Hilton PBT falls to $1.69bn

Hilton has announced that it saw a profit before tax of $1.69bn (£1.34bn) for the full year ended 31 December 2023, down from $1.73bn (£1.37bn) in the same period last year.

Despite this, the company’s full year revenues jumped from $8.77bn (£6.96bn) in 2022 to $10.23bn (£8.12bn) this year.

Alongside this the company posted an EBITDA of $3.09bn (£2.45bn)for the full year and an EBITDA of $803m (£637m) for the three months ended 31 December 2023.

Furthermore its net income was $150m (£119m) for the fourth quarter and $1.15bn (£910m) for the full year.

Hilton’s system-wide comparable RevPAR increased 5.7% and 12.6%, on a currency neutral basis, for the fourth quarter and full year, respectively, compared with 2022.

Alongside this its system-wide comparable RevPAR increased 13.5% and 10.7%, on a currency neutral basis, for the fourth quarter and full year, respectively, compared to the same periods in 2019.

The company stated that it approved 33,800 new rooms for development during the fourth quarter, bringing Hilton’s development pipeline to a record 462,400 rooms.

It also added a record 24,000 rooms to its system in the fourth quarter, resulting in 62,900 room openings for the full year, contributing to net unit growth of 4.9%.

Hilton expects its full year system-wide RevPAR for 2024 to increase between 2% and 4% on a comparable and currency neutral basis compared to 2023.

Its full year net income is projected to be between $1.7bn (£1.35bn)and $1.73bn (1.37bn)while its full year adjusted EBITDA is projected to be between $3.33bn (£2.64bn) and $3.38bn (£2.68bn).