Strong Occupancy Gains Lead to Solid Quarter for Host Hotels; Maintaining FVE
First-quarter results for Host Hotels & Resorts were slightly above our expectations, though they were not strong enough to change our no-moat rating and fair value estimate of $19.50. Comparable revenue per available room grew 1.7% in the first quarter, driven by strong occupancy gains. Excluding the Washington, D.C., and Houston markets, which were negatively affected in first-quarter 2018 due to difficult comps created by President Trump's inauguration and the Super Bowl, respectively, th...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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