HSTHost Hotels & Resorts
We are the largest publicly traded lodging REIT, with a geographically diverse portfolio of luxury and upper-upscale hotels. 10-K, Item 1
- Headquarters
- Bethesda, MD
- CEO
- James F. Risoleo
- Next results
- around Feb 17, 2027
4 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 26, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 29 Real estate companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
programs; social engineering (e.g., phishing); employee error, negligence, malfeasance or fraud; and misconfigurations, "bugs" or other known or unknown vulnerabilities in software and hardware.
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policy is subject to limits and sub-limits for certain types of claims, and we do not expect that this policy will cover all the losses that we could experience from these exposures.
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We believe that each of Host Inc. and its subsidiary REIT has been organized and has operated in such a manner as to qualify as a REIT under the Code, commencing with its taxable year beginning January 1, 1999, and April 11, 2006, respectively, and both currently intend to continue to operate and qualify as a REIT during future years. As the
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provisions of our charter are designed to prevent ownership of our shares in violation of these rules, there can be no assurance that these ownership limits will not be exceeded.
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New in the latest 10-Q
31 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 7, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
In connection with the sale of Washington Marriott at Metro Center in August 2025, we issued a $ 114 million loan to the buyer. The proceeds received from the sale are net of this loan.
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In connection with the sale of Washington Marriott at Metro Center in August 2025, we issued a $ 114 million loan to the buyer. The proceeds received from the sale are net of this loan.
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• On October 14, 2026, we acquired the fee simple interest in the 308 -room Renaissance Dallas at Plano Legacy West Hotel for a total purchase price of $ 172 million;
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• On October 30, 2026, we acquired the leasehold interest in the 195 -room 1 Hotel Brooklyn Bridge for a total purchase price of $ 202 million, which is net of $ 4 million for the furniture, fixtures and equipment replacement funds funded by the seller. The hotel is subject to a ground lease that expires in 2109; and
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• On October 21, 2026, we amended and restated our $ 2.5 billion credit facility, extending the maturity dates of both the revolver and outstanding term loans and maintaining similar terms to the prior facility.
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Comparable hotel RevPAR increased 8.8% in the third quarter, contributing to 6.6% RevPAR growth year-to-date compared to 2025, driven by a combination of higher average room rates and improved occupancy. These results reflect broad-based strength across transient and group demand. Transient revenue growth was bolstered by special events, including the FIFA World Cup and America 250 celebrations in July, as well as accelerating business travel throughout the quarter. Group revenue growth also benefited from special events, as well as strong performance at our convention hotels driven by corporate groups. For the fourth quarter, we expect favorable group booking pace and sustained average rates to support continued strong performance and a continuation of the trends noted above.
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The macroeconomic backdrop remains supportive, with the October 2026 Blue Chip Economic Indicators survey raising its projection for 2026 real GDP growth to approximately 2.3%, supported by business investment and consumer spending. Higher-income households, which represent the majority of the customers at our hotels, remain an important
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source of discretionary spending and travel demand. However, persistent inflationary pressures, higher long-term interest rates, trade policy developments and geopolitical uncertainty continue to present downside risks to economic growth and travel demand.
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Acquisitions. Subsequent to quarter end, we acquired the fee simple interest in the 308-room Renaissance Dallas at Plano Legacy West Hotel for a purchase price of $172 million and acquired the leasehold interest in the 195-room 1 Hotel Brooklyn Bridge for $202 million, which is net of $4 million for the furniture, fixtures and equipment ("FF&E") replacement funds funded by the seller. The 1 Hotel Brooklyn Bridge is subject to a ground lease that expires in 2109.
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Financing transactions. Subsequent to quarter end, we amended and restated our $2.5 billion credit facility, extending the maturity dates of both the revolver and outstanding term loans, achieving an improved credit ratings-based pricing grid and maintaining pricing incentives linked to portfolio sustainability initiatives.
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We believe that our ability to maintain an investment grade balance sheet and well-laddered maturity schedule is an important factor in our investment strategy. As of September 30, 2026, after taking into account the amended and restated credit facility agreement, our weighted average interest rate is 4.8%, and our weighted average debt maturity is 5.2 years. For a detailed discussion, see “Debt”.
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year-to-date, respectively, due to both rate and occupancy increases, driven by short-term bookings and recently completed renovations and associated renovation disruption in 2025.
