The real estate investment trust also cut its full-year outlook, not expecting occupancy levels or room rates to level anytime soon, sending shares tumbling more than 3% to $8.09 in morning trading.
During the quarter, Host Hotels recorded a loss of $69 million, or 12 cents a share, compared with a profit of $193 million, or 55 cents in the year-ago period.
Funds from operations fell to 12 cents a share from 55 cents. Excluding one-time items, FFO was actually 26 cents, beating analysts' estimates of 24 cents.
Revenue slumped to less than $1.1 billion, from about $1.4 billion the year prior, while revenue per available room fell 24.9% from last year.
For the full-year Host Hotels expects FFO in the range of 43 cents to 50 cents a share, and forecasts revenue per available room to fall between 20% and 23%. Previously the company said it expected FFO between 68 cents and 76 cents.
Management said it plans to pay a dividend between 23 cents and 25 cents a share for the first half.
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