Hilton reports strong second quarter results
Hilton has reported an 11% increase in earnings in its financial results for the second quarter of its financial year.
In comparison with the same period last year, the hotel group's adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was $618m (£495m), while revenue per available room (revpar) increased 1.4%.
The group approved 28,100 new rooms for development during the second quarter, growing Hilton's pipeline to approximately 373,000 rooms. It also opened 17,100 rooms (123 new hotels) in the period, on track for around 6.5% growth for the full year. Hilton also remains on track to grow its luxury portfolio by 17% this year.
Full-year revpar is expected to increase between 1%-2%, while full-year adjusted EBITDA is projected to be $2.28b-$2.31b (£1.83b-£1.85b).
Christopher J Nassetta, president and chief executive of Hilton, said: "We are pleased with our strong second quarter results, which exceeded the high end of guidance for adjusted EBITDA and diluted earnings per share, adjusted for special items, driven by our resilient business model and strong net unit growth.
"We continued to experience meaningful market share gains during the quarter with increases across all brands and regions, further growing our industry-leading revpar index premium. As we look to the remainder of the year, we think we are well-positioned to continue driving growth ahead of the industry."
Hilton Garden Inn at Silverstone to open in time for 2020 British Grand Prix >>
