Group bookings may be booming and business travel on the upswing, but during a third-quarter earnings call in late October, Hilton CEO Christopher Nassetta said the past few months have seen their challenges.

From Travel Weekly, Hilton's Q3 RevPAR increased 1.4% year over year but fell short of company guidance, which Nassetta attributed to a "slower ramp in September following Labor Day, weather impacts, unfavorable calendar shifts and ongoing labor disputes in the U.S." Nassetta also said that leisure demand is currently "flat, to maybe even down a little bit."

Analysts had mixed reactions, with some citing concerns around a spending downturn and others saying these disruptions represent typical industry speed bumps and that the U.S. market's moderating leisure demand indicates a shift back to historical patterns.