Exhibit 99.1
Contact: |
| Marc Grossman |
|
| Corporate Affairs |
|
| (310) 205-4030 |
|
| marc_grossman@hilton.com |
|
|
|
Beverly Hills, Calif., April 23, 2003 — Hilton Hotels Corporation (NYSE:HLT) today reported financial results for the first quarter ended March 31, 2003.
As announced previously by the company on March 27, business declines related principally to the conflict in Iraq contributed to generally soft results in the first quarter compared to the year-ago period. Room rate pressure owing to weakness in business and group travel, along with increased insurance costs also adversely impacted the quarter’s results.
Hilton reported first quarter net income of $9 million, versus $34 million in the 2002 quarter. Diluted net income per share was $.02 in the first quarter 2003, compared with $.09 in the 2002 quarter. As disclosed in the company’s March 27 press release, first quarter 2003 net income per share included two non-recurring items: 1) a charge (required by current SEC guidance) of approximately $.03 per share related to the impairment of certain public company equity securities held by the company, and 2) a $.01 benefit from utilization of tax loss carryforwards.
Hilton reported 2003 first quarter total revenue of $917 million compared with $921 million in the corresponding 2002 period. Total company earnings before interest, taxes, depreciation, amortization and non-recurring items (EBITDA*) was $197 million in the 2003 first quarter, compared with $231 million in the 2002 quarter. Total operating income was $86 million, compared with $137 million in the 2002 first quarter.
Comparatively solid occupancy levels at many of the company’s owned hotels — including those in New York, Boston, Honolulu, New Orleans, Phoenix, San Diego and Santa Barbara — were achieved primarily through increased business from leisure customers and lower rated groups, and were offset by average daily rate (ADR) declines owing to soft demand from business travelers and higher rated groups. These rate declines impacted revenue per available room (RevPAR) and, along with decreased food and beverage revenue from sluggish group business, also adversely affected EBITDA and operating income margins at these hotels. The company noted that, as a company with hotels primarily in the United States, it has seen relatively little effect on its total business as a result of the SARS situation. However, it has seen a further weakening of the Japanese business in Hawaii and in the international group market.
Across all brands, EBITDA and operating income from the company’s owned hotels (majority owned and controlled hotels) totaled $111 million and $52 million, respectively, in the first quarter. Comparable EBITDA and operating income decreased 20 percent and 33 percent, respectively, from the 2002 period. RevPAR from comparable owned properties decreased 2.2 percent in the quarter; occupancy at these hotels increased to 66.8 percent from 66.5 percent a year ago, and ADR declined 2.7 percent to $145.82. EBITDA margin at these hotels, which, along with the aforementioned factors continued to be impacted by increased insurance costs, was 23.3 percent for the quarter, a decline of 510 basis points from the corresponding 2002 period. Operating income margin at these hotels was 11 percent for the quarter, compared with 16 percent in the 2002 quarter.
When compared with full-service hotels in gateway cities, the company’s focused service, midscale brands — located primarily in suburban or drive-to markets less dependent on air traffic — were less impacted by the conflict in Iraq and softness in business travel. As a result, RevPAR at these brands showed generally smaller declines or, in the case of Hilton Garden Inn, reported a RevPAR increase.
First quarter system-wide RevPAR at each of the company’s brands (including franchise properties) declined as follows: Hampton Inn, 1.2 percent; Embassy Suites, 1.8 percent; Homewood Suites by Hilton, 2.7 percent; Doubletree, 3.3 percent, and Hilton 3.4 percent. The Hilton Garden Inn brand reported a 2.0 percent RevPAR increase in the first quarter.
Management and franchise fees for the quarter totaled $80 million, compared with $81 million a year ago.
Brand Development/Unit Growth
Year-to-date February 2003 (the latest period for which data is available), all but one of the company’s hotel brands commanded significant market share premiums over their respective segment competitors. With 100 representing a brand’s fair share of the market, the Hilton brands (according to Smith Travel Research) posted RevPAR index numbers as follows for the first two months of 2003: Embassy Suites, 124.5; Homewood Suites by Hilton, 121.0; Hampton Inn, 119.7; Hilton Garden Inn, 114.2, and Hilton, 109.1. The Doubletree brand, at 98.2, showed a 1.5-point RevPAR index gain for the two-month period.
