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Host Hotels & Resorts

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FY2025 Annual Report · Host Hotels & Resorts
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HOST HOTELS & RESORTS
2 0 2 5  A N N U A L  R E P O R T

THE ONLY
lodging REIT in 
the S&P 500
76
Hotels
41,700
Rooms
THE ONLY
investment-grade 
lodging REIT
HOST AT A GLANCE
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.
ON THE COVER AND ABOVE: THE DON CESAR
(Resiliency Measures Added and Ballroom Expansion Completed in 2025)
THE LARGEST
U.S. lodging REIT
THE ONLY
investment-grade 
lodging REIT
41,700
Rooms
THE LARGEST
U.S. lodging REIT
76
Hotels
THE ONLY
lodging REIT in 
the S&P 500

HIGHLIGHTS & INVESTMENTS
ALILA VENTANA BIG SUR
NEW YORK MARRIOTT MARQUIS
THE RITZ-CARLTON, NAPLES
ANDAZ MAUI AT WAILEA RESORT
FORTRESS BALANCE SHEET
u	 Only investment-grade rated lodging REIT 
u	 Liquidity of over $2 billion at December 31, 2025, 
including $167 million of FF&E reserves and $1.5 billion 
revolver available under our credit facility
u Refinanced $900 million of senior note debt in 2025, 
maintaining a balanced maturity schedule
CLIMATE RESILIENCY MEASURES
u	 Implementing portfolio-wide climate risk modeling and 
asset-level assessments for impacts from floods, wind, 
wildfire, extreme temperatures and water stress
u Installed modular flood barriers at six properties, 
including The Don CeSar and The Ritz-Carlton,  
Naples, two properties where we also added power 
redundancy to help preserve the properties in the  
event of a commercial power outage
u Added a fire break at the Alila Ventana Big Sur to reduce 
wildfire risk
u	 At New York Marriott Marquis, and Andaz Maui at 
Wailea Resort, constructed co-generation plants that are 
expected to reduce the amount of  electricity we purchase
2025 OPERATIONAL HIGHLIGHTS
u	 Comparable hotel RevPAR growth of 3.8% and Total 
RevPAR growth of 4.2% above 2024
u Net Income of $776M, +9.8% above 2024 and Adjusted 
EBITDAre of $1,757M, +4.6% above 2024
2025 CAPITAL ALLOCATION
u	 Returned nearly $860M of capital to stockholders 
through dividends declared and share repurchases
u Invested $644M in capital expenditures at our 
properties
u	 Disposed of two assets for a total sales price of  
$237 million
TRANSFORMATIONAL INVESTMENTS
u Completed three out of six property renovations  
through the Hyatt Transformational Capital Program  
and began a second program with Marriott for four 
additional properties
u	 Neared completion of the condominium development  
in Orlando, and closed on $99 million in sales in 2025

JAMES F. RISOLEO
President, Chief Executive Officer and Director
RICHARD E. MARRIOTT
Chairman of the Board
2025 was another strong year for Host Hotels & Resorts — 
we delivered OPERATIONAL IMPROVEMENTS across our 
portfolio driven by strong transient demand, a continued 
recovery in Maui, and healthy out-of-room spending. During 
the year, we executed on our capital allocation and recycling 
strategy by completing approximately $237 million of asset 
sales and reinvesting in our portfolio through disciplined 
capital expenditures and resiliency investments. We also 
made progress on our transformational capital program 
with Hyatt and commenced a second program with Marriott. 
We returned significant capital to our stockholders in the 
form of dividends and share repurchases while maintaining 
our investment grade balance sheet and positioning Host 
to take advantage of potential opportunities in the future.
We delivered full year comparable hotel total revenue per 
available room (“Total RevPAR”) growth of 4.2% over 2024 
and ended the year with comparable hotel Total RevPAR of 
approximately $383. Growth was driven by improvements 
in transient demand, continued rate strength, and increases 
in ancillary spending. These trends contributed to full 
year net income of $776 million, a 9.8% increase year over 
year, and Adjusted EBITDAre of $1,757 million, a 4.6% 
increase compared to 2024. Diluted earnings per share 
was $1.10 and Adjusted FFO per diluted share was $2.07, a 
3.5% increase compared to 2024.1
In 2025, we CONTINUED TO ACTIVELY RECYCLE CAPITAL 
to further enhance the quality and expected growth 
profile of our portfolio. We sold The Westin Cincinnati and 
the Washington Marriott at Metro Center in separate 
transactions for a total of $237 million and provided seller 
financing of $114 million to the buyer of the Washington 
Marriott at Metro Center. 
We SIGNIFICANTLY REINVESTED IN OUR PORTFOLIO 
THROUGH CAPITAL EXPENDITURES AND RESILIENCY 
INVESTMENTS. In 2025, we invested approximately $644 
million in capital expenditures, resiliency initiatives, and 
hurricane restoration across our portfolio. As of the end 
of 2025, the Hyatt Transformational Capital Program is 
more than 75 percent complete, and the second Marriott 
Transformational Capital Program is well underway. We 
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 discus-
sion 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 67.
GEOGRAPHICAL DIVERSITY
(as a percent of 2025 Revenues)
Seattle 2%
San Francisco/ 
San Jose 7%
Los Angeles/
San Diego 8%
Phoenix 6%
Maui 7%
Denver 2%
Chicago 2%
Houston 2%
Miami 5%
Atlanta 1%
Washington, DC (CBD) 5%
New York 9%
Boston 3%
Orange County 2%
Florida Gulf Coast 7%
Orlando 8%
Jacksonville 2%
New Orleans 2%
San Antonio 2%
Philadelphia 1%
Northern Virginia 2%
Austin 1%
O’ahu 3%
Nashville 2%
CAPITAL EXPENDITURES INVESTMENT
(in millions)
 ROI–Marriott and Hyatt Transformational Capital Programs
 ROI–All Other ROI Projects
 Renewals and Replacements
2025
2024
2023
$155
$548
$105
$51
$646
$144
$451
$288
$191
$644
$91
$362
CAPEX SPEND PER KEY: $43,000 (from 2023-2025)
 Other Domestic 6% 
 International 2%
TO OUR STOCKHOLDERS

