Huazhu Reports 166 New Hotels in Its Network
Shares in Huazhu Group Ltd. (Nasdaq: HTHT) inched down 24 cents Wednesday morning, to $41.56 apiece, after the hotel company issued preliminary operating results for the first quarter.
The Shanghai-based company said in a statement today that in the three months through March, the occupancy rate at its hotels was 80.6 percent, down from 83.7 percent a year ago. The average daily room rate across its leased and owned, franchised and managed hotels, increased 7 percent to 221 yuan.
Revenue per available room reached 178 yuan, up 3 percent from the same period last year, according to the report.
Huazhu said it had 4,396 hotels in operation as of March 31 after adding 166 units during the first quarter.
In a statement last month, Huazhu said it expects revenue increase of between 13 and 15 percent year-over-year in the first quarter and a rise of between 15 and 17 percent from 2018 for the full year 2019. Huazhu said it plans to open between 800 to 900 hotels this year, about 75 percent of which are midscale and upscale.
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