In the first quarter, the company added 26 properties and 3,420 rooms to its system as follows: Hampton Inn, 18 hotels and 1,852 rooms; Hilton Garden Inn, 2 hotels and 285 rooms; Embassy Suites, 2 hotels and 399 rooms; Hilton, 1 hotel and 205 rooms; Homewood Suites by Hilton, 1 hotel and 107 rooms; Conrad, 1 hotel and 400 rooms, and Hilton Grand Vacations, 1 property and 172 rooms. Three hotels and 549 rooms were removed from the system in the quarter. As of March 31, 2003, the Hilton system consisted of 2,107 properties and 339,987 rooms.
Hilton Grand Vacations
The company’s vacation ownership business, Hilton Grand Vacations Company, reported first quarter EBITDA of $19 million, compared to $23 million in the 2002 quarter. Operating income in the first quarter totaled $18 million in 2003, compared with $22 million in the 2002 period.
While overall unit sales in the quarter were comparable with the 2002 period, and the average unit sales price increased across the HGVC system during the quarter, the required accounting for the company’s new projects in Orlando and Las Vegas (the first phases of which are still under construction,) and the accounting for the Hilton Club in New York, limited the amount of reported EBITDA and operating income growth. First quarter results were also impacted by the sale of timeshare receivables in June and November 2002.
Distribution Strategy
On April 14, 2003, Hilton announced an integrated strategy related to electronic and on-line distribution. The strategy includes new brand standards stating that, while each hotel will establish its own room rates, each hotel is required to offer such rates consistently across all designated distribution channels, including Hilton Family proprietary websites, Hilton Reservations Worldwide call centers, Global Distribution Systems/travel agents, and through hotels directly. In addition, enhancements to the company’s six major brand websites have been implemented as part of the strategy. Hilton also signed an agreement in which Expedia Inc. is Hilton’s preferred third-party online merchant-model vendor. Under the agreement, Hilton has secured from Expedia the most favorable merchant-model terms in the hotel industry. Additionally, participating hotels are not required to commit to Expedia a specific amount of room inventory.
Corporate Finance
At March 31, 2003, Hilton had total debt of $4.1 billion (net of $325 million of debt allocated to Park Place Entertainment,) with approximately 26 percent of the company’s debt being floating rate debt. Cash and equivalents totaled approximately $61 million at March 31, 2003. The company’s average basic and diluted shares outstanding for the first quarter were 377 million and 403 million, respectively.
�� The company’s first quarter 2003 corporate expense includes a $3 million bad debt expense related to a note receivable that, as a result of certain events in the quarter, was deemed unlikely to be collected.
Consolidated net interest expense (interest expense net of interest and dividend income) declined $5 million in the first quarter due to lower average debt balances. Hilton’s debt currently has an average life of seven years, at an average cost of approximately 6.3 percent. At March 31, 2003, the company had approximately $1 billion of available capacity under its various lines of credit.
The company’s effective tax rate for the first quarter was approximately 8 percent versus 39 percent last year. The effective tax rate in the 2003 quarter benefited from the utilization of capital loss tax carryforwards as a result of the transaction with CNL (described in the following paragraph.) Excluding this benefit, the effective tax rate in the quarter was 38 percent.
During the quarter, Hilton completed the second of a planned two-part transaction with CNL Hospitality Corp. in which the two companies formed a partnership to acquire hotel properties. In the second phase of the transaction, completed in February, the partnership acquired three Embassy Suites hotels (one each in Orlando, Florida; Arlington, Virginia, and Santa Clara, California), the Doubletree Crystal City in Arlington, Virginia and the Hilton Rye Town in Rye Brook, New York. Hilton operates the hotels under long-term management contracts and retains a minority ownership interest in the partnership.
