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Strong Occupancy Levels Drive RevPAR Growth
at Owned Hotels; All Hilton Brands Continue to Increase Market Share; Cost
Controls Contribute to Solid Margins
BEVERLY HILLS, Calif. Oct. 23, 2002 -- Hilton Hotels Corporation (NYSE:HLT)
today reported financial results for the third quarter and nine months
ended September 30, 2002.
Compared to the year-ago quarter, the following factors contributed
to the company achieving solid quarterly earnings-per-share in a continued
challenging environment: positive revenue-per-available-room (RevPAR) growth
at the company's comparable owned hotels, driven by high occupancy levels
at most of the company's owned city-center properties; market share increases
for all brands in the Hilton family; solid margins; a decline in interest
expense; favorable comparisons in late September versus the 2001 period,
and a reduction in the provision for income taxes.
Factors adversely impacting the quarter, compared to the 2001 period,
included: a general decline in average daily room rates (ADR); general
weakness during the week of September 11; increased insurance costs, and
an additional charge related to the Hilton Hawaiian Village.
Hilton reported third quarter net income of $48 million, versus $21
million in the 2001 quarter. Diluted net income per share was $.13, compared
with $.06 in the third quarter 2001. Pro forma diluted EPS in the third
quarter 2001 (including $.03 per share from the new accounting rules pertaining
to non-amortization of goodwill and certain intangible assets) was $.09.
The following items combined to benefit the company's third quarter
income by approximately $.02 per diluted share:
-
A $15.6 million reduction in the provision for income taxes (equal
to $.04 per diluted share) due to higher than expected utilization of capital
loss carryforwards on its 2001 Federal income tax return that was filed
in September of this year.
-
A pre-tax charge of $10 million, or approximately $.02 per diluted
share, for continued mold remediation efforts in certain areas of the Hilton
Hawaiian Village. Actual costs incurred in future periods may vary from
the estimates, given the inherent uncertainties in evaluating these types
of situations. Hilton anticipates being able to re-open the hotel's Kalia
Tower guestrooms in the second quarter 2003.
The company reported 2002 third quarter total revenue of $934 million compared
with $942 million in the 2001 period. Total company earnings before interest,
taxes, depreciation, amortization and non-cash items (EBITDA) was $224
million, compared with $237 million in the 2001 quarter. Revenue and EBITDA
each increased 1 percent in the third quarter when excluding the impact
of the following items: asset sales (primarily the 2001 CNL and Red Lion
transactions); the purchase of the Hilton Waikoloa Village in 2002, the
sale of Harrison Conference Centers, and the cash portion of the aforementioned
remediation costs in Hawaii.
Total company EBITDA margin for the quarter was 32.0 percent (EBITDA
as a percentage of revenue before "other revenue from managed and franchised
properties").
Owned Hotel Results
Across all brands, EBITDA from the company's owned hotels totaled $137
million in the third quarter, with comparable EBITDA up 3.0 percent from
the 2001 period. RevPAR from comparable owned properties increased 1.2
percent in the quarter; occupancy at these hotels showed an increase of
3.6 points to 73.7 percent, while average daily rate declined 3.7 percent
to $141.13. EBITDA margins at these hotels, while impacted by increased
insurance costs, remained solid for the quarter at 27.0 percent, equal
to the 2001 quarter.
Third quarter comparisons to the first two quarters of 2002 continue
to confirm the sequential quarterly improvement the company has anticipated
for the year. Compared with the respective 2001 quarters, RevPAR at comparable
owned hotels in the first and second quarters 2002 declined 15.3 percent
and 6.1 percent, respectively, compared to the 1.2 percent increase in
the third quarter 2002.
Consistent with the company's strategy of driving occupancy in a continued
rate-sensitive environment, the third quarter RevPAR increase was fueled
by strong occupancy levels at the company's owned hotels in many of its
most important markets; the Boston, Chicago, Honolulu, New York, San Diego
and Seattle (Airport) markets each reported occupancy in excess of 74 percent,
with several solidly in the 80's. Additionally, solid RevPAR gains were
reported at the company's owned hotels in Washington, D.C., Minneapolis,
Charlotte and Portland (Oregon). The company's hotels in the San Francisco/San
Jose and Phoenix markets continue to exhibit softness owing to a combination
of demand pressure and the introduction of new competitive supply.
