H World's 2024 Q3 Performance: Growth, Globalization, and Strategic Adaptation
H World's revenue increased by 2.4% year-over-year (YoY) to RMB6.4 billion, with the Legacy-Huazhu segment contributing a 1.0% YoY growth. The Legacy-DH segment, which includes Steigenberger Hotels & Resorts, saw an 8.9% YoY increase in revenue. This balanced performance underscores the company's diversified business approach.
The company's global footprint expanded to 10,845 hotels and 1,062,546 rooms, marking a 9% increase in hotels and a 16% increase in rooms compared to Q3 2023. This growth was driven by the Legacy-Huazhu segment, which opened 774 hotels during the quarter. H World's strategic focus on expansion has enabled it to capture a larger market share and attract top talent in the global hotel industry.
H World's acquisition of Steigenberger in 2021 has significantly contributed to its global expansion strategy. As of December 31, 2023, the company operated 138 hotels and 27,687 rooms from the Legacy-DH segment. This acquisition expanded H World's global footprint, particularly in Europe, and added luxury and upscale brands like IntercityHotel and Jaz in the City to its portfolio.
H World's diverse business models have enabled its sustained growth and market leadership. As of 2023, 11% of its hotel rooms were operated under the lease and ownership model, while 89% were under manachise and franchise models. This balanced approach has allowed H World to expand its global hotel network while maintaining high standards and fostering brand recognition.
The company's strategic focus on applying a consistent standard across all its hotels has enabled sustainability and scalability. By maintaining consistent quality and service levels, H World can attract a wider customer base, fostering brand loyalty and increasing market penetration. This consistency also facilitates standardized training and support for franchisees, reducing operational costs and enhancing overall performance.
In conclusion, H World's 2024 Q3 financial results highlight the company's continued growth, strategic adaptability, and commitment to expansion. Its diversified business models, focus on consistent standards, and effective management of acquired brands have positioned H World as a key player in the global hotel industry. As the company continues to evolve and adapt to market trends, investors can expect a resilient and growth-oriented performance.
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