Chinese hotel giant H World said its revenue increased 53.6% year-over-year to RMB 6.3 billion (USD 861 million) in the third quarter of 2023, surpassing the revenue guidance previously announced of a 43% to 47% increase compared to the third quarter of 2022.
Net income was RMB 1.3 billion (US$183 million) in the third quarter of 2023, compared with a net loss attributable to H World Group Limited of RMB717 million in the third quarter of 2022.
For Legacy-Huazhu, the mostly domestic hotel business, RevPAR was RMB 278 in the third quarter of 2023, compared with RMB 193 in the third quarter of 2022. Occupancy rate was 85.9% in the third quarter of 2023, compared with 76.0% last year.
For Legacy-DH, the international branch of H World, RevPAR was EUR 79 in the third quarter of 2023, compared with EUR 75 in the third quarter of 2022. Occupancy rate was 69.0% in the third quarter of 2023, compared with 66.1% in the third quarter of 2022.
A total of 9,157 hotels or 885,756 hotel rooms in operation as of September 30, 2023.
For the fourth quarter of 2023, H World expects its revenue growth to be in the range of 41%-45% compared to the fourth quarter of 2022, or in the range of 48%-52% excluding DH.
