Hilton Worldwide Holdings has reported a net income of $268m in the first quarter (Q1) of 2024, marking a 28.22% rise from $209m in the same quarter of 2023, benefitting from a rise in overseas travel. 

The company’s basic earnings per share (EPS) were $1.05 in Q1 2024, up from $0.77 in the prior year while diluted EPS increased to $1.04 from $0.77. 

Its total revenue for the quarter ending 31 March 2024 reached $2.57bn, a 12.21% rise from $2.29bn in the corresponding period of 2023.  

Hilton’s total expenses over this period increased to $2.04bn from $1.79bn.  

System-wide comparable revenue per available room (RevPAR) increased 2% on a currency-neutral basis for Q1 2024 compared with the same period in 2023.  

RevPAR grew 14.8% in the Middle East and Africa, 9.7% in Europe, 7.9% in Asia Pacific, and 7.3% in the Americas excluding the US while falling 0.4% in the US. 

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Additionally, system-wide comparable occupancy slightly increased to 67.2%, a rise of 0.2 percentage points from Q1 2023, driven by growth across all the aforesaid markets, except the US. 

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at $750m in the first three months of 2024, compared with $641m in the same period of 2023.  

Hilton president and CEO Christopher J Nassetta said: “We are pleased to report a strong first quarter with bottom line results meaningfully exceeding our expectations, further demonstrating the power of our resilient, fee-based business model and strong development story.  

“On the development side, we continued to see great momentum across signings, starts and openings. As a result of our record pipeline and the growth pace we’ve seen to date, we expect net unit growth of 6.0% to 6.5% for the full year, excluding the planned acquisition of the Graduate Hotels brand.” 

Hilton also expanded its room inventory, adding 16,800 rooms to its system in the first quarter.  

This resulted in 14,200 net additional rooms for the quarter, contributing to a net unit growth of 5.6% since 31 March 2023. 

For the full year 2024, Hilton projects net income of $1.58-1.62bn, adjusted EBITDA of $3.37bn-$3.42bn, and a 2-4% growth in system-wide RevPAR (on a currency-neutral basis).