Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HST | ||
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | ||
Entity Central Index Key | 1,070,750 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 752,278,409 | ||
Entity Public Float | $ 14,592,475,672 | ||
HOST HOTELS & RESORTS L.P. | |||
Document And Entity Information [Line Items] | |||
Entity Registrant Name | HOST HOTELS & RESORTS L.P. | ||
Entity Central Index Key | 1,061,937 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 745,576,892 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Property and equipment, net | $ 10,661 | $ 10,575 | |
Assets held for sale | 55 | ||
Due from managers | 56 | 70 | |
Advances to and investments in affiliates | 345 | 433 | |
Furniture, fixtures and equipment replacement fund | 149 | 129 | |
Other | 264 | 281 | |
Restricted cash | 15 | ||
Cash and cash equivalents | 239 | 684 | |
Total assets | 11,784 | 12,172 | |
Debt | |||
Senior notes | 2,376 | 2,858 | |
Credit facility | 1,291 | 697 | |
Mortgage debt | 350 | 402 | |
Total debt | 4,017 | 3,957 | |
Accounts payable and accrued expenses | 243 | 298 | |
Other | 299 | 324 | |
Total liabilities | 4,559 | 4,579 | |
Partnership interests | 143 | 225 | |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Common stock, par value $.01, 1,050 million shares authorized, 750.3 million shares and 755.8 million shares issued and outstanding, respectively | 8 | 8 | |
Additional paid-in capital | 8,302 | 8,476 | |
Accumulated other comprehensive loss | (107) | (50) | |
Deficit | (1,139) | (1,098) | |
Total equity of Host Hotels & Resorts, Inc. stockholders | 7,064 | 7,336 | |
Non-controlling interests—other consolidated partnerships | 18 | 32 | |
Total equity | 7,082 | 7,368 | |
Total liabilities, non-controlling interests and equity | 11,784 | 12,172 | |
Host Hotels & Resorts, L.P. capital: | |||
Accumulated other comprehensive loss | (107) | (50) | |
HOST HOTELS & RESORTS L.P. | |||
ASSETS | |||
Property and equipment, net | 10,661 | 10,575 | |
Assets held for sale | 55 | ||
Due from managers | 56 | 70 | |
Advances to and investments in affiliates | 345 | 433 | |
Furniture, fixtures and equipment replacement fund | 149 | 129 | |
Other | 264 | 281 | |
Restricted cash | 15 | ||
Cash and cash equivalents | 239 | 684 | |
Total assets | 11,784 | 12,172 | |
Debt | |||
Senior notes | 2,376 | 2,858 | |
Credit facility | 1,291 | 697 | |
Mortgage debt | 350 | 402 | |
Total debt | 4,017 | 3,957 | |
Accounts payable and accrued expenses | 243 | 298 | |
Other | 299 | 324 | |
Total liabilities | 4,559 | 4,579 | |
Partnership interests | [1] | 143 | 225 |
Host Hotels & Resorts, Inc. stockholders’ equity: | |||
Accumulated other comprehensive loss | (107) | (50) | |
Total liabilities, non-controlling interests and equity | 11,784 | 12,172 | |
Host Hotels & Resorts, L.P. capital: | |||
General partner | 1 | 1 | |
Limited partner | 7,170 | 7,385 | |
Accumulated other comprehensive loss | (107) | (50) | |
Total Host Hotels & Resorts, L.P. capital | 7,064 | 7,336 | |
Non-controlling interests—other consolidated partnerships | 18 | 32 | |
Total capital | $ 7,082 | $ 7,368 | |
[1] | The book value recorded is equal to the greater of the redemption value or the historical cost. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Credit facility | $ 1,291 | $ 697 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 750,300,000 | 755,800,000 |
Common stock, shares outstanding | 750,300,000 | 755,800,000 |
HOST HOTELS & RESORTS L.P. | ||
Credit facility | $ 1,291 | $ 697 |
Term Loans | ||
Credit facility | 996 | 499 |
Term Loans | HOST HOTELS & RESORTS L.P. | ||
Credit facility | $ 996 | $ 499 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
REVENUES | ||||
Rooms | $ 3,465 | $ 3,452 | $ 3,317 | |
Food and beverage | 1,568 | 1,546 | 1,503 | |
Other | 354 | 356 | 346 | |
Total revenues | 5,387 | 5,354 | 5,166 | |
EXPENSES | ||||
Rooms | 902 | 924 | 894 | |
Food and beverage | 1,110 | 1,109 | 1,095 | |
Other departmental and support expenses | 1,295 | 1,264 | 1,249 | |
Management fees | 226 | 227 | 222 | |
Other property-level expenses | 396 | 386 | 376 | |
Depreciation and amortization | 716 | 701 | 697 | |
Corporate and other expenses | 94 | 43 | 121 | |
Gain on insurance settlements | (2) | (10) | ||
Total operating costs and expenses | 4,737 | 4,644 | 4,654 | |
OPERATING PROFIT | 650 | 710 | 512 | |
Interest income | 4 | 4 | 4 | |
Interest expense | [1] | (234) | (214) | (304) |
Gain on sale of assets | 95 | 236 | 33 | |
Gain (loss) on foreign currency transactions and derivatives | (5) | (1) | 3 | |
Equity in earnings (losses) of affiliates | 70 | 26 | (17) | |
INCOME BEFORE INCOME TAXES | 580 | 761 | 231 | |
Provision for income taxes | (9) | (14) | (21) | |
INCOME FROM CONTINUING OPERATIONS | 571 | 747 | 210 | |
Income from discontinued operations, net of tax | 115 | |||
NET INCOME | 571 | 747 | 325 | |
Less: Net income attributable to non-controlling interests | (13) | (15) | (8) | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 558 | $ 732 | $ 317 | |
Basic earnings per common share/unit: | ||||
Continuing operations | $ 0.74 | $ 0.97 | $ 0.27 | |
Discontinued operations | 0.16 | |||
Basic earnings per common share/unit | 0.74 | 0.97 | 0.43 | |
Diluted earnings per common share/unit: | ||||
Continuing operations | 0.74 | 0.96 | 0.27 | |
Discontinued operations | 0.15 | |||
Diluted earnings per common share/unit | $ 0.74 | $ 0.96 | $ 0.42 | |
HOST HOTELS & RESORTS L.P. | ||||
REVENUES | ||||
Rooms | $ 3,465 | $ 3,452 | $ 3,317 | |
Food and beverage | 1,568 | 1,546 | 1,503 | |
Other | 354 | 356 | 346 | |
Total revenues | 5,387 | 5,354 | 5,166 | |
EXPENSES | ||||
Rooms | 902 | 924 | 894 | |
Food and beverage | 1,110 | 1,109 | 1,095 | |
Other departmental and support expenses | 1,295 | 1,264 | 1,249 | |
Management fees | 226 | 227 | 222 | |
Other property-level expenses | 396 | 386 | 376 | |
Depreciation and amortization | 716 | 701 | 697 | |
Corporate and other expenses | 94 | 43 | 121 | |
Gain on insurance settlements | (2) | (10) | ||
Total operating costs and expenses | 4,737 | 4,644 | 4,654 | |
OPERATING PROFIT | 650 | 710 | 512 | |
Interest income | 4 | 4 | 4 | |
Interest expense | (234) | (214) | (304) | |
Gain on sale of assets | 95 | 236 | 33 | |
Gain (loss) on foreign currency transactions and derivatives | (5) | (1) | 3 | |
Equity in earnings (losses) of affiliates | 70 | 26 | (17) | |
INCOME BEFORE INCOME TAXES | 580 | 761 | 231 | |
Provision for income taxes | (9) | (14) | (21) | |
INCOME FROM CONTINUING OPERATIONS | 571 | 747 | 210 | |
Income from discontinued operations, net of tax | 115 | |||
NET INCOME | 571 | 747 | 325 | |
Less: Net income attributable to non-controlling interests | (6) | (6) | (4) | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 565 | $ 741 | $ 321 | |
Basic earnings per common share/unit: | ||||
Continuing operations | $ 0.76 | $ 0.99 | $ 0.28 | |
Discontinued operations | 0.15 | |||
Basic earnings per common share/unit | 0.76 | 0.99 | 0.43 | |
Diluted earnings per common share/unit: | ||||
Continuing operations | 0.76 | 0.99 | 0.28 | |
Discontinued operations | 0.15 | |||
Diluted earnings per common share/unit | $ 0.76 | $ 0.99 | $ 0.43 | |
[1] | Interest expense and interest paid for 2015, 2014 and 2013 include cash prepayment premiums of approximately $30 million, $2 million and $23 million, respectively. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET INCOME | $ 571 | $ 747 | $ 325 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (71) | (60) | (18) |
Change in fair value of derivative instruments | 11 | 19 | (3) |
Amounts reclassified from other comprehensive (income) loss | 3 | 0 | 0 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (57) | (41) | (21) |
COMPREHENSIVE INCOME | 514 | 706 | 304 |
Less: Comprehensive income attributable to non-controlling interests | (11) | (15) | (8) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO REPORTING ENTITY | 503 | 691 | 296 |
HOST HOTELS & RESORTS L.P. | |||
NET INCOME | 571 | 747 | 325 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (71) | (60) | (18) |
Change in fair value of derivative instruments | 11 | 19 | (3) |
Amounts reclassified from other comprehensive (income) loss | 3 | 0 | 0 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (57) | (41) | (21) |
COMPREHENSIVE INCOME | 514 | 706 | 304 |
Less: Comprehensive income attributable to non-controlling interests | (4) | (6) | (4) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 510 | $ 700 | $ 300 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings/(Deficit) | Non-controlling Interests of Other Consolidated Partnerships | Non-controlling Interests of Host Hotels & Resorts, L.P. |
Balance at Dec. 31, 2012 | $ 7 | $ 8,040 | $ 12 | $ (1,234) | $ 34 | $ 158 | |
Balance, shares at Dec. 31, 2012 | 724.6 | ||||||
NET INCOME | $ 325 | 317 | 4 | 4 | |||
Other changes in ownership | (38) | (3) | 38 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (18) | (18) | |||||
Change in fair value of derivative instruments | (3) | (3) | |||||
Amounts reclassified from Other Comprehensive Income | 0 | ||||||
Common stock issuances | $ 1 | 476 | |||||
Common stock issuances (shares) | 28.7 | ||||||
Comprehensive stock and employee stock purchase plans | 8 | ||||||
Comprehensive stock and employee stock purchase plans (shares) | 1.2 | ||||||
Common stock dividends | (346) | ||||||
Redemptions of limited partner interests for common stock | 6 | (6) | |||||
Redemptions of limited partner interests for common stock (shares) | 0.3 | ||||||
Contributions from non- controlling interests of consolidated partnerships | 7 | ||||||
Distributions to non-controlling interests | (8) | (4) | |||||
Balance at Dec. 31, 2013 | $ 8 | 8,492 | (9) | (1,263) | 34 | 190 | |
Balance, shares at Dec. 31, 2013 | 754.8 | ||||||
NET INCOME | 747 | 732 | 6 | 9 | |||
Other changes in ownership | (39) | (1) | 38 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (60) | (60) | |||||
Change in fair value of derivative instruments | 19 | 19 | |||||
Amounts reclassified from Other Comprehensive Income | 0 | ||||||
Common stock issuances | 4 | ||||||
Common stock issuances (shares) | 0.2 | ||||||
Comprehensive stock and employee stock purchase plans | 13 | ||||||
Comprehensive stock and employee stock purchase plans (shares) | 0.5 | ||||||
Common stock dividends | (567) | ||||||
Redemptions of limited partner interests for common stock | 6 | (6) | |||||
Redemptions of limited partner interests for common stock (shares) | 0.3 | ||||||
Contributions from non- controlling interests of consolidated partnerships | 1 | ||||||
Distributions to non-controlling interests | (8) | (6) | |||||
Balance at Dec. 31, 2014 | $ 7,368 | $ 8 | 8,476 | (50) | (1,098) | 32 | 225 |
Balance, shares at Dec. 31, 2014 | 755.8 | 755.8 | |||||
NET INCOME | $ 571 | 558 | 6 | 7 | |||
Other changes in ownership | 81 | (10) | (78) | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (71) | (71) | (2) | ||||
Change in fair value of derivative instruments | 11 | 11 | |||||
Amounts reclassified from Other Comprehensive Income | (3) | 3 | |||||
Common stock issuances | 401 | ||||||
Common stock issuances (shares) | 32.1 | ||||||
Comprehensive stock and employee stock purchase plans | 16 | ||||||
Comprehensive stock and employee stock purchase plans (shares) | 0.6 | ||||||
Common stock dividends | (599) | ||||||
Redemptions of limited partner interests for common stock | 3 | (3) | |||||
Redemptions of limited partner interests for common stock (shares) | 0.1 | ||||||
Contributions from non- controlling interests of consolidated partnerships | 2 | ||||||
Distributions to non-controlling interests | (10) | (8) | |||||
Repurchase of common stock | (675) | ||||||
Repurchase of common stock (shares) | (38.3) | ||||||
Balance at Dec. 31, 2015 | $ 7,082 | $ 8 | $ 8,302 | $ (107) | $ (1,139) | $ 18 | $ 143 |
Balance, shares at Dec. 31, 2015 | 750.3 | 750.3 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
OPERATING ACTIVITIES | ||||
NET INCOME | $ 571 | $ 747 | $ 325 | |
Discontinued operations: | ||||
Gain (loss) on dispositions | (97) | |||
Depreciation | 10 | |||
Depreciation and amortization | 716 | 701 | 697 | |
Amortization of finance costs, discounts and premiums, net | 21 | 24 | 25 | |
Non-cash loss on extinguishment of debt | [1] | 11 | 2 | 13 |
Stock compensation expense | 11 | 22 | 18 | |
Deferred income taxes | 5 | (1) | 6 | |
Gain on sale of assets | (95) | (236) | (33) | |
(Gain) loss on foreign currency transactions and derivatives | 5 | 1 | (3) | |
Gain on property insurance settlement | (2) | (1) | ||
Equity in (earnings) losses of affiliates | (70) | (26) | 17 | |
Change in due from managers | 17 | (17) | 21 | |
Distributions from equity investments | 17 | |||
Change in restricted cash for operating activities | 25 | |||
Changes in other assets | 20 | (34) | 39 | |
Changes in other liabilities | (56) | (57) | (19) | |
Cash provided by operating activities | 1,171 | 1,150 | 1,019 | |
INVESTING ACTIVITIES | ||||
Proceeds from sales of assets, net | 277 | 497 | 643 | |
Return of investment in affiliates | 106 | 42 | ||
Acquisitions | (438) | (138) | (166) | |
Advances to and investments in affiliates | (4) | (65) | (74) | |
Capital expenditures: | ||||
Renewals and replacements | (388) | (324) | (303) | |
Redevelopment and acquisition-related investments | (275) | (112) | (133) | |
New development | (13) | (19) | ||
Change in furniture, fixtures and equipment ("FF&E") replacement fund | (9) | 18 | (23) | |
Property insurance proceeds | 11 | 2 | ||
Change in restricted cash for investing activities | (16) | |||
Cash used in investing activities | (736) | (93) | (75) | |
FINANCING ACTIVITIES | ||||
Financing costs | (11) | (4) | (4) | |
Issuances of debt | 898 | 4 | 550 | |
Draws on credit facility | 845 | 4 | 393 | |
Term loan issuance | 500 | |||
Repayment of credit facility | (725) | (225) | (207) | |
Repurchase/redemption of senior notes | (1,001) | (150) | (801) | |
Mortgage debt and other prepayments and scheduled maturities | (35) | (384) | (411) | |
Common stock repurchase | (675) | |||
Issuance of common stock | 2 | 4 | 303 | |
Dividends on common stock | (646) | (469) | (313) | |
Other financing activities | (17) | (6) | (3) | |
Cash used in financing activities | (865) | (1,226) | (493) | |
Effects of exchange rate changes on cash held | (15) | (8) | (7) | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (445) | (177) | 444 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 684 | 861 | 417 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 239 | 684 | 861 | |
HOST HOTELS & RESORTS L.P. | ||||
OPERATING ACTIVITIES | ||||
NET INCOME | 571 | 747 | 325 | |
Discontinued operations: | ||||
Gain (loss) on dispositions | (97) | |||
Depreciation | 10 | |||
Depreciation and amortization | 716 | 701 | 697 | |
Amortization of finance costs, discounts and premiums, net | 21 | 24 | 25 | |
Non-cash loss on extinguishment of debt | 11 | 2 | 13 | |
Stock compensation expense | 11 | 22 | 18 | |
Deferred income taxes | 5 | (1) | 6 | |
Gain on sale of assets | (95) | (236) | (33) | |
(Gain) loss on foreign currency transactions and derivatives | 5 | 1 | (3) | |
Gain on property insurance settlement | (2) | (1) | ||
Equity in (earnings) losses of affiliates | (70) | (26) | 17 | |
Change in due from managers | 17 | (17) | 21 | |
Distributions from equity investments | 17 | |||
Change in restricted cash for operating activities | 25 | |||
Changes in other assets | 20 | (34) | 39 | |
Changes in other liabilities | (56) | (57) | (19) | |
Cash provided by operating activities | 1,171 | 1,150 | 1,019 | |
INVESTING ACTIVITIES | ||||
Proceeds from sales of assets, net | 277 | 497 | 643 | |
Return of investment in affiliates | 106 | 42 | ||
Acquisitions | (438) | (138) | (166) | |
Advances to and investments in affiliates | (4) | (65) | (74) | |
Capital expenditures: | ||||
Renewals and replacements | (388) | (324) | (303) | |
Redevelopment and acquisition-related investments | (275) | (112) | (133) | |
New development | (13) | (19) | ||
Change in furniture, fixtures and equipment ("FF&E") replacement fund | (9) | 18 | (23) | |
Property insurance proceeds | 11 | 2 | ||
Change in restricted cash for investing activities | (16) | |||
Cash used in investing activities | (736) | (93) | (75) | |
FINANCING ACTIVITIES | ||||
Financing costs | (11) | (4) | (4) | |
Issuances of debt | 898 | 4 | 550 | |
Draws on credit facility | 845 | 4 | 393 | |
Term loan issuance | 500 | |||
Repayment of credit facility | (725) | (225) | (207) | |
Repurchase/redemption of senior notes | (1,001) | (150) | (801) | |
Mortgage debt and other prepayments and scheduled maturities | (35) | (384) | (411) | |
Common stock repurchase | (675) | |||
Issuance of common OP units | 2 | 4 | 303 | |
Distributions on common OP units | (654) | (475) | (317) | |
Other financing activities | (9) | 1 | ||
Cash used in financing activities | (865) | (1,226) | (493) | |
Effects of exchange rate changes on cash held | (15) | (8) | (7) | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (445) | (177) | 444 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 684 | 861 | 417 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 239 | $ 684 | $ 861 | |
[1] | Interest expense and interest paid for 2015, 2014 and 2013 include cash prepayment premiums of approximately $30 million, $2 million and $23 million, respectively. |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET INCOME | $ 571 | $ 747 | $ 325 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (71) | (60) | (18) |
Change in fair value of derivative instruments | 11 | 19 | (3) |
Amounts reclassified from Other Comprehensive Income | (3) | 0 | 0 |
HOST HOTELS & RESORTS L.P. | |||
Beginning Balance | 7,368 | ||
NET INCOME | 571 | 747 | 325 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (71) | (60) | (18) |
Change in fair value of derivative instruments | 11 | 19 | (3) |
Amounts reclassified from Other Comprehensive Income | (3) | 0 | 0 |
Ending Balance | 7,082 | 7,368 | |
HOST HOTELS & RESORTS L.P. | General Partner | |||
Beginning Balance | $ 1 | $ 1 | $ 1 |
Beginning Balance, units | 739.9 | 738.9 | 709.4 |
Common OP unit issuances (units) | 31.4 | 0.2 | 28.1 |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans (units) | 0.6 | 0.5 | 1.1 |
Redemptions of limited partner interests for common stock (shares) | 0.1 | 0.3 | 0.3 |
Repurchase of common stock (shares) | (37.5) | ||
Ending Balance | $ 1 | $ 1 | $ 1 |
Ending Balance, units | 734.5 | 739.9 | 738.9 |
HOST HOTELS & RESORTS L.P. | Limited Partner | |||
Beginning Balance | $ 7,385 | $ 7,236 | $ 6,812 |
NET INCOME | 558 | 732 | 317 |
Other changes in ownership | 81 | (39) | (38) |
Common OP unit issuances | 401 | 4 | 477 |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | 16 | 13 | 8 |
Distributions on common OP units | (599) | (567) | (346) |
Redemptions of limited partner interests for common stock | 3 | 6 | 6 |
Repurchase of common stock | (675) | ||
Ending Balance | 7,170 | 7,385 | 7,236 |
HOST HOTELS & RESORTS L.P. | Accumulated Other Comprehensive Income (Loss) | |||
Beginning Balance | (50) | (9) | 12 |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (71) | (60) | (18) |
Change in fair value of derivative instruments | 11 | 19 | (3) |
Amounts reclassified from Other Comprehensive Income | 3 | ||
Ending Balance | (107) | (50) | (9) |
HOST HOTELS & RESORTS L.P. | Non-controlling Interests of Other Consolidated Partnerships | |||
Beginning Balance | 32 | 34 | 34 |
NET INCOME | 6 | 6 | 4 |
Other changes in ownership | (10) | (1) | (3) |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (2) | ||
Contributions from non- controlling interests of consolidated partnerships | 2 | 1 | 7 |
Distributions to non-controlling interests | (10) | (8) | (8) |
Ending Balance | 18 | 32 | 34 |
HOST HOTELS & RESORTS L.P. | Limited Partnership Interests Of Third Parties | |||
Beginning Balance | 225 | 190 | 158 |
NET INCOME | 7 | 9 | 4 |
Other changes in ownership | (78) | 38 | 38 |
Distributions on common OP units | (8) | (6) | (4) |
Redemptions of limited partner interests for common stock | (3) | (6) | (6) |
Ending Balance | $ 143 | $ 225 | $ 190 |
Supplemental Schedule of Noncas
Supplemental Schedule of Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: During 2015, holders of $399 million of our 2.5% Exchangeable Senior Debentures due 2029 elected to convert their debentures into 32 million shares of Host Inc. common stock. In March 2013, holders of approximately $174 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 11.7 million shares of Host Inc. common stock. |
HOST HOTELS & RESORTS L.P. | |
Supplemental Schedule of Noncash Investing and Financing Activities | Supplemental schedule of noncash investing and financing activities: During 2015, holders of $399 million of our 2.5% Exchangeable Senior Debentures due 2029 elected to convert their debentures into 32 million shares of Host Inc. common stock. In connection with the debentures exchanged for Host Inc. common stock, Host L.P. issued 31.3 million common OP units. In March 2013, holders of approximately $174 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 11.7 million shares of Host Inc. common stock. In connection with the debentures exchanged for Host Inc. common stock, Host L.P. issued 11.5 million common OP units. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Description of Business Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust, or REIT, with its operations conducted solely through Host Hotels & Resorts, L.P. Host Hotels & Resorts, L.P., a Delaware limited partnership, operates through an umbrella partnership structure, with Host Hotels & Resorts, Inc., a Maryland corporation, as its sole general partner. In the notes to the financial statements, we use the terms “we” or “our” to refer to Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. together, unless the context indicates otherwise. We also use the term “Host Inc.” to refer specifically to Host Hotels & Resorts, Inc. and the term “Host L.P.” to refer specifically to Host Hotels & Resorts, L.P. in cases where it is important to distinguish between Host Inc. and Host L.P. Host Inc. holds approximately 99% of Host L.P.’s partnership interests, or OP units. Consolidated Portfolio As of December 31, 2015, the hotels in our consolidated portfolio are located in the following countries: Hotels United States 94 Australia 1 Brazil 3 Canada 2 Chile 2 Mexico 1 New Zealand 4 Total 107 European Joint Venture We own a non-controlling interest in a joint venture in Europe (“Euro JV”) that owns hotels in two separate funds. We own a 32.1% interest in the first fund (“Euro JV Fund I”) (3 hotels) and a 33.4% interest in the second fund (“Euro JV Fund II”) (7 hotels). As of December 31, 2015, the Euro JV hotels are located in the following countries: Hotels Belgium 1 France 3 Germany 1 Spain 2 Sweden 1 The Netherlands 1 United Kingdom 1 Total 10 Asia/Pacific Joint Venture We own a 25% non-controlling interest in a joint venture in Asia (“Asia/Pacific JV”). The Asia/Pacific JV owns a 36% non-controlling interest in a joint venture in India that is investing in seven hotels, two hotels operating in Bangalore, one hotel operating in Chennai, two hotels operating in New Delhi and two hotels in Chennai that are under development. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the consolidated accounts of Host Inc., Host L.P. and their subsidiaries and controlled affiliates, including joint ventures and partnerships. We consolidate subsidiaries when we have the ability to control the entity. For the majority of our hotel and real estate investments, we consider those control rights to be (i) approval or amendment of developments plans, (ii) financing decisions, (iii) approval or amendments of operating budgets, and (iv) investment strategy decisions. For those partnerships and joint ventures where we are the general partner, we review the rights of the limited partners to determine if those rights would overcome the presumption of control as the general partner. Limited partner rights which would overcome presumption of control by the general partner include the substantive ability to dissolve (liquidate) the limited partnership or otherwise remove the general partners without cause and substantive participating rights over activities considered most significant to the business of the partnership or joint venture, primarily voting rights. We also evaluate our subsidiaries to determine if they are variable interest entities (“VIEs”). If a subsidiary is a VIE, it is subject to the consolidation framework specifically for VIEs. Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. We consider an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. We review our subsidiaries and affiliates at least annually to determine if (i) they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics of these entities. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash Restricted cash includes reserves for debt service, real estate taxes, insurance, and furniture, fixtures and equipment replacement, as well as cash collateral and excess cash flow deposits due to mortgage debt agreement restrictions and provisions, and a reserve required for potential legal damages. For purposes of the statements of cash flows, changes in restricted cash caused by changes in required legal reserves are shown as operating activities. Changes in restricted cash caused by using such funds for furniture, fixtures and equipment replacement are shown as investing activities. The remaining changes in restricted cash are the direct result of restrictions under our loan agreements and are reflected in cash flows from financing activities. Property and Equipment Generally, property and equipment is recorded at cost. For properties we develop, cost includes interest and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets based on their fair value as of the acquisition date. Replacements and improvements and capital leases are capitalized, while repairs and maintenance are expensed as incurred. We capitalize certain inventory (such as china, glass, silver, and linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We maintain a furniture, fixtures and equipment replacement fund for renewal and replacement capital expenditures at certain hotels, which generally is funded with 5% of property revenues. Impairment testing. We analyze our consolidated properties for impairment throughout the year when events or circumstances occur that indicate the carrying value may not be recoverable. We consider a property to be impaired when the sum of the future undiscounted cash flows over our remaining estimated holding period is less than the carrying value of the asset. We test for impairment in several situations, including when a property has a current or projected loss from operations, when it becomes more likely than not that a hotel will be sold before the end of its previously estimated useful life, or when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying value of an asset may not be recoverable. For impaired assets, we record an impairment expense equal to the excess of the carrying value of the asset over its fair value. To the extent that a property has a substantial remaining estimated useful life and management does not believe that it is more likely than not the property will be disposed of prior to the end of its useful life, it would be unusual for undiscounted cash flows to be insufficient to recover the property’s carrying value. In the absence of other factors, we assume that the estimated life is equal to the GAAP depreciable life because of the continuous property maintenance and improvement capital expenditures required under our management agreements. We adjust our assumptions with respect to the remaining useful life of the property if situations dictate otherwise, such as an expiring ground lease, or that it is more likely than not that the asset will be sold prior to its previously expected useful life. We also consider the effect of regular renewal and replacement capital expenditures on the estimated life of our properties, including critical infrastructure, which regularly is maintained and then replaced at the end of its useful life. In the evaluation of the impairment of our assets, we make many assumptions and estimates, including: · projected cash flows, both from operations and the eventual disposition; · the expected useful life and holding period of the asset; · the future required capital expenditures; and · fair values, including consideration of capitalization rates, discount rates and comparable selling prices, as well as available third-party appraisals. While we consider all of the above indicators as preliminary indicators to determine if the carrying value may not be recovered by undiscounted cash flows, we reviewed the actual year-to-date and the projected cash flows from operations in order to identify properties with actual or projected annual operating losses or minimal operating profit as of December 31, 2015. The projected cash flows consider items such as booking pace, occupancy, room rate and property-level operating costs. As a result of our review, we identified one property that required further consideration of property and market specific conditions or factors to determine if the property was impaired using an undiscounted cash flow analysis. Management considered a range of RevPAR and operating margins compared to prior years’ operating results in evaluating the probability-weighted projected cash flows from operations. To appropriately evaluate if the carrying value of the asset was recoverable, we projected cash flows at a stabilized growth rate of approximately 3% over the remaining estimated lives of the properties. This stabilized growth rate is lower than the projected growth rate for the urban upper upscale properties, which we believe is most representative of our portfolio, over the period from 2013 through 2023. Based on this testing, none of the properties previously identified required further analysis. Management believes its assumptions and estimates reflect current market conditions. No impairment was recorded in 2015. During 2014 and 2013, we recognized impairment expenses of $6 million and $1 million, respectively, on one property in each of 2014 and 2013, which impairment expenses are included in depreciation and amortization, based on changes in estimated holding periods. Classification of Assets as “Held for Sale”. We will classify a hotel as held for sale when the sale thereof is probable, will be completed within one year and actions to complete the sale are unlikely to change or that the sale will not occur. This policy is consistent with our experience with real estate transactions under which the timing and final terms of a sale are frequently not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist which could prevent the transaction from being completed in a timely manner. We typically classify assets as held for sale when all of the following conditions are met: · Host Inc.’s Board of Directors has approved the sale (to the extent that the dollar amount of the sale requires Board approval); · a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash; and · no significant financing contingencies exist which could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation and will record an impairment expense if the fair value less costs to sell is less than the carrying amount of the hotel. We will classify the assets and related liabilities as held for sale on the balance sheet. Gains on sales of properties are recognized at the time of sale or are deferred and recognized as income in subsequent periods as conditions requiring deferral are satisfied or expire without further cost to us. Discontinued Operations. In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosure of Disposal of Components of an Entity (“ASU 2014-08 Reporting for Discontinued Operations”). Under this standard, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. In addition, it requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position. As a result, the operations through the date of disposal and the gain or loss on sale of properties is included in continuing operations, unless the sale represents a strategic shift. We adopted this standard as of January 1, 2014. No prior year restatements are permitted for this change in policy. Asset retirement obligations. We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities, when incurred, which generally is upon acquisition, construction, or development and/or through the normal operation of the asset, if sufficient information exists with which to reasonably estimate the fair value of the obligation. Depreciation and Amortization Expense. We depreciate our property and equipment using the straight-line method. Depreciation expense is based on the estimated useful life of our assets and amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. The lives of the assets are based on a number of assumptions, including cost and timing of capital expenditures to maintain and refurbish the assets, as well as specific market and economic conditions. While management believes its estimates are reasonable, a change in the estimated lives could affect depreciation expense and net income (loss) or the gain or loss on the sale of any of our hotels. Intangible Assets and Liabilities In conjunction with our acquisitions, we may identify intangible assets and liabilities. Identifiable intangible assets and liabilities typically include contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. Non-Controlling Interests Other Consolidated Partnerships. As of December 31, 2015, we consolidate six majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-controlling interest-other consolidated partnerships on the consolidated balance sheets and totaled $18 million and $32 million as of December 31, 2015 and 2014, respectively. Two of the partnerships have finite lives that terminate between 2081 and 2095, and the associated non-controlling interests are mandatorily redeemable at the end of, but not prior to, the finite life. At December 31, 2015 and 2014, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $91 million and $85 million, respectively. Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income attributable to non-controlling interests of third parties is $6 million, $6 million and $4 million for 2015, 2014 and 2013, respectively. Host Inc.’s treatment of the non-controlling interests of Host L.P. Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying value based on its historical cost or its redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. We have estimated that the redemption value is equivalent to the number of shares issuable upon conversion of the OP units currently owned by unrelated third parties (one OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. common stock at the balance sheet date. Non-controlling interests of Host L.P. are classified in the mezzanine section of the balance sheet as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. The table below details the historical cost and redemption values for the non-controlling interests: As of December 31, 2015 2014 OP units outstanding (millions) 9.1 9.3 Market price per Host Inc. common share $ 15.34 $ 23.77 Shares issuable upon conversion of one OP unit 1.021494 1.021494 Redemption value (millions) $ 143 $ 225 Historical cost (millions) 90 94 Book value (millions) (1) 143 225 ___________ (1) Net income (loss) is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership percentage during the period. Net income attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $7 million, $9 million and $4 million for 2015, 2014 and 2013, respectively. Investments in Affiliates Other-than-Temporary Impairment of an Investment. We perform an analysis for our equity method investments for impairment based on the occurrence of triggering events that would indicate that the carrying amount of the investment exceeds its fair value on an other-than-temporary basis. Triggering events can include a decline in distributable cash flows from the investment, a change in the expected useful life or other significant events which would decrease the value of the investment. Our investments primarily consist of joint ventures which own hotel properties; therefore, generally we will have few observable inputs and will determine fair value based on a discounted cash flow analysis of the investment, as well as consideration of the impact of other elements (i.e. control premiums, etc.). We use certain inputs, such as available third-party appraisals and forecast net operating income for the hotel properties, to estimate the expected cash flows. If an equity method investment is impaired and that impairment is determined to be other than temporary, an expense is recorded for the difference between the fair value and the carrying amount of the investment. No other-than-temporary impairment was recorded in 2015, 2014, or 2013. Distributions from Investments in Affiliates. We classify the distributions from our equity investments in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions from cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities. Income Taxes Host Inc. has elected to be treated as a REIT effective January 1, 1999, pursuant to the U.S. Internal Revenue Code of 1986, as amended. It is our current intention to continue to comply with the REIT qualification requirements and to maintain our qualification for taxation as a REIT. A corporation that elects REIT status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and complies with certain other requirements (relating primarily to the composition of its assets and the sources of its revenues) generally is not subject to federal and state income taxation on its operating income that is distributed to its stockholders. As a partnership for federal income tax purposes, Host L.P. is not subject to federal income tax. Host L.P. is, however, subject to state, local and foreign income and franchise tax in certain jurisdictions. Additionally, each of the Host L.P. taxable REIT subsidiaries is taxable as a regular C corporation, subject to federal, state and foreign income tax. Our consolidated income tax provision or benefit includes the income tax provision or benefit related to the operations of our taxable REIT subsidiaries, and state, local, and foreign income and franchise taxes incurred by Host L.P. Deferred Under the partnership agreement, Host L.P. generally is required to reimburse Host Inc. for any tax payments it is required to make. Accordingly, the tax information included herein represents disclosures regarding Host Inc. and its subsidiaries. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, interest expense, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. We must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. We recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Deferred Charges Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. These costs are presented as a direct deduction from their related liabilities on the balance sheets. Foreign Currency Translation As of December 31, 2015, our international operations consist of hotels located in Australia, Brazil, Canada, Chile, Mexico, and New Zealand, as well as investments in the Euro JV and the Asia/Pacific JV. The financial statements of these hotels and our investments therein are maintained in their functional currency, which generally is the local currency, and their operations are translated to U.S. dollars using the average exchange rates for the period. The assets and liabilities of the hotels and the investments therein are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss). Foreign currency transactions are recorded in the functional currency for each entity using the exchange rates prevailing at the dates of the transactions. Assets and liabilities denominated in foreign currencies are remeasured at period end exchange rates. The resulting exchange differences are recorded in gain (loss) on foreign currency transactions and derivatives on the accompanying consolidated statements of operations, except when recorded in other comprehensive income (loss) as qualifying net investment hedges. Derivative Instruments We are subject to market exposures in several aspects of our business and may enter into derivative instruments in order to hedge the effect of these market exposures on our operations. Potential market exposures for which we may use derivative instruments to hedge include: (i) changes in the fair value of our international investments due to fluctuations in currency exchange rates, (ii) changes in the fair value of our fixed-rate debt due to changes in the underlying interest rates, and (iii) variability in interest payments due to changes in the underlying interest rate for our floating-rate debt. Derivative instruments are subject to fair value reporting at each reporting date and the increase or decrease in fair value is recorded in net income (loss) or other comprehensive income (loss), based on the applicable hedge accounting guidance. We estimate the fair value of these instruments through the use of third party valuations, which utilize the market standard methodology of netting the discounted future cash receipts and the discounted future expected cash payments. Prior to entering into the derivative instrument, we evaluate whether the transaction will qualify for hedge accounting and continue to evaluate hedge effectiveness throughout the life of the instrument. Derivative instruments that meet the requirements for hedge accounting are recorded on the balance sheet at fair value, with offsetting changes recorded to net income (loss) or other comprehensive income (loss), based on the applicable hedge accounting guidance. We incorporate credit valuation adjustments to reflect, as applicable, our own nonperformance risk or the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and accumulated guarantees. The variable cash flow streams are based on an expectation of future interest and exchange rates derived from observed market interest and exchange rate curves. The values of these instruments will change over time as cash receipts and payments are made and as market conditions change. Accumulated Other Comprehensive Income (Loss) The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): As of December 31, 2015 2014 Gain on foreign currency forward contracts $ 35 $ 19 Loss on interest rate swap cash flow hedges (7 ) (2 ) Foreign currency translation (137 ) (67 ) Other comprehensive loss attributable to non-controlling interests 2 — Total accumulated other comprehensive loss $ (107 ) $ (50 ) During 2015, we reclassified a net loss due to foreign currency translation of $3 million that had been recognized previously in other comprehensive income (loss) due to the sale of the Delta Meadowvale Hotel & Conference Centre and three hotels in New Zealand. The loss was recognized as part of the gain on sale of assets on our consolidated statement of operations. There were no material amounts reclassified out of accumulated other comprehensive income (loss) to net income for the year ended December 31, 2014. Revenues Our results of operations include revenues and expenses of our hotels. Revenues are recognized when the services are provided. Additionally, we collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) on our statements of operations. Fair Value In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (“observable inputs”) and a reporting entity’s own assumptions about market data (“unobservable inputs”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability at the measurement date in an orderly transaction (an “exit price”). Assets and liabilities are measured using inputs from three levels of the fair value hierarchy. The three levels are as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 — Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 — Unobservable inputs reflect our assumptions about the pricing of an asset or liability when observable inputs are not available. Host Inc. Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings per common share is computed by dividing net income attributable to common stockholders, as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings per common share is shown below (in millions, except per share amounts): Year ended December 31, 2015 2014 2013 Net income $ 571 $ 747 $ 325 Less: Net income attributable to non-controlling interests (13 ) (15 ) (8 ) Net income attributable to Host Inc. 558 732 317 Assuming conversion of exchangeable senior debentures — 27 — Diluted income attributable to Host Inc. $ 558 $ 759 $ 317 Basic weighted average shares outstanding 752.4 755.4 744.4 Assuming weighted average shares for conversion of exchangeable senior debentures — 30.3 2.4 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.5 1.1 1.1 Diluted weighted average shares outstanding (1) 752.9 786.8 747.9 Basic earnings per common share $ .74 $ .97 $ .43 Diluted earnings per common share $ .74 $ .96 $ .42 ___________ (1) There were approximately 25 million and 30 million potentially dilutive shares as of December 31, 2015 and 2013, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. Host L.P. Earnings Per Common Unit Basic earnings per common unit is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings per common unit is computed by dividing net income attributable to common unitholders, as adjusted for potentially dilutive securities, by the weight |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 2. Property and Equipment Property and equipment consists of the following (in millions): As of December 31, 2015 2014 Land and land improvements $ 2,044 $ 1,990 Buildings and leasehold improvements 13,646 13,336 Furniture and equipment 2,319 2,217 Construction in progress 290 209 18,299 17,752 Less accumulated depreciation and amortization (7,638 ) (7,177 ) $ 10,661 $ 10,575 The aggregate cost of real estate for federal income tax purposes is approximately $10.6 billion at December 31, 2015. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates | 3. Investments in Affiliates We own investments in joint ventures that are accounted for under the equity method of accounting. The debt of the Euro JV and Asia/Pacific JV is non-recourse to, and not guaranteed by, us. As of December 31, 2015, 50% of the debt of the Hyatt Place JV and 100% of the construction loan for the Maui JV is jointly and/or severally guaranteed by the partners of the joint ventures. Investments in affiliates consist of the following (in millions): As of December 31, 2015 Ownership Our Our Portion Interests Investment of Debt Total Debt Assets Euro JV 32.1 – 33.4 % $ 251 $ 262 $ 797 Ten hotels in Europe Asia/Pacific JV 25 % 25 — — A 36% interest in five operating hotels and two hotels under development in India Maui JV 67 % 72 45 68 131-unit vacation ownership project in Maui, Hawaii Hyatt Place JV 50 % 3 15 31 One hotel in Nashville, Tennessee Philadelphia Marriott Downtown 11 % (6 ) 25 224 One hotel in Philadelphia, PA Total $ 345 $ 347 $ 1,120 As of December 31, 2014 Ownership Our Our Portion Interests Investment of Debt Total Debt Assets Euro JV 32.1 - 33.4 % $ 348 $ 388 $ 1,186 Nineteen hotels in Europe Asia/Pacific JV 25 % 22 9 37 One hotel in Australia and a 36% interest in three operating hotels and four hotels under development in India Maui JV 67 % 61 64 96 131-unit vacation ownership project in Maui, Hawaii Hyatt Place JV 50 % 7 16 31 One hotel in Nashville, Tennessee Philadelphia Marriott Downtown 11 % (5 ) 25 227 One hotel in Philadelphia, PA Total $ 433 $ 502 $ 1,577 European Joint Venture We own general and limited partner interests in the Euro JV that consists of two separate funds, with the other partners thereof including APG Strategic Real Estate Pool NV, an affiliate of a Dutch Pension Fund, and Jasmine Hotels Pte Ltd, an affiliate of the real estate investment company of the Government of Singapore Investment Corporation Pte Ltd (“GIC RE”). We own a combined 32.1% interest of Euro JV Fund I and a combined 33.4% interest of Euro JV Fund II. We do not consolidate the Euro JV due to the structure and substantive participating rights of the non-Host limited partners, including approval over financing, acquisitions and dispositions, and annual operating and capital expenditures budgets. The joint venture agreement expires in 2021, subject to two one-year extensions. As of December 31, 2015, the total assets of the Euro JV are approximately €1.6 billion. As asset manager of the Euro JV funds, we earn asset management fees based on the amount of equity commitments and equity invested, which in 2015, 2014 and 2013 were approximately $11 million, $16 million and $15 million, respectively. As of December 31, 2015, the partners have funded approximately €463 million, or 67%, of the total equity commitment for Euro JV Fund I and €301 million, or 67%, of the total equity commitment for Euro JV Fund II. In July 2015, the Euro JV Fund II partners amended the Euro JV partnership agreement to extend the commitment period for Euro JV Fund II by one year to June 27, 2016. The remaining equity commitment for Euro JV Fund I is limited in its use to capital expenditures and financing needs. For 2015, 2014 and 2013, our portion of the earnings (losses) of the Euro JV was $57 million, $21 million and $(12) million, respectively, and is included in equity in earnings (losses) of affiliates on our statements of operations. The earnings in 2015 include €39 million ($43 million) related to our portion of the gains recognized on the sale of nine properties, discussed below. The earnings in 2014 include €3 million ($4 million) related to our portion of the gains recognized on the sale of one property. The loss in 2013 includes €11 million ($15 million) related to our portion of a €33 million impairment expense related to the Sheraton Roma Hotel & Conference Center, which has been sold. In addition to the US GAAP impairment analysis performed for each of the properties at the partnership level, we also reviewed our investment in the Euro JV for other-than-temporary impairment and determined that the investment was not impaired in either 2015 or 2014. During 2015, the Euro JV sold nine properties for €526 million and repaid €229 million of mortgage loans secured by the properties. During 2014, the Euro JV sold one property for £33 million and repaid the £21 million mortgage loan secured by the property. Net proceeds from the hotel sales were distributed to the partners. During 2015, the Euro JV distributed €328.5 million to its partners, of which Host’s share was €107 million ($115 million). Ninety-two percent of the 2015 distributions were funded by proceeds from the hotel dispositions, while the remainder was funded by cash from operations. During 2014, the Euro JV distributed €37 million to its partners, of which Host’s share was €12 million ($17 million), which distributions were funded with net proceeds from the hotel disposition. In 2014, the Euro JV acquired a 90% ownership interest in the 394-room Grand Hotel Esplanade in Berlin (renamed the Sheraton Berlin Grand Hotel Esplanade). The hotel was acquired based on an aggregate gross value of €81 million, and the partnership assumed €48 million of mortgage and other long-term debt. The net assets acquired were funded by partner contributions. The Euro JV has €734 million of mortgage debt, all of which is non-recourse to us. A default of the Euro JV mortgage debt does not trigger a default under any of our debt. In addition to the repayment of mortgage debt in conjunction with hotel dispositions, described above, the Euro JV refinanced €174 million of mortgage debt in 2015. We have entered into four foreign currency forward sale contracts in order to hedge the foreign currency exposure resulting from the eventual repatriation of our net investment in the Euro JV. The forward purchases will occur between January 2016 and September 2017. We have hedged €177 million (approximately $208 million) of our investment through these contracts and designated draws under our credit facility in Euros. See Note 12 – “Fair Value Measurement” for further information. Asia/Pacific Joint Venture We own a 25% general and limited partner interest in the Asia/Pacific JV, the other partner of which is RECO Hotels JV Private Limited, an affiliate of GIC RE. The Asia/Pacific JV may be terminated by the partners at any time. Due to the ownership structure and the substantive participating rights of the non-Host limited partner, including approval over financing, acquisitions and dispositions, and annual operating and capital expenditures budgets, the Asia/Pacific JV is not consolidated in our financial statements. The commitment period for the equity contributions to the joint venture expired in March of 2012. As a result, unanimous approval of the joint venture partners is necessary to fund additional acquisitions. Certain funding commitments remain, however, related to existing investments. As of December 31, 2015, the Asia/Pacific JV partners have invested approximately $96 million (of which our share was $24 million) in a joint venture in India with Accor S.A. and InterGlobe Enterprises Limited, in which the Asia/Pacific JV holds a 36% interest. On November 3, 2015, the Pullman & Novotel New Delhi Aerocity opened with 99 and 207 rooms, respectively. On October 14, 2015, the Asia/Pacific JV sold the Four Points by Sheraton Perth for A$91.5 million and repaid A$43 million of mortgage debt. The Asia/Pacific JV recorded a gain on sale of approximately A$11 million ($8 million). Maui Joint Venture We have a 67% non-controlling interest in a joint venture to develop, sell and operate a 131-unit vacation ownership project in Maui, Hawaii adjacent to our Hyatt Regency Maui Resort & Spa (the “Maui JV”). The project opened in December 2014 with total development costs of approximately $195 million, which was partially funded with a $110 million construction loan, which is jointly and severally guaranteed by us and Hyatt Hotels Corporation, and with member contributions. As of December 31, 2015, $44 million was outstanding on the construction loan. We have contributed approximately $87 million to the Maui JV, which includes the contribution of land valued at $36 million. We recognized earnings of $9 million and $3 million in 2015 and 2014, respectively, which includes our portion of the net income of the partnership as well as a portion of the deferred gain on the contribution of the land. The book value of our investment in the Maui JV is $72 million. Combined Financial Information of Unconsolidated Investees Combined summarized balance sheet information for our affiliates is as follows (in millions): As of December 31, 2015 2014 Property and equipment, net $ 1,650 $ 2,369 Timeshare inventory 157 178 Other assets 642 424 Total assets $ 2,449 $ 2,971 Debt $ 1,120 $ 1,577 Other liabilities 301 163 Equity 1,028 1,231 Total liabilities and equity $ 2,449 $ 2,971 Combined summarized operating results for our affiliates is as follows (in millions): Year ended December 31, 2015 2014 2013 Total revenues $ 728 $ 776 $ 617 Operating expenses Expenses (545 ) (568 ) (489 ) Depreciation and amortization (75 ) (91 ) (131 ) Operating profit (loss) 108 117 (3 ) Interest income 3 — — Interest expense (72 ) (79 ) (59 ) Gain on disposition 141 12 2 Net income (loss) $ 180 $ 50 $ (60 ) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt Debt consists of the following (in millions): As of December 31, 2015 2014 Series V senior notes, with a rate of 6% due November 2020 $ — $ 495 Series X senior notes, with a rate of 5⅞% due June 2019 — 493 Series Z senior notes, with a rate of 6% due October 2021 297 296 Series B senior notes, with a rate of 5¼% due March 2022 347 346 Series C senior notes, with a rate of 4¾% due March 2023 445 445 Series D senior notes, with a rate of 3¾% due October 2023 397 397 Series E senior notes, with a rate of 4% due June 2025 495 — Series F senior notes, with a rate of 4 ½ 395 — 2009 Exchangeable Senior Debentures, with a rate of 2½% due October 2029 — 386 Total senior notes 2,376 2,858 Credit facility revolver 295 198 2014 Credit facility term loan due June 2017 499 499 2015 Credit facility term loan due September 2020 497 — Mortgage debt (non-recourse), with an average interest rate of 4.7% and 5.0% at December 31, 2015 and 2014, respectively, maturing through January 2024 350 402 Total debt $ 4,017 $ 3,957 In connection with the adoption of ASU 2015-03, deferred financing costs of $29 million and $35 million as of December 31, 2015 and 2014, respectively, now are classified within the debt on our consolidated balance sheets. The total deferred financing costs of $35 million at December 31, 2014 had previously been classified as an asset on our consolidated balance sheets. Senior Notes General. Under the terms of our senior notes indenture, our senior notes are equal in right of payment with all of our unsubordinated indebtedness and senior to all of our subordinated obligations. The face amount of our senior notes as of December 31, 2015 and 2014 was $2.4 billion and $2.9 billion, respectively. The senior notes balance as of December 31, 2015 and 2014 includes discounts of approximately $2 million and $16 million, respectively. We pay interest on each series of our senior notes semi-annually in arrears at the respective annual rates indicated in the table above. Under the terms of the senior notes indenture, our ability to incur indebtedness and pay dividends is subject to restrictions and the satisfaction of various conditions. As of December 31, 2015, we are in compliance with all of these covenants. We completed the following senior notes transactions in 2015 and 2014: On May 15, 2015, we issued $500 million 4% Series E Senior Notes due June 2025 for proceeds of approximately $495 million, net of discounts, underwriting fees and expenses. Interest is payable semi-annually on June 15 and December 15, commencing June 15, 2015. Net proceeds, along with cash on hand, were used on June 15, 2015 to redeem $500 million of 5 7/8% Series X Senior Notes due 2019 at an aggregate redemption price of $515 million. On October 14, 2015, we issued $400 million of 4.5% Series F Senior Notes due February 2026 for proceeds of approximately $395 million, net of discounts, underwriting fees and expenses. Interest is payable semi-annually on February 1 and August 1, commencing February 1, 2016. Net proceeds, along with cash on hand and an additional $100 million draw on the credit facility, were used to redeem $500 million of 6% Series V Senior Notes due 2020 for $515 million in November 2015. In February 2014, we redeemed the remaining $150 million 6¾% Series Q senior notes due 2016 for an aggregate price of $152 million. Exchangeable Debentures. In 2009, Host L.P. issued $400 million of 2½% exchangeable senior debentures (the “Debentures”). In October 2015, Host L.P. gave notice that it would redeem all of its currently outstanding Debentures at a cash redemption price of 100% of the principal amount, plus accrued interest. At the time, the Debentures were exchangeable and the exchange price was equivalent to a Host Inc. share price of $12.45. Based on Host Inc.’s then current stock price, the exchange value of the Debentures exceeded the cash redemption price and holders of all but $1 million of the Debentures elected to exchange their Debentures for shares of Host Inc. common stock at the exchange value rather than receive the redemption price at par. As a result, we issued 32 million shares of Host Inc. common stock upon exchange (including $8.7 million of Debentures that holders had elected to exchange in July 2015) and redeemed approximately $1 million of Debentures for cash. Interest expense recorded for our exchangeable senior debentures (including interest expense for debentures redeemed in 2015, 2014 and 2013) consists of the following (in millions): Year ended December 31, 2015 2014 2013 Contractual interest expense (cash) $ 8 $ 10 $ 10 Non-cash interest expense due to discount amortization 13 16 15 Total interest expense $ 21 $ 26 $ 25 Authorization for Repurchase of Senior Notes and Exchangeable Senior Debentures. In February 2016, Host Inc.’s Board of Directors authorized repurchases of up to $500 million of senior notes and mortgage debt (other than in accordance with their terms). Credit Facility. On June 27, 2014, we entered into a new senior revolving credit facility with Bank of America, N.A., as administrative agent, JPMorgan Chase Bank, N.A., as syndication agent, and certain other agents and lenders. The credit facility allows for revolving borrowings in an aggregate principal amount of up to $1 billion, including a foreign currency subfacility for Canadian dollars, Australian dollars, New Zealand dollars, Japanese yen, Euros, British pound sterling and, if available to the lenders, Mexican pesos, of up to the foreign currency equivalent of $500 million, subject to a lower amount in the case of New Zealand dollar and Mexican peso borrowings. The credit facility also provides a subfacility of up to $100 million for swingline borrowings in U.S. dollars, Canadian dollars, Euros and British pound sterling and a subfacility of up to $100 million for issuances of letters of credit. Host L.P. also has the option to increase the aggregate principal amount of the credit facility by up to $500 million, subject to obtaining additional loan commitments and satisfaction of certain conditions. The credit facility has an initial scheduled maturity of June 2018, with two six-month renewal options. The credit facility contained a term loan facility of $500 million, which replaced and refinanced the term loan under our prior facility of like amount. The term loan facility has an initial scheduled maturity of June 2017, with two one-year renewal options, resulting in a maturity for the entire credit facility of June 2019, if all renewal options are exercised, subject to certain conditions, including the payment of an extension fee and the accuracy of representations and warranties. We pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin ranging from 87.5 to 155 basis points (depending on Host L.P.’s unsecured long-term debt rating). We also pay a facility fee ranging from 12.5 to 30 basis points, depending on our rating and regardless of usage. Based on Host L.P.’s unsecured long-term debt rating as of December 31, 2015, we are able to borrow at a rate of LIBOR plus 100 basis points and pay a facility fee of 20 basis points. On September 10, 2015, we closed on a $500 million term loan (“2015 Term Loan”) by exercising the accordion feature of our existing credit facility. The loan has a five-year maturity and its interest rate spread depends on our unsecured debt rating. At the time it closed, based on our unsecured debt rating, the loan has a floating interest rate of LIBOR + 110 bps (or approximately 1.3% all-in interest rate). This increases our credit facility to $2 billion, consisting of the $1 billion revolver and two $500 million term loans. On that same day, we drew $300 million on the 2015 Term Loan and drew the remaining $200 million on December 29, 2015. The proceeds were used to repay outstanding amounts on the revolver. Net draws under the credit facility were $120 million in 2015, while in 2014 we repaid $221 million, net. As of December 31, 2015, we have $702 million available capacity under the revolver portion of our credit facility. Financial Covenants . The credit facility contains covenants concerning allowable leverage, fixed charge coverage and unsecured interest coverage (as defined in our credit facility). Currently, we are permitted to borrow and maintain amounts outstanding under the credit facility so long as our leverage ratio is not in excess of 7.25x, our unsecured coverage ratio is not less than 1.75x and our fixed charge coverage ratio is not less than 1.25x. The financial covenants for the credit facility do not apply when there are no borrowings thereunder. Therefore, so long as there are no amounts outstanding, we would not be in default if we do not satisfy the financial covenants and we do not lose the potential to draw under the credit facility in the future if we were to regain compliance with the financial covenants. These calculations are performed based on pro forma results for the prior four fiscal quarters, giving effect to transactions such as acquisitions, dispositions and financings as if they had occurred at the beginning of the period. Under the terms of the credit facility, interest expense excludes items such as gains and losses on the extinguishment of debt, deferred financing charges related to the senior notes or the credit facility, amortization of debt premiums or discounts that were recorded at issuance of a loan in order to establish the debt at fair value and non-cash interest expense due to the implementation in 2009 of accounting standards related to our exchangeable debentures, all of which are included in interest expense on our consolidated statement of operations. Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. As of December 31, 2015, we are in compliance with the financial covenants under our credit facility. Collateral and Guarantees . The credit facility initially does not include any subsidiary guarantees or pledges of equity interests in our subsidiaries, and the guarantees and pledges are required only in the event that Host L.P.’s leverage ratio exceeds 6.0x for two consecutive fiscal quarters at a time that Host L.P. does not have an investment grade long-term unsecured debt rating. In the event that such guarantee and pledge requirement is triggered, the guarantees and pledges ratably would benefit the credit facility, as well as the notes outstanding under Host L.P.’s senior notes indenture, interest rate and currency hedges and certain other hedging and bank product arrangements with lenders that are parties to the credit facility. Even when triggered, the guarantees and pledges only would be required by certain U.S. and Canadian subsidiaries of Host L.P. and a substantial portion of our subsidiaries would provide neither guarantees nor pledges of equity interests. As of December 31, 2015, our leverage ratio was 2.8x. Other Covenants and Events of Default . The credit facility contains restrictive covenants on customary matters. Certain covenants become less restrictive at any time that our leverage ratio falls below 6.0x. In particular, at any time that our leverage ratio is below 6.0x, we will not be subject to limitations on capital expenditures, and the limitations on acquisitions, investments and dividends contained in the credit facility will be superseded by the generally less restrictive corresponding covenants in our senior notes indenture. Additionally, the credit facility’s restrictions on the incurrence of debt and the payment of dividends generally are consistent with our senior notes indenture for our Series D senior notes. These provisions, under certain circumstances, limit debt incurrence to debt incurred under the credit facility or in connection with a refinancing, and limit dividend payments to those necessary to maintain Host Inc.’s tax status as a REIT. Our senior notes and credit facility have cross default provisions that would trigger a default under those agreements if we were to have a payment default or an acceleration prior to maturity of other debt of Host L.P. or its subsidiaries. The amount of other debt in default needs to exceed certain thresholds in order to trigger a cross default and the thresholds are greater for secured debt than for unsecured debt. The credit facility also includes usual and customary events of default for facilities of this nature, and provides that, upon the occurrence and continuance of an event of default, payment of all amounts owed under the credit facility may be accelerated, and the lenders’ commitments may be terminated. In addition, upon the occurrence of certain insolvency or bankruptcy related events of default, all amounts owed under the credit facility will become due and payable and the lenders’ commitments will terminate. Mortgage Debt All of our mortgage debt is recourse solely to specific assets, except for environmental liabilities, fraud, misapplication of funds and other customary recourse provisions. As of December 31, 2015, we have mortgage debt secured by seven assets, with an average interest rate of 4.7%, which mortgage debt matures between 2016 and 2024. Interest is payable either monthly or quarterly. As of December 31, 2015, we are in compliance with the covenants under all of our mortgage debt obligations. We have made the following mortgage debt repayments since January 2014: Maturity Transaction Date Property Rate Date Amount Repayments November 2015 Novotel Queenstown Lakeside 6.65 % 2/18/2016 $ (20 ) October 2015 Novotel Auckland Ellerslie and ibis Auckland Ellerslie 6.40 % 2/18/2016 (15 ) February 2014 The Ritz-Carlton, Naples and Newport Beach Marriott Hotel 3.25 % 3/1/2014 (300 ) Aggregate Debt Maturities Aggregate debt maturities are as follows (in millions): As of December 31, 2015 2016 $ 163 2017 500 2018 334 2019 — 2020 500 Thereafter 2,550 4,047 Deferred financing costs (29 ) Unamortized (discounts) premiums, net (2 ) Capital lease obligations 1 $ 4,017 Other On October 30, 2014, we redeemed the $12 million 7.125% Dulles Airport Industrial Development Revenue Bonds. Interest The following items are included in interest expense (in millions): Year ended December 31, 2015 (1) 2014 (1) 2013 (1) Interest expense $ 234 $ 214 $ 304 Amortization of debt premiums/discounts, net (2) (13 ) (16 ) (15 ) Amortization of deferred financing costs (8 ) (8 ) (10 ) Non-cash losses on debt extinguishments (11 ) (2 ) (13 ) Change in accrued interest 12 1 16 Interest paid (3) $ 214 $ 189 $ 282 ___________ (1) Interest expense and interest paid for 2015, 2014 and 2013 include cash prepayment premiums of approximately $30 million, $2 million and $23 million, respectively. (2) Primarily represents the amortization of the debt discount on our Debentures, which is considered non-cash interest expense. (3) Does not include capitalized interest of $5 million, $7 million and $6 million during 2015, 2014 and 2013, respectively. Our debt repayments resulted in debt extinguishment costs included in interest expense for 2015, 2014 and 2013 of $41 million, $4 million and $36 million, respectively. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 5. Equity of Host Inc. and Capital of Host L.P. Equity of Host Inc. Host Inc. has authorized 1,050 million shares of common stock, with a par value of $0.01 per share, of which 750.3 million and 755.8 million were outstanding as of December 31, 2015 and 2014, respectively. Fifty million shares of no par value preferred stock are authorized; none of such preferred shares were outstanding as of December 31, 2015 and 2014. Capital of Host L.P. As of December 31, 2015, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining 1% of Host L.P.’s common OP units are held by various unaffiliated limited partners. Each common OP unit may be redeemed for cash or, at the election of Host Inc., Host Inc. common stock, based on the conversion ratio of 1.021494 shares of Host Inc. common stock for each OP unit. In connection with the issuance of shares by Host Inc., Host L.P. will issue OP units based on the same conversion ratio. As of December 31, 2015 and 2014, Host L.P. had 743.7 million and 749.1 million OP units outstanding, respectively, of which Host Inc. held 734.5 million and 739.9 million, respectively. Issuances of Common Stock and Common OP Units During 2015, holders of $399 million Debentures elected to exchange their debentures for shares of Host Inc. common stock, totaling approximately 32 million shares. On April 30, 2015, Host Inc.’s Board of Directors announced a program to repurchase up to $500 million of common stock, and again on October 29, 2015, to repurchase up to an additional $500 million of common stock. During 2015, we repurchased 38.3 million shares at an average price of $17.64 for a total purchase price of approximately $675 million. At December 31, 2015, we have completed the first program and have $325 million of repurchase capacity remaining under the second program. Dividends/Distributions Host Inc. is required to distribute at least 90% of its annual taxable income, excluding net capital gains, to its stockholders in order to maintain its qualification as a REIT, including taxable income recognized for federal income tax purposes but with regard to which we do not receive cash. Funds used by Host Inc. to pay dividends on its common stock are provided by distributions from Host L.P. The amount of any future dividends will be determined by Host Inc.’s Board of Directors. The dividends that were taxable to our stockholders in 2015 were considered 80% ordinary income (non-qualified dividend income), 8% qualified dividend income, 5% capital gain distribution and 7% unrecaptured Section 1250 gain. The dividends that were taxable to our stockholders in 2014 were considered 65% ordinary income (non-qualified dividend income), 22% capital gain distribution and 13% unrecaptured Section 1250 gain. The table below presents the amount of common dividends declared per share and common distributions per unit as follows: Year ended December 31, 2015 2014 2013 Common stock $ .80 $ .75 $ .46 Common OP units .817 .766 .470 On February 16, 2016, Host Inc.’s Board of Directors authorized a regular quarterly cash dividend of $0.20 per share on Host Inc.’s common stock. The dividend is payable on April 15, 2016, to stockholders of record on March 31, 2015. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our taxable year ended December 31, 1999. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our taxable income to our stockholders, excluding net capital gain. As a REIT, we generally will not be subject to federal corporate income tax on that portion of our taxable income that currently is distributed to our stockholders. If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to federal corporate income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state, local and foreign taxes on our income and property, and to federal income and excise taxes on our undistributed taxable income. We have recorded a 100% valuation allowance of approximately $20 million against the deferred tax asset related to the net operating loss carryovers as of December 31, 2015 with respect to our hotel in Mexico. There is a $3 million valuation allowance recorded against the deferred tax asset related to the net operating loss and capital loss carryovers as of December 31, 2015 with respect to our hotels in Canada. We expect that the net operating loss and alternative minimum tax credit carryovers for U.S. federal income tax purposes will be realized. The net decrease in the valuation allowance for the year ending December 31, 2015 and December 31, 2014 is approximately $22 million and $16 million, respectively. The primary components of our net deferred tax assets are as follows (in millions): As of December 31, 2015 2014 Deferred tax assets Related party interest expense $ 7 $ 21 Net operating loss and capital loss carryovers 63 70 Alternative minimum tax credits 5 5 Property and equipment 4 4 Investments in domestic affiliates 3 3 Deferred revenue and expenses 52 55 Other 2 1 Total gross deferred tax assets 136 159 Less: Valuation allowance (23 ) (45 ) Total deferred tax assets, net of valuation allowance $ 113 $ 114 Deferred tax liabilities Property and equipment (16 ) (17 ) Investments in domestic and foreign affiliates (12 ) (8 ) Other (2 ) (2 ) Total gross deferred tax liabilities (30 ) (27 ) Net deferred tax assets $ 83 $ 87 At December 31, 2015, we have aggregate gross domestic and foreign net operating loss, and capital loss carryovers of approximately $186 million. We have deferred tax assets related to these loss and tax credit carryovers of approximately $63 million, with a valuation allowance of approximately $23 million. Our net operating loss carryovers expire through 2035, and our foreign capital loss carryovers have no expiration period. Our alternative minimum tax credit carryovers have no expiration period. In addition to the net deferred tax assets reflected in the above table, we have recorded a deferred tax asset related to AOCI activity concerning net foreign exchange losses of approximately $18 million and $8 million at December 31, 2015 and 2014, respectively. We believe that it is more likely than not that we will be able to realize our deferred tax assets, net of valuation allowance, of $113 million in the future. Our U.S. and foreign income from continuing operations before income taxes was as follows (in millions): Year ended December 31, 2015 2014 2013 U.S. income $ 536 $ 744 $ 213 Foreign income 44 17 18 Total $ 580 $ 761 $ 231 The provision for income taxes from continuing operations consists of (in millions): Year ended December 31, 2015 2014 2013 Current —Federal $ 2 $ 3 $ 2 —State (1 ) 2 4 —Foreign 3 10 9 4 15 15 Deferred —Federal 2 (1 ) 4 —State — (1 ) 1 —Foreign 3 1 1 5 (1 ) 6 Income tax provision – continuing operations $ 9 $ 14 $ 21 The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision recorded for continuing operations are as follows (in millions): Year ended December 31, 2015 2014 2013 Statutory federal income tax provision – continuing operations $ 204 $ 265 $ 81 Adjustment for nontaxable income of Host Inc. – continuing operations (203 ) (268 ) (77 ) State income tax provision, net 1 1 5 Provision for uncertain tax positions 1 5 2 Foreign income tax provision 6 11 10 Income tax provision – continuing operations $ 9 $ 14 $ 21 Cash paid for income taxes, net of refunds received, was $9 million, $22 million, and $17 million in 2015, 2014, and 2013, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 2015 2014 Balance at January 1 $ 10 $ 5 State decreases (2 ) 2 Other increases 3 3 Balance at December 31 $ 11 $ 10 All of such uncertain tax position amounts, if recognized, would impact our reconciliation between the income tax provision calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision recorded each year. We expect a decrease to the balance of unrecognized tax benefits within 12 months of the reporting date of approximately $1 million. As of December 31, 2015, the tax years that remain subject to examination by major tax jurisdictions generally include 2012-2015. There were no material interest or penalties recorded for the years ended December 31, 2015, 2014 and 2013. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | 7. Leases Taxable REIT Subsidiaries Leases We lease substantially all of our hotels to a wholly owned subsidiary that qualifies as a taxable REIT subsidiary due to federal income tax restrictions on a REIT’s ability to derive revenue directly from the operation and management of a hotel. Vornado Lease On July 30, 2012, we leased the retail and signage components of the New York Marriott Marquis to Vornado Realty Trust (“Vornado”). Vornado will redevelop and expand the existing retail space and a portion of the parking garage into a high-end retail space, as well as create a 25,000 square foot, block front, LED signage. The lease has a 20-year term and, over the term of the lease, each party has options that, if exercised, would result in ownership of the retail space being conveyed to Vornado at a price based on the future cash flow of the leased property. Minimum rental revenue is recognized on a straight-line basis over the term of the lease. The future minimum rental revenue under the non-cancelable lease is $12.5 million on an annual basis. Percentage rent is accrued when the specified income targets have been met. Ground Leases As of December 31, 2015, all or a portion of 31 of our hotels are subject to ground leases, generally with multiple renewal options, all of which are accounted for as operating leases. For lease agreements with scheduled rent increases, we recognize the lease expense ratably over the term of the lease. Certain of these leases contain provisions for the payment of contingent rentals based on a percentage of sales in excess of stipulated amounts. Other Lease Information We also have leases on facilities used in our former restaurant business, all of which we subsequently subleased. These leases and subleases contain one or more renewal options, generally for five or ten-year periods. The restaurant leases are accounted for as operating leases. Our contingent liability related to these leases is $16 million as of December 31, 2015. However, management considers the likelihood of any material funding related to these leases to be remote. Our leasing activity also includes those entered into by our hotels for various types of equipment, such as computer equipment, vehicles and telephone systems. Equipment leases are accounted for either as operating or capital leases, depending on the characteristics of the particular lease arrangement. Equipment leases that are characterized as capital leases are classified as furniture and equipment and are depreciated over the life of the lease. The amortization expense applicable to capitalized leases is included in depreciation expense. The following table presents the future minimum annual rental commitments required under non-cancelable leases for which we are the lessee (in millions): As of December 31, 2015 Capital Operating Leases Leases 2016 $ 1 $ 44 2017 — 43 2018 — 41 2019 — 39 2020 — 39 Thereafter — 1,509 Total minimum lease payments $ 1 $ 1,715 Minimum payments for the operating leases have not been reduced by aggregate minimum sublease rentals from restaurants of approximately $9 million per year that are payable to us under non-cancelable subleases. Rent expense is included in other property-level expenses on our consolidated statements of operations and consists of (in millions): Year ended December 31, 2015 2014 2013 Minimum rentals on operating leases $ 48 $ 48 $ 50 Additional rentals based on sales 33 32 32 Rental payments based on real estate tax assessments — — 24 Less: sublease rentals (2 ) (3 ) (3 ) $ 79 $ 77 $ 103 |
Employee Stock Plans
Employee Stock Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Plans | 8. Employee Stock Plans Upon the issuance of Host Inc.’s common stock under either of the two stock-based compensation plans described below, Host L.P. will issue to Host Inc. common OP units of an equivalent value. Accordingly, these liabilities and related disclosures are included in both Host Inc.’s and Host L.P.’s consolidated financial statements. Host Inc. maintains two stock-based compensation plans, the Comprehensive Stock and Cash Incentive Plan (the “2009 Comprehensive Plan”), under which Host Inc. may award to participating employees Host Inc.’s common stock and options to purchase our common stock, and the Employee Stock Purchase Plan (“ESPP”). At December 31, 2015, there were approximately 16 million shares of Host Inc.’s common stock reserved and available for issuance under the 2009 Comprehensive Plan. We recognize costs resulting from share-based payments in our financial statements over their vesting periods. No compensation cost is recognized for awards for which employees do not render the requisite services. We classify share-based payment awards granted in exchange for employee services as either equity or liability awards. Equity awards are measured based on their fair value as of the date of grant. In contrast, liability awards are re-measured to fair value each reporting period. During 2015, 2014 and 2013, we recorded stock-based compensation expense of approximately $11 million, $22 million and $18 million, respectively. Shares granted in 2015, 2014 and 2013 totaled 1.8 million, 2.0 million and 2.2 million, respectively, while 0.8 million, 1.3 million and 1.2 million shares, respectively, vested during those years. Senior Executive Plan During 2015, Host Inc. granted 1.3 million shares of restricted stock awards and 0.4 million shares of stock option awards, to senior executives (the “Annual Plan”), which amount represents the maximum number of shares that can be earned during the year if performance is at the “high” level of achievement. The stock option awards have an average exercise price of $23.64 per share for performance year 2015. The restricted stock awards and stock option awards vest on an annual basis; therefore, no unvested awards were outstanding at December 31, 2015. Restricted stock awards Vesting of restricted stock awards is based on (1) the achievement of relative total shareholder return (“TSR”) and (2) the company and personal performance of employees attributable to specific management business objectives. Approximately 50% of the restricted stock awards are based on the satisfaction of the TSR compared to (i) the NAREIT index, (ii) the Standard & Poor’s index, and (iii) a Selected Lodging Company index that serves as a relevant industry/asset specific measurement to our competitors, with the remaining 50% based on the achievement of management business objectives. Restricted stock awards granted to U.S. senior executives are classified as liability awards, due to settlement features that allow the recipient to have a percentage of the restricted stock awards withheld to meet tax requirements in excess of the statutory minimum withholding requirements. The fair value of these shares is adjusted at each balance sheet date and, at year end, is equal to the number of shares earned during the year at the December 31, 2015 stock price. Of the awards granted in 2015, 96% were classified as liability awards. In contrast, restricted stock awards granted to senior executives operating out of our international offices do not have this settlement feature and are considered equity awards. The fair value of these equity awards is based on the fair value on the grant date, and is not adjusted for subsequent movements in fair value. During 2015, 2014 and 2013, we recorded compensation expense of approximately $8 million, $18 million and $14 million, respectively, related to the restricted stock awards to senior executives. The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2015: Year ended December 31, 2015 2014 2013 Shares Fair Value Shares Fair Value Shares Fair Value (in millions) (per share) (in millions) (per share) (in millions) (per share) Balance, at beginning of year — $ — — $ — — $ — Granted 1.3 16 1.5 18 1.7 16 Vested (1) (0.4 ) 15 (0.8 ) 24 (0.8 ) 19 Forfeited/expired (0.9 ) 15 (0.7 ) 24 (0.9 ) 19 Balance, at end of year — — — — — — Issued in calendar year (1) 0.5 24 0.4 19 0.3 19 ___________ (1) Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.5 million shares issued in 2015 include shares vested at December 31, 2014, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $9.8 million, $6.1 million and $5.5 million, for 2015, 2014 and 2013, respectively. Stock Option Awards As of December 31, 2015, 1.0 million shares of stock option awards were outstanding and exercisable, with a weighted average remaining life of 8 years and a weighted average exercise price of $19.37 per share. During 2015, 2014 and 2013, stock option grants totaled 366,000, 393,000 and 420,000, respectively. Stock option compensation expense was $1.8 million, $1.8 million and $1.8 million during 2015, 2014 and 2013, respectively, and all stock option awards outstanding as of December 31, 2015 were fully vested. The stock option awards are equity classified awards, as they do not include cash settlement features. We expense stock option awards over the vesting period based on the estimated fair value of the options at the grant date using a binomial pricing model. The utilization of the binomial model requires us to make certain estimates related to the volatility of the share price of our common stock, risk-free interest rates and the amount of our awards expected to be forfeited, and our expected dividend yield. To calculate the fair value of stock option awards granted from 2013 to 2015, we assumed (i) a volatility ranging between 28% and 32%, (ii) a risk-free rate ranging between 1.0% and 1.8%, (iii) a dividend yield of between 3% and 4%, and (iv) an expected life of 5.5 years. Other Stock Plans In addition to the share-based plans described above, we maintain an upper-middle management plan and an employee stock purchase plan. The awards are time-based equity awards that vest within three years of the grant date and expense is recognized over the life of the award based on the grant date fair value. Through the employee stock purchase plan, employees can purchase stock at a 10% discount of the lower of the beginning and ending stock price each quarter. During 2015, 2014 and 2013, we granted 116,000 shares, 118,000 shares and 116,000 shares, respectively, under both of these programs and recorded expense of $1.9 million, $2.2 million and $2.0 million, respectively. |
Profit Sharing and Postemployme
Profit Sharing and Postemployment Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postemployment Benefits Plans | 9. Profit Sharing and Postemployment Benefit Plans We contribute to defined contribution plans for the benefit of employees who meet certain eligibility requirements and who elect participation in the plans. The discretionary amount to be matched by us is determined annually by Host Inc.’s Board of Directors. Our recorded liability for this obligation is not material. Payments for these items were not material for the three years ended December 31, 2015. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Dispositions | 10. Dispositions We disposed of eight hotels in 2015, five hotels in 2014, and five hotels in 2013. Effective January 1, 2014, we adopted ASU 2014-08, Reporting for Discontinued Operations. As a result, operations and any gain or loss on sale of hotels sold subsequent to December 31, 2013 will generally continue to be reported in continuing operations. The results of properties sold in 2013, including the gain on sale, will continue to be reported in discontinued operations. The following table provides summary results of operations for the eight hotels sold in 2015 and five hotels sold in 2014, which are included in continuing operations (in millions): Year ended December 31, 2015 2014 Revenues $ 60 $ 197 Income before taxes 5 12 Gain on disposals 89 229 The following table provides summary results of operations for the five hotels sold in 2013, which are included in discontinued operations (in millions): Year ended December 31, 2013 Revenues $ 104 Income before taxes 22 Gain on disposals, net of tax 97 Net income attributable to Host Inc. is allocated between continuing and discontinued operations as follows (in millions): Year ended December 31, 2013 Continuing operations, net of tax $ 203 Discontinued operations, net of tax 114 Net income attributable to Host Inc. $ 317 Net income attributable to Host L.P. is allocated between continuing and discontinued operations as follows (in millions): Year ended December 31, 2013 Continuing operations, net of tax $ 206 Discontinued operations, net of tax 115 Net income attributable to Host L.P. $ 321 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 11. Acquisitions Business Combinations We acquired one hotel during 2015 and recorded $1 million of acquisition related expenses and acquired two hotels during 2014 and recorded $2 million of acquisition related expenses. For 2015 and 2014, our business combinations were as follows: On June 8, 2015, we acquired the 643-room Phoenician hotel for approximately $400 million. On August 11, 2014, we acquired the 242-room YVE Hotel Miami (formerly the b2 miami downtown hotel) for approximately $58 million. On January 21, 2014, we acquired the 151-room Axiom Hotel (formerly the Powell Hotel) in San Francisco, California, including retail space and the fee simple interest in the land, for approximately $75 million. Accounting for the acquisition of a hotel property or an entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The purchase price allocations are estimated based on current available information. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for our 2015 and 2014 hotel acquisitions (in millions): As of December 31, 2015 2014 Property and equipment $ 400 $ 131 FF&E Reserves and other assets — 3 Total assets 400 134 Other liabilities (2 ) (1 ) Net assets acquired $ 398 $ 133 Our summarized unaudited consolidated pro forma results of operations, assuming the 2015 and 2014 hotel acquisitions occurred on January 1, 2014 and 2013, respectively, and excluding the acquisition costs discussed above, are as follows (in millions, except per share and per unit amounts): Year ended December 31, 2015 2014 Revenues $ 5,459 $ 5,475 Income from continuing operations 594 763 Net income 594 763 Host Inc.: Net income attributable to Host Inc. $ 581 $ 748 Basic earnings per common share $ .77 $ .99 Diluted earnings per common share $ .77 $ .99 Host L.P.: Net income attributable to Host L.P. $ 588 $ 757 Basic earnings per common share $ .79 $ 1.01 Diluted earnings per common share $ .79 $ 1.01 For 2015 and 2014, our consolidated statements of operations include $68 million and $12 million of revenues, respectively, and a net loss of $2 million for 2015 and net income of $2 million for 2014. New Development and Other Asset Acquisitions For 2015 and 2014, our new development and other asset acquisitions were as follows: On December 30, 2015, we purchased the land under the Minneapolis City Center Marriott for $34 million. In February 2015, we purchased the ground lease at the Sheraton Indianapolis Hotel at Keystone Crossing, along with two out-parcels, for $4.6 million. In the fourth quarter of 2014, we completed construction and opened the 149-room Novotel and 256-room ibis Rio de Janeiro Parque Olimpico in Barra da Tijuca, both managed by Accor, for a total investment of R$139 million ($65 million). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements Overview Our recurring fair value measurements consist of the valuation of our derivative instruments, all of which are designated as accounting hedges. Non-recurring fair value measurements during 2014 consisted of the impairment of one of our hotel properties, which was sold during 2014. The following table details the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, as well as non-recurring fair value measurements that we completed during 2014 due to the impairment of non-financial assets (in millions): Fair Value at Measurement Date Using Balance at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 17 $ — $ 17 $ — Liabilities Interest rate swap derivatives (1) (1 ) — (1 ) — Fair Value at Measurement Date Using Balance at December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 13 $ — $ 13 $ — Liabilities Interest rate swap derivatives (1) (2 ) — (2 ) — Fair Value Measurements on a Non-recurring Basis: Impaired hotel properties held and used (2) — — — 18 ___________ (1) These derivative contracts have been designated as hedging instruments. (2) The fair value measurement is as of the measurement date of the impairment and may not reflect the book value as of December 31, 2014. Impairment During 2014, an impairment expense of $6 million was recorded related to the Dayton Marriott. The fair value was based on expected sale proceeds of the property, which property was sold on December 17, 2014. The impairment expense is included in depreciation expense. Derivatives and Hedging Interest rate swap derivatives designated as cash flow hedges. We have designated our floating-to-fixed interest rate swap derivatives as cash flow hedges. The purpose of the interest rate swaps is to hedge against changes in cash flows (interest payments) attributable to fluctuations in variable rate debt. The derivatives are valued based on the prevailing market yield curve on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the swaps. Changes in the fair value of the derivatives are recorded to other comprehensive income (loss) on the accompanying balance sheets. The hedges were fully effective as of December 31, 2015. In connection with the partial repayment of the mortgage loan secured by our New Zealand properties, we reduced the notional amount of the related interest rate swap to NZ$53 million ($36 million). The reduction of the notional amount did not result in any changes to the maturity date, swapped index or all-in fixed interest rate of the mortgage loan. During 2015, in contemplation of issuing the 4% Series E senior notes, we entered into three forward swaps and two treasury locks for total notional amounts of $150 million and $200 million, respectively. The purpose of the forward swaps and treasury locks was to hedge against changes in interest-related cash flows (forecast interest payments) on an issuance of long-term debt. The forward swaps hedged the risk of changes in the 3-month LIBOR rate over a 10-year period and the treasury locks hedged the risk of changes in the 10-year U.S. Treasury rate. Subsequent to the pricing date of the 4% Series E senior notes in May 2015, we net settled the three forward swaps and two treasury locks for total proceeds of approximately $4 million. The gain on the forward swaps and treasury locks has been recorded to other comprehensive income and will be amortized over the 10-year life of the Series E senior notes, as a reduction to interest expense. Also in 2015, in contemplation of issuing the 4.5% Series F senior notes, we entered into five forward swaps for a total notional amount of $350 million. The purpose of the forward swaps was to hedge against changes in interest-related cash flows (forecast interest payments) on an issuance of long-term debt. The forward swaps hedged the risk of changes in the 3-month LIBOR rate over a 10-year period. Subsequent to the pricing date of the 4.5% Series F senior notes in October 2015, we net settled the five forward swaps for a total payment of approximately $9 million. The loss on the forward swaps has been recorded to other comprehensive income and will be amortized over the 10-year life of the Series F senior notes, as an increase to interest expense. The following table summarizes our interest rate swap derivatives designated as cash flow hedges (in millions): Currently Outstanding Change in Fair Value - All Contracts Gain (Loss) Total Notional Maturity Swapped All-in- Year ended December 31, Transaction Date Amount Date Index Rate 2015 2014 November 2011 (1) A$ 62 November 2016 Reuters BBSY 6.7% $ 1 $ — February 2011 (2) NZ$ 53 February 2016 NZ$ Bank Bill 7.15% — — ___________ (1) The swap was entered into in connection with the A$86 million ($63 million) mortgage loan on the Hilton Melbourne South Wharf. (2) The swap was entered into in connection with the NZ$53 million ($36 million) mortgage loan on four properties in New Zealand. Foreign Investment Hedging Instruments. We have five foreign currency forward sale contracts that hedge a portion of the foreign currency exposure resulting from the eventual repatriation of our net investment in foreign operations. These derivatives are considered hedges of the foreign currency exposure of a net investment in a foreign operation and are marked-to-market with changes in fair value recorded to other comprehensive income (loss) within the equity portion of our balance sheet. The foreign currency forward sale contracts are valued based on the forward yield curve of the foreign currency to U.S. dollar forward exchange rate on the date of measurement. We also evaluate counterparty credit risk when we calculate the fair value of the derivatives. During 2015, in connection with the maturity of two foreign currency forward sale contracts with a total notional amount of €55 million, for which we received total proceeds of approximately $12 million, we entered into two new foreign currency forward sale contracts with a total notional amount of €55 million. The gain related to the matured contracts is included in accumulated other comprehensive income and will be recognized in earnings when our investment in the Euro JV has been repatriated. The following table summarizes our foreign currency forward sale contracts (in millions): Currently Outstanding Change in Fair Value - All Contracts Total Transaction Amount in Total Transaction Gain (Loss) Transaction Date Foreign Amount Forward Purchase Year ended December 31, Range Currency in Dollars Date Range 2015 2014 January 2013-September 2015 € 100 $ 124 January 2016-September 2017 $ 13 $ 18 November 2014 C$ 25 $ 22 November 2016 $ 3 $ 1 In addition to the foreign currency forward sale contracts, we have designated a portion of the foreign currency draws on our credit facility as hedges of net investments in foreign operations. As a result, currency translation adjustments in the designated credit facility draws are recorded to other comprehensive income (loss) within the equity portion of our balance sheet, which adjustments offset a portion of the translation adjustment related to our foreign investments. The following table summarizes the draws on our credit facility that are designated as hedges of net investments in international operations (in millions): Balance Balance Gain (Loss) Outstanding Outstanding in Year ended December 31, Currency US$ Foreign Currency 2015 2014 Canadian dollars (1) $ 33 C$ 46 $ 5 $ 2 Euros $ 84 € 77 $ 10 $ 13 ___________ (1) We have drawn an additional $44 million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. Other Assets and Liabilities Fair Value of Other Financial Assets and Liabilities. We did not elect the fair value measurement option for any of our other financial assets or liabilities. The fair values of secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Senior Notes and the Exchangeable Senior Debentures are valued based on quoted market prices. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial assets and liabilities and other financial instruments are shown below (in millions): As of December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 2,376 $ 2,452 $ 2,472 $ 2,668 Exchangeable Senior Debentures (Level 1) — — 386 739 Credit facility (Level 2) 1,291 1,298 697 704 Mortgage debt and other, excluding capital leases (Level 2) 349 355 401 413 |
Relationship with Marriott Inte
Relationship with Marriott International | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Relationship with Marriott International | 13. Relationship with Marriott International We have entered into various agreements with Marriott, including the management of approximately 54% of our hotels (as measured by revenues), financing for joint ventures or partnerships, including our JW Marriott Hotel, Mexico City, Mexico and certain limited administrative services. In 2015, 2014 and 2013, we paid Marriott $145 million, $146 million and $150 million, respectively, of hotel management fees and approximately $2.6 million, $1.4 million and $1.3 million, respectively, of franchise fees for 2015, 2014 and 2013. |
Hotel Management Agreements and
Hotel Management Agreements and Operating and License Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Contractors [Abstract] | |
Hotel Management Agreements and Operating and License Agreements | 14. Hotel Management Agreements and Operating and License Agreements All of our hotels are managed by third parties pursuant to management or operating agreements, with some of our hotels also being subject to separate license agreements addressing matters pertaining to operation under the designated brand. Properties managed by Marriott, Starwood and Hyatt, represent 54%, 24% and 12% of our total revenues, respectively. Under these agreements, the managers generally have sole responsibility for all activities necessary for the day-to-day operation of the hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. The managers also provide all employees for the hotels, prepare reports, budgets and projections, and provide other administrative and accounting support services to the hotels. For the majority of our properties, we have approval rights over budgets, capital expenditures, significant leases and contractual commitments, and various other matters. The initial term of our agreements generally is 10 to 25 years, with one or more renewal terms at the option of the manager. The majority of our agreements condition the manager’s right to exercise options for renewal upon the satisfaction of specified economic performance criteria. The manager typically receives a base management fee, which is calculated as a percentage (generally 2-3%) of annual gross revenues, and an incentive management fee, which typically is calculated as a percentage (generally 10-20%) of operating profit after the owner has received a priority return on its investment. In the case of our Starwood-managed hotels, the base management fee only is 1% of annual gross revenues, but that amount is supplemented by license fees payable to Starwood under a separate license agreement pertaining to the designated brand, including rights to use trademarks, service marks and logos, matters relating to compliance with certain brand standards and policies, and the provision of certain system programs and centralized services. Under the license agreement Starwood generally receives 5% of gross revenues attributable to room sales and 2% of gross revenues attributable to food and beverage sales in addition to a base management fee. As part of the agreements, the manager furnishes the hotels with certain chain services, which generally are provided on a central or regional basis to all hotels in the manager’s hotel system. Chain services include central training, advertising and promotion, national reservation systems, computerized payroll and accounting services, and such additional services as needed which may be more efficiently performed on a centralized basis. Costs and expenses incurred in providing such services are allocated among the hotels managed, owned or leased by the manager on a fair and equitable basis. In addition, our managers generally will sponsor a guest rewards program, the costs of which will be charged to all of the hotels that participate in such program. We are obligated to provide the manager with sufficient funds, generally 5% of the revenue generated at the hotel, to cover the cost of (a) certain non-routine repairs and maintenance to the hotels which normally are capitalized, and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Under certain circumstances, we will be required to establish escrow accounts for such purposes under terms outlined in the agreements. We generally are limited in our ability to sell, lease or otherwise transfer the hotels unless the transferee assumes the related management agreement. However, most agreements include owner rights to terminate the agreements on the basis of the manager’s failure to meet certain performance-based metrics. Typically, these criteria are subject to the manager’s ability to ‘cure’ and avoid termination by payment to us of specified deficiency amounts (or, in some instances, waiver of the right to receive specified future management fees). In addition to any performance-based or other termination rights, we have negotiated with Marriott, Starwood and some of our other managers specific termination rights related to specific agreements. These termination rights can take a number of different forms, including termination of agreements upon sale that leave the property unencumbered by any agreement; termination upon sale provided that the property continues to be operated under a license or franchise agreement with continued brand affiliation; as well as termination without sale or other condition, which may require the payment of a fee. These termination rights also may restrict the number of agreements that may be terminated over any annual or other period; impose limitations on the number of agreements terminated as measured by EBITDA; require that a certain number of properties continue to maintain the brand affiliation; or be restricted to a specific pool of assets. |
