H World Group Reports Fourth Quarter and 2024 Full-Year Financial Results
H World Group (NASDAQ: HTHT) reported strong growth in Q4 and full-year 2024, with quarterly revenue up 7.8% Y-o-Y to RMB6.0 billion (US$825 million) and annual revenue increasing 9.2% Y-o-Y to RMB23.9 billion (US$3.3 billion). The company achieved significant network expansion with 2,442 new hotel openings in 2024, reaching 11,147 total hotels and maintaining 3,013 hotels in pipeline.
Q4 adjusted EBITDA reached US$171 million (+10.3% Y-o-Y), while full-year adjusted EBITDA grew to US$935 million (+8.8% Y-o-Y). Legacy-Huazhu maintained a high occupancy rate of 81.2%, while Legacy-DH business recorded a 5.9% Y-o-Y RevPAR increase. The company expanded its upper-mid scale segment with 231 new hotels and has 526 such properties in pipeline.
H Rewards membership grew to 267 million, with central reservation systems contributing to almost two-thirds of bookings. The company returned approximately US$767 million to shareholders through dividends and share repurchases in 2024.
H World Group (NASDAQ: HTHT) ha riportato una forte crescita nel quarto trimestre e per l'intero anno 2024, con ricavi trimestrali in aumento del 7,8% rispetto all'anno precedente, raggiungendo RMB6,0 miliardi (825 milioni di dollari USA) e ricavi annuali in crescita del 9,2% rispetto all'anno precedente, arrivando a RMB23,9 miliardi (3,3 miliardi di dollari USA). L'azienda ha ottenuto un'espansione significativa della rete con 2.442 nuove aperture di hotel nel 2024, raggiungendo un totale di 11.147 hotel e mantenendo 3.013 hotel in fase di sviluppo.
L'EBITDA rettificato del quarto trimestre ha raggiunto 171 milioni di dollari USA (+10,3% rispetto all'anno precedente), mentre l'EBITDA rettificato dell'intero anno è cresciuto a 935 milioni di dollari USA (+8,8% rispetto all'anno precedente). Legacy-Huazhu ha mantenuto un'alta percentuale di occupazione dell'81,2%, mentre il business Legacy-DH ha registrato un aumento del RevPAR del 5,9% rispetto all'anno precedente. L'azienda ha ampliato il suo segmento upper-mid scale con 231 nuovi hotel e ha 526 proprietà di questo tipo in fase di sviluppo.
Il programma di membership H Rewards è cresciuto fino a 267 milioni, con i sistemi di prenotazione centralizzati che contribuiscono a quasi due terzi delle prenotazioni. L'azienda ha restituito circa 767 milioni di dollari USA agli azionisti attraverso dividendi e riacquisti di azioni nel 2024.
H World Group (NASDAQ: HTHT) reportó un fuerte crecimiento en el cuarto trimestre y en todo el año 2024, con ingresos trimestrales que aumentaron un 7,8% interanual, alcanzando RMB6,0 mil millones (825 millones de dólares estadounidenses) y un aumento del 9,2% interanual en los ingresos anuales, llegando a RMB23,9 mil millones (3,3 mil millones de dólares estadounidenses). La empresa logró una expansión significativa de su red con 2,442 nuevas aperturas de hoteles en 2024, alcanzando un total de 11,147 hoteles y manteniendo 3,013 hoteles en desarrollo.
El EBITDA ajustado del cuarto trimestre alcanzó los 171 millones de dólares estadounidenses (+10,3% interanual), mientras que el EBITDA ajustado del año completo creció a 935 millones de dólares estadounidenses (+8,8% interanual). Legacy-Huazhu mantuvo una alta tasa de ocupación del 81,2%, mientras que el negocio Legacy-DH registró un aumento del RevPAR del 5,9% interanual. La empresa amplió su segmento de gama media alta con 231 nuevos hoteles y tiene 526 propiedades de este tipo en desarrollo.
La membresía H Rewards creció hasta 267 millones, con sistemas de reservas centralizadas que contribuyen a casi dos tercios de las reservas. La empresa devolvió aproximadamente 767 millones de dólares estadounidenses a los accionistas a través de dividendos y recompra de acciones en 2024.
H 월드 그룹 (NASDAQ: HTHT)은 2024년 4분기 및 연간 실적에서 강력한 성장을 보고했으며, 분기 매출은 전년 대비 7.8% 증가한 60억 위안(8억 2500만 달러)에 달하고 연간 매출은 전년 대비 9.2% 증가한 239억 위안(33억 달러)에 도달했습니다. 이 회사는 2024년 2,442개의 신규 호텔 개장으로 네트워크를 크게 확장하여 총 11,147개의 호텔에 도달하고 3,013개의 호텔을 파이프라인에 유지했습니다.
