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Fitch ups Host Hotels trend to positive
Fitch Ratings said it changed its outlook for Host Hotels & Resorts, Inc. and Host Hotels & Resorts LP to positive from stable and affirmed their long-term issuer default ratings and senior unsecured ratings at BBB-.
“The positive outlook reflects Fitch's expectation that REIT leverage will remain below its 3x upgrade trigger, albeit with limited headroom when considering the macroeconomic backdrop and the potential for opportunistic M&A. Recent outperformance has been driven by strong leisure demand while urban, business and group travel continue to demonstrate promising recovery,” the agency said in a statement.
“Fitch anticipates rate growth to flatten in FY23 in response to a pullback in discretionary travel due to recessionary and inflationary concerns. However, Fitch expects occupancy to continue to improve through the forecast period as urban and business travel demand return as evidenced by recent and forward booking trends,” the agency added.
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