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Hilton has upped its FY guidance after its Q1 revenues increased to $2.57bn (£2.06bn), beating previous expectations of $2.53bn (£2.03bn).
The hotel giant also posted adjusted EBITDA of $750m (£603m) for the three months ended 31 March 2024.
Alongside this, the company’s net income for the period was $268m (£216m) and its system-wide comparable RevPAR increased 2% on a currency neutral basis, for the first quarter compared to the same period in 2023.
Hilton’s full year 2024 system-wide RevPAR is projected to increase between 2% and 4% on a comparable and currency neutral basis compared to 2023.
As a results its full year net income is now projected to be between $1.59bn(£1.28m) and $1.62bn (£1.3bn) and its full year adjusted EBITDA is projected to be between $3.38bn (£2.72bn) and $3.43bn (£2.76bn).
The company approved 29,800 new rooms for development during the first quarter, bringing Hilton’s development pipeline to a record 472,300 rooms as of 31 March 2024.
It also added 16,800 rooms to Hilton’s system in the first quarter, resulting in 14,200 net additional rooms for the first quarter.
Hilton also announced the planned acquisition of the Graduate Hotels brand, including the expected addition of approximately 35 franchised hotels to its portfolio in Q2.
Furthermore, it acquired a controlling financial interest in the Sydell Group, which owns the NoMad brand, marking Hilton’s debut in the luxury lifestyle space.
