Hilton Posts Q1 Increases in Revenue and Net Income, Citing Rebound in International Travel

Hilton CEO Chris Nassetta
Hilton Worldwide announced financial results for the first quarter of 2024.
The company reported net income of $268 million on revenue of $2.57 billion in revenue, a 12.2% increase over $2.29 billion in the same period in 2023. Net income in the first quarter of 2023 was $206 million.
The company’s growth in revenue “was largely driven by strong international performance,” the company’s chief financial officer, Kevin Jacobs, said in the course of its Q1 earnings call on Thursday.  In the United States, ”first quarter comparable U.S. RevPAR was down 40 basis points year-over-year as renovations, holiday shifts, and weather impacts dampened transient trends,” he noted.
The hotelier said that system-wide comparable RevPAR increased 2%, on a currency neutral basis. RevPAR is revenue per available room, and is a metric used in the hospitality industry to assess a property’s ability to fill its available rooms at an average rate.
Hilton CEO Chris Nassetta in a statement touted the company’s “bottom line results,” which he said came from a quarter that “meaningfully” exceeded the company’s expectations.
In the course of the first quarter, Hilton announced both the planned acquisition of the Graduate Hotels brand, which will add approximately 35 franchised hotels to its portfolio in the second quarter of the year, and said it had acquired control of the NoMad brand of hotels by acquiring a controlling financial interest in its owner, the Sydell Group. The latter marks Hilton’s entrance into the luxury lifestyle category and the company said that it plans to have as many as 100 NoMad properties open eventually.
(Photo: Accura Media Group)