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Host Hotels & Resorts beat first-quarter estimates thanks to higher demand for business travel

Host Hotels & Resorts beat first-quarter estimates thanks to higher demand for business travel

Host Hotels & Resorts on Wednesday raised its 2024 operating earnings per share forecast as demand for business travel continues to recover.

US tour operators have benefited from growing demand from large companies, whose group travel bookings sometimes exceed 300 rooms per trip.

Host, whose portfolio includes hotels such as Hyatt and Marriott's Ritz Carlton, expects full-year adjusted operating earnings of between $1.97 and $2.05 per share, up from a previously expected $1.92 to $2.04 per share.

The Bethesda, Maryland-based real estate investment trust reported first-quarter FFO per share — a key metric that measures REITs' cash flow — of 60 cents. Analysts on average had expected adjusted FFO of 55 cents per share, according to LSEG data.

“Banquet revenues led our performance, driven by improvements in the group’s business and continued strong demand for food and beverage,” said CEO James Risolio.

The company reported first-quarter revenue of $1.47 billion, up 6.5% from a year earlier and above analyst estimates of $1.42 billion, according to LSEG data. (Reporting by Aishwarya Jain and Ananta Agarwal; Editing by Pooja Desai)

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