Recently, several foreign hotel groups have disclosed their Q2 2024 financial statements.
Financial report data shows that Marriott International, Inc.，Nasdaq: MAR， Marriott, Hilton Worldwide Holdings Inc. (NYSE: HLT, hereinafter referred to as "Hilton"), Wyndham Hotels&Resorts; RESORTS，NYSE:WH， The operating revenue and net profit of Wyndham in the second quarter of this year both recorded year-on-year growth. Hyatt Hotels Corporation (NYSE: H, hereinafter referred to as "Hyatt") recorded a slight year-on-year decline of 0.12% in operating revenue in the second quarter, but the net profit attributable to the parent company increased by 427.94% year-on-year.
Pengpai News noticed that Hyatt's significant year-on-year increase in net profit during the reporting period was mainly due to the lack of real estate sales and other income recorded in the same period last year, while Hyatt recorded real estate sales and other income of approximately $350 million in the first half of this year.
Photo by Tang Yingying, a journalist from Pengpai News
In addition, according to the 2024 interim report data disclosed by InterContinental Hotels Group PLC (NYSE: IHG), the total revenue of InterContinental Hotels in the first half of this year was approximately $2.322 billion, a year-on-year increase of 4%; Operating profit of approximately 525 million US dollars, a year-on-year decrease of 10%; Adjusted earnings per share were 203.9 cents, a year-on-year increase of 12%.
From the indicators of the accommodation industry, the overall RevPAR (average rentable room revenue), ADR (average daily room rate), and occupancy rate of the global hotels under the above-mentioned foreign hotel groups all recorded year-on-year growth.
Marriott and Hyatt's RevPAR in the second quarter increased by 4.9% and 4.7% year-on-year, respectively.
Marriott International Group President and CEO Anthony Capuano said, "Marriott's Q2 performance was strong, with net room occupancy increasing by 6% year-on-year, global RevPAR growing by nearly 5%, and international RevPAR growing by over 7%. Investors' preference for our brand remains strong
However, it is worth noting that in terms of regions, Marriott, Hyatt, InterContinental, and Wyndham all recorded a year-on-year decrease in RevPAR for hotels in China in the second quarter, with Wyndham China's RevPAR decreasing by 17% year-on-year; The RevPAR of Marriott, Hyatt, and InterContinental hotels in China decreased by 4.6%, 3.2%, and 7% year-on-year, respectively.
Although Hilton did not separately disclose the accommodation industry indicator data for hotels in China, according to its disclosed data for the Asia Pacific region, the RevPAR of hotels in the Asia Pacific region increased by 0.9% year-on-year in the second quarter, the lowest growth rate among all regions.
In terms of daily average room rates, the ADR of Marriott, Hyatt, and InterContinental hotels located in China decreased by 5.9% year-on-year. 4.8% and 0.2%; In addition, the ADR of Hilton hotels located in the Asia Pacific region decreased by 0.2% year-on-year.
In terms of occupancy rate, the growth rate of foreign hotels in China is also the lowest among all regions, and the occupancy rate of InterContinental China hotels even recorded a decline of 1.3 percentage points.
Photo by Tang Yingying, a journalist from Pengpai News
Daniel Aylmer, CEO of InterContinental Hotels Group Greater China, commented on the performance of the Chinese market, saying, "In the first half of the year, we experienced some fluctuations in our performance in China, partly due to a high base in the first half of 2023. In a rapidly developing market environment, such fluctuations are normal. The fundamentals of the Chinese market remain very strong, with the world's largest travel population base, diverse tourism forms, and comprehensive government policy support. We continue to have a positive outlook on long-term development
Although the recovery of cross-border tourism naturally leads some Chinese tourists to choose overseas travel, we believe that this is also a positive signal for the domestic Chinese market, as it indicates that the consumption confidence and ability of Chinese consumers are gradually recovering, which shows the huge potential of the Chinese tourism market. The relevant data from the Ministry of Culture and Tourism this year also confirms our view: during several major holidays this year, the number of domestic tourism trips and total consumption not only exceeded the same period in 2023, but also returned to the same period in 2019. Macro data is highly consistent with the fact that our total revenue in the Chinese market continues to grow, "Emerson pointed out, InterContinental Hotels Group's long-term confidence in the market is also reflected in the solid trust of owners in our brand. In the first half of the year, the number of newly opened hotels in China increased by 49% year-on-year, and the signing volume increased by 38%. The cake is getting bigger and bigger. Therefore, despite various short-term challenges, we will actively adapt to the new development pattern of the Chinese market and continue to cultivate the market with localization strategies and operational models. The prospects of the Chinese market are still bright