Hilton boosts profit forecast for the year due to high travel demand.

(Reuters) – Hilton Worldwide Holdings⁤ Inc raised its full-year adjusted profit forecast on Wednesday, fueled by the anticipation of pent-up ⁤travel demand‍ that ‌is expected to boost its earnings.

In recent quarters, the hotel industry has experienced ⁣a surge in‍ price hikes and travel demand. This can be⁤ attributed to the rise in flexible work arrangements and⁤ the ​easing of ⁢pandemic-related restrictions, ​which have prompted‌ consumers to book longer stays.

Hilton, the owner of ​renowned brands ⁣like​ Waldorf ​Astoria Hotels & Resorts, reported a 12% increase in its second-quarter RevPAR⁤ (revenue per available room) compared to the previous year, a significant metric for investors.

However, despite the industry’s ability to evade the ⁢effects of high inflation‌ thus far,‍ it ‌is ​grappling ⁢with high wage ⁣costs in ​a tight labor market as it ⁢deploys ⁢more staff to meet the surge in demand.

The company ⁤has now​ revised ⁢its full-year adjusted profit forecast to‍ be between⁢ $5.93 and $6.06 per⁤ share, surpassing its previous estimate of $5.68 ⁣to $5.88 per share.

(Reporting by Priyamvada ⁤C in Bengaluru; Editing by Krishna Chandra Eluri)

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