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.

(H World is the member of IMTA)

Editor Ⅰ: Zhang Wenwen

Editor Ⅱ: Wu Dan

Editor Ⅲ: Liu Guosong