Chinese hotel group H World said its revenue increased 7.8% year-over-year to RMB6.0 billion (about USD825 million) in the fourth quarter of 2024. Annual revenue was up by 9.2% year-over-year to RMB23.9 billion (about USD3.3 billion) for 2024.
Net income attributable to H World Group Limited was RMB3.0 billion (about USD418 million) for the full year of 2024, compared with RMB4.1 billion for the full year of 2023. The year-over-year decline was mainly attributable to the foreign exchange loss, DH’s one-off restructuring costs, as well as the rise in withholding tax in 2024.
Jin Hui, CEO of H World commented: “In 2024, H World achieved the 10,000-hotel milestone, and continued our fast network expansion in China. In the year of 2024, Legacy-Huazhu opened over 2,400 new hotels, far exceeding our initial target of 1,800 hotels, supported by our strong brand reputation and excellent product quality. While Legacy-Huazhu’s full-year RevPAR declined slightly year-over-year from a high base last year, Legacy-Huazhu maintained a high occupancy rate of 81.2%, which we believe is encouraging given the speed of our network expansion. Looking ahead, we will continue to carry out our asset-light strategy, pursue high-quality hotel network growth, strengthen brand positioning and ‘service-excellence’, and enhance sales capability centered around our H Reward membership program.”
“Regarding our business outside China, our Legacy-DH business recorded a 5.9% year-over-year RevPAR increase in 2024. Looking into 2025, we will continue to enhance our hotel operations, focus on cost reduction and efficiency improvement, and continue developing the asset light portfolio.”
