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Host Hotels & Resorts

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FY2024 Annual Report · Host Hotels & Resorts
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HOST HOTELS & RESORTS
2 0 2 4  A N N U A L  R E P O R T

HOST HOTELS & RESORTS OWNS THE LARGEST PORTFOLIO OF LUXURY AND UPPER UPSCALE HOTELS IN 
THE PUBLIC MARKETS. WITH ICONIC AND IRREPLACEABLE PROPERTIES LOCATED IN THE TOP DESTINATIONS 
ACROSS THE UNITED STATES, A BEST-IN-CLASS INVESTMENT GRADE BALANCE SHEET AND A STRONG 
ANALYTICS PLATFORM, WE ARE WELL-POSITIONED TO CREATE LONG-TERM VALUE FOR OUR STOCKHOLDERS.
THE ONLY
investment-grade
lodging REIT
43.4K
Rooms
THE LARGEST
U.S. lodging REIT
81
Hotels
THE ONLY
lodging REIT in 
the S&P 500
ON THE COVER AND ABOVE: THE RITZ-CARLTON O’AHU, TURTLE BAY
(Acquired in 2024)
THE ONLY
investment-grade
lodging REIT
43.4K
Rooms
THE LARGEST
U.S. lodging REIT
81
Hotels
THE ONLY
lodging REIT in 
the S&P 500
HOST AT A GLANCE

2024 HIGHLIGHTS & ACCOMPLISHMENTS
EMBASSY SUITES BY HILTON NASHVILLE DOWNTOWN
(Acquired in 2024)
1 HOTEL NASHVILLE
(Acquired in 2024)
1 HOTEL CENTRAL PARK
(Acquired in 2024)
ELEVATED EBITDA
GROWTHPROFILE
Comparable Hotel Total RevPAR grew 2.1% while 
RevPAR grew nearly 1% 
Acquired $1.5B of iconic and irreplaceable real estate 
across four properties, including The Ritz-Carlton O’ahu, 
Turtle Bay, 1 Hotel Central Park, 1 Hotel Nashville and 
Embassy Suites by Hilton Nashville Downtown
Nearly $550 million invested in capital expenditures 
and resiliency investments, including the Hyatt 
Transformational Capital Program
CAPITAL ALLOCATION
TRACK RECORD
Acquired four hotels that finished 2024 with a RevPAR of 
$400, nearly twice the portfolio average
16 of 24 hotels have stabilized afer transformational 
renovations and are outperforming relative to their 
competitive sets
Returned $844 million of capital to stockholders through 
share repurchases and dividends paid
DIVERSE
PORTFOLIO
Geographic diversification: no market accounts for more 
than 10% of 2024 total revenues
Three of four recently acquired hotels are located in 
new markets
STRONG 
BALANCE SHEET
Only investment grade rating among lodging REITs
Issued $1.3B of senior notes, including a green bond, 
while repaying a $400M maturity and maintaining a 
balanced maturity schedule
SIZE, SCALE, 
& REPUTATION
Operational benchmarking and analytical capability
Ability to source off-market transactions and leverage 
relationships with operators
Continued to be recognized as a Corporate Responsibility 
leader and achieved a new milestone in our sustainability 
efforts leading to lower interest rate on credit facility

