HST · 10-Q · 2026Q2 · Full report
Capital Expenditure Program
HOST HOTELS & RESORTS, INC. · 2026-08-07 · Importance 52 · Surprise 42 · No source text
Host spent $103 million on return-on-investment capital projects and $140 million on renewal and replacement projects through the second quarter of 2026. The Hyatt transformational program covers six properties, has an estimated total cost of $550 million to $600 million through 2027 and was approximately 88% complete by June 30, 2026. The Marriott program covers four properties and is expected to cost $300 million to $350 million through 2029, with operating profit guarantees of approximately $18 million. Host expects 2026 total capital expenditures of $550 million to $630 million, including $175 million to $200 million for the Hyatt and Marriott programs and $25 million to $30 million for Hawaii storm restoration.
Key facts
- Marriott transformational capital program: Host expects to spend between $300 million and $350 million through 2029; Marriott provided operating profit guarantees of approximately $18 million (net of reductions for incentive management fees). source
- Hyatt transformational capital program: expect to invest approximately $125 million to $200 million per year through 2027, for a total investment of approximately $550 million to $600 million; approximately 88% of the total estimated costs have been spent as of June 30, 2026. source
- Net cash provided by investing activities was $806 million for year-to-date in 2026 compared to cash used in investing activities of $198 million for year-to-date in 2025. source
- Hyatt has agreed to provide operating profit guarantees totaling $40 million to offset expected business disruptions on the transformational program. source
- Year-to-date through the second quarter of 2026, Host spent approximately $103 million on ROI capital projects and $140 million on renewal and replacement projects. source
- During the second quarter, Host completed construction of 40 condominiums on a five-acre development parcel to be Four Seasons-branded and managed residences at the Four Seasons Resort Orlando; Host spent $16 million in development costs year-to-date 2026 completing the villas and final stages of the project. source
- The transformational renovation at the Grand Hyatt Washington was completed during the second quarter of 2026. source
- Cash used in investing activities year-to-date in 2026 included $243 million of capital expenditures and in 2025 included $298 million of capital expenditures. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +6.1% | Net cash provided by investing activities was $806 million for year-to-date in 2026 compared to cash used in investing activities of $198… |
| cash | negative | committed | -2.1% | Marriott transformational capital program: Host expects to spend between $300 million and $350 million through 2029; Marriott provided… |
| assets | positive | committed | +2.1% | Marriott transformational capital program: Host expects to spend between $300 million and $350 million through 2029; Marriott provided… |
| operating_income | positive | committed | +2.1% | Hyatt has agreed to provide operating profit guarantees totaling $40 million to offset expected business disruptions on the… |
| cash | negative | realized | -1.1% | Year-to-date through the second quarter of 2026, Host spent approximately $103 million on ROI capital projects and $140 million on renewal… |
| assets | positive | realized | +1.1% | Year-to-date through the second quarter of 2026, Host spent approximately $103 million on ROI capital projects and $140 million on renewal… |
| operating_income | positive | committed | +0.9% | Marriott transformational capital program: Host expects to spend between $300 million and $350 million through 2029; Marriott provided… |
| cash | negative | realized | -0.8% | Year-to-date through the second quarter of 2026, Host spent approximately $103 million on ROI capital projects and $140 million on renewal… |
| assets | positive | realized | +0.8% | Year-to-date through the second quarter of 2026, Host spent approximately $103 million on ROI capital projects and $140 million on renewal… |
| cash | negative | committed | -0.4% | Hyatt transformational capital program: expect to invest approximately $125 million to $200 million per year through 2027, for a total… |
| assets | positive | committed | +0.4% | Hyatt transformational capital program: expect to invest approximately $125 million to $200 million per year through 2027, for a total… |
| cash | negative | realized | -0.1% | During the second quarter, Host completed construction of 40 condominiums on a five-acre development parcel to be Four Seasons-branded and… |