Oct 25 (Reuters) – Hilton Worldwide Holdings (HLT.N) raised its full-year adjusted profit forecast on Wednesday as the hotel operator expects pent-up travel demand to boost earnings.
The U.S. hospitality industry in recent months has benefited from pricier rates and a strong rebound in international travel as consumers take advantage of a strong dollar and flexible work arrangements to plan overseas holidays.
Hilton now expects annual adjusted profit between $6.04 and $6.09 per share, compared with its prior estimate of $5.93 to $6.06 per share.
On Tuesday, Visa (V.N) said travel volume outbound from the U.S. to all geographies continued to be strong and inbound travel recovery accelerated through the quarter.
The hotel industry, which has largely evaded the effects of elevated levels of inflation so far, continues to struggle with high wage costs in a tight labor market.
Hilton, which owns brands including Waldorf Astoria Hotels & Resorts, said its third-quarter revenue per available room, a key metric, rose 6.8% from a year earlier.
Reporting by Priyamvada C in Bengaluru; Editing by Shounak Dasgupta and Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles.