Hilton Had a Blow-Out Quarter
Skift Take
- The DJIA fell 0.73% while Nasdaq was down 1%, the S&P 500 fell 0.88% and the 10-year treasury yield was roughly flat at 3.671%.
- Hilton checked nearly all the boxes with their earnings report, kicking off lodging earnings season with a bang.
- InterContinental Hotels Group PLC is seeking to fend off claims from franchisees five months after a cyber attack that hotel owners say cost them money and disrupted business.
The DJIA fell 0.73% while Nasdaq was down 1%, the S&P 500 fell 0.88% and the 10-year treasury yield was roughly flat at 3.671%. VCSA ended the day down -7%.
Hilton checked nearly all the boxes with their earnings report, kicking off lodging earnings season with a bang. EBITDA, RevPAR, EPS all were well above the Street. About the only miss was on net unit growth for the year due to delayed openings in China. In 4Q, they spent $501 million buying back stock and expect to spend $1.7 billion to $2.1 billion in 2023.
InterContinental Hotels Group PLC is seeking to fend off claims from franchisees five months after a cyber attack that hotel owners say cost them money and disrupted business. Lawyers for IHG have asked a judge to dismiss the lawsuit filed by owners of franchised hotels, arguing their contracts prevent them from seeking damages. According to IHG’s lawyers, the cyber attack didn’t result in personal data being exposed
