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In this episode we speak to Daniel Kyriakides, a partner at law firm Reed Smith. We discuss why private members’ clubs are experiencing a resurgence and what that means for the future of the hotel sector. From heritage buildings being reimagined as lifestyle destinations to hotels borrowing the experiential playbook of members’ clubs, we discuss how the lines between the two are becoming increasingly blurred, and why global growth is on the horizon for the private members club model.

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Hilton has revealed that its RevPAR fell 1.1% on a constant currency basis in the 13 weeks ended 30 September 2025, compared with the same period last year.

Furthermore, the company expects its full year 2025 system-wide RevPAR to be between flat and an increase of 1% percent on a comparable and currency neutral basis compared with 2024.

The company also posted net income in Q3 of $421m (£316.4m) while its adjusted EBITDA was $976m (£733.4m) for the period.

The company also approved 33,000 new rooms for development, bringing its development pipeline to a record 515,400 rooms as of 30 September 2025, representing growth of 5% from 30 September 2024

Moreover, Hilton added 24,800 rooms to its system, resulting in 23,200 net additional rooms contributing to net unit growth of 6.5% compared with 30 September 2024.

The company also announced the launch of a new lifestyle brand, Outset Collection by Hilton, in October 2025.

Christopher J. Nassetta, president and CEO of Hilton, said: “Our third quarter results continued to demonstrate the resilience of our business model, delivering strong bottom line performance despite softer industry RevPAR.

“We remain optimistic that in the U.S., lower interest rates, a more favorable regulatory environment, certainty on tax policy and a significant investment cycle will accelerate economic growth and travel demand, and, when paired with limited industry supply growth, should drive stronger RevPAR growth over the next several years.”

He added: “The quality of our development pipeline, acceleration in new development construction starts, attractiveness of our brands for conversions and continued growth of our brand presence globally gives us confidence in delivering net unit growth between 6.5% and 7.0% in 2025 and 6.0% to 7.0% over the next several years.”

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