Owned-or-Operated Hotel Results
Comparable RevPAR at the company's owned-or-operated hotels increased
0.6 percent in the quarter, compared to the 2001 period, on an occupancy
increase of 3.1 points to 71.4 percent, and a 3.6 percent decline in ADR
to $121.06. Within the Hilton full-service brand, comparable owned-or-operated
RevPAR increased 0.2 percent, with occupancy up 2.4 points to 72.5 percent,
and ADR declining 3.1 percent to $140.84.
As with the owned hotels, comparisons to the 2002 first and second quarters
continue to show sequential quarterly improvement. In the first and
second quarters, comparable U.S. owned-or-operated RevPAR decreased 13.7
percent and 7.5 percent, respectively, compared to the 0.6 percent increase
in the third quarter.
System-wide RevPAR; Management/Franchise Fees
System-wide RevPAR increased at each of the Hilton brands (including
franchise properties) during the quarter as follows: Hilton Garden Inn,
4.3 percent; Embassy Suites, 2.9 percent; Hampton Inn, 1.9 percent; Hilton,
1.1 percent; Homewood Suites by Hilton, 0.6 percent, and Doubletree, 0.4
percent.
Management and franchise fees for the quarter totaled $83 million, a
5 percent increase from the 2001 period.
Brand Development/Market Share
Year-to-date August 2002 (the latest period for which data is available),
each of the company's hotel brands has increased market share, with most
commanding significant RevPAR premiums over their respective competitive
sets. With 100 representing a brand's "fair share" of the market, the Hilton
brands (according to data from Smith Travel Research) performed as follows
for the first eight months of 2002: Embassy Suites, 123.7 (+3.8 pts.);
Homewood Suites by Hilton, 118.2 (+5.3 pts.); Hampton Inn, 118.1 (+4.7
pts.); Hilton, 109.5 (+2.6 pts.); Hilton Garden Inn, 107.8 (+2.5 pts.),
and Doubletree, 99.1 (+0.9 pts.)
Effective cross-selling among the Hilton family of brands, along with
the benefits of the Hilton HHonors loyalty program, continues to contribute
to the strong performance of the company's brands. Through the first nine
months of 2002, cross-selling through Hilton Reservations Worldwide generated
approximately $238 million in system-wide booked revenue, an increase of
more than 20 percent over the same period a year ago. HHonors members comprise
a combined 36 percent of the occupancy at all of the company's hotel brands.
During the quarter, two of the company's brands - Embassy Suites and
Hilton Garden Inn - earned first place J.D. Power Awards for "Highest Customer
Satisfaction." Embassy Suites was a winner for the fourth consecutive year,
a first in the history of the J.D. Power Award in the lodging category.
In the third quarter, the company added 39 properties and 4,658 rooms
to its system as follows: Hampton Inn, 18 hotels and 1,527 rooms; Hilton
Garden Inn, 10 hotels and 1,377 rooms (including the company's 150th Garden
Inn, located in Arlington, Virginia); Homewood Suites by Hilton, 6 hotels
and 725 rooms (including four conversions from a non-Hilton brand); Doubletree,
2 hotels and 424 rooms (conversions in Key West, Florida and Charlotte,
North Carolina); Embassy Suites, 1 hotel and 150 rooms; Hilton Grand Vacations,
1 property and 70 rooms; other, 1 hotel and 385 rooms (a property currently
managed by the company and slated for re-flagging to the Hilton brand post-renovation).
Eighteen hotels and 3,851 rooms were removed from the system during
the quarter, 13 due to Hilton's termination of its affiliation with the
Camino Real chain in Mexico. At September 30, 2002, the company's system
totaled 2,058 properties and 334,704 rooms.
The company's current development pipeline has approximately 365 hotels
and 50,000 rooms either approved, in design or under construction.
Hilton Grand Vacations
The company's vacation ownership business, Hilton Grand Vacations Company,
reported an EBITDA increase for the quarter of approximately 7 percent
to $20 million. Strong sales at its property adjacent to the Hilton Hawaiian
Village (currently approximately 46 percent sold), and an increase in average
unit sales price across the HGVC system, contributed to this increase.
