Hilton Apac Revpar 09 Y O Y 2Q2024
Hilton has announced a marginal 0.9% year-on-year increase in its Apac region RevPAR for the second quarter of 2024, based on its latest earnings report. The group’s President of Asia Pacific, Alan Watts, attributes this growth to the strong performance of its properties in Japan, India and Southeast Asia, driven by increasing domestic tourism and intra-regional travel. In total, Hilton opened 36 new hotels in Apac during the quarter, bringing its total number of trading hotels in the region to 837. The group has set a target to have 1,000 operational hotels in Apac by 2025 and currently has a record 1,021 properties in development pipelines.AdvertisementAdvertisement The group has also recently made announcements regarding new developments in 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, set to open in 2026, and the 206-key DoubleTree by Hilton Hobart in Australia, set to open in the second half of 2024.Despite the positive RevPAR growth, Apac experienced the slowest growth in this metric compared to Hilton’s other markets. The MEA region recorded the biggest surge in RevPAR, with a growth of 10.7% year-on-year, followed by Europe, which recorded a 6.7% year-on-year growth. The Americas (excluding the US) and the US also saw strong RevPAR growth rates of 6.5% and 2.9% respectively.AdvertisementAdvertisementApac also had the lowest growth in occupancy rates, with an increase of only 0.8% from the previous year to reach a rate of 69.5%. In contrast, Europe and MEA saw increases of 2.4% each, bringing their occupancy rates to 77.4% and 68.3% respectively. Similarly, the Americas (excluding the US) saw a growth of 1.7% in occupancy rates to reach 71.2%, while the US had an increase of 1.1% to reach 76.8%.For the second quarter, Hilton recorded a global net income of US$422 million ($553 million), which is a 2.1% increase from the previous year’s net income of US$413 million. Its diluted earnings per share, after adjusting for special items, were US$1.91. This is a 17.1% increase from the second quarter of 2023.For the full year, Hilton is projecting a 2% to 3% year-on-year growth in system-wide RevPAR and expects its 2024 net income to be between US$1.53 and US$1.55 billion.
Hilton recently released its earnings report for the second quarter of 2024, which showed a modest 0.9% increase in RevPAR for its properties in the Asia Pacific (Apac) region. According to Alan Watts, the group’s President of Asia Pacific, this growth was driven by the strong performance of its hotels in Japan, India, and Southeast Asia, thanks to a rise in domestic tourism and intra-regional travel. The group has also opened 36 new hotels in Apac, bringing the total number of trading hotels in the region to 837, and plans to reach 1,000 operational hotels by 2025 with a record 1,021 properties in development pipelines.
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Despite this positive growth, Apac recorded the slowest RevPAR increase compared to Hilton’s other markets. The Middle East and Africa (MEA) region saw the biggest jump in RevPAR at 10.7% year-on-year, followed by Europe at 6.7%. The Americas (excluding the US) and the US also experienced strong growth rates of 6.5% and 2.9% respectively.
Occupancy rates in Apac also had the lowest growth at only 0.8% from the previous year, reaching a rate of 69.5%. Meanwhile, Europe and MEA saw increases of 2.4% each, with occupancy rates reaching 77.4% and 68.3% respectively. The Americas (excluding the US) saw a growth of 1.7% in occupancy rates to reach 71.2%, while the US had an increase of 1.1% to reach 76.8%.
Hilton reported a net income of US$422 million ($553 million) for the second quarter of 2024, a 2.1% increase from the previous year’s net income. Its diluted earnings per share, after adjusting for special items, were US$1.91, a 17.1% increase from the same period last year.
For the full year, Hilton is predicting a 2% to 3% increase in system-wide RevPAR and expects its 2024 net income to range between US$1.53 and US$1.55 billion. The group has also announced new developments in the region, including the Conrad Jaipur in India, Tapestry Collection by Hilton Hoi An in Vietnam, and DoubleTree by Hilton Hobart in Australia.