Hilton’s 2025 results provided the latest snapshot of a travel sector that had been undermined by economic uncertainty. Revenue per available room (RevPAR) rose by only 0.4%, below the 2% to 3% range the hotel group had forecast a year ago.
“Liberation Day was a pretty big deal, and the biggest government shutdown in American history was a pretty big deal,” according to CEO Chris Nassetta on Wednesday’s earnings call. “You, hopefully, don’t repeat those at that scale.”
Uncertainty particularly dampened performance for the company’s mid-market brands. While Hilton’s luxury brands delivered double-digit RevPAR gains, its limited-service brands saw occupancy declines and weaker prices.
“In this ‘K-shaped’ economy, the very wealthy keep doing well, and the middle class and below have continued to struggle to pay for groceries and gas,” Nassetta said.
Hilton’s 2026 Outlook
Hilton forecasts that its revenue per available room (RevPAR) will rise