Sales began in June, and development continues on schedule, at the company's
three most recently announced timeshare projects: in Las Vegas, Nevada
at the north end of the Las Vegas Strip (estimated completion of the 295
units in Phase I: late 2003); in Orlando, Florida (estimated completion
of the 96 units in Phases I and II: early 2004); and at the new 78-unit
"Hilton Club" in midtown Manhattan's Hilton New York (estimated completion:
year-end 2002.)
Twenty-two percent of unit sales in the third quarter were at these
new venues which, due to the required method of accounting for construction
period sales, limited the amount of reported revenue and EBITDA growth.
In addition, the following factors combined to adversely impact HGVC
EBITDA by approximately $4.5 million in the third quarter: the sale of
receivables in the second quarter 2002; revisions to final construction
costs in Hawaii, and start-up costs in New York.
Corporate Finance
At September 30, 2002, Hilton had total debt of $4.4 billion (net of
$325 million of debt allocated to Park Place Entertainment). As of September
30, 2002, approximately 30 percent of the company's debt was floating rate
debt. Cash and equivalents totaled approximately $63 million at September
30, 2002. The company's average basic and diluted shares outstanding for
the third quarter were 376 million and 402 million, respectively.
Consolidated interest expense declined 18 percent in the third quarter
due to reduced debt balances and declining interest rates. Hilton's
debt currently has an average life of 6.5 years, at an average cost of
approximately 6.1 percent. At September 30, 2002, the company had approximately
$620 million of available capacity under its various lines of credit.
The company's effective tax rate for the 2002 third quarter was approximately
8 percent, due to the aforementioned $15.6 million reduction in the provision
for income taxes.
During the quarter, the company resolved a property insurance issue
with the servicer of its 7.95 percent collateralized mortgage bonds due
2010. As reported in the second quarter 10-Q, the servicer of the bonds
asserted that an event of default arose due to an exclusion from insurance
coverage for terrorist acts. While Hilton disputed whether the insurance
was required, the company decided to obtain insurance to resolve the dispute.
The company's purchase of insurance with aggregate coverage of $250 million
covering certain terrorist events has resolved the matter and cured the
asserted default.
The company, as planned, anticipates total full-year 2002 capital spending
of approximately $290 million as follows:
-
approximately $180 million on maintenance capital expenditures and technology
at its owned hotels;
-
$60 million in master plan and return-on-investment projects, and
-
$50 million on timeshare projects.
By year-end 2002, the company expects that more than 80 percent of its
owned rooms will have been newly renovated within the last five years.
Nine-Month Results
For the nine-month period ended September 30, 2002, Hilton reported
net income of $158 million, compared to $162 million in the corresponding
2001 period. Diluted net income per share was $.42 versus $.44 in the 2001
period. Pro forma diluted EPS in the nine-month period in 2001 (including
$.09 per share from the new accounting rules pertaining to non-amortization
of goodwill and certain intangible assets) was $.53. Revenue for the nine-month
period declined 7 percent compared to the 2001 period to $2.890 billion,
while total company EBITDA declined 14 percent to $758 million. Revenue
and EBITDA declined 4 percent and 9 percent, respectively, from the 2001
period when excluding the impact of the following items: asset sales, the
Waikoloa acquisition, deferred timeshare sales in Hawaii in 2001, and the
cash portion of the remediation efforts in Hawaii.
Outlook For Fourth Quarter 2002
For the remainder of 2002, the company expects continued pressure on
room rates to impact RevPAR growth at its owned hotels, and expects a modest
full-year decline in fee revenue. It is anticipated that these factors
will be mitigated to a degree by solid EBITDA margins at Hilton's comparable
owned hotels, though margins are expected to be adversely impacted by continued
softness in room rates and higher insurance costs.
The company's current estimates for the fourth quarter 2002 are as follows:
Fourth Quarter 2002 Estimates
-
Total revenue Mid
single digit % increase
-
Total EBITDA
$235 million range
-
Owned hotel EBITDA $160
million range
-
Owned hotel EBITDA margins 30% range
-
Comparable owned hotel RevPAR Approximately 10%
increase
-
Diluted earnings per share $.10 range
Based on the company's EBITDA guidance plus the proceeds from the
sale of Harrison Conference Centers and timeshare receivables, and after
all capital expenditures, interest, taxes, dividends, and the cash portion
of the Waikoloa transaction, Hilton anticipates generating approximately
$300 million of net cash flow in 2002.
