{"id":23526,"date":"2023-11-24T13:14:00","date_gmt":"2023-11-24T13:14:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4277038_HK77038_0"},"modified":"2023-11-24T13:14:00","modified_gmt":"2023-11-24T13:14:00","slug":"h-world-announces-q3-financial-results-continuous-revenue-growth-exceeds-guidance-legacy-huazhus-revpar-hits-a-new-high","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=23526","title":{"rendered":"H World Announces Q3 Financial Results, Continuous Revenue Growth Exceeds Guidance Legacy-Huazhu’s RevPAR Hits a New High"},"content":{"rendered":"\n

SINGAPORE<\/span> and SHANGHAI<\/span><\/span>, Nov. 24, 2023<\/span><\/span> \/PRNewswire\/ — H World Group Limited <\/b>("H World<\/b>" or "the<\/b> Group", NASDAQ: HTHT and HKEX: 1179<\/b>) announced its unaudited financial results in the third quarter ended September 30, 2023<\/span>.<\/p>\n

\n

\"JI <\/a>
JI Hotel 5.0 Lobby<\/span><\/p>\n<\/p><\/div>\n

Year-on-Year Revenue Surges Over 53%, Continues to Exceed Guidance<\/b><\/p>\n

Relying on sophisticated and efficient regional headquarters to rapidly expand the hotel network, gradually reaching resilient low-tier cities, H World consistently maintains a leading position in the limited-service market through high-quality products. Meanwhile, the Group continues to refine its upper-midscale segment development to enhance market share and achieved relatively robust development in the third quarter. Revenue was RMB6.3 billion<\/span> (US$861 million<\/span>) in the third quarter of 2023, representing a 53.6% year-over-year increase and a 13.7% sequential increase. Revenue from the Legacy-Huazhu (refers to H World’s business in China<\/span>) segment was RMB5.1 billion<\/span>, representing a 61.8% year-over-year increase and a 17.6% sequential increase. Revenue from the DH segment was RMB1.2 billion<\/span>, representing a 26.1% year-over-year increase. The revenue growth for both the Group and Legacy-Huazhu exceeded the revenue guidance previously announced. The Group’s hotel turnover increased 55.1% year-over-year to RMB23.5 billion<\/span>. Excluding DH, hotel turnover increased 59.2% year-over-year in the third quarter of 2023. Net income attributable to the Group was RMB1.3 billion<\/span> (US$183 million<\/span>), compared with RMB1.0 billion<\/span> in the previous quarter. EBITDA (non-GAAP) in the third quarter of 2023 was RMB2.1 billion<\/span> (US$293 million<\/span>), compared with RMB1.7 billion<\/span> in the previous quarter.<\/p>\n

Focusing on Economy and Midscale Brands, Deepening Limited-Service Hotels to Meet Market Demand<\/b><\/p>\n

As of September 30, 2023<\/span>, H World’s worldwide hotel network in operation totaled 9,157 hotels and 885,756 rooms, including 129 hotels from DH. Among them, H World operates 5,007 economy hotels, accounting for 54.7%, and 3,329 midscale hotels, accounting for 36.4%. The Group is accelerating product iteration and structural upgrades, solidifying core business development, and driving brand growth with high quality. Meanwhile, the number of new openings by Legacy-Huazhu continues to accelerate. During the third quarter of 2023, Legacy-Huazhu opened 545 hotels, including 4 leased and owned hotels, and 541 manachised and franchised hotels. H World seizes diverse accommodation needs, continuously offering cost-effective and high-quality lodging products to further meet the extensive demands. Additionally, as of September 30, 2023<\/span>, H World had a total of 2,970 unopened hotels in the pipeline, including 2,935 hotels from the Legacy-Huazhu and 35 hotels from the DH. The robust project pipeline reflects H World’s leadership strength and its determination for continued expansion, contributing to a steady growth momentum.<\/p>\n

Impressive Performance in Legacy-Huazhu: RevPAR Recovers to 129% of 2019 Levels<\/b><\/p>\n

In the third quarter of 2023, driven by OCC and ADR, the Group’s blended RevPAR continued to grow. Among them, Legacy-Huazhu’s ADR was RMB324<\/span> in the third quarter of 2023, compared with RMB254<\/span> in the third quarter of 2022, RMB305<\/span> in the previous quarter, and RMB245<\/span> in the third quarter of 2019. The OCC for all the Legacy-Huazhu hotels in operation was 85.9%, with a year-on-year growth increase of 9.8 percentage points. The blended RevPAR was RMB278<\/span>, recovered to 129% of the Q3 2019 level. Breaking down into monthly numbers, the RevPAR in July, August and September 2023<\/span> recovered to 132%, 128% and 128% of the 2019 levels, respectively. For DH, the ADR was EUR114<\/span>, and the OCC for all DH hotels in operation was 69.0%. Blended RevPAR increased to EUR79<\/span>.<\/p>\n

As a leading player in the hotel industry in China<\/span> and one of the fastest-growing hotel groups in the world, H World focuses on economy and midscale as the core products to serve the mass market, implements a strategy to further develop the upper-midscale segment to enrich its product structure, and achieves rapid expansion through an efficient management and franchise model. Jin Hui<\/span>, CEO of H World commented: "We continue to outperform the China<\/span> lodging industry, delivering robust operational results. We are pleased to report another quarter of strong RevPAR recovery in China<\/span>, supported by China’s<\/span> summer holiday travel season as well as continuous business travel recovery. Our ADR growth reflected a combination of product mix change and product upgrades, which should continue to support our ADR in the future." Driven by the recovery of the industry and the peak travel season, H World continues to increase its pipeline projects, accelerate hotel expansion and signing processes, and gain momentum in RevPAR growth through ongoing brand and service upgrades.<\/p>\n

About H World Group Limited:
<\/u><\/b>Originated in China<\/span>, H World Group Limited is a key player in the global hotel industry. H World’s brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House<\/span>, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China<\/span> region.<\/p>\n

H World’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels.<\/p>\n

For more information, please visit H World’s website: https:\/\/ir.hworld.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

SINGAPORE and SHANGHAI, Nov. 24, 2023 \/PRNewswire\/ — H World Group Limited ("H World" or "the Group", NASDAQ: HTHT and HKEX: 1179) announced its unaudited financial results in the third quarter ended September 30, 2023. JI Hotel 5.0 Lobby Year-on-Year Revenue Surges Over 53%, Continues to Exceed Guidance Relying on sophisticated and efficient regional headquarters […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-23526","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nH World Announces Q3 Financial Results, Continuous Revenue Growth Exceeds Guidance Legacy-Huazhu's RevPAR Hits a New High - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=23526\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"H World Announces Q3 Financial Results, Continuous Revenue Growth Exceeds Guidance Legacy-Huazhu's RevPAR Hits a New High - My Blog\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE and SHANGHAI, Nov. 24, 2023 \/PRNewswire\/ — H World Group Limited ("H World" or "the Group", NASDAQ: HTHT and HKEX: 1179) announced its unaudited financial results in the third quarter ended September 30, 2023. 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