Shares of Hilton Worldwide Holdings (HLT) and other hotel companies fell Wednesday after the company lowered its full-year earnings forecast and warned of softening leisure travel demand.
The hotel giant said it now expects 2024 net income between $1.41 billion and $1.43 billion, down from $1.53 billion to $1.56 billion. Hilton also reduced its earnings per share forecast and dropped the top end of its estimated revenue per available room (RevPAR) growth.
Shares of Hilton slid nearly 2% Wednesday. Competitors Marriott International (MAR) and Hyatt Hotels (H) fell 3% and 4%, respectively. InterContinental Hotels Group (IHG) also lost ground.
Hilton CEO Christopher Nassetta said he expects leisure spending to continue to normalize next year. "Demand is sort of flat to maybe even down a little bit," he said, according to a transcript of the company's earnings call provided by AlphaSense.
In the third quarter, Hilton posted net income of $344 million and RevPAR of $121.40, both of which missed the consensus estimate among analysts followed by Visible Alpha. Earnings per share beat expectations on an adjusted basis but missed otherwise.
Nassetta attributed the disappointing results to a “slower ramp in September following Labor Day, weather impacts, unfavorable calendar shifts, and ongoing labor disputes in the U.S."
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