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Kevin Jacobs, our Chief Financial Officer and President, Global Development, will then review our first quarter results.
It has been a little over a year since the pandemic started.
Over that time, we acted swiftly to address the challenges we face, so we could quickly turn our focus to best positioning ourselves toward recovery and beyond.
I'm really proud of how we've set up the company for the future.
And most importantly, I'm grateful to our team members who have continued to lead with hospitality and to all of our stakeholders for their ongoing support.
In the first quarter, systemwide RevPAR decreased 38% year-over-year and 53% versus 2019.
Rising COVID cases and tightening travel restrictions, particularly across Europe and Asia Pacific, weighed on demand through January and most of February.
However, March marked a turning point.
As we lapped the start of the U.S. lockdowns, RevPAR turned positive up more than 23% year-over-year.
Systemwide occupancy reached 55% by the end of the month driven by strong leisure demand.
As expected, recovery in group and corporate transient continued to lag, but both segments showed sequential improvement versus the fourth quarter.
Overall, this positive momentum has continued into the second quarter.
While recovery varies by region and country, we can see the light at the end of the tunnel.
In the U.S., more than 50% of adults have received at least one dose of a COVID-19 vaccine.
As a result, we're seeing a significant lift in forward bookings and occupancy, which is now around 60% as well as lengthening booking windows.
This mirrors trends in other countries around the world.
For instance, China is running in the low 70s occupancy.
We do expect this momentum to continue.
Vaccine distribution, coupled with relaxed travel restrictions and increasing consumer confidence should drive further RevPAR improvements in the coming months and quarters.
In fact, we are on pace to see record leisure demand in the U.S. over the summer months with April bookings for the summer exceeding 2019 peak levels by nearly 10%.
We also expect continued corporate office reopenings to drive a meaningful pickup in business transient demand toward the back half of the year.
Based on what we've seen in China and pockets of the U.S., once restrictions are lifted and offices reopen, business travel returns.
In the first quarter, business transient revenue was roughly 75% of 2019 levels in states that were further along in their reopening process.
Additionally, recent forecast for nonresidential fixed investment are up more than three percentage points from prior projections to 7.8%, indicating even greater optimism around business spending.
On the group side, forward booking activity continues to improve month-over-month.
Group bookings made in the first quarter for the back half of the year were roughly flat with 2019 booking activity, suggesting customers are increasingly optimistic about safety measures and loosening pandemic restrictions.
Near-term group bookings continue to be driven largely by social events and smaller group meetings, but we are seeing a slow shift back to a more normal mix of business with corporate group leads up more than 70% for future periods.
Associations and trade shows have also started opening up housing and registration sites for events later this year, further signs of moving forward with in-person group meetings.
As we look out to next year, our group position is roughly 85% of peak 2019 levels with rate increases versus 2019.
Group bookings were up in the mid-teens for 2023 versus 2019.
In fact, last week, I was in Mexico to chair the World Travel and Tourism Council's Global Summit where more than 800 participants from all over the world attended in person and thousands more attended virtually.
The conference demonstrated that it is possible to meet in a safe way and that hybrid events can be incredibly effective at expanding participation and enhancing collaboration.
It was great to be in the same room with other hospitality and government leaders talking about the bright future that lies ahead for our industry.
The event made me even more optimistic for our recovery and confident that we are beginning to see a new era of travel emerge.
During the quarter, we added 105 hotels totaling more than 16,500 rooms to our system and achieved net unit growth of 5.8%.
We celebrated the openings of our 100th Curio and our 50th Tapestry hotel demonstrating the strength of our conversion-friendly brands.
Overall conversions accounted for approximately 24% of additions in the quarter.
We also continued to enhance our resort footprint during the quarter with the openings of the 1,500-room Virgin Hotel Las Vegas, the Hilton Abu Dhabi Yas Island, the all-inclusive Yucatan Resort Playa del Carmen and six spectacular properties along the California Coast.
Customers have even more opportunities to stay with us as travel resumes.
Building on our already impressive portfolio in the world's most desirable locations, during the quarter, we signed agreements to bring our Waldorf Astoria and Canopy brands to the Seychelles.
The properties are scheduled to open in 2023, joining the Mango House Seychelles, LXR Hotel and Resorts set to open later this summer.
In the quarter, we signed nearly 22,000 rooms modestly ahead of our expectations.
This included our first Signia hotel.
Additionally, through our strategic partnership with Country Garden to introduce the Home2 Suites brand to China, we added more than 5,000 rooms to our pipeline.
We're excited for the opportunities this partnership provides with one of our fastest-growing brands.
Home2 recently celebrated its tenth anniversary, marking the milestone with nearly 1,000 rooms, hotels open and in the pipeline.
On Entrepreneur Magazine's Annual Franchise 500 List, which featured 11 of our 18 brands, Home2 was the number two hotel brand ranking only behind Hampton.
Overall, we are very happy with our development progress and excited for additional growth opportunities with more than half of our 399,000-room pipeline under construction, We're confident in our ability to grow net units in the mid-single-digit range for the next several years and continue to expect growth in the 4.5% to 5% range in 2021.
And in an environment where safety and cleanliness are top priorities for travelers, we continue to create more opportunities for our guests to enjoy a contactless experience from pre-arrival to post-checkout.
