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BETHESDA, Md. – Host Motels & Resorts, Inc. (NASDAQ: HST) (the “Firm”), the nation’s largest lodging actual property funding belief, at present supplied an replace concerning the affect of the Maui wildfires and different latest climate occasions on its lodges and the communities the place they function.
As the most important resort actual property proprietor on Maui with a presence for over 20 years, Host Motels & Resorts shares a deep connection to the island’s individuals and tradition. Lahaina has lengthy been revered as a sacred place and residential to a few of the island’s most valuable historic and cultural property. The August wildfires touched everybody on the island and the Firm’s lodges are partnering collectively to assist the security and wellbeing of the Maui group.
The Firm’s lodges are offering meals and shelter for workers, their households, and emergency response groups whereas additionally remaining open to visitors. Normal managers on the Andaz Maui at Wailea Resort and the Fairmont Kea Lani, together with different Wailea space basic managers, are working in partnership with World Central Kitchen to supply meals for Maui shelters. As well as, the Firm is working with its lodges and operators to supply accessible sources to assist staff as shortly and meaningfully as doable. This consists of offering direct worker aid and making charitable donations to emergency response aid organizations on the bottom, together with the American Pink Cross – Maui, World Central Kitchen, Maui Meals Financial institution and Hawaii Group Basis Maui Robust Fund—all of that are supporting staff and folks throughout Maui in want.
We’re deeply saddened by what has occurred on Maui, and we’re prioritizing the care of our lodges’ staff, their members of the family, and the bigger group. Maui has a wealthy historical past with vital cultural and archaeological property, and it has been a beautiful house to Host for 20 years. We’re dedicated to supporting the island’s resilient individuals and communities as restoration and rebuilding efforts progress and – like so many others – we stay impressed by the 150-year-old banyan tree that continues to be standing in the course of Lahaina. James F. Risoleo, President and Chief Government Officer
So far, there has not been any reported property injury to the Firm’s lodges or golf programs on Maui, and all its lodges remained open and operational by way of the wildfires. The Hyatt Regency Maui Resort and Spa stays open to first responders and expects to start welcoming visitors again in mid-October.
The Firm estimates that internet earnings and resort EBITDA from its three Maui lodges was impacted by roughly $5 million within the month of August. The Firm isn’t in any other case updating or reaffirming its full yr 2023 steerage supplied on August 2, 2023, as it’s too early within the quarter to supply a complete replace or estimated full-year affect to future durations as a result of quickly evolving nature of demand tendencies on the island. The Firm’s threat administration crew is engaged with its insurers about potential enterprise interruption protection, and, as these conversations are ongoing, timing and quantities of any potential enterprise interruption proceeds aren’t but recognized.
The Firm doesn’t count on a delay within the completion of the great renovation at the moment underway on the Fairmont Kea Lani, which stays on observe to be accomplished within the fourth quarter of 2023. This mission is the ultimate of 24 latest complete renovations within the Firm’s portfolio.
Different Current Climate Occasions
Within the second half of 2023, the Firm expects to start recognizing enterprise interruption good points associated to Hurricane Ian, which impacted the Firm’s two non-comparable lodges, The Ritz-Carlton, Naples, and Hyatt Regency Coconut Level Resort and Spa.
With respect to Hurricane Hilary in Southern California and Hurricane Idalia on the Gulf Coast of Florida, the Firm’s lodges didn’t expertise any materials property injury or enterprise disruption.
About Host Motels & Resorts
Host Motels & Resorts, Inc. is an S&P 500 firm and is the most important lodging actual property funding belief and one of many largest house owners of luxurious and upper-upscale lodges. The Firm at the moment owns 72 properties in the USA and 5 properties internationally totaling roughly 41,900 rooms. The Firm additionally holds non-controlling pursuits in seven home and one worldwide joint ventures.
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