Host Hotels Says Cash Flow Up; Plans Stock Buyback
Bethesda's Host Hotels & Resorts said a key measure of cash flow increased 10 percent in the first quarter and it announced plans to buy back $500 million of its common stock.
The lodging company, which operates as a real estate investment trust, reported that a measure of cash flow called funds from operations rose to $185 million (33 cents per share) in the first three months ending March 21, compared with $166 million (30 cents per share), to the first quarter in 2007.
The company said revenue increased $29 million, or 2.8 percent, to $1,058 million for the first quarter of 2008. In a release it said revenue per available room climbed 2.4 percent on a 4 percent rise in average room rates.
The company, which owns hotels managed by the likes of Marriott, Sheraton, and Ritz-Carlton, said occupancy rates overall were down 1.1 percent and it cut its earnings forecast for the year.
April 23, 2008; 7:48 AM ET
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