Hilton Reports 1.8% RevPAR Increase For 2016
The fourth quarter of 2016 has seen the Hilton report an increase in revenue per available room (RevPAR) of 0.9 per cent, a total increase of 1.8 per cent in its full-year results for 2016.
During the fourth quarter, it saw an additional 29,000 rooms approved for development, resulting in 106,000 rooms approved for the full year, reports Thecaterer.com.
According to accounts filed for the three months ended 31 December 2016, the Hilton reported earnings before interest, taxes, depreciation, and amortization of $751 million, up from $745 million for the same period in 2015, and $2.98 billion for the full year in comparison to $2.88 billion in 2015.
Christopher J. Nassetta, president and chief executive officer of Hilton, said: “For the quarter and full year, performance met our expectations. We also continued to increase our development activity this quarter and surpassed development records this year, approving 106,000 new rooms and opening nearly one hotel per day, contributing to net unit growth of over 45,000 rooms. With completion of the spin-offs, Hilton is a fee-based, capital-efficient and resilient business, with meaningful cash flow that we intend to be very disciplined in returning to stockholders.”