Chris Nassetta

Nassetta expects no dramatic impact from the midterm blue wave over the next two to three years, citing the resilience of the US political system.

Our political system has been built pretty well. Our founders did a pretty good job of creating a resilient system. We always figure it out. We'll figure it out this time. The reality is, in the next two or three years, I don't see any real dramatic impact as a result of the last couple days.

Nassetta says Hilton's business is powered by a 'C-shaped' economy in which lower and middle segments catch up with the high end, driven by tax policy, regulation and AI.

Here in the United States, there was a bunch of factors that to me [last year] were undeniably going to strengthen our business and to a C-shaped economy, where the lower end of the business and the middle of the business was going to come up and meet the high end of the business in terms of growth. Those drivers were very favorable tax policy, very favorable regulatory policy, and AI,

Nassetta cautiously expects China to stabilize and see modest improvement from a low base.

We have already seen China stabilizing, and expect some modest but fundamental improvement from the current low level.

Original (zh)

我们已经看到中国企稳，有望从当前低位出现一些不算大、但基础的改善。

Nassetta says technology will become an even greater strategic advantage for Hilton, benefiting employees, owners and guests.

In the years to come, we believe technology will become an even greater strategic advantage for Hilton, empowering our team members, strengthening performance for our owners, and making it easier for guests to experience the very best of Hilton

Nassetta expects AI agents to be fast, easy and effective, and says consumers will gravitate toward them, with an impact comparable to the internet.

They're going to be fast, they're going to be easy, they're going to be very effective, and humans like that, and they're going to trend to that

Nassetta says Hilton is working with every AI agent platform, even smaller players, though they are in very early days.

you should assume we're working with each and every one of them

Nassetta said AI consumer agents are still an insignificant booking source for Hilton, though he sees them as the future of distribution, like the early internet.

early and it is insignificant, to be honest.

Nassetta said Hilton's roughly 25% share of quality U.S. hotel inventory and modern tech stack give it strong leverage with AI platforms, and AI agents could cut distribution costs for owners.

Nassetta said Hilton works with essentially every AI platform and has products available across them. He pointed to the company's scale as an advantage, estimating that Hilton controls about 25% of quality hotel inventory in the U.S., which he said gives it a strong seat at the table in those conversations.

Nassetta tied hotel demand to the AI-driven investment cycle and expects it to continue for at least a couple of years.

He said non-residential fixed investment has grown nearly twice as fast as its 20-year average for six quarters, and that hotel demand closely tracks it. He cited AI infrastructure, data centers, energy, bridges, and highways as projects that require business travel, often by middle-class workers, and said he expects that investment-driven demand to continue for at least a couple of years.

Nassetta says Hilton's brands command RevPAR index premiums, creating significant opportunity for continued growth via conversions.

Because our brands drive RevPAR index premiums, we believe there is significant opportunity to continue growing through conversions

Nassetta attributes Q3 systemwide RevPAR growth of 5.8% to strong travel demand and favorable macro trends, including in the U.S., and raised the full-year RevPAR outlook.

driven by strength in travel demand supported by favorable macro trends

Nassetta is optimistic beyond 2026 because hotel demand tracks non-residential fixed investment, which has been growing nearly twice its long-run pace.

Looking beyond 2026, we remain optimistic about the strengthening demand backdrop particularly given the close correlation between hotel demand in our segments and non residential fixed investment or NRFI. NRFI growth for the past 6 and soon to be 7 quarters has been growing nearly 2x faster than the average rate over the prior 20 years, providing an unusually strong and durable macroeconomic for our business.

Nassetta expects global RevPAR growth of 3% to 4% in 2027.

I would say next year we feel pretty darn good that global RevPAR numbers are going to be in the 3% to 4% range.

Nassetta says AI distribution is at a very early stage and he is excited, expecting AI agents to drive more direct bookings at lower cost.

I am very excited by what I see vis a vis these new and nascent, and a whole bunch of other activities we are in the middle of. I think we are in the very early days of this opportunity with AI, particularly in the distribution space.

Nassetta argues Hilton's modernized tech stack is a major advantage that makes direct connectivity with AI agents easier.

I do believe our tech stack is a huge competitive advantage. We have modernized our tech stack ahead of most, if not all, And I consistently hear from many of our counterparties that it is a lot easier for us to create direct connectivity.

Nassetta believes elevated investment driven by AI and infrastructure will sustain the C-shaped economy for at least a couple of years.

