Huazhou's Total Turnover (Legacy-Huazhu) is estimated to normalize to +23% y/y in 2Q24 vs. 1Q24’s estimation of +29% y/y on tough comps.
The company’s turnover value surged in early May, mainly driven by the strong travel demand during the May Day holiday, particularly in Tier 2 and Tier 3 & below cities, and partly benefiting from the holiday timing difference.