An in Line Quarter for Host Hotels Despite Negative Revenue Per Available Room Growth
Despite negative top-line results for Host Hotels, bottom-line results were in line with our expectations for the first quarter, leading us to conclude that we don't plan any changes to our $19.60 fair value estimate or no-moat rating. Even though average room rate grew 1.3% for the comparable portfolio in the first quarter, occupancy fell 180 basis points year over year. This led to comparable revenue per available room falling 1.0% in the first quarter, well below our assumption of 2.4% positi...Host Hotels & Resorts operates as a self-managed and self-administered real estate investment trust. The company owns properties and conducts operations through Host Hotels & Resorts, L.P., of which the company is the sole general partner. The company's consolidated lodging portfolio consists of hotels primarily located in United States, and with several of the hotels located outside of United States in Brazil and Canada. In addition, the company owns non-controlling interests in domestic and international joint venture and a timeshare joint venture in Hawaii.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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