Also during the quarter, the company sold four Homewood Suites by Hilton properties for approximately $40 million, with Hilton retaining long-term franchise and/or management agreements.
Total hotel capital expenditures in the quarter were $34 million. An additional $18 million was expended for timeshare development.
2003 Outlook
While Hilton expects a continued challenging environment for the lodging industry due to soft economic conditions affecting business travel, increased costs impacting margins and the prospect of further uncertainty in the world political situation impacting travel generally, the company anticipates improvement in the second half of the year. Noting that visibility remains extremely low and that new estimates remain subject to change, the company provided the following updated guidance for full year 2003:
Full Year 2003 Estimates |
|
|
Total revenue |
| $3.9 billion range |
Total EBITDA/operating income |
| $930 million range/$530 million range |
Comparable owned hotel RevPAR |
| 1 - 2% decline |
Diluted earnings per share |
| High $.30 range |
Total capital spending in 2003 is expected to be approximately $360 million, with approximately $165 million being spent on routine improvements and technology, $110 million on timeshare projects, $50 million on special projects at owned hotels and $35 million at the Hilton Hawaiian Village related to the mold situation. The company said it is well underway in the remediation process, and is on track to re-open the hotel’s Kalia Tower guestrooms in Fall 2003.
Hilton reaffirmed its previous guidance of adding 100 to 115 hotels and 12,000 to 15,000 rooms to its system in 2003, approximately two-thirds of which are expected to be Hampton Inns and Hilton Garden Inns. Conversions to one of Hilton’s brands are expected to account for approximately 10 percent of the unit growth. The company’s current development pipeline has approximately 370 hotels and 51,000 rooms approved and in design, or under construction.
Stephen F. Bollenbach, president and chief executive officer, said: “What we anticipated would be a difficult period due to continued economic weakness was made even more challenging by world events. We remain confident, however, that demand will return as the war winds down and improvement occurs in the U.S. economy, and travelers — especially business travelers — resume more normal travel patterns. Despite the challenges, we were able to maintain solid occupancy levels in most of our larger markets, though changes in the mix of business made it difficult to achieve room rate growth and maintain our margins.
“Contributing to our challenges are rising costs that put additional pressure on margins, and while cost containment continues to be a top priority, it is important that we balance this with offering the service necessary to meet our customers’ expectations and enhance customer loyalty. Simply put, it’s a continuation of our focus on the basics of the business.
“More than ever, size, scale and distribution matter in the lodging industry. Our size and scale enables us to enhance our distribution capabilities — in particular, the increasingly important area of on-line distribution — for the benefit of our customers. We are very enthusiastic about our newly announced on-line distribution strategy, which will make it even easier and more desirable for travelers to stay with Hilton and our family of brands.”
Mr. Bollenbach concluded: “The end of hostilities in Iraq notwithstanding, we expect the remainder of this year to continue posing challenges on the general economic front and in terms of increased costs. But as a big company with great brands, irreplaceable owned assets in key markets and a loyal base of customers, we are solidly positioned to work through these challenges as we anticipate better days ahead.”
# # #
*EBITDA (earnings before interest, taxes, depreciation, amortization, and non-recurring items) should not be considered as an alternative to any measure of operating results as promulgated under accounting principles generally accepted in the United States (such as operating income or net income), nor should it be considered as an indicator of our overall financial performance. EBITDA does not fully consider the impact of investing or financing transactions as it specifically excludes depreciation and interest charges, which should also be considered in the overall evaluation of results. Additionally, our method of calculating EBITDA may be different from the method used by other companies and therefore comparability may be limited.
We use EBITDA as a supplemental measure of performance because we believe it gives the reader a more complete understanding of our operating results before the impact of investing and financing transactions. Non-recurring items, such as asset write-downs and impairment losses, are also excluded from EBITDA. EBITDA and EBITDA margins are among the more significant factors in management’s evaluation of company-wide and individual property performance. EBITDA can be computed by adding depreciation, amortization, interest and dividend income from investments related to operating activities and non-recurring items to operating income. Prior to January 1, 2003, the reconciliation of EBITDA to operating income included an adjustment for pre-opening expense and included only the non-cash portion of non-recurring items. These changes have no impact on EBITDA reported in the 2002 period. Reconciliations of EBITDA to operating income are presented on the Supplemental Financial Information page of this press release.
