Marriott and Hilton face the prospect that a broader recession could threaten business in Europe as well as fee income, Citigroup analysts said.
After riding the revenge-travel boom, hotel operators Hilton Worldwide Holdings Inc. and Marriott International Inc. now face the prospect of a broader recession that could threaten business in Europe as well as fee income, Citigroup analysts said.
The... After riding the revenge-travel boom, hotel operators Hilton Worldwide Holdings Inc. and Marriott International Inc. now face the prospect of a broader recession that could threaten business in Europe as well as fee income, Citigroup analysts said. The downgrades add to analyst concerns about rising prices and their impact on the travel industry’s resurgence following two years of pandemic restrictions. Wolfe Research, in a note last week, said travel demand was “likely to moderate” as the economy slows and downgraded travel-planning websites Booking Holdings Inc. BKNG , Expedia Group Inc. EXPE and Tripadvisor Inc. TRIP .“Citi economists anticipate the U.S. will enter a recession in [the second quarter of 2023],” the analysts said.
The analysts said that while Hilton’s leased properties make up “a relatively small contributor to overall earnings , we note that the bulk of exposure is to Germany and the United Kingdom, both of which are seen as either in, or entering, recession.”
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