Geographic and Business Segment
Geographic and Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Geographic and Business Segment Information | 15. Geographic and Business Segment Information We consider each one 2015 2014 2013 Revenues Property and Equipment, net Revenues Property and Equipment, net Revenues Property and Equipment, net United States $ 5,166 $ 10,372 $ 5,077 $ 10,111 $ 4,895 $ 10,498 Australia 34 88 39 102 40 106 Brazil 30 53 36 82 30 76 Canada 58 66 87 82 97 89 Chile 25 44 32 44 34 54 Mexico 29 18 29 26 24 32 New Zealand 45 20 54 128 46 140 Total $ 5,387 $ 10,661 $ 5,354 $ 10,575 $ 5,166 $ 10,995 |
Guarantees and Contingencies
Guarantees and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees and Contingencies | 16. Guarantees and Contingencies We have certain guarantees which consist of commitments made to third parties for leases or debt that are not recognized in our consolidated financial statements due to various dispositions, spin-offs and contractual arrangements, but that we have agreed to pay in the event of certain circumstances, including the default by an unrelated party. We also may have contingent environmental liabilities related to the presence of hazardous or toxic substances. We consider the likelihood of any material payments under these guarantees and contingencies to be remote. The guarantees and contingencies that are not recognized in our consolidated financial statements are listed below: We remain contingently liable for rental payments on certain divested non-lodging properties. These primarily represent certain restaurants that were sold subject to our guarantee of the future rental payments. The aggregate amount of these future rental payments is approximately $16 million as of December 31, 2015. In connection with the sale of two hotels in January 2005, we remain contingently liable for the amounts due under the respective ground leases. The future minimum lease payments are approximately $12 million through the full term of the leases, including renewal options. We believe that the likelihood of any material payments related to these ground leases is remote, and in each case, we have been indemnified by the purchaser of the hotel. Guarantees and environmental liabilities that are recorded on our consolidated balance sheet include: In connection with the sale of the Atlanta Marriott Marquis in January 2013, we retained a contingent liability for potential environmental liabilities, which is not to exceed $5 million. In connection with the sale of the Ritz-Carlton San Francisco hotel in June 2013, we agreed to guarantee the hotel’s operating income through December 31, 2016. During this period, we will make support payments of up to $4 million a year, not to exceed $11 million for the life of the agreement. In 2015 and 2014, we recognized approximately $4 million and $3 million, respectively, of the deferred gain. As of December 31, 2015, we have accrued $4 million for the remaining guarantee. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 17. Legal Proceedings We are involved in various legal proceedings in the ordinary course of business regarding the operation of our hotels and company matters. To the extent not covered by insurance, these lawsuits generally fall into the following broad categories: disputes involving hotel-level contracts, employment litigation, compliance with laws such as the Americans with Disabilities Act, tax disputes and other general matters. Under our management agreements, our operators have broad latitude to resolve individual hotel-level claims for amounts generally less than $150,000. However, for matters exceeding such threshold, our operators may not settle claims without our consent. Based on our analysis of legal proceedings with which we currently are involved or of which we are aware and our experience in resolving similar claims in the past, we have accrued approximately $4 million as of December 31, 2015. We have estimated that, in the aggregate, our losses related to these proceedings could be as much as $15 million. We believe this range represents the maximum potential loss for all of our legal proceedings. We are not aware of any other matters with a reasonably possible unfavorable outcome for which disclosure of a loss contingency is required. No assurances can be given as to the outcome of any pending legal proceedings. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 18. Quarterly Financial Data (unaudited) 2015 First Second Third Fourth Quarter Quarter Quarter Quarter (in millions, except per share/unit amounts) Host Hotels & Resorts, Inc.: Revenues $ 1,317 $ 1,449 $ 1,287 $ 1,334 Operating profit 144 227 132 147 Net income 104 216 85 166 Net income attributable to Host Hotels & Resorts, Inc. 98 212 85 163 Basic earnings per common share .13 .28 .11 .22 Diluted earnings per common share .13 .28 .11 .22 Host Hotels & Resorts, L.P. (1) Net income attributable to Host Hotels & Resorts, L.P. 99 215 86 165 Basic earnings per common unit .13 .29 .12 .22 Diluted earnings per common unit .13 .29 .12 .22 2014 First Second Third Fourth Quarter Quarter Quarter Quarter (in millions, except per share/unit amounts) Host Hotels & Resorts, Inc.: Revenues $ 1,309 $ 1,431 $ 1,294 $ 1,320 Operating profit 134 225 202 149 Net income 185 159 145 258 Net income attributable to Host Hotels & Resorts, Inc. 179 155 144 254 Basic earnings per common share .24 .21 .19 .34 Diluted earnings per common share .24 .21 .19 .33 Host Hotels & Resorts, L.P. (1) Net income attributable to Host Hotels & Resorts, L.P. 181 157 146 257 Basic earnings per common unit .24 .21 .19 .34 Diluted earnings per common unit .24 .21 .19 .34 ___________ (1) Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. The sum of the basic and diluted earnings per common share and OP units for the four quarters in all years presented differs from the annual earnings per common share and OP units due to the required method of computing the weighted average number of shares and OP units in the respective periods. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | SCHEDULE III Page 1 of 5 HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (in millions) Initial Cost Subsequent Foreign Gross Amount at December 31, 2015 Date of Buildings & Costs Currency Buildings & Accumulated Completion of Date Depreciation Description Debt Land Improvements Capitalized Adjustment Land Improvements Total Depreciation Construction Acquired Life Hotels: Atlanta Marriott Perimeter Center $ — $ 15 $ 7 $ 36 — $ 15 $ 43 $ 58 $ 31 — 1976 40 Atlanta Marriott Suites Midtown — — 26 9 — — 35 35 20 — 1996 40 Axiom Hotel — 36 38 1 — 36 39 75 3 — 2014 33 Boston Marriott Copley Place — — 203 77 — — 280 280 119 — 2002 40 Calgary Marriott Downtown — 5 18 44 — 5 62 67 25 — 1996 40 Chicago Marriott Suites Downers Grove — 2 14 12 — 2 26 28 13 — 1996 40 Chicago Marriott Suites O'Hare — 5 36 10 — 5 46 51 23 — 1998 40 Coronado Island Marriott Resort & Spa — — 53 29 — — 82 82 46 — 1997 40 Costa Mesa Marriott — 3 18 8 — 3 26 29 15 — 1996 40 Courtyard Chicago Downtown/River North — 7 27 14 — 7 41 48 26 — 1992 40 Denver Marriott Tech Center Hotel — 6 26 29 — 6 55 61 34 — 1994 40 Denver Marriott West — — 12 14 — — 26 26 19 — 1983 40 Embassy Suites Chicago-Downtown/Lakefront — — 86 16 — — 102 102 31 — 2004 40 Gaithersburg Marriott Washingtonian Center — 7 22 13 — 7 35 42 20 — 1993 40 Grand Hyatt Atlanta in Buckhead — 8 88 29 — 8 117 125 54 — 1998 40 Grand Hyatt Washington — 154 247 26 — 154 273 427 36 — 2012 33 Harbor Beach Marriott Resort & Spa 150 — 62 112 — — 174 174 100 — 1997 40 Hilton Melbourne South Wharf 63 — 136 13 (49 ) — 100 100 16 — 2011 31 Hilton Singer Island Oceanfront Resort — 2 10 22 — 2 32 34 20 — 1994 40 Houston Airport Marriott at George Bush Intercontinental — — 10 80 — — 90 90 47 — 1984 40 Houston Marriott at the Texas Medical Center — — 19 25 — — 44 44 28 — 1998 40 HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) December 31, 2015 (in millions) Initial Cost Subsequent Foreign Gross Amount at December 31, 2015 Date of Buildings & Costs Currency Buildings & Accumulated Completion of Date Depreciation Description Debt Land Improvements Capitalized Adjustment Land Improvements Total Depreciation Construction Acquired Life Hyatt Place Waikiki Beach — 12 120 2 — 12 122 134 11 — 2013 34 Hyatt Regency Cambridge, Overlooking Boston — 18 84 10 — 19 93 112 51 — 1998 40 Hyatt Regency Maui Resort & Spa — 92 212 43 — 81 266 347 94 — 2003 40 Hyatt Regency Reston 100 11 78 27 — 12 104 116 48 — 1998 40 Hyatt Regency San Francisco Airport — 16 119 60 — 20 175 195 81 — 1998 40 Hyatt Regency Washington on Capitol Hill — 40 230 41 — 40 271 311 81 — 2005 40 JW Marriott Atlanta Buckhead — 16 21 28 — 16 49 65 32 — 1990 40 JW Marriott Desert Springs Resort & Spa — 13 143 139 — 13 282 295 146 — 1997 40 JW Marriott Hotel Rio de Janeiro — 13 29 3 (26 ) 5 14 19 2 — 2010 40 JW Marriott Houston — 4 26 41 — 6 65 71 34 — 1994 40 JW Marriott Mexico City — 11 35 19 — 10 55 65 45 — 1996 40 JW Marriott Washington D.C. — 26 98 61 — 26 159 185 78 — 2003 40 Key Bridge Marriott — — 38 36 — — 74 74 66 — 1997 40 Manchester Grand Hyatt, San Diego — — 548 54 — — 602 602 100 — 2011 35 Manhattan Beach Marriott — — 29 30 — — 59 59 33 — 1997 40 Marina del Rey Marriott — — 13 31 — — 44 44 23 — 1995 40 Marriott Marquis San Diego Marina — — 202 283 — — 485 485 238 — 1996 40 Miami Marriott Biscayne Bay — — 27 34 — — 61 61 42 — 1998 40 Minneapolis Marriott City Center — 34 27 43 — 34 70 104 55 — 1995 40 New Orleans Marriott — 16 96 126 — 16 222 238 139 — 1996 40 New York Marriott Downtown — 19 79 48 — 19 127 146 71 — 1997 40 New York Marriott Marquis — 49 552 215 — 49 767 816 546 — 1986 40 New Zealand Hotel Portfolio 36 — 37 (7 ) (3 ) — 27 27 7 — 2011 35 Newark Liberty International Airport Marriott — — 30 46 — — 76 76 41 — 1984 40 Newport Beach Marriott Bayview — 6 14 12 — 6 26 32 15 — 1988 40 Newport Beach Marriott Hotel & Spa — 11 13 116 — 8 132 140 80 — 1988 40 Orlando World Center Marriott — 18 157 375 — 29 521 550 247 — 1997 40 HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) December 31, 2015 (in millions) Initial Cost Subsequent Foreign Gross Amount at December 31, 2015 Date of Buildings & Costs Currency Buildings & Accumulated Completion of Date Depreciation Description Debt Land Improvements Capitalized Adjustment Land Improvements Total Depreciation Construction Acquired Life Philadelphia Airport Marriott — — 42 17 — — 59 59 30 — 1995 40 Residence Inn Arlington Pentagon City — 6 29 11 — 6 40 46 21 — 1996 40 Rio de Janeiro Parque Olympico Hotels — 21 39 — (28 ) 11 21 32 1 2014 — 35 San Antonio Marriott Rivercenter — — 86 84 — — 170 170 90 — 1996 40 San Antonio Marriott Riverwalk — — 45 30 — — 75 75 39 — 1995 40 San Cristobal Tower, Santiago — 7 15 2 (7 ) 5 12 17 4 — 2006 40 San Francisco Marriott Fisherman’s Wharf — 6 20 21 — 6 41 47 27 — 1994 40 San Francisco Marriott Marquis — — 278 114 — — 392 392 249 — 1989 40 San Ramon Marriott — — 22 22 — — 44 44 24 — 1996 40 Santa Clara Marriott — — 39 56 — — 95 95 82 — 1989 40 Scottsdale Marriott at McDowell Mountains — 8 48 7 — 8 55 63 17 — 2004 40 Scottsdale Marriott Suites Old Town — 3 20 10 — 3 30 33 17 — 1996 40 Seattle Airport Marriott — 3 42 20 — 3 62 65 46 — 1998 40 Sheraton Boston Hotel — 42 262 68 — 42 330 372 98 — 2006 40 Sheraton Indianapolis Hotel at Keystone Crossing — 3 51 33 — 8 79 87 25 — 2006 40 Sheraton Memphis Downtown Hotel — — 16 50 — — 66 66 32 — 1998 40 Sheraton New York Times Square Hotel — 346 409 200 — 346 609 955 187 — 2006 40 Sheraton Parsippany Hotel — 8 30 19 — 8 49 57 17 — 2006 40 Sheraton San Diego Hotel & Marina — — 328 36 — — 364 364 99 — 2006 40 Sheraton Santiago Hotel & Convention Center — 19 11 13 (11 ) 14 18 32 8 — 2006 40 Swissôtel Chicago — 29 132 83 — 29 215 244 88 — 1998 40 Tampa Airport Marriott — — 9 24 — — 33 33 27 — 1971 40 The Camby Hotel — 10 63 9 — 10 72 82 35 — 1998 40 The Fairmont Kea Lani, Maui — 55 294 59 — 55 353 408 110 — 2004 40 The Logan — 26 60 21 — 27 80 107 42 — 1998 40 The Phoenician Hotel — 72 307 — — 72 307 379 6 — 2015 32 The Ritz-Carlton, Amelia Island — 25 115 77 — 25 192 217 92 — 1998 40 The Ritz-Carlton, Buckhead — 14 81 63 — 15 143 158 84 — 1996 40 The Ritz-Carlton, Marina del Rey — — 52 29 — — 81 81 47 — 1997 40 HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) December 31, 2015 (in millions) Initial Cost Subsequent Foreign Gross Amount at December 31, 2015 Date of Buildings & Costs Currency Buildings & Accumulated Completion of Date Depreciation Description Debt Land Improvements Capitalized Adjustment Land Improvements Total Depreciation Construction Acquired Life The Ritz-Carlton, Naples — 19 126 136 — 21 260 281 145 — 1996 40 The Ritz-Carlton, Naples Golf Resort — 22 10 71 — 22 81 103 28 2002 — 40 The Ritz-Carlton, Tysons Corner — — 89 26 — — 115 115 55 — 1998 40 The St. Regis Houston — 6 33 20 — 6 53 59 21 — 2006 40 The Westin Buckhead Atlanta — 5 84 32 — 6 115 121 52 — 1998 40 The Westin Chicago River North — 33 116 11 — 33 127 160 18 — 2010 40 The Westin Cincinnati — — 54 15 — — 69 69 22 — 2006 40 The Westin Denver Downtown — — 89 17 — — 106 106 30 — 2006 40 The Westin Georgetown, Washington D.C. — 16 80 15 — 16 95 111 29 — 2006 40 The Westin Indianapolis — 12 100 16 — 12 116 128 32 — 2006 40 The Westin Kierland Resort & Spa — 100 280 24 — 100 304 404 74 — 2006 40 The Westin Los Angeles Airport — — 102 19 — — 121 121 36 — 2006 40 The Westin Mission Hills Resort & Spa — 40 47 (40 ) — 13 34 47 20 — 2006 40 The Westin New York Grand Central — 156 152 79 — 156 231 387 65 — 2011 40 The Westin Seattle — 39 175 33 — 39 208 247 54 — 2006 40 The Westin South Coast Plaza, Costa Mesa — — 46 22 — — 68 68 33 — 2006 40 The Westin Waltham-Boston — 9 59 17 — 9 76 85 23 — 2006 40 Toronto Marriott Downtown Eaton Centre Hotel — — 27 20 — — 47 47 29 — 1995 40 W New York — 138 102 71 — 138 173 311 62 — 2006 40 W New York - Union Square — 48 145 10 — 48 155 203 23 — 2010 40 W Seattle — 11 125 5 — 11 130 141 33 — 2006 40 Washington Dulles Airport Marriott — — 3 41 — — 44 44 36 — 1970 40 Washington Marriott at Metro Center — 20 24 27 — 20 51 71 32 — 1994 40 Westfields Marriott Washington Dulles — 7 32 18 — 7 50 57 30 — 1994 40 YVE Hotel Miami — 15 41 — — 15 41 56 2 — 2014 33 Total hotels: 349 2,074 9,301 4,418 (124 ) 2,036 13,633 15,669 5,760 Other properties, each less than 5% of total — 4 4 13 — 8 13 21 7 — various 40 TOTAL $ 349 $ 2,078 $ 9,305 $ 4,431 $ (124 ) $ 2,044 $ 13,646 $ 15,690 $ 5,767 HOST HOTELS & RESORTS, INC., AND SUBSIDIARIES HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (in millions) Notes: (A) The change in total cost of properties for the fiscal years ended December 31, 2015, 2014 and 2013 is as follows: Balance at December 31, 2012 $ 15,661 Additions: Acquisitions 184 Capital expenditures and transfers from construction-in-progress 353 Deductions: Dispositions and other (789 ) Impairments (1 ) Balance at December 31, 2013 15,408 Additions: Acquisitions 137 Capital expenditures and transfers from construction-in-progress 288 Deductions: Dispositions and other (501 ) Impairments (6 ) Balance at December 31, 2014 15,326 Additions: Acquisitions 419 Capital expenditures and transfers from construction-in-progress 391 Deductions: Dispositions and other (368 ) Impairments — Assets held for sale (78 ) Balance at December 31, 2015 $ 15,690 (B) The change in accumulated depreciation and amortization of real estate assets for the fiscal years ended December 31, 2015, 2014 and 2013 is as follows: Balance at December 31, 2012 $ 4,768 Depreciation and amortization 550 Dispositions and other (270 ) Balance at December 31, 2013 5,048 Depreciation and amortization 547 Dispositions and other (219 ) Balance at December 31, 2014 5,376 Depreciation and amortization 566 Dispositions and other (148 ) Depreciation on assets held for sale (27 ) Balance at December 31, 2015 $ 5,767 (C) The aggregate cost of real estate for federal income tax purposes is approximately $10,634 million at December 31, 2015. (D) The total cost of properties excludes construction-in-progress properties. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the consolidated accounts of Host Inc., Host L.P. and their subsidiaries and controlled affiliates, including joint ventures and partnerships. We consolidate subsidiaries when we have the ability to control the entity. For the majority of our hotel and real estate investments, we consider those control rights to be (i) approval or amendment of developments plans, (ii) financing decisions, (iii) approval or amendments of operating budgets, and (iv) investment strategy decisions. For those partnerships and joint ventures where we are the general partner, we review the rights of the limited partners to determine if those rights would overcome the presumption of control as the general partner. Limited partner rights which would overcome presumption of control by the general partner include the substantive ability to dissolve (liquidate) the limited partnership or otherwise remove the general partners without cause and substantive participating rights over activities considered most significant to the business of the partnership or joint venture, primarily voting rights. We also evaluate our subsidiaries to determine if they are variable interest entities (“VIEs”). If a subsidiary is a VIE, it is subject to the consolidation framework specifically for VIEs. Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. We consider an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. We review our subsidiaries and affiliates at least annually to determine if (i) they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics of these entities. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash includes reserves for debt service, real estate taxes, insurance, and furniture, fixtures and equipment replacement, as well as cash collateral and excess cash flow deposits due to mortgage debt agreement restrictions and provisions, and a reserve required for potential legal damages. For purposes of the statements of cash flows, changes in restricted cash caused by changes in required legal reserves are shown as operating activities. Changes in restricted cash caused by using such funds for furniture, fixtures and equipment replacement are shown as investing activities. The remaining changes in restricted cash are the direct result of restrictions under our loan agreements and are reflected in cash flows from financing activities. |
Property and Equipment | Property and Equipment Generally, property and equipment is recorded at cost. For properties we develop, cost includes interest and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets based on their fair value as of the acquisition date. Replacements and improvements and capital leases are capitalized, while repairs and maintenance are expensed as incurred. We capitalize certain inventory (such as china, glass, silver, and linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We maintain a furniture, fixtures and equipment replacement fund for renewal and replacement capital expenditures at certain hotels, which generally is funded with 5% of property revenues. Impairment testing. We analyze our consolidated properties for impairment throughout the year when events or circumstances occur that indicate the carrying value may not be recoverable. We consider a property to be impaired when the sum of the future undiscounted cash flows over our remaining estimated holding period is less than the carrying value of the asset. We test for impairment in several situations, including when a property has a current or projected loss from operations, when it becomes more likely than not that a hotel will be sold before the end of its previously estimated useful life, or when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying value of an asset may not be recoverable. For impaired assets, we record an impairment expense equal to the excess of the carrying value of the asset over its fair value. To the extent that a property has a substantial remaining estimated useful life and management does not believe that it is more likely than not the property will be disposed of prior to the end of its useful life, it would be unusual for undiscounted cash flows to be insufficient to recover the property’s carrying value. In the absence of other factors, we assume that the estimated life is equal to the GAAP depreciable life because of the continuous property maintenance and improvement capital expenditures required under our management agreements. We adjust our assumptions with respect to the remaining useful life of the property if situations dictate otherwise, such as an expiring ground lease, or that it is more likely than not that the asset will be sold prior to its previously expected useful life. We also consider the effect of regular renewal and replacement capital expenditures on the estimated life of our properties, including critical infrastructure, which regularly is maintained and then replaced at the end of its useful life. In the evaluation of the impairment of our assets, we make many assumptions and estimates, including: · projected cash flows, both from operations and the eventual disposition; · the expected useful life and holding period of the asset; · the future required capital expenditures; and · fair values, including consideration of capitalization rates, discount rates and comparable selling prices, as well as available third-party appraisals. While we consider all of the above indicators as preliminary indicators to determine if the carrying value may not be recovered by undiscounted cash flows, we reviewed the actual year-to-date and the projected cash flows from operations in order to identify properties with actual or projected annual operating losses or minimal operating profit as of December 31, 2015. The projected cash flows consider items such as booking pace, occupancy, room rate and property-level operating costs. As a result of our review, we identified one property that required further consideration of property and market specific conditions or factors to determine if the property was impaired using an undiscounted cash flow analysis. Management considered a range of RevPAR and operating margins compared to prior years’ operating results in evaluating the probability-weighted projected cash flows from operations. To appropriately evaluate if the carrying value of the asset was recoverable, we projected cash flows at a stabilized growth rate of approximately 3% over the remaining estimated lives of the properties. This stabilized growth rate is lower than the projected growth rate for the urban upper upscale properties, which we believe is most representative of our portfolio, over the period from 2013 through 2023. Based on this testing, none of the properties previously identified required further analysis. Management believes its assumptions and estimates reflect current market conditions. No impairment was recorded in 2015. During 2014 and 2013, we recognized impairment expenses of $6 million and $1 million, respectively, on one property in each of 2014 and 2013, which impairment expenses are included in depreciation and amortization, based on changes in estimated holding periods. Classification of Assets as “Held for Sale”. We will classify a hotel as held for sale when the sale thereof is probable, will be completed within one year and actions to complete the sale are unlikely to change or that the sale will not occur. This policy is consistent with our experience with real estate transactions under which the timing and final terms of a sale are frequently not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist which could prevent the transaction from being completed in a timely manner. We typically classify assets as held for sale when all of the following conditions are met: · Host Inc.’s Board of Directors has approved the sale (to the extent that the dollar amount of the sale requires Board approval); · a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash; and · no significant financing contingencies exist which could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation and will record an impairment expense if the fair value less costs to sell is less than the carrying amount of the hotel. We will classify the assets and related liabilities as held for sale on the balance sheet. Gains on sales of properties are recognized at the time of sale or are deferred and recognized as income in subsequent periods as conditions requiring deferral are satisfied or expire without further cost to us. Discontinued Operations. In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosure of Disposal of Components of an Entity (“ASU 2014-08 Reporting for Discontinued Operations”). Under this standard, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. In addition, it requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position. As a result, the operations through the date of disposal and the gain or loss on sale of properties is included in continuing operations, unless the sale represents a strategic shift. We adopted this standard as of January 1, 2014. No prior year restatements are permitted for this change in policy. Asset retirement obligations. We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities, when incurred, which generally is upon acquisition, construction, or development and/or through the normal operation of the asset, if sufficient information exists with which to reasonably estimate the fair value of the obligation. |
Intangible Assets and Liabilities | Depreciation and Amortization Expense. We depreciate our property and equipment using the straight-line method. Depreciation expense is based on the estimated useful life of our assets and amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. The lives of the assets are based on a number of assumptions, including cost and timing of capital expenditures to maintain and refurbish the assets, as well as specific market and economic conditions. While management believes its estimates are reasonable, a change in the estimated lives could affect depreciation expense and net income (loss) or the gain or loss on the sale of any of our hotels. Intangible Assets and Liabilities In conjunction with our acquisitions, we may identify intangible assets and liabilities. Identifiable intangible assets and liabilities typically include contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. |
Non-Controlling Interests | Non-Controlling Interests Other Consolidated Partnerships. As of December 31, 2015, we consolidate six majority-owned partnerships that have third-party, non-controlling ownership interests. The third-party partnership interests are included in non-controlling interest-other consolidated partnerships on the consolidated balance sheets and totaled $18 million and $32 million as of December 31, 2015 and 2014, respectively. Two of the partnerships have finite lives that terminate between 2081 and 2095, and the associated non-controlling interests are mandatorily redeemable at the end of, but not prior to, the finite life. At December 31, 2015 and 2014, the fair values of the non-controlling interests in the partnerships with finite lives were approximately $91 million and $85 million, respectively. Net income (loss) attributable to non-controlling interests of consolidated partnerships is included in our determination of net income (loss). Net income attributable to non-controlling interests of third parties is $6 million, $6 million and $4 million for 2015, 2014 and 2013, respectively. Host Inc.’s treatment of the non-controlling interests of Host L.P. Host Inc. adjusts the non-controlling interests of Host L.P. each period so that the amount presented equals the greater of its carrying value based on its historical cost or its redemption value. The historical cost is based on the proportional relationship between the historical cost of equity held by our common stockholders relative to that of the unitholders of Host L.P. The redemption value is based on the amount of cash or Host Inc. stock, at our option, that would be paid to the non-controlling interests of Host L.P. if it were terminated. We have estimated that the redemption value is equivalent to the number of shares issuable upon conversion of the OP units currently owned by unrelated third parties (one OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. common stock at the balance sheet date. Non-controlling interests of Host L.P. are classified in the mezzanine section of the balance sheet as they do not meet the requirements for equity classification because the redemption feature requires the delivery of registered shares. The table below details the historical cost and redemption values for the non-controlling interests: As of December 31, 2015 2014 OP units outstanding (millions) 9.1 9.3 Market price per Host Inc. common share $ 15.34 $ 23.77 Shares issuable upon conversion of one OP unit 1.021494 1.021494 Redemption value (millions) $ 143 $ 225 Historical cost (millions) 90 94 Book value (millions) (1) 143 225 ___________ (1) Net income (loss) is allocated to the non-controlling interests of Host L.P. based on their weighted average ownership percentage during the period. Net income attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $7 million, $9 million and $4 million for 2015, 2014 and 2013, respectively. |
Investments in Affiliates | Investments in Affiliates Other-than-Temporary Impairment of an Investment. We perform an analysis for our equity method investments for impairment based on the occurrence of triggering events that would indicate that the carrying amount of the investment exceeds its fair value on an other-than-temporary basis. Triggering events can include a decline in distributable cash flows from the investment, a change in the expected useful life or other significant events which would decrease the value of the investment. Our investments primarily consist of joint ventures which own hotel properties; therefore, generally we will have few observable inputs and will determine fair value based on a discounted cash flow analysis of the investment, as well as consideration of the impact of other elements (i.e. control premiums, etc.). We use certain inputs, such as available third-party appraisals and forecast net operating income for the hotel properties, to estimate the expected cash flows. If an equity method investment is impaired and that impairment is determined to be other than temporary, an expense is recorded for the difference between the fair value and the carrying amount of the investment. No other-than-temporary impairment was recorded in 2015, 2014, or 2013. Distributions from Investments in Affiliates. We classify the distributions from our equity investments in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions from cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities. |
Income Taxes | Income Taxes Host Inc. has elected to be treated as a REIT effective January 1, 1999, pursuant to the U.S. Internal Revenue Code of 1986, as amended. It is our current intention to continue to comply with the REIT qualification requirements and to maintain our qualification for taxation as a REIT. A corporation that elects REIT status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and complies with certain other requirements (relating primarily to the composition of its assets and the sources of its revenues) generally is not subject to federal and state income taxation on its operating income that is distributed to its stockholders. As a partnership for federal income tax purposes, Host L.P. is not subject to federal income tax. Host L.P. is, however, subject to state, local and foreign income and franchise tax in certain jurisdictions. Additionally, each of the Host L.P. taxable REIT subsidiaries is taxable as a regular C corporation, subject to federal, state and foreign income tax. Our consolidated income tax provision or benefit includes the income tax provision or benefit related to the operations of our taxable REIT subsidiaries, and state, local, and foreign income and franchise taxes incurred by Host L.P. Deferred Under the partnership agreement, Host L.P. generally is required to reimburse Host Inc. for any tax payments it is required to make. Accordingly, the tax information included herein represents disclosures regarding Host Inc. and its subsidiaries. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, interest expense, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. We must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. We recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. |
Deferred Charges | Deferred Charges Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. These costs are presented as a direct deduction from their related liabilities on the balance sheets. |
Foreign Currency Translation | Foreign Currency Translation As of December 31, 2015, our international operations consist of hotels located in Australia, Brazil, Canada, Chile, Mexico, and New Zealand, as well as investments in the Euro JV and the Asia/Pacific JV. The financial statements of these hotels and our investments therein are maintained in their functional currency, which generally is the local currency, and their operations are translated to U.S. dollars using the average exchange rates for the period. The assets and liabilities of the hotels and the investments therein are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss). Foreign currency transactions are recorded in the functional currency for each entity using the exchange rates prevailing at the dates of the transactions. Assets and liabilities denominated in foreign currencies are remeasured at period end exchange rates. The resulting exchange differences are recorded in gain (loss) on foreign currency transactions and derivatives on the accompanying consolidated statements of operations, except when recorded in other comprehensive income (loss) as qualifying net investment hedges. |
