(Reuters) -Marriott International Inc's fourth-quarter results topped Wall Street estimates, as increasing vaccination rates and holiday-season traffic boosted occupancy rates across its hotels, sending the company's shares up over 3% in premarket trade.
Rising vaccination rates worldwide have given the pandemic-battered hotel industry some space to breathe, with customers returning to the comforts of luxury stays during the holiday season.
The world's largest hotel chain has benefited from the reopening of international borders and leniency in travel restrictions, especially in its prime North America and Europe markets.
The company's revenue more than doubled to $4.45 billion in three months ended Dec. 31, beating analyst estimates of $3.99 billion.
"Each of our regions saw meaningful continued RevPAR (revenue per available room) recovery in the fourth quarter compared to the third quarter, with the exception of Greater China, where recovery stalled due to their zero COVID policy," Chief Executive Officer Anthony Capuano said.
Capuano added that new bookings across customer segments had rebounded to pre-Omicron levels despite a setback in January, and that he was optimistic about global travel demand recovery throughout 2022.
Occupancy in the JW Marriott and Ritz-Carlton owner's key U.S. and Canada region stood at 60% in the fourth quarter, compared with 35.1% a year earlier.
The company reported quarterly adjusted net income per share of $1.30, topping analyst estimates of $1.00 per share.