A Letter

A message from our president and chief executive officer

2025 year in review
Portrait of Chris Nassetta: President & Chief Executive Officer

2025 was a defining year for Hilton as we continued to execute on the strategy that has driven our sustained growth and industry-leading performance. Guided by our founding purpose to fill the earth with the light and warmth of hospitality, team members, owners and partners around the world delivered the reliable and friendly stays that set Hilton apart and fuel the growth of our global network.

Our growth trajectory accelerated in 2025 as we achieved our best year of organic openings, adding nearly 100,000 new rooms to our global portfolio and reaching our 9,000th hotel. We expanded into four untapped markets, including Tanzania, Rwanda, Pakistan, and the U.S. Virgin Islands, and celebrated 44 brand-country debuts.

Our development pipeline grew to the highest level in our history, reinforcing the strong demand from owners who continue to choose Hilton for the superior returns our brands and commercial engine deliver. Today, we have more rooms under construction than any other hotel company, with approximately one in every five hotel rooms under construction slated to join the Hilton portfolio.

We continued to innovate by expanding our brand portfolio with the launch of Outset Collection by Hilton, designed to offer guests unforgettable boutique and independent hotel experiences. We also recently introduced Apartment Collection by Hilton, entering the fast-growing apartment-style accommodation market. These brands, along with others planned for launch in the coming year, will play an important role in driving conversion momentum and long-term growth.

2025 also marked an important milestone in our luxury and lifestyle portfolio, celebrating the opening of our 1,000th hotel in the category. Notably, we reopened Waldorf Astoria New York, restoring one of the world's most iconic hotels. Across our luxury and lifestyle brands, we continued to build strong momentum with new openings and agreements to expand into iconic destinations around the world.

We strengthened our Hilton Honors program by making loyalty both more accessible and more rewarding, introducing a faster path to elite status and a new premium tier. We also launched Hilton Honors Adventures, an extension of our loyalty program that invites travelers to immerse themselves in bucket-list-worthy experiences beyond the hotel stay. With our program now approaching a quarter billion members, Hilton Honors continues to deepen guest engagement and drive long-term value across our network.

Underpinning our performance is a purpose-driven culture that continues to set us apart. In 2025, Hilton was again named the #1 World's Best Workplace by Fortune and Great Place to Work (the first and only hospitality company to top both the global and U.S. lists twice). We believe that when we invest in our people, they deliver extraordinary experiences for our guests, stronger returns for our owners and lasting value for our shareholders.

As we look ahead, we are well positioned for continued growth, with a strong global network, an award-winning and innovative brand portfolio, record owner demand and a powerful commercial engine. Most importantly, we remain committed to building a company that creates opportunity for all: our guests, our team members, our owners and the communities we serve.

On behalf of our entire Hilton family of more than 500,000 team members around the world, thank you for your partnership and trust. We look forward to welcoming you to one of our hotels very soon.

Sincerely,

Chris Nassetta

President & Chief Executive Officer

Our Strategy

Innovation. Growth.World’s Best Place to Work. World’s Best Place to Stay.

Hilton Culture

Guidedbyourfoundingpurposetospreadthelightandwarmthofhospitality,Hiltoniscommittedtoopeningdoorstoopportunity,strengtheningcommunitiesandcreatingpositiveimpactaroundtheworld.

OUR CULTURE

World’s Best Stay, Powered by the World’s Best Workplace

Hilton is committed to creating a fully human experience at work, one that provides personal and professional inclusion, wellness, purpose and growth. In 2025, Hilton was named the No. 1 World’s Best Workplace alongside an additional 18 No. 1 rankings in countries around the world – demonstrating our commitment to our people and celebrating the legacy of hospitality each team member delivers.

Laura Fuentes - Chief Human Resources Officer and Head of Hilton Supply Management

Laura Fuentes

Chief Human Resources Officer and Head of Hilton Supply Management

Investing in a better world for travel

Hilton believes travel is a powerful force for good in the world. Guided by this belief, in 2025 Hilton donated a total of nearly $18M with key drivers being grants distributed from the Hilton Global Foundation, support for team members through the Team Member Assistance Fund, hotel philanthropic donations, 20,000 room nights donated in partnership with American Express for the Los Angeles wildfires and more.

