Host Hotels & Resorts beats Q1 results on strong pricing, Maui recovery

April 30 (Reuters) - Real estate investment trust Host Hotels & Resorts HST.O reported first-quarter adjusted funds from operations (FFO) above analysts' expectations on Wednesday, driven by higher pricing and a recovery in Maui.

Shares of the company were up 1.9% in extended trading.

Strong pricing for food items, beverages and hotel services helped the company's results which had been dragged by slowing Maui demand throughout last year.

Tourism in Maui declined following the wildfires in August 2023, as visitors were hesitant to return. However, in the first quarter the company observed improving leisure trends in Maui, indicating a rebound in travel demand, CEO James Risoleo said in a statement.

Food and beverage revenues were up 6%, while revenues from other ancillary items, which include spa and entertainment services, rose 5.3% compared to last year.

The Bethesda, Maryland-based REIT reported a quarterly adjusted FFO of $0.64 per share, compared with analysts' estimates of $0.56 per share.

It now expects a full-year adjusted FFO between $1.88 and $1.97 per share, compared with the previous range of $1.82 to $1.91 per share.

Total revenue for the quarter ended March 31 was $1.59 billion, up 8.4% from a year earlier. On average, analysts were expecting revenue of $1.55 billion, according to data compiled by LSEG.