NEW YORK — Host Hotels & Resorts Inc., the largest U.S. lodging real-estate investment trust, said third-quarter profit fell 44 percent after cash-strapped consumers and corporate groups cut back on trips to Hawai'i.

Revenue per available room, a key measure of hotel profitability, fell 2.1 percent in the third quarter, said Host, the owner of hotels managed by Marriott International Inc., Starwood Hotels & Resorts Worldwide Inc. and Hilton Hotels Corp. Excluding its two properties in Hawai'i — the Hyatt Regency Maui Resort and the Fairmont Kea Lani on Maui — Host said its revenue per available room declined just 0.4 percent.

Host said it expects a "modest" decrease in lodging demand for 2009.

"They're making the best of a bad situation," said Robert LaFleur, an analyst at Susquehanna Financial Group LLLP in Stamford, Conn. "They've anticipated this slowdown for a while, and have taken contingency plans to cut their costs and maximize their occupancy." He recommends holding Host shares and doesn't own any.

Business travel fell about 11 percent in the third quarter, in part because of higher airline ticket prices and less flight capacity, Chief Executive Officer W. Edward Walter said yesterday on a conference call with analysts and investors.

Leisure demand remains sluggish as household budgets stay under pressure, Walter said.

"We expect both that business and leisure demand will continue to weaken," Walter said on the call. "It certainly appears likely that the economy will deteriorate potentially significantly in the near term."

Host, which owns 117 properties and has a stake in 11 others in Europe, rose $1.43 to $9.28 on the New York Stock Exchange, the biggest gain in three weeks. Its shares plunged 54 percent this year before yesterday.

Third-quarter net income tumbled to $54 million, or 10 cents a share, from $97 million, or 18 cents, a year earlier, Host said. Revenue dropped to $1.17 billion from $1.2 billion for the three months through Sept. 5, beating the $1.16 billion average estimate of 14 analysts surveyed by Bloomberg.