Q4 2023 Host Hotels & Resorts Inc Earnings Call

February 22, 2024

Call over to Jamie Marcus Senior Vice President of Investor Relations.

Thank you and good morning, everyone. Before we begin please note that many of the comments made today are considered to be forward looking statements under federal Securities laws.

As described in our filings with the SEC. These statements are subject to numerous risks and uncertainties.

It could cause future results to differ from those expressed.

And we are not obligated to publicly update or revise these forward looking statements.

Good morning, and welcome to the host hotels <unk> resorts fourth quarter 2023 earnings conference call.

In addition on today's call, we will discuss certain non-GAAP financial information such as <unk>, adjusted EBITDA, Ari and comparable hotel level results.

Today's conference is being recorded.

At this time I'd like to turn the call over to Jamie market Senior Vice President of Investor Relations.

You can find this information together with reconciliations to the most directly comparable GAAP information in Yesterdays earnings press release.

Thank you and good morning, everyone.

Four we begin please note that many of the comments made today are considered to be forward looking statements under federal Securities laws.

In our 8-K filed with the SEC.

And in the supplemental financial information on our website at host hotels Dot com.

As described in our filings with the SEC. These statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and.

With me on today's call are Jim <unk>, President and Chief Executive Officer.

And we are not obligated to publicly update or revise these forward looking statements.

<unk> Executive Vice President and Chief Financial Officer.

In addition on today's call, we will discuss certain non-GAAP financial information such as <unk>, adjusted EBITDA, Ari and comparable hotel level results.

With that I would like to turn the call over to Jim.

Thank you, Jamie and thanks to everyone for joining us this morning.

2023 was a terrific year for host on several fronts.

You can find this information together with reconciliations to the most directly comparable GAAP information in Yesterdays earnings press release.

First we delivered strong operational improvements driven largely by occupancy increases a continued rate growth.

In our 8-K filed with the SEC.

Second we completed the work on the three strategic objectives, we established in 2021, and we will continue to realize the benefits of our ongoing efforts well into the future.

And in the supplemental financial information on our website at host hotels Dot com.

With me on today's call are Jim <unk>, President and Chief Executive Officer.

Oh, Gosh, executive Vice President and Chief Financial Officer.

Third.

We returned significant capital to stockholders in the form of dividends and share repurchases continue to successfully allocate capital through reinvestment in our portfolio and announced an agreement with Hyatt to complete transformational renovations at six properties in our portfolio.

With that I would like to turn the call over to Jim.

Thank you, Jamie and thanks to everyone for joining us this morning.

2023 was a terrific year for host on several fronts.

First we delivered strong operational improvements driven largely by occupancy increases and continued rate growth.

Lastly, we maintained an investment grade balance sheet and continue to position host to capitalize on the significant growth opportunities, we see in the lodging space.

Second we completed the work on the three strategic objectives, we established in 2021, and we will continue to realize the benefits of our ongoing efforts well into the future.

Including potential acquisition opportunities.

Turning to our results.

We finished 2023 above the midpoint of our full year guidance range, we delivered adjusted EBITDA.

Third.

A $1 billion $629 million and adjusted <unk> per share of $1 92.

Comparable hotel total Revpar grew eight 3% and comparable hotel Revpar grew eight 1% compared to 2022.

Lastly, we maintained an investment grade balance sheet and continue to position host.

Notably comparable hotel EBITDA margin was 60 basis points ahead of 2019 due in large part to our efforts to redefine the hotel operating model with our managers.

Capitalize on the significant growth opportunities, we see in the lodging space, including potential acquisition opportunities.

Turning to our results. We finished 2023 above the midpoint of our full year guidance range. We delivered adjusted EBITDA of our E $1.629 billion and adjusted <unk> per share of $1 92.

During the fourth quarter, we delivered adjusted EBITDA R E of $378 million and adjusted <unk> per share of <unk> 44.

Which includes $26 million of business interruption proceeds from Hurricane Irma.

Comparable hotel total Revpar grew eight 3% and comparable hotel Revpar grew eight 1% compared to 2022.

Comparable hotel Revpar improved one 5% compared to the fourth quarter of 2022.

Our revpar performance for the quarter was driven by an increase in both occupancy and rate.

Notably comparable hotel EBITDA margin was 60 basis points ahead of 2019 due in large part to our efforts to redefine the hotel operating model with our managers.

Despite an estimated 30 basis point impact from the wildfires in Maui, our fourth quarter comparable hotel EBITDA margin of 28, 1% was flat to 2019.

During the fourth quarter, we delivered adjusted EBITDA, our E $378 million and adjusted <unk> per share of 44 cents, which includes $26 million of business interruption proceeds from hurricane in.

This marks the seventh consecutive quarter since the onset of the pandemic that we have achieved total revpar revpar comparable hotel EBITDA and margins at or above 2019 levels.

Comparable hotel Revpar improved 1.5% compared to the fourth quarter of 2022.

I will say that one more time.

We have delivered operating metrics at or above 2019 levels for nearly two years.

Our revpar performance for the quarter was driven by an increase in both occupancy and rate.

As a reminder.

Despite an estimated 30 basis point impact from the wildfires in Maui, our fourth quarter comparable hotel EBITDA margin of 28, 1% was flat to 2019.

The operational results discussed today refer to our comparable hotel portfolio in 2023.

Which excludes Hyatt coconut point and Ritz Carlton Naples.

In 2024, our comparable hotel portfolio only excludes Ritz Carlton Naples.

This marks the seventh consecutive quarter since the onset of the pandemic that we have achieved total revpar.

During the fourth quarter, our portfolio results were once again impacted by the evolving nature of demand at our three resorts on Maui.

Revpar comparable hotel EBITDA.

And margins at or above 2019 levels.

I will say that one more time.

We estimate that the Maui wildfires impacted fourth quarter comparable hotel Revpar by 130 basis points comparable hotel total revpar by 150 basis points comparable hotel EBITDA by $9 million and comparable hotel EBITDA margin by 30 basis points.

We have delivered operating metrics at or above 2019 levels for nearly two years.

As a reminder.

The operational results discussed today refer to our comparable hotel portfolio in 2023.

Which excludes Hyatt coconut point and Ritz Carlton Naples.

For the full year, we estimate the Maui impacted our comparable hotel revpar by 50 basis points.

In 2024, our comparable hotel portfolio only excludes Ritz Carlton Naples.

Comparable hotel total revpar by 70 basis points comparable hotel EBITDA by $13 million and comparable hotel EBITDA margin by 10 basis points.

During the fourth quarter, our portfolio results were once again impacted by the evolving nature of demand at our three resorts on Maui.

Including our joint venture Timeshare, we estimate the Maui impacted adjusted EBITDA by.

By $15 million in the fourth quarter and $22 million for the full year.

Our risk management team is continuing to engage with our insurers about potential business interruption coverage in Maui.

And the timing and amount of any potential proceeds are not yet known.

For the full year, we estimate the Maui impacted our comparable hotel revpar by 50 basis points.

Shifting to another market that remains top of mind.

Comparable hotel total revpar by 70 basis points comparable hotel EBITDA by $13 million and comparable hotel EBITDA margin by 10 basis points.

San Francisco results showed meaningful year over year improvement in the fourth quarter.

Revpar was up 10% driven by both rate and occupancy and F&B revenue was up 15%.

Group business is driving the strong results with group room revenue up 36% for the fourth quarter compared to last year as our properties have shifted their focus to in house groups until the citywide calendar improves in 2025.

We have seen positive trends from 2023, continuing in the first quarter of 2024 with.

Potential proceeds are not yet known.

With conventions driving weekday demand.

Shifting to another market there remains top of mind.

In fact January was the best month in the history of the San Francisco Marriott, Marquis with total revenue and EBITDA setting all time records.

San Francisco results showed meaningful year over year improvement in the fourth quarter.

Revpar was up 10% driven by both rate and occupancy and F&B revenue was up 15%.

Briefly looking at out of room spend in the fourth quarter comparable hotel food and beverage and other revenues were down slightly due to impacts from Maui, we estimate the Maui impacted fourth quarter F&B and other revenues by 60 basis points and 540 basis points respectively.

Encouragingly the out of room revenue trends, we have seen post pandemic remain elevated for the rest of our portfolio.

We have seen positive trends from 2023, continuing in the first quarter of 2024.

With conventions driving weekday demand in.

In addition to driving strong revpar growth and operating improvements across the business. We continue to be recognized as a global leader in corporate responsibility over the course of 2023.

In fact January was the best month in the history of the San Francisco Marriott Marquis with total revenue in EBITDA setting all time records.

We introduced new 2030, environmental and social targets, which are aligned with our vision of becoming a net positive company by 2015.

Briefly looking at out of room spend in the fourth quarter comparable hotel food and beverage and other revenues were down slightly due to impacts from Maui, we estimate the Maui impacted fourth quarter F N b and other revenues by 60 basis points and 540 basis points respectively.

Incorporate the progress made toward our prior goals and are more reflective of our current portfolio by updating our baseline to 2019.

Encouragingly the out of room revenue trends, we have seen post pandemic remain elevated for the rest of our portfolio.

These environmental and social targets will enable our team to focus on and measure our progress over the long term.

Our 2030 environmental targets are in their third generation and put hosts on a linear path to net zero operations by 2040, leaving 10 years to get to net positive by 2050.

In addition to driving strong revpar growth and operating improvements across the business. We continue to be recognized as a global leader in corporate responsibility over the course of 2023.

We introduced new 2030, environmental and social targets, which are aligned with our vision of becoming a net positive company by 2015.

