Company Results

Hilton Worldwide Reports Fourth Quarter and Full Year 2013 Results

System-wide comparable RevPAR increased 4.7 percent and 5.2 percent for the fourth quarter and full year 2013, respectively, on a currency neutral basis.

Hilton Worldwide

Hilton Worldwide Holdings Inc. (NYSE: HLT) today reported its fourth quarter and full year 2013 results, including the following highlights:

  • Earnings per share ("EPS"), adjusted for special items, for the fourth quarter increased 10 percent from the prior year to $0.11 and full year adjusted EPS increased 18 percent from 2012 to $0.53; without adjustments, EPS was $0.03 for the fourth quarter and $0.45 for the full year.
  • Adjusted EBITDA for the fourth quarter increased 16 percent from the prior year to $603 million and increased 13 percent to $2,210 million for the full year; net income attributable to Hilton stockholders was $26 million for the fourth quarter and $415 million for the full year.
  • Adjusted EBITDA margin increased over 300 basis points for both the fourth quarter and full year 2013 from the same periods in 2012.
  • System-wide comparable RevPAR increased 4.7 percent and 5.2 percent for the fourth quarter and full year 2013, respectively, on a currency neutral basis.
  • Gross operating profit margins for comparable U.S. owned and managed hotels increased 186 basis points for full year 2013 compared to 2012 and increased 154 basis points on a global basis.
  • Management and franchise fees for the fourth quarter were $333 million, a 10 percent increase from 2012, and $1,271 million for the full year, an 8 percent increase.
  • Ownership segment Adjusted EBITDA for the fourth quarter was $254 million, a 12 percent increase from 2012, and $926 million for the full year, an increase of 17 percent; results were driven by strong RevPAR growth in 2013 of 6.8 percent at comparable U.S. owned and leased hotels and an increase in gross operating profit margins at U.S. owned and leased hotels of 254 basis points in 2013.
  • Timeshare segment Adjusted EBITDA was $92 million for the fourth quarter and $297 million for the full year, an increase of 18 percent from 2012.
  • Gross room additions were 34,000 during 2013, including 9,600 during the fourth quarter; net room growth in 2013 was 25,000 rooms, or over 4 percent of managed and franchised rooms.
  • Approved 72,000 rooms for development in 2013, including 22,000 in the fourth quarter, growing the development pipeline to over 1,100 hotels, consisting of 195,000 rooms as of December 31, 2013.
  • Finished 2013 with over 100,000 rooms under construction, representing the largest number of rooms under construction in the industry in every major region of the world according to Smith Travel Research, Inc.
  • Completed an initial public offering, raising net proceeds to Hilton of $1,243 million.
  • Reduced long-term debt by $3.8 billion during 2013, including $1.6 billion of voluntary prepayments on the term loan facility during the fourth quarter.

2013 Earnings Summary

For the full year 2013, EPS was $0.45 compared to $0.38 for the year ended December 31, 2012 and EPS, adjusted for special items, was $0.53 for the full year 2013 compared to $0.45 in the prior year, an increase of 18 percent. Adjusted EBITDA increased 13 percent to $2,210 million for the full year 2013, compared to $1,956 million in 2012 and net income attributable to Hilton stockholders was $415 million for the full year 2013 compared to $352 million for the year ended December 31, 2012.

EPS was $0.03 in the fourth quarter of 2013. EPS, adjusted for special items, was $0.11 for the fourth quarter of 2013 compared to $0.10 for the same period in 2012. Adjusted EBITDA for the fourth quarter of 2013 was $603 million, an increase of 16 percent from the same period in 2012, and net income attributable to Hilton stockholders was $26 million.

Special items in both the 2013 fourth quarter and full year resulted in a net positive effect on net income attributable to Hilton stockholders of $75 million on an after-tax basis. These special items included $306 million of pre-tax general, administrative and other expense as a result of the conversion of private company share-based compensation into stock in connection with the initial public offering and $23 million of pre-tax interest expense resulting from the release of unamortized deferred financing costs and original issue discount resulting from the voluntary prepayment of debt, offset by a pre-tax gain on debt extinguishment of $229 million from the October 2013 debt refinancing and an $87 million income tax benefit resulting from the release of valuation allowances on deferred tax assets.

