Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-14625 | ||
Entity Registrant Name | HOST HOTELS & RESORTS, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 53-0085950 | ||
Entity Address, Address Line One | 4747 Bethesda Ave | ||
Entity Address, Address Line Two | Suite 1300 | ||
Entity Address, City or Town | Bethesda | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20814 | ||
City Area Code | 240 | ||
Local Phone Number | 744-1000 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Entity Common Stock, Shares Outstanding | 703,621,808 | ||
Trading Symbol | HST | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 11,832,497,578 | ||
Documents Incorporated by Reference | Portions of Host Hotels & Resorts, Inc.’s definitive proxy statement to be filed with the Securities and Exchange Commission and delivered to stockholders in connection with its annual meeting of stockholders to be held on May 15, 2024 are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001070750 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
HOST HOTELS & RESORTS L.P. | |||
Document Information [Line Items] | |||
Entity File Number | 0-25087 | ||
Entity Registrant Name | HOST HOTELS & RESORTS, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-2095412 | ||
Entity Address, Address Line One | 4747 Bethesda Ave | ||
Entity Address, Address Line Two | Suite 1300 | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20814 | ||
City Area Code | 240 | ||
Local Phone Number | 744-1000 | ||
Entity Common Stock, Shares Outstanding | 698,324,144 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001061937 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | McLean, VA |
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Property and equipment, net | $ 9,624 | $ 9,748 |
Right-of-use assets | 550 | 556 |
Due from managers | 128 | 94 |
Advances to and investments in affiliates | 126 | 132 |
Furniture, fixtures and equipment replacement fund | 217 | 200 |
Notes receivable | 72 | 413 |
Other | 382 | 459 |
Cash and cash equivalents | 1,144 | 667 |
Total assets | 12,243 | 12,269 |
Debt | ||
Senior notes | 3,120 | 3,115 |
Credit facility, including the term loans of $997 and $998, respectively | 989 | 994 |
Mortgage and other debt | 100 | 106 |
Total debt | 4,209 | 4,215 |
Lease liabilities | 563 | 568 |
Accounts payable and accrued expenses | 408 | 372 |
Due to managers | 64 | 67 |
Other | 173 | 168 |
Total liabilities | 5,417 | 5,390 |
Redeemable non-controlling interests - Host Hotels & Resorts, L.P. | 189 | 164 |
Host Hotels & Resorts, Inc. stockholders’ equity: | ||
Common stock, par value $0.01, 1,050 million shares authorized, 703.6 million shares and 713.4 million shares issued and outstanding, respectively | 7 | 7 |
Additional paid-in capital | 7,535 | 7,717 |
Accumulated other comprehensive loss | (70) | (75) |
Deficit | (839) | (939) |
Total equity of Host Hotels & Resorts, Inc. stockholders | 6,633 | 6,710 |
Non-redeemable non-controlling interests—other consolidated partnerships | 4 | 5 |
Total equity | 6,637 | 6,715 |
Total liabilities, non-controlling interests, equity, limited partnership interests of third parties and capital | $ 12,243 | $ 12,269 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Credit facility | $ 989 | $ 994 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,050 | 1,050 |
Common stock, shares issued (in shares) | 703.6 | 713.4 |
Common stock, shares outstanding (in shares) | 703.6 | 713.4 |
Term Loan | ||
Credit facility | $ 997 | $ 998 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | |||
Total revenues | $ 5,311 | $ 4,907 | $ 2,890 |
EXPENSES | |||
Other property-level expenses | 383 | 325 | 307 |
Depreciation and amortization | 697 | 664 | 762 |
Corporate and other expenses | 132 | 107 | 99 |
Gain on insurance settlements | (86) | (17) | (8) |
Total operating costs and expenses | 4,484 | 4,132 | 3,140 |
OPERATING PROFIT (LOSS) | 827 | 775 | (250) |
Interest income | 75 | 30 | 2 |
Interest expense | (191) | (156) | (191) |
Other gains | 71 | 17 | 306 |
Equity in earnings of affiliates | 6 | 3 | 31 |
INCOME (LOSS) BEFORE INCOME TAXES | 788 | 669 | (102) |
Benefit (provision) for income taxes | (36) | (26) | 91 |
NET INCOME (LOSS) | 752 | 643 | (11) |
Less: Net income attributable to non-controlling interests | (12) | (10) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 740 | $ 633 | $ (11) |
Basic earnings (loss) per common share (in dollars per share) | $ 1.04 | $ 0.89 | $ (0.02) |
Diluted earnings (loss) per common share (in dollars per share) | $ 1.04 | $ 0.88 | $ (0.02) |
Rooms | |||
REVENUES | |||
Total revenues | $ 3,244 | $ 3,014 | $ 1,858 |
EXPENSES | |||
Expenses | 787 | 727 | 488 |
Food and beverage | |||
REVENUES | |||
Total revenues | 1,582 | 1,418 | 674 |
EXPENSES | |||
Expenses | 1,042 | 928 | 505 |
Other | |||
REVENUES | |||
Total revenues | 485 | 475 | 358 |
EXPENSES | |||
Expenses | 1,280 | 1,181 | 890 |
Management fees | |||
EXPENSES | |||
Expenses | $ 249 | $ 217 | $ 97 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $ 752 | $ 643 | $ (11) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 6 | (2) | (2) |
Change in fair value of derivative instruments | (1) | 2 | 0 |
Amounts reclassified from other comprehensive income (loss) | 0 | 1 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | 5 | 1 | (2) |
COMPREHENSIVE INCOME (LOSS) | 757 | 644 | (13) |
Less: Comprehensive income attributable to non-controlling interests | (12) | (10) | 0 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 745 | $ 634 | $ (13) |
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-redeemable non-controlling Interests of Other Consolidated Partnerships | Redeemable non-controlling Interests of Host Hotels & Resorts, L.P. |
Beginning balance (in shares) at Dec. 31, 2020 | 705.4 | ||||||
Beginning balance at Dec. 31, 2020 | $ 6,326 | $ 7 | $ 7,568 | $ (74) | $ (1,180) | $ 5 | $ 108 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (10) | ||||||
Net income (loss) | (11) | (11) | 1 | (1) | |||
Other changes in ownership | (22) | (20) | (1) | (1) | 21 | ||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (2) | (2) | |||||
Common stock issuances (in shares) | 7.8 | ||||||
Common stock issuances | 138 | 138 | |||||
Change in fair value of derivative instruments | 0 | ||||||
Amounts reclassified from Other Comprehensive Income | 0 | ||||||
Comprehensive stock and employee stock purchase plans (in shares) | 0.8 | ||||||
Comprehensive stock and employee stock purchase plans | 14 | 14 | |||||
Redemptions of limited partner interests for common stock (in shares) | 0.1 | ||||||
Redemptions of limited partner interests for common stock | 2 | 2 | (2) | ||||
Ending balance (in shares) at Dec. 31, 2021 | 714.1 | ||||||
Ending balance at Dec. 31, 2021 | 6,446 | $ 7 | 7,702 | (76) | (1,192) | 5 | 126 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 634 | ||||||
Net income (loss) | 633 | 633 | 1 | 9 | |||
Other changes in ownership | 16 | 16 | (17) | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | (2) | (2) | |||||
Change in fair value of derivative instruments | 2 | 2 | |||||
Amounts reclassified from Other Comprehensive Income | 1 | 1 | |||||
Comprehensive stock and employee stock purchase plans (in shares) | 0.7 | ||||||
Comprehensive stock and employee stock purchase plans | 21 | 21 | |||||
Common stock dividends | (380) | (380) | |||||
Common OP unit issuances | 56 | ||||||
Redemptions of limited partner interests for common stock (in shares) | 0.3 | ||||||
Redemptions of limited partner interests for common stock | 5 | 5 | (5) | ||||
Distributions to non-controlling interests | $ (1) | (1) | (5) | ||||
Repurchase of common stock (in shares) | (1.7) | (1.7) | |||||
Repurchase of common stock | $ (27) | (27) | |||||
Ending balance (in shares) at Dec. 31, 2022 | 713.4 | 713.4 | |||||
Ending balance at Dec. 31, 2022 | $ 6,715 | $ 7 | 7,717 | (75) | (939) | 5 | 164 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 741 | ||||||
Net income (loss) | 740 | 740 | 1 | 11 | |||
Other changes in ownership | (30) | (30) | 31 | ||||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 6 | 6 | |||||
Change in fair value of derivative instruments | (1) | (1) | |||||
Amounts reclassified from Other Comprehensive Income | 0 | ||||||
Comprehensive stock and employee stock purchase plans (in shares) | 1.1 | ||||||
Comprehensive stock and employee stock purchase plans | 22 | 22 | |||||
Common stock dividends | (640) | (640) | |||||
Redemptions of limited partner interests for common stock (in shares) | 0.5 | ||||||
Redemptions of limited partner interests for common stock | 8 | 8 | (8) | ||||
Distributions to non-controlling interests | $ (2) | (2) | (9) | ||||
Repurchase of common stock (in shares) | (11.4) | (11.4) | |||||
Repurchase of common stock | $ (182) | (182) | |||||
Ending balance (in shares) at Dec. 31, 2023 | 703.6 | 703.6 | |||||
Ending balance at Dec. 31, 2023 | $ 6,637 | $ 7 | $ 7,535 | $ (70) | $ (839) | $ 4 | $ 189 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 752 | $ 643 | $ (11) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 697 | 664 | 762 |
Amortization of finance costs, discounts and premiums, net | 9 | 10 | 10 |
Loss on extinguishment of debt | 4 | 0 | 23 |
Stock compensation expense | 30 | 26 | 18 |
Deferred income taxes | 26 | 20 | (93) |
Other gains | (71) | (17) | (306) |
Gain on property insurance settlement | (3) | (6) | 0 |
Equity in earnings of affiliates | (6) | (3) | (31) |
Change in due from/to managers | (40) | 15 | (151) |
Distributions from investments in affiliates | 31 | 30 | 21 |
Property insurance proceeds - remediation costs | 101 | 0 | 0 |
Payments for inventory costs | (15) | 0 | 0 |
Changes in other assets | (3) | 20 | 10 |
Changes in other liabilities | (71) | 14 | 40 |
Net cash provided by operating activities | 1,441 | 1,416 | 292 |
INVESTING ACTIVITIES | |||
Proceeds from sales of assets, net | 34 | 236 | 729 |
Proceeds from loan receivable | 413 | 0 | 9 |
Return of investments in affiliates | 5 | 0 | 0 |
Advances to and investments in affiliates | (25) | (60) | (11) |
Acquisitions | 0 | (301) | (1,458) |
Capital expenditures: | |||
Renewals and replacements | (451) | (197) | (134) |
Return on investment | (195) | (307) | (293) |
Property insurance proceeds | 36 | 11 | 0 |
Net cash used in investing activities | (183) | (618) | (1,158) |
FINANCING ACTIVITIES | |||
Financing costs | (10) | (1) | (8) |
Issuances of debt | 0 | 0 | 443 |
Repayment of credit facility | 0 | (683) | (800) |
Repurchase/redemption of senior notes | 0 | 0 | (400) |
Mortgage debt and other prepayments and scheduled maturities | (7) | (2) | 0 |
Debt extinguishment costs | (3) | 0 | (22) |
Issuance of common stock | 1 | 1 | 138 |
Common stock repurchases | (182) | (27) | 0 |
Dividends on common stock | (547) | (150) | 0 |
Distributions and payments to non-controlling interests | (10) | (3) | 0 |
Other financing activities | (13) | (9) | (8) |
Net cash used in financing activities | (771) | (874) | (657) |
Effects of exchange rate changes on cash held | 2 | (3) | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 489 | (79) | (1,523) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 874 | 953 | 2,476 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,363 | 874 | 953 |
Supplemental disclosure of cash flow information: | |||
Cash and cash equivalents | 1,144 | 667 | 807 |
Restricted cash (included in other assets) | 2 | 7 | 2 |
Cash included in furniture, fixtures and equipment replacement fund | 217 | 200 | 144 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | $ 1,363 | $ 874 | $ 953 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 20, 2022 | Mar. 31, 2023 | Apr. 30, 2022 | Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Redemptions of limited partner interests for common stock | $ 8 | $ 5 | $ 2 | ||||
Increase in other assets | 3 | $ (20) | $ (10) | ||||
Four Seasons Resort Orlando at Walt Disney World® Resort | |||||||
Reclassification of property and equipment | (30) | ||||||
Increase in other assets | $ 30 | ||||||
Common Stock | |||||||
Redemptions of limited partner interests for common stock (in shares) | 0.5 | 0.3 | 0.1 | ||||
The Camby Autograph Collection | |||||||
Notes receivable from sale of property | $ 72 | ||||||
Sheraton Boston Hotel | |||||||
Notes receivable from sale of property | $ 163 | $ 163 | |||||
Sheraton New York Times Square Hotel | |||||||
Notes receivable from sale of property | $ 250 | 250 | |||||
HOST HOTELS & RESORTS L.P. | Noble Investment Group LLC | |||||||
Noncash financial or equity instrument consideration, shares issued | 3.2 | ||||||
Four Seasons Resort and Residences Jackson Hole | |||||||
Advanced deposits received | $ 19 | ||||||
Four Seasons Resort Orlando at Walt Disney World® Resort | |||||||
Advanced deposits received | $ 24 | ||||||
Hotel Van Zandt | |||||||
Mortgage loan | $ 102 |
CONSOLIDATED BALANCE SHEETS - H
CONSOLIDATED BALANCE SHEETS - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Property and equipment, net | $ 9,624 | $ 9,748 |
Right-of-use assets | 550 | 556 |
Due from managers | 128 | 94 |
Advances to and investments in affiliates | 126 | 132 |
Furniture, fixtures and equipment replacement fund | 217 | 200 |
Notes receivable | 72 | 413 |
Other | 382 | 459 |
Cash and cash equivalents | 1,144 | 667 |
Total assets | 12,243 | 12,269 |
Debt | ||
Senior notes | 3,120 | 3,115 |
Credit facility, including the term loans of $997 and $998, respectively | 989 | 994 |
Mortgage and other debt | 100 | 106 |
Total debt | 4,209 | 4,215 |
Lease liabilities | 563 | 568 |
Accounts payable and accrued expenses | 408 | 372 |
Due to managers | 64 | 67 |
Other | 173 | 168 |
Total liabilities | 5,417 | 5,390 |
Limited partnership interests of third parties | 189 | 164 |
Host Hotels & Resorts, L.P. capital: | ||
Accumulated other comprehensive loss | (70) | (75) |
Total liabilities, non-controlling interests, equity, limited partnership interests of third parties and capital | 12,243 | 12,269 |
HOST HOTELS & RESORTS L.P. | ||
ASSETS | ||
Property and equipment, net | 9,624 | 9,748 |
Right-of-use assets | 550 | 556 |
Due from managers | 128 | 94 |
Advances to and investments in affiliates | 126 | 132 |
Furniture, fixtures and equipment replacement fund | 217 | 200 |
Notes receivable | 72 | 413 |
Other | 382 | 459 |
Cash and cash equivalents | 1,144 | 667 |
Total assets | 12,243 | 12,269 |
Debt | ||
Senior notes | 3,120 | 3,115 |
Credit facility, including the term loans of $997 and $998, respectively | 989 | 994 |
Mortgage and other debt | 100 | 106 |
Total debt | 4,209 | 4,215 |
Lease liabilities | 563 | 568 |
Accounts payable and accrued expenses | 408 | 372 |
Due to managers | 64 | 67 |
Other | 173 | 168 |
Total liabilities | 5,417 | 5,390 |
Limited partnership interests of third parties | 189 | 164 |
Host Hotels & Resorts, L.P. capital: | ||
General partner | 1 | 1 |
Limited partner | 6,702 | 6,784 |
Accumulated other comprehensive loss | (70) | (75) |
Total Host Hotels & Resorts, L.P. capital | 6,633 | 6,710 |
Non-controlling interests—consolidated partnerships | 4 | 5 |
Total capital | 6,637 | 6,715 |
Total liabilities, non-controlling interests, equity, limited partnership interests of third parties and capital | $ 12,243 | $ 12,269 |
CONSOLIDATED BALANCE SHEETS -_2
CONSOLIDATED BALANCE SHEETS - Host Hotels & Resorts L.P. and Subsidiaries (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Credit facility | $ 989 | $ 994 |
Term Loan | ||
Credit facility | 997 | 998 |
HOST HOTELS & RESORTS L.P. | ||
Credit facility | 989 | 994 |
HOST HOTELS & RESORTS L.P. | Term Loan | ||
Credit facility | $ 997 | $ 998 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | |||
Total revenues | $ 5,311 | $ 4,907 | $ 2,890 |
EXPENSES | |||
Other property-level expenses | 383 | 325 | 307 |
Depreciation and amortization | 697 | 664 | 762 |
Corporate and other expenses | 132 | 107 | 99 |
Gain on insurance settlements | (86) | (17) | (8) |
Total operating costs and expenses | 4,484 | 4,132 | 3,140 |
OPERATING PROFIT (LOSS) | 827 | 775 | (250) |
Interest income | 75 | 30 | 2 |
Interest expense | (191) | (156) | (191) |
Other gains | 71 | 17 | 306 |
Equity in earnings of affiliates | 6 | 3 | 31 |
INCOME (LOSS) BEFORE INCOME TAXES | 788 | 669 | (102) |
Benefit (provision) for income taxes | (36) | (26) | 91 |
NET INCOME (LOSS) | 752 | 643 | (11) |
Less: Net income attributable to non-controlling interests | (12) | (10) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 740 | $ 633 | $ (11) |
Basic earnings (loss) per common unit (in dollars per unit) | $ 1.04 | $ 0.89 | $ (0.02) |
Diluted earnings (loss) per common unit (in dollars per unit) | $ 1.04 | $ 0.88 | $ (0.02) |
HOST HOTELS & RESORTS L.P. | |||
REVENUES | |||
Total revenues | $ 5,311 | $ 4,907 | $ 2,890 |
EXPENSES | |||
Other property-level expenses | 383 | 325 | 307 |
Depreciation and amortization | 697 | 664 | 762 |
Corporate and other expenses | 132 | 107 | 99 |
Gain on insurance settlements | (86) | (17) | (8) |
Total operating costs and expenses | 4,484 | 4,132 | 3,140 |
OPERATING PROFIT (LOSS) | 827 | 775 | (250) |
Interest income | 75 | 30 | 2 |
Interest expense | (191) | (156) | (191) |
Other gains | 71 | 17 | 306 |
Equity in earnings of affiliates | 6 | 3 | 31 |
INCOME (LOSS) BEFORE INCOME TAXES | 788 | 669 | (102) |
Benefit (provision) for income taxes | (36) | (26) | 91 |
NET INCOME (LOSS) | 752 | 643 | (11) |
Less: Net income attributable to non-controlling interests | (1) | (1) | (1) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 751 | $ 642 | $ (12) |
Basic earnings (loss) per common unit (in dollars per unit) | $ 1.07 | $ 0.91 | $ (0.02) |
Diluted earnings (loss) per common unit (in dollars per unit) | $ 1.06 | $ 0.90 | $ (0.02) |
Rooms | |||
REVENUES | |||
Total revenues | $ 3,244 | $ 3,014 | $ 1,858 |
EXPENSES | |||
Expenses | 787 | 727 | 488 |
Rooms | HOST HOTELS & RESORTS L.P. | |||
REVENUES | |||
Total revenues | 3,244 | 3,014 | 1,858 |
EXPENSES | |||
Expenses | 787 | 727 | 488 |
Food and beverage | |||
REVENUES | |||
Total revenues | 1,582 | 1,418 | 674 |
EXPENSES | |||
Expenses | 1,042 | 928 | 505 |
Food and beverage | HOST HOTELS & RESORTS L.P. | |||
REVENUES | |||
Total revenues | 1,582 | 1,418 | 674 |
EXPENSES | |||
Expenses | 1,042 | 928 | 505 |
Other | |||
REVENUES | |||
Total revenues | 485 | 475 | 358 |
EXPENSES | |||
Expenses | 1,280 | 1,181 | 890 |
Other | HOST HOTELS & RESORTS L.P. | |||
REVENUES | |||
Total revenues | 485 | 475 | 358 |
EXPENSES | |||
Expenses | 1,280 | 1,181 | 890 |
Management fees | |||
EXPENSES | |||
Expenses | 249 | 217 | 97 |
Management fees | HOST HOTELS & RESORTS L.P. | |||
EXPENSES | |||
Expenses | $ 249 | $ 217 | $ 97 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ 752 | $ 643 | $ (11) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 6 | (2) | (2) |
Change in fair value of derivative instruments | (1) | 2 | 0 |
Amounts reclassified from other comprehensive income (loss) | 0 | 1 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | 5 | 1 | (2) |
COMPREHENSIVE INCOME (LOSS) | 757 | 644 | (13) |
Less: Comprehensive income attributable to non-controlling interests | (12) | (10) | 0 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | 745 | 634 | (13) |
HOST HOTELS & RESORTS L.P. | |||
Net income (loss) | 752 | 643 | (11) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 6 | (2) | (2) |
Change in fair value of derivative instruments | (1) | 2 | 0 |
Amounts reclassified from other comprehensive income (loss) | 0 | 1 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | 5 | 1 | (2) |
COMPREHENSIVE INCOME (LOSS) | 757 | 644 | (13) |
Less: Comprehensive income attributable to non-controlling interests | (1) | (1) | (1) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 756 | $ 643 | $ (14) |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Net income (loss) | $ 752 | $ 643 | $ (11) |
Net income (loss) | 741 | 634 | (10) |
Net income (loss) | 740 | 633 | (11) |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 6 | (2) | (2) |
Redemptions of limited partner interests for common stock | 8 | 5 | 2 |
Change in fair value of derivative instruments | (1) | 2 | $ 0 |
Distributions to non-controlling interests | $ (2) | $ (1) | |
Repurchase of common OP units (in units) | (11.4) | (1.7) | |
Repurchase of common OP units | $ (182) | $ (27) | |
HOST HOTELS & RESORTS L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance (in units) | 698.4 | 699 | 690.5 |
Beginning Balance | $ 6,715 | $ 6,446 | $ 6,326 |
Net income (loss) | 752 | 643 | (11) |
Net income (loss) | 741 | 634 | (10) |
Net income (loss) | 751 | 642 | (12) |
Other changes in ownership | (30) | 16 | (22) |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | $ 6 | $ (2) | $ (2) |
Common OP unit issuances (in units) | 7.6 | ||
Common OP unit issuances | $ 138 | ||
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans (in units) | 1.1 | 0.7 | 0.8 |
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | $ 22 | $ 21 | $ 14 |
Redemptions of limited partner interests for common stock (in units) | 0.5 | 0.3 | 0.1 |
Redemptions of limited partner interests for common stock | $ 8 | $ 5 | $ 2 |
Change in fair value of derivative instruments | (1) | 2 | $ 0 |
Amounts reclassified from Other Comprehensive Income | 1 | ||
Distributions on common OP units | (640) | (380) | |
Distributions to non-controlling interests | $ (2) | $ (1) | |
Repurchase of common OP units (in units) | (11.2) | (1.6) | |
Repurchase of common OP units | $ (182) | $ (27) | |
Ending Balance (in units) | 688.8 | 698.4 | 699 |
Ending Balance | $ 6,637 | $ 6,715 | $ 6,446 |
General Partner | HOST HOTELS & RESORTS L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 1 | 1 | 1 |
Ending Balance | 1 | 1 | 1 |
Limited Partner | HOST HOTELS & RESORTS L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 6,784 | 6,516 | 6,394 |
Net income (loss) | 740 | 633 | (11) |
Other changes in ownership | (30) | 16 | (21) |
Common OP unit issuances | 138 | ||
Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans | 22 | 21 | 14 |
Redemptions of limited partner interests for common stock | 8 | 5 | 2 |
Distributions on common OP units | (640) | (380) | |
Repurchase of common OP units | (182) | (27) | |
Ending Balance | 6,702 | 6,784 | 6,516 |
Accumulated Other Comprehensive Income (Loss) | HOST HOTELS & RESORTS L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | (75) | (76) | (74) |
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates | 6 | (2) | (2) |
Change in fair value of derivative instruments | (1) | 2 | |
Amounts reclassified from Other Comprehensive Income | 1 | ||
Ending Balance | (70) | (75) | (76) |
Non-controlling Interests of Consolidated Partnerships | HOST HOTELS & RESORTS L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 5 | 5 | 5 |
Net income (loss) | 1 | 1 | 1 |
Other changes in ownership | 0 | 0 | (1) |
Distributions to non-controlling interests | (2) | (1) | |
Ending Balance | 4 | 5 | 5 |
Limited Partnership Interests of Third Parties | HOST HOTELS & RESORTS L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 164 | 126 | 108 |
Net income (loss) | 11 | 9 | (1) |
Other changes in ownership | 31 | (17) | 21 |
Redemptions of limited partner interests for common stock | (8) | (5) | (2) |
Common OP unit issuances | 56 | ||
Distributions on common OP units | (9) | (5) | |
Ending Balance | $ 189 | $ 164 | $ 126 |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CASH FLOWS - Host Hotels & Resorts L.P. and Subsidiaries - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 752 | $ 643 | $ (11) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 697 | 664 | 762 |
Amortization of finance costs, discounts and premiums, net | 9 | 10 | 10 |
Loss on extinguishment of debt | 4 | 0 | 23 |
Stock compensation expense | 30 | 26 | 18 |
Deferred income taxes | 26 | 20 | (93) |
Other gains | (71) | (17) | (306) |
Gain on property insurance settlement | (3) | (6) | 0 |
Equity in earnings of affiliates | (6) | (3) | (31) |
Change in due from/to managers | (40) | 15 | (151) |
Distributions from investments in affiliates | 31 | 30 | 21 |
Property insurance proceeds - remediation costs | 101 | 0 | 0 |
Payments for inventory costs | (15) | 0 | 0 |
Changes in other assets | (3) | 20 | 10 |
Changes in other liabilities | (71) | 14 | 40 |
Net cash provided by operating activities | 1,441 | 1,416 | 292 |
INVESTING ACTIVITIES | |||
Proceeds from sales of assets, net | 34 | 236 | 729 |
Proceeds from loan receivable | 413 | 0 | 9 |
Return of investments in affiliates | 5 | 0 | 0 |
Advances to and investments in affiliates | (25) | (60) | (11) |
Acquisitions | 0 | (301) | (1,458) |
Renewals and replacements | (451) | (197) | (134) |
Return on investment | (195) | (307) | (293) |
Property insurance proceeds | 36 | 11 | 0 |
Net cash used in investing activities | (183) | (618) | (1,158) |
FINANCING ACTIVITIES | |||
Financing costs | (10) | (1) | (8) |
Issuances of debt | 0 | 0 | 443 |
Repayment of credit facility | 0 | (683) | (800) |
Repurchase/redemption of senior notes | 0 | 0 | (400) |
Mortgage debt and other prepayments and scheduled maturities | (7) | (2) | 0 |
Debt extinguishment costs | (3) | 0 | (22) |
Distributions and payments to non-controlling interests | (10) | (3) | 0 |
Other financing activities | (13) | (9) | (8) |
Net cash used in financing activities | (771) | (874) | (657) |
Effects of exchange rate changes on cash held | 2 | (3) | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 489 | (79) | (1,523) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 874 | 953 | 2,476 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,363 | 874 | 953 |
