Huazhu Group recently released its financial report for the third quarter of 2023. The financial report shows that in the third quarter of this year, Huazhu Group's revenue increased by 53.6% year-on-year to 6.3 billion yuan, with a net profit of 1.3 billion yuan.
According to the third quarter financial report of Huazhu Group, there are 9157 hotels in operation worldwide, with 885756 rooms and 2970 hotels to be opened. Among them, there are 9028 operating hotels in China, with 55% being economy level national hotels and 37% being mid-range hotels; There are 2935 hotels to be opened, with 37% being economy level national hotels and 48% being mid-range hotels. While continuously improving the quality of comprehensive hotels, Huazhu Group continues to focus on the limited service field composed of economy and mid-range hotels.
The financial report shows that in the third quarter of this year, the occupancy rate (OCC) of Huazhu China reached 85.9%, compared to 75.6% in the first quarter and 81.8% in the second quarter, achieving a sustained growth trend; Huazhu China RevPAR (average room rental income) was 278 yuan, a year-on-year increase of 44%, recovering to 129% of the 2019 level; The overseas DH hotel business has also improved compared to the previous quarter, with RevPAR recovering to 107% of its 2019 level.
Jin Hui, CEO of Huazhu Group, stated that, "I am pleased to see that Huazhu China's average rental room revenue has rebounded strongly for another quarter, thanks to the support of China's summer tourism peak season and the continuous recovery of business tourism. The recovery of passenger occupancy in the third quarter has improved compared to the previous quarter. The growth of daily average room prices reflects the effects of both product structure changes and product upgrades, which will provide support for future daily average room prices."