Hilton Apac RevPAR up 0.9% y-o-y in 2Q2024

Hilton reported a RevPAR growth of 0.9% y-o-y for 2Q2024 for its properties in the Asia Pacific (Apac) region, according to the group’s latest earnings report. “Apac RevPAR was driven by continued strong performance in Japan, India and Southeast Asia thanks to increasing intra-regional travel and domestic tourism,” says Alan Watts, President of Asia Pacific at Hilton. The group opened 36 new hotels in Apac during the quarter, bringing their total number of trading hotels to 837 in the region. It is targeting to have 1,000 hotels operational in Apac by 2025. Read also: UOL to preview luxury development Meyer Blue in September; reports 3% y-o-y dip in 1HFY2024 earnings Advertisement Advertisement It currently has a record 1,021 properties in their development pipeline for the region, including the 246-key Conrad Jaipur in India set to open in 2027, the 174-room Tapestry Collection by Hilton Hoi An in Vietnam opening in 2026 and the 206-key DoubleTree by Hilton Hobart in Australia opening in 2H2024. Despite logging an improvement in RevPar, Apac charted the smallest RevPAR growth in 2Q2024 compared to Hilton’s other markets. The Middle East and Africa (MEA) recorded the biggest surge in RevPAR last quarter, jumping 10.7% y-o-y, followed by Europe which grew 6.7% y-o-y. The Americas (excluding US) registered a RevPAR growth of 6.5% y-o-y, while the US saw a growth of 2.9%. Apac also showed the lowest growth in occupancy rates for 2Q2024, increasing 0.8 percentage points from the year before to reach 69.5%. In contrast, Europe and MEA saw occupancy rates rise by 2.4 percentage points apiece to reach 77.4% and 68.3% respectively. Occupancy in the Americas (excluding the US) rose by 1.7 percentage points to 71.2%; while in the US it grew 1.1 percentage points to 76.8%. Hilton reported a global net income of US$422 million ($553 million) for 2Q2024, up 2.1% from the $413 million recorded last year. Its diluted earnings per share including adjustments for special items stood at US$1.91 for the second quarter, up 17.% y-o-y. from the US$413 million net income over the same period last year, and a diluted earnings per share (EPS) of $1.91, after adjusting for special items – up 17.1% from $1.61 in 2Q2023. For the full year, Hilton is predicting a 2% to 3% y-o-y increase in system-wide RevPAR. It expects its 2024 net income to range between US$1.53 and US$1.55 billion. Read also: DoubleTree by Hilton crosses 100 properties in Asia Pacific Advertisement Advertisement