On March 21st, the financial performance conference for the fourth quarter and full year of 2023 of Huazhu Group was held online. In the fourth quarter of 2023, the hotel revenue of Huazhu Group increased by 55.0% year-on-year to 20.4 billion yuan. In 2023, the hotel revenue of Huazhu Group increased by 62% year-on-year to 80.4 billion yuan. In the fourth quarter of 2023, Huazhu Group achieved a revenue of 5.6 billion yuan, a year-on-year increase of 50.7%; For the whole year of 2023, revenue increased by 57.9% year-on-year to 21.9 billion yuan.
Jin Hui, CEO of Huazhu Group, stated that driven by strong demand for leisure tourism and sustained recovery in business tourism, Huazhu China's average rental room revenue in 2023 has recovered to 122% of its 2019 level, and the recovery rate of occupancy throughout the year is also increasing quarter by quarter. In addition, the increase in daily housing prices also reflects the effectiveness of both changes in the product structure and product upgrades of Huazhu, which will also provide support for future daily housing prices.
Zou Jun, Chief Financial Officer of Huazhu Group, stated at a press conference that for the first quarter of 2024, Huazhu expects its revenue to increase by 12% -16% year-on-year; For the entire year of 2024, it is expected that revenue will increase by 8% -12% year-on-year. Huazhu will further accelerate the expansion of its high-quality network, with a goal of opening 1800 new hotels by 2024.