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Solid operating performance in 2Q keeps Hilton ahead of estimates; bolt-ons like Graduate and partnership with SLH drives peer-leading net unit growth.

McCLEAN, Virginia – Hilton Worldwide Holdings Inc. beat 2Q24 Street estimates with solid operating fundamentals and strong net unit growth (+100 bps) driven by the closing on the acquisition of Graduate Hotels and better-than-expected conversion of Small Luxury Hotels of the World properties.

Hilton guided a bit lower for the rest of 2024 with RevPAR growth guidance -100 bps at the high end (now 2.0%-3.0%). Also, the high end of Adjusted EBITDA is -$20 million (-60 bps), which R.W. Baird analyst Michael Bellisario said implies a slightly larger implied 2H24 reduction given the 2Q24 earnings beat. For 3Q24, Hilton is guiding to 2.0%-3.0% RevPAR growth.