Host Hotels posts Q3 loss despite revenue gains

BETHESDA, MARYLAND Host Hotels & Resorts reports that total revenue rose 11% in the third quarter to US$1 billion, from US$903 million a year ago, but it still posted a US$58 million net loss.

Host’s loss of 9 cents per share is close to its year-ago loss of US$57 million, also 9 cents per share.

Host’s funds from operations rose US$9 million in the quarter, to US$75 million from US$66 million a year prior, although the figure remains steady on a share basis at 11 cents per.

Comparable hotel RevPAR for the third quarter increased 8.8%, mostly due to improved transient demand and group demand, which combined to drive ADR up. Host expects 2010 comparable RevPAR to rise between 5.5% and 6.5%.

The REIT owns 104 hotels, mostly in the upper-upscale and luxury segments.