What changed in this filing

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Item 1. Business

2025-02-06 compared with 2024-02-07 · 146 added, 287 removed, 251 unchanged (63% of the section changed)

Hilton is one of the largest hospitality companies in the world, with 7,530 properties comprising 1,182,937 rooms in 126 countries and territories as of December 31, 2023.

Founded in 1919, Hilton has been an innovator in the industry for more than 100 years, driven by the vision of founder Conrad Hilton "to fill the earth with the light and warmth of hospitality." Our premier brand portfolio includes luxury, lifestyle, full service, focused service and all-suites hotel brands, as well as our timeshare brands.

As of December 31, 2023, we had 180 million members in our award-winning guest loyalty program, Hilton Honors, a 19 percent increase from December 31, 2022;

Hilton is one of the largest global hospitality companies, with 8,447 properties comprising 1,268,206 rooms in 140 countries and territories as of December 31, 2024.

Founded in 1919, Hilton has been an innovator in the industry for over 105 years, driven by the vision of founder Conrad Hilton "to fill the earth with the light and warmth of hospitality." Our premier brand portfolio includes luxury, lifestyle, full service, focused service and all-suites hotel brands, as well as timeshare brands.

As of December 31, 2024, we had 211 million members in our award-winning guest loyalty program, Hilton Honors, an increase of 17 percent from December 31, 2023;

refer to "—Our Brand Portfolio" and "—Our Guest Loyalty Program" below for additional information on our brands, including Hilton Honors.

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(i) a management and franchise segment and (ii) an ownership segment, each of which is reported as a segment based on (a) delivering a similar set of products and services and (b) being managed separately given its distinct economic characteristics.

The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels that license our intellectual property ("IP"), including our brand names, trademarks and service marks, and to which we provide other contracted services, but the day-to-day services of the hotels are operated or managed by someone other than us.

The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all properties that license our intellectual property ("IP") and/or use our booking channels and related programs, and where we provide other contracted services, but the day-to-day services of the hotels are operated or managed by someone other than us.

Revenues from this segment include:

(i) management and franchise fees charged to third-party hotel owners;

(ii) licensing fees from our strategic partners, including co-branded credit card providers, and HGV;

(ii) licensing fees from our strategic partners, including co-branded credit card providers, strategic partner hotels and Hilton Grand Vacations Inc.

and (iii) fees for managing hotels in our ownership segment.

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Development pipeline

Additions (4)

1,432 154,200

Count as of period end (5)

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(1) Rounded to the nearest hundred.

(2) Openings include 411 hotels and approximately 19,500 rooms from strategic partner hotels.

(3) Represents room additions, net of rooms removed from our system.

During 2024, 409 hotels and approximately 19,400 rooms added were from strategic partner hotels.

Net unit growth for the year ended December 31, 2024 was 7.3 percent.

(3) The hotels in our development pipeline were under development throughout 118 countries and territories, including 30 countries and territories where we had no existing hotels.

(4) Of the total rooms in our development pipeline, 216,600 were under construction and 259,800 were located outside of the U.S.

(4) Additions include 423 hotels and approximately 20,100 rooms from strategic partner hotels.

(5) The hotels in our development pipeline were under development throughout 118 countries and territories, including 25 countries and territories where we had no existing hotels, with nearly half of the rooms under construction and more than half of the rooms located outside of the U.S.

Rooms under construction include rooms for hotels under construction or operating hotels that are in the process of conversion to our system.

Nearly all of the rooms in our development pipeline will be in our management and franchise segment upon opening.

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(ii) our strong, well-defined brands that operate throughout the hospitality industry chain scales;

(iii) our diverse, inclusive workforce, built to focus on providing exceptional customer experiences;

(iii) our dedicated and collaborative workforce, built to focus on providing exceptional customer experiences;

and (iv) our commercial service offerings.

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Rosewood Hotels & Resorts, St.

9 13 1,774 0.1% Leading Hotels of the World,

Legend Preferred Hotels & Resorts,

Belmond, The Luxury Collection

23 47 16,950 1.5% Intercontinental,

JW Marriott, Park Hyatt, Sofitel

11 40 6,940 0.6% Kimpton, Thompson Hotels, W Hotels, Virgin Hotels,

24 49 17,195 1.4%

JW Marriott, Intercontinental, Sofitel, Grand Hyatt, Shangri-La, Fairmont

7 15 2,619 0.2% Leading Hotels of the World, Legend Preferred Hotels & Resorts, Belmond, The Luxury Collection

1 1 91 —% Firmdale Hotels, EDITION Hotels, Rosewood Hotels, One Aldwych

2 4 2,797 0.2% JW Marriott, Grand Hyatt, Fairmont, Intercontinental, Omni

13 43 7,581 0.6% Kimpton, Thompson Hotels, W Hotels, Virgin Hotels,

The Hoxton, SO/

98 617 227,467 17.9% Hyatt Regency, Marriott,

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44 180 33,734 2.7% Autograph Collection, The Unbound Collection, Independent Hotels, MGallery, Kimpton

2 34 5,788 0.5% Le Meridien, Hyatt Centric, 25h, Hotel Indigo

59 695 156,943 12.4% Marriott, Crowne Plaza, Delta, Holiday Inn, Radisson, Sheraton, Wyndham

16 125 14,719 1.2% Joie de Vivre, Tribute Portfolio, Graduate Hotels, Kimpton, Hotel Indigo, Ascend, Trademark

21 151 17,768 1.4% Joie de Vivre, Tribute Portfolio, Kimpton, Hotel Indigo, Ascend, Trademark

8 269 61,974 4.9% Hyatt Regency, Marriott, Sheraton, Westin

1 4 1,224 0.1% AC Hotels, Aloft Hotels, Cambria, Hotel Indigo, Hyatt Centric

3 6 1,494 0.1% CitizenM, Generator,

The Hoxton, Moxy, Yotel, MAMA Shelter, POD, TRIBE Hotels, Ace Hotels

4 8 1,727 0.1% MAMA Shelter, CitizenM, Ace Hotels, Yotel, Freehand

64 1,060 156,471 12.3% Aloft, Courtyard by Marriott, Four Points, Holiday Inn, Hyatt Place

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4 544 62,319 4.9% Element, Hyatt House, Residence Inn, Staybridge Suites

3 652 70,436 6.0% TownePlace Suites, Candlewood Suites, Hyatt Studios

— — — —% Candlewood Suites, Everhome Suites, Stay Apt Suites, ECHO Suites, Extended Stay America Premiere Suites

3 757 82,515 6.5% TownePlace Suites, Staybridge Suites, Hyatt Studios

— — — —% StudioRes, Candlewood Suites, Stay Apt Suites, ECHO Suites, Extended Stay America Premiere Suites

8 105 18,392 1.5% Disney Vacation Club, Holiday Inn Club Vacations,

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Travel & Leisure Co.

(1) Excludes 18 unbranded properties with 4,633 rooms, representing approximately 0.4 percent of total rooms.

(1) Excludes 17 unbranded properties with 4,392 rooms, representing approximately 0.3% of total rooms and 409 strategic partner hotels with 19,361 rooms, representing approximately 1.5% of total rooms.

Hilton Grand Vacations is inclusive of Hilton Club, Hilton Grand Vacations Club and Hilton Vacation Club.