Our digital key feature, which enables guests to bypass the front desk and go straight to the rooms is now available in the vast majority of our hotels worldwide.
Additionally, we've joined forces with Lyft to mobilize Honors members to contribute to the Lyft Vaccine Access Initiative, which funds rides for those in need of reliable transportation to their vaccine appointment.
We're excited to continue the momentum of our partnership with Lyft by supporting this important cause.
During the quarter, we also launched two new co-branded credit cards in Japan, building on our 25-year partnership with American Express and marking the first time our co-branded cards have been made available to customers outside the United States.
These cards are designed with both frequent and occasional travelers in mind and offer customers the opportunity to earn Hilton Honors bonus points on everyday spending as well as at our properties worldwide.
As a result of our strong partnerships, industry-leading brands, and unmatched value proposition, our loyalty program continues attracting new members.
We ended the first quarter with more than 115 million Honors members, up roughly 8% year-over-year with membership increasing across every major region despite lower demand due to the pandemic.
As I reflect on the quarter and the past year, I'm very proud of the determination, creativity and hospitality that our Hilton team members have demonstrated.
This earned us recognition by Fortune and Great Place to Work as the number one Best Big Company to Work For and number three Best Company to Work For in the United States.
Overall, I'm pleased with our first quarter results and feel very good about the momentum for the remainder of the year.
I'm optimistic for the future of travel and for Hilton as we emerge stronger and better positioned continuing to drive value for our guests, our owners, our communities and, of course, our shareholders.
During the quarter, systemwide RevPAR declined 38.4% versus the prior year on a comparable and currency-neutral basis as rising COVID cases and reinstated travel restrictions and lockdowns disrupted the demand environment, especially across Europe and Asia Pacific.
However, occupancy improved sequentially throughout the quarter, increasing more than 20 points.
Adjusted EBITDA was $198 million in the first quarter, down 45% year-over-year.
Results reflected the continued impact of the pandemic on global travel demand, including temporary suspensions at some of our hotels during the quarter.
Management and franchise fees decreased 34%, less than RevPAR decrease as franchise fee declines were somewhat mitigated by better-than-expected license fees and development fees.
Additionally, results were helped by continued cost control at both the corporate and property levels.
Our ownership portfolio posted a loss for the quarter due to the challenged demand environment.
Reinstated lockdowns and travel restrictions in Europe and Japan, coupled with temporary hotel closures and fixed operating costs, including fixed rent payments at some of our leased properties, weighed on our performance.
Continued cost control mitigated segment losses.
For the quarter, diluted earnings per share adjusted for special items was $0.02.
Turning to our regional performance.
First quarter comparable U.S. RevPAR declined nearly 37% year-over-year and 50% versus 2019.
Demand improved sequentially throughout the quarter with March occupancy 62% higher than January and ending at 55%, the highest level since the pandemic began.
Leisure travel continued to lead the recovery, particularly on weekends with warm weather destinations benefiting the most.
In the Americas outside the U.S., first quarter RevPAR declined 55% year-over-year and 63% versus 2019.
Performance recovered in March, but lagged the broader system due to the region's greater dependence on international travel, which remain constrained by tightened travel restrictions.
In Europe, RevPAR fell 76% year-over-year and 82% versus 2019.
Declines were driven by increasing COVID cases and reinstated lockdowns across both the United Kingdom and Continental Europe.
Delays in vaccination distribution also disrupted recovery.
In the Middle East and Africa region, RevPAR was down 32% year-over-year and 46% versus 2019.
Performance in the region benefited from strong domestic demand and easing restrictions.
In the Asia Pacific region, first quarter RevPAR fell 7% year-over-year and 49% versus 2019 as rising infections, lockdowns and border closures weighed on performance early in the quarter.
RevPAR in China increased 64% year-over-year with occupancy levels increasing from roughly 35% to roughly 65% during the quarter.
Both leisure and business transient demand rebounded quickly as restrictions eased with March occupancy in China exceeding 2019 levels.
As Chris mentioned, in the first quarter, we grew net units 5.8% driven primarily by the Americas and Asia Pacific.
Tightening restrictions and lockdowns across Europe delayed openings in the region.
However, we expect an uptick in development activity as countries continue to reopen.
For the full year, we continue to expect net unit growth of 4.5% to 5%.
Signings in the quarter decreased year-over-year due to pre-pandemic comparisons, but exceeded our expectations due to greater-than-expected signings in China, particularly for our Home2 Suites brand.
For the year, we expect signings to increase mid-single digits versus 2020.
Turning to the balance sheet.
During the quarter, we took steps to further enhance our liquidity position and preserve financial flexibility.
We repaid $500 million of the outstanding balance under our $1.75 billion revolving credit facility and opportunistically executed a favorable debt refinancing transaction to extend our maturities at lower rates.
As we look ahead, we remain confident in our balance sheet and liquidity positions as we continue to focus on recovery.
We would now like to open the line for any questions you may have.
Chad, can we have our first question?

user
compname reports q1 adjusted earnings per share $0.02.
q1 adjusted earnings per share $0.02.
system-wide comparable revpar decreased 38.4 percent on a currency neutral basis for q1 from same period in 2020.

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