So I would say, you know, India being, you know, first and foremost, I mean, we think easily it's a 10 or 20X sort of opportunity. We have, whatever, 40 hotels in India. I mean, with the deals like the one we announced today, we sort of have 400 - in and around the pipeline are under development. So India is definitely one. Southeast Asia is another where we have a big presence, but we think the opportunity is to be three or four times the size that we have. Kala, the broader Kala environment. We've got a big presence of 300 hotels, but we think we could be easily two or three times that size. KSA, you know, we have 25, 30 hotels. We think we can easily be four to five times that, probably even more, as well as other parts of the Middle East. Obviously, the Middle East we just talked about. There's some challenges, but, yeah, in part because I'm always an optimist, but I do think one way or another this will settle down, and there's a lot of momentum there. underlying travel and tourism in the Middle East that I think will pick up pretty quickly when you get to the other side of this conflict. So, I mean, you know, and I shouldn't forget Africa, where, you know, huge population, what is, you know, we've been there for many, many decades, but have a relatively small base and a huge opportunity.

Apr 28, 2026 / receipt, needs a key / Chris Nassetta, CEO | earnings call 2026-04-28 | transcript 7fe70478-f528-4bba-8717-cc75d21ea560 | chars 48261-49575 | segment 48

I mean, it's anecdotal, but I don't really talk to any of our major customers that say, like, they're not going to be traveling more next year. I don't talk to any of our customers that don't understand they're going to be paying a little bit more for the product next year.

Oct 22, 2025 / receipt, needs a key / Chris Nassetta, CEO | earnings call 2025-10-22 | transcript a6af9fa9-5d25-462c-aefa-8eab6ae807c7 | chars 44637-44911 | segment 45

In the Middle East and Africa region, REVPAR increased 10.3% year over year, driven by record-breaking months of travel around key events and holidays, including Eid, Hajj, and Catholic and Orthodox Easter. For full year 2025, we expect REVPAR growth in the mid-single-digit range.

Jul 23, 2025 / receipt, needs a key / Kevin Jacobs, CFO | earnings call 2025-07-23 | transcript 4badd7b5-edc4-4a43-9dd0-1110fc829bf3 | chars 12430-12711 | segment 12

In the Asia Pacific region, second quarter REVPAR was up 0.3% year over year. REVPAR in APAC-X China increased 5.2%, led by strong group trends in Japan and Korea. REVPAR in China declined 3.4% in the quarter, largely driven by continued weakness in corporate travel demand, particularly in Tier 2 and Tier 3 cities, and changes in government travel policies. For full year 2025, we expect REVPAR growth in Asia Pacific to be roughly flat, assuming modest rev par declines in China.

Jul 23, 2025 / receipt, needs a key / Kevin Jacobs, CFO | earnings call 2025-07-23 | transcript 4badd7b5-edc4-4a43-9dd0-1110fc829bf3 | chars 12712-13194 | segment 12

On the development side, we still see terrific activity. Again, you have to sort of, again, lifting way up. I mean, China will have ups and downs. By the way, the U.S. economy has ups and downs, you know, recessions. Like, they're a big, complicated economy. They're going to have they're going to have the same thing. But underneath it is that the capacity, meaning the number of hotel rooms per capita in China is like crazy lower than other large economies, including our economy, like a fraction of it. So they are undersupplied And what we do in other forms of real estate, you know, some of the resi, some of the commercial retail, they may be oversupplied, certainly in certain markets. But in our business, they are broadly undersupplied. So you have people, large population, want to travel, eventually will travel. They will also travel outside the United States or outside of China, which is a big deal. You have a, you know, very, you know, much more limited supply of hotels in that market.

Jul 23, 2025 / receipt, needs a key / Chris, CEO | earnings call 2025-07-23 | transcript 4badd7b5-edc4-4a43-9dd0-1110fc829bf3 | chars 26103-27106 | segment 26

In the Asia-Pacific region, first quarter REVPAR was flat year-over-year. REVPAR and APAC-X China increased 3.5%, led by strong performance in Japan, India, and Korea. China RevPAR declined 3.1% in the quarter as performance was pressured by strong outbound travel during Chinese New Year and tough year-over-year comparisons. For full year 2025, we expect RevPAR growth in Asia Pacific to be in the low single-digit range, assuming flat RevPAR in China.