Derivative Instruments | Derivative Instruments We are subject to market exposures in several aspects of our business and may enter into derivative instruments in order to hedge the effect of these market exposures on our operations. Potential market exposures for which we may use derivative instruments to hedge include: (i) changes in the fair value of our international investments due to fluctuations in currency exchange rates, (ii) changes in the fair value of our fixed-rate debt due to changes in the underlying interest rates, and (iii) variability in interest payments due to changes in the underlying interest rate for our floating-rate debt. Derivative instruments are subject to fair value reporting at each reporting date and the increase or decrease in fair value is recorded in net income (loss) or other comprehensive income (loss), based on the applicable hedge accounting guidance. We estimate the fair value of these instruments through the use of third party valuations, which utilize the market standard methodology of netting the discounted future cash receipts and the discounted future expected cash payments. Prior to entering into the derivative instrument, we evaluate whether the transaction will qualify for hedge accounting and continue to evaluate hedge effectiveness throughout the life of the instrument. Derivative instruments that meet the requirements for hedge accounting are recorded on the balance sheet at fair value, with offsetting changes recorded to net income (loss) or other comprehensive income (loss), based on the applicable hedge accounting guidance. We incorporate credit valuation adjustments to reflect, as applicable, our own nonperformance risk or the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and accumulated guarantees. The variable cash flow streams are based on an expectation of future interest and exchange rates derived from observed market interest and exchange rate curves. The values of these instruments will change over time as cash receipts and payments are made and as market conditions change. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): As of December 31, 2015 2014 Gain on foreign currency forward contracts $ 35 $ 19 Loss on interest rate swap cash flow hedges (7 ) (2 ) Foreign currency translation (137 ) (67 ) Other comprehensive loss attributable to non-controlling interests 2 — Total accumulated other comprehensive loss $ (107 ) $ (50 ) During 2015, we reclassified a net loss due to foreign currency translation of $3 million that had been recognized previously in other comprehensive income (loss) due to the sale of the Delta Meadowvale Hotel & Conference Centre and three hotels in New Zealand. The loss was recognized as part of the gain on sale of assets on our consolidated statement of operations. There were no material amounts reclassified out of accumulated other comprehensive income (loss) to net income for the year ended December 31, 2014. |
Revenues | Revenues Our results of operations include revenues and expenses of our hotels. Revenues are recognized when the services are provided. Additionally, we collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) on our statements of operations. |
Fair Value Measurement | Fair Value In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (“observable inputs”) and a reporting entity’s own assumptions about market data (“unobservable inputs”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability at the measurement date in an orderly transaction (an “exit price”). Assets and liabilities are measured using inputs from three levels of the fair value hierarchy. The three levels are as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 — Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 — Unobservable inputs reflect our assumptions about the pricing of an asset or liability when observable inputs are not available. |
Earnings Per Common Share | Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings per common share is computed by dividing net income attributable to common stockholders, as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings per common share is shown below (in millions, except per share amounts): Year ended December 31, 2015 2014 2013 Net income $ 571 $ 747 $ 325 Less: Net income attributable to non-controlling interests (13 ) (15 ) (8 ) Net income attributable to Host Inc. 558 732 317 Assuming conversion of exchangeable senior debentures — 27 — Diluted income attributable to Host Inc. $ 558 $ 759 $ 317 Basic weighted average shares outstanding 752.4 755.4 744.4 Assuming weighted average shares for conversion of exchangeable senior debentures — 30.3 2.4 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.5 1.1 1.1 Diluted weighted average shares outstanding (1) 752.9 786.8 747.9 Basic earnings per common share $ .74 $ .97 $ .43 Diluted earnings per common share $ .74 $ .96 $ .42 ___________ (1) There were approximately 25 million and 30 million potentially dilutive shares as of December 31, 2015 and 2013, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. |
Share-Based Payments | Share-Based Payments At December 31, 2015, Host Inc. maintained two stock-based employee compensation plans. Upon the issuance of Host’s common stock under the compensation plans, Host L.P. will issue to Host Inc. common OP units of an equivalent value. These liabilities are included in the consolidated financial statements for Host Inc. and Host L.P. We recognize costs resulting from Host Inc.’s share-based payment transactions over their vesting periods. We classify share-based payment awards granted in exchange for employee services either as equity awards or liability awards based upon cash settlement options. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards are classified as liability awards to the extent that settlement features allow the recipient to determine percentage of the restricted stock awards withheld to meet the recipients’ tax withholding requirements. As these awards vest over a one-year period ending December 31, the value is calculated as the estimated number of shares earned during the year times the stock price at year end, less estimated forfeitures. For performance-based awards, compensation cost will be recognized when the achievement of the performance condition is considered probable. If a performance condition has more than one outcome that is probable, recognition of compensation cost will be based on the condition that is the most likely outcome. No compensation cost is recognized for awards for which employees do not render the requisite services. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions, access to our credit facility, and amounts due or payable under our derivative contracts. At December 31, 2015 and December 31, 2014, our exposure to risk related to our derivative instruments totaled $17 million and $13 million, respectively, and the counterparties to such instruments are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $702 million available capacity under the revolver portion of our credit facility is spread among a diversified group of investment grade financial institutions. |
Business Combinations | Business Combinations We recognize identifiable assets acquired, liabilities assumed, and non-controlling interests in a business combination at their fair values at the acquisition date based on the exit price (i.e. the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date). We evaluate several factors, including market data for similar assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets. Property and equipment are recorded at fair value and such fair value is allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations performed by management and independent third parties. Acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. Other items that we evaluate in a business combination include identifiable intangible assets, capital lease assets and obligations and goodwill. Identifiable intangible assets typically consist of assumed contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value. Capital lease obligations that are assumed as part of the acquisition of a leasehold interest are measured at fair value and are included as debt on the accompanying balance sheet and we record the corresponding right-to-use assets. Classification of a lease does not change if it is part of a business combination. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources that arise in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. In certain situations, a deferred tax liability is recognized due to the difference between the fair value and the tax basis of the acquired assets at the acquisition date. Any consideration paid in excess of the net fair value of the identifiable assets and liabilities acquired would be recorded to goodwill. In very limited circumstances, we may record a bargain purchase gain if the consideration paid is less than the net fair value of the assets and liabilities acquired. |
Reclassifications | Reclassifications Certain prior year financial statement amounts have been reclassified to conform with the current year presentation. |
New Accounting Standards | New Accounting Standards In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, |
HOST HOTELS & RESORTS L.P. | |
Earnings Per Common Unit | Basic earnings per common unit is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings per common unit is computed by dividing net income attributable to common unitholders, as adjusted for potentially dilutive securities, by the weighted average number of common units outstanding plus other potentially dilutive securities. Dilutive securities may include units distributed to Host Inc. to support Host Inc. common shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings per common unit is shown below (in millions, except per unit amounts): Year ended December 31, 2015 2014 2013 Net income $ 571 $ 747 $ 325 Less: Net income attributable to non-controlling interests (6 ) (6 ) (4 ) Net income attributable to Host L.P. 565 741 321 Assuming conversion of exchangeable senior debentures — 27 1 Diluted income attributable to Host L.P. $ 565 $ 768 $ 322 Basic weighted average units outstanding 745.7 748.9 738.4 Assuming weighted average units for conversion of exchangeable senior debentures — 29.7 2.4 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 0.5 1.0 1.1 Diluted weighted average units outstanding (1) 746.2 779.6 741.9 Basic earnings per common unit $ .76 $ .99 $ .43 Diluted earnings per common unit $ .76 $ .99 $ .43 ___________ (1) There were approximately 25 million and 29 million potentially dilutive units as of December 31, 2015 and 2013, respectively, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Consolidated Portfolio of Hotels by Location | As of December 31, 2015, the hotels in our consolidated portfolio are located in the following countries: Hotels United States 94 Australia 1 Brazil 3 Canada 2 Chile 2 Mexico 1 New Zealand 4 Total 107 |
Historical Cost and Redemption Values for the Non-Controlling Interests | The table below details the historical cost and redemption values for the non-controlling interests: As of December 31, 2015 2014 OP units outstanding (millions) 9.1 9.3 Market price per Host Inc. common share $ 15.34 $ 23.77 Shares issuable upon conversion of one OP unit 1.021494 1.021494 Redemption value (millions) $ 143 $ 225 Historical cost (millions) 90 94 Book value (millions) (1) 143 225 ___________ (1) |
Components of Total Accumulated Other Comprehensive Income in the Balance Sheets | The components of total accumulated other comprehensive income (loss) in the balance sheets are as follows (in millions): As of December 31, 2015 2014 Gain on foreign currency forward contracts $ 35 $ 19 Loss on interest rate swap cash flow hedges (7 ) (2 ) Foreign currency translation (137 ) (67 ) Other comprehensive loss attributable to non-controlling interests 2 — Total accumulated other comprehensive loss $ (107 ) $ (50 ) |
Earnings Per Common Share (Unit) | The calculation of basic and diluted earnings per common share is shown below (in millions, except per share amounts): Year ended December 31, 2015 2014 2013 Net income $ 571 $ 747 $ 325 Less: Net income attributable to non-controlling interests (13 ) (15 ) (8 ) Net income attributable to Host Inc. 558 732 317 Assuming conversion of exchangeable senior debentures — 27 — Diluted income attributable to Host Inc. $ 558 $ 759 $ 317 Basic weighted average shares outstanding 752.4 755.4 744.4 Assuming weighted average shares for conversion of exchangeable senior debentures — 30.3 2.4 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 0.5 1.1 1.1 Diluted weighted average shares outstanding (1) 752.9 786.8 747.9 Basic earnings per common share $ .74 $ .97 $ .43 Diluted earnings per common share $ .74 $ .96 $ .42 ___________ (1) There were approximately 25 million and 30 million potentially dilutive shares as of December 31, 2015 and 2013, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. |
HOST HOTELS & RESORTS L.P. | |
Earnings Per Common Share (Unit) | The calculation of basic and diluted earnings per common unit is shown below (in millions, except per unit amounts): Year ended December 31, 2015 2014 2013 Net income $ 571 $ 747 $ 325 Less: Net income attributable to non-controlling interests (6 ) (6 ) (4 ) Net income attributable to Host L.P. 565 741 321 Assuming conversion of exchangeable senior debentures — 27 1 Diluted income attributable to Host L.P. $ 565 $ 768 $ 322 Basic weighted average units outstanding 745.7 748.9 738.4 Assuming weighted average units for conversion of exchangeable senior debentures — 29.7 2.4 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 0.5 1.0 1.1 Diluted weighted average units outstanding (1) 746.2 779.6 741.9 Basic earnings per common unit $ .76 $ .99 $ .43 Diluted earnings per common unit $ .76 $ .99 $ .43 ___________ (1) There were approximately 25 million and 29 million potentially dilutive units as of December 31, 2015 and 2013, respectively, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. |
European Joint Venture | |
Consolidated Portfolio of Hotels by Location | As of December 31, 2015, the Euro JV hotels are located in the following countries: Hotels Belgium 1 France 3 Germany 1 Spain 2 Sweden 1 The Netherlands 1 United Kingdom 1 Total 10 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): As of December 31, 2015 2014 Land and land improvements $ 2,044 $ 1,990 Buildings and leasehold improvements 13,646 13,336 Furniture and equipment 2,319 2,217 Construction in progress 290 209 18,299 17,752 Less accumulated depreciation and amortization (7,638 ) (7,177 ) $ 10,661 $ 10,575 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Summary of Investments in Affiliates | We own investments in joint ventures that are accounted for under the equity method of accounting. The debt of the Euro JV and Asia/Pacific JV is non-recourse to, and not guaranteed by, us. As of December 31, 2015, 50% of the debt of the Hyatt Place JV and 100% of the construction loan for the Maui JV is jointly and/or severally guaranteed by the partners of the joint ventures. Investments in affiliates consist of the following (in millions): As of December 31, 2015 Ownership Our Our Portion Interests Investment of Debt Total Debt Assets Euro JV 32.1 – 33.4 % $ 251 $ 262 $ 797 Ten hotels in Europe Asia/Pacific JV 25 % 25 — — A 36% interest in five operating hotels and two hotels under development in India Maui JV 67 % 72 45 68 131-unit vacation ownership project in Maui, Hawaii Hyatt Place JV 50 % 3 15 31 One hotel in Nashville, Tennessee Philadelphia Marriott Downtown 11 % (6 ) 25 224 One hotel in Philadelphia, PA Total $ 345 $ 347 $ 1,120 As of December 31, 2014 Ownership Our Our Portion Interests Investment of Debt Total Debt Assets Euro JV 32.1 - 33.4 % $ 348 $ 388 $ 1,186 Nineteen hotels in Europe Asia/Pacific JV 25 % 22 9 37 One hotel in Australia and a 36% interest in three operating hotels and four hotels under development in India Maui JV 67 % 61 64 96 131-unit vacation ownership project in Maui, Hawaii Hyatt Place JV 50 % 7 16 31 One hotel in Nashville, Tennessee Philadelphia Marriott Downtown 11 % (5 ) 25 227 One hotel in Philadelphia, PA Total $ 433 $ 502 $ 1,577 |
Combined Summarized Balance Sheet Information | Combined Financial Information of Unconsolidated Investees Combined summarized balance sheet information for our affiliates is as follows (in millions): As of December 31, 2015 2014 Property and equipment, net $ 1,650 $ 2,369 Timeshare inventory 157 178 Other assets 642 424 Total assets $ 2,449 $ 2,971 Debt $ 1,120 $ 1,577 Other liabilities 301 163 Equity 1,028 1,231 Total liabilities and equity $ 2,449 $ 2,971 |
Combined Summarized Operating Results For Affiliates | Combined summarized operating results for our affiliates is as follows (in millions): Year ended December 31, 2015 2014 2013 Total revenues $ 728 $ 776 $ 617 Operating expenses Expenses (545 ) (568 ) (489 ) Depreciation and amortization (75 ) (91 ) (131 ) Operating profit (loss) 108 117 (3 ) Interest income 3 — — Interest expense (72 ) (79 ) (59 ) Gain on disposition 141 12 2 Net income (loss) $ 180 $ 50 $ (60 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Debt | Debt consists of the following (in millions): As of December 31, 2015 2014 Series V senior notes, with a rate of 6% due November 2020 $ — $ 495 Series X senior notes, with a rate of 5⅞% due June 2019 — 493 Series Z senior notes, with a rate of 6% due October 2021 297 296 Series B senior notes, with a rate of 5¼% due March 2022 347 346 Series C senior notes, with a rate of 4¾% due March 2023 445 445 Series D senior notes, with a rate of 3¾% due October 2023 397 397 Series E senior notes, with a rate of 4% due June 2025 495 — Series F senior notes, with a rate of 4 ½ 395 — 2009 Exchangeable Senior Debentures, with a rate of 2½% due October 2029 — 386 Total senior notes 2,376 2,858 Credit facility revolver 295 198 2014 Credit facility term loan due June 2017 499 499 2015 Credit facility term loan due September 2020 497 — Mortgage debt (non-recourse), with an average interest rate of 4.7% and 5.0% at December 31, 2015 and 2014, respectively, maturing through January 2024 350 402 Total debt $ 4,017 $ 3,957 |
Interest Expense | The following items are included in interest expense (in millions): Year ended December 31, 2015 (1) 2014 (1) 2013 (1) Interest expense $ 234 $ 214 $ 304 Amortization of debt premiums/discounts, net (2) (13 ) (16 ) (15 ) Amortization of deferred financing costs (8 ) (8 ) (10 ) Non-cash losses on debt extinguishments (11 ) (2 ) (13 ) Change in accrued interest 12 1 16 Interest paid (3) $ 214 $ 189 $ 282 ___________ (1) Interest expense and interest paid for 2015, 2014 and 2013 include cash prepayment premiums of approximately $30 million, $2 million and $23 million, respectively. (2) Primarily represents the amortization of the debt discount on our Debentures, which is considered non-cash interest expense. (3) Does not include capitalized interest of $5 million, $7 million and $6 million during 2015, 2014 and 2013, respectively. |
Mortgage Debt Issuances And Repayments | We have made the following mortgage debt repayments since January 2014: Maturity Transaction Date Property Rate Date Amount Repayments November 2015 Novotel Queenstown Lakeside 6.65 % 2/18/2016 $ (20 ) October 2015 Novotel Auckland Ellerslie and ibis Auckland Ellerslie 6.40 % 2/18/2016 (15 ) February 2014 The Ritz-Carlton, Naples and Newport Beach Marriott Hotel 3.25 % 3/1/2014 (300 ) |
Aggregate Debt Maturities | Aggregate debt maturities are as follows (in millions): As of December 31, 2015 2016 $ 163 2017 500 2018 334 2019 — 2020 500 Thereafter 2,550 4,047 Deferred financing costs (29 ) Unamortized (discounts) premiums, net (2 ) Capital lease obligations 1 $ 4,017 |
Convertible Debt | |
Debt Instrument [Line Items] | |
Interest Expense | Interest expense recorded for our exchangeable senior debentures (including interest expense for debentures redeemed in 2015, 2014 and 2013) consists of the following (in millions): Year ended December 31, 2015 2014 2013 Contractual interest expense (cash) $ 8 $ 10 $ 10 Non-cash interest expense due to discount amortization 13 16 15 Total interest expense $ 21 $ 26 $ 25 |
Equity of Host Inc. and Capit34
Equity of Host Inc. and Capital of Host L.P. (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Dividends Declared Per Share | The table below presents the amount of common dividends declared per share and common distributions per unit as follows: Year ended December 31, 2015 2014 2013 Common stock $ .80 $ .75 $ .46 Common OP units .817 .766 .470 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Primary Components of Net Deferred Tax Asset | We have recorded a 100% valuation allowance of approximately $20 million against the deferred tax asset related to the net operating loss carryovers as of December 31, 2015 with respect to our hotel in Mexico. There is a $3 million valuation allowance recorded against the deferred tax asset related to the net operating loss and capital loss carryovers as of December 31, 2015 with respect to our hotels in Canada. We expect that the net operating loss and alternative minimum tax credit carryovers for U.S. federal income tax purposes will be realized. The net decrease in the valuation allowance for the year ending December 31, 2015 and December 31, 2014 is approximately $22 million and $16 million, respectively. The primary components of our net deferred tax assets are as follows (in millions): As of December 31, 2015 2014 Deferred tax assets Related party interest expense $ 7 $ 21 Net operating loss and capital loss carryovers 63 70 Alternative minimum tax credits 5 5 Property and equipment 4 4 Investments in domestic affiliates 3 3 Deferred revenue and expenses 52 55 Other 2 1 Total gross deferred tax assets 136 159 Less: Valuation allowance (23 ) (45 ) Total deferred tax assets, net of valuation allowance $ 113 $ 114 Deferred tax liabilities Property and equipment (16 ) (17 ) Investments in domestic and foreign affiliates (12 ) (8 ) Other (2 ) (2 ) Total gross deferred tax liabilities (30 ) (27 ) Net deferred tax assets $ 83 $ 87 |
Income From Continuing Operations Before Income Taxes | Our U.S. and foreign income from continuing operations before income taxes was as follows (in millions): Year ended December 31, 2015 2014 2013 U.S. income $ 536 $ 744 $ 213 Foreign income 44 17 18 Total $ 580 $ 761 $ 231 |
Provision for Income Taxes from Continuing Operations | The provision for income taxes from continuing operations consists of (in millions): Year ended December 31, 2015 2014 2013 Current —Federal $ 2 $ 3 $ 2 —State (1 ) 2 4 —Foreign 3 10 9 4 15 15 Deferred —Federal 2 (1 ) 4 —State — (1 ) 1 —Foreign 3 1 1 5 (1 ) 6 Income tax provision – continuing operations $ 9 $ 14 $ 21 |
Income Tax Provision Calculated at Statutory U.S. Federal Income Tax Rate and Actual Income Tax Provision Recorded | The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision recorded for continuing operations are as follows (in millions): Year ended December 31, 2015 2014 2013 Statutory federal income tax provision – continuing operations $ 204 $ 265 $ 81 Adjustment for nontaxable income of Host Inc. – continuing operations (203 ) (268 ) (77 ) State income tax provision, net 1 1 5 Provision for uncertain tax positions 1 5 2 Foreign income tax provision 6 11 10 Income tax provision – continuing operations $ 9 $ 14 $ 21 |
Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 2015 2014 Balance at January 1 $ 10 $ 5 State decreases (2 ) 2 Other increases 3 3 Balance at December 31 $ 11 $ 10 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Annual Rental Commitments Required Under Non-Cancelable Leases | The following table presents the future minimum annual rental commitments required under non-cancelable leases for which we are the lessee (in millions): As of December 31, 2015 Capital Operating Leases Leases 2016 $ 1 $ 44 2017 — 43 2018 — 41 2019 — 39 2020 — 39 Thereafter — 1,509 Total minimum lease payments $ 1 $ 1,715 |
Rent Expense | Rent expense is included in other property-level expenses on our consolidated statements of operations and consists of (in millions): Year ended December 31, 2015 2014 2013 Minimum rentals on operating leases $ 48 $ 48 $ 50 Additional rentals based on sales 33 32 32 Rental payments based on real estate tax assessments — — 24 Less: sublease rentals (2 ) (3 ) (3 ) $ 79 $ 77 $ 103 |
Employee Stock Plans (Tables)
Employee Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Status of Senior Executive Plans | The following table is a summary of the status of our senior executive plans for the three years ended December 31, 2015: Year ended December 31, 2015 2014 2013 Shares Fair Value Shares Fair Value Shares Fair Value (in millions) (per share) (in millions) (per share) (in millions) (per share) Balance, at beginning of year — $ — — $ — — $ — Granted 1.3 16 1.5 18 1.7 16 Vested (1) (0.4 ) 15 (0.8 ) 24 (0.8 ) 19 Forfeited/expired (0.9 ) 15 (0.7 ) 24 (0.9 ) 19 Balance, at end of year — — — — — — Issued in calendar year (1) 0.5 24 0.4 19 0.3 19 ___________ (1) Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.5 million shares issued in 2015 include shares vested at December 31, 2014, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $9.8 million, $6.1 million and $5.5 million, for 2015, 2014 and 2013, respectively. |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Results of Operations for Hotels Sold Included in Continuing Operations | The following table provides summary results of operations for the eight hotels sold in 2015 and five hotels sold in 2014, which are included in continuing operations (in millions): Year ended December 31, 2015 2014 Revenues $ 60 $ 197 Income before taxes 5 12 Gain on disposals 89 229 |
Summary of Results of Operations for Hotels Sold which are Included in Discontinued Operations | The following table provides summary results of operations for the five hotels sold in 2013, which are included in discontinued operations (in millions): Year ended December 31, 2013 Revenues $ 104 Income before taxes 22 Gain on disposals, net of tax 97 |
Net Income Attributable to Host Inc. | Net income attributable to Host Inc. is allocated between continuing and discontinued operations as follows (in millions): Year ended December 31, 2013 Continuing operations, net of tax $ 203 Discontinued operations, net of tax 114 Net income attributable to Host Inc. $ 317 |
Net Income Attributable to Host L.P. | Net income attributable to Host L.P. is allocated between continuing and discontinued operations as follows (in millions): Year ended December 31, 2013 Continuing operations, net of tax $ 206 Discontinued operations, net of tax 115 Net income attributable to Host L.P. $ 321 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for our 2015 and 2014 hotel acquisitions (in millions): As of December 31, 2015 2014 Property and equipment $ 400 $ 131 FF&E Reserves and other assets — 3 Total assets 400 134 Other liabilities (2 ) (1 ) Net assets acquired $ 398 $ 133 |
Summary of Unaudited Consolidated Pro Forma Results of Operations | Our summarized unaudited consolidated pro forma results of operations, assuming the 2015 and 2014 hotel acquisitions occurred on January 1, 2014 and 2013, respectively, and excluding the acquisition costs discussed above, are as follows (in millions, except per share and per unit amounts): Year ended December 31, 2015 2014 Revenues $ 5,459 $ 5,475 Income from continuing operations 594 763 Net income 594 763 Host Inc.: Net income attributable to Host Inc. $ 581 $ 748 Basic earnings per common share $ .77 $ .99 Diluted earnings per common share $ .77 $ .99 Host L.P.: Net income attributable to Host L.P. $ 588 $ 757 Basic earnings per common share $ .79 $ 1.01 Diluted earnings per common share $ .79 $ 1.01 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The following table details the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, as well as non-recurring fair value measurements that we completed during 2014 due to the impairment of non-financial assets (in millions): Fair Value at Measurement Date Using Balance at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 17 $ — $ 17 $ — Liabilities Interest rate swap derivatives (1) (1 ) — (1 ) — Fair Value at Measurement Date Using Balance at December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Measurements on a Recurring Basis: Assets Foreign currency forward sale contracts (1) $ 13 $ — $ 13 $ — Liabilities Interest rate swap derivatives (1) (2 ) — (2 ) — Fair Value Measurements on a Non-recurring Basis: Impaired hotel properties held and used (2) — — — 18 ___________ (1) These derivative contracts have been designated as hedging instruments. (2) The fair value measurement is as of the measurement date of the impairment and may not reflect the book value as of December 31, 2014. |
Interest Rate Swap Derivatives Designated as Cash Flow Hedges | The following table summarizes our interest rate swap derivatives designated as cash flow hedges (in millions): Currently Outstanding Change in Fair Value - All Contracts Gain (Loss) Total Notional Maturity Swapped All-in- Year ended December 31, Transaction Date Amount Date Index Rate 2015 2014 November 2011 (1) A$ 62 November 2016 Reuters BBSY 6.7% $ 1 $ — February 2011 (2) NZ$ 53 February 2016 NZ$ Bank Bill 7.15% — — ___________ (1) The swap was entered into in connection with the A$86 million ($63 million) mortgage loan on the Hilton Melbourne South Wharf. (2) The swap was entered into in connection with the NZ$53 million ($36 million) mortgage loan on four properties in New Zealand. |
Foreign Currency Sale Contracts | The following table summarizes our foreign currency forward sale contracts (in millions): Currently Outstanding Change in Fair Value - All Contracts Total Transaction Amount in Total Transaction Gain (Loss) Transaction Date Foreign Amount Forward Purchase Year ended December 31, Range Currency in Dollars Date Range 2015 2014 January 2013-September 2015 € 100 $ 124 January 2016-September 2017 $ 13 $ 18 November 2014 C$ 25 $ 22 November 2016 $ 3 $ 1 |
Draws on Credit Facility that are Designated as Net Investments in Foreign Operations | The following table summarizes the draws on our credit facility that are designated as hedges of net investments in international operations (in millions): Balance Balance Gain (Loss) Outstanding Outstanding in Year ended December 31, Currency US$ Foreign Currency 2015 2014 Canadian dollars (1) $ 33 C$ 46 $ 5 $ 2 Euros $ 84 € 77 $ 10 $ 13 ___________ (1) We have drawn an additional $44 million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Fair Values of Certain Financial Assets and Liabilities and Other Financial Instruments | The fair value of certain financial assets and liabilities and other financial instruments are shown below (in millions): As of December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities Senior notes (Level 1) $ 2,376 $ 2,452 $ 2,472 $ 2,668 Exchangeable Senior Debentures (Level 1) — — 386 739 Credit facility (Level 2) 1,291 1,298 697 704 Mortgage debt and other, excluding capital leases (Level 2) 349 355 401 413 |
Geographic and Business Segme41
Geographic and Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographical Area | The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions): 2015 2014 2013 Revenues Property and Equipment, net Revenues Property and Equipment, net Revenues Property and Equipment, net United States $ 5,166 $ 10,372 $ 5,077 $ 10,111 $ 4,895 $ 10,498 Australia 34 88 39 102 40 106 Brazil 30 53 36 82 30 76 Canada 58 66 87 82 97 89 Chile 25 44 32 44 34 54 Mexico 29 18 29 26 24 32 New Zealand 45 20 54 128 46 140 Total $ 5,387 $ 10,661 $ 5,354 $ 10,575 $ 5,166 $ 10,995 |
Quarterly Financial Data (una42
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 2015 First Second Third Fourth Quarter Quarter Quarter Quarter (in millions, except per share/unit amounts) Host Hotels & Resorts, Inc.: Revenues $ 1,317 $ 1,449 $ 1,287 $ 1,334 Operating profit 144 227 132 147 Net income 104 216 85 166 Net income attributable to Host Hotels & Resorts, Inc. 98 212 85 163 Basic earnings per common share .13 .28 .11 .22 Diluted earnings per common share .13 .28 .11 .22 Host Hotels & Resorts, L.P. (1) Net income attributable to Host Hotels & Resorts, L.P. 99 215 86 165 Basic earnings per common unit .13 .29 .12 .22 Diluted earnings per common unit .13 .29 .12 .22 2014 First Second Third Fourth Quarter Quarter Quarter Quarter (in millions, except per share/unit amounts) Host Hotels & Resorts, Inc.: Revenues $ 1,309 $ 1,431 $ 1,294 $ 1,320 Operating profit 134 225 202 149 Net income 185 159 145 258 Net income attributable to Host Hotels & Resorts, Inc. 179 155 144 254 Basic earnings per common share .24 .21 .19 .34 Diluted earnings per common share .24 .21 .19 .33 Host Hotels & Resorts, L.P. (1) Net income attributable to Host Hotels & Resorts, L.P. 181 157 146 257 Basic earnings per common unit .24 .21 .19 .34 Diluted earnings per common unit .24 .21 .19 .34 ___________ (1) Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Supplemental Schedule of Nonc43
Supplemental Schedule of Noncash Investing and Financing Activities (Host Hotels & Resorts, Inc) - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2013 | Oct. 31, 2015 | Jul. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2009 |
2.5% Exchangeable Senior Debentures Due 2029 | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable senior debentures, exchanged | $ 8.7 | $ 399 | |||
Debt interest rate | 2.50% | 2.50% | |||
Debt converted into shares of Host Inc. common stock | 32 | 32 | |||
Exchangeable Senior Debentures 3.25% | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable senior debentures, exchanged | $ 174 | ||||
Debt interest rate | 3.25% | ||||
Debt converted into shares of Host Inc. common stock | 11.7 |
Supplemental Schedule of Nonc44
Supplemental Schedule of Noncash Investing and Financing Activities (HOST HOTELS & RESORTS, L.P.) - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2013 | Oct. 31, 2015 | Jul. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2009 |
HOST HOTELS & RESORTS L.P. | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable senior debentures, exchanged | $ 399 | ||||
Debt converted into shares of Host Inc. common stock | 32 | ||||
2.5% Exchangeable Senior Debentures Due 2029 | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable senior debentures, exchanged | $ 8.7 | $ 399 | |||
Debt interest rate | 2.50% | 2.50% | |||
Debt converted into shares of Host Inc. common stock | 32 | 32 | |||
2.5% Exchangeable Senior Debentures Due 2029 | HOST HOTELS & RESORTS L.P. | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable senior debentures, exchanged | $ 399 | ||||
Debt interest rate | 2.50% | ||||
