• Global net revenue for the first quarter of 2024 reached US$268 million
• The system-wide average revenue per rentable room (RevPAR) increased 2% year-on-year in the first quarter
• A total of 106 new hotels were opened worldwide, achieving a 5.6% net increase in the number of guest rooms
• Announced acquisition plans and partnerships for the Graduate Hotels brand and Sydell Group to accelerate the expansion of the luxury and lifestyle brand layout

McLean, VA, April 25, 2024 /PRNewswire/ -- Recently, Hilton Group announced global results for the first quarter of 2024. Thanks to the increase in occupancy rates and average housing prices, the system's average revenue per rentable room (RevPAR) increased 2% over the same period in 2023. Net revenue for the full quarter reached US$268 million, and adjusted profit before interest, tax, depreciation and amortization (Adj. EBITDA) was US$750 million, up 17% year over year. Adjusted earnings before interest, tax, depreciation and amortization (Adj. EBITDA) and adjusted diluted earnings per share (Adj. EPS) were both above guidance levels.

Christopher J. Nassetta (Christopher J. Nassetta), Global President and CEO of Hilton Group, said: “We are very happy to share our first-quarter results. Our net profit for the quarter significantly exceeded our expectations, and the system-wide average revenue per rentable room (RevPAR) achieved a 2.0% increase, further reflecting the resilience and rapid development and expansion of our business model. On the development side, the momentum continues to be strong in various areas such as signing, construction, and opening of business. Based on our record number of contracted rooms once again and the current pace of development, we expect a net increase of 6% to 6.5% for the whole of this year.”

Global development highlights

In the first quarter of 2024, the Hilton Group opened 106 new hotels worldwide, adding 16,800 guest rooms, achieving a net increase of 14,200 guest rooms, an increase of 5.6% over the same period in 2023. The quarter welcomed a number of new hotel openings from luxury and lifestyle brands, including Conrad Orlando, Hawaii's first LXR Hotels and Resorts, Seychelles's first Waldorf Astoria Hotel and Hyatt Regency, Dubai's first Waldorf Astoria Hotel and the first Motto by Hilton hotel in Peru. In addition, highly anticipated newly opened hotels such as the Hilton Hotel at the Nashville Airport Terminal and the DoubleTree by Hilton Kyoto Station opened their doors this quarter to welcome visitors. The Hilton Group also ushered in several milestones in brand growth. The Hilton Hampton brand welcomed 3,000 hotels around the world, kicking off the brand's 40th anniversary milestone.

The Hilton Group added 29,800 new contracted guest rooms this quarter. As of the first quarter, the scale of projects signed by Hilton Group was about 3,380 hotels, and the number of contracted guest rooms reached a record high of 472,300, an increase of 2% over the fourth quarter of 2023, and an increase of 10% over the previous year. Of the destination markets where newly contracted hotels are distributed, 31 are Hilton Group's first entry. Nearly half of the world's contracted guest rooms have already started construction.

This quarter, Hilton Group also announced a series of partnerships and acquisition plans to continue to enrich the global brand portfolio and drive global growth opportunities. These include plans to acquire the local American hotel brand Graduate Hotels, which is expected to add 35 new franchised hotels to the Hilton Group in the second quarter; the Hilton Group has also completed the acquisition of Sydell Group's majority control and plans to expand its luxury hotel brand NoMad to more markets around the world. This also marks the first time the Hilton Group has entered the luxury lifestyle sector and will further accelerate its expansion in this field.

Asia Pacific Performance Highlights

In the first quarter of 2024, Hilton Group's average revenue per rentable room (RevPAR) in the Asia Pacific region increased by 7.9% compared to the same period in 2023, thanks to steady growth in demand for leisure and business travel, and continued growth in intra-Asia Pacific travel and international inbound guests. Among them, outbound visitors from the Chinese market brought further traffic and revenue to regional markets such as Southeast Asia and Japan. At the same time, trends such as the “concert economy” driven by cultural performance events are also boosting the revenue of regional hotels in Singapore and Australia.

The Hilton Group opened 43 new hotels in the Asia Pacific region in the first quarter, including the unveiling of the first Hilton Grey Select Hotel, La Festa on Vietnam's Phu Quoc Island; the grand opening of Hilton Saigon in Ho Chi Minh City, marking the first entry of the Hilton flagship brand into Vietnam's largest city; and “Bengaluru”, known as India's Silicon Valley, welcomed its sixth hotel in India, the DoubleTree by Hilton Bengaluru Whitefield.

Up to now, the Hilton Group has operated more than 800 hotels in the Asia Pacific region, with a target of more than 1,000 by 2025. Additionally, the Hilton Group added 41 new contracted hotels in the Asia Pacific region this quarter, including 4 Conrad Hotels & Resorts, further strengthening the expansion of luxury brands.

Greater China continues to expand its layout

In the first quarter of 2024, Hilton Group continued to deepen its presence in China and maintained a steady development momentum. Its luxury and full-service hotel brands signed a good trend. The first quarter also ushered in several hotel openings and brand milestones. In January 2024, Hilton Garden Inn celebrated the 10th anniversary milestone of entering China, and first entered emerging destinations such as Dongdong, Rizhao, and Huizhou in the first quarter. In the first quarter, the Hilton Hampton brand welcomed the opening of 27 new hotels and expanded to 7 new destination cities. The hotels opened in China have covered more than 140 cities, and more than 800 projects have been signed in China; the Hilton Homewood brand welcomed the opening of 7 hotels. Currently, more than 50 hotels have been opened in China, continuing to lead the residential trend.

In April 2024, Hilton Group won the “Best Workplace for Women in Greater China” for the fifth year in a row, becoming the only hotel management group to be on the list for five consecutive years since it was established in 2019.

About Hilton Group

Hilton Group (NYSE: HLT) is an internationally renowned hotel management company with 23 outstanding hotel brands, with more than 7,600 hotels and nearly 1.2 million guest rooms in 126 countries around the world. The Hilton Group has always been committed to the founding vision of “filling the world with sunshine and warmth, and making guests feel 'warm and hospite'”. Over its 100 years of development, the Hilton Group has provided services to more than 3 billion guests. The Hilton Group topped the “World's Best Workplaces” list by “Fortune” magazine and the Institute for Excellent Workplaces; it has been a global industry leader in the Dow Jones Sustainability Index for seven consecutive years. The Hilton Group has launched advanced services including Digital Key Share (Digital Key Share), automatic room upgrades for Gold and Diamond Card members, and “Direct Booking Connected Rooms” to continuously improve the guest experience. Through the award-winning customer loyalty program “Hilton Honors”, nearly 190 million members can redeem great value points for accommodations. Through the free Hilton Honors app, guests can easily complete their stay reservations. For more details, please visit stories.hilton.com and contact the Hilton Group through the “Hilton Group Information Center” and the “Hilton Hilton” WeChat account, “Hilton” official Weibo, and the Hilton Honors Chinese App.