What Host Hotels & Resorts, Inc. told the SEC could break it.

Host's portfolio is concentrated in a limited number of large urban/resort markets — hotels in New York, Washington D.C., San Diego, San Francisco, Phoenix, Florida and Hawaii represented ~65% of 2025 hotel revenues — so adverse events in these markets (e.g., the Maui wildfires) could disproportionately harm results.

“Hotels in the following cities and states represented approximately 65% of our 2025 hotel revenues: New York, Washington, D.C., San Diego, San Francisco, Phoenix, Florida and Hawaii.”

As a REIT, Host does not operate its hotels — all are run by third-party managers (major lodging brands) under long-term agreements; if Host fails to fund brand-standard capital investments, managers may terminate the management agreements, and Host may not realize improved performance from those investments.

“In addition, because we depend on external sources of capital, we may not have the necessary funds to invest and, if we fail to maintain our hotels in accordance with brand standards set by our managers, they may terminate the management agreement.”

Tariffs and trade policy threaten Host both via supply-chain-driven construction project delays/costs and via reduced inbound international travel — tariff-related sentiment and visa restrictions are limiting US competitiveness as a destination, weighing on lodging demand alongside elevated inflation/interest rates.

“Supply chain challenges, which may be exacerbated by current tariffs and trade policies, have resulted in project delays across the U.S., and a prolonged tight lending environment has created construction financing challenges for future projects.”