We now have 14 properties with lead certification and projects in the pipeline at 19 properties. In addition, we are the only lodging REIT to have green building certifications linked to our sustainable financings.

Incorporate the progress made toward our prior goals and are more reflective of our current portfolio by updating our baseline to 2019.

And this year's corporate responsibility report, we highlighted our asset level climate risk assessment across three near term climate perils, including flood wind in wildfire and three long term perils, including heat cold and water stress based.

These environmental and social targets will enable our team to focus on and measure our progress over the long term.

Our 2030 environmental targets are in their third generation and put hosts on a linear path to net zero operations by 2040, leaving 10 years to get to net positive by 2050.

Based on the results, we have identified assets with elevated climate risk and their corresponding EBITDA contributions, which allows us to prioritize capital investments and resilience and better underwrite potential acquisitions.

We now have 14 properties with lead certification in projects in the pipeline and 19 properties. In addition, we are the only lodging REIT to have green building certifications linked to our sustainable financings.

Our 2030, social targets are in their second generation and now include two responsible supply chain targets around supplier diversity and responsible sourcing and one new community impact target as an employer of choice, we aimed to lead our industry by integrating diversity equity inclusion.

<unk> and belonging best practices into all aspects of our culture.

Turning to capital allocation, we repurchased one 9 million shares at an average price of $16 50 per share in the fourth quarter.

For the full year, we repurchased 11 4 million shares at an average price of $15 93 per share for a total of $181 million.

Our 2030, social targets are in their second generation and now include two responsible supply chain targets around supplier diversity and responsible sourcing and one new community impact target as an employer of choice. We aim to lead our industry by integrating diversity equity inclusion.

We have approximately $792 million of remaining capacity under the repurchase program.

In the fourth quarter, we declared a quarterly cash dividend of <unk> 20 per share and an 11% increase over the prior quarter.

<unk> and belonging best practices into all aspects of our culture.

We also announced a special dividend of <unk> 25 per share, bringing the total dividends declared for the year to <unk> 90 per share.

Turning to capital allocation, we repurchased one 9 million shares at an average price of $16 50 per share in the fourth quarter.

In total we returned over $700 million of capital to shareholders in 2023.

For the full year, we repurchased 11 4 million shares.

Additionally, in the fourth quarter, the buyer of the Sheraton, New York repaid the $250 million seller financing loan we provided to effectuate the disposition.

At an average price of $15 93 per share for a total of $181 million, we have approximately $792 million of remaining capacity under the repurchase program.

Our size scale and balance sheet have allowed us to provide seller financing on three recent dispositions at a time when debt capital was scarce further demonstrating that our fortress balance sheet and unparalleled access to capital creates unique opportunities and substantial value for shareholders.

In the fourth quarter, we declared a quarterly cash dividend of <unk> 20 per share and an 11% increase over the prior quarter.

We also announced a special dividend of 25 cents per share, bringing the total dividends declared for the year to <unk> 90 per share in total we returned over $700 million of capital to shareholders in 2023.

Turning back to fourth quarter operations.

Our overall business mix results were skewed by Molly as leisure transient demand decreased and group demand increased driven by recovery and relief groups outside.

Additionally, in the fourth quarter, the buyer of the Sheraton, New York repaid the $250 million seller financing loan we provided to effectuate the disposition.

Outside of this temporary demand shift business mixed results were as expected.

Group led the growth with nearly 1 million group room nights sold in the fourth quarter.

Bringing our total group nights sold for 2023 to $4 1 million or 112% a comparable 2022 actual group room nights.

Business transient continued its gradual improvement with 7% revenue growth for the quarter and leisure remaining strong with transient rates at our resorts up 58% to 2019, including our three Maui resorts.

Turning back to fourth quarter operations.

Our overall business mix results were skewed by Molly as leisure transient demand decreased in group demand increased driven by recovery and relief groups.

As we look at the current backdrop for our business. We are optimistic about 2024 for several reasons.

Outside of this temporary demand shift business mix results were as expected.

Group led the growth with nearly 1 million group room nights sold in the fourth quarter.

First macroeconomic sentiment is incrementally more positive with consensus expectations of a soft landing.

Bringing our total group nights sold for 2023 to $4 1 million or 112%, our comparable 2022 actual group room nights.

Supply levels and anticipated growth in supply is at historically low levels in our markets and chain scales.

Third we expect tailwind from increased airline capacity.

Continued improvement in the international inbound demand imbalance and lastly, the transactions market is expected to pick up.

As improved macroeconomic sentiment allows for more visibility on operating performance.

As we look at the current backdrop for our business. We are optimistic about 2024 for several reasons.

The market is expecting that we will see rate cuts later this year.

As we consider these factors we believe host is best positioned to capitalize on acquisition opportunities with $2 9 billion of total available liquidity and net leverage of one nine times.

First macroeconomic sentiment is incrementally more positive with consensus expectations of a soft landing.

Supply levels and anticipated growth in supply is at historically low levels in our markets and chain scales.

In addition, we have completed 24 transformational renovations and four development ROI projects, which we believe provide meaningful tailwind for our portfolio.

Third we expect tailwind from increased airline capacity and continued improvement in the international inbound demand imbalance and lastly, the transactions market is expected to pick up.

Looking at results to date of the 10 hotels that have stabilized post renovation operations. The average Revpar index share gain is eight two points, which is well in excess of our targeted gain of three to five points.

As improved macroeconomic sentiment allows for more visibility on operating performance and the market is expecting that we will see rate cuts later this year.

We are also continuing to reinvest in our portfolio with additional comprehensive renovations and resiliency investments underway and we do not expect meaningful disruption this year.

As we consider these factors we believe host is best positioned to capitalize on acquisition opportunities with $2.9 billion of total available liquidity and net leverage of one nine times.

And most importantly, we believe the diverse demand drivers in our portfolio leave us well positioned for top line growth.

In addition, we have completed 24 transformational renovations and four development ROI projects, which we believe provide meaningful tailwind for our portfolio.

So Rob will discuss more operational detail in our 2020 for our outlook in a few minutes.

Turning to portfolio reinvestment in 2023.

Invested nearly $650 million and capital expenditures at our properties completing renovations to approximately 3500, Guestrooms 111000 square feet of meeting space and approximately 110000 square feet of public space in.

We are also continuing to reinvest in our portfolio with additional comprehensive renovations and resiliency investments underway and we do not expect meaningful disruption this year.

In addition, we substantially completed property restorations following hurricane Ian.

And most importantly, we believe the diverse demand drivers in our portfolio leave us well positioned for top line growth.

In 2020 for our capital expenditure guidance range is $500 million to $605 million.

So Rob will discuss more operational detail in our 2020 for our outlook in a few minutes.

Which reflects approximately $225 million to $280 million of investment for redevelopment repositioning and ROI projects.

Turning to portfolio reinvestment in 2023, we invested nearly $650 million and capital expenditures at our properties completing renovations to approximately 3500, Guestrooms 111000 square feet of meeting space and approximately 110.

Within the Hyatt transformational capital program, we have already started renovations at the Grand Hyatt Atlanta, and the Grand Hyatt Washington.

Which we expect to complete in the first half of 2025.

We will also start transformational renovations at the Hyatt Regency Reston in the fourth quarter of this year.

10000 square feet of public space.

In addition, we substantially completed property restorations following hurricane Ian.

Other major ROI projects include the completion of renovations at the Hilton singer Island resort.

In 2020 for our capital expenditure guidance range is $500 million to $605 million with.

And the construction of the Phoenician Canyon suites Villa expansion.

In addition to our capital expenditure investments, we expect to spend $50 million to $70 million on our luxury condominium development at four seasons resort Orlando at Walt Disney World Resort this year.

Which reflects approximately $225 million to $280 million of investment for redevelopment repositioning and ROI projects.

Within the Hyatt transformational capital program, we have already started renovations at the Grand Hyatt Atlanta, and the Grand Hyatt, Washington, which we expect to complete in the first half of 2025.

We expect to benefit from approximately $9 million of operating profit guarantees related to the Hyatt transformational capital program, which will offset the expected revenue disruption at those properties for 2024.

We will also start transformational renovations at the Hyatt Regency Reston in the fourth quarter of this year.

We are extremely proud of our operational and financial performance in 2023, and the iconic portfolio and balance sheet, we have built and maintained.

Other major ROI projects include the completion of renovations at the Hilton singer Island resort and the construction of the Phoenician Canyon suites Villa expansion.

Our people our platform and our portfolio have allowed us to create meaningful shareholder value and we are confident in the significant opportunities ahead for continued growth and value creation in 2024.

In addition to our capital expenditure investment, we expect to spend $50 million to $70 million on our luxury condominium development at four seasons resort Orlando at Walt Disney World Resorts This year.

With that I will now turn the call over to Suraj.

Thank you Jim and good morning, everyone building on Jim's comments I will go into detail on our fourth quarter operations full year 2020, full guidance and our balance sheet.

We are extremely proud of our operational and financial performance in 2023, and the iconic portfolio and balance sheet, we have built and maintained.

Starting with business mix overall transient revenue was down 5% compared to the fourth quarter of 2022, driven by the evolving nature of demand in Melbourne.

We estimate that <unk> had a 590 basis point impact to transient revenue, which was evenly split between demand and rate.

We were encouraged that transient rate at our resorts grew 2% above last year's tough comparisons despite the demand impact on Maui and renovation disruption.

With that I will now turn the call over to Suraj.

Looking ahead to spring break transient revenue pace is up for our portfolio compared to the same time last year, driven by occupancy and rate growth at our resorts.

