Hilton President and CEO Chris Nassetta admits it's difficult to read the tea leaves on the future of both the hotel industry and the broader economy, but for now, there are more positives than negatives on the horizon for his company.
Speaking during Hilton's third-quarter earnings call with investors and analysts, Nassetta said he expects the broad hotel industry rebound to continue even in the face of a global recession.
In the Asia-Pacific region, third-quarter RevPAR was up 46% year-over-year and down 16% versus 2019. RevPAR in China was down 14% compared to 2019, improving 33 percentage points quarter-over-quarter, as leisure demand picked up over the school holidays and COVID lockdowns in Shanghai and Beijing were lifted in July.
Travel demand remains volatile in China as a result of strict COVID policies and restrictions to contain new outbreaks. The rest of the Asia-Pacific region saw continued improvement with RevPAR, excluding China up 10 points quarter-over quarter with September RevPAR down just 8% to 2019.
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