Debt converted into shares of Host Inc. common stock | 32 | ||||
Common OP unit issuances (units) | 31.3 | ||||
Exchangeable Senior Debentures 3.25% | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable senior debentures, exchanged | $ 174 | ||||
Debt interest rate | 3.25% | ||||
Debt converted into shares of Host Inc. common stock | 11.7 | ||||
Exchangeable Senior Debentures 3.25% | HOST HOTELS & RESORTS L.P. | |||||
Other Significant Noncash Transactions [Line Items] | |||||
Exchangeable senior debentures, exchanged | $ 174 | ||||
Debt interest rate | 3.25% | ||||
Debt converted into shares of Host Inc. common stock | 11.7 | ||||
Common OP unit issuances (units) | 11.5 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)HotelFundEntityContract | Dec. 31, 2014USD ($)Property | Dec. 31, 2013USD ($)Property | |
Significant Accounting Policies [Line Items] | |||
Number of hotels | Hotel | 107 | ||
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5.00% | ||
Growth rate over the remaining estimated lives of property | 3.00% | ||
Impairment charges | $ 0 | $ 6,000,000 | $ 1,000,000 |
Number of impaired assets | Property | 1 | 1 | |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | Entity | 6 | ||
Non-controlling interests—other consolidated partnerships | $ 18,000,000 | $ 32,000,000 | |
Number of majority-owned partnerships that have third-party, non-controlling ownership interests with finite lives | Entity | 2 | ||
Non-controlling interests in outside partnerships, fair value | $ 91,000,000 | 85,000,000 | |
Net income attributable to non-controlling interests outside partnerships | 6,000,000 | 6,000,000 | $ 4,000,000 |
Net income | 7,000,000 | 9,000,000 | 4,000,000 |
Other-than-temporary impairment | $ 0 | 0 | 0 |
Percentage greater than threshold of income tax examination minimum likelihood of tax benefits being realized upon settlement | 50.00% | ||
Net gain related to sale of assets, previously recognized in foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates, reclassified | $ (3,000,000) | 0 | 0 |
Stock-based employee compensation plans | Contract | 2 | ||
Exposure risk related for derivative contracts | $ 17,000,000 | $ 13,000,000 | |
Revolving Credit Facility | |||
Significant Accounting Policies [Line Items] | |||
Amount of borrowing capacity currently available under the credit facility | 702,000,000 | ||
Delta Meadowvale Hotel & Conference Centre | |||
Significant Accounting Policies [Line Items] | |||
Net gain related to sale of assets, previously recognized in foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates, reclassified | $ (3,000,000) | ||
Lower Limit | |||
Significant Accounting Policies [Line Items] | |||
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | 2,081 | ||
Upper Limit | |||
Significant Accounting Policies [Line Items] | |||
Majority-owned partnerships with mandatorily redeemable non-controlling interests, termination year | 2,095 | ||
Property, Plant and Equipment, Other Types | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
European Joint Venture | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | Hotel | 10 | ||
Number of funds | Fund | 2 | ||
European Joint Venture | Fund I | |||
Significant Accounting Policies [Line Items] | |||
Investment ownership percentage | 32.10% | ||
Number of hotels | Hotel | 3 | ||
European Joint Venture | Fund II | |||
Significant Accounting Policies [Line Items] | |||
Investment ownership percentage | 33.40% | ||
Number of hotels | Hotel | 7 | ||
Asia/Pacific Joint Venture | |||
Significant Accounting Policies [Line Items] | |||
Investment ownership percentage | 25.00% | ||
Asia/Pacific Joint Venture | I N | |||
Significant Accounting Policies [Line Items] | |||
Investment ownership percentage | 36.00% | ||
Number of hotels | Hotel | 7 | ||
Asia/Pacific Joint Venture | Bangalore | I N | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | Hotel | 2 | ||
Asia/Pacific Joint Venture | Chennai | I N | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | Hotel | 1 | ||
Number of real estate properties in under development stage | Hotel | 2 | ||
Asia/Pacific Joint Venture | New Delhi | I N | |||
Significant Accounting Policies [Line Items] | |||
Number of hotels | Hotel | 2 | ||
HOST HOTELS & RESORTS, INC. | |||
Significant Accounting Policies [Line Items] | |||
Percentage of the common OP units | 99.00% | ||
HOST HOTELS & RESORTS L.P. | |||
Significant Accounting Policies [Line Items] | |||
Percentage of the common OP units | 99.00% | ||
OP units conversion basis | One OP unit may be exchanged for 1.021494 shares of Host Inc. common stock) valued at the market price of Host Inc. | ||
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |
Net gain related to sale of assets, previously recognized in foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates, reclassified | $ (3,000,000) | $ 0 | $ 0 |
Consolidated Portfolio of Hotel
Consolidated Portfolio of Hotels by Location (Detail) | Dec. 31, 2015Hotel |
Real Estate Properties [Line Items] | |
Hotels | 107 |
European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 10 |
United States | |
Real Estate Properties [Line Items] | |
Hotels | 94 |
Australia | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Chile | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Mexico | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
New Zealand | |
Real Estate Properties [Line Items] | |
Hotels | 4 |
Belgium | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
France | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Germany | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Spain | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Sweden | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
The Netherlands | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
United Kingdom | European Joint Venture | |
Real Estate Properties [Line Items] | |
Hotels | 1 |
Historical Cost and Redemption
Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Book value (millions) | $ 143 | $ 225 | |
HOST HOTELS & RESORTS L.P. | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
OP units outstanding (millions) | shares | 9.1 | 9.3 | |
Market price per Host Inc. common share | $ / shares | $ 15.34 | $ 23.77 | |
Shares issuable upon conversion of one OP unit | 1.021494 | 1.021494 | |
Redemption value (millions) | $ 143 | $ 225 | |
Historical cost (millions) | 90 | 94 | |
Book value (millions) | [1] | $ 143 | $ 225 |
[1] | The book value recorded is equal to the greater of the redemption value or the historical cost. |
Components of Total Accumulated
Components of Total Accumulated Other Comprehensive Income in Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||
Gain on foreign currency forward contracts | $ 35 | $ 19 |
Loss on interest rate swap cash flow hedges | (7) | (2) |
Foreign currency translation | (137) | (67) |
Other comprehensive loss attributable to non-controlling interests | 2 | |
Total accumulated other comprehensive loss | $ (107) | $ (50) |
Host Inc. Earnings (Loss) Per C
Host Inc. Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share [Abstract] | ||||
NET INCOME | $ 571 | $ 747 | $ 325 | |
Less: Net income attributable to non-controlling interests | (13) | (15) | (8) | |
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 558 | 732 | 317 | |
Assuming conversion of exchangeable senior debentures | 27 | |||
Diluted income attributable to Host Inc. | $ 558 | $ 759 | $ 317 | |
Basic weighted average shares outstanding | 752.4 | 755.4 | 744.4 | |
Assuming weighted average shares for conversion of exchangeable senior debentures | 30.3 | 2.4 | ||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.5 | 1.1 | 1.1 | |
Diluted weighted average shares outstanding | [1] | 752.9 | 786.8 | 747.9 |
Basic earnings per common share | $ 0.74 | $ 0.97 | $ 0.43 | |
Diluted earnings per common share | $ 0.74 | $ 0.96 | $ 0.42 | |
[1] | There were approximately 25 million and 30 million potentially dilutive shares as of December 31, 2015 and 2013, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. |
Host Inc. Earnings (Loss) Per50
Host Inc. Earnings (Loss) Per Common Share (Parenthetical) (Detail) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
HOST HOTELS & RESORTS, INC. | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares which were not included in the computation of diluted EPS | 25 | 30 |
Host LP Earnings (Loss) Per Com
Host LP Earnings (Loss) Per Common Unit (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [2] | Dec. 31, 2014 | [2] | Sep. 30, 2014 | [2] | Jun. 30, 2014 | [2] | Mar. 31, 2014 | [2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share Diluted [Line Items] | ||||||||||||||||||||
NET INCOME | $ 571 | $ 747 | $ 325 | |||||||||||||||||
Less: Net income attributable to non-controlling interests | (13) | (15) | (8) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | 558 | 732 | 317 | |||||||||||||||||
Diluted income attributable to Host Inc. | $ 558 | $ 759 | $ 317 | |||||||||||||||||
Basic weighted average shares outstanding | 752.4 | 755.4 | 744.4 | |||||||||||||||||
Assuming weighted average shares for conversion of exchangeable senior debentures | 30.3 | 2.4 | ||||||||||||||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.5 | 1.1 | 1.1 | |||||||||||||||||
Diluted weighted average shares outstanding | [1] | 752.9 | 786.8 | 747.9 | ||||||||||||||||
Basic earnings per common unit | $ 0.74 | $ 0.97 | $ 0.43 | |||||||||||||||||
Diluted earnings per common unit | $ 0.74 | $ 0.96 | $ 0.42 | |||||||||||||||||
HOST HOTELS & RESORTS L.P. | ||||||||||||||||||||
Earnings Per Share Diluted [Line Items] | ||||||||||||||||||||
NET INCOME | $ 571 | $ 747 | $ 325 | |||||||||||||||||
Less: Net income attributable to non-controlling interests | (6) | (6) | (4) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 165 | $ 86 | $ 215 | $ 99 | $ 257 | $ 146 | $ 157 | $ 181 | 565 | 741 | 321 | |||||||||
Assuming conversion of exchangeable senior debentures | 27 | 1 | ||||||||||||||||||
Diluted income attributable to Host Inc. | $ 565 | $ 768 | $ 322 | |||||||||||||||||
Basic weighted average shares outstanding | 745.7 | 748.9 | 738.4 | |||||||||||||||||
Assuming weighted average shares for conversion of exchangeable senior debentures | 29.7 | 2.4 | ||||||||||||||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 0.5 | 1 | 1.1 | |||||||||||||||||
Diluted weighted average shares outstanding | [3] | 746.2 | 779.6 | 741.9 | ||||||||||||||||
Basic earnings per common unit | $ 0.22 | $ 0.12 | $ 0.29 | $ 0.13 | $ 0.34 | $ 0.19 | $ 0.21 | $ 0.24 | $ 0.76 | $ 0.99 | $ 0.43 | |||||||||
Diluted earnings per common unit | $ 0.22 | $ 0.12 | $ 0.29 | $ 0.13 | $ 0.34 | $ 0.19 | $ 0.21 | $ 0.24 | $ 0.76 | $ 0.99 | $ 0.43 | |||||||||
[1] | There were approximately 25 million and 30 million potentially dilutive shares as of December 31, 2015 and 2013, respectively, related to our exchangeable senior debentures, which shares were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the period. | |||||||||||||||||||
[2] | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. | |||||||||||||||||||
[3] | There were approximately 25 million and 29 million potentially dilutive units as of December 31, 2015 and 2013, respectively, related to our exchangeable senior debentures, which units were not included in the computation of diluted earnings per unit because to do so would have been anti-dilutive for the period. |
Host LP Earnings (Loss) Per C52
Host LP Earnings (Loss) Per Common Unit (Parenthetical) (Detail) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
HOST HOTELS & RESORTS L.P. | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive shares which were not included in the computation of diluted EPS | 25 | 29 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property Plant And Equipment [Abstract] | |||
Land and land improvements | $ 2,044 | $ 1,990 | |
Buildings and leasehold improvements | 13,646 | 13,336 | |
Furniture and equipment | 2,319 | 2,217 | |
Construction in progress | 290 | 209 | |
Property, Plant and Equipment, Gross, Total | 18,299 | 17,752 | |
Less accumulated depreciation and amortization | (7,638) | (7,177) | |
Property and equipment, net | $ 10,661 | $ 10,575 | $ 10,995 |
Property and Equipment - Additi
Property and Equipment - Additional information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Property Plant And Equipment [Abstract] | |
Cost of real estate for federal income tax purposes | $ 10,634 |
Investments in Affiliates - Add
Investments in Affiliates - Additional Information (Detail) € in Millions, £ in Millions, AUD in Millions, $ in Millions | Oct. 14, 2015USD ($) | Oct. 14, 2015AUD | Dec. 31, 2015USD ($)HotelPropertyContractRoom | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($)PropertyRoom | Dec. 31, 2014EUR (€) | Dec. 31, 2014GBP (£) | Dec. 31, 2013USD ($) | Dec. 31, 2013EUR (€) | Dec. 31, 2015EUR (€)HotelPropertyContractRoom | Nov. 03, 2015Room |
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Total assets | $ 2,449 | $ 2,971 | |||||||||
Equity in earnings (losses) of affiliates | 70 | 26 | $ (17) | ||||||||
Impairment charges | 0 | 6 | 1 | ||||||||
Proceeds from sales of assets, net | 277 | 497 | 643 | ||||||||
Mortgage repayment | 35 | 384 | 411 | ||||||||
Distributions from equity investments | 17 | ||||||||||
Mortgage debt | $ 350 | 402 | |||||||||
Foreign currency forward purchase contract | Contract | 5 | 5 | |||||||||
Hedged amount of our net investment in the European joint venture | $ 208 | € 177 | |||||||||
Number of hotels | Hotel | 107 | 107 | |||||||||
Advances to and investments in affiliates | $ 345 | $ 433 | |||||||||
European Joint Venture | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Number of hotels | Hotel | 10 | 10 | |||||||||
European Joint Venture | Mortgage Loan Portfolio | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Mortgage debt | € | € 734 | ||||||||||
Refinancing of mortgage debt | € | € 174 | ||||||||||
Asia/Pacific Joint Venture | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 25.00% | 25.00% | |||||||||
Asia/Pacific Joint Venture | Four Points by Sheraton Perth | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Gains (losses) recognized from sale of properties | $ 8 | AUD 11 | |||||||||
Proceeds from sales of assets, net | AUD | 91.5 | ||||||||||
Mortgage repayment | AUD | AUD 43 | ||||||||||
Asia/Pacific Joint Venture | I N | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 36.00% | 36.00% | |||||||||
Number of hotels | Hotel | 7 | 7 | |||||||||
Asia/Pacific Joint Venture | I N | Bangalore | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Number of hotels | Hotel | 2 | 2 | |||||||||
Fund I | European Joint Venture | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 32.10% | 32.10% | |||||||||
Number of hotels | Hotel | 3 | 3 | |||||||||
Fund II | European Joint Venture | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 33.40% | 33.40% | |||||||||
Number of hotels | Hotel | 7 | 7 | |||||||||
Hyatt Place JV | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Percentage of debt of the Hyatt Place JV jointly and/or severally guaranteed by the partners of the joint ventures | 50.00% | 50.00% | |||||||||
Investment ownership percentage | 50.00% | 50.00% | 50.00% | ||||||||
Advances to and investments in affiliates | $ 3 | $ 7 | |||||||||
Maui JV | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Percentage of construction loan for the Maui JV jointly and/or severally guaranteed by the partners of the joint ventures | 100.00% | 100.00% | |||||||||
Investment ownership percentage | 67.00% | 67.00% | 67.00% | ||||||||
Partners contribution | $ 87 | ||||||||||
Equity in earnings (losses) of affiliates | $ 9 | $ 3 | |||||||||
Number of rooms | Room | 131 | 131 | |||||||||
Project development cost | 195 | ||||||||||
Construction loan and partner contributions | 110 | ||||||||||
Contribution of land | $ 36 | ||||||||||
Construction loan outstanding | 44 | ||||||||||
Advances to and investments in affiliates | 72 | 61 | |||||||||
European Joint Venture | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Total assets | € | € 1,600 | ||||||||||
Management fees | $ 11 | 16 | 15 | ||||||||
Number of extension period | two one-year extensions | two one-year extensions | |||||||||
Joint venture agreement expiration period | 2,021 | 2,021 | |||||||||
Equity in earnings (losses) of affiliates | $ 57 | 21 | (12) | ||||||||
Gains (losses) recognized from sale of properties | $ 43 | € 39 | $ 4 | € 3 | |||||||
Portion of impairment expenses | $ 15 | € 11 | |||||||||
Impairment charges | € | € 33 | ||||||||||
Number of properties sold | Property | 9 | 1 | 9 | ||||||||
Proceeds from sales of assets, net | 526 | £ 33 | |||||||||
Mortgage repayment | 229 | £ 21 | |||||||||
Distributions from equity investments | € | € 328.5 | 37 | |||||||||
Percentage of distribution from sale proceeds | 92.00% | 92.00% | |||||||||
Advances to and investments in affiliates | $ 251 | $ 348 | |||||||||
European Joint Venture | Forward Currency Sale Contracts | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Foreign currency forward purchase contract | Contract | 4 | 4 | |||||||||
European Joint Venture | HOST HOTELS & RESORTS, INC. | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Distributions from equity investments | $ 115 | € 107 | $ 17 | 12 | |||||||
European Joint Venture | Grand Hotel Esplanade | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 90.00% | ||||||||||
Number of rooms | Room | 394 | ||||||||||
Acquisition date total consideration transferred | € | 81 | ||||||||||
Amount of debt assumed at acquisition | € | € 48 | ||||||||||
European Joint Venture | Fund I | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 32.10% | 32.10% | |||||||||
Partners contribution | € | 463 | ||||||||||
Percentage of total equity commitment funded | 67.00% | 67.00% | |||||||||
European Joint Venture | Fund II | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 33.40% | 33.40% | |||||||||
Partners contribution | € | € 301 | ||||||||||
Percentage of total equity commitment funded | 67.00% | 67.00% | |||||||||
Extension Period | one year | one year | |||||||||
Asia/Pacific Joint Venture | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 25.00% | 25.00% | 25.00% | ||||||||
Advances to and investments in affiliates | $ 25 | $ 22 | |||||||||
Asia/Pacific Joint Venture | I N | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Investment ownership percentage | 36.00% | 36.00% | |||||||||
Partners contribution | $ 96 | ||||||||||
Asia/Pacific Joint Venture | I N | Bangalore | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Number of hotels | Hotel | 2 | 2 | |||||||||
Asia/Pacific Joint Venture | I N | Chennai and Delhi | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Number of hotels | Hotel | 5 | 5 | |||||||||
Asia/Pacific Joint Venture | HOST HOTELS & RESORTS, INC. | I N | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Partners contribution | $ 24 | ||||||||||
Asia/Pacific Joint Venture | Pullman New Delhi Aerocity | I N | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Number of rooms | Room | 99 | ||||||||||
Asia/Pacific Joint Venture | Novotel New Delhi Aerocity | I N | |||||||||||
Investments In And Advances To Affiliates [Line Items] | |||||||||||
Number of rooms | Room | 207 |
Summary of Investments in Affil
Summary of Investments in Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Investments [Line Items] | ||
Advances to and investments in affiliates | $ 345 | $ 433 |
Our Portion of Debt | 347 | 502 |
Total Debt | 1,120 | 1,577 |
European Joint Venture | ||
Schedule Of Investments [Line Items] | ||
Advances to and investments in affiliates | 251 | 348 |
Our Portion of Debt | 262 | 388 |
Total Debt | $ 797 | $ 1,186 |
Assets | Ten hotels in Europe | Nineteen hotels in Europe |
European Joint Venture | Lower Limit | ||
Schedule Of Investments [Line Items] | ||
Investment ownership percentage | 32.10% | 32.10% |
European Joint Venture | Upper Limit | ||
Schedule Of Investments [Line Items] | ||
Investment ownership percentage | 33.40% | 33.40% |
Asia/Pacific Joint Venture | ||
Schedule Of Investments [Line Items] | ||
Investment ownership percentage | 25.00% | 25.00% |
Advances to and investments in affiliates | $ 25 | $ 22 |
Our Portion of Debt | 9 | |
Total Debt | $ 37 | |
Assets | A 36% interest in five operating hotels and two hotels under development in India | One hotel in Australia and a 36% interest in three operating hotels and four hotels under development in India |
Maui JV | ||
Schedule Of Investments [Line Items] | ||
Investment ownership percentage | 67.00% | 67.00% |
Advances to and investments in affiliates | $ 72 | $ 61 |
Our Portion of Debt | 45 | 64 |
Total Debt | $ 68 | $ 96 |
Assets | 131-unit vacation ownership project in Maui, Hawaii | 131-unit vacation ownership project in Maui, Hawaii |
Hyatt Place JV | ||
Schedule Of Investments [Line Items] | ||
Investment ownership percentage | 50.00% | 50.00% |
Advances to and investments in affiliates | $ 3 | $ 7 |
Our Portion of Debt | 15 | 16 |
Total Debt | $ 31 | $ 31 |
Assets | One hotel in Nashville, Tennessee | One hotel in Nashville, Tennessee |
Philadelphia Marriott Downtown | ||
Schedule Of Investments [Line Items] | ||
Investment ownership percentage | 11.00% | 11.00% |
Advances to and investments in affiliates | $ (6) | $ (5) |
Our Portion of Debt | 25 | 25 |
Total Debt | $ 224 | $ 227 |
Assets | One hotel in Philadelphia, PA | One hotel in Philadelphia, PA |
Combined Summarized Balance She
Combined Summarized Balance Sheet Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | ||
Property and equipment, net | $ 1,650 | $ 2,369 |
Timeshare inventory | 157 | 178 |
Other assets | 642 | 424 |
Total assets | 2,449 | 2,971 |
Debt | 1,120 | 1,577 |
Other liabilities | 301 | 163 |
Equity | 1,028 | 1,231 |
Total liabilities and equity | $ 2,449 | $ 2,971 |
Combined Summarized Operating R
Combined Summarized Operating Results for Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |||
Total revenues | $ 728 | $ 776 | $ 617 |
Expenses | (545) | (568) | (489) |
Depreciation and amortization | (75) | (91) | (131) |
Operating profit (loss) | 108 | 117 | (3) |
Interest income | 3 | ||
Interest expense | (72) | (79) | (59) |
Gain on disposition | 141 | 12 | 2 |
Net income (loss) | $ 180 | $ 50 | $ (60) |
Debt (Detail)
Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior notes | $ 2,376 | $ 2,858 |
Exchangeable senior debentures | 386 | |
Credit facility | 1,291 | 697 |
Mortgage debt (non-recourse), with an average interest rate of 4.7% and 5.0% at December 31, 2015 and 2014, respectively, maturing through January 2024 | 350 | 402 |
Total debt | 4,017 | 3,957 |
Series V senior notes 6% due November 2020 | ||
Debt Instrument [Line Items] | ||
Senior notes | 495 | |
Series X senior notes 5.875% due June 2019 | ||
Debt Instrument [Line Items] | ||
Senior notes | 493 | |
Series Z senior notes 6% due October 2021 | ||
Debt Instrument [Line Items] | ||
Senior notes | 297 | 296 |
Series B senior notes 5.25% due March 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 347 | 346 |
Series C senior notes 4.75% due March 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 445 | 445 |
Series D senior notes 3.75% due October 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 397 | 397 |
Series E senior notes 4% due June 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 495 | |
Series F senior notes 4.5% due February 2026 | ||
Debt Instrument [Line Items] | ||
Senior notes | 395 | |
Exchangeable 2009 Senior Debentures 2.5% Due October 2029 | ||
Debt Instrument [Line Items] | ||
Exchangeable senior debentures | 386 | |
Term Loan due June 2017 | ||
Debt Instrument [Line Items] | ||
Credit facility | 499 | 499 |
Term Loan due September 2020 | ||
Debt Instrument [Line Items] | ||
Credit facility | 497 | |
Revolver | ||
Debt Instrument [Line Items] | ||
Credit facility | $ 295 | $ 198 |
Debt (Parenthetical) (Detail)
Debt (Parenthetical) (Detail) - Mortgages | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Average interest rate | 5.00% | 4.70% |
Upper Limit | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Date | Jan. 1, 2024 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ / shares in Units, shares in Millions | Dec. 29, 2015USD ($) | Oct. 14, 2015USD ($) | Sep. 10, 2015USD ($) | Jun. 15, 2015USD ($) | May. 15, 2015USD ($) | Oct. 30, 2014USD ($) | Jun. 25, 2014USD ($) | Jun. 15, 2014USD ($) | Nov. 30, 2015USD ($) | Oct. 31, 2015USD ($)$ / sharesshares | Jul. 31, 2015USD ($) | Feb. 28, 2014USD ($) | Dec. 31, 2015USD ($)Entityshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2009USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||
Deferred financing costs, net | $ 29,000,000 | $ 35,000,000 | |||||||||||||||
Redemption price of senior notes | 1,001,000,000 | 150,000,000 | $ 801,000,000 | ||||||||||||||
Draws on credit facility | 845,000,000 | 4,000,000 | 393,000,000 | ||||||||||||||
Debt principal outstanding | 4,047,000,000 | ||||||||||||||||
Aggregate borrowing capacity | 1,000,000,000 | ||||||||||||||||
Additional borrowing capacity | 500,000,000 | ||||||||||||||||
Credit facility | $ 1,291,000,000 | 697,000,000 | |||||||||||||||
Net issuance/repayment of credit facility | 221,000,000 | ||||||||||||||||
Leverage ratio | 2.8 | ||||||||||||||||
Cash and cash equivalents | $ 239,000,000 | 684,000,000 | 861,000,000 | $ 417,000,000 | |||||||||||||
Assets that are secured by mortgage debt | Entity | 7 | ||||||||||||||||
Interest Expense | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Loss on extinguishment | $ 41,000,000 | 4,000,000 | $ 36,000,000 | ||||||||||||||
Covenant Requiring Guarantees | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio | 6 | ||||||||||||||||
Revolver | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 1,000,000,000 | ||||||||||||||||
Credit facility maturity date | Jun. 27, 2018 | ||||||||||||||||
Renewal period of credit facility | Two six-month renewal options | ||||||||||||||||
Line of credit interest terms | We pay interest on revolver borrowings under the credit facility at floating rates equal to LIBOR plus a margin | ||||||||||||||||
Facility commitment fee | 0.20% | ||||||||||||||||
Credit facility | $ 295,000,000 | 198,000,000 | |||||||||||||||
Amount of borrowing capacity currently available under the credit facility | $ 702,000,000 | ||||||||||||||||
Revolver | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis point addition | 1.00% | ||||||||||||||||
Term Loans | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 500,000,000 | ||||||||||||||||
Credit facility maturity date | Jun. 27, 2017 | ||||||||||||||||
Renewal period of credit facility | Two one-year renewal options | ||||||||||||||||
Credit facility | $ 996,000,000 | 499,000,000 | |||||||||||||||
2015 Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Draws on credit facility | $ 200,000,000 | $ 300,000,000 | |||||||||||||||
Aggregate borrowing capacity | $ 500,000,000 | ||||||||||||||||
Debt Instrument, term | 5 years | ||||||||||||||||
Term loan, interest rate | 1.30% | ||||||||||||||||
Credit facility | $ 500,000,000 | ||||||||||||||||
2015 Term Loan | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis point addition | 1.10% | ||||||||||||||||
2014 Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility | $ 500,000,000 | ||||||||||||||||
Revolving Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Net issuance/repayment of credit facility | 120,000,000 | ||||||||||||||||
Amount of borrowing capacity currently available under the credit facility | 702,000,000 | ||||||||||||||||
Foreign Currency Borrowings | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | 500,000,000 | ||||||||||||||||
Swingline Loans | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | 100,000,000 | ||||||||||||||||
Letter of Credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 100,000,000 | ||||||||||||||||
Upper Limit | Revolver | LIBOR | Investment grade | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis point addition | 1.55% | ||||||||||||||||
Facility commitment fee | 0.30% | ||||||||||||||||
Lower Limit | Revolver | LIBOR | Investment grade | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis point addition | 0.875% | ||||||||||||||||
Facility commitment fee | 0.125% | ||||||||||||||||
Series E senior notes 4% due June 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount of debt | $ 500,000,000 | ||||||||||||||||
Proceed from issuance of note | $ 495,000,000 | ||||||||||||||||
Debt interest rate | 4.00% | 4.00% | |||||||||||||||
Frequency of interest payable | Interest is payable semi-annually. | ||||||||||||||||
Debt Instrument Maturity Date | Jun. 15, 2025 | ||||||||||||||||
Series X senior notes 5.785% due 2019 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 5.875% | ||||||||||||||||
Repayment of debt | $ 500,000,000 | ||||||||||||||||
Redemption price of senior notes | $ 515,000,000 | ||||||||||||||||
Series F senior notes 4.5% due February 2026 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount of debt | $ 400,000,000 | ||||||||||||||||
Proceed from issuance of note | $ 395,000,000 | ||||||||||||||||
Debt interest rate | 4.50% | ||||||||||||||||
Frequency of interest payable | Interest is payable semi-annually. | ||||||||||||||||
Date of first payment | Feb. 1, 2016 | ||||||||||||||||
Series V senior notes 6% due 2020 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 6.00% | ||||||||||||||||
Repayment of debt | $ 500,000,000 | ||||||||||||||||
Redemption price of senior notes | $ 515,000,000 | ||||||||||||||||
Draws on credit facility | $ 100,000,000 | ||||||||||||||||
Series Q senior notes 6.75% due 2016 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 6.75% | ||||||||||||||||
Repayment of debt | $ 150,000,000 | ||||||||||||||||
Redemption price of senior notes | $ 152,000,000 | ||||||||||||||||
2.5% Exchangeable Senior Debentures Due 2029 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 2.50% | 2.50% | |||||||||||||||
Debt principal outstanding | $ 400,000,000 | ||||||||||||||||
Current equivalent exchange price | $ / shares | $ 12.45 | ||||||||||||||||
Exchangeable senior debentures, exchanged | $ 8,700,000 | $ 399,000,000 | |||||||||||||||
Debt converted into shares of Host Inc. common stock | shares | 32 | 32 | |||||||||||||||
Cash paid to redeem debentures | $ 1,000,000 | ||||||||||||||||
Renewal options | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility maturity date | Jun. 27, 2019 | ||||||||||||||||
Covenant Requirement | Credit facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt covenant compliance | As of December 31, 2015, we are in compliance with the financial covenants under our credit facility. | ||||||||||||||||
Debt instrument covenant description | Additionally, total debt used in the calculation of our leverage ratio is based on a “net debt” concept, under which cash and cash equivalents in excess of $100 million are deducted from our total debt balance. | ||||||||||||||||
Covenant Requirement | Upper Limit | Credit facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio | 7.25 | ||||||||||||||||
Covenant Requirement | Lower Limit | Credit facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Unsecured interest coverage ratio | 1.75% | ||||||||||||||||
Fixed charge coverage ratio | 1.25% | ||||||||||||||||
Cash and cash equivalents | $ 100,000,000 | ||||||||||||||||
Debt Covenant | Less Restrictive Covenant | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Leverage ratio | 6 | ||||||||||||||||
7.125% Dulles Airport Industrial Development Revenue Bonds | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 7.125% | ||||||||||||||||
Repayment of debt | $ 12,000,000 | ||||||||||||||||
7.75% Philadelphia Airport Industrial Development Revenue Bonds | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 7.75% | ||||||||||||||||
Repayment of debt | $ 40,000,000 | ||||||||||||||||
7% Newark Airport Industrial Development Refunding Revenue Bonds | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 7.00% | ||||||||||||||||
Repayment of debt | $ 32,000,000 | ||||||||||||||||
Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount of debt | $ 2,400,000,000 | 2,900,000,000 | |||||||||||||||
Unamortized discount | $ 2,000,000 | $ 16,000,000 | |||||||||||||||
Debt covenant compliance | As of December 31, 2015, we are in compliance with all of these covenants. | ||||||||||||||||
Senior Notes | Upper Limit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt repurchase authorized amount | $ 500,000,000 | ||||||||||||||||
Mortgages | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt covenant compliance | As of December 31, 2015, we are in compliance with the covenants under all of our mortgage debt obligations. | ||||||||||||||||
Average interest rate | 4.70% | 5.00% | |||||||||||||||
Mortgages | Upper Limit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date | Jan. 1, 2024 |
Interest Expense for Debentures
Interest Expense for Debentures (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Non-cash interest expense due to discount amortization | $ 21 | $ 24 | $ 25 | |
Total interest expense | [1] | 234 | 214 | 304 |
Exchangeable Senior Debentures | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense (cash) | 8 | 10 | 10 | |
Non-cash interest expense due to discount amortization | 13 | 16 | 15 | |
Total interest expense | $ 21 | $ 26 | $ 25 | |
[1] | Interest expense and interest paid for 2015, 2014 and 2013 include cash prepayment premiums of approximately $30 million, $2 million and $23 million, respectively. |
Mortgage Debt Issuances and Rep
Mortgage Debt Issuances and Repayments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Mortgage repayment | $ (35) | $ (384) | $ (411) |
Novotel Queenstown Lakeside | |||
Debt Instrument [Line Items] | |||
Rate | 6.65% | ||
Maturity date | Feb. 18, 2016 | ||
Mortgage repayment | $ (20) | ||
Novotel Auckland Ellerslie and ibis Auckland Ellerslie | |||
Debt Instrument [Line Items] | |||
Rate | 6.40% | ||
Maturity date | Feb. 18, 2016 | ||
Mortgage repayment | $ (15) | ||
The Ritz Carlton Naples And Newport Beach Marriott Hotel | |||
Debt Instrument [Line Items] | |||
Rate | 3.25% | ||
Maturity date | Mar. 1, 2014 | ||
Mortgage repayment | $ (300) |
Aggregate Debt Maturities (Deta
Aggregate Debt Maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 163 | |
2,017 | 500 | |
2,018 | 334 | |
2,020 | 500 | |
Thereafter | 2,550 | |
Debt principal outstanding | 4,047 | |
Deferred financing costs | (29) | $ (35) |
Unamortized (discounts) premiums, net | (2) | |
Capital lease obligations | 1 | |
Total debt | $ 4,017 | $ 3,957 |
Interest Expense (Detail)
Interest Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ||||
Interest expense | [1] | $ 234 | $ 214 | $ 304 |
Amortization of debt premiums/discounts, net | [1],[2] | (13) | (16) | (15) |
Amortization of deferred financing costs | [1] | (8) | (8) | (10) |
Non-cash losses on debt extinguishments | [1] | (11) | (2) | (13) |
Change in accrued interest | [1] | 12 | 1 | 16 |
Interest paid | [1],[3] | $ 214 | $ 189 | $ 282 |
[1] | Interest expense and interest paid for 2015, 2014 and 2013 include cash prepayment premiums of approximately $30 million, $2 million and $23 million, respectively. | |||
[2] | Primarily represents the amortization of the debt discount on our Debentures, which is considered non-cash interest expense. | |||
[3] | Does not include capitalized interest of $5 million, $7 million and $6 million during 2015, 2014 and 2013, respectively. |
