Hotel and betting company Hilton Group is only cautiously optimistic about its hotels business despite recording a 106% increase in group profit in the four months to 30 April.
Chief executive David Michels said that although the profit growth was encouraging, it had to be put in context.
Hotels last year were reeling from the effects of the Sars outbreak and the war in Iraq, he said, so the group "had to improve or there would be something wrong".
All of Hilton's hotel markets, apart from its Scandic brand, recorded increases in revenue per available room (revpar) during the period. The Middle East led the way with a 28.5% hike.
In the UK, London recorded a 17% increase in revpar. Outside the capital, revpar was up by 3%.
Michels said the group remained "positively uncertain" of the future for its hotels division, but added that more than half of the world was now recording increases in hotel occupancy, a trend which he hoped would continue.