Note: This press release contains “forward-looking statements” within the meaning of federal securities law, including statements concerning business strategies and their intended results, and similar statements concerning anticipated future events and expectations that are not historical facts. The forward-looking statements in this press release are subject to numerous risks and uncertainties, including the effects of economic conditions; supply and demand changes for hotel rooms; competitive conditions in the lodging industry, relationships with clients and property owners; the impact of government regulations; and the availability of capital to finance growth, which could cause actual results to differ materially from those expressed in or implied by the statements herein.
HILTON HOTELS CORPORATION
Financial Highlights (Unaudited)
(in millions, except per share amounts)
|
| Three Months Ended |
| ||||||
|
| March 31 |
| ||||||
|
| 2002 |
| 2003 |
| % Change |
| ||
Revenue |
|
|
|
|
|
|
| ||
Owned hotels |
| $ | 481 |
| $ | 483 |
| — | % |
Leased hotels |
| 29 |
| 24 |
| (17 | ) | ||
Management and franchise fees |
| 81 |
| 80 |
| (1 | ) | ||
Other fees and income |
| 99 |
| 91 |
| (8 | ) | ||
|
| 690 |
| 678 |
| (2 | ) | ||
Other revenue from managed and franchised properties |
| 231 |
| 239 |
| 3 |
| ||
|
| 921 |
| 917 |
| — |
| ||
|
|
|
|
|
|
|
| ||
Expenses |
|
|
|
|
|
|
| ||
Owned hotels |
| 345 |
| 372 |
| 8 |
| ||
Leased hotels |
| 26 |
| 23 |
| (12 | ) | ||
Depreciation and amortization |
| 85 |
| 86 |
| 1 |
| ||
Impairment loss and related costs |
| — |
| 17 |
| — |
| ||
Other operating expenses |
| 80 |
| 75 |
| (6 | ) | ||
Corporate expense, net |
| 17 |
| 19 |
| 12 |
| ||
|
| 553 |
| 592 |
| 7 |
| ||
Other expenses from managed and franchised properties |
| 231 |
| 239 |
| 3 |
| ||
|
| 784 |
| 831 |
| 6 |
| ||
|
|
|
|
|
|
|
| ||
Operating income |
| 137 |
| 86 |
| (37 | ) | ||
|
|
|
|
|
|
|
| ||
Interest and dividend income |
| 14 |
| 7 |
| (50 | ) | ||
Interest expense |
| (87 | ) | (75 | ) | (14 | ) | ||
Net interest from unconsolidated affiliates |
| (5 | ) | (5 | ) | — |
| ||
Net loss on asset dispositions |
| — |
| (1 | ) | — |
| ||
Income before taxes and minority interest |
| 59 |
| 12 |
| (80 | ) | ||
Provision for income taxes |
| (23 | ) | (1 | ) | (96 | ) | ||
Minority interest, net |
| (2 | ) | (2 | ) | — |
| ||
Net income |
| $ | 34 |
| $ | 9 |
| (74 | )% |
|
|
|
|
|
|
|
| ||
Net income per share |
|
|
|
|
|
|
| ||
Basic |
| $ | .09 |
| $ | .02 |
| (78 | )% |
Diluted |
| $ | .09 |
| $ | .02 |
| (78 | )% |
|
|
|
|
|
|
|
| ||
Average shares — basic |
| 370 |
| 377 |
| 2 | % | ||
Average shares — diluted |
| 396 |
| 403 |
| 2 | % | ||
HILTON HOTELS CORPORATION
Supplemental Financial Information (Unaudited)
($ in millions)
|
| Three Months Ended |
