Host Hotels & Resorts owns luxury and upper-upscale hotels operated under major hotel brands, one of the largest hotel real estate investment trusts, owning the physical hotel properties while professional hotel management companies handle day-to-day operations. As a real estate investment trust, the company distributes most of its taxable income to shareholders as dividends, generating revenue from hotel operations at the properties it owns rather than the franchise or management fee income that hotel brand companies earn. Host's portfolio concentrates on premium hotels in major markets and resort destinations, properties that tend to command higher room rates but also experience more variability in occupancy and pricing tied to business and leisure travel demand cycles. The company's results are sensitive to overall travel demand, business conference and event activity, and broader economic conditions affecting both leisure and corporate travel spending.