Hilton's Demand and Profitability Remain at Peak Levels, but Macro Concerns Remain

While inflation, a softening labor market, and tightening credit availability present headwinds to industry travel demand in the near term, Hilton’s brand intangible asset (which underlies its narrow moat rating) is strengthening, along with resilient travel demand, aided by industry tailwinds—the human-ingrained desire to travel, service consumption