Friday, November 8, 2024 Hurricane season brought significant disruptions to Host Hotels & Resorts, with its renowned Don CeSar resort in St. Pete Beach, Florida, sustaining extensive damage from Hurricane Helene. This iconic property remains temporarily closed, and the company anticipates a phased reopening beginning in late Q1 2025.
Nonetheless, recent resilience-focused renovations proved beneficial at The Ritz-Carlton Naples, allowing it to withstand the storms with minimal damage. Two major storms, Hurricane Helene and Hurricane Milton, impacted Host properties across Florida, temporarily closing four hotels. While three reopened within ten days, The Don CeSar requires a more extended recovery period.
The Ritz-Carlton Naples, however, was shielded from substantial storm damage due to recent upgrades, including elevated building equipment and enhanced waterproofing, which mitigated damage from heavy rains and high water levels. Host has also successfully managed hurricane impacts through favorable insurance settlements. For instance, the company secured a $308 million final insurance settlement related to Hurricane Ian’s damages, receiving the last $29 million installment in Q3 2024, bolstering its financial position.
Active Portfolio Expansion in 2024 Despite no acquisitions in Q3, Host has strategically expanded its portfolio in 2024 with significant investments. Notable purchases include Nashville’s 1 Hotel and Embassy Suites for $530 million in May, followed by th.
