Shanghai-headquartered hotel giant H World Group announced its fourth quarter and full year of 2023.
Hotel turnover increased 55.0% year-over-year to RMB20.4 billion in the fourth quarter of 2023. Excluding Steigenberger Hotels GmbH and its subsidiaries (“DH”, or “Legacy-DH”), hotel turnover increased 60.6% year-over-year in the fourth quarter of 2023 and increased 65.9% year-over-year for the full year of 2023.
Revenue increased 50.7% year-over-year to RMB5.6 billion (US$786 million) in the fourth quarter of 2023.Revenue from the Legacy-Huazhu segment in the fourth quarter of 2023 was RMB4.4 billion, which increased 59.0% year-over-year.
Net income attributable to H World Group from the Legacy-Huazhu segment was RMB827 million in the fourth quarter of 2023.
Net income attributable to H World Group was RMB743 million (US$105 million) in the fourth quarter of 2023. Net income attributable to H World Group was RMB4.1 billion (US$575 million) for the full year of 2023.
Cash, cash equivalents and restricted cash. As of December 31, 2023, the Company had a total balance of cash and cash equivalents of RMB6.9 billion (US$978 million) and restricted cash of RMB764 million (US$108 million).
For the first quarter of 2024, H World expects its revenue growth to be in the range of 12%-16% compared to the first quarter of 2023, or in the range of 11%-15% excluding DH.
For the full year of 2024, H World expects revenue growth to be in the range of 8%-12% compared to the full year of 2023, or in the range of 8%-12% excluding DH. For the full year of 2024, H World expects to open around 1,800 hotels and close around 650 hotels. The above forecast reflects the Company’s current and preliminary view, which is subject to change.
