Penny envies hosts (8)
I believe the answer is:
presents
'hosts' is the definition.
'penny envies' is the wordplay.
'penny' becomes 'p'.
'envies' becomes 'resents'.
'p'+'resents'='PRESENTS'
(Other definitions for presents that I've seen before include "Hands over formally" , "Offerings" , "Introduces" , "Press ten (anag.)" , "Awards formally" .)