| |||||||
|
| March 31 |
| |||||||
|
| 2002 |
| 2003 |
| %/pt Change |
| |||
RECONCILIATIONS OF EBITDA (1) TO OPERATING INCOME |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Total Company |
|
|
|
|
|
|
| |||
EBITDA |
| $ | 231 |
| $ | 197 |
| (15 | )% | |
Depreciation and amortization (2) |
| (92 | ) | (93 | ) | 1 |
| |||
Non-recurring items |
| — |
| (17 | ) | — |
| |||
Operating interest and dividend income |
| (2 | ) | (1 | ) | (50 | ) | |||
Operating Income |
| $ | 137 |
| $ | 86 |
| (37 | )% | |
|
|
|
|
|
|
|
| |||
Owned Hotels |
|
|
|
|
|
|
| |||
EBITDA |
| $ | 136 |
| $ | 111 |
| (18 | )% | |
Depreciation and amortization |
| (60 | ) | (59 | ) | (2 | ) | |||
Operating Income |
| $ | 76 |
| $ | 52 |
| (32 | )% | |
|
|
|
|
|
|
|
| |||
Comparable Owned Hotels |
|
|
|
|
|
|
| |||
EBITDA |
| $ | 133 |
| $ | 106 |
| (20 | )% | |
Depreciation and amortization |
| (58 | ) | (56 | ) | (3 | ) | |||
Operating Income |
| $ | 75 |
| $ | 50 |
| (33 | )% | |
|
|
|
|
|
|
|
| |||
Timeshare |
|
|
|
|
|
|
| |||
EBITDA |
| $ | 23 |
| $ | 19 |
| (17 | )% | |
Depreciation and amortization |
| (1 | ) | (1 | ) | — |
| |||
Operating Income |
| $ | 22 |
| $ | 18 |
| (18 | )% | |
|
|
|
|
|
|
|
| |||
FULL YEAR 2003 OUTLOOK (3) |
|
|
|
|
|
|
| |||
EBITDA |
|
|
| $ | 930 |
|
|
| ||
Depreciation and amortization (2) |
|
|
| (380 | ) |
|
| |||
Non-recurring items |
|
|
| (17 | ) |
|
| |||
Operating interest and dividend income |
|
|
| (3 | ) |
|
| |||
Operating Income |
|
|
| $ | 530 |
|
|
| ||
|
|
|
|
|
|
|
| |||
RECONCILIATIONS OF EBITDA MARGIN (4) TO OPERATING INCOME MARGIN (5) |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Total Company |
|
|
|
|
|
|
| |||
EBITDA Margin |
| 33.5 | % | 29.1 | % | (4.4 | )pts | |||
Depreciation and amortization (2) |
| (13.3 | )% | (13.7 | )% | (0.4 | ) | |||
Non-recurring items |
| — |
| (2.5 | )% | (2.5 | ) | |||
Operating interest and dividend income |
| (0.3 | )% | (0.2 | )% | 0.1 |
| |||
Operating Income Margin |
| 19.9 | % | 12.7 | % | (7.2 | )pts | |||
|
|
|
|
|
|
|
| |||
Comparable Owned Hotels |
|
|
|
|
|
|
| |||
EBITDA Margin |
| 28.4 | % | 23.3 | % | (5.1 | )pts | |||
Depreciation and amortization |
| (12.4 | )% | (12.3 | )% | 0.1 |
| |||
Operating Income Margin |
| 16.0 | % | 11.0 | % | (5.0 | )pts | |||
(1) |
| We use EBITDA (earnings before interest, taxes, depreciation, amortization and non-recurring items) as a supplemental measure of performance because we believe it gives the reader a more complete understanding of our operating results before the impact of investing and financing transactions. Non-recurring items, such as asset write-downs and impairment losses, are also excluded from EBITDA. EBITDA and EBITDA margins are among the more significant factors in management’s evaluation of company-wide and individual