Thank you Jim and good morning, everyone building.

Outside of Maui resort transient revenue pace for spring break is up 20%.

Business transient revenue was up over 7% to the fourth quarter of 2022, driven by both rate and demand growth at our downtown properties.

Business transient demand continued its slow and steady recovery.

Room nights at our downtown properties were down 15% in the fourth quarter compared to 2019, which is the smallest gap to the 2019 post pandemic.

For the full year business transient demand grew 12% over 2022.

In 2024, we expect further demand growth driven by large corporates alongside rate growth in the mid single digits.

Turning to group 2023 was the year of group and Convention Hotel recovery.

For the full year group room revenues increased 21% over last year and room night volume recovered to 95% of 2019 levels.

It is worth noting that our group results were positively skewed by disaster and recovery bookings in Maui.

Excluding Meli group room night volume recovered to 94% of 2019 levels.

Group room revenue exceeded 2022 by 13% in the fourth quarter, driven by an increase in both rate and room nights and we estimate roughly half of that growth can be attributed to recovery and relief groups on Maui.

Outside of Meli hotels in San Francisco, Boston D C and Seattle contributed to the group room night increase.

Notably November the APAC conference in San Francisco drove results with an estimated 41 citywide group room nights.

Looking ahead to 2024, we have $3 1 million definite group room nights on the books, representing a 16% increase since the third quarter, putting US ahead of where we were this time last year.

Total group revenue pace is up 10% over the same time last year, driven by rate room nights and banquets.

We continue to be encouraged by the ongoing strength of group business as evidenced by strong pace lengthening booking windows and double digit citywide room night pace in key markets, such as New Orleans, San Diego, Seattle and D C.

Shifting gears to margins as expected margin declines year over year were driven by increases in wages and benefits fixed expenses as well as moderating attrition and cancellation revenues and impacts from metal.

Despite these headwinds full year 2023 comparable hotel EBITDA margin was 31% representing a 60 basis point increase over 2019.

Our ability to achieve this margin expansion as a result of our efforts to redefine the operating model and is indicative of our strong execution, particularly when considering the total comparable hotel expenses have only grown 7% in the last four years and occupancy is still eight points below 2019.

Turning to our outlook for 2024, the midpoint of our guidance contemplates a stable operating environment with continued improvement in group business. A continued gradual recovery in business transient steady leisure transient demand and the continued evolution of demand on Maui as the island recovers from the recent wildfires.

Thanks.

At the low end, we have assumed slower group pickup and softer leisure transient and at the high end, we have assumed a faster recovery at our Maui resort and increased group pickup.

For full year 2024, we anticipate comparable hotel revpar growth of between two 5% and five 5% over 2023.

We expect comparable hotel EBITDA margins to be down 120 basis points year over year at the low end of our guidance to down 40 basis points at the high end.

Notably, we expect margins to be down only 20 basis points at the midpoint versus 2019, Despite a 50 basis point margin impact from metal.

In terms of Revpar growth cadence for the year, we expect comparable hotel revpar growth to be in the low single digits in the first half of the year due to tough comparisons to 2023, which saw a surge in recovery of downtown markets, driven by improving new business and elevated leisure demand.

We expect mid single digit comparable hotel revpar growth in the second half of the year as a result of strong group booking pace.

Basis points year over year at the low end of our guidance to down 40 basis points at the high end.

Less renovation disruption compared to the second half of 2023, and the diminishing impact of the Maui wildfires.

Notably, we expect margins to be down only 20 basis points at the midpoint versus 2019, Despite a 50 basis point margin impact from metal.

For January we expect comparable hotel revpar to be approximately $187, a one 4% improvement over 2023.

In terms of Revpar growth cadence for the year, we expect comparable hotel revpar growth to be in the low single digits in the first half of the year due to tough comparisons to 2023.

At the midpoint of our guidance range, we anticipate comparable hotel revpar growth of 4% compared to 2023, and our comparable hotel EBITDA margin of 29, 3%, which is 80 basis points below 2023.

Saw a surge in recovery of downtown markets, driven by improving new business and elevated leisure demand.

As we think about bridging our 2023 results.

We expect mid single digit comparable hotel revpar growth in the second half of the year as a result of strong group booking pace less renovation disruption compared to the second half of 2023, and the diminishing impact of the Maui wildfires.

24, we estimate that Maui is impacting comparable hotel revpar by 100 basis points and comparable hotel EBITDA margin by 50 basis points.

We also expect a 15 basis point impact to margins from moderating attrition and cancellation revenues and a 45 basis point impact from property taxes and insurance.

For January we expect comparable hotel revpar to be approximately $187, a one 4% improvement over 2023.

At the midpoint of our guidance range, we anticipate comparable hotel revpar growth of 4% compared to 2023, and our comparable hotel EBITDA margin of 29, 3%, which is 80 basis points below 2023.

In 2024, we expect wage rates to increase approximately 5% for context in 2023 wages and benefits comprised approximately 50% of our total comparable hotel expenses in attrition and cancellation revenues were $75 million.

As we think about bridging our 2023 results to 2024, we estimate that Maui is impacting comparable hotel revpar by 100 basis points and comparable hotel EBITDA margin by 50 basis points. We also expect a 15 basis point impact to margins from modern.

Which is approximately 50% higher than 2019.

Our 2020 for full year adjusted EBITDA midpoint is $1.635 billion.

This includes an expected additional $10 million from business interruption proceeds related to hurricane Ian and an estimated $60 million contribution from operations at the Ritz Carlton Naples, which is excluded from our comparable hotel set in 2024.

Waiting attrition and cancellation revenues and a 45 basis point impact from property taxes and insurance.

In 2024, we expect wage rates to increase approximately 5%.

It is important to note that we have not included any assumption for business interruption proceeds from the Maui wildfires in our 2020 for guidance.

For context in 2023 wages and benefits comprised approximately 50% of our total comparable hotel expenses and attrition and cancellation revenues were $75 million, which is approximately 50% higher than 2019.

Turning to our balance sheet and liquidity position our weighted average maturity is four two years at a weighted average interest rate of four 5%.

Our 2020 for full year adjusted EBITDA midpoint is $1.635 billion.

We have a balanced maturity schedule with our next maturity of $400 million coming due in April 2024.

We are closely monitoring the debt capital markets and we believe our balance sheet provides us with optionality and flexibility.

As Jim noted, we have $2 9 billion and total available liquidity, which includes $217 million of <unk> reserves and full availability of our $1 5 billion credit facility.

It is important to note that we have not included any assumption for business interruption proceeds from the Maui wildfires in our 2020 for guidance.

We ended 2023 at one nine times net leverage and since our last call Fitch upgraded the company's issuer rating from Triple B minus to Triple B with a stable outlook returning hosts to its pre pandemic rating level.

Turning to our balance sheet and liquidity position our weighted average maturity is four two years at a weighted average interest rate of four 5%.

We have a balanced maturity schedule with our next maturity of $400 million coming due in April 2024.

Wrapping up in January we paid a quarterly cash dividend of <unk> 20 per share and a special dividend of <unk> 25.

We are closely monitoring the debt capital markets and we believe our balance sheet provides us with optionality and flexibility.

Returning to our pre pandemic quarterly payout level.

The board of directors authorized a quarterly cash dividend of <unk> 20 on a common stock to be paid on April 15, 2024 to stockholders of record on March 28, 2024, as always future dividends are subject to approval by the company's board of directors.

As Jim noted, we have $2 9 billion and total available liquidity, which includes $217 million of <unk> reserves and full availability of our $1 5 billion credit facility.

We ended 2023 at one nine times net leverage and since our last call Fitch upgraded the company's issuer rating from Triple B minus to Triple B with a stable outlook returning close to its pre pandemic rating level.

To conclude we are proud of our achievements in 2023, and we believe our best in class portfolio and balance sheet leaves us uniquely positioned to capitalize on opportunities for growth in the future.

With that we would be happy to take your questions to ensure we have time to address as many questions as possible. Please limit yourself to one question.

Wrapping up in January we paid a quarterly cash dividend of <unk> 20 per share and a special dividend of <unk> 25.

Returning to our pre pandemic quarterly payout level.

Certainly everyone. At this time, we'll be conducting a question and answer session. If you have any questions or comments. Please press star one on your phone at this time.

The board of directors authorized a quarterly cash dividend of <unk> 20 on our common stock to be paid on April 15, 2024 to stockholders of record on March 28, 2024, as always future dividends are subject to approval by the company's board of directors.

We do have our posing your question. Please pickup your handset if you're listening on speaker phone to provide optimum sound quality we.

We do ask that all participants please ask one question.

Once again, if you have any questions or comments. Please press star one on your phone.

To conclude we are proud of our achievements in 2023, and we believe our best in class portfolio and balance sheet leave us uniquely positioned to capitalize on opportunities for growth in the future.

Your first question is coming from Shaun Kelley from Bank of America. Your line is live.

Hi, Good morning, everyone. Thanks for taking my question.

With that we would be happy to take your questions to ensure we have time to address as many questions as possible. Please limit yourself to one question.

Jim or <unk>, maybe we could just start off with a little color on the M&A environment, you alluded to it in your prepared remarks, a little bit and obviously, we know the strength of the balance sheet, but coming out of the analyst conference how are conversations going and maybe you could just lead us a little bit on how you can really tap in.

Certainly everyone. At this time, we'll be conducting a question and answer session. If you have any questions or comments. Please press star one on your phone at this time.

We do ask our posing your question. Please pickup your handset if you're listening on speaker phone to provide optimum sound quality we.

