Hilton Apac Revpar 09 Y O Y 2Q2024
Hilton Asia Pacific reports Q1 revenue increase of 8.8% y-o-y The latest earnings report from Hilton shows a 0.9% increase in RevPAR year-on-year for the Asia Pacific (Apac) region in the second quarter of 2024. According to the group’s President of Asia Pacific, Alan Watts, this growth was largely driven by strong performance in Japan, India, and Southeast Asia, where there has been an increase in intra-regional travel and domestic tourism.
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During the quarter, Hilton opened 36 new hotels in Apac, bringing the total number of trading hotels in the region to 837. The group has set a target of having 1,000 hotels operational in Apac by 2025. Currently, it has a record 1,021 properties in development in the region, with upcoming openings including the 246-key Conrad Jaipur in India set to open in 2027, the 174-room Tapestry Collection by Hilton Hoi An in Vietnam due to open in 2026, and the 206-key DoubleTree by Hilton Hobart in Australia opening in the second half of 2024.
Despite the overall improvement in RevPar, Apac had the lowest growth among Hilton’s other markets in the second quarter of 2024. The Middle East and Africa (MEA) recorded the largest increase in RevPAR, jumping 10.7% year-on-year, followed by Europe with a growth of 6.7% year-on-year. The Americas (excluding the US) saw a RevPAR increase of 6.5% year-on-year, while the US reported a growth of 2.9% year-on-year.
In terms of occupancy rates, Apac also had the smallest increase for the second quarter of 2024, rising by 0.8 percentage points from the previous year to reach 69.5%. In contrast, Europe and MEA saw occupancy rates rise by 2.4 percentage points each to reach 77.4% and 68.3%, respectively. Occupancy in the Americas (excluding the US) increased by 1.7 percentage points to 71.2%, while in the US it grew by 1.1 percentage points to 76.8%.
For the second quarter of 2024, Hilton reported a global net income of US$422 million ($553 million), an increase of 2.1% from the US$413 million recorded during the same period in the previous year. Its diluted earnings per share, including adjustments for special items, stood at US$1.91, a 17.1% increase from the US$1.61 recorded in the second quarter of 2023.
Looking ahead, Hilton is predicting a 2% to 3% year-on-year increase in system-wide RevPAR for the full year. It is also expecting its net income for 2024 to range between US$1.53 billion to US$1.55 billion.
