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A Hilton hotel in Batumi, Georgia, on May 2, 2016.David Mdzinarishvili/Reuters

Hilton Worldwide Holdings Inc HLT-N topped analyst estimates for quarterly profit and revenue on Wednesday, as higher vaccinations and a rebound in travel demand during the holiday period boosted occupancy rates at its hotels.

Hospitality companies around the globe have benefited from higher travel demand during the fourth quarter with more people checking 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 fourth quarter, as occupancy rates across its hotels rose to 61.3 per cent from 20.7 per cent a year earlier.

Peer Marriott International Inc MAR-Q also topped analyst estimates for quarterly results on Tuesday, with occupancy rates in its U.S. and Canada region jumping to 60 per cent from 35.1 per cent a year earlier.

Occupancy at Hilton’s U.S. and Canada region nearly tripled to 63.3 per cent in the quarter.

Hilton Chief Executive Officer Christopher Nassetta said he remains confident about a recovery across segments in 2022, despite facing a short-term impact from newer variants of COVID-19 in 2021.

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.

Excluding items, Hilton earned 72 cents per share compared with Refinitv IBES estimates of 70 cents per share, while fourth-quarter revenue nearly doubled to $1.84-billion compared to estimates of $1.83-billion.

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