On May 17th, Huazhu Group released its financial report for the first quarter of 2024. During the reporting period, Huazhu Group achieved a total revenue of approximately 5.3 billion yuan, a year-on-year increase of 17.8%, better than the previously announced upper limit. Huazhu expects its revenue to continue to grow in the second quarter of this year, with a year-on-year growth rate ranging from 7% to 11%.
Since 2024, the cultural and tourism market has continued the trend of comprehensive recovery from last year. In the first quarter, Huazhu China will iterate and upgrade with economy and mid-range hotels as its core. The mixed average rental income (RevPAR) of Huazhu China was 216 yuan, a year-on-year increase of 3.1%; The daily average housing price (ADR) is 280 yuan, a year-on-year increase of 1%; The occupancy rate (OCC) was 77.2%, an increase of 1.6 percentage points year-on-year. Huazhu International's revenue in the first quarter increased by 16.6% year-on-year, RevPAR increased by 4.5% year-on-year, ADR increased by 0.2% year-on-year, and OCC increased by 2.3 percentage points year-on-year. Huazhu stated that it will be committed to transforming its overseas business into a lighter asset model, strengthening direct sales, and seeking growth opportunities in new regions outside of Europe.
In terms of the development of mid to high end brands, as of the end of the first quarter of 2024, the number of mid to high end operating hotels in China reached 686, a year-on-year increase of 28% and a month on month increase of 6%; There are 430 businesses waiting to open, an increase of 81% year-on-year and 11% month on month.
As of the end of the first quarter, Huazhu Group had a total of 9817 hotels in operation worldwide, with over 950000 hotel rooms and 3172 pending openings. Among them, Huazhu China has 9684 hotels in operation. In the first quarter, Huazhu China had 569 newly opened hotels and 3138 hotels to be opened. With the gradual rise of "reverse travel" and small city travel in the past two years, Huazhu's continuous sinking strategy has brought more increment. As of the end of the first quarter, Huazhu China covered 1290 cities nationwide, an increase of 158 cities compared to the same period last year.