Hilton's Brands Are Resonating With Travelers and Owners Solidifying the Intangible Asset Edge

We see lasting demand and a strengthening brand intangible asset, a source of its wide moat, for Hilton’s strong upper-scale, lifestyle, and luxury portfolio. The firm's portfolio is expanding, supported by the Small Luxury Hotels of the World partnership in 2024, the emerging premium economy midscale brand Spark, launched in 2023, and the extended-stay offering LivSmart Studios, also new in 2023. As of Dec. 31, 2025, Spark already had 228 hotels open, and we estimate LivSmart had more than 100 hotels in the pipeline. In the long term, Spark has the potential to reach a few thousand units, offering an attractive unit growth catalyst for the company. Also, Hilton launched a midscale lifestyle brand, Outset, in October 2025, with the potential to add 500 properties in North America over the long term.