Business Intelligence on Retailing, Franchising, and Consumerism in China


Home Inns Adds More Franchises In China

Chinese economy hotel chain Home Inns says total revenue for the quarter ended September 30, 2007 increased by 66.1% year-over-year to RMB266.4 million.

"We had another strong quarter," said David Sun, Home Inn's CEO. "We continue to successfully grow the Home Inns hotel chain by adding more hotels and entering more cities while maintaining steady hotel performance, and we are able to do so in both first and second tier cities."

As of September 30, 2007, the Home Inns hotel chain consisted of 143 leased-and-operated hotels and 58 franchised-and-managed hotels in operation, with an additional 69 leased-and-operated hotels and 27 franchised-and-managed hotels under development, covering 77 cities in China. The average number of rooms per hotel in operation was 119.

Total revenues from leased-and-operated hotels for the third quarter of 2007 were RMB254.2 million, compared with RMB153.0 million for the third quarter of 2006, representing a 66.2% increase year-over-year. Home Inns opened 26 new lease-and-operated hotels during the third quarter of 2007. Total revenues from franchised-and-managed hotels for the third quarter of 2007 were RMB12.2 million, compared with RMB7.4 million for the third quarter of 2006, representing a 64.7% increase year-over-year. Home Inns opened four new franchised-and-managed hotels during the third quarter of 2007.

Occupancy rate for the entire Home Inns hotel chain was 95% in the third quarter of 2007, compared with 94% in the same period in 2006 and 95% in the previous quarter. Revenue per available room, or RevPAR in the third quarter of 2007 was RMB174, compared with RevPAR of RMB172 in the same period in 2006 and RMB174 in the previous quarter.

Total operating costs and expenses for the third quarter of 2007 were RMB211.2 million. Income from operations for the quarter was RMB39.5 million.





Be the first to comment on "Home Inns Adds More Franchises In China"

Leave a comment

Your email address will not be published.


*




  Other China News

ChinaTechNews.com:

AutoNavi, Delphi Reach Deal

Hisense's Net Profit Down 47.39% In First Three Quarters Of 2017

Airbnb China Head Resigns

DMG To Buy China Rights Of Forbes Brand


GreenChinaTech:

Chinese Electric Bus Manufacturer Lands USA Deal

American Electric Car Manufacturer To Build In China

U.S. Clean Water Company Makes Chinese Inroads

GE Will Promote Wind Power Through New Chinese Education Center


ChinaSourcingNews.com:

JD To Build Global Logistics Headquarters In Xi'an

Wumart, AGS Sign Agreement For Seafood Direct Procurement

India Gains Second Factory From China's Xiaomi

85% of Indian Staff To Lose Jobs At China's LeEco