Supplemental disclosure of cash flow information: | |||
Cash and cash equivalents | 1,144 | 667 | 807 |
Restricted cash (included in other assets) | 2 | 7 | 2 |
Furniture, fixtures and equipment replacement fund | 217 | 200 | 144 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 1,363 | 874 | 953 |
HOST HOTELS & RESORTS L.P. | |||
OPERATING ACTIVITIES | |||
Net income (loss) | 752 | 643 | (11) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 697 | 664 | 762 |
Amortization of finance costs, discounts and premiums, net | 9 | 10 | 10 |
Loss on extinguishment of debt | 4 | 0 | 23 |
Stock compensation expense | 30 | 26 | 18 |
Deferred income taxes | 26 | 20 | (93) |
Other gains | (71) | (17) | (306) |
Gain on property insurance settlement | (3) | (6) | 0 |
Equity in earnings of affiliates | (6) | (3) | (31) |
Change in due from/to managers | (40) | 15 | (151) |
Distributions from investments in affiliates | 31 | 30 | 21 |
Property insurance proceeds - remediation costs | 101 | 0 | 0 |
Payments for inventory costs | (15) | 0 | 0 |
Changes in other assets | (3) | 20 | 10 |
Changes in other liabilities | (71) | 14 | 40 |
Net cash provided by operating activities | 1,441 | 1,416 | 292 |
INVESTING ACTIVITIES | |||
Proceeds from sales of assets, net | 34 | 236 | 729 |
Proceeds from loan receivable | 413 | 0 | 9 |
Return of investments in affiliates | 5 | 0 | 0 |
Advances to and investments in affiliates | (25) | (60) | (11) |
Acquisitions | 0 | (301) | (1,458) |
Renewals and replacements | (451) | (197) | (134) |
Return on investment | (195) | (307) | (293) |
Property insurance proceeds | 36 | 11 | 0 |
Net cash used in investing activities | (183) | (618) | (1,158) |
FINANCING ACTIVITIES | |||
Financing costs | (10) | (1) | (8) |
Issuances of debt | 0 | 0 | 443 |
Repayment of credit facility | 0 | (683) | (800) |
Repurchase/redemption of senior notes | 0 | 0 | (400) |
Mortgage debt and other prepayments and scheduled maturities | (7) | (2) | 0 |
Debt extinguishment costs | (3) | 0 | (22) |
Issuance of common OP units | 1 | 1 | 138 |
Repurchase of common OP units | (182) | (27) | 0 |
Distributions on common OP units | (555) | (152) | 0 |
Distributions and payments to non-controlling interests | (2) | (1) | 0 |
Other financing activities | (13) | (9) | (8) |
Net cash used in financing activities | (771) | (874) | (657) |
Effects of exchange rate changes on cash held | 2 | (3) | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 489 | (79) | (1,523) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 874 | 953 | 2,476 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,363 | 874 | 953 |
Supplemental disclosure of cash flow information: | |||
Cash and cash equivalents | 1,144 | 667 | 807 |
Restricted cash (included in other assets) | 2 | 7 | 2 |
Furniture, fixtures and equipment replacement fund | 217 | 200 | 144 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | $ 1,363 | $ 874 | $ 953 |
CONSOLIDATED STATEMENTS OF CA_4
CONSOLIDATED STATEMENTS OF CASH FLOWS - Host Hotels & Resorts L.P. and Subsidiaries (Parenthetical) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 20, 2022 | Apr. 30, 2022 | Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Redemptions of limited partner interests for common stock | $ 8 | $ 5 | $ 2 | |||
Increase in other assets | 3 | (20) | (10) | |||
Four Seasons Resort Orlando at Walt Disney World® Resort | ||||||
Reclassification of property and equipment | (30) | |||||
Increase in other assets | 30 | |||||
Sheraton Boston Hotel | ||||||
Notes receivable from sale of property | $ 163 | 163 | ||||
Sheraton New York Times Square Hotel | ||||||
Notes receivable from sale of property | $ 250 | 250 | ||||
HOST HOTELS & RESORTS L.P. | Noble Investment Group LLC | ||||||
Noncash financial or equity instrument consideration, shares issued | 3.2 | |||||
Four Seasons Resort and Residences Jackson Hole | ||||||
Advanced deposits received | 19 | |||||
Four Seasons Resort Orlando at Walt Disney World® Resort | ||||||
Advanced deposits received | 24 | |||||
Hotel Van Zandt | ||||||
Mortgage loan | 102 | |||||
HOST HOTELS & RESORTS L.P. | ||||||
Redemptions of limited partner interests for common stock | $ 8 | $ 5 | $ 2 | |||
Redemptions of limited partner interests for common stock (in units) | 0.5 | 0.3 | 0.1 | |||
Increase in other assets | $ 3 | $ (20) | $ (10) | |||
HOST HOTELS & RESORTS L.P. | Four Seasons Resort Orlando at Walt Disney World® Resort | ||||||
Reclassification of property and equipment | (30) | |||||
Increase in other assets | 30 | |||||
HOST HOTELS & RESORTS L.P. | Sheraton Boston Hotel | ||||||
Notes receivable from sale of property | $ 163 | |||||
HOST HOTELS & RESORTS L.P. | Sheraton New York Times Square Hotel | ||||||
Notes receivable from sale of property | $ 250 | |||||
HOST HOTELS & RESORTS L.P. | The Camby Autograph Collection | ||||||
Notes receivable from sale of property | $ 72 | |||||
HOST HOTELS & RESORTS L.P. | HOST HOTELS & RESORTS L.P. | Noble Investment Group LLC | ||||||
Noncash financial or equity instrument consideration, shares issued | 3.2 | |||||
Joint venture investment, value of shares issued | $ 56 | |||||
HOST HOTELS & RESORTS L.P. | Four Seasons Resort and Residences Jackson Hole | ||||||
Advanced deposits received | $ 19 | |||||
HOST HOTELS & RESORTS L.P. | Four Seasons Resort Orlando at Walt Disney World® Resort | ||||||
Advanced deposits received | 24 | |||||
HOST HOTELS & RESORTS L.P. | Hotel Van Zandt | ||||||
Mortgage loan | $ 102 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 consolidated 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, 2023, the hotels in our consolidated portfolio are in the following countries: Hotels United States 72 Brazil 3 Canada 2 Total 77 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 them. 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. 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 consolidates the VIE. We consider an entity to be 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 (i) if they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics thereof. Four partnerships are considered VIE’s, as the general partner of these partnerships maintains control over the decisions that most significantly impact the partnerships. The first VIE is the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the general partner and holds 99% of the limited partner interests. Host Inc.’s sole significant asset is its investment in Host L.P. and substantially all of Host Inc.’s assets and liabilities represent assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P. and may be settled only with assets of Host L.P. The consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental, of which we are the general partner and hold 85% of the partnership interests, also is a VIE. The total assets of this VIE at December 31, 2023 are $50 million and consist primarily of cash, a right-of-use (“ROU”) asset and property and equipment. Liabilities for the VIE total $27 million and primarily consist of a lease liability and accounts payable. Two unconsolidated partnerships that own hotel properties, of which we hold limited partner interests ranging from 11% - 21%, also are VIEs. The combined carrying amount of our investments in these entities at December 31, 2023 is $23 million and is included in advances to and investments in affiliates. The mortgage debt held by these VIEs is non-recourse to us. 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 these 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. Property and Equipment Generally, property and equipment is recorded at cost. For hotels that we develop, cost includes interest, property insurance and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Properties acquired in an asset acquisition are recorded at cost. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values. 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 then are 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 our hotels, which generally is funded with 5% of property revenues. Impairment testing. We analyze our consolidated hotels for impairment throughout the year when events or circumstances occur that indicate the carrying amount may not be recoverable. We test for impairment in several situations, including: • when a hotel has a current or projected loss from operations; • when management’s intent or ability to hold a property for a period that recovers its carrying value changes, making it more likely than not that a hotel will be sold before the end of its previously estimated useful life and therefore reducing the expected hold period, and the anticipated sales price is at or below the book value; or • when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying amount of an asset may not be recoverable. To the extent that a hotel has a substantial remaining estimated useful life and management does not believe that it is more likely than not that it will be sold prior to the end thereof, it would be unusual for undiscounted cash flows to be insufficient to recover the property’s carrying amount. In the absence of other factors, we assume that the estimated useful life is equal to the remaining 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 the end of its previously expected useful life. We also consider the effect of regular renewal and replacement capital expenditures on the estimated useful life of our properties, including critical infrastructure, which regularly is maintained and then replaced at the end of its useful life. In 2023, 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. Based on this testing, no impairment was necessary, and no further analysis was required. In 2022 and 2021, due to the impact of the COVID-19 pandemic on operations, we performed recoverability tests on certain of our properties. No properties were impaired as a result of a decline in operations due to the pandemic. During 2021, as a result of the reduction in expected hold periods during the year, the book value for certain property and equipment exceeded its undiscounted future cash flows. Therefore, we recorded impairment expense of $92 million for the year ended December 31, 2021. Classification of Assets as Held for Sale. We will classify a hotel as held for sale when its sale is probable, will be completed within one year and actions to complete the sale are unlikely to change or it is unlikely 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 frequently are not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist that could prevent the transaction from being completed in a timely manner. We typically classify hotels as held for sale when all 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 deposited a significant amount of nonrefundable cash; and • no significant financing or legal contingencies exist that could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation expense 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. We generally include the operations of a hotel that was sold or a hotel that has been classified as held for sale in continuing operations, including the gain or loss on the sale, unless the sale represents a strategic shift that will have a major impact on our future operations and financial results. 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 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 useful lives of the assets are based on several 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 useful lives could affect depreciation expense and net income or the gain or loss on the sale of any of our hotels. Intangible Assets and Acquired Liabilities In conjunction with our acquisitions, we may identify intangible assets and other liabilities. These identifiable intangible assets and other liabilities typically include above- and below-market contracts, including ground and retail leases and management and franchise agreements, which are recorded at fair value in a business combination and at its relative fair value in an asset acquisition. 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 terms and conditions for similar contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets and other liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. Non-Controlling Interests 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 amount 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. common 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 unaffiliated limited partners (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. Redeemable 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 of Host L.P.: As of December 31, 2023 2022 Common OP units outstanding (millions) 9.5 10.0 Market price per Host Inc. common share $ 19.47 $ 16.05 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 189 $ 164 Historical cost (millions) 93 97 Book value (millions) ⁽¹⁾ 189 164 _____ (1) The book value recorded is equal to the greater of the redemption value or the historical cost. 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 (loss) attributable to Host Inc. has been reduced by the amount attributable to non-controlling interests in Host L.P., which totaled $11 million, $9 million and $(1) million for 2023, 2022 and 2021, respectively. Other Consolidated Partnerships. Non-redeemable non-controlling interests - other consolidated partnerships on the consolidated balance sheets consists of the third party partnership interest of one majority-owned partnership. Investments in Affiliates 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 of cash that were generated by property operations are classified as cash flows from operating activities. However, distributions of cash that were generated by property sales and certain other transactions are classified as cash flows from investing activities. Income Taxes Host Inc. 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 intention to continue to comply with the REIT qualification requirements and to maintain our qualification for treatment 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 that complies with certain other requirements (relating primarily to the composition of its assets and the sources of its gross income) generally is not subject to federal and state corporate 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 C corporation, and is subject to federal, state and foreign corporate income tax. Our consolidated income tax provision (benefit) includes the income tax provision (benefit) related to the operations of our taxable REIT subsidiaries, and state, local, and foreign income taxes incurred by Host L.P. and its subsidiaries. Deferred Tax Assets and Liabilities. Pursuant to its 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, general business credit, and capital loss 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 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 any 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 the related long-term debt on the balance sheets. Foreign Currency Translation As of December 31, 2023, our foreign operations consist of hotels located in Brazil and Canada, as well as an investment in a joint venture that indirectly owns hotels in India. 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 applicable foreign 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 other gains (losses) on the accompanying consolidated statements of operations, except when recorded in other comprehensive income (loss) as qualifying net investment hedges. 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, 2023 2022 Gain on foreign currency forward contracts $ 3 $ 4 Loss on interest rate swap cash flow hedges (1) (1) Foreign currency translation (73) (79) Other comprehensive loss attributable to non-controlling interests 1 1 Total accumulated other comprehensive loss $ (70) $ (75) No material amounts were reclassified from accumulated other comprehensive loss in 2023 or 2022. Revenues Substantially all of our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenues at year end. 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. Revenues are recognized as follows: Income statement line item Recognition method Rooms revenues Rooms revenues represent revenues from the occupancy of our hotel rooms and are driven by the occupancy and average daily rate charged. Rooms revenues do not include ancillary services or fees charged. The contracts for room stays with customers generally are very short term in duration and revenues are recognized over the course of the hotel stay. Food and beverage revenues Food and beverage revenues consist of revenues from group functions, which may include banquet revenues and audio-visual revenues, as well as outlet revenues from the restaurants and lounges at our properties. Revenues are recognized as the services or products are provided. Our hotels may employ third parties to provide certain services, for example, audio and visual services. These contracts are evaluated to determine if the hotel is the principal or the agent in the transaction and we record the revenues as appropriate (i.e., gross vs. net). Other revenues Other revenues consist of ancillary revenues at the hotel, including attrition and cancelation fees, golf courses, resort and destination fees, spas, entertainment and other guest services, as well as rental revenues; primarily consisting of leased retail outlets. Other revenues generally are recognized as the services or products are provided. Attrition and cancelation fees are recognized for non-cancelable deposits when the customer provides notification of cancelation or is a no-show for the specified date, whichever comes first. Fair Value Measurement 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 (Loss) Per Common Share (Unit) Basic earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders) by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding. Diluted earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders), as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock or Host L.P. common units outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans or the common OP units distributed to Host Inc. to support such shares granted, and other non-controlling interests that have the option to convert their limited partner interests to common OP units. No effect is shown for any securities that are anti-dilutive. There are 9.5 million Host L.P. common units, which are convertible into 9.7 million Host Inc. common shares, that are not included in Host Inc.'s calculation of earnings (loss) per share as their effect is not dilutive. The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Year ended December 31, 2023 2022 2021 Net income (loss) $ 752 $ 643 $ (11) Less: Net income attributable to non-controlling interests (12) (10) — Net income (loss) attributable to Host Hotels & Resorts, inc. $ 740 $ 633 $ (11) Basic weighted average shares outstanding 709.7 714.7 710.3 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 3.1 2.8 — Diluted weighted average shares outstanding 712.8 717.5 710.3 Basic earnings (loss) per common share $ 1.04 $ 0.89 $ (0.02) Diluted earnings (loss) per common share $ 1.04 $ 0.88 $ (0.02) The calculation of Host L.P. basic and diluted earnings (loss) per common unit is shown below (in millions, except per unit amounts): Year ended December 31, 2023 2022 2021 Net income (loss) $ 752 $ 643 $ (11) Less: Net income attributable to non-controlling interests (1) (1) (1) Net income (loss) attributable to Host Hotels & Resorts, L.P. $ 751 $ 642 $ (12) Basic weighted average units outstanding 704.5 709.7 702.5 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 3.0 2.7 — Diluted weighted average units outstanding 707.5 712.4 702.5 Basic earnings (loss) per common unit $ 1.07 $ 0.91 $ (0.02) Diluted earnings (loss) per common unit $ 1.06 $ 0.90 $ (0.02) Share-Based Payments 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-classified awards or liability-classified awards. 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. The plan includes awards that vest over a one-year, two-year and three-year period. For performance-based awards, compensation cost will be recognized during the requisite service period based on the performance 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 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 and access to our credit facility, however, this cash balance is spread among a diversified group of investment grade financial institutions. Acquisitions and Business Combinations When acquiring an asset, we determine whether the acquisition is an asset acquisition or a business combination based on whether the fair value of the gross assets acquired is concentrated in a single (group of similar) identifiable assets, resulting in an asset acquisition or, if not, resulting in a business combination. If treated as an asset acquisition, the asset is recorded in accordance with our property and equipment policy and related acquisition costs are capitalized as part of the asset. In a business combination, we recognize identifiable assets acquired, liabilities assumed, and non-controlling interests 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 and liabilities acquired. Property and equipment are recorded at fair value and such fair value is allocated to land, 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 include identifiable intangible assets, lease assets and liabilities and, in a business combination, 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. Finance 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-of-use assets. Classification of a lease does not change if it is part of an asset acquisition or 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, and usually only in connection with the acquisition of a foreign hotel, 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. In a business combination, 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. Leases We consider an arrangement to contain a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for compensation. All leases pursuant to which we are the lessee, including operating leases, are recognized as lease assets and lease liabilities on the balance sheet. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our fixed payment obligations. Leases with a term of 12 months or less are not recorded on |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Substantially all our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenue at quarter end. We collect sales, use, occupancy and similar taxes from our customers, which we present on a net basis (excluded from revenues) on our statements of operations. Disaggregation of Revenues . While we do not consider the following disclosure of hotel revenues by location to consist of reportable segments, we have disaggregated hotel revenues by market location. Our revenues also are presented by country in Note 16 – Geographic and Business Segment Information. By Location. The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Year ended December 31, Location 2023 2022 2021 San Diego $ 498 $ 446 $ 217 Orlando 466 455 173 Maui/Oahu 449 473 372 New York 374 336 169 San Francisco/San Jose 371 322 129 Phoenix 366 378 260 Florida Gulf Coast 339 344 298 Washington, D.C. (Central Business District) 331 273 109 Miami 243 253 215 Boston 151 108 78 Los Angeles/Orange County 141 131 116 Houston 139 116 76 Chicago 136 129 63 Jacksonville 128 122 99 San Antonio 117 114 59 Seattle 105 90 36 New Orleans 99 96 41 Northern Virginia 90 76 55 Denver 89 80 43 Austin 87 91 24 Philadelphia 85 80 50 Atlanta 67 61 67 Other 348 262 117 Domestic 5,219 4,836 2,866 International 92 71 24 Total $ 5,311 $ 4,907 $ 2,890 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consists of the following (in millions): As of December 31, 2023 2022 Land and land improvements $ 1,981 $ 2,020 Buildings and leasehold improvements 14,253 13,849 Furniture and equipment 2,331 2,249 Construction in progress 237 313 18,802 18,431 Less accumulated depreciation and amortization (9,178) (8,683) $ 9,624 $ 9,748 The aggregate cost of real estate for federal income tax purposes is approximately $10.3 billion at December 31, 2023. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2023 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Affiliates | Investments in Affiliates We own investments in joint ventures for which the equity method of accounting is used. The debt of our joint ventures, if any, is non-recourse to, and not guaranteed by, us, and a default of such debt does not trigger a default under any of our debt instruments. We carry our investments at historical cost which, due to debt restructurings or distributions, may result in a negative investment balance. However, a negative investment balance does not represent a funding obligation for us or for our partners. Investments in affiliates consist of the following (in millions): As of December 31, 2023 Ownership Interests Our Investment Our Portion of Debt Total Debt Distributions received in 2023 ⁽¹⁾ Assets Asia/Pacific JV 25 % $ 9 $ — $ — $ — A 36% interest in seven hotels and an office building in India Maui JV 67 % 28 16 23 8 131-unit vacation ownership project in Maui, HI Hyatt Place JV 50 % (15) 30 60 2 One hotel in Nashville, TN Harbor Beach JV 49.9 % (45) 75 150 11 One hotel in Fort Lauderdale, FL Philadelphia Marriott Downtown JV⁽²⁾ 11 % (8) 23 213 6 One hotel in Philadelphia, PA Noble JV 21.15 - 49% 121 64 300 7 Asset management and general partner of real estate fund; select-service and extended stay hotels in the United States Fifth Wall Ventures 28 — — 2 Real estate industry technology investment Other investments 8 — — — Total $ 126 $ 208 $ 746 $ 36 As of December 31, 2022 Ownership Interests Our Investment Our Portion of Debt Total Debt Distributions received in 2022 ⁽¹⁾ Assets Asia/Pacific JV 25 % $ 8 $ — $ — $ — A 36% interest in seven hotels and an office building in India Maui JV 67 % 38 16 24 11 131-unit vacation ownership project in Maui, HI Hyatt Place JV 50 % (15) 30 60 5 One hotel in Nashville, TN Harbor Beach JV 49.9 % (39) 75 150 8 One hotel in Fort Lauderdale, FL Philadelphia Marriott Downtown JV 11 % (6) 21 195 — One hotel in Philadelphia, PA Noble JV 19 - 49% 107 63 329 3 Asset management and general partner of real estate fund; select-service and extended stay hotels in the United States Fifth Wall Ventures 31 — — 3 Real estate industry technology investment Other investments 8 — — — Total $ 132 $ 205 $ 758 $ 30 ______________ (1) Distributions received were funded by cash from operations unless otherwise noted. (2) Distributions received from Philadelphia Marriott Downtown JV in 2023 include $5 million related to loan refinancing proceeds. As part of our investment in the Noble JV, we have made a $211.5 million capital commitment to Noble Hospitality Fund V, L.P., which represents a 21.15% ownership interest in the fund. As of December 31, 2023, we have funded $33 million to this fund. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of the following (in millions): As of December 31, 2023 2022 Series E senior notes, with a rate of 4% due June 2025 $ 499 $ 499 Series F senior notes, with a rate of 4½% due February 2026 399 399 Series G senior notes, with a rate of 3⅞% due April 2024 400 399 Series H senior notes, with a rate of 3⅜% due December 2029 643 642 Series I senior notes, with a rate of 3½% due September 2030 738 736 Series J senior notes, with a rate of 2.9% due December 2031 441 440 Total senior notes 3,120 3,115 Credit facility revolver ⁽¹⁾ (8) (4) Credit facility term loan due January 2027 499 499 Credit facility term loan due January 2028 498 499 Mortgage and other debt, with an average interest rate of 4.67% and 4.9% at December 31, 2023 and 2022, respectively, maturing through November 2027 100 106 Total debt $ 4,209 $ 4,215 _____________ (1) There were no outstanding credit facility borrowings at December 31, 2023 or 2022. Amount shown represents deferred financing costs related to the credit facility revolver. Senior Notes General. Under the terms of our senior notes indenture, our senior notes are equal in right of payment with all our unsubordinated indebtedness and senior to all our subordinated obligations. The face amount of our senior notes at both December 31, 2023 and 2022 was $3.2 billion. The senior notes balances as of December 31, 2023 and 2022 are net of unamortized discounts and deferred financing costs of approximately $30 million and $35 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 is subject to restrictions and the satisfaction of various conditions. As of December 31, 2023, we are in compliance with all of these covenants. Authorization for Repurchase of Senior Notes. In February 2023, Host Inc.’s Board of Directors authorized repurchases of up to $1 billion of senior notes (other than in accordance with their terms) through February 2026. No repurchases occurred in 2023 under this program. Credit Facility. On January 4, 2023, we entered into the sixth amended and restated senior revolving credit and term loan facility, with Bank of America, N.A., as administrative agent, Wells Fargo Bank, N.A. and JPMorgan Chase Bank, N.A. as co-syndication agents, and certain other agents and lenders. The credit facility allows for revolving borrowings in an aggregate principal amount of up to $1.5 billion. The revolver also includes a foreign currency subfacility for Canadian dollars, Australian dollars, Euros, British pounds 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 Mexican peso borrowings. The credit facility also provides for a term loan facility of $1 billion (which is fully utilized), a subfacility of up to $100 million for swingline borrowings in currencies other than U.S. dollars and a subfacility of up to $100 million for issuances of letters of credit. Host L.P. also has the option to add in the future $500 million of commitments which may be used for additional revolving credit facility borrowings and/or term loans, subject to obtaining additional loan commitments (which we have not currently obtained) and the satisfaction of certain conditions. The revolving credit facility has an initial scheduled maturity date of January 4, 2027, which date may be extended by up to a year by the exercise of either a 1-year extension option or two 6-month extension options, each of which is subject to certain conditions, including the payment of an extension fee and the accuracy of representations and warranties. One $500 million term loan tranche has an initial maturity date of January 4, 2027, which date may be extended up to a year by the exercise of one 1-year extension option, which is subject to certain conditions, including the payment of an extension fee; and the second $500 million term loan tranche has a maturity date of January 4, 2028, which date may not be extended. The amendment also converted the underlying reference rate from LIBOR to SOFR plus a credit spread adjustment of 10 basis points. We pay interest on U.S. dollar revolver borrowings under the credit facility at floating rates equal to SOFR (plus a credit spread adjustment of 10 basis points) plus a margin ranging from 72.5 to 140 basis points (depending on Host L.P.’s unsecured long-term debt rating). We also pay a facility fee on the total $1.5 billion revolver commitment ranging from 12.5 to 30 basis points, depending on our rating and regardless of usage. The credit facility includes a sustainability pricing adjustment that can result in a change in the interest rate applicable to borrowings. The adjustment can result in an increase or decrease of the interest rate for revolving loans of up to 4 basis points and an increase or decrease of the facility fee of up to 1 basis point. In the case of the term loans, the adjustment can result in an increase or decrease of the interest rate applicable of up to 5 basis points. The adjustments will be determined annually on the basis of an annual audited report of Host L.P.’s performance against targets established in the credit facility for (1) the percentage of our consolidated portfolio with green building certifications and (2) the percentage of electricity used at all our consolidated properties that is generated by renewable resources. Effective June 30, 2023, we achieved a milestone in the progress towards our renewable energy goal, resulting in the applicable basis point reduction in the interest rate on borrowings under the credit facility. Based on Host L.P.’s unsecured long-term debt rating as of December 31, 2023, we are able to borrow on the revolver at a rate of adjusted SOFR plus 85 basis points less 2 basis points for meeting sustainability milestones for an all-in rate of 6.29% and pay a facility fee of 19.5 basis points. Interest on the term loans consists of floating rates equal to SOFR (plus a credit spread adjustment of 10 basis points) plus a margin ranging from 80 to 160 basis points (depending on Host L.P.’s unsecured long-term debt rating) and adjusted for sustainability pricing. Based on Host L.P.’s long-term debt rating as of December 31, 2023, our applicable margin on SOFR loans under both term loans is 95 basis points less 2.5 basis points for meeting sustainability milestones, for an all-in rate of 6.39%. We also may elect to pay interest on revolver and term loan borrowings using a base rate plus a margin that is similarly determined based on Host L.P.’s unsecured long-term debt rating. Net repayments under the credit facility were $683 million in 2022. As of December 31, 2023, we have $1.5 billion of 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). We are permitted to borrow and maintain amounts outstanding under the credit facility so long as our ratio of consolidated total debt to consolidated EBITDA (“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. 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 costs related to the senior notes or the credit facility, and non-cash interest expense, all of which are or have been included in interest expense on our consolidated statements 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, 2023, we are in compliance with all of these covenants. Guarantees . The credit facility requires all Host L.P. subsidiaries which guarantee Host L.P. debt to similarly guarantee obligations under the credit facility. Currently, there are no such guarantees. Other Covenants and Events of Default . The credit facility contains restrictive covenants on customary matters. Certain covenants are less restrictive at any time that our leverage ratio is below 6.0x. At any time that our leverage ratio is below 6.0x, acquisitions, investments and dividends generally are permitted except where they would result in a breach of the financial covenants, calculated on a pro forma basis. Additionally, the credit facility’s restrictions on the incurrence of debt incorporate the same financial covenant as set forth in our senior notes indenture. 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 due 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 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, 2023, we have mortgage debt secured by one asset, with an interest rate of 4.67%, which mortgage debt matures in November 2027. The loan is amortizing, with principal and interest payable monthly. As of December 31, 2023, we are in compliance with the covenants under our mortgage debt obligation. We made mortgage debt repayments of $2 million in each of 2023 and 2022. Aggregate Debt Maturities Aggregate debt maturities, including principal amortization, are as follows (in millions): As of December 31, 2023 2024 $ 402 2025 502 2026 402 2027 592 2028 500 Thereafter 1,850 4,248 Deferred financing costs (25) Unamortized discounts, net (14) Total debt $ 4,209 Interest The following is a reconciliation between interest expense and cash interest paid (in millions): Year ended December 31, 2023 2022 2021 ⁽²⁾ Interest expense $ 191 $ 156 $ 191 Amortization of debt premiums/discounts, net (2) (2) (2) Amortization of deferred financing costs (7) (8) (8) Non-cash losses on debt extinguishment (1) — (1) Change in accrued interest 2 (4) 3 Interest paid ⁽¹⁾ $ 183 $ 142 $ 183 ___________ (1) Does not include capitalized interest of $10 million, $10 million and $4 million for 2023, 2022 and 2021, respectively. (2) Interest expense and interest paid includes cash prepayment premiums of approximately $22 million in 2021. |
Equity of Host Inc. and Capital
Equity of Host Inc. and Capital of Host L.P. | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity of Host Inc. and Capital of Host L.P. | 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 703.6 million and 713.4 million were outstanding as of December 31, 2023 and 2022, respectively. Fifty million shares of no par value preferred stock are authorized; none of such preferred shares was outstanding as of December 31, 2023 and 2022. Capital of Host L.P. As of December 31, 2023, Host Inc. is the owner of approximately 99% of Host L.P.’s common OP units. The remaining common OP units are owned by 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 exchange for any shares issued by Host Inc., Host L.P. will issue common OP units based on the applicable conversion ratio. As of December 31, 2023 and 2022, Host L.P. had 698.3 million and 708.4 million OP units outstanding, respectively, of which Host Inc. held 688.8 million and 698.4 million, respectively. Repurchases and Issuances of Common Stock and Common OP Units On August 3, 2022, Host Inc.'s Board of Directors authorized an increase in our share repurchase program from the existing $371 million remaining under the prior Board authorization to $1 billion. In 2023, we repurchased 11.4 million shares at an average price of $15.93 per share, exclusive of commissions, for a total of $181 million. In 2022, we repurchased 1.7 million shares at an average price of $15.93 per share, exclusive of commissions, for a total of $27 million. As of December 31, 2023, we have $792 million available for repurchase under the program. On May 31, 2023, we entered into a distribution agreement with J. P. Morgan Securities LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, Jefferies LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as sales agents pursuant to which Host Inc. may offer and sell, from time to time, shares of Host Inc. common stock having an aggregate offering price of up to $600 million. The sales will be made in transactions that are deemed to be “at the market” offerings under the SEC rules. We may sell shares of Host Inc. common stock under this program from time to time based on market conditions, although we are not under an obligation to sell any shares. The agreement also contemplates that, in addition to the offering and sale of shares to or through the sales agents, we may enter into separate forward sale agreements with each of the forward purchasers named in the agreement. There have been no shares issued in 2023. As of December 31, 2023, there was $600 million of remaining capacity under the agreement. 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. 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. As part of our response to COVID-19 and in order to preserve cash and future financial flexibility, we temporarily suspended our regular quarterly common cash dividends, commencing with the second quarter 2020 dividend through year end 2021. We reinstated a quarterly common cash dividend beginning in the first quarter of 2022. The dividends that were taxable to our stockholders in 2023 are considered 91.8% ordinary and 8.2% unrecaptured Section 1250 gain. The dividends that were taxable to our stockholders in 2022 are considered 78.1% ordinary and 21.9% unrecaptured Section 1250 gain. The 2023 and 2022 ordinary dividends are eligible for the 20% deduction provided by Section 199A. The table below presents the amount of common dividends declared per share and common distributions per unit as follows: Year ended December 31, 2023 2022 2021 Common stock $ 0.90 $ 0.53 $ — Common OP units 0.919 0.541 — On February 21, 2024, Host Inc.'s Board of Directors announced a regular quarterly cash dividend of $0.20 per share on its common stock. The dividend will be paid on April 15, 2024 to stockholders of record as of March 28, 2024. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 beginning January 1, 1999. To continue 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 annual taxable income to our stockholders, excluding net capital gain. As a REIT, generally we will not be subject to U.S. federal and state corporate income taxes on that portion of our annual taxable income that is distributed to our stockholders. If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to U.S. federal and state corporate income taxes at regular corporate income tax rates and may not be able to qualify as a REIT for four Set forth below is a table that documents our domestic and foreign income tax attributes at December 31, 2023: Type Jurisdiction Amount (in millions) Tax Year Expiration Net operating loss U.S. Federal $ 649 None Capital loss U.S. Federal and States 32 2023 Net operating loss U.S. States 974 Various Net operating loss Brazil 18 None Net operating loss Canada 9 Through 2042 Capital loss Canada 5 None We have recorded a 100% valuation allowance of approximately $8 million against the deferred tax asset related to our domestic capital loss carryover, which expires following the 2023 tax year, and a valuation allowance of approximately $5 million against the deferred tax asset related to certain of our foreign net operating loss and capital loss carryovers as of December 31, 2023. We also have recorded a valuation allowance of approximately $5 million against the deferred tax asset related to our accumulated other comprehensive income (“AOCI”) foreign exchange net losses. There has been no increase or decrease of our valuation allowance for the year ended December 31, 2023 from the year ended December 31, 2022. The primary components of our net deferred tax assets are as follows (in millions): As of December 31, 2023 2022 Deferred tax assets Net operating losses, general business credits, and capital loss carryovers $ 205 $ 238 Property and equipment 3 3 Deferred revenue and expenses 20 15 Foreign exchange net losses (AOCI) 12 12 Total gross deferred tax assets 240 268 Less: Valuation allowance (18) (18) Total deferred tax assets, net of valuation allowance $ 222 $ 250 Deferred tax liabilities Investments in domestic affiliates (1) (4) Total gross deferred tax liabilities (1) (4) Net deferred tax assets $ 221 $ 246 We believe that it is more likely than not that the results of future operations will generate sufficient taxable income in order to realize our total deferred tax assets, net of a valuation allowance of $18 million, of $222 million. Our U.S. and foreign income (loss) from continuing operations before income taxes were as follows (in millions): Year ended December 31, 2023 2022 2021 U.S. income (loss) $ 768 $ 659 $ (89) Foreign income (loss) 20 10 (13) Total $ 788 $ 669 $ (102) Income tax provision (benefit) for continuing operations consists of (in millions): Year ended December 31, 2023 2022 2021 Current —Federal $ 3 $ 3 $ 1 —State 3 2 1 —Foreign 4 1 — 10 6 2 Deferred —Federal 15 13 (66) —State 10 5 (24) —Foreign 1 2 (3) 26 20 (93) Income tax provision (benefit) – continuing operations $ 36 $ 26 $ (91) The differences between the income tax provision (benefit) calculated at the statutory U.S. federal corporate income tax rate of 21% and the actual income tax provision (benefit) recorded for continuing operations are as follows (in millions): Year ended December 31, 2023 2022 2021 Statutory federal income tax provision (benefit) $ 165 $ 140 $ (21) Adjustment for nontaxable income of Host Inc. (147) (124) (40) State income tax provision (benefit), net 13 7 (23) Change to uncertain tax provision — — (4) Foreign income tax provision (benefit) 5 3 (3) Total $ 36 $ 26 $ (91) Cash taxes activity included a net payment of $12 million in 2023, and a net refund of $19 million and $34 million in 2022 and 2021, respectively. Our unrecognized tax benefits remained unchanged at $1 million for each of the years ended December 31, 2023 and 2022. All of such uncertain tax position amounts, if recognized, would impact our reconciliation between the income tax provision (benefit) calculated at the statutory U.S. federal corporate income tax rate of 21% and the actual income tax provision (benefit) recorded each year. As of December 31, 2023, the tax years that remain subject to examination by major tax jurisdictions generally include 2020-2023. There were no material interest or penalties recorded for the years ended December 31, 2023, 2022 and 2021. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Taxable REIT Subsidiaries Leases We lease substantially all our hotels to a wholly owned subsidiary that qualifies as a taxable REIT subsidiary due to the U.S. federal income tax prohibition on the ability of a REIT to derive revenues directly from the operations of a hotel. Ground Leases As of December 31, 2023, all or a portion of 19 of our hotels are subject to ground leases, generally with multiple renewal options, all of which are accounted for as operating leases. Payments for ground leases account for approximately 74% of our 2023 minimum lease payments and 96% of our total future minimum lease payments. For lease agreements with scheduled rent increases, we recognize the fixed portion of the lease expense ratably over the term of the lease. As the exercise of the renewal options were determined to be reasonably certain, the payments associated with the renewals have been included in the measurement of the lease liability and ROU asset. Contingent rental payments based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and ROU asset but will be recognized as variable lease expense if and when they are incurred. However, certain of these leases contain provisions that increase the minimum lease payments based on an average of the variable lease payments made over the previous years, for which we will reevaluate the lease liability and ROU asset as these payments represent an increase in the minimum payments for the remainder of the lease term. Certain of these leases also contain provisions that increase the minimum lease payments based on an index such as the Consumer Price Index. Such increases are not included in the measurement of the lease liability and ROU asset but will be recognized as variable lease expense if and when they are incurred. The discount rate used to calculate the lease liability and ROU asset is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. To calculate our IBR, we obtained a forward curve using LIBOR swap rates, with terms ranging from one Office Leases and Other We have office leases for our headquarters office in Bethesda, which expires in 2036, as well as a satellite office in Miami, which lease expires in 2025, with no renewal options. 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 finance leases The following table presents lease cost and other information (in millions): Year ended December 31, 2023 2022 2021 Lease cost Operating lease cost $ 42 $ 41 $ 43 Variable lease cost 35 27 7 Sublease income (1) (1) (1) Total lease cost $ 76 $ 67 $ 49 Other information Operating cash flows used for operating leases $ 42 $ 41 $ 43 Weighted-average remaining lease term - operating leases 46 years 47 years 48 years Weighted-average discount rate - operating leases 5.3 % 5.3 % 5.3 % The following table presents a reconciliation of the total amount of lease payments, on an undiscounted basis, to the lease liability on the balance sheet as of December 31, 2023 (in millions): As of December 31, 2023 Ground Leases Office Leases and Other Total Weighted-average discount rate - operating leases 5.4 % 3.7 % 5.3 % 2024 $ 31 $ 7 $ 38 2025 31 6 37 2026 31 6 37 2027 31 5 36 2028 31 5 36 Thereafter 1,343 38 1,381 Total undiscounted cash flows $ 1,498 $ 67 $ 1,565 Present values Long-term lease liabilities $ 511 $ 52 $ 563 Total lease liabilities $ 511 $ 52 $ 563 Difference between undiscounted cash flows and discounted cash flows $ 987 $ 15 $ 1,002 Minimum payments for the operating leases have not been reduced by aggregate minimum sublease rentals from restaurants of approximately $2.4 million that are payable to us under non-cancelable subleases. |
Employee Stock Plans
Employee Stock Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Stock Plans | Employee Stock Plans Upon the issuance of Host Inc.’s common stock for stock-based compensation, Host L.P. issues to Host Inc. common OP units of an equivalent value. Accordingly, these awards 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 “2020 Comprehensive Plan”), under which Host Inc. may award to participating employees restricted stock units (“RSUs”), and the Employee Stock Purchase Plan. At December 31, 2023, there were approximately three million shares of Host Inc.’s common stock reserved and available for issuance under the 2020 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-classified or liability-classified awards. Equity-classified awards are measured based on their fair value as of the date of grant. In contrast, liability-classified awards are re-measured to fair value each reporting period. During 2023, 2022 and 2021, we recorded stock-based compensation expense of approximately $30 million, $26 million and $18 million, respectively. Shares granted in 2023, 2022 and 2021 totaled 1.8 million, 1.8 million and 3.0 million, respectively, while 2.3 million, 1.5 million and 1.1 million shares, respectively, vested during those years. Senior Executive Plan During 2023, Host Inc. granted 1.6 million RSU awards under the 2020 Comprehensive Plan, which amount represents the maximum number of RSUs that can be earned during the period of 2023 through 2025 if performance is at the “high” level of achievement and, for time-based awards, the executive remains employed. The RSUs vest over a one two RSU awards Vesting of RSUs awarded in 2023 is based on (1) continued employment on the vesting date (“Time-Based Award”); (2) the achievement of relative total shareholder return (“TSR”); and (3) our Adjusted EBITDAre performance. Approximately 25% of the RSUs are Time-Based Awards and vest on an annual basis over three years; approximately 37.5% of the RSUs are based on the satisfaction of the TSR compared to the NAREIT Equity Lodging & Resort index that serves as a relevant industry/asset specific measurement to our competitors and vest following a three-year performance period; and the remaining 37.5% are based on Adjusted EBITDAre performance and vest following a three-year performance period. The RSUs granted are considered equity-classified awards. As a result, the fair value of these awards is based on the fair value on the grant date, and such grant date fair value is not adjusted for subsequent movements thereof. We value the time-based awards using the closing stock price on the grant date multiplied by the percentage of shares expected to be released, which is 100% of the time based awards. We also value the Adjusted EBITDAre awards using the closing stock price on the grant date multiplied by the percentage of shares expected to be released; however, as a result of the Adjusted EBITDAre performance conditions, we reevaluate the percentage based on the probability of meeting the performance conditions each period. We value the TSR awards using the economic theory that is the basis for all valuation models, including Binominal, Black-Scholes, exotic options formulas, and Monte Carlo valuations. We valued the TSR awards with the following assumptions: NAREIT Lodging & Resorts Index 2023 Award Grants 2022 Award Grants Grant date stock price $ 18.55 $ 18.45 Volatility 49.2 % 45.0 % Beta 0.695 0.667 Risk-free rate - three year award 4.08 % 1.61 % In making these assumptions, we base the expected volatility on the historical volatility over three years using daily stock price observations. The beta is calculated by comparing the risk of our stock to the risk of the applicable peer group index, using three years of daily price data. We base the risk-free rate on the Treasury bond yields corresponding to the length of each performance period as reported by the Federal Reserve. The payout schedule for the TSR awards is as follows, with linear interpolation for points between the 30 th and 75 th percentiles: TSR Percentile Ranking Payout (% of Maximum) At or above 75th percentile 100 % 50th percentile 50 % 30th percentile 25 % Below 30th percentile — % During 2023, 2022 and 2021, we recorded compensation expense of approximately $27 million, $23 million and $16 million, respectively, related to the RSU 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, 2023: Year ended December 31, 2023 2022 2021 Shares (in millions) Fair Value (per share) Shares (in millions) Fair Value (per share) Shares (in millions) Fair Value (per share) Balance, at beginning of year 3.4 $ 15 3.2 $ 12 1.6 $ 10 Granted 1.6 16 1.6 17 2.7 14 Vested (1) (2.2) 19 (1.3) 16 (0.9) 17 Forfeited/expired (0.2) 19 (0.1) 16 (0.2) 17 Balance, at end of year 2.6 17 3.4 15 3.2 12 Issued in calendar year ⁽²⁾ 0.7 16 0.5 17 0.6 15 ___________ (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 0.7 million shares issued in 2023 include shares vested at December 31, 2022, after adjusting for shares withheld to meet employee tax requirements. The shares withheld for employee tax requirements were valued at $11 million, $8 million and $7 million for 2023, 2022 and 2021, respectively. Other Stock Plans |
