Hilton raises annual forecast as profit jumps on strong travel demand

HILTON Worldwide Holdings on Wednesday (Oct 26) raised its annual profit forecast after reporting a spike in third-quarter earnings as consumers eager to travel after the pandemic book flights and hotels despite recession worries.

The hotel industry has benefited from pent-up demand for cross-border travel, which has boosted its pricing power.

Hilton, which own several brands including the Waldorf Astoria Hotels & Resorts, said it now expects net income between US$1.22 billion and US$1.24 billion this year, compared with its previous forecast of US$1.15 billion and US$1.22 billion.

The company said it expects adjusted earnings per share for 2022 to be between US$4.46 and US$4.54 compared with US$4.21 and US$4.46 forecast earlier.

Hilton reported a 44 per cent rise in third-quarter profit, posting net income attributable to shareholders of US$347 million, or US$1.26 per share. REUTERS