(Reuters) – Airbnb Inc.’s quarterly revenue surpassed Wall Street estimates. The short-term rental company for homes said Thursday that a recovery in global travel, due to rising vaccination rates over the past three months, would lead to growth in 2022.

The volume of international travel queries has been increasing as more countries (including the United States) ease up on pandemic restrictions that apply to fully vaccinated travellers.

Airbnb has seen a rise in interest since the start of last year, when it suffered a sharp drop in sales. This was due to domestic tourists who wanted homes far from their cities. The company now anticipates that cross-border travel will further increase its revenues.

The company released a statement saying that they are experiencing a recovery in cross-border and longer-distance travel. Domestic and short-distance travel continues to rise in popularity than in 2019.

Vacation rental reported that North America was leading the recovery, followed by Europe and Europe. This is due to higher average daily rates. The third quarter saw an increase of 15%, to $149 from the previous year.

Airbnb stated that the number of nights booked for Thanksgiving Week in America was 40% more than the same time in 2019 as September 30.

The pandemic has caused a steady rise in lodging industry mix. Analysts anticipate Airbnb to continue growing in the alternative accommodation market. It currently holds more than half of all global online travel agent’s share.

The third quarter saw gross bookings rise 48.8%, to $11.9 billion. It fell short of market expectations at $12.23 billion.

Revenue increased 66.7%, to $2.24 Billion. This beats estimates of $2.05 Billion. Nearly four times the revenue was generated by net income, $833.9million, compared to a previous year.

Airbnb projects fourth-quarter revenues between $1.39 and $1.48 Billion. According to data from Refinitiv, analysts estimated an average of $1.44 trillion.