Hilton London Bankside
Hilton London Bankside

Global purpose with local impact

During 2025 Travel with Purpose Week, Hilton team members logged approximately 1.5 million volunteer hours, a record-breaking achievement supporting local organizations. Team members at nearly 2,000 hotels and all corporate offices supported 132,000+ community members and diverted 206,000 pounds of waste through volunteer events during this annual week of service.

Bringing hope and hospitality to wildfire victims

Hilton and American Express provided 20,000 room nights to L.A. residents impacted by one of the most destructive wildfires the region has seen. Between mid-January and early February, more than 5,000 adults and nearly 2,000 children who were displaced or temporarily evacuated were booked for up to seven nights at Hilton-branded hotels at no charge while they worked to rebuild.

Katherine Lugar - Executive Vice President, Corporate Affairs

Katherine Lugar

Executive Vice President, Corporate Affairs

Brand-Led

Withagrowingcollectionofbrandsandstrategicpartnerships,Hiltonispositionedtoserveguestsforanyoccasion,nomatterwheretheytravelintheworld.

Chris Silcock - President, Global Brands and Commercial Services

Chris Silcock

President, Global Brands and Commercial Services

A new era of luxury comes to New York City

After much anticipation, Waldorf Astoria New York once again opened its doors in 2025, unveiling a meticulously restored masterpiece that redefines luxury for a new generation. This reborn icon, “The Greatest of Them All,” returns with extraordinary culinary experiences, breathtaking design details and a sense of glamour that feels both timeless and refreshingly modern. More than a hotel, it stands as a symbol of hospitality at its very finest as it’s ready to welcome guests and residents into a new era of truly unforgettable luxury.

Waldorf Astoria New York
Waldorf Astoria New York

New ways to stay with Hilton’s latest lifestyle brand, Outset Collection by Hilton

In 2025, Hilton officially launched Outset Collection by Hilton, joining its rapidly expanding lifestyle portfolio and an important addition to Hilton’s fast-growing collection brands, now boasting more than 400 hotels globally. Designed for soulful, story-led properties, Outset Collection brings together distinctive hotels across vibrant urban hubs and adventurous destination towns with its first hotels currently available for bookings and more than 60 in development.

Slackline Moab, Outset Collection by Hilton
Slackline Moab, Outset Collection by Hilton

Breaking into furnished apartment accommodations with Apartment Collection by Hilton

In early 2026, Hilton announced the upcoming introduction of Apartment Collection by Hilton, a new lodging category offering spacious, furnished apartments with the trusted hospitality guests expect from Hilton. Providing flexible accommodations, from studios to four-bedroom units, each stay will deliver an elevated experience that captures the local character of its surroundings, with the convenience and smart amenities of apartment-style living.

Apartment Collection by Hilton
Apartment Collection by Hilton

LivSmart Studios by Hilton makes its debut

The opening of the first of many LivSmart Studios by Hilton hotels marked a major step forward in Hilton’s extended stay strategy, with the first two properties opening in Kokomo, Ind., and Tullahoma, Tenn. With more than 100 hotels expected to open in the coming years and over 225 deals in various stages of development, Hilton plans to accelerate the brand’s expansion across high growth markets in the coming years.

LivSmart Studios by Hilton Tullahoma
LivSmart Studios by Hilton Tullahoma

Loyalty gets an upgrade

Hilton announced exciting changes to its award-winning Hilton Honors loyalty program, introducing a faster path to Gold and Diamond status, making it more accessible than ever for Hilton Honors members to get more from their stays. Hilton also debuted its most elite tier yet: Diamond Reserve. This premium tier unlocks unparalleled benefits, including a Confirmable Upgrade redeemable at the time of booking, guaranteed 4 p.m. late checkout and exclusive customer service support.