Hilton also reconfirmed its previously issued estimate for new hotel
openings in 2002. The company anticipates adding approximately 145 hotels
and 18,000 rooms to its system in 2002, virtually all through franchising
agreements and management contracts.
2003 Preliminary Outlook
With continuing uncertainty in the economic and political arenas, and
visibility remaining low, the company noted the difficulty of providing
accurate projections for its business in 2003. On a preliminary basis,
however, the company provided the following general guidance for full-year
2003:
Preliminary 2003 Estimates
-
Total revenue
$4.1 billion range
-
Total EBITDA
$1.060 billion range
-
Owned hotel EBITDA Approximately $675 million
-
Owned hotel EBITDA margins Low 30% range
-
Comparable owned hotel RevPAR Low single digit % increase
-
Diluted earnings per share Mid to high
$.50 range
Total capital spending in 2003 is expected to be approximately $325
million, with approximately $175 million being spent on normal maintenance
capital expenditures and technology, approximately $110 million on timeshare
projects currently in development in Las Vegas and Orlando, and approximately
$40 million on special projects at owned hotels.
Hilton anticipates adding 100 to 115 hotels and 12,000 to 15,000 rooms
to its system in 2003, approximately half of which are expected to be Hampton
Inns and another roughly 25 percent Hilton Garden Inns. Given the challenging
environment for many operators and the market share leadership position
of Hilton's brands, the company anticipates having the opportunity to convert
several hotels to one of Hilton's brands in 2003 and beyond.
"Despite a business environment that remains generally challenging,
we are delivering solid earnings for our shareholders by maximizing RevPAR
at our owned hotels, controlling costs, growing our system, and tending
to the needs of our customers -- whether they're travelers or our hotel
owners -- and our team members," said Stephen F. Bollenbach, president
and chief executive officer of Hilton Hotels Corporation.
"There are certain things within our control and in these areas we are
doing well: managing our costs, maintaining our service levels, engendering
customer and owner loyalty and enhancing the performance of our brands.
In addition, we know for sure that there is limited introduction of new
full-service supply, a factor that will benefit our owned hotels.
"While we have seen quarter-by-quarter improvement in our business,
uncertainties abound, especially in the economy and the world political
scene. Such external forces make this both a challenging time for our industry,
and a difficult environment in which to predict future performance. But
by tending to the basics of our business, as described above, we are reporting
good results and continuing to outperform."
Mr. Bollenbach concluded: "With this as a foundation, we are making
our way steadily through the tough times. When the economic picture brightens
- which it will - bringing with it a return to full strength for the lodging
business, we are very well-positioned to solidify our industry leadership
position."
HILTON HOTELS CORPORATION
Financial Highlights (Unaudited)
(in millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30
September 30
2001 2002 % Change 2001
2002 % Change
----- ----- --------- ------- ------- ---------
Revenue
Owned hotels
$488 $502 3 % $1,650
$1,555 (6)%
Leased hotels
43 27 (37)
133 86 (35)
Management
and
franchise
fees 79 83
5 270 251
(7)
Other fees
and
income
101 88 (13)
335 280 (16)
----- ----- --------- ------- ------- ---------
711 700 (2)
2,388 2,172 (9)
Other revenue
from
managed
and
franchised
properties
(1) 231 234
1 718 718
-
----- ----- --------- ------- ------- ---------
942 934 (1)
3,106 2,890 (7)
Expenses
Owned hotels
351 365 4
1,118 1,080 (3)
Leased hotels
37 24 (35)
117 77 (34)
Depreciation
and
amortization
100 86 (14)
294 258 (12)
Impairment
loss
and
related
costs
- 10 -
- 20
-
Other operating
expenses
80 71 (11)
258 223 (14)
Corporate
expense,
net 16 17
6 48
47 (2)
