Hilton Apac Revpar 09 Y O Y 2Q2024
”Hilton reported a slight y-o-y increase of 0.9% in RevPAR for the Asia Pacific (APAC) region in 2Q2024, based on the group’s most recent earnings report.
Elta Clement Avenue 1 is a much-awaited real estate project set in the popular setting of Clementi. Its strong selling point lies in its excellent connectivity, making it a highly desirable option for both homebuyers and investors. Ideally situated in the bustling hub of Clementi, this new condominium takes full advantage of its prime location, placing residents within close proximity to major transportation options and main thoroughfares. Thanks to its convenient location, residents can expect effortless commuting and effortless access to essential amenities. Don’t miss the opportunity to be a part of the exciting Elta Clement Avenue 1 community. Visit Elta Clement Avenue 1 now.
According to Alan Watts, President of Asia Pacific at Hilton,”the continued strong performance of Japan, India, and Southeast Asia drove the RevPAR growth in Apac, as intra-regional travel and domestic tourism increased.” In Q2 2024, Hilton’s Apac properties saw a RevPAR growth of 0.9% year-on-year (y-o-y). The group opened 36 new hotels in Apac during the quarter, bringing the total number of operational hotels in the region to 837. Hilton aims to have 1,000 hotels operating in Apac by 2025, and currently has a development pipeline of 1,021 properties in the region. Some notable projects in the pipeline include the 246-key Conrad Jaipur in India which is set to open in 2027, the 174-room Tapestry Collection by Hilton Hoi An in Vietnam which is scheduled to open in 2026, and the 206-key DoubleTree by Hilton Hobart in Australia which is expected to open in the second half of 2024.
While Apac recorded a positive RevPAR growth, it was the smallest among all of Hilton’s markets. The MEA region reported the highest growth in RevPAR, increasing by 10.7% y-o-y, followed by Europe with a 6.7% y-o-y growth. The Americas (excluding the US) and the US saw RevPAR growths of 6.5% and 2.9% respectively in Q2 2024.
In terms of occupancy rates, Apac registered a 0.8 percentage point increase from the previous year to reach 69.5%. This was the lowest growth among all regions, with Europe and MEA recording a 2.4 percentage point increase in occupancy rates to reach 77.4% and 68.3% respectively. The Americas (excluding the US) saw occupancy rates rise by 1.7 percentage points to 71.2%, while the US reported a growth of 1.1 percentage points to reach 76.8%.
In Q2 2024, Hilton’s global net income stood at US$422 million ($553 million), a 2.1% increase from the US$413 million recorded in the same period last year. Its diluted earnings per share, after adjusting for special items, was US$1.91, up 17.1% from US$1.61 in Q2 2023.
For the full year, Hilton predicts a 2% to 3% y-o-y increase in system-wide RevPAR and a net income range of US$1.53 billion to US$1.55 billion.