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H World Announces Q2 and Interim of 2023 Financial Results Q2




Turnover Increased 72.0% YOY
Legacy-Huazhu Signed over 1,000 New Hotels

HONG KONG, Aug. 25, 2023 /PRNewswire/ — H World Group Limited (“H World” or “the Group”, NASDAQ: HTHT and HKEX: 1179) announced its unaudited financial results in the second quarter and the first half ended June 30, 2023.

Revenue for the first half of 2023 was RMB10.0 billion (US$1.4 billion), representing an increase of 65.1% compared to the first half of 2022. Revenue from Legacy-Huazhu was RMB7.9 billion, which represented a 67.7% year-over-year increase. Revenue from Steigenberger Hotels GmbH and its subsidiaries (“DH“, or “Legacy-DH“) was RMB2.1 billion, representing a 55.9% year-over-year increase.

H World’s Hotel turnover increased significantly by 72.0% year-over-year to RMB20.3 billion in the second quarter of 2023. Excluding DH, hotel turnover raised to 78.1% year-over-year in the second quarter of 2023. Revenue increased 63.5% year-over-year to RMB5.5 billion (US$762 million). Revenue from the Legacy-Huazhu was RMB4.3 billion, representing a 76.6% year-over-year increase, which was a result of the strong recovery in demand for travel, as well as due to the continued product upgrades and operational optimization via the Group’s regional headquarters. Revenue growth for both the Group and Legacy-Huazhu exceeded the revenue guidance previously announced. Revenue from the DH segment was RMB1.2 billion, representing a 28.4% year-over-year increase and a 33.5% sequential increase. The year-over-year increase was largely due to the continued recovery of the Group’s business, and the sequential increase was mainly due to seasonality. Net income attributable to H World was RMB1.0 billion (US$138 million), compared with net losses attributable to H World of RMB350 million in the second quarter of 2022. EBITDA (non-GAAP) was RMB1.7 billion (US$234 million), compared with a negative RMB213 million in the second quarter of 2022 and RMB1.6 billion in the previous quarter.

As of June 30, 2023, H World’s worldwide hotel network in operation totaled 8,750 hotels and 844,417 rooms, including 128 hotels from DH. Legacy-Huazhu had 8,622 hotels in operation and 818,245 hotel rooms in operation. In the second quarter of 2023, Legacy-Huazhu celebrated a historical high signing of over 1,000 new hotels. The ADR was RMB305, compared with RMB218 in the second quarter of 2022, RMB277 in the previous quarter, and RMB236 in the second quarter of 2019. The OCC for all the Legacy-Huazhu hotels in operation was 81.8%, representing a 17.2p.p. year-over-year increase. Blended RevPAR was RMB250, which has recovered to 121% of the Q2 2019 level. When broken down into monthly numbers, the Group’s RevPAR in April, May and June 2023 recovered to 127%, 115% and 123% of the 2019 levels of the corresponding months respectively. The ADR of DH increased to EUR117, and the OCC for all DH hotels in operation increased by 7.3 p.p. to 67.1% year-over-year, with blended RevPAR being EUR78.

Jin Hui, CEO of H World commented: “The strong recovery continues to be largely driven by ADR growth in the second quarter, which reflected a combination of product mix change and product upgrades, as well as market penetration and synergy via our regional offices. Continued increases in our franchisees’ confidence level led us to enjoy a historical high of new hotels signed during the quarter. Regarding our overseas business, our DH business recovery improved sequentially, and EBITDA turned positive in the second quarter.”

As a leading player in the hotel industry in China and one of the fastest-growing hotel groups in the world, H World has achieved its RevPAR growth momentum by consistently upgrading its brands and services, helping the Group to recover from uncertainty and maintain its rapid growth. By focusing on economy and midscale as the core products, serving the mass market, and implementing a strategy to further develop the upper-midscale segment, the Group has successfully achieved its vision of high-quality brand development. Meanwhile, the Group also focused on digital development to empower growth, to accomplish a higher quality, more efficient, and stable operational model and enhance consumer stickiness. Meanwhile, H World was ranked 6th in the “Top 200 Global Hotel Groups 2022” list published by HOTELS Magazine in the United States, which reflects the rapid development and increasing comprehensive competitiveness of the Group. In the future, the Group will continue to adhere to its sustainable and high-quality development path and sharpen its performance to bring long-term stable returns to shareholders.

About H World Group Limited:
Originated in China, H World Group Limited is a key player in the global hotel industry. H World’s brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.

H World’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels.

For more information, please visit H World’s website:

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PTI Secures €1.2 Billion Multi-Jurisdiction Transaction




NEW YORK, Sept. 28, 2023 /PRNewswire/ — Phoenix Tower International, LLC (“PTI”), through its Spanish subsidiary (PTI Iberica V, S.A.) announced today that it has closed a new €1.2 billion senior credit facility in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth both in existing and new markets in Europe. 

The transaction comprised of the following senior secured facilities: (i) a €700 million term loan, (ii) a €400 million delayed draw term loan, (iii) a €50 million revolving credit facility, and (iv) a €50 million debt service reserve facility, all of which are due in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing indebtedness including related fees and expenses,  (ii) fund capital expenditure requirements and acquisitions, including the recent acquisition of the French portfolio of wireless tower assets from Cellnex (1,226 sites hosting SFR), and (iii) fund working capital requirements.

“The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers”, said Dagan Kasavana, Chief Executive Officer of PTI.

“By providing a flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing, and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI’s business model and underscores the lender community’s appetite to support the expansion of digital connectivity. We are pleased to partner with such a strong lender group in this landmark transaction”, said Michael Bremer, Chief Financial Officer of PTI.