Using your balance sheet strength to Tom marks on opportunities that others may not have in front of them at this point in the market.

We do ask that all participants please ask one question.

Sure Shaun this is Jim happy to take that question.

Once again, if you have any questions or comments. Please press star one on your phone.

I think our fortress balance sheet.

Your first question is coming from Shaun Kelley from Bank of America. Your line is live.

Really differentiates host in this space sitting here today at one nine times leverage with $2 $9 billion of liquidity is a testament to the fact that we can do it all as we have shown and Thats, how we intend to approach.

Shaun Kelley: Hi, Good morning, everyone. Thanks for taking my question.

Shaun Kelley: Jim or Suraj, maybe we could just start off with a little color on the M&A environment, you alluded to it in your prepared remarks, a little bit and obviously, we know the strength of the balance sheet, but coming out of the analyst conference how are conversations going and maybe you could just leaves us a little bit on how you can really tap in.

2024.

Wanted to be net acquirers, we want to continue to elevate the EBIT growth profile of the portfolio in 2024.

Shaun Kelley: Using your balance sheet strength to unlock some opportunities that others may not have in front of them at this point in the market.

Through acquisitions, but also through continued reinvestment in the portfolio as we've done over the past few years.

Shaun Kelley: Sure Shaun this is Jim ill happy to take that question.

You may recall that.

We acquired $1 $6 billion.

Jim: I think our fortress balance sheet.

Of assets at the beginning of the recovery in 2021, and another $315 million in 2022.

Jim: Really differentiates host in this space sitting here today at one nine times leverage were $2 $9 billion of liquidity is a testament to the fact that we can do it all as we have shown and Thats, how we intend to approach.

And over that timeframe, we've invested from 'twenty through 'twenty, three we've invested over $2 1 billion and our assets. So.

Our 16 properties under the <unk> as we noted in our prepared remarks are significantly outperforming our underwriting expectations of three to five points.

Jim: 2024.

Jim: We wanted to be net acquirers, we want to continue to elevate the EBIT growth profile of the portfolio in 2024.

Jim: Through acquisitions, but also through continued reinvestment in the portfolio as we've done over the past few years you.

The index the properties that have stabilized post operations.

Our are up two eight points or up to 10 points I'm, sorry, eight to 10 points.

Jim: You may recall that.

Jim: We acquired $1 6 billion.

And we continue to do the same.

Jim: Of assets at the beginning of the recovery in 2021, and another $315 million in 2022.

With the HCP program and 2024.

As a start now with respect to the acquisition market.

And over that timeframe, we've invested from 'twenty through 'twenty, three we've invested over $2 1 billion and our assets. So.

Frankly, there just arent a lot of properties that are currently listed for sale certainly not asset.

With interest host.

Jim: Our 16 properties under the <unk> as we noted in our prepared remarks are significantly outperforming our underwriting expectations of three to five points in yield index. The properties that have stabilized post operations.

But thats really not slowing us down at all.

Our <unk>.

Talking to our.

Ken.

Competitors in the industry, our friends in the industry and others to try to kick deals loose that our host type assets.

Jim: Our are up two eight points or up to 10 points I'm, sorry, eight to 10 points.

We are leaning on our relationships, we're leaning on our reputation on our ability to close deals all cash.

Jim: And we continue to do the same.

Jim: With the HCP program and 2024.

That really gives us a very meaningful competitive advantage.

Jim: As a start now with respect to the acquisition market.

And we believe this is a year or two to get the balance sheet to work. So we're working very hard.

Jim: Frankly, there just arent a lot of properties that are currently listed for sale.

Two to find the right sorts of assets to add to the portfolio.

Jim: Certainly not assets that were.

Jim: With interest host.

<unk>.

Jim: But thats really not slowing us down at all.

The assets that we like are those that have diverse demand drivers with a combination of group business transient and leisure.

Jim: Our <unk>.

Jim: Talking to our.

Jim:

Jim: Ken.

And we want to continue the same but at the end of the day. It really is everything that we do is to elevate the EBITDA growth profile of the portfolio now I said that there aren't a lot of assets on the market today, but.

Jim: Competitors in the industry, our friends in the industry and others to try to kick deals loose that our host type assets.

Jim: We are leaning on our relationships we're.

Jim: We're leaning on our reputation our ability to close deals all cash there.

But I believe and we believe as a team here at host that.

Jim: And that really gives us a very meaningful competitive advantage and we believe this is a year or two to get the balance sheet to work. So we're working very hard.

Under the assumption that the fed is going to start loosening interest rates in the second half of this year that that will.

Jim: Two to find the right sorts of assets to add to the portfolio.

Mark.

To bring properties to market and it's going to also.

Jim: You know the assets that we like are those that have diverse demand drivers with a combination of group business transient and leisure.

If our competition for those assets. So our point of view is we have the balance sheet. We can do it all we want to get out there we want to get ahead of the pack and I hope over the course of <unk>.

Jim: And we want to continue the same but at the end of the day.

Jim: It really is everything that we do is to elevate the EBITDA growth profile of the portfolio now I'd say that there aren't a lot of assets on the market today.

The next several months that we're going to be able to tell you that we've been an acquirer early in 2024.

Thank you very much.

Jim: But I believe and we believe as a team here at host that.

Thank you. Your next question is coming from Smedes Rose from Citi. Your line is live.

Jim: Under the assumption that the fed is going to start loosening interest rates in the second half of this year that that will.

Hi, Thank you I was wondering if you could just talk a little bit more about on the group booking side it sounds like part of your.

Jim: Mark.

Jim: To bring properties to market and it's going to also.

Improvements youre seeing that driven by you know kind of large.

Jim: Our competition for those assets. So our point of view is we have the balance sheet. We can do it all we want to get out there we want to get ahead of the pack and I hope over the course of.

Citywide conventions and the returns might be sort of association business, but could you talk about maybe just what youre seeing just more on the corporate side.

Larger leading smaller meetings more frequently than any kind of detail around that would be interesting.

Jim: The next several months that we're going to be able to tell you that we've been an acquirer early in 2024.

Sure Smedes we're.

We're doing really well on the corporate group business and that remains strong. So while association is currently coming back.

Speaker Change: Thank you very much.

Speaker Change: Thank you. Your next question is coming from Smedes Rose from Citi. Your line is live.

Plus new market, particularly with citywide coming back for 2024 in a meaningful way.

2024 city wide room night pace is around 90% of 2019 actual.

Smedes Rose: Hi, Thank you I was wondering if you could just talk a little bit more about on the group booking side it sounds like part of your.

And quite a few things are pacing ahead.

Smedes Rose: Improvements you're seeing are driven by you know kind of large.

But corporate group continues to be strong and what's also important to note is there spend on banquet and catering continues to be strong so the catering contribution at our hotels.

Smedes Rose: The wide conventions and the returns maybe sort of association business, but could you talk about maybe just what you're seeing just more on the corporate side.

Smedes Rose: Larger leading smaller meetings more frequently than any kind of detail around that would be interesting.

Has not declined year over year, and we are keeping pace.

Both from a demand perspective, but as well as from a rate perspective right now.

Smedes Rose: Sure Smedes.

Smedes Rose: We're doing really well on the corporate group business and that remains strong. So while association is currently coming back.

Pace from ADR standpoint is around 4% and we are pacing ahead of last year by three 4% in terms of room nights and on a total revenue basis. It's 10% that we are pacing ahead year over year, so pretty meaningful other markets, which are driving this for our portfolio.

Speaker Change: There's quite a few market, particularly with citywide coming back for 2024 in a meaningful way.

Speaker Change: <unk> thousand 24, citywide room night pace is around 90% of 2019 actual.

Speaker Change: And quite a few things are pacing ahead.

Specifically, the $3 1 million group room nights that we have on the books for 2024.

Speaker Change: But corporate group continues to be strong and what's also important to note is there spend on banquet and catering continues to be strong so the catering contribution at our hotels.

They include San Diego, Orlando D C, San Francisco and San Antonio those markets make up just over 50% of the $3 1 million Thats already on the books.

Speaker Change: Has not declined year over year, and we are keeping pace.

Speaker Change: Both from a demand perspective, as well as from a rate perspective right now.

The citywide pace, what's pacing well is also San Diego D C, but also Seattle, New Orleans and Miami.

Speaker Change: Pace from ADR standpoint is around 4% and we are pacing ahead of last year by three 4% in terms of the room nights and on a total revenue basis. It's 10% that we are pacing ahead year over year, so pretty meaningful are the markets, which are driving that for our portfolio.

Thank you I appreciate appreciate that.

Thank you. Your next question is coming from Robin Farley from UBS. Your line is live.

Great. Thanks, just circling back.

Your comments on.

Potential acquisition, I guess I'm surprised just given there.

Speaker Change: Specifically, the $3 1 million group room nights that we have on the books for 2024.

The maturity Sandy S maturity, some of which were pushed back in 2023 into 2024.

Speaker Change: They include San Diego, Orlando D C, San Francisco and San Antonio those markets make up just over 50% of the $3 1 million that's already on the books in terms of citywide pace. What's pacing well is also San Diego D C. But also Seattle, New Orleans and Miami.

Maybe there's not more.

For sale.

Half of 24, so I guess what.

What is your sense of kind of what's happening with those maturities and then also just curious what your current thoughts are on the type of asset location.

There has been any change in terms of what.

Speaker Change: Thank you I appreciate appreciate that.

It's what else could be looking for.

Speaker Change: Thank you. Your next question is coming from Robin Farley from UBS. Your line is lives.