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Waldorf Astoria Hotels & Resorts :

Waldorf Astoria Hotels & Resorts is a luxury brand with an award-winning portfolio of iconic properties with a relentless commitment to elegant service, one-of-a-kind experiences and award winning culinary expertise in landmark destinations around the world.

Waldorf Astoria hotels deliver an effortless experience seamlessly, creating a true sense of place for guests through stunning architecture, Peacock Alley luxury bedding, refined art collections, Michelin-starred dining concepts and elevated in-room amenities.

LXR Hotels & Resorts:

LXR Hotels & Resorts is a hand-picked collection of independent and spirited luxury properties located on five continents celebrating the timeless pursuit of personal adventure.

Found in alluring destinations and city centers, LXR connects legendary properties into an exclusive network of hotels that are set apart by individual design, an unrivaled commitment to personalized service and elegant, yet locally immersive, experiences for guests.

Waldorf Astoria Hotels & Resorts is a luxury brand with an award-winning portfolio of iconic properties with a relentless commitment to elegant service, one-of-a-kind experiences and culinary expertise in landmark destinations around the world.

Waldorf Astoria hotels deliver an effortless experience seamlessly, creating a true sense of place for guests through stunning architecture and design, the signature Peacock Alley restaurant, refined art collections, Michelin-starred dining restaurants and chef partnerships and elevated in-room amenities.

Conrad Hotels & Resorts :

A luxury brand that spans five continents, Conrad Hotels & Resorts creates a seamless connection between bold design, impactful experiences and curated contemporary art to inspire the conscientious traveler.

Conrad Hotels & Resorts is a luxury brand that connects bold design, impactful experiences and curated contemporary art to inspire the conscientious traveler.

Found in major urban centers and resort destinations, Conrad is a place where guests are empowered to explore through intuitive service and experiences that authentically connect them with local culture.

LXR Hotels & Resorts:

LXR Hotels & Resorts is a hand-picked collection of independent and spirited luxury properties celebrating the timeless pursuit of personal adventure.

Found in alluring destinations, LXR connects legendary properties into an exclusive network of hotels that are set apart by individual design, an unrivaled commitment to personalized service and elegant, yet locally immersive, experiences for guests.

NoMad Hotels :

NoMad Hotels is a luxury brand that brings guests sophisticated offerings in some of the world's most sought-after locations.

NoMad Hotels are both grand and intimate, creating a unique blend of luxury and lifestyle experiences throughout the stay with special touches like unique local art collections featured in each property.

Signia by Hilton:

Signia by Hilton is a luxury brand with a portfolio of exceptional hotels in gateway cities and resort destinations around the world.

Each Signia by Hilton property infuses sophistication into every stay, offering top-tier meetings and event spaces, a vibrant atmosphere, exceptional amenities and personalized service catered to the needs of today's global traveler.

Canopy by Hilton:

Canopy by Hilton is an upper upscale brand that delivers elevated, boutique hotel experiences that celebrate the best of the neighborhood.

Canopy by Hilton is an upper upscale brand that delivers elevated, boutique hotel experiences that celebrate the best of the locale.

Inviting, sophisticated design, bespoke food and beverage and crafted touchpoints deliver a locally inspired, high-end and welcoming stay.

Signia by Hilton:

Signia by Hilton is a an upper upscale brand with a portfolio of exceptional hotels in gateway cities and resort destinations around the world.

Each Signia by Hilton property infuses sophistication into every stay, offering top tier meetings and event spaces, a vibrant atmosphere, exceptional amenities and personalized service catering to the needs of today's global traveler.

Hilton Hotels & Resorts :

For more than 100 years, Hilton Hotels & Resorts, Hilton’s flagship brand and one of the most globally recognized hotel brands, has set the benchmark for hospitality around the world, providing new product innovations and services to meet guests' evolving needs.

With hotels on six continents, Hilton Hotels & Resorts properties are located in sought-after destinations and offer exceptional travel experiences to every guest.

Hilton Hotels & Resorts are upper upscale, full service properties that feature advanced meeting and event spaces and services, award-winning restaurants and mindful fitness and wellness facilities.

As Hilton’s flagship brand, Hilton Hotels & Resorts is the trusted global leader in hospitality.

An upper upscale brand with more than 600 hotels and resorts in nearly 100 countries and territories, Hilton Hotels & Resorts continues to set the standard for the industry and upholds Conrad Hilton’s vision to fill the earth with the light and warmth of hospitality by elevating every celebration and event, creating real human connections, and immersing guests in the best of global and local cultures in the world’s most desired destinations.

Curio Collection by Hilton :

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Each hotel in the Curio Collection evokes a bespoke story through distinctive architecture and design, world-class food and beverage and curated experiences.

Graduate by Hilton :

Graduate by Hilton is an upper upscale lifestyle brand of handcrafted hotels in dynamic, university-anchored towns.

Each Graduate hotel brings stories and traditions to life and offers the perfect setting for game days, reunions, graduations, campus visits and more.

DoubleTree by Hilton :

DoubleTree by Hilton is a global portfolio of upscale hotels.

For more than 50 years, DoubleTree by Hilton has maintained its philosophy of making guests feel welcome through contemporary accommodations and thoughtful amenities, including diverse food and beverage experiences, state-of-the-art fitness offerings and meetings and event spaces.

Whether traveling for business or leisure, every guest is welcomed with the signature, warm DoubleTree chocolate chip cookie at check in, a hallmark of the brand's hospitable service.

DoubleTree by Hilton is a fast-growing global upscale brand that continues to be a symbol of comfort for business and leisure travelers around the world, offering contemporary accommodations and amenities.

DoubleTree by Hilton is renowned for its warm, caring service, beginning with its signature welcome that includes the hotel’s famous original chocolate chip cookie, now available in an allergy-friendly option.

The inclusive service experience offers upscale food and beverage experiences and features a variety of flexible meeting spaces for events of all sizes.

Tapestry Collection by Hilton :

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Embassy Suites by Hilton :

Embassy Suites by Hilton offers an approachable, upper upscale experience with dedicated customer service that anticipates travelers' needs and delivers what matters most to them.

The full service, upper upscale brand offers both leisure and business travelers spacious two-room suites with separate bedroom and living room space, free made-to-order breakfast each morning, complimentary drinks and snacks at an evening reception every night, flexible meetings and events spaces and 24-hour fitness centers.

Embassy Suites by Hilton offers both leisure and business travelers an approachable, upper upscale experience.

As a full-service hotel, every Embassy Suites provides spacious two-room suites with separate bedroom

and living room spaces, free made-to-order breakfast each morning, complimentary drinks and snacks during evening reception every night, flexible meetings and events spaces and 24-hour fitness centers.

Tempo by Hilton:

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Motto by Hilton :

Motto by Hilton is an upper midscale brand with an urban, lifestyle feel designed to help guests live like a local in prime locations globally.

Motto by Hilton caters to travelers looking for dynamic experiences by bringing together the best elements of a lifestyle hotel — cleverly compact guestrooms, centrally located destinations, modern design, and locally inspired food and beverage to make each hotel a launchpad to the city.

Motto by Hilton delivers a flexible and innovative hospitality experience through elements like first-of-its-kind connecting rooms for up to nine rooms, lively communal spaces and a coffee house and bar for work and social use by guests and locals alike.