Profit Sharing and Post-employm
Profit Sharing and Post-employment Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Profit Sharing and Post-employment Benefit Plans | Profit Sharing and Post-employment Benefit PlansWe 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 liability recorded for this obligation is not material. Payments for these items were not material for the three years ended December 31, 2023. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions We disposed of one hotel in 2023, four hotels in 2022, and six hotels in 2021, and recorded aggregate gains on sale of approximately $69 million, $18 million, and $305 million, respectively. The gain on sale of assets is included in other gains on the statement of operations. In conjunction with the sale The Camby, Autograph Collection in 2023, we provided a $72 million loan to the buyer. The loan has an initial interest rate equal to Term SOFR plus 425 basis points and an initial scheduled maturity date of June 10, 2025, which date may be extended to March 10, 2026. Up to an additional $12 million in funding is available to the buyer under the loan for property improvement plan financing not to exceed a 65% loan to cost ratio. As of December 31, 2023, none of the additional funding has been borrowed. The outstanding loan is included in Notes Receivable on our balance sheets. In connection with the sales of the Sheraton Boston Hotel and Sheraton New York Times Square Hotel in 2022, we provided loans to the buyers for $163 million and $250 million, respectively. These loans were repaid during 2023. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions On November 1, 2022, we acquired the 125-room Four Seasons Resort and Residences Jackson Hole for a total purchase price of $315 million. During 2021, we acquired the following assets: • the 448-room Hyatt Regency Austin for $161 million; • the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort for $610 million; • the Royal Ka'anapali and Ka'anapali Kai golf courses, adjacent to the Hyatt Regency Maui hotel, for $28 million; • the 200-room Baker's Cay Resort Key Largo, Curio Collection by Hilton, for $200 million; • a 223-room luxury downtown Houston hotel, subsequently rebranded as The Laura Hotel, as part of the Autograph Collection by Marriott, for $65 million; • the 59-room Alila Ventana Big Sur for $150 million; • the 173-room Alida, Savannah, a Tribute Portfolio Hotel, for $103 million; and • |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Other Liabilities Fair Value of Other Financial Liabilities. We did not elect the fair value measurement option for any of our other financial assets or liabilities. The fair values of our notes receivable, secured debt and our credit facility are determined based on the expected future payments discounted at risk-adjusted rates. Senior notes 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 financial liabilities is shown below (in millions): December 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Notes receivable (Level 2) $ 72 $ 73 $ 413 $ 404 Financial liabilities Senior notes (Level 1) 3,120 2,915 3,115 2,768 Credit facility (Level 2) 989 1,000 994 1,000 Mortgage debt (Level 2) 100 86 102 95 |
Relationship with Marriott Inte
Relationship with Marriott International | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Relationship with Marriott International | Relationship with Marriott International We have entered into various agreements with Marriott, including those for the management or franchise of approximately 62% of our hotels (as measured by revenues) and certain limited administrative services. In 2023, 2022 and 2021, we paid Marriott $168 million, $136 million and $53 million, respectively, of hotel management fees and approximately $8.1 million, $7.7 million, and $4.4 million, respectively, of franchise fees. |
Hotel Management Agreements and
Hotel Management Agreements and Operating and License Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Contractors [Abstract] | |
Hotel Management Agreements and Operating and License Agreements | 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 operations under the designated brand. Hotels managed or franchised by Marriott and Hyatt represent approximately 62% and 20% 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, control the working capital, and provide other administrative and accounting support services to the hotels. Costs and expenses incurred by the managers are reimbursed by us. 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 hotels operating under the W ® , Westin ® , Sheraton ® , Luxury Collection ® and St. Regis ® brands, the base management fee is 1% of annual gross revenues, but that amount is supplemented by license fees payable to Marriott 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, Marriott generally receives 5% of gross revenues attributable to room sales and 2% of gross revenues attributable to food and beverage sales in addition to the base management fee. Pursuant to 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 sponsor a guest rewards program, the costs of which are charged to all of the hotels that participate in such program. We are obligated to provide the manager with sufficient funds, generally 4-5% of the revenues 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 our hotels unless the transferee assumes the related management agreement. However, most agreements include owner rights to terminate 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). |
Geographic and Business Segment
Geographic and Business Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Geographic and Business Segment Information | Geographic and Business Segment Information We consider each one of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting and our other real estate investment activities (primarily our retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our foreign operations consist of hotels in two countries as of December 31, 2023. There were no intersegment sales during the periods presented. The following table presents revenues and long-lived assets for each of the geographical areas in which we operate (in millions): 2023 2022 2021 Revenues Property and Revenues Property and Revenues Property and United States $ 5,219 $ 9,556 $ 4,836 $ 9,678 $ 2,866 $ 9,919 Brazil 22 35 17 33 8 30 Canada 70 33 54 37 16 45 Total $ 5,311 $ 9,624 $ 4,907 $ 9,748 $ 2,890 $ 9,994 |
Legal Proceedings, Guarantees a
Legal Proceedings, Guarantees and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings, Guarantees and Contingencies | Legal Proceedings, Guarantees and Contingencies Various legal proceedings arise in the ordinary course of our 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 the Company and our hotel managers are currently involved or of which we are aware and the resolution of similar claims in the past, we have recorded immaterial accruals as of December 31, 2023 related to such claims. We have estimated that, in the aggregate, our losses related to these proceedings will not be material. 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. Hurricane Loss Contingency While the majority of our hotels in Florida were affected by Hurricane Ian, which made landfall on September 28, 2022, the most significant damage sustained during the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. The Hyatt Regency Coconut Point reopened to guests in November 2022, with the final phase of reconstruction, the resort's waterpark, completed in June 2023. On July 6, 2023, The Ritz-Carlton, Naples reopened the guestrooms, suites and amenities, including the new tower expansion. Our current estimate of the book value of the property and equipment written off and remediation costs is approximately $130 million, for which we recorded a corresponding insurance receivable. As of December 31, 2023, we have received $213 million of insurance proceeds related to these claims, of which $130 million reduced our receivable to zero, and, in 2023, $80 million was recognized as a gain on business interruption, and $3 million was recognized as a gain on property insurance, which are both included in gain on insurance settlements on our consolidated statements of operations. Tax Indemnification Agreements Because of certain federal and state income tax considerations of the former owners of two hotels currently owned by Host L.P., we have agreed to restrictions on selling such hotels, or repaying or refinancing mortgage debt, for varying periods. One of these agreements expires in 2028 and the other in 2031. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2023 (in millions) Initial Cost Gross Amount at December 31, 2023 Description Debt Land Buildings & Subsequent Costs Capitalized, net ⁽¹⁾ Foreign Land Buildings & Total Accumulated Date of Date Depreciation Hotels: 1 Hotel South Beach $ — $ 182 $ 443 $ 19 $ — $ 182 $ 462 $ 644 $ 80 — 2019 34 AC Hotel Scottsdale North — 4 31 — — 4 31 35 4 2020 — 31 Alila Ventana Big Sur — 40 104 3 — 40 107 147 9 — 2021 31 Andaz Maui at Wailea Resort — 151 255 62 — 151 317 468 52 — 2018 38 Axiom Hotel — 36 38 42 — 36 80 116 29 — 2014 33 Baker's Cay Resort Key Largo, Curio Collection by Hilton — 80 117 2 — 80 119 199 10 — 2021 33 Boston Marriott Copley Place — — 203 102 — — 305 305 170 — 2002 40 Calgary Marriott Downtown Hotel — 5 18 48 (4) 5 62 67 52 — 1996 40 Coronado Island Marriott Resort & Spa — — 53 59 — — 112 112 83 — 1997 40 Denver Marriott Tech Center — 6 26 85 — 6 111 117 89 — 1994 40 Denver Marriott West — — 12 19 — — 31 31 28 — 1983 40 Embassy Suites by Hilton Chicago Downtown Magnificent Mile — — 86 20 — — 106 106 59 — 2004 40 Fairmont Kea Lani, Maui — 55 294 161 — 55 455 510 202 — 2004 40 Four Seasons Resort Orlando at Walt Disney World® Resort — 91 510 17 — 91 527 618 46 — 2021 37 Four Seasons Resort and Residences Jackson Hole — 59 245 2 — 59 247 306 11 — 2022 32 Gaithersburg Marriott Washingtonian Center — 7 22 15 — 7 37 44 30 — 1993 40 Grand Hyatt Atlanta in Buckhead — 8 88 34 — 8 122 130 84 — 1998 40 Grand Hyatt San Francisco — 52 331 5 — 52 336 388 67 — 2018 34 Grand Hyatt Washington — 154 247 46 — 154 293 447 137 — 2012 33 Hilton Singer Island Oceanfront/Palm Beaches Resort — 2 10 24 — 2 34 36 29 — 1994 40 Hotel Van Zandt 100 58 179 1 — 58 180 238 12 — 2021 34 Houston Airport Marriott at George Bush Intercontinental — — 10 94 — — 104 104 95 — 1984 40 Houston Marriott Medical Center/Museum District — — 19 47 — — 66 66 52 — 1998 40 Hyatt Place Waikiki Beach — 12 120 12 — 12 132 144 47 — 2013 34 Hyatt Regency Austin — 19 139 2 — 19 141 160 14 — 2021 33 Hyatt Regency Coconut Point Resort and Spa — 33 185 21 — 33 206 239 40 — 2018 36 HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) December 31, 2023 (in millions) Initial Cost Gross Amount at December 31, 2023 Description Debt Land Buildings & Subsequent Costs Capitalized, net ⁽¹⁾ Foreign Land Buildings & Total Accumulated Date of Date Depreciation Hyatt Regency Maui Resort and Spa — 92 212 161 — 81 384 465 211 — 2003 40 Hyatt Regency Reston — 11 78 34 — 12 111 123 75 — 1998 40 Hyatt Regency San Francisco Airport — 16 119 112 — 20 227 247 161 — 1998 40 Hyatt Regency Washington on Capitol Hill — 40 230 51 — 40 281 321 150 — 2005 40 JW Marriott Atlanta Buckhead — 16 21 41 — 16 62 78 44 — 1990 40 JW Marriott Hotel Rio de Janeiro — 13 29 5 (30) 4 13 17 6 — 2010 40 JW Marriott Houston by The Galleria — 4 26 59 — 6 83 89 60 — 1994 40 JW Marriott Washington, D.C. — 26 98 73 — 26 171 197 124 — 2003 40 Manchester Grand Hyatt San Diego — — 548 76 — — 624 624 302 — 2011 35 Marina del Rey Marriott — — 13 46 — — 59 59 39 — 1995 40 Marriott Downtown at CF Toronto Eaton Centre — — 27 38 (2) — 63 63 48 — 1995 40 Marriott Marquis San Diego Marina — — 202 420 — — 622 622 437 — 1996 40 Miami Marriott Biscayne Bay — 38 27 93 — 38 120 158 68 — 1998 40 Minneapolis Marriott City Center — 34 27 50 — 35 76 111 61 — 1995 40 New Orleans Marriott — 16 96 161 — 16 257 273 201 — 1996 40 New York Marriott Downtown — 19 79 56 — 19 135 154 99 — 1997 40 New York Marriott Marquis — 49 552 130 — 49 682 731 591 — 1986 40 Newark Liberty International Airport Marriott — — 30 49 — — 79 79 70 — 1984 40 Orlando World Center Marriott — 18 157 509 — 29 655 684 394 — 1997 40 Philadelphia Airport Marriott — — 42 26 — — 68 68 50 — 1995 40 Rio de Janeiro Parque Olimpico Hotels — 21 39 1 (34) 9 18 27 7 2014 — 35 San Antonio Marriott Rivercenter — — 86 117 — — 203 203 128 — 1996 40 San Antonio Marriott Riverwalk — 6 45 41 — 6 86 92 67 — 1995 40 San Francisco Marriott Fisherman's Wharf — 6 20 35 — 6 55 61 45 — 1994 40 San Francisco Marriott Marquis — — 278 210 — — 488 488 369 — 1989 40 Santa Clara Marriott — — 39 84 — — 123 123 104 — 1989 40 Sheraton Parsippany Hotel — 8 30 18 — 8 48 56 35 — 2006 40 HOST HOTELS & RESORTS, INC., HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION (continued) December 31, 2023 (in millions) Initial Cost Gross Amount at December 31, 2023 Description Debt Land Buildings & Subsequent Costs Capitalized, net ⁽¹⁾ Foreign Land Buildings & Total Accumulated Date of Date Depreciation Swissôtel Chicago — 29 132 100 — 30 231 261 143 — 1998 40 Tampa Airport Marriott — — 9 29 — — 38 38 34 — 1971 40 The Alida, Savannah, a Tribute Portfolio Hotel — 6 96 — — 6 96 102 6 — 2021 36 The Don CeSar — 46 158 40 — 46 198 244 54 — 2017 34 The Laura Hotel — 9 55 1 — 9 56 65 5 — 2021 33 The Logan — 26 60 76 — 27 135 162 98 — 1998 40 The Phoenician, A Luxury Collection Resort — 59 307 112 — 58 420 478 167 — 2015 32 The Ritz-Carlton Naples, Tiburón — 22 10 105 — 22 115 137 65 2002 — 40 The Ritz-Carlton, Amelia Island — 25 115 106 — 25 221 246 142 — 1998 40 The Ritz-Carlton, Marina del Rey — — 52 41 — — 93 93 71 — 1997 40 The Ritz-Carlton, Naples — 19 126 427 — 21 551 572 247 — 1996 40 The Ritz-Carlton, Tysons Corner — — 89 52 — — 141 141 92 — 1998 40 The St. Regis Houston — 6 33 24 — 6 57 63 35 — 2006 40 The Westin Chicago River North — 33 116 26 — 33 142 175 57 — 2010 40 The Westin Cincinnati — — 54 23 — — 77 77 43 — 2006 40 The Westin Denver Downtown — — 89 53 — — 142 142 62 — 2006 40 The Westin Georgetown, Washington D.C. — 16 80 29 — 16 109 125 54 — 2006 40 The Westin Kierland Resort & Spa — 100 280 44 — 100 324 424 149 — 2006 40 The Westin Seattle — 39 175 51 — 39 226 265 118 — 2006 40 The Westin South Coast Plaza, Costa Mesa — — 46 25 — — 71 71 66 — 2006 40 The Westin Waltham Boston — 9 59 23 — 9 82 91 46 — 2006 40 W Seattle — 11 125 15 — 11 140 151 67 — 2006 40 Washington Marriott at Metro Center — 20 24 43 — 20 67 87 47 — 1994 40 Total hotels: 100 1,962 9,225 5,083 (70) 1,952 14,248 16,200 7,345 Other properties, each less than 5% of total — 29 1 4 — 29 5 34 2 — Various 40 TOTAL $ 100 $ 1,991 $ 9,226 $ 5,087 $ (70) $ 1,981 $ 14,253 $ 16,234 $ 7,347 ___________ (1) Subsequent costs capitalized are net of impairment expense. HOST HOTELS & RESORTS, INC., AND SUBSIDIARIES HOST HOTELS & RESORTS, L.P., AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2023 (in millions) Notes: (A) The change in total cost of properties for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows: Balance at December 31, 2020 $ 15,642 Additions: Acquisitions 1,563 Capital expenditures and transfers from construction-in-progress 231 Deductions: Dispositions and other (954) Assets held for sale (444) Impairments (92) Balance at December 31, 2021 15,946 Additions: Acquisitions 303 Capital expenditures and transfers from construction-in-progress 314 Deductions: Dispositions and other (694) Balance at December 31, 2022 15,869 Additions: Capital expenditures and transfers from construction-in-progress 540 Deductions: Dispositions and other (175) Balance at December 31, 2023 $ 16,234 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 740 | $ 633 | $ (11) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 them. 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. 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 consolidates the VIE. We consider an entity to be 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 (i) if they should be considered VIEs, and (ii) whether we should change our consolidation determination based on changes in the characteristics thereof. Four partnerships are considered VIE’s, as the general partner of these partnerships maintains control over the decisions that most significantly impact the partnerships. The first VIE is the operating partnership, Host L.P., which is consolidated by Host Inc., of which Host Inc. is the general partner and holds 99% of the limited partner interests. Host Inc.’s sole significant asset is its investment in Host L.P. and substantially all of Host Inc.’s assets and liabilities represent assets and liabilities of Host L.P. All of Host Inc.’s debt is an obligation of Host L.P. and may be settled only with assets of Host L.P. The consolidated partnership that owns the Houston Airport Marriott at George Bush Intercontinental, of which we are the general partner and hold 85% of the partnership interests, also is a VIE. The total assets of this VIE at December 31, 2023 are $50 million and consist primarily of cash, a right-of-use (“ROU”) asset and property and equipment. Liabilities for the VIE total $27 million and primarily consist of a lease liability and accounts payable. Two unconsolidated partnerships that own hotel properties, of which we hold limited partner interests ranging from 11% - 21%, also are VIEs. The combined carrying amount of our investments in these entities at December 31, 2023 is $23 million and is included in advances to and investments in affiliates. The mortgage debt held by these VIEs is non-recourse to us. |
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 |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Property and Equipment | Property and Equipment Generally, property and equipment is recorded at cost. For hotels that we develop, cost includes interest, property insurance and real estate taxes incurred during construction. For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Properties acquired in an asset acquisition are recorded at cost. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values. 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 then are 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 our hotels, which generally is funded with 5% of property revenues. Impairment testing. We analyze our consolidated hotels for impairment throughout the year when events or circumstances occur that indicate the carrying amount may not be recoverable. We test for impairment in several situations, including: • when a hotel has a current or projected loss from operations; • when management’s intent or ability to hold a property for a period that recovers its carrying value changes, making it more likely than not that a hotel will be sold before the end of its previously estimated useful life and therefore reducing the expected hold period, and the anticipated sales price is at or below the book value; or • when other events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and the carrying amount of an asset may not be recoverable. To the extent that a hotel has a substantial remaining estimated useful life and management does not believe that it is more likely than not that it will be sold prior to the end thereof, it would be unusual for undiscounted cash flows to be insufficient to recover the property’s carrying amount. In the absence of other factors, we assume that the estimated useful life is equal to the remaining 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 the end of its previously expected useful life. We also consider the effect of regular renewal and replacement capital expenditures on the estimated useful life of our properties, including critical infrastructure, which regularly is maintained and then replaced at the end of its useful life. In 2023, 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. Based on this testing, no impairment was necessary, and no further analysis was required. In 2022 and 2021, due to the impact of the COVID-19 pandemic on operations, we performed recoverability tests on certain of our properties. No properties were impaired as a result of a decline in operations due to the pandemic. During 2021, as a result of the reduction in expected hold periods during the year, the book value for certain property and equipment exceeded its undiscounted future cash flows. Therefore, we recorded impairment expense of $92 million for the year ended December 31, 2021. Classification of Assets as Held for Sale. We will classify a hotel as held for sale when its sale is probable, will be completed within one year and actions to complete the sale are unlikely to change or it is unlikely 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 frequently are not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist that could prevent the transaction from being completed in a timely manner. We typically classify hotels as held for sale when all 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 deposited a significant amount of nonrefundable cash; and • no significant financing or legal contingencies exist that could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation expense 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. We generally include the operations of a hotel that was sold or a hotel that has been classified as held for sale in continuing operations, including the gain or loss on the sale, unless the sale represents a strategic shift that will have a major impact on our future operations and financial results. 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 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 useful lives of the assets are based on several 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 useful lives could affect depreciation expense and net income or the gain or loss on the sale of any of our hotels. |
Intangible Assets and Acquired Liabilities | Intangible Assets and Acquired Liabilities |
Non-Controlling Interests | Non-Controlling Interests 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 amount 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. common 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 unaffiliated limited partners (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. Redeemable 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. Other Consolidated Partnerships. Non-redeemable non-controlling interests - other consolidated partnerships on the consolidated balance sheets consists of the third party partnership interest of one majority-owned partnership. |
Investments in Affiliates | Investments in Affiliates Distributions from Investments in Affiliates. |
