Host Hotels & Resorts

Host Hotels & Resorts is the largest lodging real estate investment trust in the United States, owning a portfolio of upscale and luxury hotels operated under brands like Marriott and Hyatt. Unlike asset-light hotel operators, Host owns the physical properties, so its results track room rates, occupancy and the broader travel cycle closely. As a REIT, Host is obliged to distribute most of its taxable income, and after cutting its dividend during the pandemic it has rebuilt the payout as travel recovered. The current yield is attractive, but the distribution is inherently cyclical and can move with hotel demand. That gives it a decent income profile with clear economic sensitivity, reflected in a middling score.