Aerial of property and surrounding areas"Most Commonly Used" property view
Marriott Marquis San Diego Marina

Our History

Host Hotels & Resorts, Inc. shares “corporate DNA” with a Washington, D.C. root beer stand first opened in 1927 by J. Willard Marriott and his wife Alice, which they named “The Hot Shoppe.” A lot has happened since then.


Host Marriott Corporation is Formed

Marriott Corporation was renamed Host Marriott Corporation on October 8, 1993, as a result of a tax-free spin-off of Marriott Corporation, creating two separate and distinct companies: Host Marriott Corporation and Marriott International, Inc. Host Marriott retained Marriott’s lodging real estate and airport/toll road concessions business, while Marriott International took over management of the lodging and contract service businesses.

As of December 31, 1993:


Full Service Hotels


Limited Service Hotels






Senior Living Communities

$3.6 Billion

Total Enterprise Value


Premium Lodging Portfolio Established

By year end 1996, we had solidified our long-term strategy of “acquiring high quality, full service hotels with the potential for significant capital appreciation.” – Host Marriott Corporation Annual Report, 1996. In the three years from 1994 through 1996, Host Marriott acquired a total of 55 hotels with an aggregate investment value of $2.8 billion. Host Marriott also held a minority interest in 25 lodging partnerships, which owned 31 full service hotels and 220 limited service hotels. At the same time, we divested of our airport and toll road concessions business through the spin-off of Host Marriott Services in December of 1995 and completed the sale/leaseback of all of our remaining Courtyard by Marriott and Residence Inn hotels.

As of December 31, 1996:


Full Service Hotels


Limited Service Hotels






Senior Living Communities

$6.7 Billion

Total Enterprise Value


Brand Diversification Strategy Launched

During 1998, we significantly expanded our portfolio through the acquisition of 12 world-class hotels with 5,000 rooms for $1.5 billion from the Blackstone Group — launching a brand diversification strategy by acquiring luxury and upper upscale hotels that included brand names such as Ritz-Carlton and Hyatt. We also gained nearly 100% control over 28 hotels, some of which had previously been unconsolidated, by exchanging limited partner interest for units in our balance sheet.

As of December 31, 1998:


Full Service Hotels


Select Service Hotels





$9.9 Billion

Total Enterprise Value


The Largest U.S. Lodging REIT is Born

Through several major transactions, Host Marriott qualified as a Real Estate Investment Trust effective January 1, 1999.


Host Hotels & Resorts – Portfolio Expansion and Diversification

We acquired a portfolio of 34 hotels from Starwood Hotels & Resorts Worldwide, Inc., including six hotels in Europe, which were acquired by us in a joint venture in which our partners included Government of Singapore Investment Corporation Pte Ltd (GIC) and APG Strategic Real Estate Pool NV. This acquisition increased our scale, adding $3.5 billion of value; established our international presence; and improved our operator diversification, as Starwood became our second largest operator. Due to this dramatic change in our brand mix, our name changed from Host Marriott Corporation to Host Hotels & Resorts, Inc., to reflect our new multi-branded portfolio.


As of December 31, 2006:


Full Service Hotels


Select Service Hotels






Hotels Owned by European JV (2,600 Rooms)

$9.1 Billion

Total Enterprise Value


Standard & Poor’s 500 Index Inclusion

Recognizing the growth and stability provided by our high-quality real estate assets and flexible balance sheet, Host was included within the Standard & Poor’s 500 Index, which allowed us to significantly expand our investor base. Additionally, Host was in the middle of a three-year $1.8 billion capital expenditures program to enhance the competitiveness of our properties and keep them at best-in-class levels.


Asset Management Strategies Expand Operator Relationships

Throughout our history, we have utilized our unique position as the industry’s largest lodging REIT to identify and implement strategic initiatives in order to drive revenue growth, help control expenses and increase market share. In 2012, for example, we began expanding our operator relationships to include third party operators, allowing us to optimize the operator, brand and contract terms for each hotel.


Investment Grade Status Obtained

Our unwavering commitment to our financial strength is recognized as Moody’s Investors Services and Standard & Poor’s Ratings Services upgraded our senior unsecured debt rating to investment grade in 2012 and 2013 respectively. We succeeded in lowering our leverage ratio, as defined by our credit facility, by 270 basis points over a five-year period and it remains within our stated goal of 2.5x to 3.0x. In 2014, Host also received its first Leader in the Light Award for the Lodging/Resort property sector by the National Association of Real Estate Investment Trusts in recognition of its sustainable real estate practices.


First Green Bond Issued

We issued the first green bond in the lodging industry and achieved the lowest effective bond pricing in the company’s history.


Marriott Transformational Capital Program

We completed 16 renovation projects as part of our transformational capital program with Marriott International, investing nearly $750 million on renovation projects that enhanced the underlying value of our properties. We were able to execute many of these projects during the COVID-19 pandemic, benefitting from minimal disruption during a period of low occupancy and positioning our portfolio for growth during the lodging recovery.


The Premier Lodging REIT

With the goal of generating superior long-term, risk-adjusted returns for our stockholders, Host is focused on owning a geographically diverse portfolio of iconic and irreplaceable hotels in the United States. We leverage our size, scale, strong analytics platform and investment-grade balance sheet to grow through organic initiatives and disciplined acquisitions.

Throughout 2023, we delivered strong operational improvements and continued to successfully allocate capital through reinvestment in our portfolio, share repurchases, and dividend increases. We completed significant multi-year initiatives driven by our three key strategic objectives—redefining the hotel operating model, gaining market share through comprehensive renovations, and allocating capital to development return on investment projects. As part of these strategic objectives, we completed the multi-year Marriott Transformational Capital Program, as well as eight additional comprehensive renovations and four development projects. We also invested nearly $650 million in capital expenditures at our properties and announced the Hyatt Transformational Capital Program. In addition, we maintained a strong investment grade balance sheet and returned value to our stockholders. And we continued to be recognized as a global industry leader in corporate responsibility—we’ve been consistently named to the Dow Jones Sustainability Index World, included among the world’s most sustainable companies in S&P’s Global Sustainability Yearbook and named one of America’s Most Responsible Companies by Newsweek. In 2023, we introduced 2030 environmental and social targets, as we build out our roadmap to achieve our 2050 vision of becoming a net positive company. The quality of our portfolio, our ability to reinvest in our assets, and our strong balance sheet leave us very well-positioned to take advantage of potential opportunities to elevate the EBITDA growth profile of our portfolio. 


As of December 31, 2023


Consolidated Hotels




Top U.S. Markets


Comparable Hotel RevPAR

$17.2 Billion

Total Enterprise Value

24 of 24

Completed Marriott transformational capital program redevelopments (16) and comprehensive renovations (8)
The Don CeSar