Host Hotels & Resorts Inc. , a lodging real estate investment trust, said Wednesday that Chief Executive W. Edward Walter will step down, effective Dec. 31, and James Risoleo, managing director of West coast investments, will succeed him. Walter, who will also give up his seat on the company's board, will remain with the company through Jan. 31, 2017. He has been CEO for the past decade. Risoleo, who has been with the company for 20 years, will assume the CEO position on Jan. 1. Host Hotels shares are inactive in premarket trading, but up 24.2% for the year so far. The S&P 500 index is up 11.1% for 2016 to date.
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