by Donald Wood
Last updated: 11:35 AM ET, Wed October 25, 2023
Hilton Worldwide Holdings revealed that the hospitality company
exceeded third-quarter revenue estimates and improved its annual forecast due
to record lodging prices and higher occupancy levels.
During a third-quarter conference call, Hilton officials
revealed the company earned $379 million in net income and $834 million in
adjusted EBITDA. System-wide comparable RevPAR also increased by 6.8 percent
compared to 2022.
In a return to pre-pandemic totals, the hospitality giant reported
that system-wide comparable RevPAR increased 11.4 percent for the third quarter
compared to 2019.
“We continued to see strong results during the third
quarter, exceeding our expectations for system-wide RevPAR growth, with growth
across all customer segments,” Hilton CEO Christopher Nassetta said.
The company also approved 35,500 new rooms for development
during the third quarter, bringing Hilton’s development pipeline to a record
457,300 rooms, representing a growth of 10 percent from September 2022. Hilton
also added 15,700 rooms to its system in the third quarter.
As for the full-year outlook, system-wide RevPAR is expected
to increase between 12-12.5 percent compared to 2022, while 2023 net income is
projected to be between $1.375-$1.389 billion.
Full-year adjusted EBITDA is expected to be between $3.025-$3.045
billion, and 2023 capital return is projected to be between $2.4-$2.6 billion.
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