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Wednesday 26 April 2023

Hilton's first quarter results for 2023 released.

The hotel and hospitality giant, Hilton Worldwide Holdings, has just released details of its first quarter 2023 results which show the firm amassed a net income of $209 million.  The company added 9,200 rooms to Hilton's system in the first quarter, resulting in 5,300 net additional rooms in Hilton's system during the period and approved 24,900 new rooms for development, bringing Hilton's development pipeline to 428,100 rooms as of March 31, 2023

Hilton repurchased 3.2 million shares of Hilton common stock during the first quarter, bringing total capital return, including dividends, to $487 million for the quarter and more than $602 million year to date through April.

Full-year 2023 system-wide RevPAR is expected to increase between 8 percent and 11 percent on a comparable and currency-neutral basis compared to 2022; full-year net income is projected to be between $1,331 million and $1,385 million; full-year Adjusted EBITDA is projected to be between $2,875 million and $2,950 million. Full-year 2023 capital return is projected to be between $1.8 billion and $2.2 billion.

Christopher J. Nassetta, President & Chief Executive Officer of Hilton, said, "We carried strong momentum into 2023, exceeding the high end of our guidance for system-wide RevPAR, driving strong bottom-line results and delivering meaningful free cash flow available for return to our shareholders. As a result of our strong performance and positive outlook, we are raising our Adjusted EBITDA guidance for the full year."

In the first quarter of 2023, Hilton opened 64 new hotels totalling 9,200 rooms and achieved net unit growth of 5,300 rooms. Additionally, Hilton started construction on over 19,000 hotel rooms during the first quarter, continuing the positive momentum from the end of 2022, particularly in China. Further, Hilton continued to achieve development milestones during the first quarter, opening the 100th Tapestry Collection by Hilton, as well as its 500th hotel in China. 

As of March 31, 2023, Hilton's development pipeline totalled approximately 2,930 hotels representing 428,100 rooms throughout 116 countries and territories, including 30 countries and territories where Hilton did not have any existing hotels. Additionally, of the rooms in the development pipeline, 215,700 of the rooms were under construction and 246,200 of the rooms were located outside of the U.S. In April, Hilton announced a notable addition to its development pipeline, the Waldorf Astoria Jaipur, which will mark the debut of the Waldorf Astoria Hotels & Resorts brand in India.

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