Special items in the 2012 fourth quarter and full year resulted in a net positive effect on net income attributable to Hilton stockholders of $31 million and $60 million on an after-tax basis, respectively. These special items included pre-tax impairment losses on property and equipment and investments in affiliates of $36 million and $73 million, respectively.

Christopher J. Nassetta, President & Chief Executive Officer of Hilton Worldwide, said, "We are very pleased with our fourth quarter and full year results in 2013, concluding the year with a successful initial public offering in December. We delivered strong RevPAR, margin and net unit growth during the year that led to Adjusted EBITDA growth of 13 percent on a year over year basis.

"Our distinct, world-class brands continue to deliver global growth, with nearly 34,000 new rooms opening during 2013, expanding the rooms in our system by 4 percent on a net basis. Even with openings increasing, we continue to expand our industry-leading global pipeline, which consists of 195,000 rooms, the majority of which are located outside the United States. Our development team continues to execute on our growth strategy, where our 102,000 rooms under construction globally ranks us #1 in all major regions of the world. We also continued to grow our capital light timeshare business, with 54 percent of all interval sales in 2013 representing inventory developed by third parties.

"Looking ahead, we are optimistic that 2014 will bring some acceleration in growth and continued outperformance, with global RevPAR expected to increase 5 to 7 percent. Given our strong development pipeline, unit growth should accelerate in 2014 as our number of managed and franchised rooms is expected to expand by 5.5 to 6.5 percent on a net basis."

Segment Highlights

Management and Franchise

Management and franchise fees were $333 million in the fourth quarter of 2013, an increase of 9.9 percent compared to the same period in 2012. RevPAR at comparable managed and franchised hotels in the fourth quarter increased 4.7 percent on a currency neutral basis (a 4.2 percent increase using actual dollars) compared to the same period in 2012.

During the full year 2013, management and franchise fees were $1,271 million, an increase of 7.7 percent compared to the full year 2012. RevPAR at comparable managed and franchised hotels for the full year 2013 increased 5.3 percent on a currency neutral basis (a 5.0 percent increase using actual dollars) compared to the full year 2012.

Ownership

Revenues from the ownership segment were $1,072 million in the fourth quarter of 2013, an increase of 1.6 percent from the same period in 2012. Ownership segment Adjusted EBITDA for the fourth quarter of 2013 increased 11.9 percent to $254 million compared to the same period in 2012. RevPAR at comparable hotels in the ownership segment increased 4.6 percent, on a currency neutral basis (a 3.8 percent increase using actual dollars), in the fourth quarter of 2013 compared to the same period in 2012, led by a 1.9 percentage point increase in occupancy at comparable hotels in the ownership segment in the United States and a currency neutral 4.5 percent increase in ADR at comparable ownership segment hotels outside of the United States.

For the full year 2013, revenues from the ownership segment were $4,075 million, an increase of 1.7 percent from 2012. Ownership segment Adjusted EBITDA for the full year 2013 increased 16.8 percent to $926 million compared to the prior year. RevPAR at comparable hotels in the ownership segment increased 4.7 percent, on a currency neutral basis (a 3.7 percent increase using actual dollars), for the full year 2013 compared to 2012, led by a 6.1 percent increase in RevPAR at comparable hotels in the ownership segment located in the United States.

Timeshare

Timeshare revenues increased 14.1 percent to $300 million in the fourth quarter of 2013 compared to the same period in 2012, led by a $29 million increase in timeshare sales revenue, as a result of an $11 million increase in revenue from sales commissions earned from the sale of timeshare units developed by third parties and an $18 million increase in revenue earned from the sale of timeshare units from owned inventory.

For the full year 2013, timeshare revenues increased by $24 million, or 2.2 percent, to $1,109 million compared to 2012. The increase in revenues was primarily attributable to a $63 million, or 87.5 percent, increase in commissions earned from the sale of timeshare units developed by third parties and a $9 million increase in revenue from resort operations. These increases were offset by a $57 million, or 7.7 percent, reduction in revenue earned from the sale of timeshare units from inventory. During 2013, 54 percent of intervals sold were developed by third parties. Hilton expects revenue earned from the sale of timeshare units from owned inventory will continue to decrease and commissions earned will continue to increase, as the sale of timeshare intervals developed by third parties increases.

