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      "text": "Hilton is poised to deliver long-term earnings meaningfully greater than pre-2020 levels",
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      "text": "HLT well positioned for enhanced long-term performance. Market share likely to increase over time. Committed to higher long-term structural margins given productivity actions. Substantial capital return over time",
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      "text": "Industry conditions poised to exceed pre-COVID levels in the near term. Average daily revenue per room (\"RevPAR\") likely to recover to pre-COVID levels before the end of 2022. Occupancy is improving with average daily rate (\"ADR\") already above pre-COVID levels. Ability to change room rates daily provides hedge against inflation",
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      "text": "COVID-19 validated HLT's unique high-quality asset-light business model. Ability to deftly navigate the \"1,000-year-flood\" supports higher valuation",
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