Hotel operator Hilton Worldwide forecast 2025 profit below Wall Street estimates on Thursday, as leisure travel demand in the U.S. remains weak.

While wealthy Americans are taking advantage of a strong dollar and travelling abroad, low- to middle-income people are grappling with increasing costs and have cut back on discretionary expenses like vacations.

The company posted fourth-quarter revenue of $2.78 billion, compared with expectations of $2.77 billion, according to data compiled by LSEG.

The McLean, Virginia-based company expects 2025 adjusted profit between $7.71 and $7.82 per share, compared with analysts’ average estimate of $8.02 per share.