Restaurants, Travel and Leisure
Restaurants, Travel and Leisure Lodging
Rooms, not real estate
Marriott 1.78 million rooms. Hilton 1.35 million. Hilton owned 46 hotels and 15,287 rooms. Marriott says owned or leased rooms are less than one percent of its system. Host Hotels and Vici live on REITs.
Franchised / licensedManaged / otherOwned / leased
Properties, not rooms
Marriott 9,805 hotels. Hilton 9,158. Same year-end 2025 as the rooms chart. Host Hotels is covered on REITs, not here.
Fees versus cost reimbursement
Marriott GAAP $26.19B includes $19.20B of reimbursement. Hilton GAAP $12.04B includes $7.09B. The fee lines are the brand P&L.
FeesOwned / otherCost reimbursement
Franchise, base, and incentive
Marriott gross fees $5.44B: franchise $3.33B, base $1.32B, incentive $0.79B. Hilton: franchise and licensing $2.78B, base $0.38B, incentive $0.31B. Reimbursement is off this chart.
Franchise / licensingBase managementIncentive
Hotel revenue per room is already slow
Hilton 2025 system-wide comparable RevPAR +0.4%. Marriott worldwide +2.0%. Both 2026 guides sit in a 1.0% to 2.5% band. Fee growth is now more rooms than rate.
| Company | Metric | Value | Note |
|---|---|---|---|
| Marriott | 2025 worldwide RevPAR | +2.0% | International +5.1%; US and Canada +0.7% |
| Marriott | 2026 worldwide RevPAR guide | +1.5% to +2.5% | Company outlook |
| Marriott | 2025 net rooms growth | +4.3% | About 73,600 net rooms |
| Hilton | 2025 system-wide comparable RevPAR | +0.4% | Currency neutral |
| Hilton | 2026 system-wide RevPAR guide | +1.0% to +2.0% | Comparable, currency neutral |
| Hilton | 2025 net unit growth | +6.7% | 97,000 room openings; pipeline 520,500 rooms |
Net rooms versus openings
Marriott 2025 net rooms +4.3%, about 73,600. Hilton net unit growth +6.7% with 97,000 openings. Openings are not net rooms.
| Company | Metric | Value | Count as printed | Note |
|---|---|---|---|---|
| Marriott | 2025 net rooms growth | +4.3% | About 73,600 net rooms | Net additions, not gross openings |
| Hilton | 2025 net unit growth | +6.7% | 97,000 room openings | Openings figure is not net rooms. YE 2025 pipeline 520,500 rooms. |
Pipeline rooms at 30 June 2026
Marriott about 629,000 rooms. Hilton 541,300. Pipeline is not open supply. Hilton's year-end 2025 pipeline was 520,500; this chart uses the matched June prints.
Q2 2026 occupancy is not the same as 2025 revenue per room
Marriott worldwide occupancy 71.6%, ADR $193.66, RevPAR $138.74 (+3.4%). Hilton system-wide occupancy 74.9%, ADR $166.97, RevPAR $125.02 (+3.9%). Do not average the two rows. Not cruise occupancy.
| Company | Occupancy | Occupancy vs Q2 2025 | ADR | RevPAR | RevPAR YoY | Note |
|---|---|---|---|---|---|---|
| Marriott worldwide | 71.6% | -0.1 pt vs Q2 2025 | $193.66 | $138.74 | +3.4% | US and Canada occupancy 74.0%. Middle East and Africa occupancy 50.5%. |
| Hilton system-wide | 74.9% | +1.0 pt vs Q2 2025 | $166.97 | $125.02 | +3.9% | US occupancy 77.3%. US RevPAR $139.28, +5.4%. |