Motto by Hilton is an upper midscale brand with an urban, lifestyle feel designed to connect guests to the center of it all – buzz-worthy spaces and the pulse of the community.

Through its efficient guest rooms, lively common spaces and locally inspired food and beverage options catering to guests and locals alike, Motto is a launchpad to destinations around the globe and delivers a flexible and innovative hospitality experience through elements like first-of-its-kind connecting rooms for up to nine rooms.

Hilton Garden Inn :

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Hampton by Hilton :

Hampton by Hilton is our largest brand and includes both Hampton Inn and Hampton Inn & Suites hotels, with properties located on four continents.

Hampton by Hilton is our largest brand and includes both Hampton Inn and Hampton Inn & Suites hotels, with properties located on five continents.

Recognized as a leading upper midscale brand in the lodging industry, Hampton has been ranked the #1 lodging brand to franchise by Entrepreneur for 16 consecutive years.

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Spirited, simplified and grounded in value, Tru by Hilton is designed for cross-generational appeal, with a large, reimagined public space where guests can work, play, lounge and eat.

Efficiently designed modern guest rooms feature a rolling desk, oversized windows for natural light and bright, spacious bathrooms.

Guests can enjoy complimentary amenities, including a build-your-own breakfast, a multifunctional fitness center and fast Wi-Fi.

Intuitively designed modern guest rooms feature a rolling desk, oversized windows for natural light and bright, spacious bathrooms.

Guests can enjoy complimentary amenities, including the build-your-own "Top It" breakfast bar featuring our tasty pancakes, a multifunctional fitness center and fast Wi-Fi.

Premium snacks, light meal options and single-serve wine and beer are available for purchase at the 24/7 Eat.

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Travelers can enjoy complimentary breakfast with premium coffee and a signature bagel bar.

Spark by Hilton opened its first hotel in 2023, less than one year after its launch, and, as of December 31, 2023, had over 140 properties in our development pipeline.

Homewood Suites by Hilton :

Homewood Suites by Hilton is an upscale, award-winning, all-suites, extended-stay hotel brand that delivers the comforts of home.

This brand offers inviting, generous-sized suites featuring separate living and sleeping areas and fully equipped kitchens with full-size refrigerators for guests seeking home-like accommodations when traveling for extended or quick overnight stays.

Additional value-driven amenities include complimentary Wi-Fi and free breakfast.

This brand offers home-like accommodations for guests and their pets traveling for an extended stay or quick overnight trip.

Guests enjoy inviting, generous-sized suites featuring separate living and sleeping areas and fully equipped kitchens with full-size refrigerators as well as value-driven amenities including free breakfast and complimentary evening receptions every week.

Home2 Suites by Hilton :

Home2 Suites by Hilton is an upper midscale, all-suites, award-winning extended-stay hotel concept offering stylish accommodations with flexible guest room configurations and home-like amenities for cost-conscious guests.

With a commitment to environmentally friendly products and hotel operations, Home2 Suites by Hilton offers complimentary hotel breakfast, innovative and customizable guestroom designs, laundry and fitness areas, free Wi-Fi, multiple outdoor spaces, expansive community spaces and pet-friendly environments.

Home2 Suites by Hilton is an upper midscale, all-suites, award-winning extended-stay hotel brand offering stylish accommodations with flexible guest room configurations and home-like amenities.

With a focus on environmentally friendly products and hotel operations, Home2 Suites by Hilton offers laundry and fitness areas, outdoor spaces, pet-friendly environments and complimentary breakfast.

LivSmart Studios by Hilton:

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Offering simplicity, consistency and convenience, LivSmart Studios by Hilton will create a space where guests can seamlessly maintain their daily routines while also immersing themselves in the local community.

The hotel will feature a streamlined public area filled with natural light that includes a simple retail market, a large guest laundry room and a state-of-the-art fitness center.

There will also be a spacious outdoor gathering area, which includes a fire pit, grills, and comfortable seating for guests looking to connect.

Guest studio suites will include a fully equipped kitchen with a full-sized refrigerator, dishwasher, microwave and two-burner cooktop, along with ample storage options for the long-stay traveler.

In addition to studio suites with ample storage space and fully equipped kitchens, the hotel will feature a streamlined public area filled with natural light that includes a retail market, a large guest laundry room and a state-of-the-art fitness center.

There will also be a spacious outdoor gathering area and comfortable seating for guests looking to

LivSmart Studios' pioneering vision for transforming the extended-stay segment is credited with Hilton’s recognition as one of Fast Company’s 2024 Most Innovative Companies.

We expect to open our first LivSmart hotel in 2025 and as of December 31, 2024 had over 75 hotels in our development pipeline.

Hilton Grand Vacations :

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Signature elements include spacious, well-appointed accommodations and resorts with extensive on-site amenities.

A special points-based

reservation system gives owners the flexibility to vacation when, where and how they prefer.

A special points-based reservation system gives owners the flexibility to vacation when, where and how they prefer.

HGV has the exclusive right to use our timeshare brands, subject to the terms of a long-term license agreement with us.

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Hilton Honors is our award-winning guest loyalty program that supports our portfolio of brands.

The program generates significant repeat business by rewarding guests with points for each stay at our properties, which are then redeemable for free or discounted room nights at our properties and other goods and services.

Hilton Honors members can also use points earned to transact with many strategic partners, including credit card providers, such as American Express, airlines, rail and car rental companies, Amazon, Lyft and others.

The program generates significant repeat business by rewarding guests with points for each stay at our owned, leased, managed, franchised and timeshare properties, as well as each stay at strategic partner hotels when the stay is reserved through our booking channels, which are then redeemable for free or discounted room nights at our properties and other goods and services.

Hilton Honors members can also use points earned to transact with strategic partner hotels as well as many strategic partners, including credit card providers, such as American Express, airlines, rail and car rental companies, Amazon, Lyft and others.

Hilton Honors members who book through preferred Hilton channels also 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 and free standard Wi-Fi.

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The program is funded by contributions from eligible revenues generated by Hilton Honors members and collected from properties in our system, as well as our strategic partnerships.

The funds collected by the Hilton Honors program are subsequently applied to reimburse hotels and strategic partners for Hilton Honors points redemptions by loyalty members and to pay for administrative expenses and marketing initiatives that support the program.

The funds collected by the Hilton Honors program are subsequently applied to reimburse properties and strategic partners for Hilton Honors points redemptions by loyalty members and to pay for administrative expenses and marketing initiatives that support the program.

