Host Hotels reports strong quarter
Washington Business Journal
Host Hotels & Resorts reports a strong third quarter Wednesday.
The company reported a net income of $45 million on revenue of $1.1 billion for its third quarter after posting a net loss of $5 million on revenue of $811 million the prior year.
The Bethesda-based lodging real estate investment trust says the quarterly revenue jump included $242 million that Host generated by recently acquiring 27 hotels from Starwood Hotels & Resorts (NYSE: HOT).
"We are once again pleased with our quarterly results, as continued positive industry fundamentals led to revenue and earnings growth in the third quarter that met our expectations and consensus estimates," says company President and CEO Christopher Nassetta.
Host Hotels (NYSE: HST) projects fourth-quarter net income of $167 million to $182 million. For the entire year, it forecasts a net income of $709 million to $724 million.
The company currently owns 128 properties with about 67,000 rooms.
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