Income Taxes | Income Taxes Host Inc. 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 intention to continue to comply with the REIT qualification requirements and to maintain our qualification for treatment 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 that complies with certain other requirements (relating primarily to the composition of its assets and the sources of its gross income) generally is not subject to federal and state corporate 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 C corporation, and is subject to federal, state and foreign corporate income tax. Our consolidated income tax provision (benefit) includes the income tax provision (benefit) related to the operations of our taxable REIT subsidiaries, and state, local, and foreign income taxes incurred by Host L.P. and its subsidiaries. Deferred Tax Assets and Liabilities. Pursuant to its 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, general business credit, and capital loss 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 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 any accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. |
Deferred Charges | Deferred Charges |
Foreign Currency Translation | Foreign Currency Translation As of December 31, 2023, our foreign operations consist of hotels located in Brazil and Canada, as well as an investment in a joint venture that indirectly owns hotels in India. 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 applicable foreign 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 other gains (losses) on the accompanying consolidated statements of operations, except when recorded in other comprehensive income (loss) as qualifying net investment hedges. |
Revenues | Revenues Substantially all of our operating results represent revenues and expenses generated by property-level operations. Payments are due from customers when services are provided to them. Due to the short-term nature of our contracts and the almost concurrent receipt of payment, we have no material unearned revenues at year end. 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. Revenues are recognized as follows: Income statement line item Recognition method Rooms revenues Rooms revenues represent revenues from the occupancy of our hotel rooms and are driven by the occupancy and average daily rate charged. Rooms revenues do not include ancillary services or fees charged. The contracts for room stays with customers generally are very short term in duration and revenues are recognized over the course of the hotel stay. Food and beverage revenues Food and beverage revenues consist of revenues from group functions, which may include banquet revenues and audio-visual revenues, as well as outlet revenues from the restaurants and lounges at our properties. Revenues are recognized as the services or products are provided. Our hotels may employ third parties to provide certain services, for example, audio and visual services. These contracts are evaluated to determine if the hotel is the principal or the agent in the transaction and we record the revenues as appropriate (i.e., gross vs. net). Other revenues Other revenues consist of ancillary revenues at the hotel, including attrition and cancelation fees, golf courses, resort and destination fees, spas, entertainment and other guest services, as well as rental revenues; primarily consisting of leased retail outlets. Other revenues generally are recognized as the services or products are provided. Attrition and cancelation fees are recognized for non-cancelable deposits when the customer provides notification of cancelation or is a no-show for the specified date, whichever comes first. |
Fair Value Measurement | Fair Value Measurement 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. |
Earnings (Loss) Per Common Share (Unit) | Earnings (Loss) Per Common Share (Unit) Basic earnings (loss) per common share (unit) is computed by dividing net income (loss) attributable to common stockholders (unitholders) by the weighted average number of shares of Host Inc. common stock or Host L.P. common |
Share-Based Payments | Share-Based Payments 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-classified awards or liability-classified awards. 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. The plan includes awards that vest over a one-year, two-year and three-year period. For performance-based awards, compensation cost will be recognized during the requisite service period based on the performance 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 |
Acquisitions and Business Combinations | Acquisitions and Business Combinations When acquiring an asset, we determine whether the acquisition is an asset acquisition or a business combination based on whether the fair value of the gross assets acquired is concentrated in a single (group of similar) identifiable assets, resulting in an asset acquisition or, if not, resulting in a business combination. If treated as an asset acquisition, the asset is recorded in accordance with our property and equipment policy and related acquisition costs are capitalized as part of the asset. In a business combination, we recognize identifiable assets acquired, liabilities assumed, and non-controlling interests 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 and liabilities acquired. Property and equipment are recorded at fair value and such fair value is allocated to land, 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. |
Leases | Leases |
Notes Receivable | Notes Receivable At December 31, 2023, our notes receivable consists of one outstanding loan issued in connection with a hotel sale. In conjunction with our dispositions, we may issue a loan to the purchaser to facilitate the sale. The loan is collateralized by the corresponding sold hotel and, in the event of a default of the loan, we would seek to enforce our rights against the collateral in accordance with the terms of the loan agreement. The loan is recorded at amortized cost, on an individual asset basis. We recognize interest as it is earned and include accrued interest receivable in other assets on the balance sheets. We individually assess our notes receivable for credit losses quarterly and estimate any credit losses based on an analysis of several factors, primarily the value of the hotel collateral, as well as current economic conditions and historical trends. |
New Accounting Standards | New Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard requires additional information to be disclosed with regards to segments, including significant expense categories, identifying the Chief Operating Decision Maker ("CODM"), and additional interim disclosures. The standard also requires that public entities with a single reportable segment disclose all of the required segment disclosures under the previous ASC 280 guidance in addition to the new disclosures required under ASU No. 2023-07. As noted in Note 16, we report on one segment, and therefore, upon adoption of the new standard, we will begin providing the required disclosures, however we are still evaluating the level of disclosure that will be required. This standard is to be applied on a retrospective basis for all prior periods presented in the financial statements. The standard is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The standard requires additional disclosures about income taxes, including specific categories in the rate reconciliation and disaggregated information on income taxes paid and income from continuing operations. The standard also eliminates the requirement to disclose an estimated range of the reasonably possible change in unrecognized tax benefits in the next 12 months. We are still evaluating the level of disclosure that will be required. This standard is to be applied on a prospective basis and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidated Portfolio of Hotels by Countries | As of December 31, 2023, the hotels in our consolidated portfolio are in the following countries: Hotels United States 72 Brazil 3 Canada 2 Total 77 |
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 of Host L.P.: As of December 31, 2023 2022 Common OP units outstanding (millions) 9.5 10.0 Market price per Host Inc. common share $ 19.47 $ 16.05 Shares issuable upon conversion of one common OP unit 1.021494 1.021494 Redemption value (millions) $ 189 $ 164 Historical cost (millions) 93 97 Book value (millions) ⁽¹⁾ 189 164 _____ (1) |
Components of Total Accumulated Other Comprehensive Income (Loss) 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, 2023 2022 Gain on foreign currency forward contracts $ 3 $ 4 Loss on interest rate swap cash flow hedges (1) (1) Foreign currency translation (73) (79) Other comprehensive loss attributable to non-controlling interests 1 1 Total accumulated other comprehensive loss $ (70) $ (75) |
Earnings (Loss) Per Common Share (Unit) | The calculation of Host Inc. basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts): Year ended December 31, 2023 2022 2021 Net income (loss) $ 752 $ 643 $ (11) Less: Net income attributable to non-controlling interests (12) (10) — Net income (loss) attributable to Host Hotels & Resorts, inc. $ 740 $ 633 $ (11) Basic weighted average shares outstanding 709.7 714.7 710.3 Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market 3.1 2.8 — Diluted weighted average shares outstanding 712.8 717.5 710.3 Basic earnings (loss) per common share $ 1.04 $ 0.89 $ (0.02) Diluted earnings (loss) per common share $ 1.04 $ 0.88 $ (0.02) The calculation of Host L.P. basic and diluted earnings (loss) per common unit is shown below (in millions, except per unit amounts): Year ended December 31, 2023 2022 2021 Net income (loss) $ 752 $ 643 $ (11) Less: Net income attributable to non-controlling interests (1) (1) (1) Net income (loss) attributable to Host Hotels & Resorts, L.P. $ 751 $ 642 $ (12) Basic weighted average units outstanding 704.5 709.7 702.5 Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market 3.0 2.7 — Diluted weighted average units outstanding 707.5 712.4 702.5 Basic earnings (loss) per common unit $ 1.07 $ 0.91 $ (0.02) Diluted earnings (loss) per common unit $ 1.06 $ 0.90 $ (0.02) |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregated Hotel Revenues by Market Location | The following table presents hotel revenues for each of the geographic locations in our consolidated hotel portfolio (in millions): Year ended December 31, Location 2023 2022 2021 San Diego $ 498 $ 446 $ 217 Orlando 466 455 173 Maui/Oahu 449 473 372 New York 374 336 169 San Francisco/San Jose 371 322 129 Phoenix 366 378 260 Florida Gulf Coast 339 344 298 Washington, D.C. (Central Business District) 331 273 109 Miami 243 253 215 Boston 151 108 78 Los Angeles/Orange County 141 131 116 Houston 139 116 76 Chicago 136 129 63 Jacksonville 128 122 99 San Antonio 117 114 59 Seattle 105 90 36 New Orleans 99 96 41 Northern Virginia 90 76 55 Denver 89 80 43 Austin 87 91 24 Philadelphia 85 80 50 Atlanta 67 61 67 Other 348 262 117 Domestic 5,219 4,836 2,866 International 92 71 24 Total $ 5,311 $ 4,907 $ 2,890 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in millions): As of December 31, 2023 2022 Land and land improvements $ 1,981 $ 2,020 Buildings and leasehold improvements 14,253 13,849 Furniture and equipment 2,331 2,249 Construction in progress 237 313 18,802 18,431 Less accumulated depreciation and amortization (9,178) (8,683) $ 9,624 $ 9,748 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Summary of Investments in Affiliates | We own investments in joint ventures for which the equity method of accounting is used. The debt of our joint ventures, if any, is non-recourse to, and not guaranteed by, us, and a default of such debt does not trigger a default under any of our debt instruments. We carry our investments at historical cost which, due to debt restructurings or distributions, may result in a negative investment balance. However, a negative investment balance does not represent a funding obligation for us or for our partners. Investments in affiliates consist of the following (in millions): As of December 31, 2023 Ownership Interests Our Investment Our Portion of Debt Total Debt Distributions received in 2023 ⁽¹⁾ Assets Asia/Pacific JV 25 % $ 9 $ — $ — $ — A 36% interest in seven hotels and an office building in India Maui JV 67 % 28 16 23 8 131-unit vacation ownership project in Maui, HI Hyatt Place JV 50 % (15) 30 60 2 One hotel in Nashville, TN Harbor Beach JV 49.9 % (45) 75 150 11 One hotel in Fort Lauderdale, FL Philadelphia Marriott Downtown JV⁽²⁾ 11 % (8) 23 213 6 One hotel in Philadelphia, PA Noble JV 21.15 - 49% 121 64 300 7 Asset management and general partner of real estate fund; select-service and extended stay hotels in the United States Fifth Wall Ventures 28 — — 2 Real estate industry technology investment Other investments 8 — — — Total $ 126 $ 208 $ 746 $ 36 As of December 31, 2022 Ownership Interests Our Investment Our Portion of Debt Total Debt Distributions received in 2022 ⁽¹⁾ Assets Asia/Pacific JV 25 % $ 8 $ — $ — $ — A 36% interest in seven hotels and an office building in India Maui JV 67 % 38 16 24 11 131-unit vacation ownership project in Maui, HI Hyatt Place JV 50 % (15) 30 60 5 One hotel in Nashville, TN Harbor Beach JV 49.9 % (39) 75 150 8 One hotel in Fort Lauderdale, FL Philadelphia Marriott Downtown JV 11 % (6) 21 195 — One hotel in Philadelphia, PA Noble JV 19 - 49% 107 63 329 3 Asset management and general partner of real estate fund; select-service and extended stay hotels in the United States Fifth Wall Ventures 31 — — 3 Real estate industry technology investment Other investments 8 — — — Total $ 132 $ 205 $ 758 $ 30 ______________ (1) Distributions received were funded by cash from operations unless otherwise noted. (2) Distributions received from Philadelphia Marriott Downtown JV in 2023 include $5 million related to loan refinancing proceeds. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt consists of the following (in millions): As of December 31, 2023 2022 Series E senior notes, with a rate of 4% due June 2025 $ 499 $ 499 Series F senior notes, with a rate of 4½% due February 2026 399 399 Series G senior notes, with a rate of 3⅞% due April 2024 400 399 Series H senior notes, with a rate of 3⅜% due December 2029 643 642 Series I senior notes, with a rate of 3½% due September 2030 738 736 Series J senior notes, with a rate of 2.9% due December 2031 441 440 Total senior notes 3,120 3,115 Credit facility revolver ⁽¹⁾ (8) (4) Credit facility term loan due January 2027 499 499 Credit facility term loan due January 2028 498 499 Mortgage and other debt, with an average interest rate of 4.67% and 4.9% at December 31, 2023 and 2022, respectively, maturing through November 2027 100 106 Total debt $ 4,209 $ 4,215 _____________ (1) There were no outstanding credit facility borrowings at December 31, 2023 or 2022. Amount shown represents deferred financing costs related to the credit facility revolver. |
Aggregate Debt Maturities | Aggregate debt maturities, including principal amortization, are as follows (in millions): As of December 31, 2023 2024 $ 402 2025 502 2026 402 2027 592 2028 500 Thereafter 1,850 4,248 Deferred financing costs (25) Unamortized discounts, net (14) Total debt $ 4,209 |
Reconciliation between Interest Expense and Cash Interest Paid | The following is a reconciliation between interest expense and cash interest paid (in millions): Year ended December 31, 2023 2022 2021 ⁽²⁾ Interest expense $ 191 $ 156 $ 191 Amortization of debt premiums/discounts, net (2) (2) (2) Amortization of deferred financing costs (7) (8) (8) Non-cash losses on debt extinguishment (1) — (1) Change in accrued interest 2 (4) 3 Interest paid ⁽¹⁾ $ 183 $ 142 $ 183 ___________ (1) Does not include capitalized interest of $10 million, $10 million and $4 million for 2023, 2022 and 2021, respectively. (2) Interest expense and interest paid includes cash prepayment premiums of approximately $22 million in 2021. |
Equity of Host Inc. and Capit_2
Equity of Host Inc. and Capital of Host L.P. (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Common stock $ 0.90 $ 0.53 $ — Common OP units 0.919 0.541 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Operating Loss, Capital Loss and General Business Credit Carryforwards | Set forth below is a table that documents our domestic and foreign income tax attributes at December 31, 2023: Type Jurisdiction Amount (in millions) Tax Year Expiration Net operating loss U.S. Federal $ 649 None Capital loss U.S. Federal and States 32 2023 Net operating loss U.S. States 974 Various Net operating loss Brazil 18 None Net operating loss Canada 9 Through 2042 Capital loss Canada 5 None |
Primary Components of Net Deferred Tax Asset | The primary components of our net deferred tax assets are as follows (in millions): As of December 31, 2023 2022 Deferred tax assets Net operating losses, general business credits, and capital loss carryovers $ 205 $ 238 Property and equipment 3 3 Deferred revenue and expenses 20 15 Foreign exchange net losses (AOCI) 12 12 Total gross deferred tax assets 240 268 Less: Valuation allowance (18) (18) Total deferred tax assets, net of valuation allowance $ 222 $ 250 Deferred tax liabilities Investments in domestic affiliates (1) (4) Total gross deferred tax liabilities (1) (4) Net deferred tax assets $ 221 $ 246 |
Income (Loss) from Continuing Operations Before Income Taxes | Our U.S. and foreign income (loss) from continuing operations before income taxes were as follows (in millions): Year ended December 31, 2023 2022 2021 U.S. income (loss) $ 768 $ 659 $ (89) Foreign income (loss) 20 10 (13) Total $ 788 $ 669 $ (102) |
Provision (Benefit) for Income Taxes from Continuing Operations | Income tax provision (benefit) for continuing operations consists of (in millions): Year ended December 31, 2023 2022 2021 Current —Federal $ 3 $ 3 $ 1 —State 3 2 1 —Foreign 4 1 — 10 6 2 Deferred —Federal 15 13 (66) —State 10 5 (24) —Foreign 1 2 (3) 26 20 (93) Income tax provision (benefit) – continuing operations $ 36 $ 26 $ (91) |
Income Tax Provision (Benefit) Calculated at Statutory U.S. Federal Corporate Income Tax Rate and Actual Income Tax Provision (Benefit) Recorded | The differences between the income tax provision (benefit) calculated at the statutory U.S. federal corporate income tax rate of 21% and the actual income tax provision (benefit) recorded for continuing operations are as follows (in millions): Year ended December 31, 2023 2022 2021 Statutory federal income tax provision (benefit) $ 165 $ 140 $ (21) Adjustment for nontaxable income of Host Inc. (147) (124) (40) State income tax provision (benefit), net 13 7 (23) Change to uncertain tax provision — — (4) Foreign income tax provision (benefit) 5 3 (3) Total $ 36 $ 26 $ (91) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Costs and Other Information | The following table presents lease cost and other information (in millions): Year ended December 31, 2023 2022 2021 Lease cost Operating lease cost $ 42 $ 41 $ 43 Variable lease cost 35 27 7 Sublease income (1) (1) (1) Total lease cost $ 76 $ 67 $ 49 Other information Operating cash flows used for operating leases $ 42 $ 41 $ 43 Weighted-average remaining lease term - operating leases 46 years 47 years 48 years Weighted-average discount rate - operating leases 5.3 % 5.3 % 5.3 % |
Reconciliation of Total Lease Payments, on Undiscounted Basis, to Lease Liability on Balance Sheet | The following table presents a reconciliation of the total amount of lease payments, on an undiscounted basis, to the lease liability on the balance sheet as of December 31, 2023 (in millions): As of December 31, 2023 Ground Leases Office Leases and Other Total Weighted-average discount rate - operating leases 5.4 % 3.7 % 5.3 % 2024 $ 31 $ 7 $ 38 2025 31 6 37 2026 31 6 37 2027 31 5 36 2028 31 5 36 Thereafter 1,343 38 1,381 Total undiscounted cash flows $ 1,498 $ 67 $ 1,565 Present values Long-term lease liabilities $ 511 $ 52 $ 563 Total lease liabilities $ 511 $ 52 $ 563 Difference between undiscounted cash flows and discounted cash flows $ 987 $ 15 $ 1,002 |
Employee Stock Plans (Tables)
Employee Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Assumption used with Black-Scholes Option Valuations Models | We value the TSR awards using the economic theory that is the basis for all valuation models, including Binominal, Black-Scholes, exotic options formulas, and Monte Carlo valuations. We valued the TSR awards with the following assumptions: NAREIT Lodging & Resorts Index 2023 Award Grants 2022 Award Grants Grant date stock price $ 18.55 $ 18.45 Volatility 49.2 % 45.0 % Beta 0.695 0.667 Risk-free rate - three year award 4.08 % 1.61 % |
Schedule Payout for TSR Awards | The payout schedule for the TSR awards is as follows, with linear interpolation for points between the 30 th and 75 th percentiles: TSR Percentile Ranking Payout (% of Maximum) At or above 75th percentile 100 % 50th percentile 50 % 30th percentile 25 % Below 30th percentile — % |
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, 2023: Year ended December 31, 2023 2022 2021 Shares (in millions) Fair Value (per share) Shares (in millions) Fair Value (per share) Shares (in millions) Fair Value (per share) Balance, at beginning of year 3.4 $ 15 3.2 $ 12 1.6 $ 10 Granted 1.6 16 1.6 17 2.7 14 Vested (1) (2.2) 19 (1.3) 16 (0.9) 17 Forfeited/expired (0.2) 19 (0.1) 16 (0.2) 17 Balance, at end of year 2.6 17 3.4 15 3.2 12 Issued in calendar year ⁽²⁾ 0.7 16 0.5 17 0.6 15 ___________ (1) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Certain Financial Liabilities and Other Financial Instruments | 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 financial liabilities is shown below (in millions): December 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Notes receivable (Level 2) $ 72 $ 73 $ 413 $ 404 Financial liabilities Senior notes (Level 1) 3,120 2,915 3,115 2,768 Credit facility (Level 2) 989 1,000 994 1,000 Mortgage debt (Level 2) 100 86 102 95 |
Geographic and Business Segme_2
Geographic and Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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): 2023 2022 2021 Revenues Property and Revenues Property and Revenues Property and United States $ 5,219 $ 9,556 $ 4,836 $ 9,678 $ 2,866 $ 9,919 Brazil 22 35 17 33 8 30 Canada 70 33 54 37 16 45 Total $ 5,311 $ 9,624 $ 4,907 $ 9,748 $ 2,890 $ 9,994 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) hotel Segment partnership shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of variable interest entity partnerships | partnership | 4 | ||
Total assets of VIE | $ 12,243 | $ 12,269 | |
Liabilities of VIE | 5,417 | 5,390 | |
Advances to and investments in affiliates | $ 126 | 132 | |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5% | ||
Number of properties evaluated for impairment | hotel | 1 | ||
Impairment charges | $ 0 | $ 92 | |
Net income (loss) | $ 11 | $ 9 | $ (1) |
Percentage greater than threshold of income tax examination minimum likelihood of tax benefits being realized upon settlement | 50% | ||
Number of majority-owned partnerships that have third-party, non-controlling ownership interests that have been consolidated | partnership | 1 | ||
Number of reportable segments | Segment | 1 | ||
Philadelphia Marriott Downtown | |||
Significant Accounting Policies [Line Items] | |||
Ownership Interests | 11% | 11% | |
RSU Awards | Vesting over one-year period | |||
Significant Accounting Policies [Line Items] | |||
Equity award vesting period | 1 year | ||
RSU Awards | Vesting over two-year period | |||
Significant Accounting Policies [Line Items] | |||
Equity award vesting period | 2 years | ||
RSU Awards | Vesting over three-year period | |||
Significant Accounting Policies [Line Items] | |||
Equity award vesting period | 3 years | ||
Property, Plant and Equipment, Other Types | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Variable Interest Entities, Not Primary Beneficiary | |||
Significant Accounting Policies [Line Items] | |||
Number of variable interest entity partnerships | partnership | 2 | ||
Advances to and investments in affiliates | $ 23 | ||
Variable Interest Entities, Not Primary Beneficiary | Noble JV | |||
Significant Accounting Policies [Line Items] | |||
VIE ownership percentage | 21.15% | ||
HOST HOTELS & RESORTS L.P. | |||
Significant Accounting Policies [Line Items] | |||
Total assets of VIE | $ 12,243 | $ 12,269 | |
Liabilities of VIE | 5,417 | 5,390 | |
Advances to and investments in affiliates | $ 126 | $ 132 | |
Shares issuable upon conversion of one common OP unit (in shares) | 1.021494 | 1.021494 | |
Common OP units outstanding (millions) (in shares) | shares | 698.3 | 708.4 | |
HOST HOTELS & RESORTS L.P. | Redeemable Non Controlling Interests | |||
Significant Accounting Policies [Line Items] | |||
Common OP units outstanding (millions) (in shares) | shares | 9.5 | 10 | |
Number of common shares if converted (in shares) | shares | 9.7 | ||
Houston Airport Marriott at George Bush Intercontinental | Variable Interest Entities | |||
Significant Accounting Policies [Line Items] | |||
Total assets of VIE | $ 50 | ||
Liabilities of VIE | $ 27 | ||
Houston Airport Marriott at George Bush Intercontinental | General Partner | |||
Significant Accounting Policies [Line Items] | |||
VIE ownership percentage | 85% | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Percentage of property revenue allocated for renewal and replacement capital expenditures | 4% | ||
Minimum | Noble JV | |||
Significant Accounting Policies [Line Items] | |||
Ownership Interests | 21.15% | 19% | |
Minimum | Variable Interest Entities, Not Primary Beneficiary | |||
Significant Accounting Policies [Line Items] | |||
VIE ownership percentage | 11% | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5% | ||
