Hilton Worldwide Holdings Inc. is a leading global hospitality company with a diverse portfolio of 24 world-class brands, operating over 8,300 properties and more than 1.25 million rooms across 138 countries and territories . The company primarily engages in managing and franchising hotels, as well as owning and leasing hotel properties. Hilton generates revenue through management and franchise fees, licensing fees, and sales from its owned and leased hotels . The company is focused on expanding its global hotel network and enhancing guest experiences through technology and its loyalty program, Hilton Honors, which boasts over 200 million members .
- Management and Franchise - Manages hotels for third-party owners and licenses Hilton's intellectual property to franchised hotels, generating revenue from management and franchise fees, as well as licensing fees from strategic partners .
- Ownership - Operates consolidated owned and leased hotels, deriving revenue from nightly hotel room sales, food and beverage sales, and other services .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher J. Nassetta ExecutiveBoard | President and CEO | Advisory Board Member at McIntire School of Commerce (UVA); Board Member at CoStar Group; Chair of U.S. Travel Association; Member of Economic Club of Washington and Federal City Council. | Joined Hilton in 2007 as President and CEO. Previously CEO of Host Hotels and Resorts. Extensive experience in hospitality and real estate. | View Report → |
Anne-Marie W. D'Angelo Executive | EVP, General Counsel, and Secretary | Advisory Council Member for PODER25; Member of Hispanic National Bar Association. | Joined Hilton in 2023. Former Chief Legal Officer at Molson Coors and General Counsel at NiSource. | View Report → |
Christopher W. Silcock Executive | President, Global Brand and Commercial Services | Board Member at Groups360. | Nearly 30 years at Hilton. Former EVP and Chief Commercial Officer. Leads Hilton's brand and commercial strategies. | View Report → |
Kevin J. Jacobs Executive | CFO and President, Global Development | Board Member at Omega Healthcare Investors; Trustee at Cornell University; Vice Chair and Treasurer of Goodwill of Greater Washington; Trustee of Federal City Council; Board Chair of AHLA. | Joined Hilton in 2008. Held various roles, including Chief of Staff and Treasurer. Became CFO in 2013 and added Global Development responsibilities in 2020. | View Report → |
Laura A. Fuentes Executive | EVP and Chief Human Resources Officer | Board Member at Chipotle Mexican Grill; Advisory Board Member at McIntire School of Commerce (UVA); Vice Chair of Make-a-Wish Mid-Atlantic. | Joined Hilton in 2013. Appointed CHRO in 2020. Leads HR functions, including diversity and leadership development. | |
Misha Moylan Executive | SVP, Chief Accounting Officer | None. | Joined Hilton in 2010. Former SVP of Internal Audit and Enterprise Risk Management. Appointed Chief Accounting Officer in 2025. | |
Charlene T. Begley Board | Director | Director at Nasdaq, Inc. and SentinelOne, Inc.. | Director since 2017. Former GE executive with expertise in technology, finance, and information security. | |
Chris Carr Board | Director | Board Member at REI; Trustee at Howard University and University of San Diego. | Director since 2020. Former COO of Sweetgreen and EVP at Starbucks, with expertise in supply chain, strategy, and consumer marketing. | |
Douglas M. Steenland Board | Director | Board Member at American Airlines Group and London Stock Exchange Group. | Director since 2009. Former CEO of Northwest Airlines with extensive experience in managing large, complex organizations. | |
Elizabeth A. Smith Board | Director | Executive Chair of Revlon; Board Member at Brown-Forman Corporation and U.S. Fund for UNICEF. | Director since 2013. Former CEO of Bloomin' Brands and President of Avon Products. | |
Jonathan D. Gray Board | Chairman of the Board | President and COO of Blackstone Inc.; Board Member at Corebridge Financial and Harlem Village Academies; Founder of Basser Research Center and NYC Kids RISE. | Director since 2007. Extensive experience in real estate investing and financial management. President and COO of Blackstone. | |
Judith A. McHale Board | Director | President and CEO of Cane Investments; Director at Paramount Global. | Director since 2013. Former Under Secretary of State and CEO of Discovery Communications. | |
Melanie L. Healey Board | Director | Director at PPG Industries, Verizon Communications (term ending 2024), and Kenvue Inc.. | Director since 2017. Former Group President at Procter & Gamble with over 30 years of experience in consumer goods. | |
Raymond E. Mabus, Jr. Board | Director | CEO of The Mabus Group; Vice-Chair of InStride; Chair of Virgin Galactic Holdings; Board Member at Amentum Services, World Central Kitchen, and Environmental Defense Fund. | Director since 2017. Former U.S. Secretary of the Navy, U.S. Ambassador to Saudi Arabia, and Governor of Mississippi. |
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Given that RevPAR growth came in below your guidance due to softer ramp in September and ongoing macro uncertainties, how confident are you in achieving your 2025 EBITDA target without exceeding the 1%-2% RevPAR growth range many in the industry are forecasting?