JAMES F. RISOLEO
President, Chief Executive Officer and Director
RICHARD E. MARRIOTT
Chairman of the Board
Over the course of 2024, we DELIVERED OPERATIONAL 
IMPROVEMENTS, driven by continued rate growth and 
out-of-room spending. During the year, we acquired $1.5 
billion of iconic and irreplaceable real estate across four 
properties. We continued to reinvest in our portfolio 
through capital expenditures and resiliency investments. 
We also made progress on the Hyatt Transformational 
Capital Program, and the condominium development at 
the Four Seasons Resort Orlando at Walt Disney World® 
Resort. We returned significant capital to our stockholders 
in the form of dividends and share repurchases. Lastly, 
we maintained our investment grade balance sheet while 
continuing to position Host to take advantage of potential 
opportunities in the future.
We delivered full year comparable hotel total revenue per 
available room (“TRevPAR”) growth of 2.1% over 2023 and 
ended the year with comparable TRevPAR of approximately 
$356. Growth was driven by improvements in food and 
beverage revenues and increases in other revenues from 
ancillary spending, leading to net income of $707 million, 
a 6% decrease compared to 2023, and Adjusted EBITDAre 
of $1,656 million, a 1.7% increase year-over-year. Diluted 
earnings per share was $0.99 and Adjusted FFO per diluted 
share was $1.97.1 As expected, margin declined in 2024 
as a result of higher wages and benefits, fixed expense 
pressures, and the impacts from the Maui wildfires in 2023.
We ACQUIRED $1.5 BILLION OF ICONIC AND IRREPLACE­
ABLE REAL ESTATE across four properties, including the 
1 Hotel Nashville and Embassy Suites by Hilton Nashville 
Downtown, the 1 Hotel Central Park, and The Ritz-Carlton 
O’ahu, Turtle Bay, three of which are in new markets for Host. 
We SIGNIFICANTLY REINVESTED IN OUR PORTFOLIO 
THROUGH CAPITAL EXPENDITURES AND RESILIENCY 
INVESTMENTS. In 2024, we invested nearly $550 million 
in capital expenditures and resiliency investments at our 
properties. We believe these reinvestments will position 
1 Adjusted EBITDAre and Adjusted FFO per diluted share are non-GAAP financial measures. For a description of these measures, reconciliations to the most directly comparable GAAP measure and a 
discussion of the limitations on the use of these supplemental measures, see “EBITDA, EBITDAre and Adjusted EBITDAre” and “FFO Measures” in the attached Annual Report on Form 10-K beginning 
on page 65.
MARRIOTT MARQUIS SAN DIEGO MARINA
(LEED Gold® Certification in 2024)
GEOGRAPHICAL DIVERSITY
(as a percent of 2024 Revenues)
Seattle 2%
San Francisco/ 
San Jose 6%
Los Angeles/
San Diego 9%
Phoenix 6%
Maui 7%
Denver 2%
Chicago 3%
Houston 3%
Miami 4%
Atlanta 1%
Washington, DC (CBD) 6%
New York 8%
Boston 3%
Orange County 2%
Florida Gulf Coast 8%
Orlando 8%
Jacksonville 2%
New Orleans 2%
San Antonio 2%
Philadelphia 2%
Northern Virginia 2%
Austin 1%
 Other Domestic 6% 
 International 1%
TO OUR STOCKHOLDERS
O’ahu 2%
Nashville 2%

FAIRMONT KEA LANI, MAUI
(Comprehensive Renovation Completed in 2023)
JW MARRIOTT ATLANTA BUCKHEAD
(Comprehensive Renovation Completed in 2020)
our portfolio to outperform in the future. We completed 
renovations to approximately 2,100 guest rooms, 213,000 
square feet of meeting space, and approximately 93,000 
square feet of public space. In addition, we made progress 
on the Hyatt Transformational Capital Program and 
completed vertical construction on the mid-rise condo­
minium building at the Four Seasons Resort Orlando at 
Walt Disney World® Resort, marking a significant milestone 
in the development. 
We MAINTAINED OUR INVESTMENT GRADE BALANCE 
SHEET AND A WELL LADDERED MATURITY SCHEDULE. 
We issued $1.3 billion of senior notes through two separate 
underwritten public offerings and repaid $400 million of 
senior notes at maturity.
We RETURNED OVER $844 MILLION OF CAPITAL TO 
STOCKHOLDERS in 2024 through share repurchases and 
dividends paid. Over the course of the year, we repurchased 
$107 million of common stock at an average price of $16.99 
per share, and we have approximately $685 million of 
remaining capacity under the common share repurchase 
program. We also declared dividends of $0.90 per common 
share for the year. 
We also continued to be RECOGNIZED AS A GLOBAL LEADER 
IN CORPORATE RESPONSIBILITY over the course of last 
year. We were named to the Dow Jones Best-in-Class World 
Index (formerly the Dow Jones Sustainability World Index), 
which recognizes global sustainability leaders across all 
industries, for the sixth consecutive year, and we were 
included in the Dow Jones Best-in-Class North America 
Index for the eighth consecutive year. Additionally, we were 
once again included among the world’s most sustainable 
companies in S&P’s Global Sustainability Yearbook. We 
continued to make progress on our 2030 environmental 
and social targets, as we build out our roadmap to achieve 
our 2050 vision of becoming a net positive company. 
CAPITAL EXPENDITURES INVESTMENT
(in millions)
 ROI–Marriott and Hyatt Transformational Capital Program
 ROI–All Other ROI Projects
 Renewals and Replacements
2024
2023
2022
$155
$548
$105
$51
$646
$144
$451
$288
$88
$504
$219
$197
CAPEX SPEND PER KEY: $39,000 (from 2022-2024)
JW MARRIOTT WASHINGTON, DC
(LEED Gold® EBOM Certified)

