Global hospitality company Hilton Worldwide Holdings Inc raised its full-year adjusted profit forecast on Wednesday. Previously in the range of $5.68 and $5.88 per share, the updated forecast falls in the range of $5.93 and $6.06.
Hilton is expecting a rising travel demand to bolster its earnings. This comes after several months in which the hotel industry was boosted by price hikes and resilient travel demand, with the easing of pandemic restrictions and flexible work arrangements encouraging travelers to book longer hotel stays.
The multinational company reported that its second-quarter RevPAR (revenue per available room)—a key performance metric—rose 12% compared to the same period last year. This includes the Waldorf Astoria Hotels & Resorts brand.
Recent economic concerns including the ongoing inflation crisis have had a minimal impact on the hospitality industry, aside from rising labor costs as hotels look to bolster their staff in an effort to meet rising demand.
