Sabre’s share price was down nearly 40% Thursday after quarterly results came in below estimates and the company had to lower its forecast for the year.

“The operating environment remains challenging and is pressuring air distribution bookings,” CEO Kurt Ekert said in prepared remarks. “As a result, the second quarter came in below expectations and we are updating our outlook for the remainder of the year.”

Sabre lowered its second half outlook to a range of 4% to 10% for air bookings growth. Sabre had previously said it expected 20% growth.

Sabre primarily makes money by getting fees from airlines and distributing their flights to travel agencies. It has high exposure to business travel, government and military travel, and all of those were weak in the second quarter.

“Looking at bookings mix in the second half of 2025, we expect to continue to be adversely
impacted by our greater exposure to corporate travel, military and government travel, and our
higher share in certain countries that are seeing a disproportionate travel decline,” Ekert said.

In the second quarter, Sabre recorded a net loss of $256 million on $687 million in revenue, a 1% decline.

During a call with analysts Thursday, Ekert explained how earlier optimism about air distribution bookings growth faded.

“Since that time, the market has continued to change,” Ekert said. “For example, airlines have pared back capacity. And ultimately, as we shared in our prepared comments today, we saw incremental industry weakness in June and into July.”

Sabre is heavily dependent on distribution revenue, which accounted for 79% of total sales in the quarter.

Sabre completed the sale of its hospitality solutions business to TPG for $1.1 billion in July. He pointed to gains in Sabre’s hotel distribution business in the second quarter.

“Hotel distribution bookings growth continued, up 2% in the quarter, and the attachment rate to air bookings improved 100 basis points to 34%,” he said.

Hyatt is placing its hopes on luxury travelers and a corporate travel comeback, with executives painting an optimistic picture on Thursday despite some near-term headwinds.

Key takeaways from the second-quarter earnings call:

The well-off are still traveling: Luxury brands were up over 5% in revenue per available room (RevPAR), while budget hotels dragged. That underscores how demand momentum lives at the top end, where high-income consumers still prioritize experiences and travel.

The company has benefited from this cycle because luxury and upper-upscale hotels now represents 70% of its rooms, while other competitors are more exposed to mid-market and economy brands that are suffering more f

InterContinental Hotels Group (IHG) crossed one million open hotel rooms in July, capping a record pace of global expansion. But the milestone comes as revenue slipped in the United States — IHG’s largest market — and China struggles to recover.

The numbers show both momentum and pressure across IHG’s portfolio.

U.S. RevPAR Slips Despite Strong Start. IHG’s U.S. revenue per available room (RevPAR) fell 0.9% in the second quarter, reversing the 3.5% growth seen in Q1 and bringing first-half growth to just 1.2%. Executives blamed the downturn on shifting holiday calendars and broader macroeconomic headwinds.

Executives attributed the softness to shifting holidays and broader macroeconomic developments, but pointed to positive shifts.

“We believe we’re past the peak of th