BTG Hotels, formed of the merger of BTG Hotels Group and Homeinns Group, announced that it has recorded operating revenue of RMB 6.52 billion in 2016, 389.40% more than previous year. Net profit grew 110.66% YoY to RMB 210 million in 2016.
The bulk of the revenue for the Shanghai-listed company last year was from its hotel operation and attractions. The hotel operation contributed RMB 6.15 billion, or 94.30% of the company’s total revenue in 2016. The company’s Homeinns properties has registered RMB 5.22 billion operating revenue in April to December 2016.
BTG Hotels had 3,401 domestic hotels and one overseas property on the book as of the end of 2016. It was a big increase of 3,248 from the previous year due to the merger.
Most of the group’s hotels are in the budget range while upper midscale hotels account for just 9.32% of the total. BTG Hotels plans to focus on developing the upper midscale brands in the future.
The company’s biggest shareholder BTG Group controls 52.22% share of BTG Hotels while the second biggest stakeholder Ctrip owns 21.93% of the company, according to BTG Hotels’ annual report in 2016. (Translated by Jerry)