Hilton 2013 AR.Pdf

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Hilton 2013 AR.Pdf WELCOME ANNUAL REPORT Hilton Worldwide Annual Report A ATAGLANCE ABOUT HILTON WORLDWIDE Hilton Worldwide is one of the largest hospitality companies in the world, and we’re Award-winning brands growing faster than ever. Our nearly 100-year history as pioneers in the industry makes us the first choice in the hospitality industry for guests, hotel owners and Team Members alike. , Rooms OUR LOCATIONS , Properties , (1) EUROPE Team Members Rooms: , Pipeline: ,+ Under Construction: ,+ ¡ Countries & Territories ASIA PACIFIC AMERICAS Rooms: , Rooms: , MIDDLE EAST Pipeline: ,+ & AFRICA Pipeline: ,+ Under Million Rooms: , Under Construction: Pipeline: ,+ Hilton HHonors members Construction: ,+ Under ,+ Construction: ,+ Million Guests served annually ¡, Rooms in the pipeline – Adjusted EBITDA Rooms by largest in the industry (2) by Segment⁽³⁾ Chain Scale ¤ Ranked In rooms under construction in every major region of the world (2) Management & Franchise: 51% Upper Upscale: % Ownership: % Upscale: % Timeshare: % Upper Midscale: % Luxury: % Other: % (1) Represents Team Members employed at our Managed, Owned, Leased, Franchised and Timeshare properties and corporate oces. (2) Source: Smith Travel Research, Inc. Global Development Pipeline (December 2013). (3) Excluding Corporate and Other. LETTER TO SHAREHOLDERS Best Brand Portfolio in Hospitality Tremendous Record of Growth An Increasingly Capital Light Business Model Iconic Real Estate Assets with Significant Embedded Value Powerful LongTerm Macro Trends and Strong Current Fundamentals This is what you will find at Hilton Worldwide today. Welcome. Christopher J. Nassetta, President & Chief Executive Ocer For the past six years as a private company, we’ve been working hard to ROOM GROWTH exceed the expectations of our guests, Team Members and hotel owners. ¦§ SINCE Following our December initial public o²ering ¦IPO§ ³ the largest ever in the hospitality industry ³ we’re once again a publicly traded company and excited about the opportunity to deliver exceptional value to shareholders. Our return marks a new chapter in Hilton’s long history ³ one that began % in ¡¡ with Conrad Hilton’s first hotel and has evolved today into the most Rooms System-Wide recognized name in global hospitality. We’re o² to a great start since our IPO, and I am happy to say we outperformed our main competitors on the top line, bottom line and net unit growth in % . Our performance was highlighted by a . percent increase in Revenue Room Pipeline Per Available Room ¦RevPAR§¦§ across the enterprise. In addition, our Adjusted EBITDA increased by percent, to µ. billion¦§ and we realized net unit growth of . percent in our Management and Franchise segment. % The Opportunity for Growth Rooms Under Construction Our ability to perform at this level is the result of a strategic transformation that began in , following the acquisition of the company by Blackstone. We had a onceinalifetime opportunity to take a nearly yearold company ³ once a clear leader in the hospitality industry ³ and return it We outperformed our main to a leadership position. Many of the pieces were there, including a strong portfolio of brands and commercial engines, but these were neither optimized competitors on the top line, nor strategically aligned. bottom line and net unit growth in 2013. The first step we took was to align our organization around a common vision, mission, set of values and key strategic priorities. At the same time, we shifted to a more capital light business model that allowed us to grow with less capital investment and to focus on our global development strategy. Our work (1) Represents data since 6/30/2007. (2) RevPAR is hotel room revenue divided by room nights is ongoing, but six years later we’ve successfully transformed our business into available for guests. a lean and unified organization with a performancedriven culture ³ one that (3) A reconciliation of Adjusted EBITDA to net income we believe is positioned to outperform now and in the future. attributable to Hilton stockholders can be found on page 95 of our Form 10-K included herein. Hilton Worldwide Annual Report 1 Putting Our Growth Plans of that success has come from the into Action strength of our distinct brands, cov In the hospitality industry, scale and ering all segments of the marketplace: diversification matter. Today Hilton luxury, full service, limited service and Worldwide has a global reach, with timeshare. This brand portfolio is a , properties and , rooms significant strategic advantage, o²ering in ¡ countries and territories. We diverse choices to meet customer needs have distinct brands and scaled in every major region and at every commercial engines that drive an price point and service level. We have 10 distinct