Hilton reveals Q3 2019 results
Group recorded a 77% rise in its net income
Hospitality giant Hilton has revealed its performance for Q3 2019.
According to officials, the group recorded an increase of 77% in its net income taking the total to $290 million, when compared to the same period last year.
Full year 2019 system-wide comparable RevPAR is expected to increase approximately 1% on a currency neutral basis when compared to 2018; while the full year net income is projected to be between $923 million and $937 million.
In the third quarter, Hilton approved 25,200 new rooms for development, increasing the group’s development pipeline to 379,000 rooms as of September 30, 2019.
A total of 17,400 rooms were opened in the third quarter, contributing to 15,600 net additional rooms, on track to deliver approximately 6.5% net unit growth for the full year.
For Q3, system-wide comparable RevPAR grew 0.4% driven by increased occupancy.
Management and franchise fee revenues increased 6% during the three months in Q3, due to RevPAR growth of 0.3% at comparable managed and franchised hotels.
And for the first nine months of 2019, system-wide comparable RevPAR grew 1.2% driven by increases in both ADR and occupancy.
During the first nine months, management and franchise fee revenues increased 8% as a result of RevPAR growth at comparable managed and franchised hotels of 1.2%.
Additionally, management and franchise fee revenues increased due to increased licensing and other fees and the addition of new properties to Hilton's portfolio.