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You mentioned that conversions accounted for a significant portion of your net unit growth; can you elaborate on the sustainability of this trend and how you plan to maintain such high levels of conversions in the face of increasing competition?
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With over 80% of your pipeline under construction being outside the U.S., particularly in markets like China that have faced economic slowdowns and real estate issues, what risks do you see to your net unit growth targets if these markets don't recover as expected?
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As you expand aggressively internationally, how are you adapting your brands to different markets, and what challenges have you faced in maintaining brand standards and performance across diverse regions?
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Regarding your recent tuck-in brand acquisitions like Graduate Hotels and the partnership with Small Luxury Hotels of the World, can you quantify the initial impact on earnings and discuss how these investments align with your ROI targets compared to developing brands internally?
Research analysts who have asked questions during Hilton Worldwide Holdings earnings calls.
Brandt Montour
Barclays PLC
5 questions for HLT
David Katz
Jefferies Financial Group Inc.
5 questions for HLT
Robin Farley
UBS
5 questions for HLT
Shaun Kelley
Bank of America Merrill Lynch
5 questions for HLT
Smedes Rose
Citigroup
5 questions for HLT
Stephen Grambling
Morgan Stanley
5 questions for HLT
Elizabeth Dove
Goldman Sachs
4 questions for HLT
Michael Bellisario
Robert W. Baird & Co.
4 questions for HLT
Carlo Santarelli
Deutsche Bank
3 questions for HLT
Chad Beynon
Macquarie
3 questions for HLT
Patrick Scholes
Truist Financial Corporation
3 questions for HLT
Daniel Politzer
Wells Fargo
2 questions for HLT
Meredith Prichard Jensen
HSBC
2 questions for HLT
Conor Cunningham
Melius Research
1 question for HLT
Dan Politzer
Wells Fargo
1 question for HLT
Joseph Greff
JPMorgan Chase & Co.
1 question for HLT
Lizzie Dove
Goldman Sachs
1 question for HLT
Mike Bellisario
Baird
1 question for HLT
Richard Clarke
Bernstein
1 question for HLT
Steve Pezzella
Deutsche Bank
1 question for HLT
Steve Pizzella
Deutsche Bank
1 question for HLT
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Graduate Hotels | 2024 | Hilton completed the acquisition in May 2024 for a total of $210 million, with $200 million paid in cash upon closing and $10 million contingent. The deal added 32 existing properties (plus about 35 in the pipeline) in the U.S. and U.K., and involved the recognition of intangible assets of approximately $122 million (brand) and $91 million (franchise contracts) to expand into university-anchored lifestyle markets. |
Sydell Group (NoMad brand) | 2024 | Hilton acquired a controlling financial interest in the Sydell Group in April 2024 through a business combination, recognizing intangible assets including a $45 million indefinite-lived brand asset and $11 million in management contract intangibles, along with redeemable noncontrolling interests of $22 million. This acquisition marked Hilton’s entry into the luxury lifestyle sector and was structured with put and call options as notable terms. |
Recent press releases and 8-K filings for HLT.
- Systemwide RevPAR decreased 1.1% in Q3 on a comparable basis, with U.S. RevPAR down 2.3%; full-year RevPAR now expected to be flat to +1%.
- Adjusted EBITDA rose 8% to $976 million and adjusted EPS was $2.11, both exceeding guidance.
- Net unit growth of 6.5% with 199 hotel openings (~24,000 rooms) in Q3; pipeline at 515,000 rooms (~50% under construction) and full-year growth targeted at 6.5%–7%.
- Returned $3.3 billion to shareholders year-to-date via buybacks and dividends; Q3 dividend $0.15/share and Q4 dividend $0.05/share declared.
- Conversions accounted for ~40% of 2025 openings; global new development starts up ~20% year-over-year, still below 2019 levels, indicating runway for growth.
- System-wide RevPAR decreased 1.1% year-over-year in Q3 2025; full-year RevPAR now expected to be flat to up 1%.
- Adjusted EBITDA of $976 million (up 8% y/y) and adjusted EPS of $2.11, both exceeding the high end of guidance.
- Net unit growth of 6.5% with 199 hotel openings (over 24,000 rooms); development pipeline exceeds 515,000 rooms.
- Launched Outset Collection by Hilton, the 25th brand with 60 hotels in development and potential for 500 North American properties.
- Expect >50% free cash flow conversion for the year and plan to return $3.3 billion via buybacks and dividends (Q3 dividend of $0.15 per share).
- Hilton posted $420 million in Q3 net income (EPS $1.78), up from $344 million (EPS $1.38) a year earlier.
- Adjusted EPS of $2.11 topped expectations of $2.06, as revenue rose 8.8% to $3.12 billion.