brands and scaled commercial engines that drive an industry-leading global RevPAR premium of 15 percent. industryleading global RevPAR Our strategy allows us to invest minimal premium of percent. Tying this all amounts of capital in growing our together is our awardwinning Hilton Management and Franchise segment, HHonors Loyalty Program, with while providing owners with a valuable million members who today platform of commercial services and make up percent of our total development opportunities. We’ve systemwide occupancy. grown this segment by over , rooms since ³ a percent increase Our goal is simple: to serve any accomplished with a mere µ million customer, anywhere in the world, for in capital investment. any lodging need they have. By doing so, we drive customer loyalty, higher We’re also increasing the profitability market share premiums and better of our Ownership segment, which returns for our hotel owners, which in represents percent of aggregate turn drives faster net unit growth and segment Adjusted EBITDA and includes premium returns for our stockholders. iconic hotel and resort properties in cities like New York, London, São Paulo, Our strong brand portfolio and a Tokyo and Sydney. These assets not strategic approach to how we deploy only promote Hilton as an industry these brands globally allow us to grow leader, but also present opportunities our system in all regions and under all to unlock significant embedded value. macroeconomic conditions. In fact, Among these opportunities are we’re already number one in global premium earnings growth driven pipeline and number one in rooms by revenue, cost management and Hilton Worldwide’s Ownership segment contains iconic under construction in every major value enhancement initiatives. properties such as the Waldorf Astoria New York (top), region throughout the world. Much Hilton Hawaiian Village Waikiki Beach Resort (middle) and London Hilton on Park Lane (bottom). LEADING THE WORLD OF HOSPITALITY FOR NEARLY YEARS Hilton goes Conrad Hilton First Hilton Hilton Hotels international with Hilton Introduces purchases first opens in Corporation the opening of the Hilton HHonors hotel in Cisco, TX Dallas, TX lists on NYSE Caribe Hilton loyalty program 1919 1925 1947 1949 1987 2 Hilton Worldwide Annual Report Finally, our Timeshare segment is Traveling with Purpose achieving sales growth and margins As we continue to grow around the that consistently outperform the com world, so does our commitment to petition and is becoming increasingly Corporate Responsibility ³ Travel with more capital ecient. At the end of PurposeTM. Our Team Members and , our supply of thirdparty developed operations have a significant impact timeshare intervals was approximately on the thousands of local communities percent of total supply. By further in which we’re located ³ providing jobs, expanding the capital eciency of supporting local suppliers, protecting this business, as well as incrementally the environment and enhancing tourism. developing properties already on our We become partners with each of balance sheet, we can continue to these communities to help deliver a grow this business with minimal shared economic and social value that capital investment. benefits all of our stakeholders. Benefitting From Strong Continuing Our Journey Industry Fundamentals From my vantage point, I see a company Industry trends are another catalyst poised on the brink of a new era. We’ve allowing us to grow our system at a better enabled our Team Members to significant rate. Over the past years, deliver great guest experiences, while growth in global tourism ³ as mea also delivering great results to our hotel sured by tourist arrivals ³ has doubled owners and shareholders. We may be and is forecast to double again over nearly years old, but we plan to the next years. A middle class that continue our legacy of innovation and is expanding from billion people firsts that transform the industry. globally in ¡¡ to a projected billion We’re only in the initial stages of in will help drive this growth. achieving our potential as the clear At the same time, hotel rooms per leader in hospitality. capita in underserved markets like China and Brazil are a mere fraction of I’m excited about our potential. To the the levels seen in developed markets more than , Hilton Worldwide like the United States. On a near term Team Members who have helped us basis, the supply and demand environ reach this point ³ thank you. And on ment in the business remains strong all of their behalf, I welcome you to the with healthy demand growth outpacing future of Hilton Worldwide. levels of supply growth that are still well below longterm averages. Taken Sincerely, together, these trends paint a picture of strong, sustainable growth for years
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