Hilton Worldwide Authorizes Stock Repurchase

(Reuters) – Hilton Worldwide (NYSE:HLT) announced on Thursday an authorization for an additional $3.5 billion in common stock repurchases under its existing program.

This increases the total authorized amount for future repurchases to approximately $4.8 billion.

The announcement follows the company’s recent forecast reduction for annual room revenue growth and net income, attributed to weaker demand in China and disruptions in its U.S. businesses. These factors have offset the steady demand from Europe and business travel.

Despite the challenges, strong international travel demand has led to a 38% increase in Hilton’s shares since the start of the year.