We now have 20 properties with LEED® certification and 
projects in the pipeline at 16 properties. In addition, we 
achieved a new milestone in our sustainability efforts for 
renewable energy use and green building certifications, 
resulting in the maximum pricing benefit under our credit 
facility, which reduced the interest rate for the outstanding 
term loans by 5 basis points.
Our disciplined capital allocation strategy and successful 
execution on multiple fronts has created meaningful 
value for our stockholders. We have outperformed our 
peers from a cumulative total stockholder return (TSR) 
perspective on a 3-, 5-,7- and 10-year basis, as measured 
by the TSR of the NAREIT Lodging & Resorts Index. 
To conclude, we are very proud of our accomplishments 
in 2024. We are encouraged by the state of travel, as 
affluent consumers continue to prioritize experiences, 
and the supply picture for our markets and chain 
scales remains below historical levels. We continue 
to believe that we are well positioned due to our 
geographically diversified portfolio, our continued 
reinvestment in our assets, and our strong balance 
sheet, all of which leave us well positioned to capitalize 
on opportunities in the future.
Thank you for your continued trust and confidence in Host 
Hotels & Resorts, Inc.
JAMES F. RISOLEO
President, Chief Executive Officer 
and Director
RICHARD E. MARRIOTT
Chairman of the Board
March 17, 2025
ALILA VENTANA BIG SUR
(Named Top 25 U.S. All-Inclusive Resort by U.S. News & World Report 2025)
ADJUSTED FFO PER DILUTED SHARE2
ADJUSTED EBITDAre2
(in millions)
STOCKHOLDER RETURNS THROUGH 
DIVIDENDS & SHARE REPURCHASES
(in millions)
2024
2023
2022
$1.97
$1.92
$1.79
2024
2023
2022
$1,656
$1,629
$1,498
2 Earnings per diluted share was $0.88, $1.04, and $0.99 in 2022, 2023, and 2024, respectively. Net income was $643 million, $752 million, and $707 million in 2022, 2023, 
and, 2024, respectively. Adjusted FFO per diluted share and Adjusted EBITDAre are non-GAAP financial measures. For a description of these measures, reconciliations 
to the most directly comparable GAAP measure and a discussion of the limitations on the use of these supplemental measures, see “EBITDA, EBITDAre and Adjusted 
EBITDAre” and “FFO Measures” in the attached Annual Report on Form 10-K.
Stock Buyback
Dividends Paid
2024
2023
2022
$27
$177
$150
$107
$844
$737
$182
$729
$547
HOUSTON MARRIOTT MEDICAL CENTER/MUSEUM DISTRICT
(Comprehensive Renovation Completed in 2022)