----- ----- --------- ------- ------- ---------
584 573 (2)
1,835 1,705 (7)
Other expenses
from
managed
and
franchised
properties
(1) 231 234
1 718 718
-
----- ----- --------- ------- ------- ---------
815 807 (1)
2,553 2,423 (5)
Operating income
127 127 -
553 467 (16)
Interest and dividend
income
15 9 (40)
49 37 (24)
Interest expense
(95) (78) (18) (298)
(252) (15)
Net interest from
unconsolidated
affiliates
(3) (5) 67
(12) (15) 25
Net loss on asset
dispositions
- (1) -
(1) (16) -
----- ----- --------- ------- ------- ---------
Income before taxes
and minority interest 44
52 18
291 221 (24)
Provision for income
taxes
(22) (4) (82) (123)
(58) (53)
Minority interest, net (1)
- -
(6) (5) (17)
----- ----- --------- ------- ------- ---------
Net income
$21 $48 129 % $162
$158 (2)%
===== ===== ========= ======= ======= =========
Net income per share (2)
Basic
$.06 $.13 117 % $.44
$.42 (5)%
===== ===== ========= ======= ======= =========
Diluted
$.06 $.13 117 % $.44
$.42 (5)%
===== ===== ========= ======= ======= =========
Average shares - basic 369 376
2 % 369 373
1 %
===== ===== ========= ======= ======= =========
Average shares -
diluted
394 402 2 %
394 400
2 %
===== ===== ========= ======= ======= =========
Reconciliation of
Operating Income to
EBITDA (3)
Operating income
$127 $127 - %
$553 $467 (16)%
Pre-opening
expense
1 - -
3 1 (67)
Non-cash items,
net
- 1 -
- 3
-
Operating
interest
and
dividend
income
3 3 -
11 9
(18)
Depreciation
and
amortization
(4)
106 93 (12)
311 278 (11)
----- ----- --------- ------- ------- ---------
EBITDA
$237 $224 (5)% $878
$758 (14)%
===== ===== ========= ======= ======= =========
(1) Revenue and expenses from managed and franchised
properties are
included in our reported results beginning January
1, 2002 in response
to a FASB staff announcement. These costs relate
primarily to payroll
costs at managed properties where we are the employer.
The 2001
revenue and expenses have been reclassified to
conform with the 2002
presentation.
(2) EPS for the nine month period in 2002 differs
from the sum of the
six month and third quarter EPS due to the required
method of
computing the weighted average number of shares
in the respective
periods.
(3) EBITDA is earnings before interest, taxes, depreciation,
amortization, pre-opening expense and non-cash
items. EBITDA can be
computed by adding depreciation, amortization,
pre-opening expense,
interest and dividend income from investments related
to operating
activities and non-cash items to operating income.
(4) Includes proportionate share of unconsolidated
affiliates.
HILTON HOTELS CORPORATION
U.S. Owned-or-Operated Statistics (1)
Three Months Ended
September 30
2001 2002 %/pt Change
--------- --------- ------------
Hilton
Occupancy
70.1 % 72.5 % 2.4 pts
Average Rate
$145.34 $140.84 (3.1) %
RevPAR
$101.93 $102.15 0.2
%
Doubletree
Occupancy
67.6 % 70.5 % 2.9 pts
Average Rate
$104.99 $101.33 (3.5) %
RevPAR
$70.99 $71.42 0.6
%
Embassy Suites
Occupancy
67.0 % 71.6 % 4.6 pts
Average Rate
$127.66 $121.72 (4.7) %
RevPAR
$85.49 $87.11 1.9
%
Other
Occupancy
65.8 % 68.4 % 2.6 pts
Average Rate
$93.56 $90.19 (3.6)
%
RevPAR
$61.58 $61.68 0.2
%
Total U.S. Owned-or-Operated
Occupancy
68.3 % 71.4 % 3.1 pts
Average Rate
$125.63 $121.06 (3.6) %
RevPAR
$85.86 $86.40 0.6
%
Nine Months Ended
September 30
2001 2002 %/pt Change
-------- --------- ------------
Hilton
Occupancy
72.7 % 71.7 % (1.0) pts
Average Rate
$158.18 $149.36 (5.6) %
RevPAR
$115.02 $107.13 (6.9) %
Doubletree
Occupancy
69.8 % 68.5 % (1.3) pts
Average Rate
$111.78 $104.64 (6.4) %
RevPAR
$78.04 $71.70 (8.1) %
Embassy Suites
Occupancy
70.6 % 70.4 % (0.2) pts
Average Rate
$135.34 $125.57 (7.2) %
RevPAR
$95.49 $88.37 (7.5) %
Other
Occupancy
67.6 % 67.7 % 0.1 pts
Average Rate
$96.16 $91.46 (4.9) %
RevPAR
$64.98 $61.95 (4.7) %
Total U.S. Owned-or-Operated
Occupancy
71.0 % 70.1 % (0.9) pts
Average Rate
$134.79 $126.59 (6.1) %
RevPAR
$95.64 $88.80 (7.2) %
(1) Statistics are for comparable U.S. hotels, and
include only those
hotels in the system as of September 30, 2002 and
owned or operated by
Hilton since January 1, 2001.
