Q3 2024 Hilton Worldwide Holdings Inc Earnings Call Transcript
Key Points
- Hilton Worldwide Holdings Inc (HLT) achieved record net unit growth of 7.8% in the third quarter, opening 531 hotels with over 36,000 rooms.
- The company surpassed 8,000 hotels in its system and reached 200 million Hilton Honors members, indicating strong brand loyalty.
- Adjusted EBITDA and adjusted EPS exceeded the high end of guidance, showcasing strong financial performance despite softer RevPAR.
- Hilton Worldwide Holdings Inc (HLT) continues to expand its lifestyle portfolio with new hotel openings and brand introductions in international markets.
- The company maintains a robust development pipeline with 492,000 rooms, up 8% year over year, and has more rooms under construction than any other hotel company.
- System-wide RevPAR growth was only 1.4% year over year, below guidance due to factors like weather impacts and labor disputes.
- The Asia Pacific region, particularly China, experienced a 3% decline in RevPAR, with China specifically down 9% due to travel disruptions.
- Ongoing labor disputes in the US and unfavorable calendar shifts negatively impacted performance.
- Leisure RevPAR trends are normalizing, with a modest decline from post-pandemic peaks.
- The company anticipates continued challenges from the election and labor disputes in the US affecting fourth-quarter RevPAR growth.
Good morning, and welcome to the Hilton third-quarter 2024 earnings conference call.
(Operator Instructions)
Please note this event is being recorded.
I would now like to turn the conference over to Jill Chapman, Senior Vice President, Head of Development Operations and Investor Relations. You may begin.
Thank you, Chad.
Welcome to Hilton's third-quarter 2024 earnings call.
Before we begin, we would like to remind you that our discussions this morning will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements, and forward-looking statements made today speak only to our expectations as of today. We undertake no obligation to update or revise these statements. For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of our most recently filed Form 10-K. In
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