GreenTree Hospitality, a Shanghai-based hotel group listed on New York Stock Exchange, announced that its total revenues dropped 8.6% to RMB 266.9 million (USD 39.3 million) for the third quarter this year.
Total revenues for the first nine months of 2020 were RMB 640.3 million (USD 94.3 million), down by 20.2% from last year.
Net income for the third quarter of 2020 was RMB 85.6 million (USD 12.6 million), representing a 16.2% year-over-year decrease.
As of September 30, 4,195 hotels with 305,125 hotel rooms were in operation. The company had a pipeline of 1,110 hotels contracted for or under development, among which 55 hotels were in the luxury hotel segment, 218 in the mid-to-up-scale segment, 455 in the mid-scale segment, and 382 in the economy segment.
The revenue per available room, or RevPAR, was RMB 120, down by 19.8% year-over-year. The occupancy rate for all hotels in operation was 79.1%, compared with 85.9% in the third quarter of 2019, and 63.4% in the second quarter of 2020.
As of September 30, the company's loyalty program had more than 52 million individual members and 1.61 million corporate members, compared to 49 million and over 1.56 corporate members as of June 30, 2020. The company had 92.5% of room nights sold directly.
As of September 30, the company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB 1,815.4 million (USD 267.4 million), compared to RMB 1,714 million as of June 30.
GreenTree expects total revenues to decline by 12%-15% for the full year 2020.