Host Hotels & Resorts has seen a sharp increase in revenue as the recovery in the hotel sector continues apace despite concerns of a double dip recession elsewhere.
Revenue at the organisation – the largest lodging real estate investment trust in the United States - rose 14 per cent to $1.14 billion in the third financial quarter.
The rise was partly attributed to new properties, with host having acquired 14 hotels since July 2010, contributing revenue of $99 million in the third quarter.
Host owns over 120 properties around the world, with brands including Marriott and Hilton employed to operate them.
Host has benefited from rising corporate and leisure travel over the past two years, particularly for higher-end hotels and resorts.
“While on some level we can appreciate the sentiment which has caused equity valuations in the sector to decline the fundamentals of our business remain attractive,” chief executive Ed Walter told reporters during a conference call earlier.
For the quarter ended September 9th 2011, Host posted a loss of $33 million, or five cents a share, compared with a loss of $58 million, or nine cents, a year earlier.