The nation's largest lodging REIT reported earnings and acquisitions for its second quarter of 2011.
The Bethesda-based Host Hotels & Resorts, Inc (NYSE: HST) said revenues totaled $1.37 billion and net income for the quarter of $83 million or $0.11 cents per diluted share, besting $64 million in the same quarter last year.
NAREIT Funds From Operations (“FFO”) per diluted share was $0.32 cents per share. The average analyst estimate was a penny higher at $0.33 per share on revenues of $1.36 billion.
On July 16, 2012, the company made a large acquisition in its home base in the D.C. area. The Grand Hyatt Washington, D.C. was purchased for an estimated $400 million. The hotel includes 43,000 square feet of meeting space and 888 guest rooms.
Host Hotels expects its 2012 full year to have earnings per diluted share in the range of approximately $.14 to $.19; net income from $104 million to $140 million; and NAREIT FFO per diluted share of approximately $1.00 to $1.05.