(Reuters) – Hilton Worldwide Holdings Inc posted a 106% rise in fourth-quarter revenue on Wednesday, as higher vaccination rates and a rebound in travel demand during the holiday period boosted occupancy rates at its hotels.
Hotel operators around the globe have benefited from higher travel demand during the fourth quarter as more people checked into hotels during the holiday period, boosting occupancy rates to near pre-pandemic levels.
Hilton reported comparable RevPAR (revenue per available room) of $84.14 for the quarter. The company’s occupancy rates across its hotels stood at 61.3% for the fourth-quarter, compared with 20.7% a year earlier.
The company reported net income attributable to shareholders of $147 million, or 52 cents per share, for the quarter ended Dec. 31, compared to a net loss of $224 million or 81 cents per share, a year earlier.
Peer Marriott International Inc topped analyst estimates for fourth-quarter results on Tuesday, with occupancy rates in its U.S. and Canada region jumping to 60% from 35.1% a year earlier.
Hilton reported quarterly revenue of $1.84 billion, compared with $890 million a year earlier.
(Reporting by Nathan Gomes in Bengaluru; Editing by Vinay Dwivedi)