Maximum | Noble JV | |||
Significant Accounting Policies [Line Items] | |||
Ownership Interests | 49% | 49% | |
Maximum | Variable Interest Entities, Not Primary Beneficiary | |||
Significant Accounting Policies [Line Items] | |||
VIE ownership percentage | 21% | ||
Host L.P. | |||
Significant Accounting Policies [Line Items] | |||
Investment ownership percentage | 99% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Consolidated Portfolio of Hotels by Countries (Detail) | Dec. 31, 2023 hotel |
Real Estate Properties [Line Items] | |
Hotels | 77 |
Domestic | |
Real Estate Properties [Line Items] | |
Hotels | 72 |
Brazil | |
Real Estate Properties [Line Items] | |
Hotels | 3 |
Canada | |
Real Estate Properties [Line Items] | |
Hotels | 2 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Historical Cost and Redemption Values for Non-Controlling Interests (Detail) $ / shares in Units, shares in Millions, $ in Millions | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares |
Shares Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Market price per Host Inc. common share (in dollars per share) | $ / shares | $ 19.47 | $ 16.05 |
Book value (millions) | $ 189 | $ 164 |
HOST HOTELS & RESORTS L.P. | ||
Shares Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Common OP units outstanding (millions) (in shares) | shares | 698.3 | 708.4 |
Shares issuable upon conversion of one common OP unit (in shares) | 1.021494 | 1.021494 |
Book value (millions) | $ 189 | $ 164 |
HOST HOTELS & RESORTS L.P. | Redeemable Non Controlling Interests | ||
Shares Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Common OP units outstanding (millions) (in shares) | shares | 9.5 | 10 |
Redemption value (millions) | $ 189 | $ 164 |
Historical cost (millions) | 93 | 97 |
Book value (millions) | $ 189 | $ 164 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Components of Total Accumulated Other Comprehensive Income (Loss) in Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Gain on foreign currency forward contracts | $ 3 | $ 4 |
Loss on interest rate swap cash flow hedges | (1) | (1) |
Foreign currency translation | (73) | (79) |
Other comprehensive loss attributable to non-controlling interests | 1 | 1 |
Total accumulated other comprehensive loss | $ (70) | $ (75) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Net income (loss) | $ 752 | $ 643 | $ (11) |
Less: Net income attributable to non-controlling interests | (12) | (10) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 740 | $ 633 | $ (11) |
Basic weighted average shares outstanding (in shares) | 709.7 | 714.7 | 710.3 |
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market (in shares) | 3.1 | 2.8 | 0 |
Diluted weighted average shares outstanding (in shares) | 712.8 | 717.5 | 710.3 |
Basic earnings (loss) per common share (in dollars per share) | $ 1.04 | $ 0.89 | $ (0.02) |
Diluted earnings (loss) per common share (in dollars per share) | $ 1.04 | $ 0.88 | $ (0.02) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Earnings (Loss) Per Common Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share Diluted [Line Items] | |||
Net income (loss) | $ 752 | $ 643 | $ (11) |
Less: Net income attributable to non-controlling interests | (12) | (10) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 740 | $ 633 | $ (11) |
Basic weighted average units outstanding (in units) | 709.7 | 714.7 | 710.3 |
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market (in units) | 3.1 | 2.8 | 0 |
Diluted weighted average units outstanding (in units) | 712.8 | 717.5 | 710.3 |
Basic earnings (loss) per common unit (in dollars per unit) | $ 1.04 | $ 0.89 | $ (0.02) |
Diluted earnings (loss) per common unit (in dollars per unit) | $ 1.04 | $ 0.88 | $ (0.02) |
HOST HOTELS & RESORTS L.P. | |||
Earnings Per Share Diluted [Line Items] | |||
Net income (loss) | $ 752 | $ 643 | $ (11) |
Less: Net income attributable to non-controlling interests | (1) | (1) | (1) |
NET INCOME (LOSS) ATTRIBUTABLE TO HOST HOTELS & RESORTS, INC. | $ 751 | $ 642 | $ (12) |
Basic weighted average units outstanding (in units) | 704.5 | 709.7 | 702.5 |
Assuming distribution of common units granted under the comprehensive stock plans, less units assumed purchased at market (in units) | 3 | 2.7 | 0 |
Diluted weighted average units outstanding (in units) | 707.5 | 712.4 | 702.5 |
Basic earnings (loss) per common unit (in dollars per unit) | $ 1.07 | $ 0.91 | $ (0.02) |
Diluted earnings (loss) per common unit (in dollars per unit) | $ 1.06 | $ 0.90 | $ (0.02) |
Revenues - Summary of Disaggreg
Revenues - Summary of Disaggregated Hotel Revenues by Market Location (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 5,311 | $ 4,907 | $ 2,890 |
San Diego | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 498 | 446 | 217 |
Orlando | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 466 | 455 | 173 |
Maui/Oahu | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 449 | 473 | 372 |
New York | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 374 | 336 | 169 |
San Francisco/San Jose | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 371 | 322 | 129 |
Phoenix | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 366 | 378 | 260 |
Florida Gulf Coast | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 339 | 344 | 298 |
Washington, D.C. (Central Business District) | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 331 | 273 | 109 |
Miami | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 243 | 253 | 215 |
Boston | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 151 | 108 | 78 |
Los Angeles/Orange County | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 141 | 131 | 116 |
Houston | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 139 | 116 | 76 |
Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 136 | 129 | 63 |
Jacksonville | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 128 | 122 | 99 |
San Antonio | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 117 | 114 | 59 |
Seattle | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 105 | 90 | 36 |
New Orleans | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 99 | 96 | 41 |
Northern Virginia | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 90 | 76 | 55 |
Denver | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 89 | 80 | 43 |
Austin | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 87 | 91 | 24 |
Philadelphia | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 85 | 80 | 50 |
Atlanta | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 67 | 61 | 67 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 348 | 262 | 117 |
Domestic | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 5,219 | 4,836 | 2,866 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 92 | $ 71 | $ 24 |
Property and Equipment - Summar
Property and Equipment - Summary (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | |||
Land and land improvements | $ 1,981 | $ 2,020 | |
Buildings and leasehold improvements | 14,253 | 13,849 | |
Furniture and equipment | 2,331 | 2,249 | |
Construction in progress | 237 | 313 | |
Property and equipment, gross, total | 18,802 | 18,431 | |
Less accumulated depreciation and amortization | (9,178) | (8,683) | |
Property and equipment, net | $ 9,624 | $ 9,748 | $ 9,994 |
Property and Equipment - Additi
Property and Equipment - Additional information (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Property, Plant and Equipment [Abstract] | |
Cost of real estate for federal income tax purposes | $ 10,255 |
Investments in Affiliates - Sum
Investments in Affiliates - Summary of Investments in Affiliates (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) hotel Room | Dec. 31, 2022 USD ($) hotel Room | Dec. 31, 2021 USD ($) | |
Schedule of Investments [Line Items] | |||
Our Investment | $ 126 | $ 132 | |
Our Portion of Debt | 208 | 205 | |
Total Debt | 746 | 758 | |
Distributions received in period | 36 | 30 | |
Distributions received in period related to loan financing proceeds | $ 31 | 30 | $ 21 |
Hotels | hotel | 77 | ||
Return of investments in affiliates | $ 5 | $ 0 | $ 0 |
Asia/Pacific JV | |||
Schedule of Investments [Line Items] | |||
Ownership Interests | 25% | 25% | |
Our Investment | $ 9 | $ 8 | |
Our Portion of Debt | 0 | 0 | |
Total Debt | 0 | 0 | |
Distributions received in period | $ 0 | $ 0 | |
Asia/Pacific JV | India | |||
Schedule of Investments [Line Items] | |||
Ownership Interests | 36% | 36% | |
Hotels | hotel | 7 | 7 | |
Maui JV | |||
Schedule of Investments [Line Items] | |||
Ownership Interests | 67% | 67% | |
Our Investment | $ 28 | $ 38 | |
Our Portion of Debt | 16 | 16 | |
Total Debt | 23 | 24 | |
Distributions received in period | $ 8 | $ 11 | |
Number of rooms/apartment | Room | 131 | 131 | |
Hyatt Place JV | |||
Schedule of Investments [Line Items] | |||
Ownership Interests | 50% | 50% | |
Our Investment | $ (15) | $ (15) | |
Our Portion of Debt | 30 | 30 | |
Total Debt | 60 | 60 | |
Distributions received in period | $ 2 | $ 5 | |
Hyatt Place JV | Nashville, TN | |||
Schedule of Investments [Line Items] | |||
Hotels | hotel | 1 | 1 | |
Harbor Beach JV | |||
Schedule of Investments [Line Items] | |||
Ownership Interests | 49.90% | 49.90% | |
Our Investment | $ (45) | $ (39) | |
Our Portion of Debt | 75 | 75 | |
Total Debt | 150 | 150 | |
Distributions received in period | $ 11 | $ 8 | |
Harbor Beach JV | Fort Lauderdale, FL | |||
Schedule of Investments [Line Items] | |||
Hotels | hotel | 1 | 1 | |
Philadelphia Marriott Downtown JV | |||
Schedule of Investments [Line Items] | |||
Ownership Interests | 11% | 11% | |
Our Investment | $ (8) | $ (6) | |
Our Portion of Debt | 23 | 21 | |
Total Debt | 213 | 195 | |
Distributions received in period | 6 | $ 0 | |
Return of investments in affiliates | $ 5 | ||
Philadelphia Marriott Downtown JV | Philadelphia, PA | |||
Schedule of Investments [Line Items] | |||
Hotels | hotel | 1 | 1 | |
Noble JV | |||
Schedule of Investments [Line Items] | |||
Our Investment | $ 121 | $ 107 | |
Our Portion of Debt | 64 | 63 | |
Total Debt | 300 | 329 | |
Distributions received in period | $ 7 | $ 3 | |
Noble JV | Minimum | |||
Schedule of Investments [Line Items] | |||
Ownership Interests | 21.15% | 19% | |
Noble JV | Maximum | |||
Schedule of Investments [Line Items] | |||
Ownership Interests | 49% | 49% | |
Fifth Wall Ventures | |||
Schedule of Investments [Line Items] | |||
Our Investment | $ 28 | $ 31 | |
Our Portion of Debt | 0 | 0 | |
Total Debt | 0 | 0 | |
Distributions received in period | 2 | 3 | |
Other investments | |||
Schedule of Investments [Line Items] | |||
Our Investment | 8 | 8 | |
Our Portion of Debt | 0 | 0 | |
Total Debt | 0 | 0 | |
Distributions received in period | $ 0 | $ 0 |
Investments in Affiliates - Add
Investments in Affiliates - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in and Advances to Affiliates [Line Items] | |||
Distributions from investments in affiliates | $ 31 | $ 30 | $ 21 |
Noble JV | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount funded to investment fund | 33 | ||
Noble JV | Capital Commitments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Other commitment | $ 211.5 | ||
Noble JV | Variable Interest Entities, Not Primary Beneficiary | |||
Investments in and Advances to Affiliates [Line Items] | |||
General partner and limited partner interest | 21.15% |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Senior notes | $ 3,120 | $ 3,115 |
Credit facility | 989 | 994 |
Mortgage and other debt, with an average interest rate of 4.67% and 4.9% at December 31, 2023 and 2022, respectively, maturing through November 2027 | 100 | 106 |
Total debt | 4,209 | 4,215 |
Series E senior notes, with a rate of 4% due June 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 499 | 499 |
Debt interest rate | 4% | |
Series F senior notes, with a rate of 4½% due February 2026 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 399 | 399 |
Debt interest rate | 4.50% | |
Series G senior notes, with a rate of 3⅞% due April 2024 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 400 | 399 |
Debt interest rate | 3.875% | |
Series H senior notes, with a rate of 3⅜% due December 2029 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 643 | 642 |
Debt interest rate | 3.375% | |
Series I senior notes, with a rate of 3½% due September 2030 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 738 | 736 |
Debt interest rate | 3.50% | |
Series J senior notes, with a rate of 2.9% due December 2031 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 441 | 440 |
Debt interest rate | 2.90% | |
Credit facility term loan due January 2027 | ||
Debt Instrument [Line Items] | ||
Credit facility | $ 499 | 499 |
Credit facility term loan due January 2028 | ||
Debt Instrument [Line Items] | ||
Credit facility | 498 | 499 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Mortgage and other debt, with an average interest rate of 4.67% and 4.9% at December 31, 2023 and 2022, respectively, maturing through November 2027 | $ 100 | $ 106 |
Average interest rate | 4.67% | 4.90% |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility revolver | $ (8) | $ (4) |
Debt - Additional Information (
Debt - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 28, 2023 USD ($) | Jan. 04, 2023 extension_option | |
Debt Instrument [Line Items] | |||||
Aggregate borrowing capacity | $ 1,500,000,000 | ||||
Credit facility | 989,000,000 | $ 994,000,000 | |||
Cash and cash equivalents | 1,144,000,000 | 667,000,000 | $ 807,000,000 | ||
Repayments of mortgage debt | 7,000,000 | 2,000,000 | $ 0 | ||
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 | ||||
Credit facility | |||||
Debt Instrument [Line Items] | |||||
Additional borrowing capacity | 500,000,000 | ||||
Credit facility | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Aggregate borrowing capacity | $ 100,000,000 | ||||
Credit facility | SOFR | |||||
Debt Instrument [Line Items] | |||||
Adjustment to base interest rate | 0.10% | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Aggregate borrowing capacity | $ 1,000,000,000 | ||||
Credit facility | $ 997,000,000 | 998,000,000 | |||
Debt interest rate | 6.39% | ||||
Term Loan | SOFR | |||||
Debt Instrument [Line Items] | |||||
Adjustment to base interest rate | 0.10% | ||||
Variable interest rate | 0.95% | ||||
Basis point reduction for achievement of sustainability milestone | 0.00025 | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Aggregate borrowing capacity | $ 1,500,000,000 | ||||
Facility commitment fee | 0.195% | ||||
Debt interest rate | 6.29% | ||||
Net repayments under credit facility | (683,000,000) | ||||
Line of credit facility remaining borrowing capacity | $ 1,500,000,000 | ||||
Revolving Credit Facility | SOFR | |||||
Debt Instrument [Line Items] | |||||
Adjustment to base interest rate | 0.10% | ||||
Variable interest rate | 0.85% | ||||
Basis point reduction for achievement of sustainability milestone | (0.0002) | ||||
Credit facility term loan due January 2027 | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 500,000,000 | ||||
Credit facility term loan due January 2028 | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 500,000,000 | ||||
Upper Limit | Term Loan | Scenario Adjustment | Sustainability Pricing | |||||
Debt Instrument [Line Items] | |||||
Debt instrument increase in interest rate | 0.05% | ||||
Upper Limit | Term Loan | SOFR | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate | 1.60% | ||||
Upper Limit | Revolving Credit Facility | Scenario Adjustment | Sustainability Pricing | |||||
Debt Instrument [Line Items] | |||||
Debt instrument increase in interest rate | 0.04% | ||||
Debt instrument facility fee increase decrease | 0.0001 | ||||
Upper Limit | Revolving Credit Facility | Investment grade | |||||
Debt Instrument [Line Items] | |||||
Facility commitment fee | 0.30% | ||||
Upper Limit | Revolving Credit Facility | SOFR | Investment grade | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate | 1.40% | ||||
Lower Limit | Term Loan | SOFR | Investment grade | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate | 0.80% | ||||
Lower Limit | Revolving Credit Facility | Investment grade | |||||
Debt Instrument [Line Items] | |||||
Facility commitment fee | 0.125% | ||||
Lower Limit | Revolving Credit Facility | SOFR | Investment grade | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate | 0.725% | ||||
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 | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | $ 3,200,000,000 | 3,200,000,000 | |||
Unamortized discount | $ 30,000,000 | 35,000,000 | |||
Debt covenant compliance | As of December 31, 2023, we are in compliance with all of these covenants. | ||||
Senior Notes | Upper Limit | |||||
Debt Instrument [Line Items] | |||||
Debt repurchase authorized amount | $ 1,000,000,000 | ||||
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt interest rate | 4.67% | ||||
Mortgage debt repayments | $ 2,000,000 | $ 2,000,000 | |||
Credit facility | |||||
Debt Instrument [Line Items] | |||||
Debt covenant compliance | As of December 31, 2023, we are in compliance with all of these covenants. | ||||
Credit facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Term of extension option one | 1 year | ||||
Number of extension options, option two | extension_option | 2 | ||||
Term of extension options, option two | 6 months |
Debt - Aggregate Debt Maturitie
Debt - Aggregate Debt Maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 402 | |
2025 | 502 | |
2026 | 402 | |
2027 | 592 | |
2028 | 500 | |
Thereafter | 1,850 | |
Debt principal outstanding | 4,248 | |
Deferred financing costs | (25) | |
Unamortized discounts, net | (14) | |
Total debt | $ 4,209 | $ 4,215 |
Debt - Reconciliation between I
Debt - Reconciliation between Interest Expense and Cash Interest Paid (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 191 | $ 156 | $ 191 |
Amortization of debt premiums/discounts, net | (2) | (2) | (2) |
Amortization of deferred financing costs | (7) | (8) | (8) |
Non-cash losses on debt extinguishment | (1) | 0 | (1) |
Change in accrued interest | 2 | (4) | 3 |
Interest paid | 183 | 142 | 183 |
Capitalized interest | 10 | 10 | 4 |
Cash prepayment | $ 3 | $ 0 | $ 22 |
Equity of Host Inc. and Capit_3
Equity of Host Inc. and Capital of Host L.P. - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Feb. 21, 2024 $ / shares | May 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Aug. 03, 2022 USD ($) | Dec. 31, 2020 shares | |
Stockholders Equity Note [Line Items] | |||||||
Common stock, shares authorized (in shares) | 1,050,000,000 | 1,050,000,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Common stock, shares outstanding (in shares) | 703,600,000 | 713,400,000 | |||||
Stock repurchase program, authorized amount available for repurchase | $ | $ 371 | ||||||
Share repurchase program, shares repurchased | 11,400,000 | 1,700,000 | |||||
Shares repurchased, average price (in dollars per share) | $ / shares | $ 15.93 | $ 15.93 | |||||
Repurchase of common stock exclusive of commissions. | $ | $ 181 | $ 27 | |||||
Stock issuance remaining capacity | $ | $ 600 | ||||||
Dividends taxable as ordinary | 91.80% | 78.10% | |||||
Dividends taxable as unrecaptured Section 1250 gain | 8.20% | 21.90% | |||||
Dividends taxable as ordinary income deduction section 199A | 20% | 20% | |||||
Common stock dividends (in dollars per share) | $ / shares | $ 0.90 | $ 0.53 | $ 0 | ||||
Subsequent Event | |||||||
Stockholders Equity Note [Line Items] | |||||||
Common stock dividends (in dollars per share) | $ / shares | $ 0.20 | ||||||
Common Stock | Equity Distribution Program | |||||||
Stockholders Equity Note [Line Items] | |||||||
Common stock issuances (in shares) | 0 | ||||||
Minimum | |||||||
Stockholders Equity Note [Line Items] | |||||||
Percentage of annual taxable income Host Inc is required to distribute | 90% | ||||||
Host L.P. | |||||||
Stockholders Equity Note [Line Items] | |||||||
Investment ownership percentage | 99% | ||||||
HOST HOTELS & RESORTS, INC. | |||||||
Stockholders Equity Note [Line Items] | |||||||
Common stock, shares authorized (in shares) | 1,050,000,000 | 1,050,000,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Common stock, shares outstanding (in shares) | 703,600,000 | 713,400,000 | |||||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |||||
Preferred stock, no par value (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
Common OP units, outstanding (in units) | 688,800,000 | 698,400,000 | |||||
Stock repurchase program, authorized amount available for repurchase | $ | $ 792 | ||||||
Common stock repurchase, authorized amount | $ | $ 1,000 | ||||||
HOST HOTELS & RESORTS, INC. | Maximum | |||||||
Stockholders Equity Note [Line Items] | |||||||
Common stock issuable aggregate value | $ | $ 600 | ||||||
HOST HOTELS & RESORTS L.P. | |||||||
Stockholders Equity Note [Line Items] | |||||||
Shares issuable upon conversion of one common OP unit (in shares) | 1.021494 | 1.021494 | |||||
Common OP units, outstanding (in units) | 688,800,000 | 698,400,000 | 699,000,000 | 690,500,000 | |||
Share repurchase program, shares repurchased | 11,200,000 | 1,600,000 | |||||
Common OP units outstanding (millions) (in shares) | 698,300,000 | 708,400,000 |
Equity of Host Inc. and Capit_4
Equity of Host Inc. and Capital of Host L.P. - Common Dividends Declared Per Share (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 0.90 | $ 0.53 | $ 0 |
Common OP unit dividends (in dollars per unit) | $ 0.919 | $ 0.541 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 as a percentage | 100% | ||
Valuation allowance | $ 18 | $ 18 | |
Net increase or decrease in valuation allowance | 0 | ||
Total deferred tax assets, net of valuation allowance | $ 222 | 250 | |
Proceeds from income tax refunds | $ (19) | $ (34) | |
Statutory federal income tax rate | 21% | 21% | |
Recognized material interest or penalties | $ 0 | $ 0 | 0 |
Income tax provision | 36 | 26 | $ (91) |
Cash paid for income taxes, net of refunds received | 12 | ||
Unrecognized tax benefits | 1 | $ 1 | |
U.S. Federal | AOCI Foreign Exchange Net Loss | |||
Income Taxes [Line Items] | |||
Valuation allowance | 5 | ||
U.S. Federal | Capital loss | |||
Income Taxes [Line Items] | |||
Valuation allowance | 8 | ||
Foreign Tax Authority | Net Operating Loss and Capital Loss Carryover | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 5 | ||
Lower Limit | |||
Income Taxes [Line Items] | |||
Percentage of annual taxable income Host Inc is required to distribute | 90% |
Income Taxes - Summary of Opera
Income Taxes - Summary of Operating Loss, Capital Loss and General Business Credit Carryforwards (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
U.S. Federal | Internal Revenue Service (IRS) | |
Income Taxes [Line Items] | |
Net operating loss | $ 649 |
U.S. States | |
Income Taxes [Line Items] | |
Net operating loss | 974 |
Foreign Tax Authority | Secretariat of the Federal Revenue Bureau of Brazil | |
Income Taxes [Line Items] | |
Net operating loss | 18 |
Foreign Tax Authority | Canada Revenue Agency | |
Income Taxes [Line Items] | |
Net operating loss | 9 |
Capital loss | U.S. Federal and States | |
Income Taxes [Line Items] | |
Tax credit carryforward, amount | 32 |
Capital loss | Foreign Tax Authority | Canada Revenue Agency | |
Income Taxes [Line Items] | |
Tax credit carryforward, amount | $ 5 |
Income Taxes - Primary Componen
Income Taxes - Primary Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Net operating losses, general business credits, and capital loss carryovers | $ 205 | $ 238 |
Property and equipment | 3 | 3 |
Deferred revenue and expenses | 20 | 15 |
Foreign exchange net losses (AOCI) | 12 | 12 |
Total gross deferred tax assets | 240 | 268 |
Less: Valuation allowance | (18) | (18) |
Total deferred tax assets, net of valuation allowance | 222 | 250 |
Deferred tax liabilities | ||
Investments in domestic affiliates | (1) | (4) |
Total gross deferred tax liabilities | (1) | (4) |
Net deferred tax assets | $ 221 | $ 246 |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. income (loss) | $ 768 | $ 659 | $ (89) |
Foreign income (loss) | 20 | 10 | (13) |
INCOME (LOSS) BEFORE INCOME TAXES | $ 788 | $ 669 | $ (102) |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | |||
—Federal | $ 3 | $ 3 | $ 1 |
—State | 3 | 2 | 1 |
—Foreign | 4 | 1 | 0 |
Current income tax expense (benefit), total | 10 | 6 | 2 |
Deferred | |||
—Federal | 15 | 13 | (66) |
—State | 10 | 5 | (24) |
—Foreign | 1 | 2 | (3) |
Deferred income tax (benefit) | 26 | 20 | (93) |
Income tax provision (benefit) – continuing operations | $ 36 | $ 26 | $ (91) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) Calculated at Statutory U.S. Federal Corporate Income Tax Rate and Actual Income Tax Provision (Benefit) Recorded (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax provision (benefit) | $ 165 | $ 140 | $ (21) |
Adjustment for nontaxable income of Host Inc. | (147) | (124) | (40) |
State income tax provision (benefit), net | 13 | 7 | (23) |
Change to uncertain tax provision | 0 | 0 | (4) |
Foreign income tax provision (benefit) | 5 | 3 | (3) |
Income tax provision (benefit) – continuing operations | $ 36 | $ 26 | $ (91) |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) Contract GroundLease | Dec. 31, 2022 USD ($) | |
Lessee Lease Description [Line Items] | ||
Number of hotels subject to ground leases | GroundLease | 19 | |
Aggregate contingent liabilities relating to our former restaurant business | $ 1.1 | $ 1.6 |
