What were the key factors behind Hilton's operating profit rebound in late 2024?

Hilton's operating profit rebounded in late 2024 due to several key factors:

1. **Revenue Growth**: Hilton's total revenues increased by 6.7% year-over-year to $2.78 billion in Q4 CY2024, which was in line with analyst estimates. This growth was driven by strong demand for leisure travel and continued growth in business transient and group travel.
2. **Franchise and Licensing Fees**: The company's franchise and licensing fees improved by 8.6% to $698 million year-over-year. This increase was due to the growth in the number of hotels in the global system and the addition of new hotel brands.
3. **Management and Franchise Fee Revenues**: Base and other management fees rose by 8.6% to $88 million, while incentive management fees were up by 4.8% to $66 million compared to the same period in the previous year. These increases were attributed to the growth in the number of hotels and the expansion of the company's network.
4. **System-Wide RevPAR Growth**: The system-wide comparable RevPAR grew by 1.4% year-over-year on a currency-neutral basis. This increase was due to higher occupancy rates and average daily rates.
5. **New Hotel Openings**: Hilton added a record 36,600 rooms to its system in Q3, resulting in net unit growth of 7.8% year-over-year. This expansion helped to increase the company's revenue and profitability.

Overall, Hilton's operating profit rebound in late 2024 was driven by strong revenue growth, increases in franchise and licensing fees, management and franchise fee revenues, system-wide RevPAR growth, and the addition of new hotels to its global system.