Hilton Worldwide has reported a 9% decrease in net income to $344m in the third quarter (Q3) of 2024, from $379m in the same period last year.
Despite the dip in net profit, the company’s total revenue saw a significant rise, reaching $2.86bn, up from $2.66bn in the same quarter of 2023.
The adjusted EBITDA for Q3 2024 was $904m, showing an improvement from $834m year on year.
For the nine months ending 30 September 2024, Hilton’s net income and adjusted EBITDA stood at $1.034bn and $2.571bn, respectively. These figures represent an increase from the $1.001bn in net income and $2.286bn in adjusted EBITDA reported for the same period in 2023.
Hilton’s operating income for Q3 2024 experienced a slight decline to $623m, down from $653m in the corresponding quarter of the previous year.
The company’s total expenses in Q3 2024 increased to $2.24bn from $2.02bn in Q3 2023.
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By GlobalDataSystem-wide comparable RevPAR grew by 1.4% for Q3 2024, attributed to increases in both occupancy and ADR.
Additionally, management and franchise fee revenues saw an 8.3% increase compared to the same period in 2023.
For the nine-month period, system-wide comparable RevPAR increased by 2.4% while management and franchise fee revenues grew by 10.7% compared to the same period in 2023.
Looking ahead, Hilton projects its full-year net income to be between $1.405bn and $1.429bn, with full-year adjusted EBITDA anticipated to be between $3.375bn and $3.405bn.
Hilton president and CEO Christopher J Nassetta said: “We were pleased to deliver continued strong bottom line results that exceeded our guidance, despite slower top-line growth which was driven by modestly slower macro trends, weather impacts and unfavourable calendar shifts.
“We continued to demonstrate the strength of our model, opening more rooms than any other quarter in our history, surpassing 8,000 hotels and achieving net unit growth of 7.8%.”
Last week, Hilton partnered with Be My Eyes, an app designed to assist those who are blind or have low vision, to provide a more accessible hotel experience.
The company opened 531 hotels, totalling 36,600 rooms in Q3 2024.
