Host Hotels to exit Asia Pacific

Host Hotels shares fell nearly six percent to US$15.30 after the hotel owner cut its full-year forecast and said it would exit the Asia-Pacific market, Reuters reported.
Host Hotels says comparable hotel RevPAR growth (on a constant dollar basis) slowed to 0.7 percent in August from five percent in July due to soft leisure business in the US and lower-than-expected growth at international properties.
The company expects weak leisure demand trends to continue into September (Q3 ends September) and says it might also impact Q4.