HST · 10-Q · 2026Q3 · Full report
Capital Expenditure Program
HOST HOTELS & RESORTS, INC. · 2026-11-06 · Importance 60 · Surprise 24 · From source text
Through the third quarter of 2026, Host spent $174 million on ROI projects, $213 million on renewal and replacement, and $5 million on Hawaii storm restoration. For full-year 2026, it expects total capital expenditures of $550 million to $600 million, including $255 million to $280 million of ROI projects and $285 million to $305 million of renewal and replacement spending. The Hyatt transformational program is expected to total $525 million to $550 million through 2027, with approximately 93% of estimated costs spent by September 30, 2026; the Marriott program is expected to cost $300 million to $350 million through 2029. Host estimates $10 million to $15 million of additional 2026 Hawaii restoration spending and total storm property costs of $20 million to $25 million, with restoration expected to finish in 2027.
Key facts
- Host expects full-year 2026 capital expenditures of $550 million to $600 million, including $255 million to $280 million of ROI projects, $180 million to $195 million for Marriott and Hyatt transformation programs, and $285 million to $305 million of renewal and replacement expenditures. source
- Host initiated a Hyatt transformational capital program in 2023 covering six properties and expects to invest approximately $125 million to $200 million annually through 2027, for a total of approximately $525 million to $550 million. source
- Host agreed with Marriott International in 2025 to undertake a second transformational capital program at four properties over four years and expects to spend $300 million to $350 million through 2029. source
- Hyatt agreed to provide Host additional priority returns on agreed investments and $40 million of operating profit guarantees to offset expected business disruptions; approximately 93% of estimated program costs had been spent by September 30, 2026. source
- Marriott provided enhanced owner priority returns on agreed investments and approximately $18 million of operating profit guarantees, net of incentive management fee reductions, to offset expected disruption in Host’s second transformational capital program. source
- Host substantially completed the transformational renovation at The Ritz-Carlton Naples, Tiburon during the third quarter of 2026. source
- Capital expenditures were $392 million year-to-date 2026 and $454 million year-to-date 2025. source
- Host's year-to-date 2026 and 2025 investing cash flows included $392 million and $454 million, respectively, of capital expenditures and investments in joint ventures. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -3.8% | Host expects full-year 2026 capital expenditures of $550 million to $600 million, including $255 million to $280 million of ROI projects,… |
| assets | positive | committed | +3.8% | Host expects full-year 2026 capital expenditures of $550 million to $600 million, including $255 million to $280 million of ROI projects,… |
| operating_income | positive | realized | +2.3% | By September 30, 2026, Host had received $82 million in insurance proceeds for claims related to restoration at The Don CeSar after… |
| operating_income | positive | committed | +1.3% | Hyatt agreed to provide Host additional priority returns on agreed investments and $40 million of operating profit guarantees to offset… |
| cash | positive | realized | +0.6% | By September 30, 2026, Host had received $82 million in insurance proceeds for claims related to restoration at The Don CeSar after… |
| operating_income | positive | committed | +0.6% | Marriott provided enhanced owner priority returns on agreed investments and approximately $18 million of operating profit guarantees, net… |
| cash | positive | realized | +0.5% | Capital expenditures were $392 million year-to-date 2026 and $454 million year-to-date 2025. |
| cash | negative | probable | -0.0% | Host expects to spend $10 million to $15 million on restoration at its Hawaii properties following the March 2026 Kona Low rainstorm;… |
| operating_income | positive | committed | — | Hyatt agreed to provide Host additional priority returns on agreed investments and $40 million of operating profit guarantees to offset… |
| operating_income | positive | committed | — | Marriott provided enhanced owner priority returns on agreed investments and approximately $18 million of operating profit guarantees, net… |