H World Group Ltd. HTHT

What this company does

H World Group operates its hotels under three different operating models: leased and owned, franchised, and hotels operated under management contracts that it refers to as "manachised." As of December 31, 2025, the company had 12,858 hotels in operation, including 573 leased and owned hotels and 12,285 manachised and franchised hotels, with an aggregate of 1,264,419 hotel rooms. That network spanned 1,222 cities in 31 provinces and municipalities across the greater China region and 20 other countries. Its H Rewards loyalty program, which covers all of its brands, had more than 311 million members as of December 31, 2025. The company operates a portfolio of over 20 distinct hotel brands. Under the lease and ownership model the company directly operates hotels on leased or owned properties; under the manachise model it manages hotels through on-site managers it appoints and collects fees from franchisees; and under the franchise model it collects fees from franchisees without appointing on-site managers. Through its acquisition of Deutsche Hospitality, the company obtained exclusive rights to construct, operate, manage, franchise, and license hotels under the Jaz in the City brand in China, Southeast Asia, Japan, South Korea, and Europe, subject to certain exceptions.

Written from the business description in H World Group Ltd's annual report to the U.S. Securities and Exchange Commission, filed 24 April 2026. Every sentence was checked against that document before publication.