property performance. EBITDA can be computed by adding depreciation, amortization, interest and dividend income from investments related to operating activities and non-recurring items to operating income. Prior to January 1, 2003, the reconciliation of EBITDA to operating income included an adjustment for pre-opening expense and included only the non-cash portion of non-recurring items. These changes have no impact on EBITDA reported in the 2002 period. |
|
|
|
|
| EBITDA should not be considered as an alternative to any measure of operating results as promulgated under accounting principles generally accepted in the United States (such as operating income or net income), nor should it be considered as an indicator of our overall financial performance. EBITDA does not fully consider the impact of investing or financing transactions as it specifically excludes depreciation and interest charges, which should also be considered in the overall evaluation of results. Additionally, our method of calculating EBITDA may be different from the method used by other companies and therefore comparability may be limited. |
|
|
|
(2) |
| Includes proportionate share of unconsolidated affiliates. |
|
|
|
(3) |
| Represents a range of estimates. See discussion of forward-looking statements elsewhere in this release. |
|
|
|
(4) |
| EBITDA margin represents EBITDA as a percentage of revenue before other revenue from managed and franchised properties. |
|
|
|
(5) |
| Operating income margin represents operating income as a percentage of revenue before other revenue from managed and franchised properties. |
HILTON HOTELS CORPORATION
U.S. Owned Statistics (1)
|
| Three Months Ended |
| ||||||
|
| March 31 |
| ||||||
|
| 2002 |
| 2003 |
| %/pt Change |
| ||
Hilton |
|
|
|
|
|
|
| ||
Occupancy |
| 66.7 | % | 66.7 | % | — | pts | ||
Average Rate |
| $ | 157.35 |
| $ | 153.27 |
| (2.6 | )% |
RevPAR |
| $ | 104.91 |
| $ | 102.17 |
| (2.6 | )% |
|
|
|
|
|
|
|
| ||
All Other |
|
|
|
|
|
|
| ||
Occupancy |
| 65.4 | % | 67.7 | % | 2.3 | pts | ||
Average Rate |
| $ | 110.63 |
| $ | 107.72 |
| (2.6 | )% |
RevPAR |
| $ | 72.37 |
| $ | 72.94 |
| 0.8 | % |
|
|
|
|
|
|
|
| ||
Total |
|
|
|
|
|
|
| ||
Occupancy |
| 66.5 | % | 66.8 | % | 0.3 | pts | ||
Average Rate |
| $ | 149.93 |
| $ | 145.82 |
| (2.7 | )% |
RevPAR |
| $ | 99.66 |
| $ | 97.45 |
| (2.2 | )% |
(1) |
| Statistics are for comparable hotels, and include only those hotels in the system as of March 31, 2003 and owned by us since January 1, 2002. |
HILTON HOTELS CORPORATION
System-wide Statistics (1)
|
| Three Months Ended |
| ||||
|
| March 31 |
| ||||
|
| 2002 |
| 2003 |
| %/pt Change |
|
Hilton |
|
|
|
|
|
|
|
Occupancy |
| 65.0 | % | 64.7 | % | (0.3 | )pts |
Average Rate |
| $130.74 |
| $126.83 |
| (3.0 | )% |
RevPAR |
| $84.93 |
| $82.03 |