also made progress on the condominium development 
at the Four Seasons Resort Orlando at Walt Disney 
World® Resort and completed several major ROI projects, 
including the oceanfront ballroom expansion at The Don 
CeSar, the villa development at the Canyon Suites at The 
Phoenician, A Luxury Collection Resort, the new AVIV 
restaurant at the 1 Hotel South Beach, and the meeting 
space expansion and re-opening of The View restaurant at 
the New York Marriott Marquis.
We MAINTAINED OUR INVESTMENT GRADE BALANCE 
SHEET AND A WELL LADDERED MATURITY SCHEDULE. 
We issued $900 million of senior notes through two 
separate underwritten public offerings and repaid $900 
million of maturing senior notes. 
We RETURNED APPROXIMATELY $860 MILLION OF 
CAPITAL TO STOCKHOLDERS in 2025 through share 
repurchases and the distribution of dividends declared. 
We repurchased $205 million of common stock at 
an average price of $15.68 per share, and we had 
approximately $480 million of remaining capacity under 
the common share repurchase program as of December 
31, 2025. We also declared dividends of $0.95 per common 
share for the year. 
We CONTINUED TO BE RECOGNIZED AS A GLOBAL 
LEADER IN CORPORATE RESPONSIBILITY over the 
course of last year. Host was once again included in S&P 
Global’s Sustainability Yearbook as one of the world’s 
most sustainable companies. 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. As of March 1, 2026, 
we now have 24 properties with LEED certification and 
projects in the pipeline at 10 properties. In addition, our 
1 HOTEL CENTRAL PARK
(Acquired in 2024)
GRAND HYATT ATLANTA IN BUCKHEAD
(Comprehensive Renovation Completed and LEED Silver® Certification in 2025)
HYATT REGENCY AUSTIN
(Comprehensive Renovation Completed in 2025)
HYATT REGENCY WASHINGTON ON CAPITOL HILL
(Comprehensive Renovation Completed in 2025)
THE RITZ-CARLTON O'AHU, TURTLE BAY
(Acquired in 2024)

sustainability performance, including renewable energy 
use and green building initiatives, continued to support 
our sustainability linked financing framework and the 
associated pricing benefits under our credit facility.
We believe 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 for the 1-, 3-, 5-, 7-and 
10-year periods ended December 31, 2025, as measured 
by the TSR of the NAREIT Lodging & Resorts Index. 
To conclude, we are proud of the continued outperformance 
we delivered in 2025, which reflects the disciplined capital 
allocation decisions we have made since 2017. Looking 
ahead, we are optimistic about the travel environment, 
particularly at the upper end of the chain scale, and we 
are confident that Host is well positioned to capitalize on 
future opportunities. With our geographically diversified 
portfolio, ongoing reinvestment in our properties, and 
strong balance sheet, we will continue to leverage our 
competitive advantages to create value for our stockholders 
in 2026 and beyond. 
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 19, 2026
ADJUSTED FFO PER DILUTED SHARE2
ADJUSTED EBITDAre2 
(in millions)
STOCKHOLDER RETURNS THROUGH 
DIVIDENDS DECLARED & SHARE REPURCHASES 
(in millions)
2025
2024
2023
$2.07
$2.00
$1.96
2025
2024
2023
$1,757
$1,680
$1,659
2 Earnings per diluted share was $1.04, $0.99, and $1.10 in 2023, 2024, and 2025, respectively. Net income was $752 million, $707 million, and $776 million in 2023, 2024, 
and 2025, 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 Declared
2025
2024
2023
$817
$182
$635
$205
$859
$654
$107
$738
$631
THE PHOENICIAN, A LUXURY COLLECTION RESORT, SCOTTSDALE
(20-Key Villas Expansion Completed in January 2026)
FAIRMONT KEA LANI, MAUI
(LEED Silver® Certification in 2025)

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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
13,901 at February 20, 2026
Independent Registered Public Accountants
KPMG LLP, McLean, VA
Annual Meeting
The 2026 annual meeting of stockholders will be held virtually at 
12:30 p.m. Eastern Time on May 20, 2026. The website address is 
https://meetnow.global/HST. See the Notice of 2026 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, Risk & 
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
PAPER FROM SUSTAINABLE SOURCES

THE RITZ-CARLTON, AMELIA ISLAND
SAN FRANCISCO MARRIOTT MARQUIS
4747 BETHESDA AVENUE  
SUITE 1300
BETHESDA, MARYLAND 20814
JW MARRIOTT WASHINGTON, DC
MARRIOTT MARQUIS SAN DIEGO MARINA
1 HOTEL SOUTH BEACH
HYATT REGENCY COCONUT POINT
RESORT AND SPA
1 HOTEL NASHVILLE
ORLANDO WORLD CENTER MARRIOTT