Hilton CEO says buying Porsche was his worst financial decision

Chris Nassetta, President and CEO of Hilton.

Even the world's top CEOs have made financial choices that they regret. Hilton boss Chris Nassetta revealed in a recent interview that buying this one car was his worst financial decision ever.

Nassetta, the 59-year old president and CEO of hospitality giant Hilton, told CNBC he bought a Porsche when he was in his 20s, grappling with a break-up.

At that time, Nassetta said he earned $17,000 per year, but that did not deter him from buying the $20,000-car. He took a loan to pay for the good-looking vehicle.

On top of that, he had to spend $2,000 on a new steering system. Over time, more problems cropped up.

Eighteen months after buying the Porsche, Nassetta sold it off because the repairs became unaffordable.

"It (the car) nearly broke me,” Nassetta told CNBC. “I spent all my money on that stupid car.”

He carried on the lesson to later stages of his life. In 2007, soon after he landed the top Hilton job, he purchased a more practical vehicle --a Lexus sedan.

Sixteen years with him, the car has become a family favourite.

Nassetta bought another car, for sentimental reasons. It was a 1969 Ford Bronco that he always dreamt of owning. But the car was in a bad state and Nassetta had to build it up with a mechanic's help.

“What I’ve learned being at Hilton is I like building and I like projects," he told CNBC. "So doing that gave me great joy.”

Nassetta is a well-known leader in the hospitality industry. Before his Hilton stint, he was the chairman of the World Travel and Tourism Council -- an industry forum based in London.

He has also served as the CEO of the Host Hotels & Resorts chain based in Maryland, USA.

Nassetta is also an outspoken about social and health issues like addiction.

Earlier this month, he won the Hospitality Hero Award from Shatterproof, a non profit working to reverse the addiction crisis in America

"Nassetta has been an integral voice on the issue of addiction in America, using his leadership in the industry to unite hospitality executives to take an active role in ending the addiction crisis," Shatterproof said after awarding him.