Host Enters a Mature Growth Stage That Is Unprecedented for Hotels as the Economic Cycle Lengthens
Fourth-quarter earnings for Host Hotels & Resorts beat our estimates, but guidance for 2019 was a slight disappointment. Nothing from this quarter's earnings leads us to believe that we will make material changes to our $19.50 fair value estimate for the no-moat company. Comparable Revenue Per Available Room grew 2.3% in the fourth quarter and beat our estimate by 80 basis points thanks to occupancy growing 0.2% and average rate growing 2.0%. Comparable hotel EBITDA growth was 3.6% as EBITDA...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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