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General Risk Factors 
Shares of Host Inc.’s common stock that are or become available for sale could affect the share price of Host Inc.’s 
common stock. 
We have in the past issued and may in the future issue additional shares of common stock to raise the capital 
necessary to finance hotel acquisitions, fund capital expenditures, refinance debt or for other corporate purposes. Sales of a 
substantial number of shares of Host Inc.’s common stock, or the perception that sales could occur, could affect adversely 
prevailing market prices for Host Inc.’s common stock. In addition, limited partners of Host L.P. who redeem their OP units 
and receive, at Host Inc.’s election, shares of Host Inc. common stock will be able to sell those shares freely. As of 
December 31, 2024, there are approximately 9.2 million Host L.P. OP units outstanding that are owned by third parties and 
that are redeemable, which represents approximately 1% of all outstanding OP units. Further, shares of Host Inc.’s common 
stock have been and will be issued or reserved for issuance from time to time under our employee benefit plans. We 
currently maintain two stock-based compensation plans: (i) the comprehensive stock and cash incentive plan, and (ii) an 
employee stock purchase plan. At December 31, 2024, there were approximately 22 million shares of Host Inc.’s common 
stock reserved and available for issuance under the comprehensive stock plan and employee stock purchase plan.
An increase in interest rates would increase the interest costs on our credit facility and on our floating rate indebtedness 
and could impact adversely our ability to refinance existing indebtedness or to sell assets. 
Interest payments for borrowings on our credit facility and the mortgages on certain properties are based on floating 
rates. As a result, an increase in interest rates will reduce our cash flow available for other corporate purposes, including 
investments in our portfolio. As of December 31, 2024, approximately 20% of our debt is subject to floating interest rates. 
Elevated interest rates also could limit our ability to refinance existing indebtedness when it matures and increase interest 
costs on any indebtedness that is refinanced. We may from time to time enter into agreements such as floating-to-fixed 
interest rate swaps, caps, floors and other hedging contracts in order to fully or partially hedge against the cash flow effects 
of changes in interest rates for floating rate debt. These agreements expose us to the risk that other parties to the agreements 
will not perform or that the agreements will be unenforceable. In addition, an increase in interest rates could decrease the 
amount third parties are willing to pay for our hotels, thereby limiting our ability to dispose of them as part of our business 
strategy. 
Compliance with the Americans with Disabilities Act and other government regulations can be costly. 
Our hotels are subject to various forms of regulation, including Title III of the Americans with Disabilities Act 
(“ADA”), building codes and regulations pertaining to fire and life safety. Under the ADA, all public accommodations are 
required to meet certain federal rules related to access and use by disabled persons and we incur capital expenditures to 
make our hotels accessible. In addition, we have committed to provide, and certain local laws and contracts between our 
hotel managers and hotel workers’ unions require our hotels to provide, our managers’ employees with safety devices, 
sometimes known as “panic buttons.” We fund the capital necessary to ensure that employees at our hotels will be equipped 
with these safety devices. These and other laws and regulations may be changed from time-to-time, or new regulations 
adopted, resulting in additional costs of compliance, including potential litigation. A determination that we are not in 
compliance with these laws and regulations could result in a court order to bring the hotel into compliance, imposition of 
civil penalties in cases brought by the Justice Department, or an award of attorneys’ fees to private litigants. Compliance 
with these laws and regulations could require substantial capital expenditures. Any increased costs could have a material 
adverse effect on our business, financial condition or results of operations. In addition, the operations of our foreign hotels 
are subject to a variety of United States and international laws and regulations, including the United States Foreign Corrupt 
Practices Act and other anti-corruption laws, but we cannot assure that we will continue to be found to be operating in 
compliance with, or be able to detect violations of, any such laws or regulations.  
Litigation judgments or settlements could have a significant adverse effect on our financial condition. 
We are involved in various legal proceedings in the ordinary course of business and are defending these claims 
vigorously; however, no assurances can be given as to the outcome of any pending legal proceedings. We believe, based on 
currently available information, that the results of current proceedings, in the aggregate, will not have a material adverse 
effect on our financial condition, but might be material to our operating results for any period, depending, in part, upon the 
quantum of our operating results for such period. We also could become the subject of future claims by the operators of our 
hotels, individuals or companies who use our hotels, our investors, our joint venture partners or regulating entities and these 
claims could have a significant adverse effect on our financial condition and results of operations. 
33

Environmental liabilities are possible and can be costly.
Our hotels are subject to requirements and potential liabilities under various foreign and U.S. federal, state and 
local environmental laws, ordinances and regulations. Unidentified environmental liabilities could arise and have a material 
adverse effect on our financial condition and performance. Additionally, even after we have sold a hotel, we may be liable 
for environmental liabilities attributable to events that occurred during our ownership. Federal, state and local laws and 
regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to 
investigate and remediate hazardous or toxic substances or petroleum product releases at the property. The owner or operator 
may be required to pay a governmental entity or third parties for property damage, and for investigation and remediation 
costs incurred by the parties in connection with the contamination. These laws typically impose clean-up responsibility and 
liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more 
than one person may have been responsible for the contamination, each person covered by the environmental laws may be 
held responsible for all the clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for 
damages and costs resulting from environmental contamination emanating from that site. Environmental laws also govern 
the presence, maintenance and removal of toxic or hazardous substances. These laws require that owners or operators of 
buildings properly manage and maintain these substances and notify and train those who may come into contact with them 
and undertake special precautions. These laws may impose fines and penalties on building owners or operators who fail to 
comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury 
associated with exposure to toxic or hazardous materials.
An increased focus on metrics and reporting related to corporate responsibility, specifically related to environmental, 
social and governance ("ESG") factors, may impose additional costs and expose us to new risks.
ESG evaluations, including ESG scores and ratings, are important to some investors and other stakeholders and 
may impact the price of our securities and business practices. Investors may focus on, and consider a company's ESG-related 
business practices, scores and reporting when choosing to allocate their capital in making investment decisions, including if 
they invest in our securities. Investors, customers, business partners and other stakeholders, as well as regulators and other 
groups, are increasingly focusing on ESG and sustainability commitments and performance. Further, the criteria used in 
these ratings systems change frequently, and we cannot guarantee that we will be able to score well as criteria change. 
Failure to participate in certain of the third-party ratings systems, failure to score well in those ratings systems or failure to 
provide certain ESG disclosures could result in reputational harm when investors or others compare us against similar 
companies in our industry and could cause certain investors to be unwilling to invest in our stock, which could adversely 
impact our ability to raise capital. At the same time, some stakeholders and regulators have expressed or pursued contrary 
views, legislation, and investment expectations with respect to ESG ratings and commitments, including the enactment or 
proposal of "anti-ESG" legislation or policies, which may expose us to additional legal or reputational risks based upon our 
ESG commitments and disclosures.
In addition, the adoption of increased government regulations, changes in Federal, state and local legislation and 
regulations and changes in investor preference related to ESG and similar matters may result in changes to our business 
practices, including increasing expenses or capital expenditures. Other impacts related to ESG matters may include the costs 
of compliance with new or existing regulations, standards or reporting requirements regarding the environmental impacts of 
our business, such as the SEC's proposed climate change disclosure rule.
Item 1B. Unresolved Staff Comments 
We have received no written comments regarding our periodic or current reports from the staff of the Securities and 
Exchange Commission that remain unresolved. 
34

