Host Hotels & Resorts is a lodging REIT that owns and operates a portfolio of luxury and upper-upscale hotels across key U.S. markets and select international locations, with properties managed by professional third-party operators under long-term management agreements. The company generates revenues primarily from hotel room sales (approximately 60% of hotel revenues), food and beverage operations (approximately 30%), and ancillary services including resort fees, parking, and guest amenities (approximately 10%), serving high-income leisure travelers and group business customers. Host Hotels operates through a REIT structure, receiving monthly cash distributions from hotel managers reflecting property-level revenues less operating expenses, and pursues disciplined capital allocation focused on acquiring and upgrading upper-upscale and luxury properties in resort destinations and major metropolitan areas, while distributing substantially all taxable income to shareholders as dividends.