Hilton Worldwide continues to expand its capital light timeshare business through fee-for-service arrangements with third-party timeshare developers and is excited to announce a recent agreement to sell land and entitlements at the Hilton Hawaiian Village to an affiliate of Blackstone, which intends to develop a 37-story, 418-unit timeshare tower. Hilton expects to provide sales and marketing and other timeshare related services to the developer, with sales of these new units expected to commence in the fourth quarter of 2014.

Development

Hilton Worldwide opened 53 hotels with over 9,600 rooms in the fourth quarter, including 7 hotels in China with nearly 2,500 rooms, and achieved net unit growth of over 6,500 rooms. During the year ended December 31, 2013, Hilton opened 207 hotels with nearly 34,000 rooms, or 6 percent of managed and franchised rooms, in 24 countries. Of the new rooms added, 35 percent of new rooms were conversions from non-Hilton Worldwide brands. On a net basis, over 25,000 rooms, or over 4 percent of managed and franchised rooms, were added to the system during 2013.

As of December 31, 2013, Hilton Worldwide had the largest rooms pipeline in the lodging industry, according to Smith Travel Research, Inc. ("STR"), with nearly 195,000 rooms at over 1,100 hotels throughout 76 countries and territories, of which 60 percent, or over 117,000 rooms, were located outside of the United States. More than half of the development pipeline, or nearly 102,000 rooms, were under construction. According to STR, Hilton Worldwide has the largest supply of rooms under construction in every major region of the world, as illustrated in the table below:

     

Hilton Worldwide Rooms Under

Construction

Market   % of Total   Industry Rank
Americas 21.5% #1
Europe 21.2% #1
Middle East and Africa 22.9% #1
Asia Pacific 15.3% #1
Global 18.6% #1
 

Balance Sheet and Liquidity

As of December 31, 2013, Hilton had $11.8 billion of outstanding indebtedness with a weighted average interest rate of 4.2 percent, excluding $968 million of non-recourse debt.

Total cash and cash equivalents was $860 million as of December 31, 2013, including $266 million of restricted cash and cash equivalents. No borrowings were outstanding under the $1.0 billion revolving credit facility.

During the fourth quarter of 2013, Hilton repaid $13.5 billion in borrowings outstanding using the proceeds from $1.5 billion of 5.625% senior notes due 2021, a new senior secured credit facility consisting of a $7.6 billion term loan facility and a $1.0 billion revolving credit facility, a new $3.5 billion commercial mortgage-backed securities loan, a new $525 million mortgage loan, increased capacity on its non-recourse timeshare financing receivables credit facility and available cash. Subsequent to this refinancing, $350 million of voluntary prepayments were made on the term loan facility.

Additionally, in the fourth quarter of 2013, Hilton completed the initial public offering of its common stock, resulting in net proceeds of $1,243 million that were used with available cash to further reduce the borrowings outstanding on the term loan facility by $1,250 million.

Outlook

Full Year 2014

  • System-wide RevPAR is expected to increase between 5 percent and 7 percent on a comparable and currency neutral basis, with ownership segment RevPAR expected to increase between 4.5 percent and 6.5 percent on a comparable and currency neutral basis as compared to 2013.
  • Adjusted EBITDA is expected to be between $2,365 million and $2,435 million.
  • Management and franchise fees are expected to increase approximately 10 percent to 12 percent.
  • Timeshare segment Adjusted EBITDA is expected to be between $310 million and $325 million.
  • Corporate and other segment expense is expected to increase between 3 percent and 5 percent, including incremental public company costs.
  • Diluted EPS, adjusted for special items, is projected to be between $0.57 and $0.61.
  • Capital expenditures, excluding timeshare inventory, are expected to be approximately $350 million.
  • Net unit growth is expected to be approximately 35,000 rooms to 40,000 rooms.

First Quarter 2014

  • System-wide RevPAR is expected to increase between 4.5 percent and 6.5 percent on a comparable and currency neutral basis compared to the first quarter of 2013.
  • Adjusted EBITDA is expected to be between $480 million and $500 million.
  • Management and franchise fees are expected to increase approximately 10 percent to 12 percent.
  • Diluted EPS, adjusted for special items, is projected to be between $0.08 and $0.10.

