Hilton (NYSE: HLT) shares were in the green Thursday, on the announcement an exclusive agreement with YOTEL that will provide guests yet another way to stay within the hospitality leader’s growing global portfolio.
“With highly efficient hotels in urban markets,” according to this morning’s press release, “YOTEL has pioneered ways to meet changing guest needs through stays that feature smart room design, and clever tech-enabled features.”
The franchise agreement with YOTEL expands Hilton’s network, filling a distinct customer need in the growing lifestyle segment in a manner consistent with its proven asset-light model.
YOTEL will continue to independently manage and license its brand at 23 hotels across 10 countries, with a goal of more than tripling its portfolio in the coming years.
YOTEL will be the first brand in the newly established Select by Hilton. Select by Hilton is designed to grow into a brand that creates new ways to stay for guests, with the trust, confidence, and perks they expect from Hilton. High-quality, established hotel brands that join Select by Hilton will retain their own identity and brand management while they connect to the award-winning Hilton Honors loyalty program and enjoy the benefits of Hilton's superior distribution and technology platforms.
HLT shares vaulted $2.82, or 1%, early Thursday to $297.45.
