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Hilton posts quarterly profit on recovery in leisure travel -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The Hilton hotel logo appears on 52nd Street following the outbreaks of coronavirus diseases (COVID-19), New York City, U.S.A, March 18, 2020. REUTERS/Jeenah Moon

(Reuters) – U.S. hotel operator Hilton Worldwide On Wednesday, Holdings Inc (NYSE:) reported a quarter-quarter profit, compared to a loss a year ago. This was due to the ease of pandemic-imposed restrictions driving a rebound in leisure travel.

Increasing vaccination rates are causing hotel operators all over the globe, including Hilton to see their occupancy rates rise towards pre-pandemic levels.

The U.S. labor shortages and the tighter social regulations in Asia, particularly in China continue to impact the hospitality and tourism sectors.

Hilton recorded a similar RevPAR (a key measure of performance for the hotel industry) of 90.39% for this quarter. The system-wide occupancy was 64.3% in the third quarter, as compared to 42.5% last year.

Hilton’s share price was $0.78, excluding items. Revenue rose by 87.5%, to $1.75 Billion.

In the third quarter ending Sept. 30, net income attributable stockholders was $241 million or 86cs per share. This compares to a net loss in September of $79million or 29c per share a year ago.

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