| (3.4 | )% |
|
|
|
|
|
|
|
|
Hilton Garden Inn |
|
|
|
|
|
|
|
Occupancy |
| 60.6 | % | 62.6 | % | 2.0 | pts |
Average Rate |
| $95.93 |
| $94.60 |
| (1.4 | )% |
RevPAR |
| $58.09 |
| $59.23 |
| 2.0 | % |
|
|
|
|
|
|
|
|
Doubletree |
|
|
|
|
|
|
|
Occupancy |
| 63.2 | % | 62.7 | % | (0.5 | )pts |
Average Rate |
| $102.86 |
| $100.31 |
| (2.5 | )% |
RevPAR |
| $65.05 |
| $62.93 |
| (3.3 | )% |
|
|
|
|
|
|
|
|
Embassy Suites |
|
|
|
|
|
|
|
Occupancy |
| 67.5 | % | 67.7 | % | 0.2 | pts |
Average Rate |
| $123.53 |
| $120.96 |
| (2.1 | )% |
RevPAR |
| $83.34 |
| $81.83 |
| (1.8 | )% |
|
|
|
|
|
|
|
|
Homewood Suites by Hilton |
|
|
|
|
|
|
|
Occupancy |
| 69.8 | % | 68.9 | % | (0.9 | )pts |
Average Rate |
| $95.43 |
| $94.16 |
| (1.3 | )% |
RevPAR |
| $66.65 |
| $64.84 |
| (2.7 | )% |
|
|
|
|
|
|
|
|
Hampton |
|
|
|
|
|
|
|
Occupancy |
| 62.2 | % | 61.5 | % | (0.7 | )pts |
Average Rate |
| $77.14 |
| $77.18 |
| 0.1 | % |
RevPAR |
| $48.00 |
| $47.44 |
| (1.2 | )% |
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
Occupancy |
| 57.1 | % | 53.4 | % | (3.7 | )pts |
Average Rate |
| $116.23 |
| $121.53 |
| 4.6 | % |
RevPAR |
| $66.32 |
| $64.86 |
| (2.2 | )% |
|
|
|
|
|
|
|
|
(1) |
| Statistics are for comparable hotels, and include only those hotels in the system as of March 31, 2003 and owned, operated or franchised by us since January 1, 2002. |
HILTON HOTELS CORPORATION
Supplementary Statistical Information
|
| March |
| Change to |
| ||||||||||||
|
| 2002 |
| 2003 |
| March 2002 |
| December 2002 |
| ||||||||
|
| Number of |
| Number of |
| Number of |
| Number of |
| ||||||||
|
| Properties |
| Rooms |
| Properties |
| Rooms |
| Properties |
| Rooms |
| Properties |
| Rooms |
|
Hilton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned |
| 38 |
| 27,520 |
| 38 |
| 28,568 |
| — |
| 1,048 |
| (1 | ) | (417 | ) |
Leased |
| 1 |
| 499 |
| 1 |
| 499 |
| — |
| — |
| — |
| — |
|
Joint Venture |
| 6 |
| 3,103 |
| 7 |
| 2,737 |
| 1 |
| (366 | ) | 1 |
| 446 |
|
Managed |
| 15 |
| 9,968 |
| 17 |
| 10,601 |
| 2 |
| 633 |
| — |
| — |
|
Franchised |
| 170 |
| 45,350 |
| 168 |
| 45,213 |
| (2 | ) | (137 | ) | — |
| (121 | ) |
|
| 230 |
| 86,440 |
| 231 |
| 87,618 |
| 1 |
| 1,178 |
| — |
| (92 | ) |
Hilton Garden Inn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned |
| 1 |
| 162 |
| 1 |
| 162 |
| — |
| — |
| — |
| — |
|
Joint Venture |
| 2 |
| 280 |
| 2 |
| 280 |
| — |
| — |
| — |
| — |
|
Franchised |
| 128 |
| 17,844 |
| 160 |
| 21,941 |
| 32 |
| 4,097 |
| 2 |
| 286 |
|
|
| 131 |
| 18,286 |
| 163 |
| 22,383 |
| 32 |
| 4,097 |
| 2 |
| 286 |
|
Doubletree |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned |
| 9 |
| 3,156 |
| 9 |
| 3,156 |
| — |
| — |
| — |
| — |
|
Leased |
| 6 |
| 2,151 |
| 6 |
| 2,151 |
| — |
| — |
| — |
| — |
|
Joint Venture |
| 30 |
