Host Hotels Not Hosting Enough

BETHESDA, Maryland (TheStreet) -- Host Hotels & Resorts(HST Quote) is finding itself with a lack of guests to, well, actually host.

During the quarter, funds from operations, a key barometer in the hotel industry, sank to $66 million, or 11 cents a share, from $170 million, or 31 cents, in the year-ago period. Analysts expected FFO to come in at 8 cents a share.

Host Hotels also recorded a loss of $57 million, or 9 cents a share, compared with a profit of $45 million, or 9 cents, last year.

Revenue tumbled 20% to $912 million from $1.14 billion, as room and food sales declined.

Revenue per available room, or Revpar, fell 21.3%.

Looking ahead, the company expects FFO in the range of 46 cents to 51 cents a share for the year, and a loss of between 42 cents and 47 cents a share.

Rival LaSalle Hotel Properties(LHO Quote) will release its earnings on Oct. 22.

-- Reported by Jeanine Poggi in New York

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