Host Hotels & Resorts beats Q1 estimates on higher business travel demand
May 1 (Reuters) -Host Hotels & Resorts HST.O raised its 2024 per share forecast for funds from operations on Wednesday, as business travel demand continues to recover.
U.S. travel companies have been benefiting from increased business demand from large enterprises, whose bookings for group travel sometimes exceed 300 rooms per trip.
Host, which has a portfolio that includes hotels such as Hyatt and Marriott's Ritz Carlton, now expects full-year adjusted funds from operations between $1.97 and $2.05 per share, compared with $1.92 to $2.04 per share expected previously.
The Bethesda, Maryland-based real estate investment trust reported first-quarter adjusted FFO per share - a key metric that measures a REIT's cash flow - of 60 cents. Analysts on average were expecting adjusted FFO of 55 cents per share, according to LSEG data.
"Banquet revenues led our performance, driven by improvements in group business and continued strong demand in food and beverage," CEO James Risoleo said.
The company reported first-quarter revenue of $1.47 billion, up 6.5% from last year and above analysts' estimate of $1.42 billion, according to LSEG data.
Reporting by Aishwarya Jain and Ananta Agarwal; Editing by Pooja Desai
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