As of December 31, 2024, our existing system included the following properties and rooms, by type, brand and region:

Owned / Leased (1)

Managed Franchised Total

Managed Franchised / Licensed Total

Properties Rooms Properties Rooms Properties Rooms Properties Rooms

Waldorf Astoria Hotels & Resorts 2 463 32 8,333 — — 34 8,796

— — 12 4,598 — — 12 4,598

Americas (excluding U.S.) — — 3 422 — — 3 422

Europe 2 463 4 898 — — 6 1,361

Middle East and Africa — — 8 2,200 — — 8 2,200

Asia Pacific — — 6 1,259 — — 6 1,259

LXR Hotels & Resorts

— — — — 3 522 3 522

Americas (excluding U.S.) — — — — 1 76 1 76

Europe — — 1 70 1 307 2 377

Middle East and Africa — — 2 331 3 282 5 613

Asia Pacific — — 1 72 1 114 2 186

Conrad Hotels & Resorts 2 779 43 13,920 4 2,496 49 17,195

— — 6 2,227 2 1,730 8 3,957

Americas (excluding U.S.) — — 3 787 — — 3 787

Europe — — 4 1,155 1 107 5 1,262

Middle East and Africa 1 614 4 1,689 — — 5 2,303

Asia Pacific 1 164 24 7,818 1 659 26 8,641

Canopy by Hilton

— — — — 26 4,490 26 4,490

Americas (excluding U.S.) — — 2 272 1 184 3 456

Europe — — 1 123 5 1,058 6 1,181

Middle East and Africa — — 1 200 — — 1 200

Asia Pacific — — 4 613 — — 4 613

LXR Hotels & Resorts — — 7 1,155 8 1,464 15 2,619

NoMad — — 1 91 — — 1 91

Signia by Hilton — — 4 2,797 — — 4 2,797

— — 3 1,700 — — 3 1,700

Canopy by Hilton — — 11 1,850 32 5,731 43 7,581

Hilton Hotels & Resorts 46 15,896 298 127,317 273 84,254 617 227,467

— — 59 44,970 187 58,623 246 103,593

Americas (excluding U.S.) 1 405 31 11,749 25 7,238 57 19,392

Europe 37 11,141 43 14,792 46 11,984 126 37,917

Middle East and Africa 4 1,705 39 13,386 6 2,096 49 17,187

Asia Pacific 5 2,999 119 40,705 11 4,222 135 47,926

Curio Collection by Hilton — — 27 6,055 153 27,679 180 33,734

— — 11 4,984 68 13,683 79 18,667

Americas (excluding U.S.) — — 2 99 20 2,870 22 2,969

Europe — — 6 516 36 4,941 42 5,457

Middle East and Africa — — 5 1,104 3 912 8 2,016

Asia Pacific — — 6 1,153 4 738 10 1,891

Graduate by Hilton — — — — 34 5,788 34 5,788

DoubleTree by Hilton — — 170 46,265 525 110,678 695 156,943

— — 31 10,105 354 80,206 385 90,311

Americas (excluding U.S.) — — 3 587 38 7,695 41 8,282

Europe — — 17 4,211 109 19,161 126 23,372

Middle East and Africa — — 19 5,225 6 1,118 25 6,343

Asia Pacific — — 90 24,050 10 2,350 100 26,400

Tapestry Collection by Hilton — — 5 694 146 17,074 151 17,768

— — 1 124 99 12,088 100 12,212

Americas (excluding U.S.) — — 1 138 9 1,122 10 1,260

Europe — — — — 11 640 11 640

Middle East and Africa — — 1 50 — — 1 50

Asia Pacific — — 2 382 1 175 3 557

(continued on next page)

Owned / Leased (1)

Managed Franchised Total

Properties Rooms Properties Rooms Properties Rooms Properties Rooms

Embassy Suites by Hilton — — 40 10,551 229 51,423 269 61,974

— — 37 9,943 220 49,417 257 59,360

Americas (excluding U.S.) — — 2 504 7 1,829 9 2,333

Middle East and Africa — — — — 1 151 1 151

Tempo by Hilton — — 1 661 3 563 4 1,224

— — 1 661 — — 1 661

Motto by Hilton — — — — 8 1,727 8 1,727

— — — — 4 1,271 4 1,271

Americas (excluding U.S.) — — — — 1 115 1 115

Europe — — — — 1 108 1 108

Hilton Garden Inn — — 126 24,736 934 131,735 1,060 156,471

— — 5 602 741 102,153 746 102,755

Americas (excluding U.S.) — — 13 1,968 56 8,506 69 10,474

Europe — — 13 2,533 74 11,598 87 14,131

Middle East and Africa — — 17 3,555 4 648 21 4,203

Asia Pacific — — 69 14,535 18 3,032 87 17,567

Hampton by Hilton — — 53 8,549 3,019 334,188 3,072 342,737

— — 17 2,296 2,343 232,636 2,360 234,932

Americas (excluding U.S.) — — 11 1,442 123 14,896 134 16,338

Europe — — 19 3,181 114 17,951 133 21,132

Middle East and Africa — — 5 1,459 — — 5 1,459

Asia Pacific — — — — 339 53,829 339 53,829

Tru by Hilton — — — — 283 27,605 283 27,605

— — — — 248 24,181 248 24,181

Americas (excluding U.S.) — — — — 5 574 5 574

Spark by Hilton — — — — 96 8,710 96 8,710

— — — — 8 915 8 915

Homewood Suites by Hilton — — 8 1,020 536 61,299 544 62,319

— — 8 999 503 57,531 511 58,530

Americas (excluding U.S.) — — 3 406 24 2,688 27 3,094

Home2 Suites by Hilton — — 2 210 755 82,305 757 82,515

Strategic partner hotels (2)

— — — — 409 19,361 409 19,361

— — 3 1,087 14 3,305 17 4,392

Total hotels 50 17,138 831 255,291 7,461 977,385 8,342 1,249,814

Hilton Grand Vacations (4)

— — — — 105 18,392 105 18,392

Total system 50 17,138 831 255,291 7,566 995,777 8,447 1,268,206

Owned / Leased (1)

Managed Franchised / Licensed Total

Properties Rooms Properties Rooms Properties Rooms Properties Rooms

— — 187 81,173 5,700 735,705 5,887 816,878

Americas (excluding U.S.) 1 405 70 17,819 393 54,446 464 72,670

Europe 39 11,579 111 27,920 665 83,727 815 123,226

Middle East & Africa 4 1,991 112 31,153 36 5,796 152 38,940

Asia Pacific 6 3,163 351 97,226 667 97,711 1,024 198,100

Other — — 3 1,414 15 3,219 18 4,633

Total hotels 50 17,138 831 255,291 7,461 977,385 8,342 1,249,814

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(1) Includes hotels owned or leased by entities in which we own a noncontrolling financial interest.

(2) Includes properties under our timeshare brands including Hilton Club, Hilton Grand Vacations Club and Hilton Vacation Club.

(2) Includes hotels that are included in our booking channels and participate in the Hilton Honors guest loyalty program through strategic partnership arrangements.

(3) Includes other hotels in our system that are not distinguished by a specific Hilton brand.

(4) Includes properties under timeshare brands including Hilton Club, Hilton Grand Vacations Club and Hilton Vacation Club.

Management and Franchise

We manage hotels and license our brands through our management and franchise segment.

This segment generates its revenue primarily from fees charged to hotel owners under management and franchise contracts, as well as from fees associated with license agreements.

This segment generates its revenue primarily from fees charged to hotel owners under management and franchise contracts, as well as from fees associated with license agreements, which include arrangements with strategic partner hotels.

We grow our management and franchise business by attracting owners to become a part of our system and participate in our commercial services to support their properties.

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In general, the owner pays all operating and other expenses and reimburses any of our out-of-pocket expenses.

In turn, our managerial discretion typically is subject to approval by the owner in certain major areas, including the approval of annual operating and capital expenditure budgets and the appointment of certain key personnel.

