Hilton reports marginal RevPAR rise

Hilton has reported a marginal 1.3% rise in RevPAR for the third quarter compared to 2015. The hotel giant said that it approved 27,000 new rooms for development in the quarter, taking its year total of approvals to 77,000 rooms.

It opened 106 hotels in the period, of which over 20% were conversions from competitor brands.

Image result for hilton hotel

For 2016, Hilton said that revpar was expected to increase between 1.5% and 2.0% with adjusted EBITDA projected to be between £2.36b and  and £2.39b.

Christopher J Nassetta, president and chief executive officer of Hilton, said: “Even with a macroeconomic environment that continues to underperform expectations, we delivered Adjusted EBITDA and EPS, adjusted for special items, within our guidance ranges and continued to increase our global share of development activity this quarter.

“We approved deals for 27,000 new rooms in 22 different countries on 5 continents and opened over 14,300 rooms this quarter. Our accelerating, capital-light growth is driven by all of our clearly defined brands, with each of our brand segments at record pipelines. Our brands currently represent 22% of all rooms under construction globally, or nearly five times their current share of room supply.”

Read the full article here.