Sure Robyn we track all the <unk> maturity MBS loans outstanding and the maturities.

Robin Farley: Great. Thanks, just circling back to your comments.

This year, there is about $26 billion of full service.

Robin Farley: Potential acquisition, I guess I'm surprised just given there.

Speaker Change: Maturity Sandy S maturity, some of which were pushed back in 2023 into 2024.

Loans that will be maturing and.

Hey.

I know that earlier in the pandemic there was a lot of talk of distress.

Speaker Change: Maybe there's not more kind of for sale in the first half of 'twenty four so I guess what.

Frankly, we haven't seen it materialize.

Speaker Change: What is your sense of kind of what's happening with those maturities and then also just curious what your current thoughts are on that type of asset location.

Certainly not on assets or markets that would interest us.

We'll continue to track it.

There may be pressure as we get later into the year.

Speaker Change: There's been any change in terms of what.

Because one of the things that are that other hotel owners are going to have to deal with sooner or later is reinvesting in their portfolio and as you know as I mentioned earlier.

Speaker Change: It's what else would be looking for thanks.

Sure Robin.

Speaker Change: Track, all the MBS maturities, the <unk> loans outstanding and the maturities.

In my response, we have invested significant capital in our portfolio. So we're in a really great place.

Speaker Change: This year, there is about $26 billion of foodservice.

<unk> continued to gain yield index and continue to outperform going forward.

Speaker Change: Loans that will be maturing and.

Speaker Change: I know that earlier in the pandemic there was a lot of talk of distress frankly, we haven't seen it materialize.

I think it's still TBD on distress.

But we're certainly not counting on that we're making it happen on their own right.

Speaker Change: Certainly not on assets or markets that would interest us.

Trying to capitalize on our relationships our reputation and our balance sheet.

Speaker Change: We'll continue to track it.

To be net acquirers this year.

Speaker Change: There may be pressure as we get later into the year.

Types of assets and the types of markets.

Speaker Change: One of the things that are that other hotel owners are going to have to deal with sooner or later is reinvesting in their portfolio and as you know as I mentioned earlier.

It's really it's.

There is nothing thats prescriptive per se, it's off the list.

But we are always going to be thoughtful about maintaining geographic diversification, which has served us well I think you know notwithstanding the tragedy in Maui.

Speaker Change: And my response, we have invested significant capital in our portfolio. So we're in a really great place to can you continue to gain yield index and continue to outperform going forward. So I think it's still TBD on distress.

The geographic diversification of our portfolio still allowed us to achieve eight 1% revpar growth in 2023, notwithstanding a 50 basis point.

Speaker Change: But we're certainly not counting on that we're making it happen on their own right.

Impact from the Maui wildfires.

Speaker Change: Trying to capitalize on our relationships our reputation and our balance sheet.

No.

We will continue to look at assets, where we can add value through our strong asset management and enterprise analytics capabilities assets, where we see ROI opportunities that haven't been.

Speaker Change: To be net acquirers this year.

Speaker Change: Types of assets and the types of markets.

Speaker Change: It's really it's.

Speaker Change: There is nothing thats prescriptive per se, it's off the list.

Completed by the <unk>.

Speaker Change: But we are always going to be thoughtful about maintaining geographic diversification.

Current owner.

And <unk>.

New markets.

We'll continue to look for resorts will also continue to start looking at.

Speaker Change: Which has served us well I think you know notwithstanding the tragedy in Maui.

Urban markets today, because we've seen some good solid performance out of the urban market. So I think recovery is on the way we feel good about the macro picture.

Speaker Change: The geographic diversification of our portfolio still allowed us to achieve eight 1% revpar growth in 2023, notwithstanding a 50 basis point.

There is visibility.

From an underwriting perspective.

Speaker Change: The impact from the Maui wildfires.

Let's all keep our fingers crossed that the soft landing there seems to be the consensus today does come through.

Speaker Change: No.

Speaker Change: We'll continue to look at assets, where we can add value through our strong asset management and enterprise analytics capabilities.

Great very helpful. Thank you.

Thank you. Your next question is coming from Bill Crow from Raymond James Your line is live.

Speaker Change: Assets, where we see ROI opportunities that haven't been.

Speaker Change: Completed by the <unk>.

Thanks, Good morning, maybe for.

Speaker Change: Current owner.

Speaker Change: And new markets.

<unk>.

Speaker Change: We will continue to look for resorts will also continue to start looking at.

Question about the kind of the tale of two halves of the year and Revpar growth in.

Speaker Change: Urban markets today, because we've seen some good solid performance out of the urban market. So I think recovery is on the way we feel good about the macro picture.

In the low single digits in the first half and then accelerating up to I guess, what 567% in the second half of the year to hit your numbers can you kind of compartmentalize, how much tailwind you get from Maui, how much you get from renovation disruption.

Speaker Change: There is visibility.

Speaker Change: From an underwriting perspective and.

Speaker Change: Let's all keep our fingers crossed that the soft landing that seems to be the consensus today does come through.

Perhaps coconut point is providing a lift given the.

Speaker Change: Great very helpful. Thank you.

The challenges in that market last year, what can you tell us to give us the confidence of that outsized growth in the second half of the year.

Speaker Change: Thank you. Your next question is coming from Bill Crow from Raymond James Your line is live.

Bill Crow: Thanks, Good morning, maybe for.

Sure. So the first piece I will talk about the first half. The reason that is low single digits is because of the tough comps that we have particularly given.

Bill Crow: <unk> cluster.

Bill Crow: Question about the kind of the tale of two halves of the year in Revpar growth in.

Bill Crow: In the low single digits in the first half and then accelerating up to I guess, what 567% in the second half of the year to hit your numbers can you kind of compartmentalize, how much tailwind you get from Maui, how much you get from renovation disruption.

The Q1 performance and 2023 and remember 2022 Q1 was impacted by omicron. So he had a meaningful amount of growth in the first quarter of 'twenty three in the first half leisure did extremely well as you might recall, so just tougher comps in the first half that's why the low single digits.

Bill Crow: Perhaps coconut point is providing a lift given the.

On the second half, what's really giving us confidence are two things one specifically is the group booking pace for the second half was particularly for Q3 as well as Q4 and when you look at overall second half pace is really strong and we have confidence in that pace number.

Bill Crow: The challenges in that market last year, what can you tell us to give us confidence that outsized growth in the second half of the year.

Speaker Change: Sure. So the first piece I will talk about the first half. The reason that is low single digits is because of the tough comps that we have particularly given.

And the second piece is really the tailwind from our four hotels that had meaningful impact Alaska Europe from renovation in the second half second half of 2023, those four hotels really being the one hotel South Beach.

Speaker Change: The Q1 performance and 2023 and remember 2022 Q1 was impacted by on the clock. So he had a meaningful amount of growth in the first quarter of 'twenty three in the first half leisure did extremely well as you might recall, so just tougher comps in the first half that's why the low single digits.

It's a fair amount Kea Lani, the Biscayne Bay, Marriott and Hilton singer Island, which is a complete redevelopment projects. So that's really what's going to help drive that tailwind into the second half of the group booking pace and the tailwind from those four renovation properties or other factors as well, but those are probably the two largest.

On the second half, what's really giving us confidence are two things one specifically is the group booking pace for the second half, particularly for Q3 as well as Q4 and when you look at overall second half.

Most impactful factors driving the mid single digits in the second half.

Speaker Change: This is really strong and we have confidence in that pace number.

Great. Thanks for the color.

Speaker Change: And the second piece is really the tailwind from our four hotels that had meaningful impact last year from renovation in the second half second half of 2023, those four hotels really being the one hotel South Beach.

Thank you. Your next question is coming from Michael Bellisario from Baird. Your line is live.

Thanks, Good morning, everyone.

You want to stick to your outlook do you have an industry revpar forecast that youre thinking about and then specific to your outlook. What are you assuming for the mix of rate and occupancy in 2024, and how does that affect your expense outlook and how you're thinking about cost per occupied room.

Speaker Change: It's a fair amount Kea Lani, the Biscayne Bay Marriott and the Hilton singer Island, which is a complete redevelopment projects. So that's really what's going to help drive that tailwind into the second half it's group booking pace and the tailwind from those four renovation property is there other factors as well, but those are probably the two largest.

Sure. So the way, we think of industry forecast that.

If you look at STR, it's effectively around 4%, but remember our midpoint number is getting impacted 100 basis points.

Speaker Change: Most impactful factors driving the mid single digits in the second half.

Speaker Change: Great. Thanks for the color.

As a result of.

Speaker Change: Thank you. Your next question is coming from Michael Bellisario from Baird. Your line is live.

The impact from Maui and other other word.

Would be 100 basis points more if it wasn't formally.

Michael Bellisario: Thanks, Good morning, everyone.

That also keep in mind, the weighting of our portfolio is different.

Michael Bellisario: You want to stick to your outlook do you have an industry revpar forecast that youre thinking about and then specific to your outlook. What are you assuming for the mix of rate and occupancy in 2024, and how does that affect your expense outlook and how you're thinking about cost per occupied room.

When you look at.

For the different market that we have waiting input to.

Two apples to apples comparison, when you are looking at our comparable revpar growth versus what the third parties put out there. So that's one thing to keep in mind as well. So overall really pleased particularly given the capital investments that we've made with Jim talked about.

Michael Bellisario: Yeah.

Speaker Change: Sure. So the way, we think of the industry forecast that.

And the lift that we're getting from the Mtc P projects as well as the eight other projects that we invested in.

