Report published September 2, 2026
H World Group (HTHT): Asia Leaders Conference 2026 Takeaways by Goldman Sachs
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Simon Cheung, Leah Pan, Alpha Wang, Zhaoheng Chen
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reiterated its Buy rating on H World Group following management meetings at its Asia Leaders Conference 2026. Management confirmed that hotel gross additions and new signings remain on track to reach 2.2–2.3k openings this year despite soft corporate travel demand.
Key Takeaways
- 1.Leisure travel demand remains resilient while business travel is sluggish, prompting regional pricing management to protect ADRs and prevent cannibalization.
- 2.Network additions remain on track with a full-year gross opening target of 2.2–2.3k hotels, while closures stay at 600–700 per year to phase out older brand iterations.
- 3.Centralized procurement leverages massive scale to generate cost savings for franchisees and shorten payback periods rather than maximizing near-term monetization.
Table of Contents
- Key takeaways:
- Price Target Risks and Methodology - H World Group
- Investment Thesis - H World Group
- Disclosure Appendix
Report data
Buy GS Forecast — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Same-hotel RevPAR growth | -3.0% | Mature hotels face more intense competition |
| Gross hotel opening target | 2200-2300 hotels | Full-year target management still feels comfortable with after Jul–Aug pickup |
| Annual hotel closure target | 600-700 hotels | Phasing out older products like Hanting 3.5 and below |
| Central reservation system direct booking share | 60-65% | Direct booking share helping secure booking volume and control payback periods |
| 12-month Price Target (ADR) | 65.40 USD | Based on 14x FY26E EV/EBITDA on core hotel operations |
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Authors / Editors
Reported Data Context
- Same-hotel RevPAR growth: -3.0 % (2Q26) · Source: Company data
- Gross hotel opening target: 2200-2300 hotels (FY2026) · Source: Company data
- Annual hotel closure target: 600-700 hotels (FY2026) · Source: Company data
- Central reservation system direct booking share: 60-65 % (2026) · Source: Company data
- 12-month Price Target (ADR): 65.40 USD (12 months forward) · Source: Goldman Sachs Research estimates
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