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Hilton Worldwide Completes Restructuring Of Existing Debt
Adds To A Series Of Recent Achievements That Further Position Hilton Worldwide As The Preeminent Global Hospitality Company
April 08, 2010
MCLEAN, Va. - Hilton Worldwide announced today that it has completed a restructuring of substantially all of its existing debt. The restructuring extends the maturity of this debt until November 2015 and reduces the company's total debt by nearly $4 billion. The transaction was effected through the purchase and retirement of $1.8 billion of debt and the conversion of $2.1 billion of junior mezzanine debt to preferred equity. "This debt restructuring is another important step forward for the company, and I would like to thank all of our lenders as well as our investors, led by Blackstone, for their tremendous efforts in completing this transaction," said Christopher J. Nassetta, President & Chief Executive Officer, Hilton Worldwide. "Together with several recent achievements, Hilton Worldwide is positioned very well to capitalize on the recovery in the hospitality industry." Among many recent accomplishments, Hilton Worldwide:
• Added 302 new hotels in 2009, the second most in the company's 91-year history.
• Became the leading hotel company in the U.S. by number of open and operating rooms.*
• Has more rooms under construction outside the U.S. than within the U.S. for the first time in the company's history.
• Maintained a robust development pipeline that includes more than 900 hotels in 57 countries.
• Surpassed a record 25 million members for Hilton HHonors, the loyalty program for Hilton Worldwide's portfolio of hotel brands, after the largest enrollment year in the program's history in 2009.
• Received the People's Choice Stevie® Award for "Sales & Customer Service - Favorite Customer Service in Leisure and Tourism" in this international competition that recognizes excellence in disciplines crucial to business success.
• Ranked the highest in brand equity with its Hilton brand compared to all the other major hotel brands in the industry in the 2010 EquiTrend® study conducted by Harris Interactive, a leading global market research firm.
• Opened the 500th hotel for its Hilton Garden Inn brand - a number that was achieved in just 14 years and that is still rapidly growing with hotels either opened or soon to open in 11 countries around the world.
• Was honored by the Business Travel News 2010 U.S. Hotel Chain Survey for several of its brands across multiple categories, including Hampton Hotels which was named the best hotel brand in the Midprice Tier.
• Enabled Home2 Suites by Hilton to become the fastest growing brand in Hilton Worldwide's history with 100 properties scheduled to open by the end of 2013 in the U.S., Canada and Mexico.
About Hilton Worldwide
Hilton Worldwide is the leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For more than 90 years, Hilton Worldwide has been offering business and leisure travelers the finest in accommodations, service, amenities and value. The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,500 hotels in 81 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton, Doubletree, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward program Hilton HHonors.
For more information about the company, please visit www.hiltonworldwide.com.
* Smith Travel Research, U.S. Pipeline Report, December 2009
About Hilton Hotels & Resorts
For nearly a century, Hilton Hotels & Resorts has been proudly welcoming the world's travelers. With more than 570 hotels across six continents, Hilton Hotels & Resorts provides the foundation for memorable travel experiences and values every guest who walks through its doors. As the flagship brand of Hilton, Hilton Hotels & Resorts continues to set the standard for hospitality, providing new product innovations and services to meet guests' evolving needs. Hilton Hotels & Resorts is a part of the award-winning Hilton Honors program. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount that can’t be found anywhere else, free standard Wi-Fi and digital amenities like digital check-in with room selection and Digital Key (select locations), available exclusively through the industry-leading Hilton Honors app. Begin your journey at www.hilton.com and learn more about the brand by visiting news.hilton.com or following us on Facebook, Twitter and Instagram.