HILTON HOTELS CORPORATION
System-wide Statistics (1)
Three Months Ended
September 30
2001 2002 %/pt Change
--------- --------- ------------
Hilton
Occupancy
67.8 % 70.3 % 2.5 pts
Average Rate
$124.63 $121.44 (2.6) %
RevPAR
$84.45 $85.34 1.1
%
Hilton Garden Inn
Occupancy
65.4 % 69.8 % 4.4 pts
Average Rate
$99.64 $97.28 (2.4)
%
RevPAR
$65.13 $67.95 4.3
%
Doubletree
Occupancy
66.8 % 69.4 % 2.6 pts
Average Rate
$102.33 $99.04 (3.2)
%
RevPAR
$68.40 $68.69 0.4
%
Embassy Suites
Occupancy
67.2 % 71.9 % 4.7 pts
Average Rate
$123.00 $118.38 (3.8) %
RevPAR
$82.70 $85.13 2.9
%
Homewood Suites by Hilton
Occupancy
71.8 % 75.2 % 3.4 pts
Average Rate
$97.88 $93.97 (4.0)
%
RevPAR
$70.24 $70.64 0.6
%
Hampton
Occupancy
69.8 % 71.4 % 1.6 pts
Average Rate
$78.64 $78.37 (0.3)
%
RevPAR
$54.90 $55.96 1.9
%
Other
Occupancy
61.1 % 63.9 % 2.8 pts
Average Rate
$128.49 $118.61 (7.7) %
RevPAR
$78.54 $75.82 (3.5)
%
Nine Months Ended
September 30
2001 2002 %/pt Change
-------- --------- ------------
Hilton
Occupancy
70.2 % 69.3 % (0.9) pts
Average Rate
$133.48 $126.97 (4.9) %
RevPAR
$93.75 $88.01 (6.1) %
Hilton Garden Inn
Occupancy
65.7 % 67.9 % 2.2 pts
Average Rate
$103.32 $97.61 (5.5) %
RevPAR
$67.89 $66.31 (2.3) %
Doubletree
Occupancy
69.1 % 67.7 % (1.4) pts
Average Rate
$107.98 $101.72 (5.8) %
RevPAR
$74.66 $68.82 (7.8) %
Embassy Suites
Occupancy
70.2 % 70.9 % 0.7 pts
Average Rate
$128.61 $120.99 (5.9) %
RevPAR
$90.22 $85.84 (4.9) %
Homewood Suites by Hilton
Occupancy
72.8 % 74.3 % 1.5 pts
Average Rate
$100.44 $94.88 (5.5) %
RevPAR
$73.16 $70.50 (3.6) %
Hampton
Occupancy
68.7 % 69.0 % 0.3 pts
Average Rate
$77.96 $77.45 (0.7) %
RevPAR
$53.57 $53.40 (0.3) %
Other
Occupancy
62.9 % 60.4 % (2.5) pts
Average Rate
$137.75 $121.18 (12.0) %
RevPAR
$86.71 $73.21 (15.6) %
(1) Statistics are for comparable hotels, and include
only those
hotels in the system as of September 30, 2002 and
owned, operated or
franchised by Hilton since January 1, 2001.
HILTON HOTELS CORPORATION
Supplementary Statistical Information
September
2001
2002
Number of Number
of
Properties Rooms Properties Rooms
Hilton
Owned
40 28,227 39
28,981
Leased
1 499
1 499
Joint Venture
3 1,896
5 1,863
Managed
15 10,177 16
10,343
Franchised
169 44,857 170
45,791
------------------- -------------------
228 85,656 231
87,477
Hilton Garden Inn
Owned
1 162
1 162
Joint Venture
2 280
2 280
Franchised
111 15,336 151
20,866
------------------- -------------------
114 15,778 154
21,308
Doubletree
Owned
10 3,435
9 3,156
Leased
7 2,333
6 2,151
Joint Venture
30 8,277
30 8,271
Managed
59 16,357 59
16,552
Franchised
49 11,408 50
11,440
------------------- -------------------
155 41,810 154
41,570
Embassy Suites
Owned
6 1,299
5 1,023
Joint Venture
22 6,063
24 6,581
Managed
60 15,396 61
15,589
Franchised
77 17,624 78
17,776
------------------- -------------------
165 40,382 168
40,969
Homewood Suites by Hilton
Owned
7 905
7 905
Managed
29 3,473
30 3,605
Franchised
68 7,225
80 8,650
------------------- -------------------
104 11,603 117
13,160
Hampton
Owned
1 133
1 133
Managed
27 3,570
26 3,431
Franchised
1,101 112,623 1,165 118,479
------------------- -------------------
1,129 116,326 1,192 122,043
Timeshare
25 2,911
26 3,039
Other
Owned
12 1,655
1 300
Leased
13 1,943
- -
Joint Venture
4 1,604
4 1,598
Managed
19 4,334
11 3,240
Franchised
33 6,067
- -
------------------- -------------------
81 15,603 16
5,138
Total
Owned
77 35,816 63
34,660
Leased
21 4,775
7 2,650
Joint Venture
61 18,120 65
18,593
Managed
209 53,307 203
52,760
Timeshare
25 2,911
26 3,039
Franchised
1,608 215,140 1,694 223,002
TOTAL PROPERTIES
2,001 330,069 2,058 334,704
Change to
September 2001 December 2001
Number of Number
of
Properties Rooms Properties Rooms
------------------- ------------------
Hilton
Owned
(1) 754
1 1,462
Leased
- -
- -
Joint Venture
2 (33)
(1)(1,241)
Managed
1 166
1 373
Franchised
1 934
1 820
------------------- ------------------
3 1,821
2 1,414
Hilton Garden Inn
Owned
- -
- -
Joint Venture
- -
- -
Franchised
40 5,530
29 4,020
------------------- ------------------
40 5,530
29 4,020
Doubletree
Owned
(1) (279)
- -
Leased
(1) (182)
- -
Joint Venture
- (6)
- (6)
Managed
- 195
(2) (318)
Franchised
1 32
5 1,006
------------------- ------------------
(1) (240)
3 682
Embassy Suites
Owned
(1) (276)
- -
Joint Venture
2 518
1 242
Managed
1 193
- (182)
Franchised
1 152
(1) (426)
------------------- ------------------
3 587
- (366)
Homewood Suites by Hilton
Owned
- -
- -
Managed
1 132
1 132
Franchised
12 1,425
12 1,425
------------------- ------------------
13 1,557
13 1,557
Hampton
Owned
- -
- -
Managed
(1) (139) (1)
(139)
Franchised
64 5,856
49 4,376
------------------- ------------------
63 5,717
48 4,237
Timeshare
1 128
1 128
Other
Owned
(11) (1,355) (3)
(338)
Leased
(13) (1,943) (2)
(186)
Joint Venture
- (6)
- (6)
Managed
(8) (1,094) (6) (882)
Franchised
(33) (6,067) (13)(3,043)
------------------- ------------------
(65)(10,465) (24)(4,455)
Total
Owned
(14) (1,156) (2) 1,124
Leased
(14) (2,125) (2)
(186)
Joint Venture
4 473
- (1,011)
Managed
(6) (547) (7)(1,016)
Timeshare
1 128
1 128
Franchised
86 7,862
82 8,178
------------------- ------------------
TOTAL PROPERTIES
57 4,635
72 7,217
=================== ================== |
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. |
