Good morning from Skift. It’s Tuesday, August 13, and now here’s what you need to know about the business of travel today.
Hilton Slows, Disney Softens and Maui Recovers
08.08.2024 - 16:12 / skift.com / Bob Iger / Christopher Nassetta / Rashaad Jorden / Sean Oneill
Good morning from Skift. It’s Thursday, August 8, and now here’s what you need to know about the business of travel today.
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Hilton has raised its forecast for a profit this year. However, the company believes the post-Covid travel surge is cooling off — especially in the U.S., reports Senior Hospitality Editor Sean O’Neill.
CEO Christopher Nassetta said during Hilton’s second-quarter earnings call that domestic travel demand is “definitely softening.” However, he emphasized demand is “not cratering in any way.” Hilton expects its full-year revenue per available room to grow between 2% and 3% as Nassetta said the company expects to see growth in all segments during the full year.
Next, Disney executives expect theme park attendance and revenue to soften in the next several months, writes Global Tourism Reporter Dawit Habtemariam.
The company said it believes its theme parks and experiences division’s operating income will decline by mid-single digits compared to last year. Disney CEO Bob Iger said the lower income consumer is “feeling a little bit of stress” and that higher-income consumers are looking to travel overseas more. Habtemariam notes several travel executives have expressed concerns about a slowdown in U.S. domestic spending on travel.
Finally, one year after one of the deadliest wildfires in Hawaii’s history, Maui faces a steep climb to make a full tourism recovery, writes Global Tourism Reporter Dawit Habtemariam.
On August 8, 2023, a wildfire devastated the town of Lahaina, killed nearly 100 people and destroyed thousands of homes. The western portion of Maui, which was battered by the wildfire, didn’t fully reopen for tourism until November.
Maui welcomed 1.1 million visitors in the first half of 2024, a 24% drop from last year.
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