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Hilton reports solid Q2 results with $77m net income increase

29 July 2016 by
Hilton reports solid Q2 results with $77m net income increase

Hilton Worldwide has reported solid second quarter 2016 results, including a $77m (£58m) net income increase to $244m (£183m), compared with the same period in 2015.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the hotel group's second quarter was $806m (£607m); an increase of 4% from the same period in 2015. Its full-year EBITDA target is predicted to be between $2.98b (£2.24b) and $3.04b (£2.29b). Revenue per available room (revpar) increased 2.9% for the second quarter on a currency neutral basis.

The results come shortly after the announcement that the company will be spinning off the bulk of its real estate and timeshare business to create two new companies, as well as launching a feature allowing guests to choose their hotel room view.

As of 30 June, Hilton Worldwide had the largest rooms pipeline in the hotel industry, with approximately 288,000 rooms across 1,822 hotels throughout 91 countries and territories.

Christopher J. Nassetta, president and CEO of Hilton Worldwide, said: "We had solid results this quarter, with earnings per share (EPS) and adjusted EBITDA in line with our expectations, and our share of global development activity increasing. Our newest brand, Tru by Hilton, has nearly doubled its pipeline during the quarter to 93 hotels. Additionally, we opened over 12,200 new rooms in the quarter, and are thrilled about the opening of the first Canopy by Hilton in Reykjavik, Iceland earlier this month."

Hilton Worldwide approves development of 26,000 new rooms >>

Hilton Worldwide to launch budget brand >>

Hilton Worldwide to spin off real estate and timeshare businesses >>

Hilton Worldwide guests choose room view with help of Google >>

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TagsFinance and Hotels
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