4분기 조정 EBITDA는 1억 7100만 달러(+10.3% 전년 대비)에 도달했으며, 연간 조정 EBITDA는 9억 3500만 달러(+8.8% 전년 대비)로 성장했습니다. Legacy-Huazhu는 81.2%의 높은 점유율을 유지했으며, Legacy-DH 사업은 RevPAR이 전년 대비 5.9% 증가했습니다. 이 회사는 231개의 신규 호텔로 중상급 시장을 확장했으며, 526개의 해당 속성이 파이프라인에 있습니다.
H Rewards 멤버십은 2억 6700만으로 증가했으며, 중앙 예약 시스템이 예약의 거의 3분의 2를 차지하고 있습니다. 이 회사는 2024년에 배당금과 자사주 매입을 통해 주주에게 약 7억 6700만 달러를 반환했습니다.
H World Group (NASDAQ: HTHT) a annoncé une forte croissance au quatrième trimestre et pour l'année entière 2024, avec des revenus trimestriels en hausse de 7,8 % par rapport à l'année précédente, atteignant 6,0 milliards de RMB (825 millions de dollars américains) et des revenus annuels en augmentation de 9,2 % par rapport à l'année précédente, atteignant 23,9 milliards de RMB (3,3 milliards de dollars américains). L'entreprise a réalisé une expansion significative de son réseau avec 2 442 nouvelles ouvertures d'hôtels en 2024, atteignant un total de 11 147 hôtels et maintenant 3 013 hôtels en projet.
Le EBITDA ajusté du quatrième trimestre a atteint 171 millions de dollars américains (+10,3 % par rapport à l'année précédente), tandis que l'EBITDA ajusté de l'année entière a augmenté à 935 millions de dollars américains (+8,8 % par rapport à l'année précédente). Legacy-Huazhu a maintenu un taux d'occupation élevé de 81,2 %, tandis que l'activité Legacy-DH a enregistré une augmentation du RevPAR de 5,9 % par rapport à l'année précédente. L'entreprise a élargi son segment haut de gamme avec 231 nouveaux hôtels et a 526 propriétés de ce type en projet.
La membre H Rewards a atteint 267 millions, avec des systèmes de réservation centralisés contribuant à presque deux tiers des réservations. L'entreprise a retourné environ 767 millions de dollars américains aux actionnaires par le biais de dividendes et de rachats d'actions en 2024.
H World Group (NASDAQ: HTHT) berichtete über ein starkes Wachstum im 4. Quartal und im Gesamtjahr 2024, mit einem Anstieg des vierteljährlichen Umsatzes um 7,8% im Vergleich zum Vorjahr auf 6,0 Milliarden RMB (825 Millionen US-Dollar) und einem Anstieg des Jahresumsatzes um 9,2% im Vergleich zum Vorjahr auf 23,9 Milliarden RMB (3,3 Milliarden US-Dollar). Das Unternehmen erzielte eine signifikante Netzwerkausweitung mit 2.442 neuen Hotelöffnungen im Jahr 2024, wodurch die Gesamtzahl der Hotels auf 11.147 stieg und 3.013 Hotels in der Pipeline verbleiben.
Das bereinigte EBITDA des 4. Quartals erreichte 171 Millionen US-Dollar (+10,3% im Vergleich zum Vorjahr), während das bereinigte EBITDA für das gesamte Jahr auf 935 Millionen US-Dollar (+8,8% im Vergleich zum Vorjahr) wuchs. Legacy-Huazhu hielt eine hohe Auslastungsrate von 81,2%, während das Geschäft von Legacy-DH einen Anstieg des RevPAR um 5,9% im Vergleich zum Vorjahr verzeichnete. Das Unternehmen erweiterte sein oberes Mittelklasse-Segment mit 231 neuen Hotels und hat 526 solcher Immobilien in der Pipeline.
H Rewards-Mitgliedschaft wuchs auf 267 Millionen, wobei zentrale Reservierungssysteme zu fast zwei Dritteln der Buchungen beitrugen. Das Unternehmen gab im Jahr 2024 etwa 767 Millionen US-Dollar an die Aktionäre in Form von Dividenden und Aktienrückkäufen zurück.
- Record 2,442 new hotel openings in 2024, surpassing target of 1,800
- Q4 adjusted EBITDA up 10.3% Y-o-Y to US$171 million
- Full-year revenue growth of 9.2% to US$3.3 billion
- High occupancy rate maintained at 81.2%
- Significant shareholder returns of US$767 million through dividends and buybacks
- Strong pipeline of 3,013 hotels for future growth
- H Rewards membership reached 267 million
- Legacy-Huazhu's full-year RevPAR declined year-over-year
- Impairment losses and one-off restructuring items impacted quarterly results
Insights
H World's Q4 and 2024 results demonstrate solid momentum across key financial metrics amid an aggressive expansion strategy. The company delivered 7.8% year-over-year revenue growth in Q4 to
The record 2,442 new hotel openings in 2024 substantially exceeded management's initial target of 1,800, bringing the total network to 11,147 properties. This robust pipeline of 3,013 additional hotels in development portends continued growth momentum. The maintained 81.2% occupancy rate is particularly noteworthy given the pace of network expansion, as new properties typically experience a ramp-up period before reaching stabilized performance.
