Host Hotels & Resorts cuts full-year adjusted FFO forecast on normalizing leisure travel demand
July 31 -Real estate investment trust Host Hotels & Resorts HST.O cut its forecast for 2024 adjusted funds from operations (FFO) on Wednesday, citing normalizing leisure travel demand and slower-than-expected recovery from the wildfires in Maui.
Shares of the company were down nearly 5% in extended trading.
Leisure travel demand in the U.S. has been moderating after the post-pandemic "revenge travel" spike and many travel companies are turning to international destinations to offset domestic losses.
The Maryland-based REIT now expects full-year adjusted FFO to be in the range of $1.90 to $1.98 per share, compared to its prior forecast range of $1.97 to $2.05 per share.
Host Hotels, whose portfolio includes hotels such as Hyatt and Marriott's Ritz Carlton, reported second-quarter adjusted FFO of 57 cents per share, compared to analysts' estimate of 55 cents per share.
Total quarterly revenue was $1.46 billion, up about 5% from a year earlier and in line with analysts' estimates, as per LSEG data.
Reporting by Ananta Agarwal in Bengaluru; editing by Alan Barona
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