Hilton Worldwide Holdings Inc has just reported its fourth quarter and full year 2017 results, and has confirmed that it now has the largest number of rooms under construction in the industry.
The group added 18,400 net rooms in the fourth quarter, totalling 51,600 net rooms for the full year, representing 6.5% net unit growth.
Hilton approved 31,000 new rooms for development during the fourth quarter, growing Hilton's development pipeline to 345,000 rooms, representing 11% growth from 31 December 2016.
The financial results show net income was £598m for Q4 and £899m for the full year.
Adjusted EBITDA was £354m for Q4, a rise of 10% in like-for-likes, and, for the full year, it was £1,398m, an increase of 11% in like-for-likes.
System-wide comparable RevPAR increased 3.8% and 2.5% for the fourth quarter and full year 2017, respectively.
Christopher J. Nassetta, President & CEO, said, 'Our performance for the fourth quarter and full year exceeded the high end of our guidance for Adjusted EBITDA and diluted EPS, adjusted for special items.
'Given the strength of our brand portfolio, we continue to build momentum in both unit and pipeline growth and now have the largest number of rooms under construction in the industry. We feel great about our set up for 2018 and our ability to continue delivering record-setting results.
'For the three months and year ended December 31, 2017, system-wide comparable RevPAR grew 3.8 percent and 2.5 percent, respectively, driven by increases in both ADR and occupancy.
'In particular, strength at Hilton's international hotels benefited results. Management and franchise fee revenues increased in both periods as a result of increases in RevPAR of 3.7 percent and 2.4 percent, respectively, at comparable managed and franchised hotels, as well as from the addition of new properties to Hilton's portfolio.'