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H World Group Reports Fourth Quarter and 2024 Full-Year Financial Results
The Company continued its significant network expansion, deepening its presence in the Chinese market and expanding its global footprint.
Jin Hui, CEO of H World said "In 2024, H World achieved the 10,000-hotel milestone, while continuing our rapid fast network expansion in China. In the year of 2024, Legacy- Huazhu3 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 the previous 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 implement our asset-light strategy, pursue high-quality hotel network growth, strengthen brand positioning, and enhance sales capability centered around our H Reward membership program."
"Regarding our business outside China, our Legacy-DH4 business recorded a 5.9% year- on-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."
EBITDA performance during the period demonstrated underlying profitability of the business, supported by continued growth in high-margin, fee-based revenue. Despite the impact of impairment losses and one-off restructuring items, fourth quarter adjusted EBITDA totaled US$171 million, up 10.3% year-over-year. Full year adjusted EBITDA totaled US$935 million, an increase of 8.8% year-over-year.
The Group continued to enhance its diverse portfolio to meet shifting needs of travelers in key markets. In 2024 H World added 231 new hotels in the upper-mid scale segment, under brands such as Crystal Orange Hotel, Intercity Hotel, Maxx by Steigenberger and Manxin Hotel. There are 526 upper-midscale hotels in the pipeline, a 32% increase over 2023.
Loyalty engagement continued to grow, with H Rewards membership rising to 267 million. Contribution from central reservation systems increased 4% year-over-year to almost two thirds of all bookings, reflecting the growing appeal of the H Rewards program and the company's digital innovations. New mobile features, dynamic pricing capabilities, and personalized booking experiences have further strengthened guest engagement and boosted direct booking conversion.
Looking ahead, H World Group remains focused on high-quality, disciplined growth. With a robust development pipeline, continued upgrades of products and direct sales capabilities, the Group is positioned to drive long-term value and deliver consistent, sustainable performance.
For the full release visit: https://ir.hworld.com/news-releases/news-release-details/h-world-group-limited-reports-fourth-quarter-and-full-year-2024
Adjusted EBITDA excludes foreign exchange (gain) loss, net (gain) loss on disposal of investments, (gains) losses from fair value changes of equity securities and share-based compensation expenses.
The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.2993 on December 31, 2024, as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
Legacy-Huazhu refers to H World and its subsidiaries, excluding Steigenberger Hotels GmbH and its subsidiaries
Legacy-DH refers to Steigenberger Hotels GmbH and its subsidiaries
Image Credit: © H World Group
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