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UPDATE 1-Host Hotels posts higher 1st-qtr results
April 25, 2012 / 11:15 AM / in 5 years

UPDATE 1-Host Hotels posts higher 1st-qtr results

* Q1 adj FFO $0.14 vs $0.12

* Revenue up 10 pct to $985 mln

April 25 (Reuters) - Lodging real estate investment trust Host Hotels & Resorts posted better quarterly results on higher room rates, and raised its full-year outlook.

Funds from operations, a key profitability measure that excludes items such as gains and losses from sales of depreciable operating properties, rose to $101 million, or 14 cents a share, from $80 million, or 12 cents a share, a year earlier.

The company broke even in the first quarter, compared to a loss of $60 million last year. Revenue rose 10 percent to $985 million.

Comparable hotel revenue per available room -- a key measure of hotel industry performance based on occupancy and room-rates -- increased 6.1 percent. Average room rate rose 2.9 percent while occupancy levels went up 2.1 percentage points.

Host Hotels expects revenue per available room to rise 5 percent to 7 percent this year.

The company had earlier forecast a 4 percent to 6 percent growth in revenue per available room.

It expects adjusted funds from operations of $1.01 to $1.08 per share, up from previous forecast of 97 cents to $1.04 per share.

Host Hotels shares closed at $16.78 on Tuesday on the New York Stock Exchange.

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