Gelonghui, January 24 | Yamato released a report saying that Huazhu Group's Legacy-Huazhu Hotel Business RevPAR in the previous quarter exceeded expectations by 20% compared to the same period in 2019, mainly because the RevPAR rose in December last year and returned to 123% of 2019 levels. Coupled with the net increase in the number of hotels that slowed to 235 last quarter, the main reason was that the brand Elan accelerated phasing out of soft-brand (soft-brand) hotels. Looking ahead to 2024, the bank said it remains confident that Huazhu Group will further accelerate hotel opening. It is expected to record a steady 5% year-on-year RevPAR increase. It also indicates that the hotel sector is still the bank's first choice, mainly structural growth in the mainland. The bank said it raised the company's EBITDA forecast slightly by 1% for 2024-25, slightly expanded benefiting from operating leverage, and lowered its target price from HK$37.5 to HK$36, maintaining its rating as “buy”.