Natixis Corporate & Investment Banking (“Natixis”) acted as Structuring Bank. Natixis and Deutsche Bank AG acted as Lead Bookrunners and Mandated Lead Arrangers, ABN AMRO Bank N.V., ING Bank N.V., and Scotiabank (Ireland) Designated Activity Company acted as Mandated Lead Arrangers and Bookrunners, BNP Paribas and MUFG Bank acted as Mandated Lead Arrangers, and Citibank Europe PLC Dublin, Mizuho Bank Europe, and Toronto Dominion Bank acted as Participants. Natixis also acted as Facility Agent, Security Agent and Financial Modelling Bank, while ING Bank N.V. has been appointed as Sustainability Coordinator.

Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.

About PTI

PTI, through its subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus.

PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI’s investors include funds managed by Blackstone, Wren House and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit

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BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.




BEND, Ore, Sept. 28, 2023 /PRNewswire/ — BranchOut Foods Inc. (NASDAQ: BOF), the global trailblazer in GentleDried natural snacks and superfood ingredients, is proud to announce a significant expansion of its partnership with EnWave Corporation (TSX-V: ENW | FSE: E4U). BranchOut has agreed to purchase a second large-scale, continuous throughput dehydration machine from Enwave. Under the terms of the new Equipment Purchase Agreement (the “Agreement”), the 120kW REV™ machine is slated for delivery to BranchOut in late calendar 2024 and will add an additional $15mm in estimated topline capacity.

Eric Healy, CEO of BranchOut Food Inc., emphasized, “We are confident that this increased capacity will align perfectly with our growth trajectory, especially in light of our recent commitments from major retailers and the substantial sales pipeline we have established.”

Enwave’s Radiant Energy Vacuum (REV™) technology and associated patent portfolio was previously licensed to BranchOut along with exclusivity for its original core products. Under the new Agreement, the product exclusives have been significantly expanded to encompass the new and innovative products BranchOut has recently developed and will be launching in the very near future.

About BranchOut Food Inc.: BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit

About EnWave: EnWave Corporation stands as a global leader in vacuum microwave dehydration innovation and application. Operating from its headquarters in Vancouver, BC, EnWave boasts an impressive intellectual property portfolio and has refined its Radiant Energy Vacuum (REV™) technology into a proven, consistent, and scalable drying solution. This revolutionary technology outperforms traditional drying methods in terms of efficiency, capacity, product quality, and cost.

Media Contact:

BranchOut Food Inc. 
Email: [email protected]

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SIGMA Financial AI unveils Akili-AI: Cutting-Edge, AI-based, no-code suite of tools for traders




– Augments trader’s interactions and transforms decision-making capabilities

– Handles the full extent of structured to unstructured financial data

– Mitigates portfolio exposure risk and accelerates speed to market

LONDON, Sept. 28, 2023 /PRNewswire/ — SIGMA Financial AI, an innovator in developing AI-driven trading solutions, launches Akili-AI*, a sophisticated suite of enterprise-ready trading strategy tools. Akili-AI is a cutting-edge, no-code solution enabling data-driven insights to support the specialist needs of the global financial services trading community.

Akili-AI incorporates machine learning (ML) and natural language processing (NLP) to deliver agile tools which are more intelligent, faster and easier to use, enabling traders to create strategies at a scale and speed unachievable without AI support. Completely asset-class and instrument-agnostic, the Akili-AI system streams real-time trading data, allowing users to screen, test and design complex trading strategies promptly. 

Their SaaS-based Pattern matching platform (Patterns as a Service) helps traders monitor thousands of instruments in real-time, scanning charts for momentum changes, technical signals, support, and resistance zones. The NLP research function supports fundamental and technical qualifications from thousands of news, social media and traders’ data. Akili-AI’s flexible modular architecture, built using modern protocols, is cloud-based and scales to support the largest trading enterprises.

Andy Simpson, Co-founder and CEO, commented, “Traders are having to cope with a constant squeeze on their book; this, combined with a huge increase in data volumes, has created the need for transformative solutions which can help them find an edge. They need the ability to find new liquidity fast, enhance their trade execution capabilities, and reduce portfolio risk; Akili-AI can deliver all this at a lower cost point and faster than ever.”

“Akili-AI transforms market interaction and improves productivity by liberating traders from the constraints imposed by long-established, outdated working practices and legacy technology infrastructures. Accelerated speed to market is crucial in an industry where every second counts. Our mission is to provide AI-based solutions which enhance the human experience – not replace them – helping to generate more revenue and increased profitability,” Andy continued.

Rob Maunder, Co-founder and Chief Commercial Officer, said, “Our pioneering and creative team is an unusual blend of deep financial services experience, phenomenal engineering and world-class AI technologists who bring an unrivalled track record of developing new platforms at pace. We break the mould by delivering incredible engineering of low-latency, highly scalable systems drawing on more than a decade of generative AI experience in the social media and music industries.”

Andy concluded, “Akili-AI is the start of a refreshingly different journey of technological change; watch this space. There is much more to come.”

Akili-Ai will be showcased in the Innovators Pavilion at the FIA’s Futures and Options Expo on October 2-3, 2023 at the Sheraton Grand Chicago Riverwalk.

*Akili is the Swahili word for intelligence.

About SIGMA Financial AI:

We provide traders with a set of tools that are faster, smarter and easier to use. Our AI machine learning product suite unlocks trading opportunities through real-time analytics underpinned by world-leading, scalable, ultra-low latency architecture.

Note to Editors: For more information about SIGMA Financial AI, please visit

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