HOST HOTELS & RESORTS L.P.

For an enterprise as large and complex as we are, a wide range of factors could materially affect future results and performance. In addition to the other information set forth in this report, you should carefully consider the factors disclosed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect our business, operations and financial condition. Other than as set forth below, there have not been any material changes to the risk factors as previously disclosed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

A prolonged U.S. federal government shutdown could materially and adversely affect our business, operations and financial condition and the price of shares of Host Inc.'s common stock.

A prolonged disruption in the operations of the U.S. federal government as a result of the shutdown that began on October 1, 2025, as well as potential future disruption resulting from the failure of Congress to enact appropriations bills or raise the federal debt ceiling, could materially and adversely affect our business, operations and financial condition. The federal government shutdown has resulted in the furlough of federal employees, reduced availability of government services and the suspension or delay of activities by key agencies that regulate or interact with our business or the customers of our hotels, such as the government agencies that oversee air travel, including the Federal Aviation Administration. This may impact government related travel and leisure travel, generally due to air traffic delays and closures of parks or other tourism destinations, resulting in a decrease in demand at our hotels.

In addition, the uncertainty caused by the government shutdown and prolonged budget negotiation may adversely affect the broader U.S. economy, investor confidence and capital markets. Such conditions could negatively impact our access to financing, timing of capital-raising transactions, and the price, liquidity or trading volume of our securities. Accordingly, the current federal government shutdown and the uncertainty regarding the continuity of government operations could have a material adverse effect on our business, operations and financial condition and the price of shares of Host Inc.'s common stock.