In turn, our managerial discretion is subject to approval by the owner in certain major areas, including the approval of annual operating and capital expenditure budgets and, in most instances, the appointment of certain key personnel.

Additionally, the owners generally pay monthly program fees based on the underlying hotel's sales or usage, as reimbursement for the costs related to our:

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They are also responsible for various other fees and charges, including payments for participation in our Hilton Honors guest loyalty program, training, consultation and procurement of certain goods and services.

We also earn license fees from license agreements with strategic partners, including co-branded credit card providers, and HGV.

As of December 31, 2023, we franchised 6,679 hotels and resorts, including timeshare properties, with 914,974 rooms.

We also earn license fees from license agreements with strategic partners, including co-branded credit card providers and strategic partner hotels, and HGV.

As of December 31, 2024, including timeshare properties and strategic partner hotels, we franchised or licensed 7,566 hotels and resorts with 995,777 rooms.

Our franchise contracts typically have initial terms of approximately 20 years for new hotels and approximately 10 to 20 years for hotels converting from hotels outside of our system.

At the expiration of the initial term, we may have a contractual right or obligation to relicense the hotel to the franchisee for an additional term generally ranging from 10 to 15 years.

At the expiration of the initial term, we may relicense the hotel to the franchisee, at our or the hotel owner's option or by mutual agreement, for an additional term generally ranging from 10 to 15 years.

We have the right to terminate a franchise contract upon specified events of default, including nonpayment of fees or noncompliance with brand standards.

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As of December 31, 2024, the ownership segment included 50 hotels totaling 17,138 rooms, comprising 43 hotels that we leased, two hotels that were each leased by a consolidated variable interest entity ("VIE") and five hotels owned or leased by unconsolidated affiliates.

Environmental, Social and Governance

Hilton strives to create long-term value for all of our stakeholders and strengthen the resilience of our business while also advancing responsible travel and tourism globally through our ESG strategy, which is grounded in our Travel with Purpose goals.

As one of the world’s largest hospitality companies, Hilton recognizes its responsibility to create positive environmental and social impact across our operations, supply chain and communities to ensure our hotel properties and surrounding communities remain vibrant and resilient for generations of travelers to come.

Corporate Responsibility

Hilton strives to create long-term value for all our stakeholders and strengthen the resilience of our business while also advancing responsible travel and tourism globally through our Travel with Purpose strategy.

As one of the world’s largest hospitality companies, Hilton recognizes its responsibility to create positive environmental and social impacts across our operations, supply chain and communities to ensure our properties and surrounding communities remain vibrant and resilient for generations of travelers to come.

We have established and maintain a governance structure that supports our strategy by overseeing the management of the business in a manner consistent with the best interests of Hilton and our stakeholders.

We continue to make progress towards our Travel with Purpose goals, including:

(i) environmental — aiming toward a net zero future with well-defined targets for watts (carbon and energy), water and waste;

(ii) social — supporting and advancing careers, communities and responsible conduct;

and (iii) governance — advancing and measuring our goals with a focus on integrity and transparency through our company policies and reporting mechanisms, our external partnerships and our public affairs work.

Hilton was named to both the World and North America Dow Jones Sustainability Indices ("DJSI") for the seventh consecutive year and was recognized by IR Magazine with “Best ESG Reporting – Large Cap” in 2023 and earned a 2022 “Gold Medal” sustainability rating from EcoVadis, reflecting third-party recognition of Hilton's ESG efforts.

Our 2030 Goals align with the global Sustainable Development Goals ("SDGs") adopted by the United Nations in 2015 and are guided by our evaluation of the social and environmental issues that are critical to the long-term success of our business.

Further, our ESG efforts are supported by a governance structure that is designed to ensure the objectives are an important part of our business and strategic priorities as we work towards our 2030 Goals.

Our executive committee receives at least quarterly updates on our ESG programs and progress on our 2030 Goals.

The Nominating & ESG Committee, one of the three standing committees of Hilton's board of directors, also receives quarterly reports on this progress, reviews and assesses our related strategy and makes recommendations to the board and management as appropriate.

The board of directors also receives annual updates on progress towards our 2030 Goals.

We engage with stakeholders to help align our ESG programs with the issues that matter the most to them in the context of our business.

As part of this effort, we have completed an ESG materiality assessment, leveraging guidance from the Global Reporting Initiative ("GRI"), Sustainability Accounting Standards Board ("SASB") and the World Economic Forum.

We determined that our stakeholders were most focused on climate action;

employee development and well-being;

an inclusive culture;

employee and guest health, safety and security;

human rights;

and ethical business practices and regulatory compliance.

These are topics aligned with our significant ESG risks, which are integrated in Hilton’s Enterprise Risk Management program and are reviewed by our executive committee and board of directors, including the Audit Committee, to inform enterprise-wide strategic planning.

LightStay, our proprietary and award-winning ESG management system, aligns with the criteria of the Global Sustainable Tourism Council ("GSTC") and is used to measure, manage and report many of Hilton's key environmental and social performance metrics, including, carbon emissions, energy, water, waste, volunteer hours, in-kind donations and efficiency projects.

It provides owners with visibility into utility performance and allows Hilton to analyze and report collective progress toward achieving our 2030 Goals while delivering meaningful data and reporting to our customers.

(i) building a more sustainable future through destination stewardship and well-defined targets for emissions, water and waste;

(ii) supporting positive social impact by advancing careers, communities and responsible conduct;

and (iii) advancing and measuring our goals with integrity and transparency through our company policies and reporting mechanisms.

Our efforts are supported by a governance structure that is designed to ensure the objectives are an important part of our business and strategic priorities.

Our executive committee receives at least quarterly updates on our Travel with Purpose programs and progress, and one of the three standing committees of Hilton's board of directors also receives quarterly reports on this progress, reviews and assesses our related strategy and makes recommendations to the board and management as appropriate.

The board of directors also receives annual updates on our Travel with Purpose strategy and impact.

LightStay is our proprietary system for measuring and reporting our progress toward our Travel with Purpose goals.

Our properties track energy, water, waste and associated utility cost reduction projects under way, as well as community volunteerism and charitable donations.

Robust reports inform our properties of their progress on a regular basis.

The Hilton Global Foundation supports nonprofits and local community organizations that serve as partners to amplify our positive environmental and social impact around the world.

The Hilton Global Foundation is our primary international philanthropic arm and is registered as a U.S.-based 501(c)(3) charitable organization.

The Hilton Global Foundation, created in 2019, is our primary international philanthropic arm and is registered as a U.S.-based 501(c)(3) charitable organization.

In 2024, the Hilton Global Foundation announced $5.3 million in grants to support environmental sustainability, hospitality career development, and community resilience.

More details about our Travel with Purpose goals and our progress toward them are reported annually in our Travel with Purpose Report, available at cr.hilton.com.

Environmental Impact

We remain committed to reducing greenhouse gas emissions in line with climate science.

Hilton was the first global hospitality company to set science-based targets in 2018 that were validated by the Science Based Targets initiative ("SBTi"), in our effort to reduce carbon emissions in line with the goals outlined in the Paris Climate Agreement.

As climate science has continued to evolve, we reevaluated our environmental impact 2030 Goals and set more ambitious targets in 2022.

