Summary by Moomoo AI
Host Hotels & Resorts, Inc. (Host Inc.) reported a solid financial performance for the quarter ended June 30, 2024. The company's net income rose to $242 million, a 13.1% increase from the $214 million reported in the same quarter of the previous year. Operating profit also saw a significant rise of 17.3%, reaching $292 million. The operating profit margin under GAAP improved by 200 basis points to 19.9%. Diluted earnings per common share increased by 17.2% to $0.34. The company's EBITDAre, a key metric for real estate investment trusts, grew by 12.6% to $502 million, while Adjusted EBITDAre increased by 6.7% to $476 million.
In terms of business development, Host Inc. made notable acquisitions, including the 215-room 1 Hotel Nashville and 506-room Embassy Suites by Hilton Nashville Downtown for $530 million. Post-quarter, the company also...Show More