Apr 29, 2025 / receipt, needs a key / Kevin Jacobs, CFO | earnings call 2025-04-29 | transcript 614f4311-09a4-487a-8de2-0d89bd818e87 | chars 10839-11293 | segment 10

I mean, that's the one thing I'd say is, you know, when you have this kind of uncertainty, everybody, you know, I sort of said in my comments a little bit of the great wait and see, let's see where it goes. So what do they do? They don't stop traveling. They don't stop running their businesses. They don't stop taking vacations. They may do a little bit less of it, or they wait a little bit more to the last minute.

Apr 29, 2025 / receipt, needs a key / Chris, CEO | earnings call 2025-04-29 | transcript 614f4311-09a4-487a-8de2-0d89bd818e87 | chars 33579-33996 | segment 34

If you talk to all accounts, if you talk to large, medium, small, almost without exception, people are broadly concerned saying that they're going to travel more.

Feb 6, 2025 / receipt, needs a key / Chris, CEO | earnings call 2025-02-06 | transcript d4830de3-7b23-4849-860c-c53ce598c643 | chars 43012-43174 | segment 42

Leisure transient RevPAR continued to exceed prior peaks, supported by solid summer travel demand, particularly in international markets.

Aug 7, 2024 / receipt, needs a key / Chris Nassata, CEO | earnings call 2024-08-07 | transcript ebc0599f-18c4-4606-8956-1927c544e3bc | chars 3163-3300 | segment 3

Yeah, Sean, I'll take this one. I think, yeah, in the U.S., you know, we're seeing so far is in line with our expectations, right? The Easter calendar shift is, you know, flipping back the way we thought. April's in line with what we thought. And so if you think about our 2% to 4% guide for the whole company, I think the U.S. will be at the lower end of that range. But I think you'll see the U.S. go back to positive I think around the rest of the world, I said it in my prepared remarks, but Europe remains really resilient, up 10% in the quarter. There's a lot of noise in the economy, in various European economies, in war and whatever else is going on. It still seems to push through, and we still seem to get pretty good performance. APAC, the same thing. Now, China, we said, was flattish for the quarter. We think it'll be about the same for the year. And what's happening there is what we said in our prepared remarks, is that you had a a lot of resilience coming out of the pandemic with domestic travel really fueling strong demand growth there. And now people are starting to move outside of the country because they can. And the urban markets in China are performing really well. The secondary and tertiary markets are feeling the effects a little bit of people leaving the country. And we think that'll continue for the balance of the year. And I think you asked what you need to have that change is you need to have more inbound into China. particularly from other parts of Asia Paci

Apr 24, 2024 / receipt, needs a key / Kevin, other | earnings call 2024-04-24 | transcript ea5436d7-1c00-4528-88f3-178a06810b84 | chars 24644-26144 | segment 25

Last quarter, we announced Hilton for Business, our multifaceted program designed to transform the travel experience for small and medium-sized businesses by providing a new booking website along with targeted benefits designed specifically for SMBs.

Feb 7, 2024 / receipt, needs a key / Chris Nassetta, CEO | earnings call 2024-02-07 | transcript b367300c-6f6b-4b54-868d-b952fd09ac18 | chars 7719-7969 | segment 7

And the, you know, the one that would lead the pack, again, would be Asia Pacific, you know, for a bunch of reasons, most notably China, which if you recall, just in terms of comps, China did open up and is now doing really well, but the first part of this year was not. So you will have a very strong start given everything that's happening in China in the business, which, you know, there's a lot of noise about China and their economy, but from a travel tourism point of view in China, it's very, very strong now.

Oct 25, 2023 / receipt, needs a key / Chris, CEO | earnings call 2023-10-25 | transcript 227bba2f-795d-463e-9dc3-f8be32f890a8 | chars 38498-39014 | segment 40