| 8,273 |
| 30 |
| 8,868 |
| — |
| 595 |
| — |
| 327 |
|
Managed |
| 60 |
| 16,651 |
| 57 |
| 15,375 |
| (3 | ) | (1,276 | ) | — |
| (327 | ) |
Franchised |
| 48 |
| 11,070 |
| 52 |
| 11,787 |
| 4 |
| 717 |
| — |
| (5 | ) |
|
| 153 |
| 41,301 |
| 154 |
| 41,337 |
| 1 |
| 36 |
| — |
| (5 | ) |
Embassy Suites |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned |
| 5 |
| 1,023 |
| 5 |
| 1,023 |
| — |
| — |
| — |
| — |
|
Joint Venture |
| 23 |
| 6,339 |
| 27 |
| 7,279 |
| 4 |
| 940 |
| 3 |
| 698 |
|
Managed |
| 61 |
| 15,589 |
| 57 |
| 14,699 |
| (4 | ) | (890 | ) | (4 | ) | (890 | ) |
Franchised |
| 79 |
| 18,301 |
| 82 |
| 18,540 |
| 3 |
| 239 |
| 3 |
| 591 |
|
|
| 168 |
| 41,252 |
| 171 |
| 41,541 |
| 3 |
| 289 |
| 2 |
| 399 |
|
Homewood Suites by Hilton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned |
| 7 |
| 905 |
| 3 |
| 398 |
| (4 | ) | (507 | ) | (4 | ) | (507 | ) |
Managed |
| 30 |
| 3,605 |
| 34 |
| 4,135 |
| 4 |
| 530 |
| 4 |
| 530 |
|
Franchised |
| 70 |
| 7,513 |
| 85 |
| 9,302 |
| 15 |
| 1,789 |
| 1 |
| 84 |
|
|
| 107 |
| 12,023 |
| 122 |
| 13,835 |
| 15 |
| 1,812 |
| 1 |
| 107 |
|
Hampton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned |
| 1 |
| 133 |
| 1 |
| 133 |
| — |
| — |
| — |
| — |
|
Managed |
| 26 |
| 3,443 |
| 23 |
| 3,018 |
| (3 | ) | (425 | ) | (2 | ) | (250 | ) |
Franchised |
| 1,134 |
| 115,856 |
| 1,198 |
| 121,502 |
| 64 |
| 5,646 |
| 18 |
| 1,862 |
|
|
| 1,161 |
| 119,432 |
| 1,222 |
| 124,653 |
| 61 |
| 5,221 |
| 16 |
| 1,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timeshare |
| 25 |
| 2,921 |
| 28 |
| 3,289 |
| 3 |
| 368 |
| 1 |
| 172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned |
| 3 |
| 579 |
| 1 |
| 300 |
| (2 | ) | (279 | ) | — |
| — |
|
Leased |
| 2 |
| 186 |
| — |
| — |
| (2 | ) | (186 | ) | — |
| — |
|
Joint Venture |
| 4 |
| 1,598 |
| 3 |
| 1,392 |
| (1 | ) | (206 | ) | — |
| (8 | ) |
Managed |
| 18 |
| 4,154 |
| 12 |
| 3,639 |
| (6 | ) | (515 | ) | 1 |
| 400 |
|
Franchised |
| 13 |
| 3,043 |
| — |
| — |
| (13 | ) | (3,043 | ) | — |
| — |
|
|
| 40 |
| 9,560 |
| 16 |
| 5,331 |
| (24 | ) | (4,229 | ) | 1 |
| 392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned |
| 64 |
| 33,478 |
| 58 |
| 33,740 |
| (6 | ) | 262 |
| (5 | ) | (924 | ) |
Leased |
| 9 |
| 2,836 |
| 7 |
| 2,650 |
| (2 | ) | (186 | ) | — |
| — |
|
Joint Venture |
| 65 |
| 19,593 |
| 69 |
| 20,556 |
| 4 |
| 963 |
| 4 |
| 1,463 |
|
Managed |
| 210 |
| 53,410 |
| 200 |
| 51,467 |
| (10 | ) | (1,943 | ) | (1 | ) | (537 | ) |
Timeshare |
| 25 |
| 2,921 |
| 28 |
| 3,289 |
| 3 |
| 368 |
| 1 |
| 172 |
|
Franchised |
| 1,642 |
| 218,977 |
| 1,745 |
| 228,285 |
| 103 |
| 9,308 |
| 24 |
| 2,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PROPERTIES |
| 2,015 |
| 331,215 |
| 2,107 |
| 339,987 |
| 92 |
| 8,772 |
| 23 |
| 2,871 |
|
