Hilton's Stellar Earnings Season
Skift Take
- Hilton outperforms in US lodging earnings season, with impressive results and a strong development pipeline.
- Dream Las Vegas project shows signs of revival as financing issues are being resolved.
- Club Med announces a series of exciting international resort developments and a shift to exclusive 4 and 5-star offerings.
The DJIA fell 105 points, Nasdaq was down 319, the S&P 500 was down 61 points, and the 10 year treasury yield was up .11 to 4.95%. Lodging stocks were lower. About the only good news was that HLT was up $1.10. New lows were set by TNL, VAC, HGV, and VCSA.
Hilton kicked off US lodging earnings season with a bang, beating guidance and analyst estimates as well as upping 4Q and full year 2023 RevPAR and EBITDA guidance. HLT’s development pipeline increased by 3.7%, their second strongest quarter of new signings, and repurchased 4.5 million shares for $684 million, up from 2Q’s $470 million.
Travel + Leisure Co reported results slightly above consensus but guided 4Q well below consensus, blaming its RCI exchange business. TNL announced it acquired the rights to the vacation ownership business of Sports Hospitality Ventures and will be launching future sports themed resorts under the Sports Illustrated Resorts Brand. TNL repurchased only 1.6 million shares fo
