Hyatt Hotels CEO Mark Hoplamazian said on CNBC on Thursday that he is bullish on a recovery in the hotel industry, driven by leisure travel, as Covid-19 vaccines become more widely available.

While bookings will continue to face headwinds over the next few months, more consumers will be confident and ready to take trips, he said in an appearance on "Closing Bell."

"We see that there's a clear path to recovery from here," Hoplamazian said. "I am optimistic that travel will fully recover."

The hotel industry was devastated in 2020 after both business and leisure travel plummeted, in addition to international travel restrictions put in place to fight the spread of coronavirus.

Net bookings have steadily increased since the start of 2021 and occupancy rates industrywide are showing signs of rebounding. The industry occupancy rate in the last week of February was just below 50%, up from a trough of 22% in April of last year, he noted.

More in category

Biden says he is 'prepared to compromise' on $2.25T spending plan
April 19, 2021FOX Business
Biden says he is 'prepared to compromise' on $2.25T spending plan
Bitcoin’s nosedive: What happened and what’s ahead?
April 19, 2021FOX Business
Bitcoin’s nosedive: What happened and what’s ahead?
United reports fifth consecutive quarterly loss
April 19, 2021CNBC
United reports fifth consecutive quarterly loss
Oil prices went negative a year ago: Here’s what traders have learned since
April 19, 2021MarketWatch
Oil prices went negative a year ago: Here’s what traders have learned since
IBM surprises with revenue gain, and stock rallies
April 19, 2021MarketWatch
IBM surprises with revenue gain, and stock rallies
Why it may still be early days for the stock-market reflation trade
April 19, 2021MarketWatch
Why it may still be early days for the stock-market reflation trade
Coinbase CEO Brian Armstrong raised more than $290 million with share sales, and Fred Ehrsam raised nearly $112 million
April 19, 2021MarketWatch
Coinbase CEO Brian Armstrong raised more than $290 million with share sales, and Fred Ehrsam raised nearly $112 million
Opinion: What does a strong reaction to a COVID-19 vaccine mean?
April 19, 2021MarketWatch
Opinion: What does a strong reaction to a COVID-19 vaccine mean?
Lawsuits against Robinhood in the GameStop saga are getting their day in court — but there’s one big snag
April 18, 2021MarketWatch
Lawsuits against Robinhood in the GameStop saga are getting their day in court — but there’s one big snag
Young, healthy adults will be deliberately reinfected with COVID-19 to boost vaccine development
April 19, 2021MarketWatch
Young, healthy adults will be deliberately reinfected with COVID-19 to boost vaccine development
What we know about COVID vaccine side effects in women
April 18, 2021MarketWatch
What we know about COVID vaccine side effects in women
Forget bitcoin’s weekend slump. Watch these 2 key levels for what happens next, strategist says.
April 19, 2021MarketWatch
Forget bitcoin’s weekend slump. Watch these 2 key levels for what happens next, strategist says.
The pandemic may have permanently altered Apple’s path
April 16, 2021MarketWatch
The pandemic may have permanently altered Apple’s path
Opinion: Tech’s COVID-19 boom won’t last forever, but it’s not going to end just yet
April 16, 2021MarketWatch
Opinion: Tech’s COVID-19 boom won’t last forever, but it’s not going to end just yet
Opinion: The Dow and the Nasdaq are diverging. Why that’s honey for stock market bears
April 16, 2021MarketWatch
Opinion: The Dow and the Nasdaq are diverging. Why that’s honey for stock market bears
Petition calls for Amazon to accept Dogecoin after its price surge
April 19, 2021FOX Business
Petition calls for Amazon to accept Dogecoin after its price surge
Biden prepping taxes on wealthy Americans as part of next spending bill
April 19, 2021FOX Business
Biden prepping taxes on wealthy Americans as part of next spending bill
MLB seeing record-high streaming viewership despite All-Star Game backlash
April 19, 2021CNBC
MLB seeing record-high streaming viewership despite All-Star Game backlash
Opinion: 5 things this index pioneer wants you to know about today’s investing challenges
April 15, 2021MarketWatch
Opinion: 5 things this index pioneer wants you to know about today’s investing challenges
NYC restaurant owner can't find reliable workers due to government handouts
April 19, 2021FOX Business
NYC restaurant owner can't find reliable workers due to government handouts
J&J vaccine manufacturing halted at US plant that had contamination issue
April 19, 2021FOX Business
J&J vaccine manufacturing halted at US plant that had contamination issue