H World Group is a China-based multi-brand hotel group that operates or franchises over 12,800 hotels across economy, midscale, upper midscale, upscale, and luxury segments. The vast majority of H World's network is in China, with a smaller European presence through its Deutsche Hospitality subsidiary. H World's three core brands — HanTing Hotel (economy), JI Hotel (midscale), and Orange Hotel (midscale) — form the backbone of the China business and are the primary growth vehicles. H World's business model is built around an asset-light franchise and management (M&F) model, where franchisees own or lease properties and bear all operating costs, while H World collects upfront franchise fees and ongoing fees tied to hotel revenues. About 95% of hotels operate under this M&F model, which generates gross margins of roughly 65–70%. A small and shrinking portion of hotels are leased directly by H World, where profitability is more sensitive to occupancy and room rates. H World drives bookings through its H Rewards loyalty program, which has over 311 million members, with roughly 77% of room nights booked through direct channels — reducing reliance on third-party booking platforms. H World's long-term goal is to grow to 20,000 hotels across 2,000 cities, with expansion focused on lower-tier Chinese cities and the upper midscale segment in Tier 1 and Tier 2 cities. The European Deutsche Hospitality business, which represents roughly 19% of group revenue, turned profitable in 2025 and is being repositioned toward an asset-light model.