Hilton reports Q3 2023 results

Highlights include:

• Diluted EPS was $1.44 for the third quarter, and diluted EPS, adjusted for special items, was $1.67

• Net income was $379 million for the third quarter

• Adjusted EBITDA was $834 million for the third quarter

• System-wide comparable RevPAR increased 6.8 per cent, on a currency neutral basis, for the third quarter compared to the same period in 2022

• System-wide comparable RevPAR increased 11.4 percent, on a currency neutral basis, for the third quarter compared to the same period in 2019

• Approved 35,500 new rooms for development during the third quarter, bringing Hilton's development pipeline to a record 457,300 rooms as of September 30, 2023, representing growth of 4 per cent from June 30, 2023 and 10 per cent from September 30, 2022

• Added 15,700 rooms to Hilton's system in the third quarter, resulting in 14,300 net additional rooms in Hilton's system during the period

• Repurchased 4.5 million shares of Hilton common stock during the third quarter, bringing total capital return, including dividends, to $723 million for the quarter and $1,938 million year to date through October

• Expanded its brand portfolio of open hotels, with the openings of the first Spark by Hilton and the first Tempo by Hilton during the third quarter

• Full year 2023 system-wide RevPAR is expected to increase between 12.0 percent and 12.5 percent on a comparable and currency neutral basis compared to 2022; full year net income is projected to be between $1,375 million and $1,389 million; full year Adjusted EBITDA is projected to be between $3,025 million and $3,045 million

• Full year 2023 capital return is projected to be between $2.4 billion and $2.6 billion