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HONG KONG, July 26, 2023 - (ACN Newswire) - H World Group Limited ("H World" or "the Group", NASDAQ: HTHT and HKEX: 1179) announced its preliminary results for hotel operations in the second quarter ended 30 June 2023 ("Q2 2023").
As of 30 June 2023, H World operates 8,750 hotels with 844,417 rooms in 18 different countries. For the Legacy-Huazhu business, the RevPAR recovered significantly to 121% of the 2019 level, benefiting from the strong recovery of demand for domestic travel. The RevPAR in April, May and June 2023 recovered to 127%, 115% and 123% of the 2019 levels, respectively. The hotel closures were mainly attributed to closures that were carried over due to the impact of COVID-19, and continuous efforts to eliminate lower-quality and underperforming economy hotels. Legacy-Huazhu opened 374 new hotels, broadly in line with growth expectations. Meanwhile, Legacy-Huazhu maintained strong growth in new hotel signings, reaching over 1,000 new hotels during this quarter, reflecting franchisees' rising confidence level.
Steigenberger Hotels GmbH and its subsidiaries ("DH" or "Legacy-DH"), driven by an increase in the ADR, recorded restorative growth in Q2 2023, with RevPAR having recovered to 111% of the 2019 level.
As a leading player in the hotel industry, H World has maintained a steady momentum of growth as it continues to seek certainty in a market full of uncertainties. The Group has been adhering to a sustainable quality growth strategy and has continued to expand its hotel network through its anchor brands in the economy and midscale segments. Moreover, its multi-brand strategy in the upper midscale segment has also experienced the same boost in growth. Through the continued upgrades made to the platform's organization and digital operation systems, better products and services were consistently made to its customers and franchisees, leading the hotel industry to experience new vitality. In addition, H World continues to fulfill its social responsibility as an industry leader and to create value in the areas of sustainable development, social welfare and talent cultivation, to create sustainable and high-quality growth for investors and the entire ecosystem and bring long-term stable returns to shareholders.
About H World Group Limited:
Originated in China, 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, 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 region.
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.
For more information, please visit H World's website: https://ir.hworld.com.
Topic: Press release summary
Source: H World Group
Sectors: Daily Finance, Hospitality
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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