Hilton Worldwide Holdings Inc. HLT is on track with its industry-leading global hospitality building commitments. To this end, the company announced plans to expand in the Las Vegas market. Hilton intends to have over 30 hotels (or 11,000 rooms) by 2021-end.
The company intends to bring new premium and luxury brands to the region on the heels of Virgin Hotels Las Vegas, Curio Collection and Resorts World Las Vegas complex.
In this regard, Chris Nassetta, president and CEO of Hilton, stated, “Now we are raising the bar again, offering brands for any style of travel with a renewed focus on premium and luxury hotels. Las Vegas has been an especially bright spot in our global growth strategy, and we are excited to open thousands of rooms there just as people begin traveling again.”
Going forward, the company remains committed to continue its expansion in Las Vegas with a pipeline of seven hotels (nearly 4,000 rooms) across five brands. Also, the company stated that it expects to bolster its presence in the region by more than 50% by 2023-end.
Luxury Deals to Drive Growth
During first-quarter 2021, Hilton signed several deals to expand its portfolio of resorts. Notably, this includes expansion agreements of Waldorf Astoria and Canopy brands in Seychelles (with scheduled openings in 2023). Going forward, the company announced plans to launch the LXR brand in Seychelles (with the opening of Mango House Seychelles) and Bali.
Meanwhile, Hilton is focusing on hotel conversion opportunities to mitigate the impact of construction delays caused by the pandemic. To this end, the company opened Waldorf Astoria, Monarch Beach Resort and the Hilton Vancouver Downtown through hotel conversions. During first-quarter 2021, the company reported the openings of its 100th Curio Collection and 50th Tapestry Collection. Overall, conversions accounted for 24% of additions in first-quarter 2021.
Price Performance
Shares of Hilton have gained 11.2% so far this year, compared with the Zacks Hotels and Motels industry’s 6.7% rise. The company has been benefiting from its aggressive expansion strategies, loyalty program, as well as an asset-light business model. Going forward, the company is optimistic on the back of ramped-up vaccination drives and reopening strategies. This, along with focus on hotel conversions and strategic partnerships, is likely to benefit the company going forward. Meanwhile, earnings estimates for 2021 have increased in the past 60 days.
Image Source: Zacks Investment Research
Zacks Rank
Hilton — which shares space with Marriott International, Inc. MAR, Hyatt Hotels Corporation H and Choice Hotels International, Inc. CHH in the same industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Hilton (HLT) on Expansion Spree, Boosts Presence in Las Vegas - Yahoo Finance
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