Focusing on Lower-tier Markets and Opening a New Chapter of
International Growth
HONG
KONG, March 15, 2024 /PRNewswire/ -- From
March 13th to
14th, the Hotel Investment Conference Asia Pacific
Update 2024 ("HICAP UPDATE") was successfully held in Hong Kong. This conference focused on the
dynamics and future prospects of the hospitality and travel
industry in the Asia-Pacific
region, discussing the latest development and investment
opportunities and challenges in a variety of the region's hot
markets. Nearly 75 leading industry experts were invited to speak
at the 2024 conference. Ms. He Jihong, the Chief Strategy Officer
of H World Group Limited("H World" or "the
Group") attended the conference and delivered speeches on the
Group's business and the development of the travel industry.
As one of the fastest-growing hotel groups globally, H World
ranks sixth in terms of the number of hotel rooms. With the
resurgence of China's economy in
2023, the Group witnessed promising signs of recovery, commencing
from February of the previous year. For the full year of 2023, the
RevPAR of Legacy-Huazhu (refers to H World's business in
China) reached 122% of the 2019
level. Addressing the trajectory of the Chinese economy and its
tourism sector, Ms. He underscored a discernible trend of robust
demand emanating from lower-tier cities, with a notable increase in
RevPAR observed in lower-tier cities, as well as strong franchisee
interest in investment in these locations. H World's portfolio
consisting of over 80% limited-service hotels, is well-suited to
meet the requirements of franchisees in third and fourth-tier
cities, thereby further contributing to the favorable outlook for H
World's business.
Regarding international business development, Ms. He emphasized
that Southeast Asia emerges as a
nascent market for H World, signaling a promising frontier ripe
with untapped potential and strategic opportunities. While the
Group's operations span Europe,
the Middle East, India, Africa, and the Asia
Pacific region, including the Ji Hotel in Singapore and Steigenberger in Bangkok, Southeast
Asia stands out as a pivotal focus area, given its proximity
to H World's home market. The Group also expresses keen interest in
nations such as Vietnam,
Indonesia, Cambodia, and the
Philippines. Moreover, with the official rebranding of
Deutsche Hospitality as H World International, the Group embarks on
a journey to expand its footprint in overseas markets, signaling
the commencement of a new chapter in its international growth.
Furthermore, Ms. He stated that H World has consistently
embraced technological innovation. With its in-house operational
system and analytical tools, the Group has significantly enhanced
its ability to engage loyal members and forge meaningful
connections with customers while deciphering their preferences.
Presently, the self-developed platform boasts over 200 million
members, with projections indicating further growth in the coming
year. H World's strategic vision encompasses the cultivation of a
robust ecosystem through development of technology and data
analytics as well as increasingly targeted customer service
applications.
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SOURCE H World