In 2022, SBTi verified our near-term targets (1.5°C by 2030) to cut carbon emissions intensity of our managed hotel portfolio by 75 percent and of our franchised hotel portfolio by 56 percent, with 2008 as our baseline.

We continue to work toward our 2030 Goal of reducing water and waste intensity at the hotels we operate, including those that are owned, leased and managed, by 50 percent, with 2008 as our baseline.

To achieve our reduction targets, in 2022, we partnered with a global leader in the field of sustainability and energy procurement to help map out a phased implementation strategy to help us make informed decisions and chart a path to achieving our energy reduction goals.

To further strengthen our commitment to climate action, we have invested in two Fifth Wall Climate Technology Funds to accelerate the adoption of innovative decarbonization technologies.

Although we believe that our environmental impact 2030 Goals are ambitious yet attainable, there can be no assurance that we will be able to meet them.

As climate science continues to evolve we may further refine our environmental impact 2030 Goals.

We evaluate our climate change risks and report annually on our progress, with our reporting prepared in accordance with the GRI standards, while integrating the recommendations of the SASB and the Task Force on Climate-related Financial Disclosures ("TCFD").

In 2023, we continued to make steady progress towards our 2030 Goals by engaging in partnerships and creating resources that will help facilitate sustainable development and meeting our customers evolving needs, including, but not limited to:

(i) announcing our plans to install up to 20,000 Tesla Universal Wall Connectors at 2,000 hotels beginning in 2024 across North America;

(ii) launching an LED lighting program in line with our LED global brand standard, to help make the transition to LED lighting easier and more cost-effective for owners;

and (iii) developing sustainable design checklists for new construction, renovation, and conversion projects, as well as guidance on electrification and retrofits.

Our portfolio of properties are certified to ISO 9001 (Quality), ISO 14001 (Environmental) and ISO 50001 (Energy) standards, which marks 12 years of certification to ISO 14001 and ISO 9001 and nine years for ISO 50001.

Further, in alignment with our science-based targets, we continue to take steps to increase our sourcing of renewable energy at our hotels around the world.

In the Europe, Middle East and Africa ("EMEA") region, nearly 30 percent of the hotels we operated, which includes our owned and leased hotels, as well as our Watford and Glasgow corporate offices, were supplied with 100 percent renewable energy during 2023.

In the U.S., we continue to have a renewable energy option for our managed hotels.

Additionally, through our Meet with Purpose offering, we partner with our corporate customers to quantify and plan sustainable meetings by providing them with reporting that projects carbon emissions for their event, as well as options to reduce those emissions.

For any remaining unavoidable emissions, Hilton offers customers the opportunity to purchase high quality, verified Gold Standard or Verified Carbon Standard carbon offsets from a third party to address the environmental footprint.

We continued our focus on our food waste reduction and food donation initiatives, with many of our managed hotels in the U.S.

and EMEA piloting donation programs and analytical software to help reduce food waste and associated costs.

We have made progress on our commitment to reduce single use plastics at our hotels, offering a Digital Key option at more than 80 percent of our hotels and, in 2023, we required all hotels to comply with the adoption of bulk amenities, such as soap, shampoo and conditioner in our hotel rooms.

We have achieved the following reductions in environmental impact since 2008:

Percent Reduction Achieved Since 2008 (1)

Water consumption per square meter (2)

Landfilled waste per square meter (2)

Carbon dioxide emissions per square meter (2)

Energy consumption per square meter (2)

(1) Reflects data as of December 31, 2023 that has been reviewed by an independent third party.

(2) Reflects performance across Hilton's owned, leased and managed properties, which totaled approximately 29.8 million square meters as of December 31, 2023.

Although consumption and waste per square meter were higher in 2023 than in 2022 and 2021, correlated with the increase in occupancy resulting from our recovery from the COVID-19 pandemic, they remain below 2019 levels.

We primarily generate carbon emissions from the operation of our hotels.

The increases in occupancy at our hotels during the years ended December 31, 2023, 2022 and 2021, including the recovery from the COVID-19 pandemic, were directly

correlated with and impacted the consumption of energy, water and waste at our hotels during these periods, resulting in increases in our environmental impact measures.

Additionally, we added new properties, on a net basis, that were operated by us during these periods, which also directly impacted our measures with regard to absolute consumption.

However, our consumption generally remained below 2019 levels.

The data in the following tables, which have been reviewed by an independent third party, reflect the key sustainability metrics that we emphasize for the hotels we operate, as well as metrics recommended by the SASB within their Hotel & Lodging and Restaurant Standards:

Year Ended December 31,

Metric 2023 2022 2021

Energy management

Total energy consumed, in gigajoules per square meter 0.90 0.86 0.81

Percent total energy from grid electricity 57.0 % 56.7 % 56.3 %

Carbon emissions

Total emissions (Scope 1 and 2 (1) ), in metric tons CO 2 e per square meter

0.086 0.083 0.079

Water management

Amount withdrawn, in cubic meters per square meter 2.14 1.94 1.79

Amount consumed, in cubic meters per square meter 0.536 0.485 0.447

Percent in regions with high or extremely high baseline water stress (2)

39 % 39 % 37 %

Waste management

Amount generated, in metric tons per square meter 0.0056 0.0051 0.0042

Percent diverted from landfills (3)

39.2 % 35.7 % 32.0 %

Year Ended December 31,

Absolute Consumption (4)

2023 2022 2021

Total energy consumed, in million gigajoules 26.8 24.5 22.2

Direct emissions (Scope 1), in million metric tons CO 2 e

0.49 0.45 0.42

Indirect emissions (Scope 2 (1) ), in million metric tons CO 2 e

2.08 1.90 1.76

Water withdrawn, in million cubic meters (m 3 )

64.0 55.1 49.1

Water consumed, in million cubic meters (m 3 )

16.0 13.8 12.3

Waste generated, in million metric tons 0.17 0.14 0.11

(1) Scope 2 market-based emissions as defined by The Greenhouse Gas Protocol:

A Corporate Accounting and Reporting Standard (Revised Edition).

(2) Water stress as defined by the World Resources Institute.

Represents the percentage (by square meter) of owned, leased and managed hotels in regions with baseline water stress, that have high or extremely high baseline water stress.

(3) Amount of waste not diverted from landfills in metric tons per square meter was 0.0034, 0.0033 and 0.0029 for the years ended December 31, 2023, 2022 and 2021, respectively.

(4) Total floor area of Hilton's owned, leased and managed properties, for which absolute consumption is reflected, was 29.8 million square meters, 28.4 million square meters and 27.5 million square meters as of December 31, 2023, 2022 and 2021, respectively.

Absolute consumption increased during the periods due to increased floor area and increased occupancy at our hotels, as described above.

We remain focused on our goal of reducing emissions, water and waste intensity at the hotels we operate.

These efforts are supported by utility cost savings measures including HVAC controls, building automation system technologies and turnkey LED lighting, fueled by utility incentives wherever possible, to strengthen the return on investment and deliver cost savings to owners and enhance the guest experience.

We also continued to create resources that will help facilitate the efficient operation of our hotels and take steps to increase our sourcing of renewable electricity at our hotels around the world.