Non-GAAP Financial Measures

We refer to certain non-GAAP financial measures in this press release, including net income and EPS, adjusted for special items, Adjusted EBITDA and Adjusted EBITDA margins, and Net Debt. Please see the schedules to the press release for additional information and reconciliations of such non-GAAP financial measures.

About Hilton Worldwide

Hilton Worldwide is a leading global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels. For 94 years, Hilton Worldwide has been dedicated to continuing its tradition of providing exceptional guest experiences. The Company’s portfolio of ten world-class global brands is comprised of 4,115 managed, franchised, owned and leased hotels and timeshare properties, with 678,630 rooms in 91 countries and territories, including Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The Company also manages an award-winning customer loyalty program, Hilton HHonors®.

   

HILTON WORLDWIDE HOLDINGS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

 
Three Months Ended December 31, Year Ended December 31,
2013   2012 2013   2012
Revenues
Owned and leased hotels $ 1,064 $ 1,048 $ 4,046 $ 3,979
Management and franchise fees and other 307 281 1,175 1,088
Timeshare 300   263   1,109   1,085  
1,671 1,592 6,330 6,152
Other revenues from managed and franchised properties 972   746   3,405   3,124  
Total revenues 2,643 2,338 9,735 9,276
 
Expenses
Owned and leased hotels 820 829 3,147 3,230
Timeshare 185 190 730 758
Depreciation and amortization 148 156 603 550
Impairment losses 21 54
General, administrative and other 429   133   748   460  
1,582 1,329 5,228 5,052
Other expenses from managed and franchised properties 972   746   3,405   3,124  
Total expenses 2,554 2,075 8,633 8,176
 
Operating income 89 263 1,102 1,100
 
Interest income 4 4 9 15
Interest expense (219 ) (146 ) (620 ) (569 )
Equity in earnings (losses) from unconsolidated affiliates 5 (12 ) 16 (11 )
Gain (loss) on foreign currency transactions (2 ) (4 ) (45 ) 23
Gain on debt extinguishment 229 229
Other gain, net 2   7   7   15  
 
Income before income taxes 108 112 698 573
 
Income tax expense (46 ) (48 ) (238 ) (214 )
 
Net income 62 64 460 359
Net income attributable to noncontrolling interests (36 ) (3 ) (45 ) (7 )
Net income attributable to Hilton stockholders $ 26   $ 61   $ 415   $ 352  
 
Earnings per share:
Basic and diluted $ 0.03   $ 0.07   $ 0.45   $ 0.38  
 
____________
(1)   Represents FF&E replacement reserves established for the benefit of lessors for requisition of capital assets under certain lease agreements.
(2)

Represents the gain recognized in our consolidated statements of operations as a result of the debt refinancing transactions in the fourth quarter of 2013.

(3) Includes gains and losses on the dispositions of certain property and equipment and investments in affiliates.
(4) Represents adjustments for legal expenses, severance and other items.
 
____________
(1)   Includes management, royalty and intellectual property fees of $29 million and $26 million for the three months ended December 31, 2013 and 2012, respectively, and $100 million and $96 million for the years ended December 31, 2013 and 2012, respectively. These fees are charged to consolidated owned and leased properties and are eliminated in the consolidated financial statements. Also includes a licensing fee of $16 million and $13 million for the three months ended December 31, 2013 and 2012, respectively, and $56 million and $52 million for the years ended December 31, 2013 and 2012, respectively, which is charged to the timeshare segment by the management and franchise segment and is eliminated in the consolidated financial statements. While the net effect is zero, the measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the management and franchise segment and a cost to ownership Adjusted EBITDA and timeshare Adjusted EBITDA.
(2) Includes charges to timeshare operations for rental fees and fees for other amenities, which are eliminated in the consolidated financial statements. These charges totaled $7 million for the three months ended December 31, 2013 and 2012, and $26 million and $24 million for the years ended December 31, 2013 and 2012, respectively. While the net effect is zero, the measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the ownership segment and a cost to timeshare Adjusted EBITDA.
(3) Includes charges to consolidated owned and leased properties for services provided by a wholly owned laundry business of $2 million and $3 million for the three months ended December 31, 2013 and 2012, respectively, and $9 million and $10 million for the years ended December 31, 2013 and 2012, respectively. Also, includes other intercompany charges of $1 million for the three months ended December 31, 2013, and $3 million for the years ended December 31, 2013 and 2012.
(4) Includes unconsolidated affiliate Adjusted EBITDA.
 
