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Host Hotels & Resorts: Cheap And Well Positioned

Mar. 28, 2023 9:05 AM ETHost Hotels & Resorts, Inc. (HST)3 Comments
Weighing Machine profile picture
Weighing Machine


  • Host Hotels has fallen 5% year-to-date and nearly 20% over the past year.
  • While recent operating performance has been strong as leisure tourism has rebounded sharply post-pandemic, 2023 results are expected to decline as expenses increase in an uncertain revenue environment.
  • Host has a very strong balance sheet with net debt to EBITDA of just 2.6x. The company is well positioned to withstand an economic downturn.
  • At less than 10x EBITDA, Host stock trades at a significant discount to hotel transaction multiples, suggesting nearly 50% potential upside.
Busy front desk at hotel.


Host Hotels & Resorts (NASDAQ:HST) has fallen 5% year-to-date and nearly 20% over the past year. Despite strong operational performance and a fortress balance sheet, Host shares have not been spared from the interest rate hike induced REIT selloff.


This article was written by

Weighing Machine profile picture
Former global buyside analyst/PM doing fundamental research for over a decade (2001-2012). Long term (5 year) time horizon when investing.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of HST either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (3)

Since you wrote this article, the stock has essentially gone nowhere.

But more importantly, the stock has essentially gone nowhere (or down!) for well over 25 years. It was a lot higher in '89, when I sold it, than it is now!

Did you even look at the chart? No, I suppose not.
JunkBondage profile picture
Thanks for this. Transaction cap rates/multiples are always better than trading multiples because of the inherent control premium. Nearly every company trades at a meaningful discount to acquisition multiples. Unless Host is being shopped, transaction multiples are limited in their relevance. It would be useful to know how Host's trading multiples compare to the trading multiples of peers.
CincinnatiRick profile picture
@JunkBondage "It would be useful to know how Host's trading multiples compare to the trading multiples of peers."

Specifically $CLDT, which has been beaten up by Mr. Market even more so than HST and since the selloff is one of the factors behind this tout of HST.
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