종합 밸류에이션 구간 · 보수적 $17–$21 / 적정 $21–$26 / 낙관적 $27–$31. $24.97 기준, 적정 내재가치 구간 내.
보고서 발행 시 $22.98（2026년 5월 30일）
데이터 제공: EODHD, 보고 통화 기준 표시. 참고용일 뿐 투자 자문이 아닙니다.
Host Hotels & Resorts, Inc., herein referred to as we, Host Inc., or the Company, is a self-managed and self-administered real estate investment trust that owns hotel property. We conduct our operations as an umbrella partnership, REIT, through an operating partnership, Host Hotels & Resorts, L.P., of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of December 31, 2025, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Host Hotels & Resorts, Inc. is incorporated in 1927 and is based in Bethesda, Maryland.
연혁
Host Hotels & Resorts, Inc. is a self-managed and self-administered real estate investment trust that owns hotel real estate; it was incorporated in 1927 and is based in Bethesda, Maryland. The company conducts its operations as an umbrella partnership REIT through its operating partnership, Host Hotels & Resorts, L.P., of which it is the sole general partner, with outside partners holding approximately 1% of the partnership interests as of December 31, 2025. Host went public via an IPO dated April 6, 1983 and employs 162 people. As an owner rather than a brand or operator, its hotels are run by third-party managers and carry brands such as Ritz-Carlton, Four Seasons, Fairmont, Hyatt, Marriott, and Hilton, with core revenue coming from hotel-level rooms, food and beverage, and other ancillary spending. By the end of 2024 the company owned 81 hotels with approximately 43,400 rooms, and in the first quarter of 2026 reported comparable-hotel RevPAR growth of 4.4% and ADR growth of 3.9%.
업계 내 위치
Host discloses that it is the largest hotel REIT in the United States, the only investment-grade hotel REIT, and the only hotel REIT included in the S&P 500, with a portfolio concentrated in the luxury and upper-upscale segments. Its real estate carries high-end brands operated by third parties, so brand value largely accrues to the brand owners while Host owns the underlying high-end properties; under its agreements with Marriott it typically reserves approximately 5% of total hotel revenue for FF&E. Comparable hotel REIT peers include Park Hotels & Resorts, Apple Hospitality REIT, Pebblebrook Hotel Trust, and RLJ Lodging Trust, where competition spans brand, facilities, service level, location, meeting space, and price. The company's scale and balance sheet differentiate it: no single market accounted for more than 9% of 2025 comparable hotel EBITDA, 99% of its consolidated portfolio assets are unencumbered, and it carries an investment-grade rating. From 2021 to 2026 it acquired $3.3 billion of assets at roughly 13.3x EBITDA while selling $2.9 billion at roughly 16.2x EBITDA, and at the end of the first quarter of 2026 it reported total debt of about $5.079 billion at a 4.8% weighted-average interest rate (80% fixed), net debt/EBITDA of about 2.1x, and roughly $3.4 billion of total available liquidity.
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