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 澳洲幸运5开奖号码历史查询:earnings per share forecast and dropped the top end of its estimated 澳洲幸运5开奖号码历史查询: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.

Leisure Trܫavel💧 Could Taper Next Year, Hilton CEO Says

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. 澳洲幸运5开奖号码历史查询:Earnings per share beat expectatﷺions 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."