The hotel industry on a record run: review and projections for openings in 2024
The major groups have recorded a record number of openings and room
Hilton: 132 openings in the fourth quarter and net growth of 4.9% by 2023
During the fourth quarter, Hilton Hotels & Resorts opened 132 hotels and approximately 24,000 rooms, marking the company's largest expansion quarter to date. The 395 hotel openings and 63,000 rooms during the year reflect commendable net growth of 4.9%. Forecasts for 2024 remain optimistic, with positive net unit growth indicators of between 5.5% and 6.0%.
The focus on global expansion has led to the signing of a record number of nearly 1,000 hotels, representing 130,000 rooms, an increase of 45% on the previous year. Two new brands, Spark by Hilton and LivSmart Studios by Hilton, played a central role in this growth strategy, responding to growing demand for upscale economy rooms and extended-stay accommodations.
Our team is delivering robust results, supported by the power of our brands, our award-winning culture and strong commercial engines. Premium products and exceptional levels of service are driving strong customer demand for our hotels around the world, while better returns are supporting strong owner interest. We continue to feel very good about our prior net unit growth guidance of 5.5% to 6.0% in 2024, with strong indications towards the higher end of the range based on the positive momentum we are seeing in signings and construction starts. Chris Nassetta, president and CEO, Hilton
