(Reuters) -Hilton Worldwide Holdings Inc topped analyst expectations for its quarterly profit and revenues on Wednesday. This was due to higher vaccinations as well as a rebound of travel demand over the holiday season, which boosted hotel occupancy.

Higher travel demand in the fourth quarter has benefited hospitality companies all over the world. More people are visiting hotels around holidays, which has boosted occupancy rates to levels similar to pre-pandemic.

Hilton posted a comparable RevPAR of $84.14 in the fourth quarter. This was due to an increase in occupancy rates at its hotels, which rose from 20% to 61.3% a year ago.

Peer Marriott International(NASDAQ:) Inc also surpassed analyst expectations for quarterly results. On Tuesday, occupancy rates in Peer Marriott International’s U.S.-Canada region jumped to 60%, compared with 35.1% a decade earlier.

The quarter saw a nearly threefold increase in Hilton’s U.S.- and Canada regions to 63.3%.

Christopher Nassetta, Hilton’s Chief Executive Officer stated that he is confident in a recovery in all segments by 2022, even though he faces a temporary impact from COVID-19 2021.

According to the company, net income attributable shareholders was $147million, 52 cents per shares, in quarter that ended Dec. 31. It compares with a loss of $224million, or 81cs per share, a full year earlier.

Hilton earned 72c per share exempting certain items, as opposed to Refinitv IBES estimates at 70c per share. Refinitv IBES estimates for fourth quarter revenue of $1.84 billion were nearly twice that of estimates of $1.83 million.