Positive 4Q Results and 2018 Outlook a Surprise for Host; Maintaining FVE
Fourth-quarter results and 2018 guidance came in above our expectations for no-moat Host Hotels & Resorts through a combination of better top- and bottom-line numbers, though we will maintain our fair value estimate of $19.10. Comparable revenue per available room grew 2.2% in the fourth quarter even as other hotel REITs have reported negative growth in the quarter. Host achieved this through not only comparable rate growth of 0.3% but also increasing occupancies 140 basis points to 76.6%, a...
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