HILTON WORLDWIDE HOLDINGS INC.

COMPARABLE SYSTEM-WIDE HOTEL OPERATING STATISTICS

BY REGION
(unaudited)
     
Three Months Ended December 31,
Occupancy   ADR   RevPAR
2013   vs. 2012 2013   vs. 2012 2013   vs. 2012
Americas 68.2 % 1.4 %   pts. $ 131.09 2.6 % $ 89.35 4.7 %
Europe 71.9 0.5 171.78 3.8 123.58 4.6
Middle East & Africa 57.4 (7.3 ) 177.59 9.1 101.94 (3.2 )
Asia Pacific 72.6 3.1 176.49 3.9 128.10 8.6
System-wide 68.4 1.2 137.06 2.9 93.76 4.7
 
 
Year Ended December 31,
Occupancy ADR RevPAR
2013 vs. 2012 2013 vs. 2012 2013 vs. 2012
Americas 72.6 % 1.2 % pts. $ 131.77 3.4 % $ 95.66 5.2 %
Europe 73.4 2.2 165.56 0.8 121.45 3.9
Middle East & Africa 58.6 (3.7 ) 169.71 13.1 99.48 6.4
Asia Pacific 69.9 4.5 170.30 119.10 7.0
System-wide 72.3 1.3 136.49 3.3 98.65 5.2
 
 
HILTON WORLDWIDE HOLDINGS INC.

COMPARABLE SYSTEM-WIDE HOTEL OPERATING STATISTICS

BY BRAND
(unaudited)
     
Three Months Ended December 31,
Occupancy   ADR   RevPAR
2013   vs. 2012 2013   vs. 2012 2013   vs. 2012
Waldorf Astoria Hotels & Resorts 70.2 % 0.6 %   pts. $ 320.93 6.7 % $ 225.17 7.7 %
Conrad Hotels & Resorts 67.3 (2.6 ) 287.02 8.7 193.13 4.7
Hilton Hotels & Resorts 69.9 0.9 164.56 2.8 114.96 4.1
DoubleTree by Hilton 69.3 1.5 129.14 2.7 89.52 5.0
Embassy Suites Hotels 71.4 2.0 140.58 3.8 100.34 6.8
Hilton Garden Inn 68.5 2.0 121.78 1.9 83.44 5.0
Hampton Inn 65.1 1.0 108.80 2.6 70.83 4.2
Homewood Suites by Hilton 72.3 0.6 118.81 3.5 85.86 4.3
Home2 Suites by Hilton 64.6 1.6 98.32 (1.2 ) 63.52 1.3
System-wide 68.4 1.2 137.06 2.9 93.76 4.7
 
 
Year Ended December 31,
Occupancy ADR RevPAR
2013 vs. 2012 2013 vs. 2012 2013 vs. 2012
Waldorf Astoria Hotels & Resorts 72.5 % 1.0 % pts. $ 302.87 7.1 % $ 219.54 8.7 %
Conrad Hotels & Resorts 67.6 0.8 268.77 4.3 181.73 5.6
Hilton Hotels & Resorts 72.7 1.3 162.33 2.9 118.01 4.8
DoubleTree by Hilton 72.7 2.2 127.64 3.8 92.81 7.0
Embassy Suites Hotels 75.5 1.4 143.51 3.7 108.32 5.7
Hilton Garden Inn 72.8 1.8 122.91 2.9 89.46 5.5
Hampton Inn 69.9 1.0 110.49 3.0 77.26 4.5
Homewood Suites by Hilton 76.7 0.4 120.17 3.5 92.11 4.0
Home2 Suites by Hilton 71.3 4.7 100.39 (1.8 ) 71.62 5.0
System-wide 72.3 1.3 136.49 3.3 98.65 5.2
 
 
HILTON WORLDWIDE HOLDINGS INC.