Speaker Change: And if you look at STR, it's effectively around 4%, but remember our midpoint number is getting impacted 100 basis points.

And the Revpar index gain translating into EBITDA growth as well in terms of total expense growth for this year at the midpoint. We are effectively at five 8% total expense growth on that midpoint of 4% for the total portfolio.

Speaker Change: As a result of the.

Speaker Change: The impact from Maui than all the other word.

Speaker Change:

Speaker Change: It would be 100 basis points more if it wasn't for Maui that also keep in mind the weighting of our portfolio is different.

Speaker Change: When you look at sort of a different market that we have waiting inputs.

And sorry. The other question you asked was just split between often are risks on that.

Speaker Change: <unk> apples comparison, when you are looking at all comparable revpar growth versus what the third parties put out there. So that's one thing to keep in mind as well. So overall really pleased particularly given the capital investments that we've made with Jim talked about.

And Thats.

Pretty evenly split.

Between the two.

Thank you.

Okay.

Speaker Change: And the lift that we're getting from the Mtc P project as well as the eight other projects that we invested in and.

Thank you. Your next question is coming from Duane <unk> from Evercore ISI. Your line is live.

Hey, thanks.

Speaker Change: The Revpar index gain translating into EBITDA growth as well in terms of total expense growth for this year at the midpoint. We are effectively at five 8% total expense growth on that midpoint of 4% for the total portfolio.

So on the group pace I think you said.

Up 13%.

How are you thinking about closing group bookings in the quarter for the quarter over the balance of the year.

Assume closing group would moderate as the booking curve continues to normalize.

And then Relatedly are you leaning on group any differently than.

Speaker Change: And sorry. The other question you had was just split between often our rates on a per cent and thats pretty.

And then you did pre pandemic given changes in underlying seasonality. So for example.

Given changes in business transient is there more of an effort to lean on group to fill in off peak periods.

Speaker Change: Pretty evenly split.

Between the two.

Speaker Change: Thank you.

Speaker Change: Okay.

I'll start with the second part of your question first.

Speaker Change: Thank you. Your next question is coming from Duane <unk> from Evercore ISI. Your line is live.

It's really an asset by asset revenue management decision in terms of what is available and where we can maximize yield and we are looking always at the total revenue piece of it it's not just the room night piece, because obviously the banker in hearing.

Duane: Hey, thanks.

Duane: So on the group pace I think you said.

Duane: <unk> up 13%.

Duane: How are you thinking about closing group bookings in the quarter for the quarter over the balance of the year.

That groups provide.

Duane: Jim closing group would moderate as the booking curve continues to normalize.

It makes a meaningful difference I wouldn't necessarily say there is a different.

Duane: And then Relatedly are you leaning on group any differently than.

Way that we are the managers are approaching revenue management. Obviously the goal is to fill the hotels with the highest not only rated business, but the highest sort of provide you.

Duane: And then you did pre pandemic given changes in underlying seasonality. So for example.

Duane: Given changes in business transient is there more of an effort to lean on group to fill in off peak periods.

The the highest total revenue and ultimately total EBITDA for the hotel.

Speaker Change: I'll start with the second part of your question first.

You think about the cadence of group up for the balance of the year, we already have $3 1 million group room nights.

Speaker Change: It's really an asset by asset revenue management decision in terms of what is available and where we can maximize yield and were looking always at the total revenue piece of it it's not just the room night piece, because obviously the banqueting hearing.

On the books, we expect.

For the year based on the midpoint to be above in terms of total group room nights for the year relative to 2023.

Suraj: That groups provide.

III and we did not just given how well we've been paying thing obviously in the Europe.

Suraj: It makes a meaningful difference I wouldn't necessarily say there is a different.

For the year pickup is going to be lower than in the month for the month in the quarter for the quarter is going to be lower than what we had seen previously just because the lead times have expanded not only for just in the year for the year, but also into future years.

Suraj: Way that we are or the managers are approaching revenue management. Obviously the goal is to fill the hotels with the highest not only rate of business, but the highest sort of provide you.

Suraj: The the highest.

But we feel very confident with.

Revenue and ultimately total EBITDA for the hotel.

The ongoing sort of the short term pick up to make that gap up, particularly given sort of.

Suraj: Do you think about the cadence of group for the balance of the year, we already have $3 1 million group room nights.

The new data that have been filled for the year both in the first half as well as the second half.

Suraj: On the books, we expect for the year based on the midpoint to be above in terms of total group room nights for the year relative to 2023.

Okay I appreciate the thoughts.

Thank you. Your next question is coming from Chris <unk> from Deutsche Bank. Your line is live.

Suraj: And we do not just given how well we've been paying thing obviously in the Europe.

Hey, good morning, guys I appreciate all the detail so far.

Suraj: For the year pickup is going to be lower than in the month or the month in the quarter for the quarter is going to be lower than what we had seen previously just because of the lead times have expanded not only for just in the year for the year, but also into future years.

Just had a question as to how Youre thinking about.

Cadence of transient through the year, especially as we get into summer Q3, remember last year, we had a little.

No surprise were.

But we feel very confident with.

More international outbound and we didn't get the corresponding numbers inbound how are you kind of internally modeling.

Suraj: The ongoing sort of the short term pick up to make that gap up, particularly given sort of the new data that have been filled for the year. Both in the first half as well as the second half.

Summer transient this year thanks.

Sure so.

Speaker Change: Okay I appreciate the thoughts.

The way, we're thinking of transient.

Speaker Change: Thank you. Your next question is coming from Chris <unk> from Deutsche Bank. Your line is live.

We expect it to be moderating for the summer we've ever had an extremely strong summer last year and to your point I mean U S. Outbound for the year was <unk>.

Chris: Hey, good morning, guys I appreciate all the detail so far.

<unk> hundred 17% about 19 level and inbound was effectively at 90% of 19.

Chris: Just had a question as to how you're thinking about.

Chris: Cadence of transient through the year, especially as we get into summer Q3, remember last year, we had a little.

For what it's worth right now U S travelers projecting that inbound number is going to be more at 98% for 2024 relative to 2019.

Chris: No surprise were.

Chris: More international outbound and we didn't get the corresponding numbers inbound how are you kind of internally modeling.

What's that.

We do.

Summer transient this year thanks.

Do you expect.

We expect an impact on a year over year basis. Therefore, the low single digit guidance for the first half of the year, but what I will say as you know our fourth quarter ended with our transient.

Speaker Change: Sure so.

Speaker Change: The way, we're thinking of transient demand, we obviously expect it to be moderating for the summer we had an extremely strong summer last year and to your point I mean U S. Outbound for the year was 117% about 19 level and inbound was effectively at 90% of 19.

The ADR for our resort still up 58% from 2019 and.

What we're seeing in terms of spring break and I think thats like both visibility we have because you want me to get into summer visibility until you get to the end of Q1 spring break is pacing.

Speaker Change: For what it's worth right now U S travelers projecting that inbound number is going to be more at 98% for 2024 relative to 2019, which is that we.

Up 20% in revenue and about right is pacing above 7% and that's specifically for our resort excluding Maui. So we feel very good which effectively is saying that none of these particularly the transient resort ADR is still going to do.

Speaker Change: We do.

Speaker Change: Do it.

Speaker Change: That has an impact on a year over year basis. Therefore, the low single digit guidance for the first half of the year, but what I will say as you know.

About 50% of 2019 level, so that's really encouraging.

Speaker Change: Fourth quarter ended with our transient.

Relating to the summer yet, but spring break in a very good partner.

Speaker Change: ADR for our resort still up 58% to 2019 and the.

Okay. Thanks, guys.

Yeah.

Speaker Change: What we're seeing in terms of spring break and I think that's like both visibility we have because you want me to get into summer visibility until you get to the end of Q1 spring break is pacing.

Thank you. Your next question is coming from Stephen Grambling from Morgan Stanley. Your line is live.

Speaker Change: Up 20% in revenue and about right is pacing above 7% and that's specifically for our resort excluding Maui. So we feel very good which effectively is saying that none of these are particularly the transient resort ADR is still going to be.

Obviously, we can kind of look at the total dollar amounts, but theres been some changes in construction.

Construction costs and otherwise I'm, just curious how youre thinking about the ROI on those projects and if you can give any other color comparing and contrasting there too. Thanks.

Speaker Change: About 50% of 2019 levels. So that's really encouraging them not have visibility into the summer yet, but spring breakers banking partner.

Hey, Stephen it's Jim.

The first part of your question, we Didnt hear it cut out so would you mind repeating it.

Speaker Change: Okay. Thanks, guys.

Just asking to compare and contrast, the hyatt transformation versus the Marriott transformation programs.

Speaker Change: Thank you. Your next question is coming from Stephen Grambling from Morgan Stanley. Your line is live.

Yeah.

Sure.

From what perspective.

How youre thinking about the return on investment.

Which are the hotels might compare and contrast for US. The reason why we should be assuming that there should be kind of the same uplift or could there be a difference let me think about looking at the two.

Stephen Grambling: Obviously, we can kind of look at the total dollar amounts, but theres been some changes in construction.

Stephen Grambling: Construction costs and otherwise I'm, just curious how youre thinking about the ROI on those projects and if you can give any other color comparing and contrasting there too. Thanks.

No I think as it is.

Youre looking at the http program, it's modeled after.

The Marriott program, we have received enhanced 100 priorities on all of our dollars that we're investing.

Jim: Hey, David It's Jim.

The first part of your question, we Didnt hear it cut out so would you mind repeating it.

Which is meaningful because in many of the.

Jim: Just asking to compare and contrast, the hyatt transformation versus the Marriott transformation programs.

