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  "documentTitle": "2026 02 Investor Presentation",
  "authorId": "Host-Hotels",
  "authorName": "Host Hotels & Resorts",
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  "notes": "The slide uses a timeline framework to categorize projects by type (Creative vs Offensive) and timing (2024-Ongoing).",
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      "text": "Offensive Additions target low-to-mid-teens cash-on-cash returns",
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      "kind": "list",
      "text": "NY MARRIOTT MARQUIS CO-GENERATION PLANT; THE CAMBY SELLER FINANCING; WASHINGTON MARRIOTT METRO CENTER SELLER FINANCING; DON CESAR MEETING SPACE EXPANSION; VILLAS AT THE PHOENICIAN CANYON SUITES; FOUR SEASONS ORLANDO CONDO DEVELOPMENT",
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      "text": "cash-on-cash returns: 13.9%",
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      "kind": "paragraph",
      "text": "Host has a history of creatively extracting value from its existing investments and recycling capital into EBITDA-generating Offensive Additions. Projects highlighted below provided incremental returns and were not underwritten at acquisition.",
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