Host Hotels & Resorts Provides Update on Maui Wildfires and Other Recent Weather Events
06 Septiembre 2023 - 3:30PM
Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the
nation’s largest lodging real estate investment trust, today
provided an update regarding the impact of the Maui wildfires and
other recent weather events on its hotels and the communities where
they operate.
As the largest hotel real estate owner on Maui with a presence
for over 20 years, Host Hotels & Resorts shares a deep
connection to the island’s people and culture. Lahaina has long
been revered as a sacred place and home to some of the island’s
most precious historical and cultural assets. The August wildfires
touched everyone on the island and the Company’s hotels are
partnering together to support the safety and wellbeing of the Maui
community.
The Company’s hotels are providing food and shelter for
employees, their families, and emergency response teams while also
remaining open to guests. General managers at the Andaz Maui at
Wailea Resort and the Fairmont Kea Lani, along with other Wailea
area general managers, are working in partnership with World
Central Kitchen to provide meals for Maui shelters. In addition,
the Company is working with its hotels and operators to provide
available resources to support employees as quickly and
meaningfully as possible. This includes providing direct employee
relief and making charitable donations to emergency response relief
organizations on the ground, including the American Red Cross -
Maui, World Central Kitchen, Maui Food Bank and Hawaii Community
Foundation Maui Strong Fund—all of which are supporting employees
and people across Maui in need.
James F. Risoleo, President and Chief Executive Officer, said,
“We are deeply saddened by what has happened on Maui, and we are
prioritizing the care of our hotels’ employees, their family
members, and the larger community. Maui has a rich history with
significant cultural and archaeological assets, and it has been a
wonderful home to Host for two decades. We are committed to
supporting the island’s resilient people and communities as
recovery and rebuilding efforts progress and – like so many others
– we remain inspired by the 150-year-old banyan tree that remains
standing in the middle of Lahaina.”
To date, there has not been any reported property damage to the
Company’s hotels or golf courses on Maui, and all its hotels
remained open and operational through the wildfires. The Hyatt
Regency Maui Resort and Spa remains open to first responders and
expects to begin welcoming guests back in mid-October.
The Company estimates that net income and hotel EBITDA from its
three Maui hotels was impacted by approximately $5 million in the
month of August. The Company is not otherwise updating or
reaffirming its full year 2023 guidance provided on August 2, 2023,
as it is too early in the quarter to provide a comprehensive update
or estimated full-year impact to future periods due to the rapidly
evolving nature of demand trends on the island. The Company’s risk
management team is engaged with its insurers about potential
business interruption coverage, and, as those conversations are
ongoing, timing and amounts of any potential business interruption
proceeds are not yet known.
The Company does not expect a delay in the completion of the
comprehensive renovation currently underway at the Fairmont Kea
Lani, which remains on track to be completed in the fourth quarter
of 2023. This project is the final of 24 recent comprehensive
renovations in the Company’s portfolio.
Other Recent Weather Events
In the second half of 2023, the Company expects to begin
recognizing business interruption gains related to Hurricane Ian,
which impacted the Company’s two non-comparable hotels, The
Ritz-Carlton, Naples, and Hyatt Regency Coconut Point Resort and
Spa.
With respect to Hurricane Hilary in Southern California and
Hurricane Idalia on the Gulf Coast of Florida, the Company’s hotels
did not experience any material property damage or business
disruption.
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is an S&P 500 company and is
the largest lodging real estate investment trust and one of the
largest owners of luxury and upper-upscale hotels. The Company
currently owns 72 properties in the United States and five
properties internationally totaling approximately 41,900 rooms. The
Company also holds non-controlling interests in seven domestic and
one international joint ventures.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of federal securities regulations. These
forward-looking statements which include, but may not be limited
to, our expectations regarding the impact of the Maui wildfires on
our business, the recovery of travel and the lodging industry, the
impact of Hurricane Ian and 2023 estimates with respect to our
business, including our anticipated capital expenditures and
financial and operating results. Forward-looking statements are not
guarantees of future performance and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results to differ materially from those anticipated at the time the
forward-looking statements are made. These risks include, but are
not limited to, those described in the Company’s annual report on
Form 10-K and other filings with the SEC. Although the Company
believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that the expectations will be attained or that any
deviation will not be material. All information in this release is
as of September 6, 2023 and the Company undertakes no obligation to
update any forward-looking statement to conform the statement to
actual results or changes in the Company’s expectations.
SOURAV GHOSHChief Financial Officer(240)
744-5267 |
JAIME MARCUSInvestor Relations(240)
744-5117ir@hosthotels.com |
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