Host Hotels & Resorts posts loss of $73 million in 4th quarter as revenue slips

Host Hotels posts 4th-quarter loss, revenue slips

BETHESDA, Md. — Host Hotels & Resorts Inc. said Wednesday that lost $73 million in the fourth quarter as its revenue for hotel rooms slipped.

For the three months that ended Dec. 31, the real estate investment trust’s loss amounted to 12 cents per share. That compares to a year-earlier profit of $107 million, or 18 cents per share.

Revenue for the quarter slid nearly 17 percent to $1.33 billion, down from $1.60 billion in the 2008 quarter.

Analysts surveyed by Thomson Reuters had expected the Bethesda, Md., company to lose 10 cents per share with revenue of $1.35 billion.

Meanwhile, revenue per available room in locations open at least a year fell 14.6 percent. That figure is an important hotel industry performance measure.

And the real estate investment trust said funds from operations, or FFO, equated to $113 million, or 18 cents per share, for the quarter, down from $289 million, or 52 cents per share, during the same period the prior year.

Analysts expected FFO of 19 cents per share, on average.

FFO, which adds items such as amortization and depreciation back to net income, is considered a key measure of REIT strength.

For the full year, Host lost $261 million, or 45 cents per share. That compares to a full-year profit of $386 million, or 72 cents per share, in 2008. Full-year revenue slid 19 percent to $4.16 billion, down from $5.14 billion. Meanwhile, revenue per available year fell 19.9 percent and FFO was 51 cents per share for the year, down from $1.71 cents per share in 2008.

Host Hotels owns 110 upscale properties. Its shares climbed 7 cents to $11.69 in morning trading Wednesday.