Hilton Reports Fourth Quarter and Full Year Results
- EDITOR
- Feb 7, 2024
- 3 min read
MCLEAN, VA (February 7, 2024) - Hilton Worldwide Holdings Inc. today reported its fourth quarter and full year 2023 results.
Christopher J. Nassetta, President & Chief Executive Officer of Hilton, said, "We delivered another year of strong top- and bottom-line results and continued to deliver on our robust development story. Positive momentum in openings continued throughout the year, with more openings in the fourth quarter than any other quarter in the Company's history. We also achieved record signings for the year, meaningfully ahead of pre-pandemic levels. We expect this momentum to continue into 2024 and net unit growth to accelerate to the high end of our guidance range of 5.5 percent to 6.0 percent, with the opportunity for further upside of 25 to 50 basis points from our exclusive partnership with Small Luxury Hotels of the World. Adding this extraordinary portfolio over the coming months to our strong and growing luxury offerings will further enhance our already powerful network effect and give all of Hilton's customers, including our Hilton Honors members, even more opportunities to dream, book and earn and redeem points. Powered by an award-winning culture that was recently recognized as the No. 1 World’s Best Workplace, our Hilton team is well positioned to continue driving innovation and growth in the year ahead."
Highlights include:
Diluted EPS was $0.57 for the fourth quarter and $4.33 for the full year
Diluted EPS, adjusted for special items, was $1.68 for the fourth quarter and $6.21 for the full year
Net income was $150 million for the fourth quarter and $1,151 million for the full year
Adjusted EBITDA was $803 million for the fourth quarter and $3,089 million for the full year
System-wide comparable RevPAR increased 5.7 percent and 12.6 percent, on a currency neutral basis, for the fourth quarter and full year, respectively, compared to the same periods in 2022
System-wide comparable RevPAR increased 13.5 percent and 10.7 percent, on a currency neutral basis, for the fourth quarter and full year, respectively, compared to the same periods in 2019
Approved 33,800 new rooms for development during the fourth quarter, bringing Hilton's development pipeline to a record 462,400 rooms as of December 31, 2023, representing growth of 11 percent from December 31, 2022
Added a record 24,000 rooms to Hilton's system in the fourth quarter, resulting in 62,900 room openings for the full year, contributing to net unit growth of 4.9 percent
Repurchased 4.6 million shares of Hilton common stock during the fourth quarter, bringing total capital return, including dividends, to $784 million for the quarter and $2.5 billion for the full year
Today is announcing a new, exclusive partnership with Small Luxury Hotels of the World ("SLH"), ramping up over the coming months to expand our distribution of luxury hotels
Full year 2024 system-wide RevPAR is projected to increase between 2.0 percent and 4.0 percent on a comparable and currency neutral basis compared to 2023; full year net income is projected to be between $1,694 million and $1,729 million; full year Adjusted EBITDA is projected to be between $3,330 million and $3,380 million
Full year 2024 capital return is projected to be approximately $3.0 billion
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