Host Hotels & Resorts is the largest publicly traded lodging REIT, owning a portfolio of 76 luxury and upper-upscale hotels totaling roughly 41,700 rooms, primarily in the U.S. Host owns the real estate but does not operate hotels directly — it leases properties to taxable REIT subsidiaries, which then contract with third-party managers like Marriott and Hyatt to run day-to-day operations. Marriott-flagged hotels account for about 63% of hotel revenues and Hyatt-flagged hotels about 17%. Host's hotels fall into three main formats: urban luxury hotels in major gateway cities, convention-oriented hotels near large convention centers, and resort properties in destination leisure markets. Revenue splits roughly 60% rooms and 40% food and beverage and other amenities. Host serves transient, group, and contract guests, with group business (~36% of room nights) driving high-margin banquet and catering revenue. Host's primary earnings metric is RevPAR, driven by occupancy and ADR, though total RevPAR — which captures out-of-room spending — has grown faster and represents a meaningful share of earnings. Labor is the dominant cost, comprising roughly 50% of hotel operating expenses. Host actively recycles capital by selling mature assets at high EBITDA multiples and redeploying proceeds into acquisitions at lower multiples, share repurchases, and dividends. Host also partners with Marriott and Hyatt on transformational renovation programs, receiving operating profit guarantees in exchange for funding comprehensive property upgrades.