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Capital Resources. As of September 30, 2026, we had $1,492 million of cash and cash equivalents, $157 million in our FF&E escrow reserves and $1.5 billion available under the revolver portion of our credit facility. The acquisitions
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On October 21, 2026, Host L.P. entered into an amendment and restatement (the “Restatement”) of its existing senior unsecured bank credit facility, dated as of January 4, 2023 with Bank of America, N.A., as administrative agent and certain other agents and lenders (the “Existing Credit Agreement”), for the purpose of replacing and refinancing (1) its existing $1.5 billion revolving credit facility tranche that was scheduled to mature in January 2027 (without taking into account the available extension option) with a new revolving credit facility tranche in the same committed amount (the “Revolver”), (2) its existing $500 million term loan facility tranche that was scheduled to mature in January 2027 (without taking into account the extension option) with a new term loan facility tranche in the same principal amount and (3) its existing $500 million term loan facility tranche that was scheduled to mature in January 2028 with a new term loan facility tranche in the same principal amount (collectively, the “New Term Facilities”). The Restatement provides, among other things, for:
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• an interest rate on all U.S. Dollar borrowings based on SOFR or a base rate plus, in each case, a margin that, subject to the adjustments described below, varies according to Host L.P.’s unsecured long-term debt rating, with such margin being (1) in the case of Revolver borrowings, a margin ranging from 65 to 135 basis points for SOFR borrowings and from zero to 35 basis points for base rate borrowings and (2) in the case of the New Term Facilities borrowings, a margin ranging from 70 to 155 basis points for SOFR borrowings or a margin ranging from zero to 55 basis points for base rate borrowings;
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• in the case of the Revolver, a facility fee payable on the total amount of the Revolver commitment at a rate that, subject to the adjustments described below, varies according to Host L.P.’s unsecured long-term debt rating, with such fee ranging from 10 to 30 basis points;
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• a new leverage-based pricing adjustment feature applicable any time that Host L.P.’s leverage ratio is not more than 4.0x, in which case the otherwise applicable margin and the facility fee rates are reduced to the rates that would apply if Host L.P.’s unsecured long-term debt rating were one notch higher than the actual rating then in effect;
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• continuation of the sustainability pricing adjustment feature under the Existing Credit Agreement that (i) in the case of the Revolver, may result in an increase or decrease of the interest rate applicable to revolving loans of up to 4 basis points and an increase or decrease of the facility fee of up to 1 basis point and (ii) in the case of the New Term Facilities, may result in an increase or decrease of the interest rate applicable to term loans of up to 5 basis points, in each case, with the amount of such adjustment determined annually on the basis of an annual audited report of Host L.P.’s performance against established targets 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;
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• a maturity date of (1) in the case of the Revolver, January 15, 2031, which date may be extended by up to a year by the exercise of either a 1-year extension option or up to two 6-month extension options, in each case, subject to certain customary conditions including the payment of an extension fee, (2) in the case of the first term loan tranche, January 15, 2031, which date may be extended by up to a year by the exercise of a 1-year extension option, which is subject to certain customary conditions including the payment of an extension fee and (3) in the case of the second term loan tranche, January 15, 2032, which date may not be extended;
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• 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 Pesos borrowings;
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• an option for Host L.P. to add in the future up to $1.25 billion of commitments, which may be used for additional revolving credit facility borrowings and/or term loans, subject to obtaining additional loan commitments and the satisfaction of certain conditions specified in the Restatement;
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• a subfacility of up to $100 million for swingline borrowings and a subfacility of up to $100 million for issuances of letters of credit;
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• no required scheduled amortization payments prior to the maturity date of the Revolver or either of the New Term Facilities; and
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• financial covenants that are substantially the same as under the Existing Credit Agreement, including that, as of the end of each fiscal quarter, (i) our fixed charge coverage ratio may not be less than 1.25x, (ii) our leverage ratio may not exceed 7.25x and (iii) our unsecured interest coverage ratio may not be less than 1.75x if our leverage ratio is less than 7.0x or 1.5x if our leverage ratio is equal to or greater than 7.0x.
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Borrowings under the Restatement may be used for working capital and other general corporate purposes, including for the consummation of acquisitions. As of October 21, 2026, Host L.P. had no amounts outstanding under the Revolver other than existing letters of credit and $500 million outstanding under each of the New Term Facilities.
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With the exception of the removal of certain debt and lien covenants that were applicable under the Existing Credit Agreement, the Restatement imposes restrictions on customary matters that were generally also restricted in the Existing Credit Agreement. The Restatement also includes financial covenant tests applicable to the incurrence of debt that are generally consistent with the limitations applicable under the senior notes indentures for our investment grade senior notes. The Restatement includes usual and customary events of default for facilities of this nature, and provides that, upon occurrence and continuation of an event of default, payment of all amounts payable under the credit facilities 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 payable under the credit facilities will automatically become due and payable and the lenders’ commitments will automatically terminate.
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Comparable hotel metrics do not yet include the results of 1 Hotel Brooklyn Bridge and Renaissance Dallas at Plano Legacy West Hotel, which were acquired in October 2026. We expect to include the comparable hotel results for these two hotels beginning in the fourth quarter.
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Share sales and buybacks
On July 29, 2026, Host Inc. issued shares of common stock to the persons and trusts listed below in exchange for OP units of Host L.P. held by the person or trust, in the amounts as set forth in the table below. All shares were issued pursuant to the private placement exemption from registration provided by Section 4(a)(2) of the Securities Act.
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(1) Shares were issued based on the current conversion factor of 1.021494 Host Inc. common shares per OP Unit.
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Item 6
10.1* Seventh Amended and Restated Credit Agreement, dated October 21, 2026, among Host Hotels & Resorts, L.P., Bank of America, N.A., as administrative agent, Wells Fargo Bank, N.A. and JP Morgan Chase Bank, N.A., as co-syndication agents, and various other agents and lenders (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Host Hotels & Resorts, Inc., and Host Hotels & Resorts, L.P. filed on October 26, 2026).
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* Host Hotels & Resorts, Inc. and Host Hotels & Resorts, L.P. have omitted certain schedules and exhibits pursuant to Item 601(a) of Regulation S-K and shall furnish supplementally to the SEC copies of any of the omitted schedules and exhibits upon request by the SEC.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have not been any material changes to the risk factors as previously disclosed in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on HST in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
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