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[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

DIRECTORS
MANAGEMENT TEAM
CORPORATE INFORMATION
Corporate Headquarters
Host Hotels & Resorts, Inc. 
4747 Bethesda Avenue, Suite 1300
Bethesda, MD 20814 
240/744-1000
Website
Visit the company’s website at: www.hosthotels.com 
Information on the website is not incorporated by reference in  
this annual report.
Stock Exchange Listing
NASDAQ Stock Market 
Ticker Symbol: HST
Stockholders of Record
14,537 at February 21, 2025
Independent Registered Public Accountants
KPMG LLP, McLean, VA
Annual Meeting
The 2025 annual meeting of stockholders will be held virtually at 
11:30 a.m. Eastern Time on May 14, 2025. The website address is 
https://meetnow.global/HST. See the Notice of 2025 Annual Meeting 
and Proxy Statement for more information on accessing the meeting.
Registrar and Transfer Agent
If you have any questions concerning transfer pro­ce­dures or other 
stock account matters, please contact the transfer agent at the  
following address:
	
Computershare Trust Company, N.A. 
	
Shareholder Relations 
	
P.O. Box 43006
	
Providence, RI 02940-3006 
	
866/367-6351
James F. Risoleo
President, Chief Executive Officer 
and Director
Michael E. Lentz
Executive Vice President, 
Development, Design & 
Construction
Michael Rock
Senior Vice President,  
Asset Management
Sourav Ghosh
Executive Vice President,  
Chief Financial Officer 
Joseph C. Ottinger
Senior Vice President,  
Corporate Controller
Raj Contractor
Senior Vice President,  
Investments
Nathan S. Tyrrell
Executive Vice President,  
Chief Investment Officer
Jaime Marcus
Senior Vice President,  
Investor Relations
Padmanabh Yardi
Senior Vice President,  
Information Technology
Julie P. Aslaksen
Executive Vice President,  
General Counsel and Secretary
Deanne Brand
Senior Vice President,  
Strategy & Analytics and  
Treasurer
Richard E. Marriott
Chairman of the Board
James F. Risoleo
President, Chief Executive 
Officer and Director
Mary L. Baglivo 2, 3
Former Chair and Chief 
Executive Officer, the 
Americas at Saatchi & Saatchi 
Worldwide
Herman E. Bulls 1, 3
Vice Chairman, Americas,  
and International Director,  
Jones Lang LaSalle 
Diana M. Laing 1, 3
Former Chief Financial Officer 
American Homes 4 Rent
Mary Hogan Preusse 1, 2
Former Managing Director and 
Co-head of Americas Real Estate 
at APG Asset Management 
Walter C. Rakowich 1, 3
Retired Chief Executive Officer, 
Prologis 
Gordon H. Smith 2, 3
Former President, Chief Executive 
Officer, National Association of 
Broadcasters 
Former U.S. Senator
A. William Stein 1, 2
Executive Managing Director  
and Chief Investment Officer, 
Primary Digital Infrastructure
1 Audit Committee
2 Culture and Compensation Committee
3 Nominating, Governance and Corporate  
Responsibility Committee
DESIGN: VIVO DESIGN INC. 
PRINTING: VOMELA COMMERCIAL GROUP
PAPER FROM SUSTAINABLE SOURCES

THE ALIDA, SAVANNAH, A TRIBUTE PORTFOLIO HOTEL
4747 BETHESDA AVENUE 
SUITE 1300
BETHESDA, MARYLAND 20814
THE RITZ-CARLTON, NAPLES
THE PHOENICIAN, A LUXURY 
COLLECTION RESORT, SCOTTSDALE
THE RITZ-CARLTON, AMELIA ISLAND
NEW YORK MARRIOTT MARQUIS
HYATT REGENCY COCONUT POINT
RESORT AND SPA
FOUR SEASONS RESORT AND RESIDENCES 
JACKSON HOLE
ORLANDO WORLD CENTER MARRIOTT