Hilton Apac Revpar 09 Y O Y 2Q2024
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Hilton reports 63.8% growth in RevPAR for 1Q2024 as it opens 112 new hotels worldwideHilton reports 63.8% growth in RevPAR for 1Q2024 as it opens 112 new hotels worldwide
Hilton’s latest earnings report showed a 0.9% year-on-year (y-o-y) growth in revenue per available room (RevPAR) for its properties in the Asia Pacific (Apac) region in the second quarter of 2024.
Alan Watts, President of Asia Pacific at Hilton, attributed this growth to the strong performance of hotels in Japan, India, and Southeast Asia, driven by an increase in intra-regional travel and domestic tourism.
During the quarter, the group added 36 new hotels to its portfolio in Apac, bringing the total number of operating hotels in the region to 837. It has set a target of having 1,000 operational hotels in Apac by 2025.
Currently, the group has a record 1,021 properties in its development pipeline for the region. This includes the 246-key Conrad Jaipur in India, scheduled to open in 2027; the 174-room Tapestry Collection by Hilton Hoi An in Vietnam, set to open in 2026; and the 206-key DoubleTree by Hilton Hobart in Australia, set to open in 2H2024.
Although Hilton recorded an improvement in RevPAR, Apac had the smallest growth among all of the group’s markets in the second quarter of 2024. The Middle East and Africa (MEA) saw the biggest surge, with a 10.7% y-o-y increase in RevPAR, followed by Europe at 6.7%.
RevPAR growth in the Americas (excluding US) was recorded at 6.5%, while the US saw a 2.9% growth.
In terms of occupancy rates, Apac showed the lowest growth at 0.8 percentage points, reaching 69.5% compared to the previous year. In contrast, Europe and MEA saw a 2.4 percentage point increase to reach occupancy rates of 77.4% and 68.3% respectively. Occupancy rates in the Americas (excluding the US) saw a 1.7 percentage point increase to 71.2%, while the US saw growth of 1.1 percentage points to 76.8%.
Hilton’s global net income for the second quarter of 2024 was US$422 million ($553 million), up 2.1% from the US$413 million recorded in the same period last year. The diluted earnings per share, after adjusting for special items, was at US$1.91, up 17.1% from US$1.61 in the second quarter of 2023.
For the full year, Hilton is predicting a 2% to 3% y-o-y increase in system-wide RevPAR. It estimates its net income for 2024 to be between US$1.53 billion and US$1.55 billion.