Immersive, adventure driven travel with Hilton Honors Adventures

Hilton introduced Hilton Honors Adventures as an extension of its award-winning loyalty program designed to deliver immersive, adventure-driven travel. The new offering debuted Hilton’s partnership with Explora Journeys, blending the freedom of luxury ocean travel with the benefits of Hilton Honors, alongside Hilton’s exclusive partnership with AutoCamp, expanding the possibilities of loyalty-driven travel across land and at sea.

Network-Driven

Hilton'sgrowthanddevelopmentin2025speaksforitselfasthecompanycelebratedremarkableresultsthatonceagainsolidifiedHilton’spositionasoneofthefastestgrowingplayersinglobaltravel.

Christian Charnaux - Executive Vice President and Chief Development Officer

Christian Charnaux

Executive Vice President and Chief Development Officer

Planting Hilton’s roots in new markets

Hilton continues to expand into new corners of the world, opening its first properties in Pakistan, Rwanda and the U.S. Virgin Islands, expanding Hilton’s presence to 143 countries and territories worldwide. Hilton also continued its development in fast-growing markets like the Middle East and India, with plans to dramatically expand its portfolio of premium economy and midscale to upper midscale brands like Spark by Hilton and Hampton by Hilton in India, on top of luxury and lifestyle demand across the country.

DoubleTree by Hilton Nathiagali
DoubleTree by Hilton Nathiagali

Reaching new heights in luxury and lifestyle across the globe

Hilton had a landmark achievement in 2025 as its luxury and lifestyle portfolios reached 1,000 hotels worldwide, highlighting a year of strong strategic growth. This milestone reflects a record pace of openings and, with more than 500 additional luxury and lifestyle properties in the pipeline, Hilton continues to expand its global footprint and deliver exceptional experiences for travelers around the world, including through growth of branded residential projects like Waldorf Astoria Residences St. Petersburg, the home of a record breaking $27 million penthouse sale.

KROMO Bangkok, Curio Collection by Hilton
KROMO Bangkok, Curio Collection by Hilton

Hilton achieves milestone of 9,000 hotels worldwide

Hilton marked an extraordinary development milestone in 2025 by opening its 9,000th hotel worldwide. The milestone was highlighted by the launch of Signia by Hilton La Cantera Resort & Spa in Texas, a luxury conversion that showcases Hilton’s ability to expand its presence in desirable travel markets. Hilton now has a record 520,000+ rooms under development worldwide.

Signia by Hilton La Cantera Resort & Spa
Signia by Hilton La Cantera Resort & Spa
Kevin Jacobs - Executive Vice President and Chief Financial Officer

Kevin Jacobs

Executive Vice President and Chief Financial Officer

Platform-Enabled

Hilton’splatform,fromitscommercialenginetotechstack,continuestobeapowerfultoolforvaluecreation,builttoscale,adaptanddelivermeaningfuladvantagesforguests,ownersandteammembers.

Owners reap more rewards for guest satisfaction

Hilton introduced a first-of-its-kind fee reduction program, reducing loyalty fees globally and rewarding strong on-property performance. For owners of hotels delivering the incredible stays our guests expect from Hilton’s brands, eligible U.S. and Canada hotels can earn a 50-basis point discount on program fees.

Graduate by Hilton Dallas
Graduate by Hilton Dallas

Making business travel easier than ever

Using a first-of-its-kind virtual card payment technology, business travelers can now enjoy effortless check-ins and more secure payments when using virtual credit cards, thanks to a solution created in partnership with virtual card technology provider Conferma. Hilton is the first hotel group to integrate this type of technology into its booking systems, automating B2B payments, reducing fraud, streamlining spend reconciliation, reducing manual work and minimizing customer friction.

Canopy by Hilton San Francisco SoMa
Canopy by Hilton San Francisco SoMa

New ways to transfer points

Hilton launched a strategic partnership with Ascenda, the loyalty company that powers growth for the world’s leading brands. Now, financial institutions in applicable jurisdictions can offer their customers the ability to convert bank loyalty points directly into Hilton Honors Points. This expands even further the ways for Hilton Honors members to dream and redeem through stays, experiences, partnerships, co-branded credit cards and more.

Waldorf Astoria Bangkok
Waldorf Astoria Bangkok