As long as you are seeing NFI at these elevated levels, which I think my own view is pretty unstoppable in the next at least, couple of years. You are going to see this C-shaped thing to keep going.

Nassetta says business transient travel is nearing pre-COVID levels, contrary to skeptics.

business transient when you really dig deep into the segmentation is approaching pre COVID levels, which I know a lot of people said, oh, it never will. People are not going to travel for business. Well, we said they would and they are

Nassetta says he has never been more excited about Hilton's growth opportunities, citing a 6-7% unit growth runway.

Honestly, I have never been more excited about our growth opportunities than I am today. I think we have the right brands.

Nassetta sees large conversion opportunity in Europe where independents are 60% of supply and Hilton only 2%.

Independent non branded hotels account for approximately 60% of the region's current supply, while Hilton represents just 2% of the region's supply.

Nassetta says the Middle East conflict and weak timeshare license fees explain the lowered full-year EBITDA outlook.

You have the Middle East is a little more beaten up. than we thought, and license fees in the timeshare segment are not performing at the level that we had expected.

Nassetta expects the US to keep improving and Mexico and the Middle East to largely normalize next year.

I think the way to think about it is on a global basis, if the run rate is about 3.5%, you have things that are going back and forth The benefits I think are clearly we see The U. S. Continuing to pick up. I would hope and think that Mexico and The Middle East, which have been challenged this year, are going to normalize to a large degree

Nassetta commits to launching RISE 2.0 around Q1 2027 to cut owner costs using tech, AI and scale.

We have what we have, you know, we have told our owners we are working on RISE 2.0. I am not going to get. get into it in detail, but probably in the first quarter of next year, we will be looking again at the system side loyalty to figure out alright, where can we buy use.

Nassetta bets the 10-year yield will be lower a year from now, easing development financing.

My own bet would be a year from now that the tenure will be lower.

Nassetta said Q3 set a record for organic room openings in Hilton's history and that development momentum remains strong going into Q4.

Q3 was the quarter with the highest number of organic room openings in our history, and momentum remains strong going into Q4.

Original (zh)

第三季度是我们历史上有机开业客房数量最多的季度，进入第四季度后势头依然强劲。

Nassetta said Hilton sees Nasdaq as closely aligned with its growth ambitions and as a respected home for innovative companies.

We look forward to joining a marketplace that is highly respected as the home of many of the world's most innovative companies

Nassetta said Nasdaq fits Hilton's growth ambitions and that Hilton looks forward to joining a marketplace home to many of the world's most innovative companies.

Chris Nassetta said Nasdaq is closely aligned with Hilton's growth ambitions and that the company looks forward to joining a marketplace respected as the home of many of the world's most innovative companies.

Nassetta said Hilton's move to Nasdaq fits its growth vision and long-term strategy because Nasdaq hosts many leading technology and innovation companies.

Nasdaq, as the home of many of the world's leading technology and innovation companies, is highly aligned with Hilton's growth vision and long-term strategy.

Original (zh)

纳斯达克作为全球众多领先科技与创新企业的聚集地，与希尔顿的增长愿景及长期战略高度契合。

Nassetta credits Hilton's asset-light model, brands, culture and technology platforms for its leadership in travel.

Fueled by our asset-light business model, best-in-class brands, award-winning culture and leading commercial and technology platforms, Hilton continues to define what’s next in travel.

Nassetta says the move to Nasdaq aligns with Hilton's growth ambitions and positions it among innovative companies.

Nasdaq is closely aligned with our growth ambitions, and we look forward to joining a marketplace that is highly respected as the home of many of the world’s most innovative companies.

Nassetta says moving Hilton's listing to Nasdaq, home to leading tech and innovation companies, fits the company's growth vision and long-term strategy.

Hilton CEO Chris Nassetta said that Nasdaq, as home to many of the world's leading technology and innovation companies, is highly aligned with Hilton's growth vision and long-term strategy.

Original (zh)

希尔顿首席执行官克里斯·纳塞塔（Chris Nassetta）表示，纳斯达克作为全球众多领先科技与创新企业的聚集地，与希尔顿的增长愿景及长期战略高度契合。

Nassetta called the Scandic agreement a significant milestone that creates a clear pathway for Hilton's brand expansion across the Nordics, reflecting long-term ambition for the region.

This strategic agreement represents a significant milestone for Hilton in the Nordics, creating a clear pathway to expand our leading brands across four important markets. It reflects our long-term ambition for the region and, together with Scandic, opens the door to significant new opportunities for Hilton, our owners and our guests.