Hilton earns consistent revenue from the business travel sector

Hilton Worldwide's profits topped pre-Covid levels for the first time since the outbreak began.

The prestigious hospitality player reported a net profit of $346 million for the fiscal quarter ending in September, while RevPAR increased by 29.9% compared to the same period last year when it accounted for $240 million.

According to Christopher Nassetta, the group’s CEO and president, the figures represent an ‘important milestone’ in the acceleration of the company’s post-pandemic recovery process. Moreover, he added:

“Improved performance reflected the continued strength in leisure travel, as well as recovering business transient and group demand. We expect these strong trends to continue throughout the fourth quarter with system-wide RevPAR once again exceeding prior peaks.”

An occupancy rate of 77.4 percent in the third quarter (up from 18.5 percent the previous year) was reported for the hotelier’s properties in Europe. The daily rate also increased to $159.10, 45.9 percent more if considering year-to-year increases, as RevPAR reached $123.15.

The Hilton network currently operates 416.000 rooms; 19.900 more are scheduled for development. According to forecasts, the group’s net profit for this year will account for $1.219-$1.24 billion.

 

Source: businesstravelnewseurope.com