Interest Expense (Parenthetical
Interest Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Prepayment premiums | $ 30 | $ 2 | $ 23 |
Capitalized interest | $ 5 | $ 7 | $ 6 |
Equity of Host Inc. and Capit67
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 29, 2015 | Apr. 30, 2015 |
Stockholders Equity Note [Line Items] | ||||||
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 | ||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||
Common stock, shares outstanding | 750,300,000 | 755,800,000 | ||||
Dividend policy | The amount of any future dividends will be determined by Host Inc.’s Board of Directors. | |||||
Dividends taxable as ordinary income to stockholders | 80.00% | 65.00% | ||||
Dividends taxable as qualified income to stockholders | 8.00% | |||||
Dividends taxable as unrecaptured Section 1250 gain | 7.00% | 13.00% | ||||
Capital Gains Distribution Percentage | 5.00% | 22.00% | ||||
Dividend per share, declared | $ 0.80 | $ 0.75 | $ 0.46 | |||
Lower Limit | ||||||
Stockholders Equity Note [Line Items] | ||||||
Percentage of annual taxable income Host Inc is required to distribute | 90.00% | |||||
HOST HOTELS & RESORTS, INC. | ||||||
Stockholders Equity Note [Line Items] | ||||||
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 | ||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||
Common stock, shares outstanding | 750,300,000 | 755,800,000 | ||||
Preferred stock, shares authorized | 50,000,000 | |||||
Preferred stock, no par value | ||||||
Preferred stock, shares outstanding | 0 | 0 | ||||
Percentage of the common OP units | 99.00% | |||||
Common OP units, outstanding | 734,500,000 | 739,900,000 | ||||
Common stock repurchase, shares | 38,300,000 | |||||
Common stock repurchase, average price per share | $ 17.64 | |||||
Common stock repurchase, value | $ 675 | |||||
Stock Repurchase Program capacity | $ 325 | |||||
HOST HOTELS & RESORTS, INC. | Subsequent Event | ||||||
Stockholders Equity Note [Line Items] | ||||||
Dividend declaration date | Feb. 29, 2016 | |||||
Dividend per share, declared | $ 0.20 | |||||
Dividend payable date | Apr. 15, 2016 | |||||
Dividend record date | Mar. 31, 2015 | |||||
HOST HOTELS & RESORTS, INC. | Upper Limit | ||||||
Stockholders Equity Note [Line Items] | ||||||
Common stock repurchase, authorized amount | $ 500 | $ 500 | ||||
HOST HOTELS & RESORTS L.P. | ||||||
Stockholders Equity Note [Line Items] | ||||||
Percentage of the common OP units | 99.00% | |||||
Shares issuable upon conversion of one OP unit | 1.021494 | |||||
Common OP units, outstanding | 743,700,000 | 749,100,000 | ||||
Exchangeable senior debentures, exchanged | $ 399 | |||||
Debt converted into shares of Host Inc. common stock | 32,000,000 | |||||
HOST HOTELS & RESORTS L.P. | Limited Partner | ||||||
Stockholders Equity Note [Line Items] | ||||||
Percentage of the common OP Units | 1.00% | |||||
Common stock repurchase, value | $ 675 |
Common Dividends Declared Per S
Common Dividends Declared Per Share (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Common stock | $ 0.80 | $ 0.75 | $ 0.46 |
Common OP units | $ 0.817 | $ 0.766 | $ 0.470 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Number of subsequent years we may not able to qualify as REIT if failed to qualify for taxation as a REIT in any taxable year | 4 years | ||
Valuation allowance | $ 23 | $ 45 | |
Net (decrease) and increase in valuation allowance | 22 | 16 | |
Domestic and foreign net operating loss and capital loss carryovers | 186 | ||
Deferred tax asset operating loss carryforwards | $ 63 | ||
Net operating loss carryover expiration date | Our net operating loss carryovers expire through 2035, and our foreign capital loss carryovers have no expiration period. | ||
Net operating loss carryover expiration year | 2,035 | ||
Expiration of tax credits | Our alternative minimum tax credit carryovers have no expiration period. | ||
Deferred tax assets, net of valuation allowance | $ 113 | 114 | |
Deferred tax asset related to AOCI activity concerning net foreign exchange losses | 18 | 8 | |
Cash paid for income taxes, net of refunds received | $ 9 | 22 | $ 17 |
Statutory federal income tax rate | 35.00% | ||
Expected increase in unrecognized tax benefits within 12 months | $ 1 | ||
Recognized material interest or penalties | $ 0 | $ 0 | $ 0 |
Lower Limit | |||
Income Taxes [Line Items] | |||
Open tax year by major tax jurisdiction | 2,012 | ||
Upper Limit | |||
Income Taxes [Line Items] | |||
Open tax year by major tax jurisdiction | 2,015 | ||
Mexico | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 20 | ||
Canada | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 3 | ||
Lower Limit | |||
Income Taxes [Line Items] | |||
Percentage of annual taxable income Host Inc is required to distribute | 90.00% |
Primary Components of Net Defer
Primary Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Related party interest expense | $ 7 | $ 21 |
Net operating loss and capital loss carryovers | 63 | 70 |
Alternative minimum tax credits | 5 | 5 |
Property and equipment | 4 | 4 |
Investments in domestic affiliates | 3 | 3 |
Deferred revenue and expenses | 52 | 55 |
Other | 2 | 1 |
Total gross deferred tax assets | 136 | 159 |
Less: Valuation allowance | (23) | (45) |
Total deferred tax assets, net of valuation allowance | 113 | 114 |
Deferred tax liabilities | ||
Property and equipment | (16) | (17) |
Investments in domestic and foreign affiliates | (12) | (8) |
Other | (2) | (2) |
Total gross deferred tax liabilities | (30) | (27) |
Net deferred tax assets | $ 83 | $ 87 |
Income from Continuing Operatio
Income from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. income | $ 536 | $ 744 | $ 213 |
Foreign income | 44 | 17 | 18 |
INCOME BEFORE INCOME TAXES | $ 580 | $ 761 | $ 231 |
Provision for Income Taxes from
Provision for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current Federal | $ 2 | $ 3 | $ 2 |
Current State | (1) | 2 | 4 |
Current Foreign | 3 | 10 | 9 |
Current Income Tax Expense (Benefit), Total | 4 | 15 | 15 |
Deferred Federal | 2 | (1) | 4 |
Deferred State | (1) | 1 | |
Deferred Foreign | 3 | 1 | 1 |
Deferred income taxes | 5 | (1) | 6 |
Income tax provision – continuing operations | $ 9 | $ 14 | $ 21 |
Income Tax Provision Calculated
Income Tax Provision Calculated at Statutory U.S. Federal Income Tax Rate and Actual Income Tax Provision Recorded (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax provision – continuing operations | $ 204 | $ 265 | $ 81 |
Adjustment for nontaxable income of Host Inc. – continuing operations | (203) | (268) | (77) |
State income tax provision, net | 1 | 1 | 5 |
Provision for uncertain tax positions | 1 | 5 | 2 |
Foreign income tax provision | 6 | 11 | 10 |
Income tax provision – continuing operations | $ 9 | $ 14 | $ 21 |
Unrecognized Tax Benefits Recon
Unrecognized Tax Benefits Reconciliation (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1 | $ 10 | $ 5 |
State decreases | (2) | 2 |
Other increases | 3 | 3 |
Balance at December 31 | $ 11 | $ 10 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Jul. 30, 2012USD ($)ft² | Dec. 31, 2015USD ($)HotelContract |
Leases Disclosure [Line Items] | ||
Number of hotels subject to ground leases | Hotel | 31 | |
Operating leases information | Leases and subleases contain one or more renewal options | |
Aggregate contingent liabilities relating to our former restaurant business | $ 16 | |
Minimum payments from restaurants and the Sub lessee payable to us under non-cancelable subleases | $ 9 | |
Lower Limit | ||
Leases Disclosure [Line Items] | ||
Number of renewal options | Contract | 1 | |
Minimum additional renewal option period | 5 years | |
Upper Limit | ||
Leases Disclosure [Line Items] | ||
Minimum additional renewal option period | 10 years | |
New York Marriott Marquis | Vornado Realty Trust | ||
Leases Disclosure [Line Items] | ||
Lease term | 20 years | |
Future minimum rental revenue under the non-cancelable lease on an annual basis | $ 12.5 | |
Area of LED sign | ft² | 25,000 |
Future Minimum Annual Rental Co
Future Minimum Annual Rental Commitments Required Under Non-Cancelable Leases (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Capital Leases | |
2,016 | $ 1 |
Total minimum lease payments | 1 |
Operating Leases | |
2,016 | 44 |
2,017 | 43 |
2,018 | 41 |
2,019 | 39 |
2,020 | 39 |
Thereafter | 1,509 |
Total minimum lease payments | $ 1,715 |
Rent Expense (Detail)
Rent Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Minimum rentals on operating leases | $ 48 | $ 48 | $ 50 |
Additional rentals based on sales | 33 | 32 | 32 |
Rental payments based on real estate tax assessments | 24 | ||
Less: sublease rentals | (2) | (3) | (3) |
Operating Leases, Rent Expense, Total | $ 79 | $ 77 | $ 103 |
Employee Stock Plans - Addition
Employee Stock Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Employee Benefits Disclosure [Line Items] | ||||
Common stock reserved and available for issuance under the Comprehensive Plan | 16,000,000 | |||
Compensation expense | $ 11 | $ 22 | $ 18 | |
Granted | 1,800,000 | 2,000,000 | 2,200,000 | |
Vested | 800,000 | 1,300,000 | 1,200,000 | |
Liability awards as a percentage of restricted stock awards granted | 96.00% | |||
Restricted Stock | Executive Officer | ||||
Employee Benefits Disclosure [Line Items] | ||||
Compensation expense | $ 8 | $ 18 | $ 14 | |
Granted | 1,300,000 | 1,500,000 | 1,700,000 | |
Vested | [1] | 400,000 | 800,000 | 800,000 |
Employee Stock Option | ||||
Employee Benefits Disclosure [Line Items] | ||||
Compensation expense | $ 1.8 | $ 1.8 | $ 1.8 | |
Granted | 366,000 | 393,000 | 420,000 | |
Stock options outstanding | 1,000,000 | |||
Stock options exercisable | 1,000,000 | |||
Weighted average remaining life - outstanding | 8 years | |||
Weighted average remaining life - exercisable | 8 years | |||
Weighted average exercise price - outstanding | $ 19.37 | |||
Weighted average exercise price - exercisable | $ 19.37 | |||
Weighted average risk free rate, minimum | 1.00% | |||
Weighted average risk free rate, maximum | 1.80% | |||
Expected life | 5 years 6 months | |||
Employee Stock Option | Lower Limit | ||||
Employee Benefits Disclosure [Line Items] | ||||
Weighted average volatility | 28.00% | |||
Weighted average dividend yield | 3.00% | |||
Employee Stock Option | Upper Limit | ||||
Employee Benefits Disclosure [Line Items] | ||||
Weighted average volatility | 32.00% | |||
Weighted average dividend yield | 4.00% | |||
Other Stock Plans | ||||
Employee Benefits Disclosure [Line Items] | ||||
Compensation expense | $ 1.9 | $ 2.2 | $ 2 | |
Granted | 116,000 | 118,000 | 116,000 | |
Vesting term | 3 years | |||
Employee stock purchase plan discount percentage | 10.00% | |||
Senior Executive Plan | Restricted Stock | Executive Officer | ||||
Employee Benefits Disclosure [Line Items] | ||||
Granted | 1,300,000 | |||
Restricted stock awards | 0 | |||
Payout comparison | Vesting of restricted stock awards is based on (1) the achievement of relative total shareholder return (“TSR”) and (2) the company and personal performance of employees attributable to specific management business objectives. Approximately 50% of the restricted stock awards are based on the satisfaction of the TSR compared to (i) the NAREIT index, (ii) the Standard & Poor’s index, and (iii) a Selected Lodging Company index that serves as a relevant industry/asset specific measurement to our competitors, with the remaining 50% based on the achievement of management business objectives. | |||
Senior Executive Plan | Restricted Stock | Executive Officer | Satisfaction of total shareholder return | ||||
Employee Benefits Disclosure [Line Items] | ||||
Shares vesting percentage | 50.00% | |||
Senior Executive Plan | Restricted Stock | Executive Officer | Achievement of Management Business Objective | ||||
Employee Benefits Disclosure [Line Items] | ||||
Shares vesting percentage | 50.00% | |||
Senior Executive Plan | Employee Stock Option | Executive Officer | ||||
Employee Benefits Disclosure [Line Items] | ||||
Granted | 400,000 | |||
Stock option exercise price | $ 23.64 | |||
Stock options outstanding | 0 | |||
[1] | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.5 million shares issued in 2015 include shares vested at December 31, 2014, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $9.8 million, $6.1 million and $5.5 million, for 2015, 2014 and 2013, respectively. |
Summary of Status of Senior Exe
Summary of Status of Senior Executive Plans (Detail) - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Shares | ||||
Granted | 1.8 | 2 | 2.2 | |
Vested | (0.8) | (1.3) | (1.2) | |
Restricted Stock | Executive Officer | ||||
Shares | ||||
Granted | 1.3 | 1.5 | 1.7 | |
Vested | [1] | (0.4) | (0.8) | (0.8) |
Forfeited/expired | (0.9) | (0.7) | (0.9) | |
Issued in calendar year | [1] | 0.5 | 0.4 | 0.3 |
Fair Value | ||||
Granted | $ 16 | $ 18 | $ 16 | |
Vested | [1] | 15 | 24 | 19 |
Forfeited/expired | 15 | 24 | 19 | |
Issued in calendar year | [1] | $ 24 | $ 19 | $ 19 |
[1] | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.5 million shares issued in 2015 include shares vested at December 31, 2014, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $9.8 million, $6.1 million and $5.5 million, for 2015, 2014 and 2013, respectively. |
Summary of Status of Senior E80
Summary of Status of Senior Executive Plans (Parenthetical) (Detail) - Executive Officer - Restricted Stock - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares issued | [1] | 0.5 | 0.4 | 0.3 |
Value of shares withheld for employee tax requirements | $ 9.8 | $ 6.1 | $ 5.5 | |
[1] | Shares that vest at December 31 of each year are issued to the employees in the first quarter of the following year, although the requisite service period is complete. Accordingly, the 0.5 million shares issued in 2015 include shares vested at December 31, 2014, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $9.8 million, $6.1 million and $5.5 million, for 2015, 2014 and 2013, respectively. |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - Hotel | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations And Disposal Groups [Abstract] | |||
Number of hotels sold | 8 | 5 | 5 |
Summary of Results of Operation
Summary of Results of Operations for Eight Hotels Sold in Twenty Fifteen and Five Hotels Sold in Twenty Fourteen which are Included in Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Revenues | $ 60 | $ 197 |
Income before taxes | 5 | 12 |
Gain on disposals | $ 89 | $ 229 |
Summary of Results of Operati83
Summary of Results of Operations for Five Hotels Sold in Twenty Thirteen and Three Hotels Sold in Twenty Twelve which are Included in Discontinued Operations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Revenues | $ 104 |
Income before taxes | 22 |
Gain on disposals | $ 97 |
Net Income Attributable to Host
Net Income Attributable to Host Inc. (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Continued And Discontinued Operations [Line Items] | |||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 558 | $ 732 | $ 317 | ||||||||
HOST HOTELS & RESORTS, INC. | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Continued And Discontinued Operations [Line Items] | |||||||||||
Continuing operations, net of tax | 203 | ||||||||||
Discontinued operations, net of tax | 114 | ||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 163 | $ 85 | $ 212 | $ 98 | $ 254 | $ 144 | $ 155 | $ 179 | $ 317 |
Net Income Attributable to Ho85
Net Income Attributable to Host Hotels L.P. (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Continued And Discontinued Operations [Line Items] | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 558 | $ 732 | $ 317 | ||||||||||||||||
HOST HOTELS & RESORTS L.P. AND SUBSIDIARIES | |||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Continued And Discontinued Operations [Line Items] | |||||||||||||||||||
Continuing operations, net of tax | 206 | ||||||||||||||||||
Discontinued operations, net of tax | 115 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO REPORTING ENTITY | $ 165 | $ 86 | $ 215 | $ 99 | $ 257 | $ 146 | $ 157 | $ 181 | $ 565 | $ 741 | $ 321 | ||||||||
[1] | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) BRL in Millions, $ in Millions | Dec. 30, 2015USD ($) | Jun. 08, 2015USD ($)Room | Aug. 11, 2014USD ($)Room | Jan. 21, 2014USD ($)Room | Feb. 28, 2015USD ($)Parcel | Dec. 31, 2015USD ($)Hotel | Dec. 31, 2014USD ($)HotelRoom | Dec. 31, 2014BRLRoom |
Business Acquisition [Line Items] | ||||||||
Number of hotel acquired | Hotel | 1 | 2 | ||||||
Acquisition-related expenses | $ 1 | $ 2 | ||||||
Pro forma, total revenues | 68 | 12 | ||||||
Pro forma, net income (loss) | $ (2) | 2 | ||||||
Minneapolis Marriott City Center | ||||||||
Business Acquisition [Line Items] | ||||||||
Asset acquisition | $ 34 | |||||||
Sheraton Indianapolis Hotel at Keystone Crossing | ||||||||
Business Acquisition [Line Items] | ||||||||
Asset acquisition | $ 4.6 | |||||||
Number of out-parcels | Parcel | 2 | |||||||
Brazil Agreement To Develop | ||||||||
Business Acquisition [Line Items] | ||||||||
Development cost incurred to date | $ 65 | BRL 139 | ||||||
Brazil Agreement To Develop | Novotel | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of rooms | Room | 149 | 149 | ||||||
Brazil Agreement To Develop | Ibis Rio De Janeiro Parque Olimpico | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of rooms | Room | 256 | 256 | ||||||
b2 Miami downtown hotel | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of rooms | Room | 242 | |||||||
Acquisition purchase price | $ 58 | |||||||
Powell Hotel San Francisco California | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of rooms | Room | 151 | |||||||
Acquisition purchase price | $ 75 | |||||||
The Phoenician Hotel | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of rooms | Room | 643 | |||||||
Acquisition purchase price | $ 400 |
Estimated Fair Value of Assets
Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Business Combinations [Abstract] | ||
Property and equipment | $ 400 | $ 131 |
FF&E Reserves and other assets | 3 | |
Total assets | 400 | 134 |
Other liabilities | (2) | (1) |
Net assets acquired | $ 398 | $ 133 |
Summary of Unaudited Consolidat
Summary of Unaudited Consolidated Pro Forma Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenues | $ 5,459 | $ 5,475 |
Income from continuing operations | 594 | 763 |
Net income | 594 | 763 |
HOST HOTELS & RESORTS, INC. | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Net income attributable to reporting entity | $ 581 | $ 748 |
Basic earnings per common share | $ 0.77 | $ 0.99 |
Diluted earnings per common share | $ 0.77 | $ 0.99 |
HOST HOTELS & RESORTS L.P. | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Net income attributable to reporting entity | $ 588 | $ 757 |
Basic earnings per common share | $ 0.79 | $ 1.01 |
Diluted earnings per common share | $ 0.79 | $ 1.01 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) NZD in Millions | 12 Months Ended | |||||
Dec. 31, 2015USD ($)HotelContractDerivative | Dec. 31, 2014USD ($)Hotel | Dec. 31, 2013USD ($)Hotel | Dec. 31, 2015EUR (€)ContractDerivative | Dec. 31, 2015NZDContractDerivative | May. 15, 2015 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Number of hotels sold | Hotel | 8 | 5 | 5 | |||
Impairment expense | $ 0 | $ 6,000,000 | $ 1,000,000 | |||
Number of foreign currency forward contracts outstanding | Contract | 5 | 5 | 5 | |||
Series E senior notes 4% due June 2025 | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Debt interest rate | 4.00% | 4.00% | 4.00% | 4.00% | ||
Proceeds from forward swaps and treasury locks | $ 4,000,000 | |||||
Amortization of forward swaps | 10 years | |||||
Series F senior notes 4.5% due February 2026 | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Debt interest rate | 4.50% | 4.50% | 4.50% | |||
Interest rate swap derivatives | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional Amount | NZD | NZD 53 | |||||
Interest rate swap derivatives | Series E senior notes 4% due June 2025 | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional Amount | $ 150,000,000 | |||||
Number of interest rate derivatives | Derivative | 3 | 3 | 3 | |||
Swaps hedged of variable rate basis | 3-month LIBOR | |||||
Interest rate swap derivatives | Series F senior notes 4.5% due February 2026 | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional Amount | $ 350,000,000 | |||||
Number of interest rate derivatives | Derivative | 5 | 5 | 5 | |||
Swaps hedged of variable rate basis | 3-month LIBOR | |||||
Amortization of forward swaps | 10 years | |||||
Payments to forward swaps | $ 9,000,000 | |||||
Interest rate swap derivatives | New Zealand | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional Amount | 36,000,000 | |||||
Treasury Lock | Series E senior notes 4% due June 2025 | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional Amount | $ 200,000,000 | |||||
Number of interest rate derivatives | Derivative | 2 | 2 | 2 | |||
Swaps hedged of variable rate basis | 10-year U.S. Treasury rate | |||||
Matured Foreign Currency Forward Sale Contracts | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional Amount | € | € 55,000,000 | |||||
Foreign Exchange Contract | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Proceeds from forward swaps and treasury locks | $ 12,000,000 | |||||
Number of foreign currency forward contracts matured during the period | Contract | 2 | 2 | 2 | |||
New foreign currency forward sale contracts | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional Amount | € | € 55,000,000 | |||||
Number of foreign currency forward contracts outstanding | Contract | 2 | 2 | 2 | |||
Fair Value, Measurements, Nonrecurring | Impaired Hotels | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Number of hotels sold | Hotel | 1 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign currency forward sale contracts | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements on a recurring basis, Assets | [1] | $ 17 | $ 13 |
Interest rate swap derivatives | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements on a recurring basis, Liabilities | [1] | (1) | (2) |
Significant Other Observable Inputs (Level 2) | Foreign currency forward sale contracts | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements on a recurring basis, Assets | [1] | 17 | 13 |
Significant Other Observable Inputs (Level 2) | Interest rate swap derivatives | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements on a recurring basis, Liabilities | [1] | $ (1) | (2) |
Significant Unobservable Inputs (Level 3) | Impaired Hotel Properties Held And Used | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurements on a non-recurring basis, Impaired hotel properties held and used | [2] | $ 18 | |
[1] | (1) These derivative contracts have been designated as hedging instruments. | ||
[2] | (1) The fair value measurement is as of the measurement date of the impairment and may not reflect the book value as of December 31, 2014. |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Detail) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015AUD | Dec. 31, 2015NZD | ||
Derivative [Line Items] | ||||||
Change in Fair Value Gain (Loss) | $ 11 | $ 19 | $ (3) | |||
Interest rate swap derivatives | ||||||
Derivative [Line Items] | ||||||
Notional Amount | NZD | NZD 53,000,000 | |||||
Interest rate swap derivatives | New Zealand | ||||||
Derivative [Line Items] | ||||||
Notional Amount | $ 36 | |||||
Cash Flow Hedging | Interest rate swap derivatives | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | Australia | ||||||
Derivative [Line Items] | ||||||
Transaction Date | [1] | November 2,011 | ||||
Notional Amount | AUD | [1] | AUD 62,000,000 | ||||
Maturity Date | [1] | 2016-11 | ||||
Swapped Index | [1] | Reuters BBSY | ||||
All-in-Rate | [1] | 6.70% | 6.70% | 6.70% | ||
Change in Fair Value Gain (Loss) | [1] | $ 1 | ||||
Cash Flow Hedging | Interest rate swap derivatives | Swap Entered In Connection With Four Properties | New Zealand | ||||||
Derivative [Line Items] | ||||||
Transaction Date | [2] | February 2,011 | ||||
Notional Amount | NZD | [2] | NZD 53,000,000 | ||||
Maturity Date | [2] | 2016-02 | ||||
Swapped Index | [2] | NZ$ Bank Bill | ||||
All-in-Rate | [2] | 7.15% | 7.15% | 7.15% | ||
[1] | The swap was entered into in connection with the A$86 million ($63 million) mortgage loan on the Hilton Melbourne South Wharf. | |||||
[2] | The swap was entered into in connection with the NZ$53 million ($36 million) mortgage loan on four properties in New Zealand. |
Interest Rate Swap Derivative92
Interest Rate Swap Derivatives Designated as Cash Flow Hedges (Parenthetical) (Detail) NZD in Millions, AUD in Millions, $ in Millions | Dec. 31, 2015USD ($)Hotel | Dec. 31, 2015AUDHotel | Dec. 31, 2015NZDHotel | Dec. 31, 2014USD ($) |
Derivative [Line Items] | ||||
Mortgage debt | $ | $ 350 | $ 402 | ||
Hotels | 107 | 107 | 107 | |
Australia | ||||
Derivative [Line Items] | ||||
Hotels | 1 | 1 | 1 | |
Australia | Interest Rate Swap | Swap Entered In Connection With Mortgage Loan On Hilton Melbourne South Wharf | ||||
Derivative [Line Items] | ||||
Mortgage debt | $ 63 | AUD 86 | ||
New Zealand | ||||
Derivative [Line Items] | ||||
Hotels | 4 | 4 | 4 | |
New Zealand | Interest Rate Swap | Swap Entered In Connection With Four Properties | ||||
Derivative [Line Items] | ||||
Mortgage debt | $ 36 | NZD 53 | ||
Hotels | 4 | 4 | 4 |
Foreign Currency Sale Contracts
Foreign Currency Sale Contracts (Detail) - Foreign Exchange Contract | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015CAD | |
Euros | ||||
Derivative [Line Items] | ||||
Transaction Date Range | January 2013-September 2015 | |||
Total transaction amount | $ 124,000,000 | € 100,000,000 | ||
Forward purchase date range | January 2016-September 2017 | |||
Change in fair value gain (loss) | $ 13,000,000 | $ 18,000,000 | ||
Canadian Dollars | ||||
Derivative [Line Items] | ||||
Transaction Date Range | November 2,014 | |||
Total transaction amount | $ 22,000,000 | CAD 25,000,000 | ||
Forward purchase date range | November 2,016 | |||
Change in fair value gain (loss) | $ 3,000,000 | $ 1,000,000 |
Draws on Credit Facility that a
Draws on Credit Facility that are Designated as Net Investments in International Operations (Detail) € in Millions, CAD in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015CAD | ||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ||||||
Balance Outstanding | $ 1,291 | $ 697 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (71) | (60) | $ (18) | |||
Canadian Dollars | ||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ||||||
Balance Outstanding | [1] | 33 | CAD 46 | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | [1] | 5 | 2 | |||
Euros | ||||||
Debt Instrument Designated As Hedges Of Net Investment In Foreign Operations [Line Items] | ||||||
Balance Outstanding | 84 | € 77 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | $ 10 | $ 13 | ||||
[1] | We have drawn an additional $44 million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Draws on Credit Facility that95
Draws on Credit Facility that are Designated as Net Investments in International Operations (Parenthetical) (Detail) CAD in Millions, $ in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2014USD ($) | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | $ 1,291 | $ 697 | ||
Canadian Dollars | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | [1] | 33 | CAD 46 | |
Canadian Dollars | Not Designated as Hedging Instrument | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Credit facility | $ 44 | |||
[1] | We have drawn an additional $44 million on the credit facility in Canadian dollars that has not been designated as a hedging instrument. |
Fair Values of Certain Financia
Fair Values of Certain Financial Assets and Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financial liabilities | ||
Senior notes | $ 2,376 | $ 2,472 |
Exchangeable senior debentures | 386 | |
Credit facility, carrying value | 1,291 | 697 |
Mortgage debt and other, excluding capital leases, carrying value | 349 | 401 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial liabilities | ||
Senior notes (Level 1), fair value | 2,452 | 2,668 |
Exchangeable Senior Debentures (Level 1), fair value | 739 | |
Significant Other Observable Inputs (Level 2) | ||
Financial liabilities | ||
Credit facility (Level 2), fair value | 1,298 | 704 |
Significant Other Observable Inputs (Level 2) | Mortgage debt and other, excluding capital leases | ||
Financial liabilities | ||
Mortgage debt and other, excluding capital leases (Level 2), fair value | $ 355 | $ 413 |
Relationship with Marriott In97
Relationship with Marriott International - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |||
Management fees | $ 226 | $ 227 | $ 222 |
Agreements with Marriott International Inc | |||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |||
Management percentage of Company's hotels | 54.00% | ||
Management fees | $ 145 | 146 | 150 |
Franchise fees | $ 2.6 | $ 1.4 | $ 1.3 |
Hotel Management Agreements a98
Hotel Management Agreements and Operating and License Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Contract | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5.00% |
Lower Limit | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Base management fee as percentage of annual gross revenues | 2.00% |
Management incentive fee as percentage of operating profit | 10.00% |
Number of renewal options | 1 |
Lower Limit | Contractual Rights | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Agreement initial term | 10 years |
Number of renewal options | 1 |
Upper Limit | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Base management fee as percentage of annual gross revenues | 3.00% |
Management incentive fee as percentage of operating profit | 20.00% |
Upper Limit | Contractual Rights | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Agreement initial term | 25 years |
Marriott | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage of revenues | 54.00% |
Starwood | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage of revenues | 24.00% |
Base fee percentage | 1.00% |
Starwood | Occupancy | Licensing Agreements | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage sales paid for fees | 5.00% |
Starwood | Food and Beverage | Licensing Agreements | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage sales paid for fees | 2.00% |
Hyatt | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |
Percentage of revenues | 12.00% |
Geographic and Business Segme99
Geographic and Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015EntityCountry | |
Segment Reporting Information [Line Items] | |
Number of operating segments | Entity | 1 |
Non-US | |
Segment Reporting Information [Line Items] | |
Foreign operations, number of countries | Country | 6 |
Revenues and Long-Lived Assets
Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 5,387 | $ 5,354 | $ 5,166 |
Property and equipment, net | 10,661 | 10,575 | 10,995 |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,166 | 5,077 | 4,895 |
Property and equipment, net | 10,372 | 10,111 | 10,498 |
Australia | |||
Segment Reporting Information [Line Items] | |||
Revenues | 34 | 39 | 40 |
Property and equipment, net | 88 | 102 | 106 |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Revenues | 30 | 36 | 30 |
Property and equipment, net | 53 | 82 | 76 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 58 | 87 | 97 |
Property and equipment, net | 66 | 82 | 89 |
Chile | |||
Segment Reporting Information [Line Items] | |||
Revenues | 25 | 32 | 34 |
Property and equipment, net | 44 | 44 | 54 |
Mexico | |||
Segment Reporting Information [Line Items] | |||
Revenues | 29 | 29 | 24 |
Property and equipment, net | 18 | 26 | 32 |
New Zealand | |||
Segment Reporting Information [Line Items] | |||
Revenues | 45 | 54 | 46 |
Property and equipment, net | $ 20 | $ 128 | $ 140 |
Guarantees and Contingencies -
Guarantees and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2013USD ($) | Jan. 31, 2005Hotel | Dec. 31, 2015USD ($)Hotel | Dec. 31, 2014USD ($)Hotel | Dec. 31, 2013Hotel | |
Commitments And Contingencies Disclosure [Line Items] | |||||
Aggregate contingent liabilities relating to our former restaurant business | $ 16 | ||||
Number of hotels sold | Hotel | 8 | 5 | 5 | ||
Future minimum lease payments | $ 1,715 | ||||
Guarantor Obligations, Maximum Payment | 4 | ||||
Guarantor obligations, maximum exposure, undiscounted | 11 | ||||
Gain on disposals | 89 | $ 229 | |||
Guarantee obligation amount | 4 | ||||
Ritz San Francisco | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Gain on disposals | 4 | $ 3 | |||
Upper Limit | Atlanta Marriott Marquis | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Environmental liabilities | $ 5 | ||||
Contingent Consideration Hotel | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Number of hotels sold | Hotel | 2 | ||||
Future minimum lease payments | $ 12 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 4,000,000 |
Maximum exposure of litigation | 15,000,000 |
Other Litigation Cases | |
Loss Contingencies [Line Items] | |
Estimate of possible losses | $ 150,000 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Revenues | $ 5,387 | $ 5,354 | $ 5,166 | ||||||||||||||||
Operating profit | 650 | 710 | 512 | ||||||||||||||||
NET INCOME | 571 | 747 | 325 | ||||||||||||||||
Net income (loss) attributable to Host Inc. | $ 558 | $ 732 | $ 317 | ||||||||||||||||
Basic earnings per common share | $ 0.74 | $ 0.97 | $ 0.43 | ||||||||||||||||
Diluted earnings per common share | $ 0.74 | $ 0.96 | $ 0.42 | ||||||||||||||||
HOST HOTELS & RESORTS, INC. | |||||||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Revenues | $ 1,334 | $ 1,287 | $ 1,449 | $ 1,317 | $ 1,320 | $ 1,294 | $ 1,431 | $ 1,309 | |||||||||||
Operating profit | 147 | 132 | 227 | 144 | 149 | 202 | 225 | 134 | |||||||||||
NET INCOME | 166 | 85 | 216 | 104 | 258 | 145 | 159 | 185 | |||||||||||
Net income (loss) attributable to Host Inc. | $ 163 | $ 85 | $ 212 | $ 98 | $ 254 | $ 144 | $ 155 | $ 179 | $ 317 | ||||||||||
Basic earnings per common share | $ 0.22 | $ 0.11 | $ 0.28 | $ 0.13 | $ 0.34 | $ 0.19 | $ 0.21 | $ 0.24 | |||||||||||
Diluted earnings per common share | $ 0.22 | $ 0.11 | $ 0.28 | $ 0.13 | $ 0.33 | $ 0.19 | $ 0.21 | $ 0.24 | |||||||||||
HOST HOTELS & RESORTS L.P. | |||||||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Revenues | $ 5,387 | $ 5,354 | 5,166 | ||||||||||||||||
Operating profit | 650 | 710 | 512 | ||||||||||||||||
NET INCOME | 571 | 747 | 325 | ||||||||||||||||
Net income (loss) attributable to Host Inc. | $ 165 | [1] | $ 86 | [1] | $ 215 | [1] | $ 99 | [1] | $ 257 | [1] | $ 146 | [1] | $ 157 | [1] | $ 181 | [1] | $ 565 | $ 741 | $ 321 |
Basic earnings per common share | $ 0.22 | [1] | $ 0.12 | [1] | $ 0.29 | [1] | $ 0.13 | [1] | $ 0.34 | [1] | $ 0.19 | [1] | $ 0.21 | [1] | $ 0.24 | [1] | $ 0.76 | $ 0.99 | $ 0.43 |
Diluted earnings per common share | $ 0.22 | [1] | $ 0.12 | [1] | $ 0.29 | [1] | $ 0.13 | [1] | $ 0.34 | [1] | $ 0.19 | [1] | $ 0.21 | [1] | $ 0.24 | [1] | $ 0.76 | $ 0.99 | $ 0.43 |
[1] | Other income statement line items not presented for Host L.P. are equal to the amounts presented for Host Inc. |
Real Estate and Accumulated 104
Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | $ 4,047 | |||
Initial Costs, Land | 2,078 | |||
Initial Costs, Buildings & Improvements | 9,305 | |||
