Host Hotels & Resorts, Inc. has reported its financial results for the fourth quarter and full year of 2024. The company's revenues for the full year 2024 amounted to $5,684 million, representing a 7.0% increase from the previous year. Comparable hotel revenues also saw an increase, reaching $5,546 million, a 2.4% rise from 2023. However, net income for 2024 was reported at $707 million, reflecting a 6.0% decrease from 2023.
In terms of specific metrics, comparable hotel total RevPAR (Revenue per Available Room) grew by 2.1% over the full year, reaching $355.88, while comparable hotel RevPAR increased by 0.9% to reach $216.06. The company reported adjusted EBITDAR of $1,656 million, marking a 1.7% increase from the previous year. However, diluted earnings per common share saw a decline of 4.8% from 2023, amounting to $0.99 for 2024.
Host Hotels & Resorts, Inc. also made significant acquisitions in 2024, totaling $1.5 billion across four properties, three of which are in new markets for the company. Additionally, the company reinvested $548 million in its portfolio through capital expenditures and resiliency investments. It also repurchased 6.3 million shares during 2024 at an average price of $16.99 per share, amounting to a total of $107 million.
The company's balance sheet indicates total assets of $13.0 billion at the end of 2024, with a debt balance of $5.1 billion and total available liquidity of approximately $2.3 billion. Furthermore, it completed the final steps of restoration efforts at the Ritz-Carlton, Naples, following the damage caused by Hurricane Ian.
Looking ahead to 2025, Host Hotels & Resorts, Inc. anticipates comparable hotel total RevPAR growth of 1.0% to 3.0% over 2024. The company is encouraged by the state of travel and believes its investment grade balance sheet positions it to take advantage of potential opportunities in the future.
In terms of dividends, the company paid a fourth quarter common stock cash dividend of $0.30 per share in January 2025, including a $0.10 per share special dividend, bringing the total dividends declared in 2024 to $0.90 per share. Additionally, on February 19, 2025, the company announced a regular quarterly cash dividend of $0.20 per share on its common stock.
Today the company's shares have moved 0.2% to a price of $17.08. For the full picture, make sure to review Host Hotels & Resorts's 8-K report.
