This report does not constitute a rating action. Management maintained its guidance for a 0.5%-2.5% increase in the company's full-year RevPAR despite its better than expected first-quarter performance. Through March 31, 2025, Host expanded its hotel RevPAR by 7%, relative to the same period the previous year, supported by higher rates, continued strength in its group businesses, a recovery in the performance of its Maui resorts, as well as the benefits from special events such as the inauguration in Washington D.C. and the Super Bowl in New Orleans. The company's increased its total RevPAR, which includes food and beverage and ancillary services, by 5.8% through March 31, 2025. However, management noted that the potential for lodging fundamentals to deteriorate has
