Host Hotels & Resorts forecasts 2024 revenue above estimates on business travel recovery

By Thomson Reuters Feb 21, 2024 | 5:57 PM

(Reuters) – Real estate investment trust Host Hotels & Resorts forecast on Wednesday its 2024 revenue to be higher than Wall Street estimates, anticipating a continued recovery in demand for business travel.

U.S. travel companies have been benefiting from increased demand, primarily from small- and medium-sized enterprises.

Host Hotels & Resorts, which owns about 72 properties in the U.S. and five internationally, expects a full-year 2024 revenue between $5.59 billion and $5.74 billion, compared with expectations of $5.49 billion, according to LSEG data.

It expects 2024 adjusted funds from operations (FFO) to be between $1.92 and $2.04 per share. Analysts expected an adjusted FFO of $1.94 apiece.

The Bethesda, Maryland-based company reported a fourth-quarter adjusted FFO of 44 cents per share, in line with analysts’ expectations.

Total quarterly revenue increased by about 5% to $1.32 billion, above analysts’ expectations of $1.29 billion.

(Reporting by Aishwarya Jain and Kannaki Deka in Bengaluru; Editing by Alan Barona)