Many of the hotels, we didn't have owner's priority for one reason or another either at a dead burned off over time or just didn't exist.

Jim: Yeah.

Jim: Sure.

Speaker Change: From what perspective.

That's a that's a big plus Ah hi, It is also providing $40 million and operating profit guarantees to cover off anticipated disruption.

Speaker Change: How you're thinking about the return on investment.

Speaker Change: Which are other hotels might compare and contrast for us. The reason why we should be assuming that there should be kind of the same uplift or could there be a difference when we think about looking at the two.

And as we noted in our comments, we expect to collect $9 million and operating profit guarantees. This year that will cover the anticipated disruption associated with the Hyatt renovations and I think the cadence is.

Speaker Change: No I think it is as Youre looking to get the http program, it's modeled after.

Speaker Change: The Marriott program, we have received enhanced owner priorities on all of our dollars that we're investing.

The assumptions are the same.

The assumptions are the same let's hope the results are the same because the results out of the M. T C P blue.

Speaker Change: Which is meaningful because in many of the many.

Speaker Change: Many of the hotels, we didn't have owner's priority for one reason or another either it.

Blew away our assumptions, but you know we're looking at.

Speaker Change: Burned off over time or just didn't exist.

Low to low teens cash on cash returns.

Speaker Change: That's a that's a big plus Ah hi, It is also providing $40 million and operating profit guarantees to cover off anticipated disruption.

Low double digit to low teens cash on cash returns, which is the same way we underwrote the E M TCP program.

And frankly, the other eight.

Speaker Change: And as we noted in our comments, we expect to collect $9 million and operating profit guarantees. This year that will cover the anticipated disruption associated with the Hyatt renovations and I think the cadence is a.

<unk> assets that.

<unk>.

Received transformational renovations.

And just one follow up on that was that primarily through Revpar index premium or was there also a component of any way to break that down with F&B uplift or other <unk>.

Speaker Change: The assumptions are the same.

Speaker Change: The assumptions are the same let's hope the results are the same because the results out of the Mtc P blue.

Revenue uplift.

Uh huh.

It's both and I think we can tell us I'm going to let Rob talk a little bit about the F&B uplift because we have seen a meaningful uplift.

Speaker Change: Blew away our assumptions, but you know we're looking at.

Speaker Change: So low to low teens cash on cash returns.

And F&B.

Revenues throughout the portfolio.

Speaker Change: Low double digit to low teens cash on cash returns, which is the same way we underwrote the E M TCP program.

I think we have a little audio problem here.

Speaker Change: And frankly, the other eight.

Speaker Change: The assets that have.

Hang on.

Speaker Change: Received transformational renovations.

Yeah.

Speaker Change: And just one follow up on that was that primarily through Revpar index premium or was there also a component of any way to break that down with F&B uplift or other <unk>.

Thank you. Your next question is coming from Ari Klein from BMO. Your line is live.

Speaker Change: Revenue uplift.

Thanks, and good morning.

Speaker Change: It's it's it's both and I think we can pilots I'm going to let Rob talk a little bit about the F&B uplift because we have seen a meaningful uplift.

Within the 4% Revpar growth outlook, what are your expectations for leisure performance.

Seeing any kind of noticeable difference in the consumer behavior at the ultra high end resorts versus leisure at your other properties and then maybe if you could just talk to what Youre seeing in Maui thoughts mutual bookings perspective. Thanks.

Rob: And F&B.

Rob:

Rob: Revenues throughout the portfolio.

Rob: I think we have a little audio problem here.

Driver you're back on audio.

No.

He is not <unk>.

Speaker Change: Hang on.

Ambac modulation there you go okay I'm back.

Speaker Change: Yeah.

That's my short answer.

I'll start out.

Speaker Change: Thank you. Your next question is coming from Ari Klein from BMO. Your line is live.

Ari with respect to what are we seeing from the leisure consumer.

Aryeh Klein: Thanks, Ed and good morning.

Our leisure transient traveler is.

Aryeh Klein: Within our 4% Revpar growth outlook, what are your expectations for leisure performance.

Generally.

The affluent consumer in the country.

Aryeh Klein: Seeing any kind of noticeable difference in the consumer behavior at the ultra high end resorts versus leisure at your other properties and then maybe if you could just talk to what youre seeing in Maui for future bookings perspective. Thanks.

We are seeing no slowdown in spend.

And.

We're really not seeing a backing off in a meaningful way and an ADR.

Driver: Driver you're back on audio.

And out of room spend.

Driver: No.

Speaker Change: He's not to Robyn.

And banquet and in outlets is still strong.

Speaker Change: Ambac modulation there you go okay I'm back.

This goes back to Steven's question.

Speaker Change: My short answer.

The investments that we made and a lot of our properties and the transformational properties.

Speaker Change: I'll start there.

Speaker Change: Ari with respect to what are we seeing from the leisure consumer.

It has resulted in a significant pickup in outlet spend.

Speaker Change: Uh huh.

Speaker Change: Our leisure transient traveler.

Throughout the portfolio so.

Leisure is from our perspective, it's still it's still trending very strong and I think that goes back to.

Speaker Change: Is.

Speaker Change: Generally the affluent consumer in the country.

We are seeing no slowdown in.

The commentary around spring break you know, where our revenue pace is up 20% year over year for spring break and.

Speaker Change: And we're.

Speaker Change: We're really not seeing a backing off in a meaningful way and an ADR.

We're very pleased with that.

Speaker Change: And out of room spend.

Thanks, and then just on Maui or what Youre seeing from a future booking standpoint that gives you kind of confidence in the recovery in the second half of the year.

Speaker Change: Banquet and in outlets is so strong.

Speaker Change: This goes back to Steven's question, you know the the investment that we made and a lot of our properties and the transformational properties.

Ah well I am not certain that we said that there was going to be a recovery in the second half of the year.

It has resulted in a significant pickup in our outlets trend.

So we hope that there is a recovery in the second half of the year, but there are a number of things that have to happen on Maui.

Speaker Change: Throughout the portfolio so.

Speaker Change: Leisure is from our perspective, it's still it's still trending very strong and I think that goes back to.

Particularly on the west side.

Which is where the wildfires were and.

And the gating issue really is.

Speaker Change: The commentary around spring break you know, where our revenue pace is up 20% year over year for spring break and.

You know finding a finding shelter for the displaced residents and.

March 1st is a pivotal date in our mind the governor of the state of Hawaii has stated that it.

Speaker Change: We're very pleased with that.

Speaker Change: Thanks, and then just on Maui or what Youre seeing from a booking standpoint that gives you kind of confidence in the recovery in the second half of the year.

The owners of short term rentals on Maui.

Don't come to terms with allowing their units to be utilized by the displaced residents then.

Speaker Change: Well I am not certain that we said that there was going to be a recovery in the second half of the year.

He is considering a ban on short term rentals, because I think on the island of Maui in total there's about 30000 short term rentals. So it's quite significant and we're tracking it very closely.

Speaker Change: So we hope that there's a recovery in the second half of the year, but there are a number of things that have to happen on Maui.

Speaker Change: Particularly on the west side.

Speaker Change: Which is where the wildfires were and are at the gating issue really is.

Additionally.

Yeah clean up and.

Speaker Change: You know finding a finding shelter for the displaced residents and.

Uh huh.

Cleanup and.

And the plans to rebuild Lahaina town.

Speaker Change: March 1st is a pivotal date in our mind the governor of the state of Hawaii has stated that if.

We are still in process so.

The west side, I think it's going to take some time to come back in the interim.

Speaker Change: The owners of short term rentals on Maui.

We have been working with relief agencies in particular now.

Speaker Change: Don't come to terms with allowing their units to be utilized by the displaced residents then.

The Red Cross.

And we have contracted.

Speaker Change: He is considering a ban on short term rentals, because I I think on the island of Maui in total there's about 30000 short term rentals. So it's quite significant and we're tracking it very closely.

With the Red Cross for 350 rooms at the Hyatt Regency Maui.

Through the end of May.

And we're hopeful that that will be extended a while.

The recovery.

Speaker Change: Additionally.

Yeah clean up and.

Forward this.

Story on why lay out where we own the andaz wailea and the Fairmont Kea Lani is different.

Speaker Change:

Speaker Change: Cleanup and.

Speaker Change: And the plans to rebuild the high end of town.

Those properties have been in.

Speaker Change: Are still in process so.

In the case of the Fairmont Kea Lani.

Speaker Change: The west side, I think it's going to take some time to come back in the interim.

Just completed a transformational renovation so the asset is in incredible shape.

Speaker Change: We have been working with a relief agencies in particular now.

As is the Andaz wailea, where we completed a soft goods rooms, redo as well as the significant bathroom work. So both of those assets are in great shape.

Speaker Change: The Red Cross.

Speaker Change: And we have contracted.

Speaker Change: With the Red Cross for 350 rooms at the Hyatt Regency Maui.

And we're confident that over time as the consumer.

Speaker Change: Through the end of May.

Begins to understand the differentiation between why layout, which is a completely different sub market than the west side and kind of parlay.

Speaker Change: And we're hopeful that that will be extended a while the.

Speaker Change: The the recovery.

Speaker Change: Moves forward.

Speaker Change: The story on why lay out where we own the andaz wailea and the Fairmont Kea Lani is different.

That will.

The cadence of business.

Pickup.

And I would just say that.

Speaker Change: Those properties have been.

As we think about the midpoint of our guidance this year.

Speaker Change: In the case of the Fairmont Kea Lani.

