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Hilton said it now expects its system-wide comparable revenue
per available room (RevPAR) to rise between 1.5-2 percent in
2016, down from its previous forecast of 2-4 percent.
RevPAR is calculated by multiplying a hotel's average daily room
rate by its occupancy rate.
The company, which also owns the Conrad and Double Tree hotel
chains, said its system-wide RevPAR rose 1.3 percent while
occupancy fell marginally and its average daily rate rose 1.5
percent during the third quarter.
Hilton said it was on track to complete the spinoffs of Park
Hotels & Resorts and Hilton Grand Vacations around the end of
the year.
China's aviation and shipping giant HNA Group said on Monday it
would buy a 25 percent stake in Hilton from its biggest
shareholder Blackstone Group LP <BX.N> for $6.5 billion.
Hilton said net income attributable to its stockholders fell to
$187 million, or 19 cents per share, in the quarter ended Sept.
30, from $279 million, or 28 cents per share, a year earlier.
Excluding items, the company earned 23 cents per share, inline
with the average analyst estimate, according to Thomson Reuters
I/B/E/S.
Revenue rose to $2.94 billion from $2.90 billion, missing
analysts' average estimate of $3.00 billion.
Up to Tuesday's close, shares of the McLean, Virginia-based
company had risen 6.2 percent this year.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Martina
D'Couto)
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