Repentance needs real feeling of sorrow on committing the sinful act and firm decision not to do it again. If you just fear the punishment but do not sincerely feel sorry for committing the sin or you did not decide to refrain from doing it again, then there is no question of forgiveness.
Muslim must be honest and truthful when dealing with any human being, Muslims and non Muslims. Steeling is a major sin. You must try your best to reach to the host family and return the item to the owner. You should ask every one who may be able to guide you to the owner.
If your search does not lead you to the owner, and you lose hope in reaching to them, then you should pay the original value of the item to poor and needy as a Sadaqa on behalf of the owner.
From Ameerul Momineen (AS):
Seeking forgiveness is the degree of highest level believers. It is a name that has six components :
First: Regret for the past.
Second: Determination to never do it again.
Third: to give back the creatures their rights so that you return to God Almighty with out carry that burden.
Fourth: To intend to perform every obligation that you have missed.
Fifth: to deliberate on the flesh that grew from Haraam to dissolve it with sadness until the skin is affixed to the bone and new flesh arises between them.
Sixth: Make your body taste the pain of obedience, as the sweetness of disobedience inflicted on it.
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