Hilton is one of the world's largest hotel companies, operating 26 brands across roughly 9,158 properties and 1.35 million rooms in 143 countries. Hilton's portfolio spans the full range of hotel categories, from budget select-service to ultra-luxury, with the largest brands by room count being Hampton by Hilton (upper midscale), Hilton Hotels & Resorts (full-service flagship), DoubleTree, Hilton Garden Inn, and Home2 Suites. Hilton's business model is capital-light and fee-based: rather than owning hotels, Hilton collects fees from third-party hotel owners in exchange for brand rights, booking systems, and loyalty program access. Fee streams include royalty and franchise fees tied to gross room revenue, base and incentive management fees, and program fees. Hilton also earns licensing fees from its Amex co-branded credit card and from Hilton Grand Vacations, its spun-off timeshare business. These fees are largely contractual, with franchise contracts running 10-20 years and management contracts running 20-30 years. The key earnings drivers are RevPAR (which flows through to fees at high conversion rates given Hilton's largely fixed cost base) and net unit growth, which Hilton has sustained at 6-7% annually. Growth comes from new construction and conversions of existing hotels to Hilton brands, with a record pipeline of ~520,000 rooms at year-end 2025. Hilton Honors, with 243M members, anchors the direct booking strategy and reduces reliance on third-party channels.