H World Group reports preliminary Q4 hotel operations results

H World Group announced preliminary results for hotel operations in Q4 2023 and the full year 2023. For its Legacy-Huazhu business, RevPAR in Q4 2023 recovered to 120% of the 2019 level, supported by the sustained recovery in both leisure and business travel demand. RevPAR in October, November and December 2023 recovered to 120%, 117% and 123% of the 2019 levels, respectively. For 2023, RevPAR reached 122% of the 2019 level. While RevPAR growth in 2023 was primarily driven by ADR, the company also experienced continuous recovery in the occupancy rate. The company opened 460 hotels and closed 225 hotels in Q4 2023 and recorded a net increase of 852 hotels to its network in the full year of 2023. For Steigenberger Hotels GmbH and its subsidiaries, RevPAR in Q4 2023 recovered to 111% of the 2019 level, and was marginally above the 2022 level mainly due to a higher ADR base experienced during the FIFA World Cup and the COP27 UN Climate Change Conference in Q4 2022.