Finance lease, liability, statement of financial position | Mortgage and other debt | |
Minimum payments from restaurants and the Sub lessee payable to us under non-cancelable subleases | $ 2.4 | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Term of leases | 5 years | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Term of leases | 10 years | |
Financial leases (less than) | $ 1 | $ 1 |
Ground Leases | ||
Lessee Lease Description [Line Items] | ||
Percentage of 2019 minimum lease payments | 74% | |
Percentage of total future minimum lease payments | 96% | |
Ground Leases | Minimum | ||
Lessee Lease Description [Line Items] | ||
Discount rates | 4.30% | |
Ground Leases | Minimum | IBR | ||
Lessee Lease Description [Line Items] | ||
LIBOR swap rates, terms used to calculate IBR | 1 year | |
Ground Leases | Maximum | ||
Lessee Lease Description [Line Items] | ||
Discount rates | 5.70% | |
Ground Leases | Maximum | IBR | ||
Lessee Lease Description [Line Items] | ||
LIBOR swap rates, terms used to calculate IBR | 50 years | |
Restaurant Sublease | Minimum | ||
Lessee Lease Description [Line Items] | ||
Number of renewal options | Contract | 1 |
Leases - Lease Costs and Other
Leases - Lease Costs and Other Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease cost | |||
Operating lease cost | $ 42 | $ 41 | $ 43 |
Variable lease cost | 35 | 27 | 7 |
Sublease income | (1) | (1) | (1) |
Total lease cost | 76 | 67 | 49 |
Other information | |||
Operating cash flows used for operating leases | $ 42 | $ 41 | $ 43 |
Weighted-average remaining lease term - operating leases | 46 years | 47 years | 48 years |
Weighted-average discount rate - operating leases | 5.30% | 5.30% | 5.30% |
Leases - Reconciliation of Tota
Leases - Reconciliation of Total Lease Payments, on Undiscounted Basis, to Lease Liability on Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee Lease Description [Line Items] | |||
Weighted-average discount rate - operating leases | 5.30% | 5.30% | 5.30% |
2024 | $ 38 | ||
2025 | 37 | ||
2026 | 37 | ||
2027 | 36 | ||
2028 | 36 | ||
Thereafter | 1,381 | ||
Total undiscounted cash flows | 1,565 | ||
Long-term lease liabilities | 563 | ||
Total lease liabilities | 563 | $ 568 | |
Difference between undiscounted cash flows and discounted cash flows | $ 1,002 | ||
Ground Leases | |||
Lessee Lease Description [Line Items] | |||
Weighted-average discount rate - operating leases | 5.40% | ||
2024 | $ 31 | ||
2025 | 31 | ||
2026 | 31 | ||
2027 | 31 | ||
2028 | 31 | ||
Thereafter | 1,343 | ||
Total undiscounted cash flows | 1,498 | ||
Long-term lease liabilities | 511 | ||
Total lease liabilities | 511 | ||
Difference between undiscounted cash flows and discounted cash flows | $ 987 | ||
Office Leases and Other | |||
Lessee Lease Description [Line Items] | |||
Weighted-average discount rate - operating leases | 3.70% | ||
2024 | $ 7 | ||
2025 | 6 | ||
2026 | 6 | ||
2027 | 5 | ||
2028 | 5 | ||
Thereafter | 38 | ||
Total undiscounted cash flows | 67 | ||
Long-term lease liabilities | 52 | ||
Total lease liabilities | 52 | ||
Difference between undiscounted cash flows and discounted cash flows | $ 15 |
Employee Stock Plans - Addition
Employee Stock Plans - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefits Disclosure [Line Items] | |||
Shares reserved and available for issuance (in shares) | 3 | ||
Compensation expense | $ 30 | $ 26 | $ 18 |
Granted (in shares) | 1.8 | 1.8 | 3 |
Vested (in shares) | 2.3 | 1.5 | 1.1 |
RSU Awards | Executive Officer | |||
Employee Benefits Disclosure [Line Items] | |||
Compensation expense | $ 27 | $ 23 | $ 16 |
RSU Awards | Vesting over one-year period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 1 year | ||
RSU Awards | Vesting over two-year period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 2 years | ||
RSU Awards | Vesting over three-year period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years | ||
RSU Awards | Time-Based Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years | ||
Percentage of total shares awarded | 25% | ||
Percentage of shares expected to be released | 100% | ||
RSU Awards | TSR Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Percentage of total shares awarded | 37.50% | ||
RSU Awards | Performance-Based Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Percentage of total shares awarded | 37.50% | ||
RSU Awards | TSR Awards, Performance Period Three | |||
Employee Benefits Disclosure [Line Items] | |||
Performance period | 3 years | ||
Other Stock Plans, upper-middle management awards | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years | ||
Other Stock Plans, employee stock purchase plan | |||
Employee Benefits Disclosure [Line Items] | |||
Employee stock purchase plan discount percentage | 10% | ||
Other Stock Plans | |||
Employee Benefits Disclosure [Line Items] | |||
Compensation expense | $ 3 | $ 3 | $ 2 |
Granted (in shares) | 0.2 | 0.2 | 0.3 |
Senior Executive Plan | RSU Awards | |||
Employee Benefits Disclosure [Line Items] | |||
Granted (in shares) | 1.6 | ||
Unvested RSUs (in shares) | 2.6 | ||
Unrecognized compensation cost related to unvested RSU awards | $ 19 | ||
Senior Executive Plan | RSU Awards | Vesting over one-year period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 1 year | ||
Senior Executive Plan | RSU Awards | Vesting over two-year period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 2 years | ||
Senior Executive Plan | RSU Awards | Vesting over three-year period | |||
Employee Benefits Disclosure [Line Items] | |||
Vesting term | 3 years |
Employee Stock Plans - Assumpti
Employee Stock Plans - Assumption used with Black Scholes Option Valuations Models (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | ||
Grant date stock price | $ 19.47 | $ 16.05 |
NAREIT Lodging & Resorts Index | 2022 Award Grants | ||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | ||
Grant date stock price | $ 18.45 | |
Volatility | 45% | |
Beta | 0.667 | |
Risk-free rate - three year award | 1.61% | |
NAREIT Lodging & Resorts Index | 2023 Award Grants | ||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | ||
Grant date stock price | $ 18.55 | |
Volatility | 49.20% | |
Beta | 0.695 | |
Risk-free rate - three year award | 4.08% |
Employee Stock Plans - Schedule
Employee Stock Plans - Schedule Payout for TSR Awards (Detail) - RSU Awards - TSR Awards | Dec. 31, 2023 |
Disclosure Employee Stock Plans Schedule Payout For T S R Awards Detail [Line Items] | |
At or above 75th percentile | 100% |
50th percentile | 50% |
30th percentile | 25% |
Below 30th percentile | 0% |
Employee Stock Plans - Summary
Employee Stock Plans - Summary of Status of Senior Executive Plans (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Granted (in shares) | 1.8 | 1.8 | 3 |
Vested (in shares) | (2.3) | (1.5) | (1.1) |
Restricted Stock | Executive Officer | |||
Shares | |||
Balance, at beginning of year (in shares) | 3.4 | 3.2 | 1.6 |
Granted (in shares) | 1.6 | 1.6 | 2.7 |
Vested (in shares) | (2.2) | (1.3) | (0.9) |
Forfeited/expired (in shares) | (0.2) | (0.1) | (0.2) |
Balance, at end of year (in shares) | 2.6 | 3.4 | 3.2 |
Issued in calendar year (in shares) | 0.7 | 0.5 | 0.6 |
Fair Value | |||
Balance, at beginning of year (in dollars per share) | $ 15 | $ 12 | $ 10 |
Granted (in dollars per share) | 16 | 17 | 14 |
Vested (in dollars per share) | 19 | 16 | 17 |
Forfeited/expired (in dollars per share) | 19 | 16 | 17 |
Balance, at end of year (in dollars per share) | 17 | 15 | 12 |
Issued in calendar year (in dollars per share) | $ 16 | $ 17 | $ 15 |
Employee Stock Plans - Summar_2
Employee Stock Plans - Summary of Status of Senior Executive Plans (Detail) - Executive Officer - Restricted Stock - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||
Shares issued (in shares) | 0.7 | 0.5 | 0.6 |
Value of shares withheld for employee tax requirements | $ 11 | $ 8 | $ 7 |
Dispositions (Detail)
Dispositions (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 USD ($) | Feb. 28, 2022 USD ($) | Dec. 31, 2023 USD ($) hotel | Dec. 31, 2022 USD ($) hotel | Dec. 31, 2021 USD ($) hotel | |
Income Statement Balance Sheet and Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | |||||
Number of hotels sold | hotel | 1 | 4 | 6 | ||
Gain on disposition of assets | $ 69 | $ 18 | $ 305 | ||
Notes receivable | $ 72 | 413 | |||
The Camby Autograph Collection | |||||
Income Statement Balance Sheet and Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | |||||
Maximum loan to cost ratio covenant | 65% | ||||
Notes Issued | $ 72 | ||||
The Camby Autograph Collection | Notes Receivable | |||||
Income Statement Balance Sheet and Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | |||||
Additional funding available | $ 12 | ||||
SOFR | The Camby Autograph Collection | |||||
Income Statement Balance Sheet and Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | |||||
Basis spread on variable rate | 4.25% | ||||
Sheraton New York Times Square Hotel | |||||
Income Statement Balance Sheet and Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | |||||
Notes receivable from sale of property | $ 250 | 250 | |||
Sheraton Boston Hotel | |||||
Income Statement Balance Sheet and Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | |||||
Notes receivable from sale of property | $ 163 | $ 163 |
Acquisitions (Detail)
Acquisitions (Detail) $ in Millions | 12 Months Ended | |||
Nov. 01, 2022 USD ($) Room | Dec. 31, 2021 USD ($) Room | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Asset Acquisition and Business Combination [Line Items] | ||||
Furniture, fixtures and equipment replacement fund | $ 144 | $ 217 | $ 200 | |
Four Seasons Resort and Residences Jackson Hole | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Number of rooms/apartment | Room | 125 | |||
Acquisition purchase price | $ 315 | |||
Hyatt Regency Austin | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Number of rooms/apartment | Room | 448 | |||
Acquisition purchase price | $ 161 | |||
Four Seasons Resort Orlando at Walt Disney World® Resort | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Number of rooms/apartment | Room | 444 | |||
Acquisition purchase price | $ 610 | |||
Kaanapali Golf Courses | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Acquisition purchase price | $ 28 | |||
Baker's Cay Resort Key Largo, Curio Collection by Hilton | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Number of rooms/apartment | Room | 200 | |||
Acquisition purchase price | $ 200 | |||
The Laura Hotel | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Number of rooms/apartment | Room | 223 | |||
Acquisition purchase price | $ 65 | |||
Alila Ventana Big Sur | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Number of rooms/apartment | Room | 59 | |||
Acquisition purchase price | $ 150 | |||
Alida Savannah | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Number of rooms/apartment | Room | 173 | |||
Acquisition purchase price | $ 103 | |||
Hotel Van Zandt | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Number of rooms/apartment | Room | 319 | |||
Acquisition purchase price | $ 246 | |||
Furniture, fixtures and equipment replacement fund | 4 | |||
Hotel Van Zandt | Mortgages | ||||
Asset Acquisition and Business Combination [Line Items] | ||||
Mortgage loan | 102 | |||
Fair value portion of mortgage loans | $ 105 |
Fair Values of Certain Financia
Fair Values of Certain Financial Liabilities and Other Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Carrying amount, notes receivable (Level 2) | $ 72 | $ 413 |
Financial liabilities | ||
Carrying amount, senior notes (Level 1) | 3,120 | 3,115 |
Carrying amount, credit facility (Level 2) | 989 | 994 |
Mortgage debt (Level 2) | 100 | 102 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | ||
Financial liabilities | ||
Fair value, senior notes (Level 1) | 2,915 | 2,768 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Fair value, notes receivable (Level 2) | 73 | 404 |
Financial liabilities | ||
Fair value, credit facility (Level 2) | 1,000 | 1,000 |
Mortgage debt (Level 2) | $ 86 | $ 95 |
Relationship with Marriott In_2
Relationship with Marriott International - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Management fees | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 249 | $ 217 | $ 97 |
Agreements with Marriott International Inc | |||
Related Party Transaction [Line Items] | |||
Percentage of management agreements, based on revenues | 62% | ||
Franchise fees | $ 8.1 | 7.7 | 4.4 |
Agreements with Marriott International Inc | Management fees | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 168 | $ 136 | $ 53 |
Hotel Management Agreements a_2
Hotel Management Agreements and Operating and License Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 Contract | |
Liabilities for Guarantees on Long Duration Contracts [Line Items] | |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5% |
Agreements with Marriott International Inc | |
Liabilities for Guarantees on Long Duration Contracts [Line Items] | |
Percentage of management agreements, based on revenues | 62% |
Lower Limit | |
Liabilities for Guarantees on Long Duration Contracts [Line Items] | |
Base management fee as percentage of annual gross revenues | 2% |
Management incentive fee as percentage of operating profit | 10% |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 4% |
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% |
Management incentive fee as percentage of operating profit | 20% |
Percentage of property revenue allocated for renewal and replacement capital expenditures | 5% |
Upper Limit | Contractual Rights | |
Liabilities for Guarantees on Long Duration Contracts [Line Items] | |
Agreement initial term | 25 years |
Agreements with Marriott International Inc | Hotels Operating under W, Westin, Sheraton, Luxury Collection and St. Regis Brands | |
Liabilities for Guarantees on Long Duration Contracts [Line Items] | |
Base management fee as percentage of annual gross revenues | 1% |
Agreements with Marriott International Inc | Occupancy | Licensing Agreements | |
Liabilities for Guarantees on Long Duration Contracts [Line Items] | |
Percentage sales paid for fees | 5% |
Agreements with Marriott International Inc | Food and beverage | Licensing Agreements | |
Liabilities for Guarantees on Long Duration Contracts [Line Items] | |
Percentage sales paid for fees | 2% |
Hyatt | |
Liabilities for Guarantees on Long Duration Contracts [Line Items] | |
Percentage of management agreements, based on revenues | 20% |
Geographic and Business Segme_3
Geographic and Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 country Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 1 |
Non-US | |
Segment Reporting Information [Line Items] | |
Foreign operations, number of countries | country | 2 |
Geographic and Business Segme_4
Geographic and Business Segment Information - Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 5,311 | $ 4,907 | $ 2,890 |
Property and equipment, net | 9,624 | 9,748 | 9,994 |
Domestic | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 5,219 | 4,836 | 2,866 |
Property and equipment, net | 9,556 | 9,678 | 9,919 |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 22 | 17 | 8 |
Property and equipment, net | 35 | 33 | 30 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 70 | 54 | 16 |
Property and equipment, net | $ 33 | $ 37 | $ 45 |
Legal Proceedings, Guarantees_2
Legal Proceedings, Guarantees and Contingencies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) hotel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | |
Loss Contingencies [Line Items] | ||||
Gain on insurance and business interruption settlements | $ 86,000,000 | $ 17,000,000 | $ 8,000,000 | |
Number of hotels subject to tax indemnification agreements | hotel | 2 | |||
Insured Event, Gain (Loss) | $ 3,000,000 | $ 6,000,000 | $ 0 | |
Other Litigation Cases | Upper Limit | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency , estimate of possible loss | 150,000 | |||
Hurricane Ian | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency , estimate of possible loss | 130,000,000 | |||
Insurance proceeds received | 213,000,000 | |||
Insurance receivable | 0 | $ 130,000,000 | ||
Property insurance proceeds | 130,000,000 | |||
Hurricane Ian | Business Interruption Insurance | ||||
Loss Contingencies [Line Items] | ||||
Gain on insurance and business interruption settlements | 80,000,000 | |||
Hurricane Ian | Property Insurance | ||||
Loss Contingencies [Line Items] | ||||
Insured Event, Gain (Loss) | $ 3,000,000 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 100 | $ 102 | ||
Initial Cost, Land | 1,991 | |||
Initial Cost, Buildings & Improvements | 9,226 | |||
Subsequent Costs Capitalized, net | 5,087 | |||
Foreign Currency Adjustment | (70) | |||
Gross Amount at end of period, Land | 1,981 | |||
Gross Amount at end of period, Buildings & Improvements | 14,253 | |||
Gross Amount at end of period, Total | 16,234 | 15,869 | $ 15,946 | $ 15,642 |
Gross Amount at end of period, Accumulated Depreciation | 7,347 | $ 6,876 | $ 6,626 | $ 6,809 |
1 Hotel South Beach | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | 0 | |||
Initial Cost, Land | 182 | |||
Initial Cost, Buildings & Improvements | 443 | |||
Subsequent Costs Capitalized, net | 19 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 182 | |||
Gross Amount at end of period, Buildings & Improvements | 462 | |||
Gross Amount at end of period, Total | 644 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 80 | |||
Depreciation Life | 34 years | |||
AC Hotel Scottsdale North | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 4 | |||
Initial Cost, Buildings & Improvements | 31 | |||
Subsequent Costs Capitalized, net | 0 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 4 | |||
Gross Amount at end of period, Buildings & Improvements | 31 | |||
Gross Amount at end of period, Total | 35 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 4 | |||
Depreciation Life | 31 years | |||
Alila Ventana Big Sur | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 40 | |||
Initial Cost, Buildings & Improvements | 104 | |||
Subsequent Costs Capitalized, net | 3 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 40 | |||
Gross Amount at end of period, Buildings & Improvements | 107 | |||
Gross Amount at end of period, Total | 147 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 9 | |||
Depreciation Life | 31 years | |||
Andaz Maui at Wailea Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 151 | |||
Initial Cost, Buildings & Improvements | 255 | |||
Subsequent Costs Capitalized, net | 62 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 151 | |||
Gross Amount at end of period, Buildings & Improvements | 317 | |||
Gross Amount at end of period, Total | 468 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 52 | |||
Depreciation Life | 38 years | |||
Axiom Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 36 | |||
Initial Cost, Buildings & Improvements | 38 | |||
Subsequent Costs Capitalized, net | 42 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 36 | |||
Gross Amount at end of period, Buildings & Improvements | 80 | |||
Gross Amount at end of period, Total | 116 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 29 | |||
Depreciation Life | 33 years | |||
Baker's Cay Resort Key Largo, Curio Collection by Hilton | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 80 | |||
Initial Cost, Buildings & Improvements | 117 | |||
Subsequent Costs Capitalized, net | 2 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 80 | |||
Gross Amount at end of period, Buildings & Improvements | 119 | |||
Gross Amount at end of period, Total | 199 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 10 | |||
Depreciation Life | 33 years | |||
Boston Marriott Copley Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 203 | |||
Subsequent Costs Capitalized, net | 102 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 305 | |||
Gross Amount at end of period, Total | 305 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 170 | |||
Depreciation Life | 40 years | |||
Calgary Marriott Downtown Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 5 | |||
Initial Cost, Buildings & Improvements | 18 | |||
Subsequent Costs Capitalized, net | 48 | |||
Foreign Currency Adjustment | (4) | |||
Gross Amount at end of period, Land | 5 | |||
Gross Amount at end of period, Buildings & Improvements | 62 | |||
Gross Amount at end of period, Total | 67 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 52 | |||
Depreciation Life | 40 years | |||
Coronado Island Marriott Resort & Spa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 53 | |||
Subsequent Costs Capitalized, net | 59 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 112 | |||
Gross Amount at end of period, Total | 112 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 83 | |||
Depreciation Life | 40 years | |||
Denver Marriott Tech Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 6 | |||
Initial Cost, Buildings & Improvements | 26 | |||
Subsequent Costs Capitalized, net | 85 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 6 | |||
Gross Amount at end of period, Buildings & Improvements | 111 | |||
Gross Amount at end of period, Total | 117 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 89 | |||
Depreciation Life | 40 years | |||
Denver Marriott West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 12 | |||
Subsequent Costs Capitalized, net | 19 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 31 | |||
Gross Amount at end of period, Total | 31 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 28 | |||
Depreciation Life | 40 years | |||
Embassy Suites by Hilton Chicago Downtown Magnificent Mile | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 86 | |||
Subsequent Costs Capitalized, net | 20 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 106 | |||
Gross Amount at end of period, Total | 106 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 59 | |||
Depreciation Life | 40 years | |||
Fairmont Kea Lani, Maui | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 55 | |||
Initial Cost, Buildings & Improvements | 294 | |||
Subsequent Costs Capitalized, net | 161 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 55 | |||
Gross Amount at end of period, Buildings & Improvements | 455 | |||
Gross Amount at end of period, Total | 510 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 202 | |||
Depreciation Life | 40 years | |||
Four Seasons Resort Orlando at Walt Disney World® Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 91 | |||
Initial Cost, Buildings & Improvements | 510 | |||
Subsequent Costs Capitalized, net | 17 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 91 | |||
Gross Amount at end of period, Buildings & Improvements | 527 | |||
Gross Amount at end of period, Total | 618 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 46 | |||
Depreciation Life | 37 years | |||
Four Seasons Resort and Residences Jackson Hole | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 59 | |||
Initial Cost, Buildings & Improvements | 245 | |||
Subsequent Costs Capitalized, net | 2 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 59 | |||
Gross Amount at end of period, Buildings & Improvements | 247 | |||
Gross Amount at end of period, Total | 306 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 11 | |||
Depreciation Life | 32 years | |||
Gaithersburg Marriott Washingtonian Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 7 | |||
Initial Cost, Buildings & Improvements | 22 | |||
Subsequent Costs Capitalized, net | 15 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 7 | |||
Gross Amount at end of period, Buildings & Improvements | 37 | |||
Gross Amount at end of period, Total | 44 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 30 | |||
Depreciation Life | 40 years | |||
Grand Hyatt Atlanta in Buckhead | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 8 | |||
Initial Cost, Buildings & Improvements | 88 | |||
Subsequent Costs Capitalized, net | 34 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 8 | |||
Gross Amount at end of period, Buildings & Improvements | 122 | |||
Gross Amount at end of period, Total | 130 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 84 | |||
Depreciation Life | 40 years | |||
Grand Hyatt San Francisco | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 52 | |||
Initial Cost, Buildings & Improvements | 331 | |||
Subsequent Costs Capitalized, net | 5 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 52 | |||
Gross Amount at end of period, Buildings & Improvements | 336 | |||
Gross Amount at end of period, Total | 388 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 67 | |||
Depreciation Life | 34 years | |||
Grand Hyatt Washington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 154 | |||
Initial Cost, Buildings & Improvements | 247 | |||
Subsequent Costs Capitalized, net | 46 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 154 | |||
Gross Amount at end of period, Buildings & Improvements | 293 | |||
Gross Amount at end of period, Total | 447 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 137 | |||
Depreciation Life | 33 years | |||
Hilton Singer Island Oceanfront/Palm Beaches Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 2 | |||
Initial Cost, Buildings & Improvements | 10 | |||
Subsequent Costs Capitalized, net | 24 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 2 | |||
Gross Amount at end of period, Buildings & Improvements | 34 | |||
