Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have read Host's first-quarter 2026 10-Q with care, and we have looked at the business as we always do — first asking what the company actually owns, second asking whether what it owns has any durable advantage, and only then asking what it is worth. Host is the largest publicly traded lodging REIT in the United States. It owns 76 luxury and upper-upscale hotels (71 in the U.S., three in Brazil, two in Canada) and contracts the day-to-day operation of those hotels primarily to Marriott, with secondary relationships involving Hyatt, Four Seasons, Ritz-Carlton, and others. Host is a real-estate landlord wearing the costume of a hotel company. The brands, the loyalty programs, the reservation systems, and the customer relationships belong to the managers — not to Host. This is the central problem.
Recent filings analysed: 8-K (2026-08-05), 8-K (2026-05-28), 8-K (2026-05-22), 10-Q (2026-05-08).
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