Host Hotels & Resorts, Inc. Revises Fourth Quarter and Full Year 2008 RevPAR Guidance
Company now expects that comparable hotel RevPAR, which includes the operations for 115 of the Company's 117 hotels, will decline 9% to 11% in the fourth quarter and will decline approximately 3% for the full year.
Host Hotels & Resorts, Inc. (NYSE:HST) today announced that as a result of the worsening economy, which is significantly slowing travel and negatively impacting the Company's operations, the Company is revising its fourth quarter and full year 2008 comparable hotel RevPAR guidance, and withdrawing its remaining 2008 guidance, that was included in its third quarter earnings press release on October 10, 2008.
Although market conditions continue to be volatile, the Company now expects that comparable hotel RevPAR, which includes the operations for 115 of the Company's 117 hotels, will decline 9% to 11% in the fourth quarter and will decline approximately 3% for the full year.
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