Additionally, through our Meet with Purpose offering, we partner with our corporate customers to quantify and plan sustainable meetings by providing them, upon request, with reporting that estimates emissions for their event, as well as options to reduce those estimated emissions.

Social Impact

With a presence in 126 countries and territories, we use our global scale to be an engine of opportunity by focusing on creating learning and career growth opportunities, positively impacting our communities and promoting responsible, inclusive conduct across our value chain operations.

Our social impact 2030 Goals include:

(i) providing 5 million learning and career growth opportunities for our employees and our communities with a focus on underrepresented groups;

(ii) impacting 20 million community members through local support, disaster relief and economic opportunities;

and (iii) promoting responsible, inclusive conduct across 100 percent of our value chain operations.

Through the Hilton Global Foundation, we partner with the International Youth Foundation by providing our Passport to Success Concierge program, an online course that is free to youth around the globe who are interested in building the core skills for a career in travel and tourism.

Since its launch in 2021, over 57,000 youth and Hilton employees have accessed the program through 2023.

Further, we partner with organizations around the globe supporting hospitality career development.

UK Foundation made its inaugural grants in 2023 to organizations that create learning and career growth opportunities for individuals with learning disabilities, previously incarcerated individuals and underserved youth.

With a presence in 140 countries and territories, we use our global scale to be an engine of opportunity by positively impacting our communities through local support and volunteering, creating learning and career growth opportunities, disaster relief and other economic support initiatives.

During 2024, Hilton and the Hilton Global Foundation supported our hotel teams and surrounding communities through disasters and crises, including the floods in Brazil and Hurricanes Helene and Milton that devastated parts of the southeastern U.S.

This included making a series of contributions to World Central Kitchen, supporting the delivery of meals to those in need.

Hilton also remains committed to combating human trafficking, and we require all hotel-based employees to complete an annual training on identifying signs of trafficking.

We partner with organizations such as It’s a Penalty and PACT (formerly ECPAT), to help prevent trafficking through the Sustainable Hospitality Alliance, World Travel and Tourism Council, American Hotel & Lodging Association ("AHLA") and United Kingdom ("U.K.") Stop Slavery Hotel Industry Network.

The Hilton Global Foundation has committed to support the AHLA Foundation's No Room for Trafficking ("NRFT") Survivor Fund, which aims to equip community-based organizations to engage and support trafficking survivors.

During 2023, Hilton and the Hilton Global Foundation supported our hotel teams and surrounding communities through disasters and crises, including the Türkiye and Morocco earthquakes, Canada and Maui Wildfires and the Middle Eastern humanitarian crisis.

This included donating to organizations at the frontlines of the crises, supporting the delivery of meals, medical care and other basic needs, as well as support for the families of impacted employees through Hilton's third-party operated Team Member Assistance Fund ("TMAF").

Hilton's TMAF also supports employees experiencing undue financial hardship due to unexpected personal circumstances and larger crisis situations.

Hilton employees, as well as individuals working at managed and franchised hotels who are not employed by Hilton, can apply for financial assistance when impacted by disaster and extreme hardship.

In 2023, the TMAF provided assistance grants to over 3,400 individuals.

During 2023, our employees around the world reported approximately 377,000 volunteer hours in their local communities, including during our Travel with Purpose Week, an annual week of volunteering.

In addition to collaboration across our industry and within the business community, we are focused on achieving change by leveraging the scale of our supply chain.

To that end, our Supplier Diversity Program engages women-, minority-, veteran-, disabled- and LGTBQ+ owned businesses in sourcing opportunities across the Hilton organization.

We partner with PACT, an organization dedicated to reducing trafficking and exploitation, to help prevent trafficking, and similarly collaborate on human rights initiatives through the World Sustainable Hospitality Alliance, World Travel and Tourism Council, American Hotel & Lodging Association ("AHLA") and United Kingdom ("U.K.") Stop Slavery Hotel Industry Network.

The Hilton Global Foundation continues to support the AHLA Foundation's No Room for Trafficking Survivor Fund, which aims to equip community-based organizations to engage and support trafficking survivors.

At Hilton, we prioritize responsible sourcing by requiring suppliers to comply with the standards in our Hilton Responsible Sourcing Policy, which include integrity and fair dealing, human rights, protecting personal and business information, commitment to the environment and providing a safe and healthy work environment.

See "—Human Capital Management—Career Opportunities, Development and Training" below for information on learning and career growth opportunities.

Human Capital Management

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We want to build a strong employee-centered culture that creates connectivity, camaraderie and trust among all employees, which then supports our employees to deliver positive experiences to guests at our hotels.

Hilton's commitment to building strong culture through an unwavering focus on creating a workplace that is inclusive, offers strong growth opportunities and is driven by purpose was recognized by Fortune magazine and Great Place to Work and earned Hilton the top spot as their 2023 #1 World's Best Workplace.

While our hiring levels in 2023 were higher than they were before the onset of the COVID-19 pandemic and recruiting volume is normalizing in regions where the labor market has recovered from the pandemic, recruiting challenges continue in select regions and for select roles.

We continue to review our compensation policies to maintain competitiveness and invest in employee benefits programs and enhance our recruiting strategies to tap into new pools of talent.

Thrive at Hilton

Our benefits and programs include paid time off, parental leave, adoption assistance, subsidized health insurance, education assistance and flexible work arrangements and Go Hilton travel programs, which make discounted rooms available to hotel and corporate employees, as well as their families and friends.

Hilton's commitment to building strong culture focuses on creating a workplace that offers strong growth opportunities and is driven by purpose and earned Hilton recognition by Fortune magazine and Great Place to Work as the 2024 #2 World's Best Workplace and top hospitality company in the world for the eighth consecutive year.

During the year ended December 31, 2024 we saw improvements in workforce stability, with both hiring and retention volumes normalizing in comparison to pre-pandemic levels.

We continue to review our benefits and programmatic offerings to ensure we remain competitive, are investing in our employees' development and well-being and are enhancing our recruiting strategies to tap into new pools of talent.

Compensation and Benefits

Hilton offers competitive pay and benefits to its employees, including a variety of compensation programs and comprehensive benefit programs.

We regularly review pay parity across various workforce segments as part of our ongoing talent processes.

Through our employee stock purchase plan, eligible employees can purchase Hilton stock through after-tax payroll deductions at a 15 percent discount from the market stock price.

As of December 31, 2024, approximately 25 percent of people employed or managed by us globally and approximately 40 percent of people working in the U.S.

were covered by various collective bargaining agreements that generally address pay rates, working hours, other terms and conditions of employment, certain employee benefits and orderly settlement of labor disputes.

Our benefits and programs include paid time off, parental leave, adoption assistance, subsidized health insurance, education assistance, flexible work arrangements and Go Hilton travel programs, which make discounted rooms available to hotel and corporate employees, as well as their families and friends.

Our medical and mental health care programs include a global platform focused on caregiving that provides resources for employee self-care, as well as enabling employees to care for others, including sick, disabled or elderly family members, children and pets;

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employees have been with Hilton for at least 10 years.

Inclusive Culture

We are committed to an equitable and inclusive workforce that embraces all ages, gender, sexual orientation, nationalities, ethnicities, disabilities, military and veteran status, cultures and viewpoints.

