Host Hotels & Resorts, Inc. Provides Update on Hurricane Harvey and Hurricane Irma
09/15/2017
The Company is working closely with its property managers and engineering consultants to assess storm-related damage and believes the maximum financial exposure from both storms, after expected insurance recovery, to be approximately
"Our thoughts and prayers go out to those affected by both Hurricane Harvey and Irma," said
Hurricane Harvey
The Company’s four properties in
Hurricane Irma
The Company complied with state and county evacuation orders and closed 7 of 10 Florida properties prior to Irma making landfall. Subsequent to Irma passing through, the
The Company quickly mobilized its emergency contractors to
To support disaster relief efforts, the Company is making contributions to the
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Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include forecast results and are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: changes in national and local economic and business conditions and other factors such as natural disasters, pandemics and weather that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to make special dividends; and other risks and uncertainties associated with our business described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the
Bret D.S. McLeod Senior Vice President 240.744.5216 Gee Lingberg Vice President 240.744.5275