COMPARABLE SYSTEM-WIDE HOTEL OPERATING STATISTICS

BY SEGMENT
(unaudited)
     
Three Months Ended December 31,
Occupancy   ADR   RevPAR
2013   vs. 2012 2013   vs. 2012 2013   vs. 2012
Ownership(1) 72.6 % 0.8 %   pts. $ 194.79 3.4 % $ 141.44 4.6 %
U.S. 74.7 1.9 199.88 2.5 149.32 5.1
International (non-U.S.) 70.0 (0.5 ) 188.13 4.5 131.77 3.8
 
Management and franchise 68.0 1.2 130.35 2.8 88.57 4.7
U.S. 67.7 1.3 125.33 2.5 84.90 4.5
International (non-U.S.) 69.1 1.0 156.89 4.1 108.37 5.6
 
System-wide 68.4 1.2 137.06 2.9 93.76 4.7
U.S. 68.2 1.3 130.75 2.5 89.17 4.6
International (non-U.S.) 69.3 0.6 164.41 4.1 113.94 5.1
 
 
Year Ended December 31,
Occupancy ADR RevPAR
2013 vs. 2012 2013 vs. 2012 2013 vs. 2012
Ownership(1) 75.3 % 1.1 % pts. $ 187.59 3.1 % $ 141.21 4.7 %
U.S. 78.5 1.8 191.59 3.6 150.40 6.1
International (non-U.S.) 71.3 0.3 182.19 2.3 129.94 2.7
 
Management and franchise 71.9 1.4 130.68 3.3 94.02 5.3
U.S. 72.3 1.2 126.47 3.4 91.47 5.1
International (non-U.S.) 69.9 2.4 154.15 2.7 107.76 6.3
 
System-wide 72.3 1.3 136.49 3.3 98.65 5.2
U.S. 72.7 1.2 131.13 3.4 95.38 5.2
International (non-U.S.) 70.2 1.9 160.92 2.5 113.04 5.3
     

HILTON WORLDWIDE HOLDINGS INC.

MANAGEMENT AND FRANCHISE FEES AND OTHER REVENUES

(unaudited, in millions)

 
Three Months Ended December 31, Increase / (Decrease)
2013   2012 $   %
Management fees:
Base fees(1) $ 80 $ 73 7 9.6
Incentive fees(1) 34   35   (1 ) (2.9 )
Total base and incentive fees 114 108 6 5.6
Other management fees(2) 13   14   (1 ) (7.1 )
Total management fees 127 122 5 4.1
Franchise fees(3) 206   181   25   13.8
Total management and franchise fees 333 303 30 9.9
Other revenues(4) 21 20 1 5.0
Intersegment fees elimination(1)(3)(4) (47 ) (42 ) (5 ) 11.9
Management and franchise fees and other revenues $ 307   $ 281   26   9.3
 
 
Year Ended December 31, Increase / (Decrease)
2013 2012 $ %
Management fees:
Base fees(1) $ 299 $ 285 14 4.9
Incentive fees(1) 114   116   (2 ) (1.7 )
Total base and incentive fees 413 401 12 3.0
Other management fees(2) 30   30    
Total management fees 443 431 12 2.8
Franchise fees(3) 828   749   79   10.5
Total management and franchise fees 1,271 1,180 91 7.7
Other revenues(4) 69 66 3 4.5
Intersegment fees elimination(1)(3)(4) (165 ) (158 ) (7 ) 4.4
Management and franchise fees and other revenues $ 1,175   $ 1,088   87   8.0
____________
(1)   Includes management, royalty and intellectual property fees earned from our owned and leased properties of $29 million and $26 million for the three months ended December 31, 2013 and 2012, respectively, and $100 million and $96 million for the years ended December 31, 2013 and 2012, respectively.
(2) Includes timeshare homeowners' association ("HOA"), early termination, product improvement plan ("PIP") and other fees.
(3) Includes a licensing fee earned from our timeshare segment of $16 million and $13 million for the three months ended December 31, 2013 and 2012, respectively, and $56 million and $52 million for the years ended December 31, 2013 and 2012, respectively.
(4) Includes charges to consolidated owned and leased properties for services provided by our wholly owned laundry business of $2 million and $3 million for the three months ended December 31, 2013 and 2012, respectively, and $9 million and $10 million for the years ended December 31, 2013 and 2012, respectively.
 
 
HILTON WORLDWIDE HOLDINGS INC.
HOTEL AND TIMESHARE PROPERTY SUMMARY
As of December 31, 2013
         
Owned / Leased



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