Shares of Host Hotels and Resorts Inc (NYSE:HST) ended Wednesday session in red amid volatile trading. The shares closed down -0.01 points or -0.06% at $17.06 with 742.48 billion shares getting traded. Post opening the session at $17.02 the shares hit an intraday low of $16.76 and an intraday high of $17.16 and the price vacillated in this range throughout the day. The company has a market cap of $12.42 billion and the numbers of outstanding shares have been calculated to be 742.48 million shares.
Host Hotels and Resorts Inc (HST) on July 29, 2016 announced results of operations for the second quarter of 2016.
“Consistent with our disciplined approach to capital allocation and active portfolio management, we completed the sale of five non-core properties for a total of $345 million and repurchased 5.2 million shares at an average price of $15.39,” said W. Edward Walter, President and Chief Executive Officer. “Importantly, we invested a portion of the proceeds to acquire the ground lease under the Key Bridge Marriott, which is located along the Potomac River with dynamic views of the Washington, D.C. cityscape. Notwithstanding variances in top-line performance across markets, we achieved strong margin growth, driven by improvements in productivity and efficiency across the portfolio and by food and beverage operations, resulting in strong EBITDA and FFO growth.”
KEY COMPANY METRICS
- Adjusted EBITDA increased $14 million, or 3.3%, for the quarter and $39 million, or 5.2%, year-to-date, driven by increases of 5.0% and 5.7%, respectively, in comparable hotel EBITDA. This increase was primarily a result of strong margin improvement, a significant increase in F&B revenues, and comparable RevPAR increases. The growth in Adjusted EBITDA was partially offset by our successful 2016 asset sales which reduced year-to-date growth by 110 basis points.
- Comparable RevPAR on a constant dollar basis improved 2.0% for the quarter, driven by a slight increase in average room rate and a 120 basis point increase in occupancy to 82.4%, the highest occupancy level since 2000. The increase in occupancy was driven by strong group and leisure business; however, an unfavorable business mix shift from higher rated corporate transient demand to lower rated discount business affected average room rates. Year-to-date, comparable RevPAR on a constant dollar basis increased 2.7%, largely driven by a 170 basis point increase in occupancy.
- Comparable RevPAR at the Company’s domestic properties improved 2.0% for the quarter and 2.6% year-to-date. The Los Angeles and Washington, D.C. markets outperformed the portfolio during the second quarter, with RevPAR increases of 9.1% and 5.5%, respectively. The Company’s New York and Florida properties lagged the portfolio, with decreases for the quarter of 4.9% and 2.2%, respectively.
Shares of Lloyds Banking Group PLC (ADR) (NYSE:LYG) ended Wednesday session in red amid volatile trading. The shares closed down -0.04 points or -1.26% at $3.13 with 71.37 billion shares getting traded. Post opening the session at $3.14 the shares hit an intraday low of $3.12 and an intraday high of $3.15 and the price vacillated in this range throughout the day. The company has a market cap of $52.14 billion and the numbers of outstanding shares have been calculated to be 71.32 billion shares.
Lloyds Banking Group PLC (ADR) (LYG) provides banking and financial services to individual and business customers in the United Kingdom and internationally. The company operates through four segments: Retail, Commercial Banking, Consumer Finance, and Insurance. The Retail segment offers a range of financial service products, including current accounts, savings, personal loans, and mortgages to wealth and small business customers; and distributes insurance, protection and credit cards, and a range of long-term savings and investment products. The Commercial Banking segment provides lending, transactional banking, working capital management, risk management, and debt capital markets services, as well as private equity financing to various clients comprising small and medium-sized companies, mid-markets, corporates, and financial institutions.