At a glance
Host Hotels & Resorts, Inc. is worth $17.52B, about 23 times its fiscal 2025 earnings. Revenue grew 7.6% to $6.11B in fiscal 2025, with 12.5% kept as profit; over 5 years it has grown 30.4% a year. It pays a 3.72% dividend yield, and returned $2.58B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +67.3% over the past year with dividends reinvested and +12.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.4% in the 2020 crash (S&P 500: 33.7%) and 27.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 18 months after the lows.
The business in plain English
Host Hotels & Resorts is a real estate investment trust (REIT). A REIT is a company that owns property and must pay out at least 90% of its taxable income to shareholders each year. Host calls itself the largest publicly traded lodging REIT. As of February 20, 2026, it owned 76 hotels with about 41,700 rooms, mainly in the luxury and upper-upscale tiers. All but five are in the US, and those five are in Brazil and Canada. It also holds minority stakes in seven US joint ventures focused on lodging.
Host owns the buildings but does not run the hotels. Most carry Marriott or Hyatt brands and are run by outside managers. Hotels managed by Marriott International produce most of Host's revenue and operating income. Host counts what guests spend as its own revenue and makes the owner's decisions, such as renovations and buying or selling properties. It targets three kinds of hotel: destination resorts where few new hotels are being built, large convention hotels built around group meetings, and high-end city hotels that draw both business and leisure travelers.
In fiscal 2025 (the year ended December 31, 2025), revenue was about $6.1 billion. Rooms made up 59% of it, food and beverage 29.5%, other income about 10% and condominium sales 1.6%.
Price history
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HST +67.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Rooms | $3.61B | 59% |
| Food and beverage | $1.80B | 29.5% |
| Other | $604.0M | 9.9% |
| Condominium sales | $99.0M | 1.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.64B, up 3.4% from a year earlier, and net income was $237.0M (+7.2%).
- For fiscal 2025, revenue was $6.11B (+7.6% year over year; +30.4% a year from FY2020 to FY2025) with a 12.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +30.4% good |
|---|---|
| Operating margin | 14% watch |
| Free cash flow margin | 20.1% good |
| Return on equity (FY2025) | 11.7% watch |
| Return on assets (FY2025) | 5.9% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.62B | $-732.0M | $-650.0M |
| FY2021 | $2.89B | $-11.0M | $-1.0M |
| FY2022 | $4.91B | $633.0M | $1.11B |
| FY2023 | $5.31B | $740.0M | $1.25B |
| FY2024 | $5.68B | $697.0M | $1.24B |
| FY2025 | $6.11B | $765.0M | $1.23B |
Valuation snapshot
| Market value | $17.52B |
|---|---|
| P/E ratio | 23.2 |
| Dividend yield | 3.72% |
Rank among 1514 US companies
Market value at each year end
Host Hotels & Resorts’s market value went from $13.94B at the end of 2016 to $17.52B on Nov 2, 2026, up 26%; since the end of 2025 it is up 44%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $17.52B | +43.7% |
| 2025 | $12.19B | -0.4% |
| 2024 | $12.25B | -10.8% |
| 2023 | $13.73B | +19.7% |
| 2022 | $11.48B | -7.6% |
| 2021 | $12.42B | +20.3% |
| 2020 | $10.32B | -22.4% |
| 2019 | $13.30B | +7.5% |
| 2018 | $12.37B | -15.8% |
| 2017 | $14.69B | +5.4% |
| 2016 | $13.94B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HST price data to Nov 2, 2026 | +48.3% | +67.3% | +22.5% | +12.9% | +9.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +48.3% |
| 2025 | +7.3% |
| 2024 | -5.5% |
| 2023 | +27.5% |
| 2022 | -4.6% |
| 2021 | +18.9% |
| 2020 | -19.8% |
| 2019 | +16.6% |
| 2018 | -12.2% |
| 2017 | +10.2% |
| 2016 | +29.3% |
| 2015 | -32.5% |
| 2014 | +26.5% |
| 2013 | +27.3% |
| 2012 | +8.1% |
| 2011 | -16.5% |
| 2010 | +53.5% |
| 2009 | +58.1% |
| 2008 | -53.4% |
| 2007 | -27.2% |
| 2006 | +33.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 83.4% over that stretch · deepest drop along the way 84.4%, back to its old high 60 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.1% over that stretch · deepest drop along the way 46.4%, back to its old high 11.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.7% over that stretch · deepest drop along the way 27.5%, back to its old high 18.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($4.5M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | Michael E Lentz EVP, Development, D&C | sell | $1.3M |
| May 8, 2026 | Nathan S Tyrrell EVP, Ch. Investment Officer | sell | $1.3M |
| Aug 19, 2026 | Nathan S Tyrrell EVP, Ch. Investment Officer | sell | $788K |
| Aug 19, 2026 | Nathan S Tyrrell EVP, Ch. Investment Officer | sell | $690K |
| May 26, 2026 | Nathan S Tyrrell EVP, Ch. Investment Officer | sell | $358K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.1% | Sep 30, 2025 |
| Vanguard Portfolio Management | 8.72% | Mar 31, 2026 |
| COHEN & STEERS, INC. | 8.68% | Mar 31, 2025 |
| Vanguard Capital Management | 7.16% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 6.56% | Jun 30, 2026 |
| JPMORGAN CHASE & CO. | 4.2% | Nov 28, 2025 |
| Norges Bank | 3.1492% | Mar 31, 2026 |
ETFs with the most weight in HST
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.04% |
| JPRE JPMorgan Realty Income ETF | 2.64% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.34% |
| PSR Invesco Active U.S. Real Estate Fund | 2.08% |
| SPGP Invesco S&P 500 GARP ETF | 1.85% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 1.79% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 1.48% |
| LQAI LG QRAFT AI-Powered U.S. Large Cap Core ETF | 1.44% |
What could go wrong
- Most revenue depends on Marriott-run hotels. Hotels managed by Marriott International produce most of Host's revenue and operating income. Host doesn't control daily operations, so trouble at Marriott or poorly run hotels would hit Host directly.