Gross Amount at end of period, Total | 36 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 29 | |||
Depreciation Life | 40 years | |||
Hotel Van Zandt | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 100 | |||
Initial Cost, Land | 58 | |||
Initial Cost, Buildings & Improvements | 179 | |||
Subsequent Costs Capitalized, net | 1 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 58 | |||
Gross Amount at end of period, Buildings & Improvements | 180 | |||
Gross Amount at end of period, Total | 238 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 12 | |||
Depreciation Life | 34 years | |||
Houston Airport Marriott at George Bush Intercontinental | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 10 | |||
Subsequent Costs Capitalized, net | 94 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 104 | |||
Gross Amount at end of period, Total | 104 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 95 | |||
Depreciation Life | 40 years | |||
Houston Marriott Medical Center/Museum District | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 19 | |||
Subsequent Costs Capitalized, net | 47 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 66 | |||
Gross Amount at end of period, Total | 66 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 52 | |||
Depreciation Life | 40 years | |||
Hyatt Place Waikiki Beach | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 12 | |||
Initial Cost, Buildings & Improvements | 120 | |||
Subsequent Costs Capitalized, net | 12 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 12 | |||
Gross Amount at end of period, Buildings & Improvements | 132 | |||
Gross Amount at end of period, Total | 144 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 47 | |||
Depreciation Life | 34 years | |||
Hyatt Regency Austin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 19 | |||
Initial Cost, Buildings & Improvements | 139 | |||
Subsequent Costs Capitalized, net | 2 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 19 | |||
Gross Amount at end of period, Buildings & Improvements | 141 | |||
Gross Amount at end of period, Total | 160 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 14 | |||
Depreciation Life | 33 years | |||
Hyatt Regency Coconut Point Resort and Spa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 33 | |||
Initial Cost, Buildings & Improvements | 185 | |||
Subsequent Costs Capitalized, net | 21 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 33 | |||
Gross Amount at end of period, Buildings & Improvements | 206 | |||
Gross Amount at end of period, Total | 239 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 40 | |||
Depreciation Life | 36 years | |||
Hyatt Regency Maui Resort and Spa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 92 | |||
Initial Cost, Buildings & Improvements | 212 | |||
Subsequent Costs Capitalized, net | 161 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 81 | |||
Gross Amount at end of period, Buildings & Improvements | 384 | |||
Gross Amount at end of period, Total | 465 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 211 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Reston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 11 | |||
Initial Cost, Buildings & Improvements | 78 | |||
Subsequent Costs Capitalized, net | 34 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 12 | |||
Gross Amount at end of period, Buildings & Improvements | 111 | |||
Gross Amount at end of period, Total | 123 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 75 | |||
Depreciation Life | 40 years | |||
Hyatt Regency San Francisco Airport | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 16 | |||
Initial Cost, Buildings & Improvements | 119 | |||
Subsequent Costs Capitalized, net | 112 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 20 | |||
Gross Amount at end of period, Buildings & Improvements | 227 | |||
Gross Amount at end of period, Total | 247 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 161 | |||
Depreciation Life | 40 years | |||
Hyatt Regency Washington on Capitol Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 40 | |||
Initial Cost, Buildings & Improvements | 230 | |||
Subsequent Costs Capitalized, net | 51 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 40 | |||
Gross Amount at end of period, Buildings & Improvements | 281 | |||
Gross Amount at end of period, Total | 321 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 150 | |||
Depreciation Life | 40 years | |||
JW Marriott Atlanta Buckhead | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 16 | |||
Initial Cost, Buildings & Improvements | 21 | |||
Subsequent Costs Capitalized, net | 41 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 16 | |||
Gross Amount at end of period, Buildings & Improvements | 62 | |||
Gross Amount at end of period, Total | 78 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 44 | |||
Depreciation Life | 40 years | |||
JW Marriott Hotel Rio de Janeiro | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 13 | |||
Initial Cost, Buildings & Improvements | 29 | |||
Subsequent Costs Capitalized, net | 5 | |||
Foreign Currency Adjustment | (30) | |||
Gross Amount at end of period, Land | 4 | |||
Gross Amount at end of period, Buildings & Improvements | 13 | |||
Gross Amount at end of period, Total | 17 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 6 | |||
Depreciation Life | 40 years | |||
JW Marriott Houston by The Galleria | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 4 | |||
Initial Cost, Buildings & Improvements | 26 | |||
Subsequent Costs Capitalized, net | 59 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 6 | |||
Gross Amount at end of period, Buildings & Improvements | 83 | |||
Gross Amount at end of period, Total | 89 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 60 | |||
Depreciation Life | 40 years | |||
JW Marriott Washington, D.C. | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 26 | |||
Initial Cost, Buildings & Improvements | 98 | |||
Subsequent Costs Capitalized, net | 73 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 26 | |||
Gross Amount at end of period, Buildings & Improvements | 171 | |||
Gross Amount at end of period, Total | 197 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 124 | |||
Depreciation Life | 40 years | |||
Manchester Grand Hyatt San Diego | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 548 | |||
Subsequent Costs Capitalized, net | 76 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 624 | |||
Gross Amount at end of period, Total | 624 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 302 | |||
Depreciation Life | 35 years | |||
Marina del Rey Marriott | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 13 | |||
Subsequent Costs Capitalized, net | 46 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 59 | |||
Gross Amount at end of period, Total | 59 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 39 | |||
Depreciation Life | 40 years | |||
Marriott Downtown at CF Toronto Eaton Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized, net | 38 | |||
Foreign Currency Adjustment | (2) | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 63 | |||
Gross Amount at end of period, Total | 63 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 48 | |||
Depreciation Life | 40 years | |||
Marriott Marquis San Diego Marina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 202 | |||
Subsequent Costs Capitalized, net | 420 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 622 | |||
Gross Amount at end of period, Total | 622 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 437 | |||
Depreciation Life | 40 years | |||
Miami Marriott Biscayne Bay | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 38 | |||
Initial Cost, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized, net | 93 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 38 | |||
Gross Amount at end of period, Buildings & Improvements | 120 | |||
Gross Amount at end of period, Total | 158 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 68 | |||
Depreciation Life | 40 years | |||
Minneapolis Marriott City Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 34 | |||
Initial Cost, Buildings & Improvements | 27 | |||
Subsequent Costs Capitalized, net | 50 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 35 | |||
Gross Amount at end of period, Buildings & Improvements | 76 | |||
Gross Amount at end of period, Total | 111 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 61 | |||
Depreciation Life | 40 years | |||
New Orleans Marriott | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 16 | |||
Initial Cost, Buildings & Improvements | 96 | |||
Subsequent Costs Capitalized, net | 161 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 16 | |||
Gross Amount at end of period, Buildings & Improvements | 257 | |||
Gross Amount at end of period, Total | 273 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 201 | |||
Depreciation Life | 40 years | |||
New York Marriott Downtown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 19 | |||
Initial Cost, Buildings & Improvements | 79 | |||
Subsequent Costs Capitalized, net | 56 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 19 | |||
Gross Amount at end of period, Buildings & Improvements | 135 | |||
Gross Amount at end of period, Total | 154 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 99 | |||
Depreciation Life | 40 years | |||
New York Marriott Marquis | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 49 | |||
Initial Cost, Buildings & Improvements | 552 | |||
Subsequent Costs Capitalized, net | 130 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 49 | |||
Gross Amount at end of period, Buildings & Improvements | 682 | |||
Gross Amount at end of period, Total | 731 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 591 | |||
Depreciation Life | 40 years | |||
Newark Liberty International Airport Marriott | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 30 | |||
Subsequent Costs Capitalized, net | 49 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 79 | |||
Gross Amount at end of period, Total | 79 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 70 | |||
Depreciation Life | 40 years | |||
Orlando World Center Marriott | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 18 | |||
Initial Cost, Buildings & Improvements | 157 | |||
Subsequent Costs Capitalized, net | 509 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 29 | |||
Gross Amount at end of period, Buildings & Improvements | 655 | |||
Gross Amount at end of period, Total | 684 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 394 | |||
Depreciation Life | 40 years | |||
Philadelphia Airport Marriott | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 42 | |||
Subsequent Costs Capitalized, net | 26 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 68 | |||
Gross Amount at end of period, Total | 68 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 50 | |||
Depreciation Life | 40 years | |||
Rio de Janeiro Parque Olimpico Hotels | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 21 | |||
Initial Cost, Buildings & Improvements | 39 | |||
Subsequent Costs Capitalized, net | 1 | |||
Foreign Currency Adjustment | (34) | |||
Gross Amount at end of period, Land | 9 | |||
Gross Amount at end of period, Buildings & Improvements | 18 | |||
Gross Amount at end of period, Total | 27 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 7 | |||
Depreciation Life | 35 years | |||
San Antonio Marriott Rivercenter | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 86 | |||
Subsequent Costs Capitalized, net | 117 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 203 | |||
Gross Amount at end of period, Total | 203 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 128 | |||
Depreciation Life | 40 years | |||
San Antonio Marriott Riverwalk | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 6 | |||
Initial Cost, Buildings & Improvements | 45 | |||
Subsequent Costs Capitalized, net | 41 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 6 | |||
Gross Amount at end of period, Buildings & Improvements | 86 | |||
Gross Amount at end of period, Total | 92 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 67 | |||
Depreciation Life | 40 years | |||
San Francisco Marriott Fisherman's Wharf | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 6 | |||
Initial Cost, Buildings & Improvements | 20 | |||
Subsequent Costs Capitalized, net | 35 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 6 | |||
Gross Amount at end of period, Buildings & Improvements | 55 | |||
Gross Amount at end of period, Total | 61 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 45 | |||
Depreciation Life | 40 years | |||
San Francisco Marriott Marquis | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 278 | |||
Subsequent Costs Capitalized, net | 210 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 488 | |||
Gross Amount at end of period, Total | 488 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 369 | |||
Depreciation Life | 40 years | |||
Santa Clara Marriott | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 39 | |||
Subsequent Costs Capitalized, net | 84 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 123 | |||
Gross Amount at end of period, Total | 123 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 104 | |||
Depreciation Life | 40 years | |||
Sheraton Parsippany Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 8 | |||
Initial Cost, Buildings & Improvements | 30 | |||
Subsequent Costs Capitalized, net | 18 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 8 | |||
Gross Amount at end of period, Buildings & Improvements | 48 | |||
Gross Amount at end of period, Total | 56 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 35 | |||
Depreciation Life | 40 years | |||
Swissôtel Chicago | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 29 | |||
Initial Cost, Buildings & Improvements | 132 | |||
Subsequent Costs Capitalized, net | 100 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 30 | |||
Gross Amount at end of period, Buildings & Improvements | 231 | |||
Gross Amount at end of period, Total | 261 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 143 | |||
Depreciation Life | 40 years | |||
Tampa Airport Marriott | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 9 | |||
Subsequent Costs Capitalized, net | 29 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 38 | |||
Gross Amount at end of period, Total | 38 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 34 | |||
Depreciation Life | 40 years | |||
The Alida, Savannah, a Tribute Portfolio Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 6 | |||
Initial Cost, Buildings & Improvements | 96 | |||
Subsequent Costs Capitalized, net | 0 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 6 | |||
Gross Amount at end of period, Buildings & Improvements | 96 | |||
Gross Amount at end of period, Total | 102 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 6 | |||
Depreciation Life | 36 years | |||
The Don CeSar | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 46 | |||
Initial Cost, Buildings & Improvements | 158 | |||
Subsequent Costs Capitalized, net | 40 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 46 | |||
Gross Amount at end of period, Buildings & Improvements | 198 | |||
Gross Amount at end of period, Total | 244 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 54 | |||
Depreciation Life | 34 years | |||
The Laura Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 9 | |||
Initial Cost, Buildings & Improvements | 55 | |||
Subsequent Costs Capitalized, net | 1 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 9 | |||
Gross Amount at end of period, Buildings & Improvements | 56 | |||
Gross Amount at end of period, Total | 65 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 5 | |||
Depreciation Life | 33 years | |||
The Logan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 26 | |||
Initial Cost, Buildings & Improvements | 60 | |||
Subsequent Costs Capitalized, net | 76 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 27 | |||
Gross Amount at end of period, Buildings & Improvements | 135 | |||
Gross Amount at end of period, Total | 162 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 98 | |||
Depreciation Life | 40 years | |||
The Phoenician, A Luxury Collection Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 59 | |||
Initial Cost, Buildings & Improvements | 307 | |||
Subsequent Costs Capitalized, net | 112 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 58 | |||
Gross Amount at end of period, Buildings & Improvements | 420 | |||
Gross Amount at end of period, Total | 478 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 167 | |||
Depreciation Life | 32 years | |||
The Ritz-Carlton Naples, Tiburón | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 22 | |||
Initial Cost, Buildings & Improvements | 10 | |||
Subsequent Costs Capitalized, net | 105 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 22 | |||
Gross Amount at end of period, Buildings & Improvements | 115 | |||
Gross Amount at end of period, Total | 137 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 65 | |||
Depreciation Life | 40 years | |||
The Ritz-Carlton, Amelia Island | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 25 | |||
Initial Cost, Buildings & Improvements | 115 | |||
Subsequent Costs Capitalized, net | 106 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 25 | |||
Gross Amount at end of period, Buildings & Improvements | 221 | |||
Gross Amount at end of period, Total | 246 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 142 | |||
Depreciation Life | 40 years | |||
The Ritz-Carlton, Marina del Rey | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 52 | |||
Subsequent Costs Capitalized, net | 41 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 93 | |||
Gross Amount at end of period, Total | 93 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 71 | |||
Depreciation Life | 40 years | |||
The Ritz-Carlton, Naples | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 19 | |||
Initial Cost, Buildings & Improvements | 126 | |||
Subsequent Costs Capitalized, net | 427 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 21 | |||
Gross Amount at end of period, Buildings & Improvements | 551 | |||
Gross Amount at end of period, Total | 572 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 247 | |||
Depreciation Life | 40 years | |||
The Ritz-Carlton, Tysons Corner | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 89 | |||
Subsequent Costs Capitalized, net | 52 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 141 | |||
Gross Amount at end of period, Total | 141 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 92 | |||
Depreciation Life | 40 years | |||
The St. Regis Houston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 6 | |||
Initial Cost, Buildings & Improvements | 33 | |||
Subsequent Costs Capitalized, net | 24 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 6 | |||
Gross Amount at end of period, Buildings & Improvements | 57 | |||
Gross Amount at end of period, Total | 63 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 35 | |||
Depreciation Life | 40 years | |||
The Westin Chicago River North | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 33 | |||
Initial Cost, Buildings & Improvements | 116 | |||
Subsequent Costs Capitalized, net | 26 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 33 | |||
Gross Amount at end of period, Buildings & Improvements | 142 | |||
Gross Amount at end of period, Total | 175 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 57 | |||
Depreciation Life | 40 years | |||
The Westin Cincinnati | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 54 | |||
Subsequent Costs Capitalized, net | 23 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 77 | |||
Gross Amount at end of period, Total | 77 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 43 | |||
Depreciation Life | 40 years | |||
The Westin Denver Downtown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 89 | |||
Subsequent Costs Capitalized, net | 53 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 142 | |||
Gross Amount at end of period, Total | 142 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 62 | |||
Depreciation Life | 40 years | |||
The Westin Georgetown, Washington D.C. | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 16 | |||
Initial Cost, Buildings & Improvements | 80 | |||
Subsequent Costs Capitalized, net | 29 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 16 | |||
Gross Amount at end of period, Buildings & Improvements | 109 | |||
Gross Amount at end of period, Total | 125 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 54 | |||
Depreciation Life | 40 years | |||
The Westin Kierland Resort & Spa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 100 | |||
Initial Cost, Buildings & Improvements | 280 | |||
Subsequent Costs Capitalized, net | 44 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 100 | |||
Gross Amount at end of period, Buildings & Improvements | 324 | |||
Gross Amount at end of period, Total | 424 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 149 | |||
Depreciation Life | 40 years | |||
The Westin Seattle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 39 | |||
Initial Cost, Buildings & Improvements | 175 | |||
Subsequent Costs Capitalized, net | 51 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 39 | |||
Gross Amount at end of period, Buildings & Improvements | 226 | |||
Gross Amount at end of period, Total | 265 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 118 | |||
Depreciation Life | 40 years | |||
The Westin South Coast Plaza, Costa Mesa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 46 | |||
Subsequent Costs Capitalized, net | 25 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 0 | |||
Gross Amount at end of period, Buildings & Improvements | 71 | |||
Gross Amount at end of period, Total | 71 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 66 | |||
Depreciation Life | 40 years | |||
The Westin Waltham Boston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 9 | |||
Initial Cost, Buildings & Improvements | 59 | |||
Subsequent Costs Capitalized, net | 23 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 9 | |||
Gross Amount at end of period, Buildings & Improvements | 82 | |||
Gross Amount at end of period, Total | 91 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 46 | |||
Depreciation Life | 40 years | |||
W Seattle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 11 | |||
Initial Cost, Buildings & Improvements | 125 | |||
Subsequent Costs Capitalized, net | 15 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 11 | |||
Gross Amount at end of period, Buildings & Improvements | 140 | |||
Gross Amount at end of period, Total | 151 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 67 | |||
Depreciation Life | 40 years | |||
Washington Marriott at Metro Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 0 | |||
Initial Cost, Land | 20 | |||
Initial Cost, Buildings & Improvements | 24 | |||
Subsequent Costs Capitalized, net | 43 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 20 | |||
Gross Amount at end of period, Buildings & Improvements | 67 | |||
Gross Amount at end of period, Total | 87 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 47 | |||
Depreciation Life | 40 years | |||
Total hotels: | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | $ 100 | |||
Initial Cost, Land | 1,962 | |||
Initial Cost, Buildings & Improvements | 9,225 | |||
Subsequent Costs Capitalized, net | 5,083 | |||
Foreign Currency Adjustment | (70) | |||
Gross Amount at end of period, Land | 1,952 | |||
Gross Amount at end of period, Buildings & Improvements | 14,248 | |||
Gross Amount at end of period, Total | 16,200 | |||
Gross Amount at end of period, Accumulated Depreciation | 7,345 | |||
Other properties, each less than 5% of total | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Debt | 0 | |||
Initial Cost, Land | 29 | |||
Initial Cost, Buildings & Improvements | 1 | |||
Subsequent Costs Capitalized, net | 4 | |||
Foreign Currency Adjustment | 0 | |||
Gross Amount at end of period, Land | 29 | |||
Gross Amount at end of period, Buildings & Improvements | 5 | |||
Gross Amount at end of period, Total | 34 | |||
Gross Amount at end of period, Accumulated Depreciation | $ 2 | |||
Depreciation Life | 40 years |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation - Reconciliation of Carrying Amounts of Real Estate Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Beginning Balance | $ 15,869 | $ 15,946 | $ 15,642 |
Additions: | |||
Acquisitions | 303 | 1,563 | |
Capital expenditures and transfers from construction-in-progress | 540 | 314 | 231 |
Deductions: | |||
Dispositions and other | (175) | (694) | (954) |
Assets held for sale | (444) | ||
Impairments | (92) | ||
Ending Balance | $ 16,234 | $ 15,869 | $ 15,946 |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Beginning Balance | $ 6,876 | $ 6,626 | $ 6,809 |
Depreciation and amortization | 573 | 550 | 554 |
Dispositions and other | (102) | (300) | (555) |
Assets held for sale | 182 | ||
Ending Balance | $ 7,347 | $ 6,876 | $ 6,626 |
Real Estate and Accumulated D_5
Real Estate and Accumulated Depreciation - Narrative (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Cost of real estate for federal income tax purposes | $ 10,255 |