Higher-Than-Expected RevPAR, Margins, and Funds From Operation for Host Hotels in Second Quarter
Host Hotels & Resorts produced another solid quarter that came in above our expectations, though we don't plan to make any material changes to our model as hotel fundamentals appear to have settled into a period of low but positive growth that we see persisting for many years. Therefore, we do not expect to change our no-moat rating or our $19.50 fair value estimate. Comparable Revenue Per Available Room grew 2.8% in the second quarter, above our estimate of 0.7% growth, through a combinatio...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.
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