The $767 million returned to shareholders through dividends and buybacks represents significant capital allocation to investor returns while continuing to fund growth. This balanced approach suggests management confidence in sustainable free cash flow generation. The company's focus on high-margin, fee-based revenue through its asset-light model appears to be yielding positive results as evidenced by the EBITDA outperformance.
The strategic emphasis on upper-midscale segment expansion with 231 new properties and 526 more in pipeline (32% increase year-over-year) indicates a deliberate move toward higher-yielding properties. Meanwhile, the growth in H Rewards membership to 267 million and the 4% increase in central reservation system contribution represent meaningful progress in building direct booking channels, which typically carry higher margins than OTA-sourced bookings.
H World's execution against its multi-brand expansion strategy exhibits exceptional operational discipline in a competitive lodging environment. The ability to open 2,442 new hotels—averaging nearly 7 properties daily—while maintaining an 81.2% occupancy rate reflects sophisticated operational infrastructure and brand strength. Though Legacy-Huazhu's RevPAR declined slightly, this represents a natural consequence of network dilution from new property ramp-ups rather than fundamental demand weakness.
The company's dual-market approach continues to show promise with Legacy-DH's 5.9% RevPAR improvement in markets outside China providing geographic diversification. The pipeline composition is particularly telling: the 32% increase in upper-midscale development signals a strategic upward shift in the portfolio mix to capture higher-spending travelers. This segment typically delivers superior margins once stabilized, though requires more intensive initial marketing support.
The digital ecosystem continues to strengthen with central reservation system bookings now comprising nearly two-thirds of total volume. This 4% year-over-year increase in direct booking penetration represents significant progress in reducing customer acquisition costs. The 267 million members in H Rewards provides not only a proprietary marketing channel but also valuable customer data for personalization and dynamic pricing optimization.
While not explicitly quantified, the mention of "impairment losses and one-off restructuring items" suggests ongoing portfolio optimization, likely pruning underperforming assets while reallocating capital to higher-growth opportunities. This disciplined asset management approach, combined with the continued shift toward an asset-light model, should support further margin expansion. The upper-midscale push with brands like Crystal Orange Hotel and Intercity Hotel positions H World to capture the growing premium travel segment while maintaining its dominance in economy and midscale categories.
Accelerated network expansion, asset-light revenue growth, and rising membership and CRS contribution underscore long-term momentum
Highlights
- Fourth quarter revenue increased
7.8% Y-o-Y toRMB6.0 billion (US )$825 million - 2024 full year revenue increased
9.2% Y-o-Y toRMB23.9 billion (US )$3.3 billion - Fourth quarter adjusted EBITDA1 totaled
RMB1.2 billion (US 2)$171 million - 2024 full year adjusted EBITDA totaled
RMB6.8 billion (US )$935 million - A record 2,442 new hotel openings in 2024, reaching a total of 11,147 hotels as of year end
- 3013 hotels in the pipeline as of year end
- The Group returned approx.
US to shareholders through cash dividends and share repurchases in 2024$767 million
The Company continued its significant network expansion, deepening its presence in the Chinese market and expanding its global footprint.
Jin Hui, CEO of H World said "In 2024, H World achieved the 10,000-hotel milestone, while continuing our rapid fast network expansion in
"Regarding our business outside
EBITDA performance during the period demonstrated underlying profitability of the business, supported by continued growth in high-margin, fee-based revenue. Despite the impact of impairment losses and one-off restructuring items, fourth quarter adjusted EBITDA totaled
The Group continued to enhance its diverse portfolio to meet shifting needs of travelers in key markets. In 2024 H World added 231 new hotels in the upper-mid scale segment, under brands such as Crystal Orange Hotel, Intercity Hotel, Maxx by Steigenberger and Manxin Hotel. There are 526 upper-midscale hotels in the pipeline, a
Loyalty engagement continued to grow, with H Rewards membership rising to 267 million. Contribution from central reservation systems increased
Looking ahead, H World Group remains focused on high-quality, disciplined growth. With a robust development pipeline, continued upgrades of products and direct sales capabilities, the Group is positioned to drive long-term value and deliver consistent, sustainable performance.
For the full release visit: https://ir.hworld.com/news-releases/news-release-details/h-world-group-limited-reports-fourth-quarter-and-full-year-2024
- Adjusted EBITDA excludes foreign exchange (gain) loss, net (gain) loss on disposal of investments, (gains) losses from fair value changes of equity securities and share-based compensation expenses.
- The conversion of Renminbi ("RMB") into
United States dollars ("US$") is based on the exchange rate ofUS =$1.00 RMB7.2993 on December 31, 2024, as set forth in H.10 statistical release of theU.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
About H World Group Limited
Originated in
For more information, please visit H World's website: https://ir.hworld.com.
H World undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
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SOURCE H World Group