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Host Hotels & Resorts, a REIT specializing in luxury properties, said that net income and hotel earnings before interest, taxes, depreciation and amortization from its three properties on Maui took a hit of about $5M during August.
The company said it is “engaged with its insurers” about business interruption coverage, but that the timing and amounts of any insurance payouts aren't certain yet.
The wildfires, which began a month ago, devastated large parts of Maui, killing at least 115 people, and 41 are still missing, according to the most recent reports. The burn areas are still restricted to authorized personnel, as crews work to remove ash and other debris.
More than 2,200 structures were destroyed across 2,170 acres of the town of Lahaina, with an estimated $5.5B price tag to rebuild, according to an early estimate from the Pacific Disaster Center and Federal Emergency Management Agency.
The Maui wildfires did not directly damage any of Host's hotels or golf courses on the island, and all its hotels remained operational through the disaster. The Hyatt Regency Maui Resort and Spa is still housing first responders, but Host said it expects the property to start taking paying guests in mid-October.
The company’s other properties on the island, Andaz Maui at Wailea Resort and the Fairmont Kea Lani, are providing food and shelter for employees and their families, while also remaining open to guests.
Host also said that it doesn't expect any delay in the completion of a major renovation underway at the Fairmont Kea Lani, which remains on track to be completed in Q4.
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