1. Financial Performance

• Q2 adjusted EBITDAre: $496M, up 3.1% year‑over‑year
• Adjusted FFO per share: $0.58, up 1.8% YoY 2. Revenue and EPS Beat

• Revenue: $1.59B, up 8.2% YoY, exceeding consensus by ~$77M
• EPS: $0.32, beating by $0.09

3. Business Interruption Proceeds

• Recognized $9M in Q2 related to Hurricanes Helene and Milton
• Q2 2024 included $30M from Hurricane Ian and Maui wildfires, resulting in a 120 bp decline in comparable hotel EBITDA margin  

4. RevPAR Growth

• Comparable hotel total RevPAR grew 4.2%, with RevPAR up 3%
• Driven by leisure transient demand, rate hikes, and ancillary spend

5. Geographic Highlights

• Strong markets included Maui, Miami, Orlando, Atlanta, New York, Florida Gulf Coast, and San Francisco
• Maui RevPAR surged 19%, contributing ~100 bp to portfolio growth

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6. Business Mix & Guest Spend

• Transient revenue rose 7%, with ~40% of growth from Maui
• Group room revenue down 5% due to Easter shift, renovation disruptions, and mix shift to transient
• Ancillary revenue: F&B +4%, banquet +1%, other (golf/spa) +13%

7. Capital Allocation Activity

• Sold Westin Cincinnati (456 keys) for $60M (~14.3× EBITDA)
• Since 2018: ~$5.1B in dispositions at blended 17.2× EBITDA vs ~$4.9B acquisitions at 13.6× EBITDA
• Share repurchases: 6.7M shares for $105M in Q2; $205M YTD against $480M remaining capacity

8. Renovation & Development

• Hyatt Transformational Capital Program ~50% complete on time/budget
• Renovations progressing at properties across Washington DC, San Diego, Austin, Capitol Hill
• Don CeSar final phase nearing completion; full-year forecast raised to +$3M contribution (from –$1M)
• Condo project at Four Seasons Orlando: 20 of 40 units pre-sold; closings expected in Q4

9. 2025 Outlook & Guidance

• Raising FY guidance: comparable hotel RevPAR growth to 1.5%–2.5%
• Comparable hotel EBITDA margin expected to decline 60–90 bps, improved over prior guidance
• Sensitivity: every 100 bp RevPAR shift likely impacts EBITDAre by $32M–$3

10. Balance Sheet & Liquidity

• Redeemed $500M Series E notes using new 5.7% Series M notes; weighted-term now 5.4 years, average interest rate 4.9%
• Liquidity: $2.3B available, including $1.5B revolver capacity and $279M FF&E reserves
• Leverage ratio: 2.8×; Q2 dividend paid $0.20/share

Host delivered solid Q2 results with strong RevPAR growth, especially from resort markets and Maui. Strategic capital deployment and cost discipline are supporting balance sheet strength. Despite margin pressure from labor and lower insurance proceeds, management elevated FY guidance while remaining conservative on near-term group demand.

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