Our leaders are committed to our diversity and inclusion efforts, and we hold them accountable through our organizational objectives that measure their performance against our commitments.

As of December 31, 2023, the global workforce that we employ or manage was approximately 43 percent women.

Globally, corporate leadership was approximately 42 percent women and hotel leadership was approximately 24 percent women.

As of December 31, 2023, in the U.S., our workforce was approximately 72 percent ethnically diverse, with U.S.

corporate leadership being approximately 20 percent ethnically diverse and U.S.

hotel leadership being approximately 29 percent ethnically diverse.

As of December 31, 2023, our board of directors, excluding management directors, was 50 percent women and 25 percent ethnically diverse.

As part of our commitment to an inclusive environment, we offer Team Member Resource Groups to provide support and offer networking and development opportunities, Pathway Programs to help foster economic mobility for historically underrepresented talent and support diversity efforts across our organization and annual trainings on unconscious bias, inclusive culture, preventing human trafficking and anti-harassment.

Compensation and Benefits

Hilton offers competitive pay and benefits to its employees, including a variety of compensation programs and comprehensive benefit programs.

We regularly review gender and diversity pay parity among our employees as part of our ongoing talent processes.

Through our employee stock purchase plan, eligible employees can purchase Hilton stock through after-tax payroll deductions at a 15 percent discount from the market stock price.

As of December 31, 2023, approximately 30 percent of people employed or managed by us globally and approximately 40 percent of people working in the U.S.

Development and Training

Career Opportunities, Development and Training

We take a broad, long-term and business-aligned approach to develop a dedicated and collaborative workforce to better serve our guests.

Our Pathway Programs help foster economic mobility in the communities in which we operate and create a more robust talent pipeline for our business drawing from underrepresented groups including veterans, which consists of individuals who have served in the military and the caregivers and spouses of those who have served in the military, as well as people with disabilities and displaced persons.

The advancement of our employees is important to us and we provide them with robust learning and development opportunities, as well as mentorship opportunities to corporate employees at all levels.

We are focused on providing opportunities for the internal movement of our employees and the promotion from entry level positions into management positions at our hotels or corporate offices across the organization.

Our career development approach emphasizes customized experiences so that employees can follow a training and career path best suited to their goals including a wide array of general business, industry or function-specific technical skills and leadership development courses and programs.

Our GM Academy curriculum is centered on nine core General Manager ("GM") business capabilities, some of which include leadership and people management, asset management, customer engagement and commercial performance.

Additionally, Hilton's Signature Leadership Development programs focus on building effective leaders across the enterprise to grow our leadership bench strength.

Our leadership development programs aim to build leadership skills through structured levels of self-paced learning and live facilitated sessions with focus areas of leading self, leading individuals and leading teams.

Additionally, our People Leader Essential training offers a self-paced curriculum to employees, with content on key leadership topics, including effective communication, delegation, prioritization, coaching and talent development to support current, new and future people leaders at Hilton.

One of our targeted programs for developing General Managers (“GMs”), GM Academy, is centered on nine core GM business capabilities, some of which include leadership and people management, asset management, customer engagement and commercial performance.

Additionally, Hilton's global Signature Leadership Development programs and mentorship programs focus on building effective leaders across the enterprise to grow our leadership bench strength.

These programs provide opportunities for participants to develop key competencies, network with and learn from senior leaders and enhance business acumen.

Governance, Ethics and Regulatory Compliance

As a core underpinning of our entire organization, our ethics and compliance program is overseen by our board of directors, which expects all Hilton employees to conduct themselves at the highest standards with respect to all ethics and compliance matters.

Our Code of Conduct establishes a set of global business principles, with our compliance organization, training, risk management and monitoring activities tailored to address unique risks by geography, business line, function and level.

As a core underpinning of our entire organization, our board of directors oversees our ethics and compliance program, which requires all Hilton employees to conduct themselves at the highest standards with respect to all ethics and compliance matters.

Our Code of Conduct establishes a set of global business principles, with our compliance organization, training, risk

management and monitoring activities tailored to address unique risks by geography, business line, function and level.

Our Code of Conduct is supported by robust compliance policies addressing risk areas such as corruption, trade sanctions, insider trading, privacy, confidential information, antitrust and escalation of concerns.

Our legal and compliance training program, which is an annual requirement for all of our employees, conveys consistent compliance standards across the organization in formats designed to target different knowledge levels, learning styles and functional needs.

Our annual training

calendar includes mandatory training and supplemental training that is supported by company-wide awareness campaigns highlighting Hilton-specific risks and scenarios.

Our annual training calendar includes mandatory training and supplemental training that is supported by periodic company-wide awareness campaigns highlighting Hilton-specific risks and scenarios.

In governing the physical safety of our properties and teams, to help ensure the safety and security of our employees and guests, we constantly monitor threats and incidents around the world through online tools and external networks and partnerships;

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Our properties and brands compete with other hotels, resorts, motels, inns and other accommodation rental services in their respective geographic markets or customer segments, including facilities owned by local interests, individuals, national and international chains, institutions, investment and pension funds and real estate investment trusts ("REITs").

We believe that our capabilities as a multi-branded manager, franchisor, owner and lessee of hotels with an associated global, system-wide guest loyalty program and commercial platform helps us continue to maintain our position as one of the largest and most geographically diverse hospitality companies in the world.

We believe that our capabilities as a multi-branded manager, franchisor, owner and lessee of hotels with an associated global, system-wide guest loyalty program and commercial platform help us continue to maintain our position as one of the largest and most geographically diverse hospitality companies in the world.

Our principal competitors include other branded and independent hotel operating companies, national and international hotel brands and ownership companies.

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In the highly competitive hospitality industry in which we operate, trademarks, service marks, trade names, logos and patents are very important to the success of our business.

We have a significant number of trademarks, service marks, trade names, logos, patents and pending registrations and expend significant resources each year on surveillance, registration and

protection of our IP, which we believe has become synonymous in the hospitality industry with a reputation for excellence in service and authentic hospitality.

We have a significant number of trademarks, service marks, trade names, logos, patents and pending registrations and expend significant resources each year on surveillance, registration and protection of our IP, which we believe has become synonymous in the hospitality industry with a reputation for excellence in service and authentic hospitality.

Government Regulation

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Compliance with, or changes in, these laws could reduce the revenue and profitability of our properties and could otherwise adversely affect our operations.

We also manage hotels with casino gaming operations as part of or adjacent to the hotels.

However, with the exception of casinos at certain properties in Puerto Rico and Egypt, third parties manage and operate the casinos.

We hold and maintain the casino gaming license and manage the casinos located in Puerto Rico and Egypt and employ third-party compliance consultants and service providers.

As a result, our business operations at these facilities are subject to the licensing and regulatory control of the local regulatory agency responsible for gaming licenses and operations in those jurisdictions.

We also manage hotels with casino gaming operations as part of or adjacent to the hotels, which are typically managed and operated by third parties.

If we manage and operate the casinos, we employ third-party compliance consultants and service providers and hold and maintain the casino gaming license.

As a result, our business operations at such facilities are subject to the licensing and regulatory control of the local regulatory agency responsible for gaming licenses and operations in those jurisdictions.

For additional information on government regulation, including environmental regulations and requirements, refer to "Part I—Item 1A.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business