Subsequent Costs Capitalized | 4,431 | |||
Foreign Currency Adjustment | (124) | |||
Land | 2,044 | |||
Buildings & Improvements | 13,646 | |||
Total | 15,690 | $ 15,326 | $ 15,408 | $ 15,661 |
Accumulated Depreciation | 5,767 | $ 5,376 | $ 5,048 | $ 4,768 |
Other Property | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 4 | |||
Initial Costs, Buildings & Improvements | 4 | |||
Subsequent Costs Capitalized | 13 | |||
Land | 8 | |||
Buildings & Improvements | 13 | |||
Total | 21 | |||
Accumulated Depreciation | $ 7 | |||
Date Acquired | various | |||
Depreciation Life | 40 years | |||
Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | $ 349 | |||
Atlanta Marriott Perimeter Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 15 | |||
Initial Costs, Buildings & Improvements | 7 | |||
Subsequent Costs Capitalized | 36 | |||
Land | 15 | |||
Buildings & Improvements | 43 | |||
Total | 58 | |||
Accumulated Depreciation | $ 31 | |||
Date Acquired | 1,976 | |||
Depreciation Life | 40 years | |||
Atlanta Marriott Suites Midtown | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 26 | |||
Subsequent Costs Capitalized | 9 | |||
Buildings & Improvements | 35 | |||
Total | 35 | |||
Accumulated Depreciation | $ 20 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
Axiom Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 36 | |||
Initial Costs, Buildings & Improvements | 38 | |||
Subsequent Costs Capitalized | 1 | |||
Land | 36 | |||
Buildings & Improvements | 39 | |||
Total | 75 | |||
Accumulated Depreciation | $ 3 | |||
Date Acquired | 2,014 | |||
Depreciation Life | 33 years | |||
Boston Marriott Copley Place | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 203 | |||
Subsequent Costs Capitalized | 77 | |||
Buildings & Improvements | 280 | |||
Total | 280 | |||
Accumulated Depreciation | $ 119 | |||
Date Acquired | 2,002 | |||
Depreciation Life | 40 years | |||
Calgary Marriott Downtown | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 5 | |||
Initial Costs, Buildings & Improvements | 18 | |||
Subsequent Costs Capitalized | 44 | |||
Land | 5 | |||
Buildings & Improvements | 62 | |||
Total | 67 | |||
Accumulated Depreciation | $ 25 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
Chicago Marriott Suites Downers Grove | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 2 | |||
Initial Costs, Buildings & Improvements | 14 | |||
Subsequent Costs Capitalized | 12 | |||
Land | 2 | |||
Buildings & Improvements | 26 | |||
Total | 28 | |||
Accumulated Depreciation | $ 13 | |||
Date Acquired | 1,989 | |||
Depreciation Life | 40 years | |||
Chicago Marriott Suites O'Hare | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 5 | |||
Initial Costs, Buildings & Improvements | 36 | |||
Subsequent Costs Capitalized | 10 | |||
Land | 5 | |||
Buildings & Improvements | 46 | |||
Total | 51 | |||
Accumulated Depreciation | $ 23 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
Coronado Island Marriott Resort & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 53 | |||
Subsequent Costs Capitalized | 29 | |||
Buildings & Improvements | 82 | |||
Total | 82 | |||
Accumulated Depreciation | $ 46 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
Costa Mesa Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 3 | |||
Initial Costs, Buildings & Improvements | 18 | |||
Subsequent Costs Capitalized | 8 | |||
Land | 3 | |||
Buildings & Improvements | 26 | |||
Total | 29 | |||
Accumulated Depreciation | $ 15 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
Courtyard Chicago Downtown/River North | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 7 | |||
Initial Costs, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized | 14 | |||
Land | 7 | |||
Buildings & Improvements | 41 | |||
Total | 48 | |||
Accumulated Depreciation | $ 26 | |||
Date Acquired | 1,992 | |||
Depreciation Life | 40 years | |||
Denver Marriott Tech Center Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 6 | |||
Initial Costs, Buildings & Improvements | 26 | |||
Subsequent Costs Capitalized | 29 | |||
Land | 6 | |||
Buildings & Improvements | 55 | |||
Total | 61 | |||
Accumulated Depreciation | $ 34 | |||
Date Acquired | 1,994 | |||
Depreciation Life | 40 years | |||
Denver Marriott West | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 12 | |||
Subsequent Costs Capitalized | 14 | |||
Buildings & Improvements | 26 | |||
Total | 26 | |||
Accumulated Depreciation | $ 19 | |||
Date Acquired | 1,983 | |||
Depreciation Life | 40 years | |||
Embassy Suites Chicago-Downtown/Lakefront | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 86 | |||
Subsequent Costs Capitalized | 16 | |||
Buildings & Improvements | 102 | |||
Total | 102 | |||
Accumulated Depreciation | $ 31 | |||
Date Acquired | 2,004 | |||
Depreciation Life | 40 years | |||
Gaithersburg Marriott Washingtonian Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 7 | |||
Initial Costs, Buildings & Improvements | 22 | |||
Subsequent Costs Capitalized | 13 | |||
Land | 7 | |||
Buildings & Improvements | 35 | |||
Total | 42 | |||
Accumulated Depreciation | $ 20 | |||
Date Acquired | 1,993 | |||
Depreciation Life | 40 years | |||
Grand Hyatt Atlanta in Buckhead | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 8 | |||
Initial Costs, Buildings & Improvements | 88 | |||
Subsequent Costs Capitalized | 29 | |||
Land | 8 | |||
Buildings & Improvements | 117 | |||
Total | 125 | |||
Accumulated Depreciation | $ 54 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Grand Hyatt Washington | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 154 | |||
Initial Costs, Buildings & Improvements | 247 | |||
Subsequent Costs Capitalized | 26 | |||
Land | 154 | |||
Buildings & Improvements | 273 | |||
Total | 427 | |||
Accumulated Depreciation | $ 36 | |||
Date Acquired | 2,012 | |||
Depreciation Life | 33 years | |||
Harbor Beach Marriott Resort & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 62 | |||
Subsequent Costs Capitalized | 112 | |||
Buildings & Improvements | 174 | |||
Total | 174 | |||
Accumulated Depreciation | $ 100 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
Harbor Beach Marriott Resort & Spa | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | $ 150 | |||
Hilton Melbourne South Wharf | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 136 | |||
Subsequent Costs Capitalized | 13 | |||
Foreign Currency Adjustment | (49) | |||
Buildings & Improvements | 100 | |||
Total | 100 | |||
Accumulated Depreciation | $ 16 | |||
Date Acquired | 2,011 | |||
Depreciation Life | 31 years | |||
Hilton Melbourne South Wharf | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | $ 63 | |||
Hilton Singer Island Oceanfront Resort | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 2 | |||
Initial Costs, Buildings & Improvements | 10 | |||
Subsequent Costs Capitalized | 22 | |||
Land | 2 | |||
Buildings & Improvements | 32 | |||
Total | 34 | |||
Accumulated Depreciation | $ 20 | |||
Date Acquired | 1,986 | |||
Depreciation Life | 40 years | |||
Houston Airport Marriott at George Bush Intercontinental | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 10 | |||
Subsequent Costs Capitalized | 80 | |||
Buildings & Improvements | 90 | |||
Total | 90 | |||
Accumulated Depreciation | $ 47 | |||
Date Acquired | 1,984 | |||
Depreciation Life | 40 years | |||
Houston Marriott at the Texas Medical Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 19 | |||
Subsequent Costs Capitalized | 25 | |||
Buildings & Improvements | 44 | |||
Total | 44 | |||
Accumulated Depreciation | $ 28 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Hyatt Place Waikiki Beach | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 12 | |||
Initial Costs, Buildings & Improvements | 120 | |||
Subsequent Costs Capitalized | 2 | |||
Land | 12 | |||
Buildings & Improvements | 122 | |||
Total | 134 | |||
Accumulated Depreciation | $ 11 | |||
Date Acquired | 2,013 | |||
Depreciation Life | 34 years | |||
Hyatt Regency Cambridge, Overlooking Boston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 18 | |||
Initial Costs, Buildings & Improvements | 84 | |||
Subsequent Costs Capitalized | 10 | |||
Land | 19 | |||
Buildings & Improvements | 93 | |||
Total | 112 | |||
Accumulated Depreciation | $ 51 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Maui Resort & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 92 | |||
Initial Costs, Buildings & Improvements | 212 | |||
Subsequent Costs Capitalized | 43 | |||
Land | 81 | |||
Buildings & Improvements | 266 | |||
Total | 347 | |||
Accumulated Depreciation | $ 94 | |||
Date Acquired | 2,003 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Reston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 11 | |||
Initial Costs, Buildings & Improvements | 78 | |||
Subsequent Costs Capitalized | 27 | |||
Land | 12 | |||
Buildings & Improvements | 104 | |||
Total | 116 | |||
Accumulated Depreciation | $ 48 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Reston | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | $ 100 | |||
Hyatt Regency San Francisco Airport | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 16 | |||
Initial Costs, Buildings & Improvements | 119 | |||
Subsequent Costs Capitalized | 60 | |||
Land | 20 | |||
Buildings & Improvements | 175 | |||
Total | 195 | |||
Accumulated Depreciation | $ 81 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Washington on Capitol Hill | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 40 | |||
Initial Costs, Buildings & Improvements | 230 | |||
Subsequent Costs Capitalized | 41 | |||
Land | 40 | |||
Buildings & Improvements | 271 | |||
Total | 311 | |||
Accumulated Depreciation | $ 81 | |||
Date Acquired | 2,005 | |||
Depreciation Life | 40 years | |||
JW Marriott Atlanta Buckhead | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 16 | |||
Initial Costs, Buildings & Improvements | 21 | |||
Subsequent Costs Capitalized | 28 | |||
Land | 16 | |||
Buildings & Improvements | 49 | |||
Total | 65 | |||
Accumulated Depreciation | $ 32 | |||
Date Acquired | 1,990 | |||
Depreciation Life | 40 years | |||
JW Marriott Desert Springs Resort & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 13 | |||
Initial Costs, Buildings & Improvements | 143 | |||
Subsequent Costs Capitalized | 139 | |||
Land | 13 | |||
Buildings & Improvements | 282 | |||
Total | 295 | |||
Accumulated Depreciation | $ 146 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
JW Marriott Hotel Rio de Janeiro | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 13 | |||
Initial Costs, Buildings & Improvements | 29 | |||
Subsequent Costs Capitalized | 3 | |||
Foreign Currency Adjustment | (26) | |||
Land | 5 | |||
Buildings & Improvements | 14 | |||
Total | 19 | |||
Accumulated Depreciation | $ 2 | |||
Date Acquired | 2,010 | |||
Depreciation Life | 40 years | |||
JW Marriott Houston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 4 | |||
Initial Costs, Buildings & Improvements | 26 | |||
Subsequent Costs Capitalized | 41 | |||
Land | 6 | |||
Buildings & Improvements | 65 | |||
Total | 71 | |||
Accumulated Depreciation | $ 34 | |||
Date Acquired | 1,994 | |||
Depreciation Life | 40 years | |||
JW Marriott Mexico City | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 11 | |||
Initial Costs, Buildings & Improvements | 35 | |||
Subsequent Costs Capitalized | 19 | |||
Land | 10 | |||
Buildings & Improvements | 55 | |||
Total | 65 | |||
Accumulated Depreciation | $ 45 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
JW Marriott, Washington D.C. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 26 | |||
Initial Costs, Buildings & Improvements | 98 | |||
Subsequent Costs Capitalized | 61 | |||
Land | 26 | |||
Buildings & Improvements | 159 | |||
Total | 185 | |||
Accumulated Depreciation | $ 78 | |||
Date Acquired | 2,003 | |||
Depreciation Life | 40 years | |||
Key Bridge Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 38 | |||
Subsequent Costs Capitalized | 36 | |||
Buildings & Improvements | 74 | |||
Total | 74 | |||
Accumulated Depreciation | $ 66 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
Manchester Grand Hyatt, San Diego | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 548 | |||
Subsequent Costs Capitalized | 54 | |||
Buildings & Improvements | 602 | |||
Total | 602 | |||
Accumulated Depreciation | $ 100 | |||
Date Acquired | 2,011 | |||
Depreciation Life | 35 years | |||
Manhattan Beach Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 29 | |||
Subsequent Costs Capitalized | 30 | |||
Buildings & Improvements | 59 | |||
Total | 59 | |||
Accumulated Depreciation | $ 33 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
Marina del Rey Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 13 | |||
Subsequent Costs Capitalized | 31 | |||
Buildings & Improvements | 44 | |||
Total | 44 | |||
Accumulated Depreciation | $ 23 | |||
Date Acquired | 1,995 | |||
Depreciation Life | 40 years | |||
Marriott Marquis San Diego Marina | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 202 | |||
Subsequent Costs Capitalized | 283 | |||
Buildings & Improvements | 485 | |||
Total | 485 | |||
Accumulated Depreciation | $ 238 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
Miami Marriott Biscayne Bay | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 27 | |||
Subsequent Costs Capitalized | 34 | |||
Buildings & Improvements | 61 | |||
Total | 61 | |||
Accumulated Depreciation | $ 42 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Minneapolis Marriott City Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 34 | |||
Initial Costs, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized | 43 | |||
Land | 34 | |||
Buildings & Improvements | 70 | |||
Total | 104 | |||
Accumulated Depreciation | $ 55 | |||
Date Acquired | 1,995 | |||
Depreciation Life | 40 years | |||
New Orleans Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 16 | |||
Initial Costs, Buildings & Improvements | 96 | |||
Subsequent Costs Capitalized | 126 | |||
Land | 16 | |||
Buildings & Improvements | 222 | |||
Total | 238 | |||
Accumulated Depreciation | $ 139 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
New York Marriott Downtown | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 19 | |||
Initial Costs, Buildings & Improvements | 79 | |||
Subsequent Costs Capitalized | 48 | |||
Land | 19 | |||
Buildings & Improvements | 127 | |||
Total | 146 | |||
Accumulated Depreciation | $ 71 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
New York Marriott Marquis | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 49 | |||
Initial Costs, Buildings & Improvements | 552 | |||
Subsequent Costs Capitalized | 215 | |||
Land | 49 | |||
Buildings & Improvements | 767 | |||
Total | 816 | |||
Accumulated Depreciation | $ 546 | |||
Date Acquired | 1,986 | |||
Depreciation Life | 40 years | |||
New Zealand Hotel Portfolio | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 37 | |||
Subsequent Costs Capitalized | (7) | |||
Foreign Currency Adjustment | (3) | |||
Buildings & Improvements | 27 | |||
Total | 27 | |||
Accumulated Depreciation | $ 7 | |||
Date Acquired | 2,011 | |||
Depreciation Life | 35 years | |||
New Zealand Hotel Portfolio | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | $ 36 | |||
Newark Liberty International Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | 30 | |||
Subsequent Costs Capitalized | 46 | |||
Buildings & Improvements | 76 | |||
Total | 76 | |||
Accumulated Depreciation | $ 41 | |||
Date Acquired | 1,984 | |||
Depreciation Life | 40 years | |||
Newport Beach Marriott Bayview | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 6 | |||
Initial Costs, Buildings & Improvements | 14 | |||
Subsequent Costs Capitalized | 12 | |||
Land | 6 | |||
Buildings & Improvements | 26 | |||
Total | 32 | |||
Accumulated Depreciation | $ 15 | |||
Date Acquired | 1,988 | |||
Depreciation Life | 40 years | |||
Newport Beach Marriott Hotel & Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 11 | |||
Initial Costs, Buildings & Improvements | 13 | |||
Subsequent Costs Capitalized | 116 | |||
Land | 8 | |||
Buildings & Improvements | 132 | |||
Total | 140 | |||
Accumulated Depreciation | $ 80 | |||
Date Acquired | 1,988 | |||
Depreciation Life | 40 years | |||
Orlando World Center Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 18 | |||
Initial Costs, Buildings & Improvements | 157 | |||
Subsequent Costs Capitalized | 375 | |||
Land | 29 | |||
Buildings & Improvements | 521 | |||
Total | 550 | |||
Accumulated Depreciation | $ 247 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
Philadelphia Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 42 | |||
Subsequent Costs Capitalized | 17 | |||
Buildings & Improvements | 59 | |||
Total | 59 | |||
Accumulated Depreciation | $ 30 | |||
Date Acquired | 1,995 | |||
Depreciation Life | 40 years | |||
Residence Inn Arlington Pentagon City | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 6 | |||
Initial Costs, Buildings & Improvements | 29 | |||
Subsequent Costs Capitalized | 11 | |||
Land | 6 | |||
Buildings & Improvements | 40 | |||
Total | 46 | |||
Accumulated Depreciation | $ 21 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
Rio De Janeiro Parque Olympico Hotels | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 21 | |||
Initial Costs, Buildings & Improvements | 39 | |||
Foreign Currency Adjustment | (28) | |||
Land | 11 | |||
Buildings & Improvements | 21 | |||
Total | 32 | |||
Accumulated Depreciation | $ 1 | |||
Depreciation Life | 35 years | |||
Date of Completion of Construction | 2,014 | |||
San Antonio Marriott Rivercenter | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 86 | |||
Subsequent Costs Capitalized | 84 | |||
Buildings & Improvements | 170 | |||
Total | 170 | |||
Accumulated Depreciation | $ 90 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
San Antonio Marriott Riverwalk | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 45 | |||
Subsequent Costs Capitalized | 30 | |||
Buildings & Improvements | 75 | |||
Total | 75 | |||
Accumulated Depreciation | $ 39 | |||
Date Acquired | 1,995 | |||
Depreciation Life | 40 years | |||
San Cristobal Tower Santiago | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 7 | |||
Initial Costs, Buildings & Improvements | 15 | |||
Subsequent Costs Capitalized | 2 | |||
Foreign Currency Adjustment | (7) | |||
Land | 5 | |||
Buildings & Improvements | 12 | |||
Total | 17 | |||
Accumulated Depreciation | $ 4 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
San Francisco Marriott Fishermans Wharf | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 6 | |||
Initial Costs, Buildings & Improvements | 20 | |||
Subsequent Costs Capitalized | 21 | |||
Land | 6 | |||
Buildings & Improvements | 41 | |||
Total | 47 | |||
Accumulated Depreciation | $ 27 | |||
Date Acquired | 1,994 | |||
Depreciation Life | 40 years | |||
San Francisco Marriott Marquis | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 278 | |||
Subsequent Costs Capitalized | 114 | |||
Buildings & Improvements | 392 | |||
Total | 392 | |||
Accumulated Depreciation | $ 249 | |||
Date Acquired | 1,989 | |||
Depreciation Life | 40 years | |||
San Ramon Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 22 | |||
Subsequent Costs Capitalized | 22 | |||
Buildings & Improvements | 44 | |||
Total | 44 | |||
Accumulated Depreciation | $ 24 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
Santa Clara Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 39 | |||
Subsequent Costs Capitalized | 56 | |||
Buildings & Improvements | 95 | |||
Total | 95 | |||
Accumulated Depreciation | $ 82 | |||
Date Acquired | 1,989 | |||
Depreciation Life | 40 years | |||
Scottsdale Marriott at McDowell Mountains | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 8 | |||
Initial Costs, Buildings & Improvements | 48 | |||
Subsequent Costs Capitalized | 7 | |||
Land | 8 | |||
Buildings & Improvements | 55 | |||
Total | 63 | |||
Accumulated Depreciation | $ 17 | |||
Date Acquired | 2,004 | |||
Depreciation Life | 40 years | |||
Scottsdale Marriott Suites Old Town | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 3 | |||
Initial Costs, Buildings & Improvements | 20 | |||
Subsequent Costs Capitalized | 10 | |||
Land | 3 | |||
Buildings & Improvements | 30 | |||
Total | 33 | |||
Accumulated Depreciation | $ 17 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
Seattle Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 3 | |||
Initial Costs, Buildings & Improvements | 42 | |||
Subsequent Costs Capitalized | 20 | |||
Land | 3 | |||
Buildings & Improvements | 62 | |||
Total | 65 | |||
Accumulated Depreciation | $ 46 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Sheraton Boston Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 42 | |||
Initial Costs, Buildings & Improvements | 262 | |||
Subsequent Costs Capitalized | 68 | |||
Land | 42 | |||
Buildings & Improvements | 330 | |||
Total | 372 | |||
Accumulated Depreciation | $ 98 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Sheraton Indianapolis Hotel at Keystone Crossing | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 3 | |||
Initial Costs, Buildings & Improvements | 51 | |||
Subsequent Costs Capitalized | 33 | |||
Land | 8 | |||
Buildings & Improvements | 79 | |||
Total | 87 | |||
Accumulated Depreciation | $ 25 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Sheraton Memphis Downtown Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 16 | |||
Subsequent Costs Capitalized | 50 | |||
Buildings & Improvements | 66 | |||
Total | 66 | |||
Accumulated Depreciation | $ 32 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Sheraton New York Times Square Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 346 | |||
Initial Costs, Buildings & Improvements | 409 | |||
Subsequent Costs Capitalized | 200 | |||
Land | 346 | |||
Buildings & Improvements | 609 | |||
Total | 955 | |||
Accumulated Depreciation | $ 187 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Sheraton Parsippany Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 8 | |||
Initial Costs, Buildings & Improvements | 30 | |||
Subsequent Costs Capitalized | 19 | |||
Land | 8 | |||
Buildings & Improvements | 49 | |||
Total | 57 | |||
Accumulated Depreciation | $ 17 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Sheraton San Diego Hotel Marina | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 328 | |||
Subsequent Costs Capitalized | 36 | |||
Buildings & Improvements | 364 | |||
Total | 364 | |||
Accumulated Depreciation | $ 99 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Sheraton Santiago Hotel Convention Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 19 | |||
Initial Costs, Buildings & Improvements | 11 | |||
Subsequent Costs Capitalized | 13 | |||
Foreign Currency Adjustment | (11) | |||
Land | 14 | |||
Buildings & Improvements | 18 | |||
Total | 32 | |||
Accumulated Depreciation | $ 8 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Swissotel Chicago | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 29 | |||
Initial Costs, Buildings & Improvements | 132 | |||
Subsequent Costs Capitalized | 83 | |||
Land | 29 | |||
Buildings & Improvements | 215 | |||
Total | 244 | |||
Accumulated Depreciation | $ 88 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Tampa Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 9 | |||
Subsequent Costs Capitalized | 24 | |||
Buildings & Improvements | 33 | |||
Total | 33 | |||
Accumulated Depreciation | $ 27 | |||
Date Acquired | 1,971 | |||
Depreciation Life | 40 years | |||
The Camby Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 10 | |||
Initial Costs, Buildings & Improvements | 63 | |||
Subsequent Costs Capitalized | 9 | |||
Land | 10 | |||
Buildings & Improvements | 72 | |||
Total | 82 | |||
Accumulated Depreciation | $ 35 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
The Fairmont Kea Lani Maui | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 55 | |||
Initial Costs, Buildings & Improvements | 294 | |||
Subsequent Costs Capitalized | 59 | |||
Land | 55 | |||
Buildings & Improvements | 353 | |||
Total | 408 | |||
Accumulated Depreciation | $ 110 | |||
Date Acquired | 2,004 | |||
Depreciation Life | 40 years | |||
The Logan | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 26 | |||
Initial Costs, Buildings & Improvements | 60 | |||
Subsequent Costs Capitalized | 21 | |||
Land | 27 | |||
Buildings & Improvements | 80 | |||
Total | 107 | |||
Accumulated Depreciation | $ 42 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
The Phoenician Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 72 | |||
Initial Costs, Buildings & Improvements | 307 | |||
Land | 72 | |||
Buildings & Improvements | 307 | |||
Total | 379 | |||
Accumulated Depreciation | $ 6 | |||
Date Acquired | 2,015 | |||
Depreciation Life | 32 years | |||
The Ritz Carlton Amelia Island | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 25 | |||
Initial Costs, Buildings & Improvements | 115 | |||
Subsequent Costs Capitalized | 77 | |||
Land | 25 | |||
Buildings & Improvements | 192 | |||
Total | 217 | |||
Accumulated Depreciation | $ 92 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
The Ritz Carlton Buckhead | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 14 | |||
Initial Costs, Buildings & Improvements | 81 | |||
Subsequent Costs Capitalized | 63 | |||
Land | 15 | |||
Buildings & Improvements | 143 | |||
Total | 158 | |||
Accumulated Depreciation | $ 84 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
The Ritz Carlton Marina Del Rey | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 52 | |||
Subsequent Costs Capitalized | 29 | |||
Buildings & Improvements | 81 | |||
Total | 81 | |||
Accumulated Depreciation | $ 47 | |||
Date Acquired | 1,997 | |||
Depreciation Life | 40 years | |||
Ritz Carlton Naples | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 19 | |||
Initial Costs, Buildings & Improvements | 126 | |||
Subsequent Costs Capitalized | 136 | |||
Land | 21 | |||
Buildings & Improvements | 260 | |||
Total | 281 | |||
Accumulated Depreciation | $ 145 | |||
Date Acquired | 1,996 | |||
Depreciation Life | 40 years | |||
Ritz Carlton Naples Golf Resort | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 22 | |||
Initial Costs, Buildings & Improvements | 10 | |||
Subsequent Costs Capitalized | 71 | |||
Land | 22 | |||
Buildings & Improvements | 81 | |||
Total | 103 | |||
Accumulated Depreciation | $ 28 | |||
Depreciation Life | 40 years | |||
Date of Completion of Construction | 2,002 | |||
Ritz Carlton Tysons Corner | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 89 | |||
Subsequent Costs Capitalized | 26 | |||
Buildings & Improvements | 115 | |||
Total | 115 | |||
Accumulated Depreciation | $ 55 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
St Regis Houston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 6 | |||
Initial Costs, Buildings & Improvements | 33 | |||
Subsequent Costs Capitalized | 20 | |||
Land | 6 | |||
Buildings & Improvements | 53 | |||
Total | 59 | |||
Accumulated Depreciation | $ 21 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
The Westin Buckhead Atlanta | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 5 | |||
Initial Costs, Buildings & Improvements | 84 | |||
Subsequent Costs Capitalized | 32 | |||
Land | 6 | |||
Buildings & Improvements | 115 | |||
Total | 121 | |||
Accumulated Depreciation | $ 52 | |||
Date Acquired | 1,998 | |||
Depreciation Life | 40 years | |||
Westin Chicago River North | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 33 | |||
Initial Costs, Buildings & Improvements | 116 | |||
Subsequent Costs Capitalized | 11 | |||
Land | 33 | |||
Buildings & Improvements | 127 | |||
Total | 160 | |||
Accumulated Depreciation | $ 18 | |||
Date Acquired | 2,010 | |||
Depreciation Life | 40 years | |||
Westin Cincinnati | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 54 | |||
Subsequent Costs Capitalized | 15 | |||
Buildings & Improvements | 69 | |||
Total | 69 | |||
Accumulated Depreciation | $ 22 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin Denver Downtown | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 89 | |||
Subsequent Costs Capitalized | 17 | |||
Buildings & Improvements | 106 | |||
Total | 106 | |||
Accumulated Depreciation | $ 30 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin Georgetown Washington D C | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 16 | |||
Initial Costs, Buildings & Improvements | 80 | |||
Subsequent Costs Capitalized | 15 | |||
Land | 16 | |||
Buildings & Improvements | 95 | |||
Total | 111 | |||
Accumulated Depreciation | $ 29 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin Indianapolis | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 12 | |||
Initial Costs, Buildings & Improvements | 100 | |||
Subsequent Costs Capitalized | 16 | |||
Land | 12 | |||
Buildings & Improvements | 116 | |||
Total | 128 | |||
Accumulated Depreciation | $ 32 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin Kierland Resort Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 100 | |||
Initial Costs, Buildings & Improvements | 280 | |||
Subsequent Costs Capitalized | 24 | |||
Land | 100 | |||
Buildings & Improvements | 304 | |||
Total | 404 | |||
Accumulated Depreciation | $ 74 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin Los Angeles Airport | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 102 | |||
Subsequent Costs Capitalized | 19 | |||
Buildings & Improvements | 121 | |||
Total | 121 | |||
Accumulated Depreciation | $ 36 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin Mission Hills Resort Spa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 40 | |||
Initial Costs, Buildings & Improvements | 47 | |||
Subsequent Costs Capitalized | (40) | |||
Land | 13 | |||
Buildings & Improvements | 34 | |||
Total | 47 | |||
Accumulated Depreciation | $ 20 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin New York Grand Central | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 156 | |||
Initial Costs, Buildings & Improvements | 152 | |||
Subsequent Costs Capitalized | 79 | |||
Land | 156 | |||
Buildings & Improvements | 231 | |||
Total | 387 | |||
Accumulated Depreciation | $ 65 | |||
Date Acquired | 2,011 | |||
Depreciation Life | 40 years | |||
Westin Seattle | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 39 | |||
Initial Costs, Buildings & Improvements | 175 | |||
Subsequent Costs Capitalized | 33 | |||
Land | 39 | |||
Buildings & Improvements | 208 | |||
Total | 247 | |||
Accumulated Depreciation | $ 54 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin South Coast Plaza Costa Mesa | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 46 | |||
Subsequent Costs Capitalized | 22 | |||
Buildings & Improvements | 68 | |||
Total | 68 | |||
Accumulated Depreciation | $ 33 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Westin Waltham Boston | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 9 | |||
Initial Costs, Buildings & Improvements | 59 | |||
Subsequent Costs Capitalized | 17 | |||
Land | 9 | |||
Buildings & Improvements | 76 | |||
Total | 85 | |||
Accumulated Depreciation | $ 23 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Toronto Marriott Downtown Eaton Centre Hotel | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 27 | |||
Subsequent Costs Capitalized | 20 | |||
Buildings & Improvements | 47 | |||
Total | 47 | |||
Accumulated Depreciation | $ 29 | |||
Date Acquired | 1,995 | |||
Depreciation Life | 40 years | |||
W New York | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 138 | |||
Initial Costs, Buildings & Improvements | 102 | |||
Subsequent Costs Capitalized | 71 | |||
Land | 138 | |||
Buildings & Improvements | 173 | |||
Total | 311 | |||
Accumulated Depreciation | $ 62 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
W New York Union Square | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 48 | |||
Initial Costs, Buildings & Improvements | 145 | |||
Subsequent Costs Capitalized | 10 | |||
Land | 48 | |||
Buildings & Improvements | 155 | |||
Total | 203 | |||
Accumulated Depreciation | $ 23 | |||
Date Acquired | 2,010 | |||
Depreciation Life | 40 years | |||
W Seattle | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 11 | |||
Initial Costs, Buildings & Improvements | 125 | |||
Subsequent Costs Capitalized | 5 | |||
Land | 11 | |||
Buildings & Improvements | 130 | |||
Total | 141 | |||
Accumulated Depreciation | $ 33 | |||
Date Acquired | 2,006 | |||
Depreciation Life | 40 years | |||
Washington Dulles Airport Marriott | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Buildings & Improvements | $ 3 | |||
Subsequent Costs Capitalized | 41 | |||
Buildings & Improvements | 44 | |||
Total | 44 | |||
Accumulated Depreciation | $ 36 | |||
Date Acquired | 1,970 | |||
Depreciation Life | 40 years | |||
Washington Marriott At Metro Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 20 | |||
Initial Costs, Buildings & Improvements | 24 | |||
Subsequent Costs Capitalized | 27 | |||
Land | 20 | |||
Buildings & Improvements | 51 | |||
Total | 71 | |||
Accumulated Depreciation | $ 32 | |||
Date Acquired | 1,994 | |||
Depreciation Life | 40 years | |||
Westfields Marriott Washington Dulles | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 7 | |||
Initial Costs, Buildings & Improvements | 32 | |||
Subsequent Costs Capitalized | 18 | |||
Land | 7 | |||
Buildings & Improvements | 50 | |||
Total | 57 | |||
Accumulated Depreciation | $ 30 | |||
Date Acquired | 1,994 | |||
Depreciation Life | 40 years | |||
Yve Hotel Miami | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 15 | |||
Initial Costs, Buildings & Improvements | 41 | |||
Land | 15 | |||
Buildings & Improvements | 41 | |||
Total | 56 | |||
Accumulated Depreciation | $ 2 | |||
Date Acquired | 2,014 | |||
Depreciation Life | 33 years | |||
Total Hotels | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 2,074 | |||
Initial Costs, Buildings & Improvements | 9,301 | |||
Subsequent Costs Capitalized | 4,418 | |||
Foreign Currency Adjustment | (124) | |||
Land | 2,036 | |||
Buildings & Improvements | 13,633 | |||
Total | 15,669 | |||
Accumulated Depreciation | 5,760 | |||
Total Hotels | Mortgages debt and other | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Debt | $ 349 |
Real Estate and Accumulated 105
Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | |
Cost of real estate for federal income tax purposes | $ 10,634 |
Upper Limit | |
Real Estate And Accumulated Depreciation [Line Items] | |
Other properties, percentage | 5.00% |
Reconciliation of Carrying Amou
Reconciliation of Carrying Amounts of Real Estate Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Beginning Balance | $ 15,326 | $ 15,408 | $ 15,661 |
Additions: | |||
Acquisitions | 419 | 137 | 184 |
Capital expenditures and transfers from construction-in-progress | 391 | 288 | 353 |
Deductions: | |||
Dispositions and other | (368) | (501) | (789) |
Impairments | (6) | (1) | |
Ending Balance | 15,690 | $ 15,326 | $ 15,408 |
Assets held for sale | $ (78) |
Change in Accumulated Depreciat
Change in Accumulated Depreciation and Amortization of Real Estate Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate And Accumulated Depreciation Other Required Disclosures [Abstract] | |||
Beginning Balance | $ 5,376 | $ 5,048 | $ 4,768 |
Depreciation and amortization | 566 | 547 | 550 |
Dispositions and other | (148) | (219) | (270) |
Ending Balance | 5,767 | $ 5,376 | $ 5,048 |
Depreciation on assets held for sale | $ (27) |