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Hilton posts quarterly profit on recovery in leisure travel demand

Credit: REUTERS/© David Mdzinarishvili / Reuter

U.S. hotel operator Hilton Worldwide Holdings Inc reported a quarterly profit on Thursday, compared to a year-ago loss, as easing pandemic-related curbs led to a recovery in leisure travel.

Adds details about quarter

July 29 (Reuters) - U.S. hotel operator Hilton Worldwide Holdings Inc HLT.N reported a quarterly profit on Thursday, compared to a year-ago loss, as easing pandemic-related curbs led to a recovery in leisure travel.

Rising vaccination rates, reopening economies and pent-up travel demand are expected to help hotel operators like Hilton and Marriott International Inc MAR.O reach occupancy rates similar to pre-pandemic levels in the coming quarters.

"While the pace of recovery varies by region, we expect continued strength in leisure demand and further upticks in business travel to drive continued resurgence in the back half of the year", Chief Executive Officer Christopher Nassetta said.

The company reported a 233.8% rise in comparable RevPAR - a key performance measure for the hotel industry - for the quarter.

The company reported net income attributable to Hilton stockholders of $130 million, or 46 cents per share, in the second quarter ended June 30, compared to a net loss of $430 million, or $1.55 per share, a year earlier.

Revenue rose 135.6% to $1.33 billion.

(Reporting by Ashwini Raj in Bengaluru; Editing by Shailesh Kuber)

((Ashwini.Raj@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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