US hotel operator Hilton Worldwide Holdings on Wednesday beat revenue estimates for the third quarter as the easing of pandemic-related restrictions leads to a recovery in travel, particularly leisure travel.
“Leisure travel remained strong and business travel continued to recover in the quarter,” said Christopher Nasserra, Hilton’s chief executive, adding that global tourism is expected to experience a strong recovery in the months and years ahead.
Hoteliers around the world, including Hilton, are seeing occupancy rates at their properties approach pre-pandemic levels amid rising vaccination rates.
However, labour shortages in the US and continued tight restrictions in South East Asia and particularly China continue to weigh on the tourism and hospitality sectors.
In the Asia Pacific region, Hilton’s occupancy rate was 49.5% for the third quarter, down 4.8% from a year ago.
The company reported total spending of $1.31 billion in the quarter, up 42% from the same period last year.
At the same time, RevPAR, or comparable revenue per available room, a key performance measure for the hotel industry, was $90.39 for the quarter, up 98.7% from the same period last year. Hilton’s revenue rose 87.5% this quarter to $1.75 billion, beating estimates of $1.65 billion, according to IBES data from Refinitiv impotenzastop.it.
The company reported net income attributable to shareholders of $241 million, or 86 cents per share, in the latest quarter ended 30 September. The previous year, over the same period, the group’s losses were $79 million, or 29 cents per share.
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