- The company cut its FY2025 RevPAR growth forecast to up to 1% from up to 2%, citing softer U.S. travel demand.
- Raised FY2025 adjusted EPS guidance to $7.97–$8.06, while trimming GAAP EPS guidance to $6.71–$6.80.
- Hilton projects Q4 RevPAR growth of 1.0%, adjusted EBITDA of $906 million–$936 million, and GAAP EPS of $1.87–$1.96.
- Diluted EPS of $1.78 and Adjusted EBITDA of $976 million, with net income of $421 million in Q3 2025.
- System-wide comparable RevPAR declined 1.1% year-over-year in Q3 2025.
- Returned $792 million in capital in Q3 2025, including repurchase of 2.8 million shares; year-to-date capital return of $2.671 billion through October 2025.
- Full-year 2025 guidance: RevPAR flat to +1%, net income of $1.604–$1.625 billion, Adjusted EBITDA of $3.685–$3.715 billion, and capital return of ~$3.3 billion.
- Hilton delivered diluted EPS of $1.78, net income of $421 million and adjusted EBITDA of $976 million for Q3 2025.
- System-wide comparable RevPAR declined 1.1% on a currency-neutral basis versus Q3 2024.
- Approved 33,000 new rooms, bringing the development pipeline to 515,400 rooms as of September 30, 2025, up 5% year-over-year.
- Repurchased 2.8 million shares in the quarter, returning $792 million of capital (with $2.671 billion YTD through October).
- Maintained FY 2025 guidance for flat to +1.0% RevPAR growth, net income of $1.604–$1.625 billion, adjusted EBITDA of $3.685–$3.715 billion, and ~$3.3 billion in capital return.
- APF purchased $98 million of the H and JRR risk retention bond classes, representing the most subordinate 15% tranche of the $653 million Atrium Hotels refinancing.
- This marks APF’s second transaction with Atrium, following a $133.1 million bond purchase in a prior GS-led offering.
- The refinancing covers a 15-hotel portfolio (3,892 total keys) across 12 states, including eight Embassy Suites by Hilton, one Hilton, one Renaissance, one Sheraton, two Residence Inns by Marriott, and two Courtyard by Marriott properties.
- Atrium Holding Company plans to invest approximately $68 million in property renovations.
- APF recently refinanced $1.1 billion of floating-rate mortgage loans with ATLAS SP Partners, enhancing its capital deployment capacity.
- Q2 systemwide RevPAR declined 0.5%, U.S. RevPAR down 1.5%, with Adjusted EBITDA of $1.08 B (+10% YoY) and Adjusted EPS of $2.20.
- Q3 guidance: RevPAR flat to modestly down; Adjusted EBITDA $935–955 M; Adjusted EPS $1.98–2.04. Full-year outlook: RevPAR growth 0–2%, Adjusted EBITDA $3.65–3.71 B, Adjusted EPS $7.83–8.00.
- Returned $1.7 B YTD through buybacks/dividends; full-year capital return target of $3.3 B; Q3 dividend set at $0.15/share.
- Development pipeline exceeds 510,000 rooms (≈50% under construction); Q2 net unit growth 7.5%, with full-year net growth expected at 6–7%.
- Hampton Inn launched in 1984 as a mid-scale alternative offering free breakfast and a 100% satisfaction guarantee, quickly becoming profitable through simplicity and consistency.
- Hilton acquired Hampton’s parent company in 1999 for ~$4 billion, elevating the brand and growing its portfolio from ~1,000 to over 3,000 hotels worldwide.
- The brand operates an asset-light franchise model: only 47 of 8,497 Hampton properties are owned or leased by Hilton (<1%).
- Hampton delivers strong performance, selling 90 million+ room nights annually and outperforming U.S. competitors by 21% in RevPAR, at a global average nightly rate of $125.
- Over half of new Hampton developments are abroad—with China as its second-largest market and 75 hotels planned in India—and Hilton aims to grow to 9,000 Hampton properties in 20 years.
- Hilton’s indirect subsidiary, Hilton Domestic Operating Company Inc., has priced $1 billion of 5.750% Senior Notes due September 15, 2033, increasing the size from an initial $500 million commitment.
- The offering is expected to close on July 7, 2025, subject to customary closing conditions.
- Net proceeds will repay $515 million under its senior secured revolving credit facility, with remaining funds used for general corporate purposes.
- Golden cross formed as the stock climbed out of a 24% drawdown and sits within 4% of its 52-week high, signaling a potential breakout setup around the 270s level.
- Last quarter delivered 6% adjusted EBITDA growth, $300 million in net income, and a 7% pipeline increase, with $927 million returned to shareholders.
- Full-year guidance remains robust, underpinning the bullish technical outlook.
- Suggested risk management uses the 200-day moving average near 242–243 as a stop level, to be trailed upward if the uptrend continues.