On Monday, Shares of Host Hotels and Resorts Inc (NYSE:HST), gained 1.56% to $17.60.
Host Hotels & Resorts, the nations largest lodging real estate investment trust (REIT), declared results of operations for the third quarter of 2015.
We delivered solid results in the third quarter and remain committed to our long-term planned aim of generating superior returns for our stockholders by driving excellent operating performance, refining our strategy to adapt to changes in the lodging industry, selectively divesting assets and making well-considered, value-enhancing investments for continued growth, said W. Edward Walter, President and Chief Executive Officer. Although we have already returned more than $1 billion of capital to stockholders in 2015 through stock repurchases and compriseently strong dividends, the decision to improvement our stock repurchase program by an additional $500 million this quarter underscores the Boards confidence in our plan and future prospects. We believe that repurchasing stock is the most attractive investment opportunity available to our company recently; although we remain disciplined and opportunistic, we intend to move aggressively to repurchase shares as market conditions permit.
Third quarter 2015 results reflect the following:
- Comparable RevPAR on a constant dollar basis improved 2.8% for the quarter, driven by a 2.3% improvement in average room rate and a 30 basis point improvement in occupancy to 80.3%. Year-to-date, the Companys comparable RevPAR on a constant dollar basis raised 3.9%, reflecting rate growth of 3.8%, while occupancy improved to 78.6%. The RevPAR growth was negatively influenced by about 20 basis points in both the quarter and year-to-date due to the formerly revealed adoption of the 11 th Edition of the Uniform System of Accounts for the Lodging Industry (USALI). The Company anticipated the third quarters RevPAR growth would lag full year results due to difficult comparisons to preceding year when Comparable RevPAR raised 7.9%, in addition to the shifting of holidays in the third quarter 2015. Additionally, softer than predictable leisure business and international travel in August offset above forecast performance in July and September.
- Comparable RevPAR at the Companys domestic properties improved 2.8% for the quarter and 4.0% year-to-date. The third quarter RevPAR improvements were led by strong performances in the Boston, Los Angeles, Seattle, and San Francisco markets. RevPAR reduced 3.4% at its Washington D.C. hotels due to a decline in convention activity and 9.7% at its Houston properties due to continued weakness in the energy market.
- On a constant dollar basis, RevPAR at the Companys comparable international properties raised 2.2% for the third quarter and reduced 0.1% year-to-date. The year-to-date decline was primarily due to difficult comparisons for the JW Marriott Hotel Rio de Janeiro due to the FIFA World Cup that generated exceptional results in the second and third quarter of 2014, as well as renovation disruption during 2015 at the Calgary Marriott Downtown Hotel. The decline offset a strong performance in the Companys Asia-Pacific market where RevPAR raised 6.2% and 7.7% for the quarter and year-to-date, respectively. For the third quarter, on a constant dollar basis, and not taking into account the Rio de Janeiro and Calgary properties, RevPAR raised 10.2% for the remaining 10 international properties.
Host Hotels & Resorts, Inc. is a publicly owned real estate investment trust (REIT). The firm primarily engages in the ownership and operation of hotel properties.
Shares of Eli Lilly and Co (NYSE:LLY), inclined 0.56% to $82.03, during its last trading session.
Eli Lilly and Company, revealed plans to expand its global research and development (R&D) headquarters in Indianapolis, Indiana. Adding 130,000 square feet to Lillys existing complex, the new $70 million building will feature a multi-disciplinary laboratory that facilitates partnership across multiple research functions. The new building is part of Lillys continued growth of its Indianapolis footprint, which comprised a $400 million expansion initiated in 2013 to improvement its insulin manufacturing capacity.
We are excited to grow our presence in Indianapolis, which is home to our largest global R&D facility and where our research efforts began, said Jan Lundberg, Ph.D., executive vice president of science and technology and president of Lilly Research Laboratories. Evolving our laboratories will position Lilly and its Indianapolis-based scientists to more efficiently discover and develop new treatments that will make life better.
Upon completion in 2017, the new building will enable organic chemists and engineers to work side-by-side in a collaboration-centric workspace with modelling, analytical and formulation scientists. Key to this success will be flexible laboratories that can adapt as research and technology needs evolve, in addition to open, interactive meeting spaces that are meant to spark creativity and multi-disciplinary problem-solving. The laboratory will focus its efforts on small molecules – treatments typically taken orally – which presently comprise about half of Lillys investigational medicines portfolio.
Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products worldwide. It operates through two segments, Human Pharmaceutical Products and Animal Health Products. The company offers endocrinology products to treat diabetes; osteoporosis in postmenopausal women and men; human growth hormone deficiency and pediatric growth conditions; and testosterone deficiency.
Finally, Shares of Target Corporation (NYSE:TGT), ended its last trade with 0.12% gain, and closed at $77.28.
Target Corporation, declared it will give guests a more convenient shopping experience this holiday season through new and expanded digital tools and resources, counting free shipping and returns at Target.com, and new international shipping options. Target’s holiday shoppers also will find top gifts and décor, ways to save throughout the season, and a marketing campaign, The Holiday Odyssey, that will tell the tale of a larger-than-life holiday journey.
“Target is starting the season with momentum in our business, anchored by raised store traffic and strength in our signature categories of baby, kids, style and wellness. The work we’ve done throughout the past year puts us in a position to deliver the convenient services and differentiated product our guests count on from Target, especially during the holidays,” said Brian Cornell, Chairman of the Board and CEO, Target. “I’m confident that guests will find an easy, inspiring, and most importantly, seamless experience at Target no matter how they choose to shop.”
Target Corporation operates as a general merchandise retailer in the United States and Canada. It offers household essentials, counting pharmacy, beauty, personal care, baby care, cleaning, and paper products; music, movies, books, computer software, sporting goods, and toys; electronics, such as video game hardware and software; and apparel for women, men, boys, girls, toddlers, infants, and newborns, in addition to intimate apparel, jewelry, accessories, and shoes.
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