Hilton Worldwide Holdings has topped analyst estimates for quarterly revenue and profit yesterday as high vaccination rates and the holidays boosted occupancy rates for hotels.
Hotel occupancy rates to near pre-pandemic levels have meant that hospitality companies have benefited from higher travel demand during the fourth quarter.
Hilton reported a rise in occupancy rate from 20.7 per cent to 61.3 per cent and a comparable RevPAR (revenue per available room) of $84.14 for the fourth quarter.
Peer Marriott International also topped quarterly estimates by analysts, with occupancy rates in the U.S and Canada rising from 35.1 per cent to 60 per cent over the course of a year.
Hilton’s level of occupancy across the US and Canada nearly tripled to 63.3 per cent in the quarter.
According to Reuters, the CEO of Hilton, Christopher Nassetta, said he is confident about the Hotel’s recovery across segments in 2022, despite the short-term impacts of the Omicron and Delta variant last year.
Hilton reported net income attributable to shareholders of USD$147 million (AUD$204,338,379) for the quarter at the end of last year, compared to a net loss of USD$224 million (AUD$311,372,768) a year earlier.
Reuters reported that, excluding items, Hilton earned 72 per share compared to Refinitv IBES estimates of 70 cents per share. Fourth-quarter revenue nearly doubled to $1.84 billion (AUD$2,557,704,880) compared to estimates of $1.83 billion (AUD$2,543,804,310).