希尔顿的“冰火两重天”：中东非狂飙，美国“拖后腿”？

Core Insights - Hilton's Q3 2025 performance shows mixed results with total revenue of approximately $3.12 billion, an 8.82% year-over-year increase, exceeding market expectations of $2.99 billion [1] - Net profit attributable to the parent company reached about $420 million, a 22.09% increase year-over-year, with adjusted EPS of $2.11, surpassing analyst expectations of $2.05 [1] Revenue Breakdown - Franchise and licensing fee revenue was approximately $739 million, up 5.87% year-over-year [1] - Management fee revenue was about $93 million, increasing by 5.68% year-over-year [1] - Owned hotel revenue was approximately $322 million, down 2.42% year-over-year [1] Key Performance Indicators - Hilton's system-wide occupancy rate was 74.5%, a 0.5% decline year-over-year [2] - Average Daily Rate (ADR) was $160.25, also down 0.5% year-over-year [2] - Revenue Per Available Room (RevPAR) decreased by 1.1% to $119.33, although this was better than the expected 0.8% decline [2] Regional Performance - Asia-Pacific showed stable performance with an occupancy rate of 72.8%, up 0.5 percentage points year-over-year [3] - Europe maintained a high occupancy rate of 79.8%, down 0.1% year-over-year [3] - The Middle East and Africa were the standout regions with a RevPAR increase of 9.9% to $109.77, driven by a 4.5% rise in occupancy [3] Future Outlook - Hilton expects full-year RevPAR to be flat or increase by 1%, above the analyst forecast of 0.4% [5] - Projected net profit for the year is between $1.6 billion and $1.63 billion, with adjusted EBITDA expected to be between $3.69 billion and $3.72 billion [5] - CEO Christopher Nassetta expressed confidence in future growth driven by favorable economic conditions and limited supply growth in the industry [5] Market Reactions - Following the Q3 report, Hilton's stock price fell by 2.7% to $267.63, despite a prior week increase of 3.95% [4] - Barclays maintained a "buy" rating on Hilton's stock, raising the target price from $288 to $297, indicating confidence in the company's mid-term rebound potential [4]