Host Hotels & Resorts Raises Outlook on Strong Demand

Dow Jones11-05 06:01

Host Hotels & Resorts raised its outlook after logging higher revenue in the third quarter.

The lodging real estate investment trust now expects full-year earnings per share to be $1.40, up from its previous guidance of about $1.36. It also raised its guidance for hotel revenue per available room.

For the third quarter, Host Hotels posted a profit of $71 million, or 10 cents a share, down from $163 million, or 23 cents a share, in the same period a year ago. Analysts expected 9 cents a share, according to FactSet.

Revenue rose 1.2% to $1.35 billion. Analysts surveyed by FactSet forecast revenue of $1.36 billion.

Comparable hotel revenue per available room, a key industry metric, increased 8.8% to $219.50, in line with Wall Street estimates.

Demand increased from leisure and group travelers, which drove an increase in rates, Host Hotels said.

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