- Luxury hotels suffer more in recessions. Hotel demand follows the economy. Host's mostly luxury and upper-upscale hotels rely on business and high-end leisure travelers, who often cut trips in hard times, so revenue may fall faster than at cheaper hotels.
- Concentrated in a few big cities. A large share of Host's hotels sit in a small number of major US cities. A local slump, disaster or event that keeps visitors away could do outsized damage.
- Costs don't fall when revenue does. Many hotel costs stay the same when bookings fall, and labor costs are hard to cut, especially at unionized hotels. Strikes or rising wages can also squeeze profits.
- Debt and higher interest rates. Host had about $5.1 billion of debt at December 31, 2025. REITs pay out most of their income, so growth relies on outside money. Higher rates raise interest costs and can make refinancing harder.
- Disasters, climate and insurance gaps. Wildfires, hurricanes and extreme weather can damage hotels and keep travelers away. The company cites the 2023 Maui and 2025 Southern California wildfires. Some potential losses are not covered by insurance.
Recent events
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Quarterly results released
For income and retirement investors
Host's dividend record is short and uneven. It paid $0.20 a share in 2020, a year with a $732 million net loss, and nothing in 2021. Payments restarted at $0.53 in 2022, held at $0.90 in 2023 and 2024, and rose to $0.95 in 2025, a one-year run of increases. Dividends paid in 2025 equaled about 81% of net income and 51% of free cash flow (cash from operations after capital spending). The yield was 3.76% as of October 28, 2026. Host also spent $521 million on buybacks over fiscal 2021–2025, and its share count fell about 4% between November 2021 and August 2026.
The stock has fallen hard in downturns. It dropped about 84% in the 2008 financial crisis and took about 60 months to recover. It fell 46% in the 2020 COVID crash (about 11 months to recover) and 28% in the 2022 bear market (about 18 months). Single stocks carry more risk than diversified funds.
Questions investors ask
How does Host Hotels & Resorts make money?
Host makes money by owning upscale hotels and collecting what guests spend there. In fiscal 2025, revenue was about $6.1 billion. Rooms brought in 59%, food and beverage 29.5%, other income about 10% and condominium sales 1.6%. As of February 20, 2026, Host owned 76 mainly luxury and upper-upscale hotels with about 41,700 rooms, nearly all in the US. Outside managers, chiefly Marriott International, run the hotels day to day.
Does Host Hotels & Resorts raise its dividend every year?
No. Host paid $0.20 a share in 2020 and nothing in 2021. Payments restarted at $0.53 in 2022, held at $0.90 in 2023 and 2024, and rose to $0.95 in 2025, a one-year streak of increases. The yield was 3.76% as of October 28, 2026. REIT rules require paying out at least 90% of taxable income, so the dividend depends heavily on how the hotels perform.
Is Host Hotels & Resorts a REIT?
Yes. Host is a self-managed real estate investment trust (REIT). That is a company that owns property and must pay out at least 90% of its taxable income to shareholders each year. Host Inc. was incorporated in Maryland in 1998. It owns its hotels through Host L.P., an operating partnership in which it held about 99% of the units as of December 31, 2025. Because it pays out so much, Host relies partly on borrowing and share sales to fund growth.
Is Host Hotels owned by Marriott?
No. Host is an independent, publicly traded REIT. Its largest reported shareholders include BlackRock (9.1% as of September 30, 2025), Vanguard and Cohen & Steers. It was once named Host Marriott Corp., and the tie is still close. Host is one of the largest owners of Marriott and Hyatt hotels, and hotels managed by Marriott International produce most of its revenue and operating income. That makes Marriott's performance a key risk for Host shareholders.
How has Host Hotels stock performed?
Over the year to October 28, 2026, HST's share price rose 62.4%. Over the same dates it averaged 13.2% a year over five years and 9.5% a year over ten years. The stock is volatile. It fell about 84% in the 2008 financial crisis and took about 60 months to recover. It lost about 46% in the 2020 COVID crash, a bigger drop than the broad market's 36%. Past returns don't predict future results.