Orleans
1
1,333
201.72
66.0
%
133.12
217.44
198.40
73.9
%
146.60
223.37
(9.2
%)
(2.7
%)
Houston
5
1,942
223.43
66.8
%
149.18
207.36
214.28
71.7
%
153.58
211.57
(2.9
%)
(2.0
%)
Chicago
3
1,562
271.79
78.9
%
214.31
303.52
279.14
76.4
%
213.15
300.37
0.5
%
1.0
%
Seattle
2
1,315
249.43
77.6
%
193.66
268.21
256.89
74.5
%
191.36
258.07
1.2
%
3.9
%
Atlanta
2
810
217.16
68.3
%
148.32
258.74
206.36
60.3
%
124.39
214.15
19.2
%
20.8
%
San Antonio
2
1,512
231.54
61.1
%
141.42
222.13
217.72
61.9
%
134.72
211.25
5.0
%
5.1
%
Austin
2
767
228.65
48.7
%
111.26
214.94
256.35
73.4
%
188.25
328.50
(40.9
%)
(34.6
%)
Denver
3
1,342
209.77
71.2
%
149.35
231.44
206.20
74.1
%
152.71
233.83
(2.2
%)
(1.0
%)
Other
8
2,551
263.11
72.5
%
190.77
295.27
263.12
68.8
%
181.12
283.88
5.3
%
4.0
%
Domestic
73
41,027
329.25
73.9
%
243.28
408.01
316.70
74.6
%
236.22
390.93
3.0
%
4.4
%
International
5
1,499
198.72
70.5
%
140.01
205.53
203.66
65.8
%
133.98
212.97
4.5
%
(3.5
%)
All Locations
78
42,526
$
324.87
73.8
%
$
239.64
$
400.91
$
313.17
74.3
%
$
232.63
$
384.71
3.0
%
4.2
%
(1)
See the Notes to Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.
(2)
Prior to our ownership of The Ritz Carlton O'ahu, Turtle Bay, golf revenues were recorded by the property based on gross sales. After our acquisition of the property in July 2024, the golf course operates under a lease agreement, under which we record rental income, resulting in lower total revenues when compared to the periods prior to our ownership.
Comparable Hotel Results by Location(1)
As of June 30, 2025
Year-to-date ended June 30, 2025
Year-to-date ended June 30, 2024
Location
No. ofProperties
No. ofRooms
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
AverageRoom Rate
AverageOccupancyPercentage
RevPAR
Total RevPAR
PercentChange inRevPAR
PercentChange inTotal RevPAR
Miami
2
1,038