Speaker Change: Just completed a transformational renovation so the asset is in incredible shape.

We've we've assumed pretty much shipped.

100 basis point impact on Maui.

Speaker Change: As is the Andaz wailea, where we completed a soft goods rooms, redo as well as the significant bathroom works for both of those assets are in great shape.

And that will result in about the same.

Diminishing in EBITDA as we go.

Speaker Change: And we're confident that over time as the consumer.

Experienced last year.

But if maui is better than our anticipation and it's too soon to really know that then we think there is some upside and that takes us to the higher end of the EBITDA Guide.

Speaker Change: Begins to understand the differentiation between why lay out which is a completely different sub market than the west side and kind of poly.

Speaker Change: That will.

Yes, I just want to make sure I'm explore.

Speaker Change: See the cadence of business.

Explain the <unk>.

Speaker Change: Pick up.

Speaker Change: And I would just say that.

He brought up his for Maui and to be clear.

Sure obviously.

Speaker Change: As we think about the midpoint of our guidance this year.

Look at the first half, it's going to be impacted by the wildfire, that's about $25 million to $30 million incremental impact for 2024. So when you think about the total impact for the year I mean, it's close grew $50 million.

Speaker Change: We've assumed pretty much ship you know.

Speaker Change: 100 basis point impact on Maui.

Speaker Change: And that will result in about the same.

Diminishing in EBITDA as we.

That the wildfire impact of actually having as a result.

Speaker Change: Experienced last year.

Of Maui, So just keep that in mind, it's a 25 million incremental impact year over year.

Speaker Change: But if maui is better than our anticipation and it's too soon to really know that then we think there are some upside and that takes us to the higher end of the EBITDA guide.

25 to 30.

Thank you.

Thank you. Your next question is coming from David Katz from Jefferies. Your line is live.

Speaker Change: Yeah, I just want to make sure.

Speaker Change: The the EBITDA piece for Maui and to be clear I'm, obviously, when you look at sort of the first half it wouldn't be impacted by the wildfire that's about it $25 million to $30 million incremental impact for 2024. So when you think about the total impact for the year I mean, it's close.

Good morning, everybody. Thanks for working man I appreciate it.

Covered a lot of ground already.

I really wanted to just maybe triple click on how we think about the boundaries for deals.

More are fixer uppers and are out of bounds versus things that that just need a little more strategic direction.

Speaker Change: $50 million debt that.

Speaker Change: The wildfire impact of actually having as a result.

Speaker Change: Of Mali.

And any thoughts on sort of size would be helpful. There as well and that's it for me.

Speaker Change: Keep that in mind, it's the 25 million incremental impact year over year.

Speaker Change: 25 to 30.

Speaker Change: Thank you.

Yeah.

Well David.

Speaker Change: Thank you. Your next question is coming from David Katz from Jefferies. Your line is live.

Let me take the second part of your question first because Thats, an easy one bigger is better for us and.

No.

David Katz: Good morning, everybody. Thanks for working man I appreciate it.

We don't turn any attractive opportunity away, but obviously, given our scale and our ability to deploy capital.

David Katz: Covered a lot of ground already.

David Katz: I really wanted to just maybe triple click on how we think about the boundaries for deals.

We.

Focus on larger transactions, we focus on comps.

Speaker Change: No more.

David Katz: Our our fixer uppers and are out of bounds versus things that just need a little more strategic direction.

Complicated transactions complicated boxes with them.

Diverse demand generators being group business transient and leisure.

David Katz: And any thoughts on sort of size would be helpful. There as well and that's it for me.

As well as you.

Yeah.

Hotels that have.

Multiple outlets.

David Katz: Yeah.

Speaker Change: Well David.

And look for opportunities to not only improve the top line, but to improve the the middle part of that P&L.

Speaker Change: Let me take the second part of your question first because thats, an easy one bigger is better for us.

Speaker Change: Uh huh.

Speaker Change:

Speaker Change: We don't turn any attractive opportunity away, but obviously, given our scale and our ability to deploy capital.

Through our asset management and enterprise analytics analytics capability.

We are perfectly open minded to.

Speaker Change: We.

<unk>, an asset that needs to be repositioned from a capex perspective.

Speaker Change: Focus on larger transactions, we focus on comps.

Speaker Change: Complicated transactions complicated boxes with them.

It doesn't.

It doesn't concern us at all we certainly have the ability with our design and construction group in house to do that.

Speaker Change: Diverse demand generators being group business transient and leisure.

But what we really look at is how is this asset going to perform.

Speaker Change: As well as you.

Speaker Change: Yeah.

Hotels that have.

After it is renovated and repositioned and.

Speaker Change: Multiple outlets.

Speaker Change: And look for opportunities to not only improve the top line, but to improve the the middle part of that P&L.

How is it going to perform relative to the.

The existing portfolio because our bottom line goal is to.

Put money to work, whether it's within our existing assets or new acquisitions.

Speaker Change: Through our asset management and enterprise analytic analytics capabilities.

To elevate the EBITDA growth profile of the company. So it is it's across the board.

Speaker Change: We are perfectly open minded to.

Speaker Change: Buying an asset that needs to be repositioned from a capex perspective.

Thank you very much.

Thank you. Your next question is coming from Dori Kesten from Wells Fargo. Your line is live.

Speaker Change: It doesn't.

Speaker Change: It doesn't concern us at all we certainly have the ability with our design and construction group in house to do that.

Thanks, Good morning, how is the spread between your group and transient ADR Sheffield from 2019 point today and how.

Speaker Change: But what we really look at is how does this asset going to perform.

Speaker Change: After a it is a renovated and repositioned and.

How much do your transient rates driver any air quality Air group, putting pricing.

Speaker Change: How is it going to perform relative to the.

Speaker Change: The existing portfolio because our bottom line goal is to.

Sorry.

Repeat the question for me.

Speaker Change: Put money to work, whether it's within our existing assets or new acquisitions.

The spread between your <unk> and your transient rate and wondering how that's changed from 2019 holiday and then the second piece of it was how much do your transient rate.

Speaker Change: To elevate the EBIT growth profile of the company. So it is it's across the board.

Inform here in the U F 'twenty year group pricing.

Speaker Change: Thank you very much.

Speaker Change: Thank you. Your next question is coming from Dori Kesten from Wells Fargo. Your line is live.

Yeah. So it typically answer the second half, whereas ill have to get back to you on the specific delta to 19 on on group and transient don't have that in front of me, but in terms of the way we think about the yielding it really is group comscore, so you're developing that group base.

Dori Kesten: Hi, Thanks, Good morning, how is that spread between your group and transient ADR.

Dori Kesten: E are shifting from 2019 today and.

Dori Kesten: How much do your transient rates drive or any equity air group booking pricing.

You're saying with a group rate is.

And then you're yielding the champion business and depending on.

Sorry can you repeat the question for me.

Dori Kesten: The spread between your group rate and your transient rate and wondering how that's changed from 2019.

Where group is coming in and it's not just the rail piece you have to remember its also we get a meaningful amount of ancillary business with food and beverage and golf in spinal and all of that is that make up a pretty meaningful amount for our portfolio. It is looking at total revenue and what that contribution is total EBITDA. So once the group base is built then we figure.

Dori Kesten: And then the second piece of it was how much do your transient rate.

Dori Kesten: Inform here in the U F 'twenty year group pricing.

Speaker Change: Yeah. So it typically so I'll answer the second half, whereas I would have to get back to you on the specific delta to 19 on on group and transient don't have that in front of me, but in terms of the way we think about the yielding it really is group come square, so you're developing that group base and.

The properties are looking at okay, what makes more sense to layer in transient and at what rate, so youre going to yield out the lower rated business and obviously move towards the higher rated business.

So it's more the group pace that drive that versus just where transient is coming in I mean, so youre looking at transient pickup certainly in the short term and filling that up but at all the pricing is all determined where groups that for majority of our portfolio.

Speaker Change: You're saying with a group rate is.

Speaker Change: And then you're yielding the transient business and depending on.

Speaker Change: Where group is coming in and it's not just the rate piece you have to remember. It's also we've got a meaningful amount of ancillary business with food and beverage and golf in spinal and all of that is that make up a pretty meaningful amount for our portfolio. It is looking at total revenue and what that contribution is total EBITDA. So once the group base is built then we figure.

Okay.

Certainly there are no further questions in the queue I'll now hand, the conference back to Jim for closing remarks. Please go ahead.

Speaker Change: Out of the properties are looking at Okay, what makes more sense to layer in transient and at what rate, so youre going to yield out the lower rated business and obviously move towards the higher rated business.

Thank you and thank you all for joining US today, we appreciate the opportunity to discuss our quarterly results and our guidance for 2024, and we look forward to seeing many of you at conferences in the coming months have a great day.

Speaker Change: So it's more the group pace that drives it versus just where transient is coming in I mean, so youre looking at transient pickup certainly in the short term and filling that up but at all the pricing is all determined where groups that for majority of our portfolio.

Thank you everyone. This concludes today's event you may disconnect at this time and have a wonderful day. Thank you for your participation.

Speaker Change: Yeah.

Speaker Change: Certainly there are no further questions in the queue ill now hand, the conference back to Jim for closing remarks. Please go ahead.

Jim: Thank you and thank you all for joining US today, we appreciate the opportunity to discuss our quarterly results and our guidance for 2024, and we look forward to seeing many of you at conferences in the coming months have a great day.

Thank you everyone. This concludes today's event you may disconnect at this time and have a wonderful day. Thank you for your participation.

Q4 2023 Host Hotels & Resorts Inc Earnings Call

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