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GreenTree Hospitality net income drops 14% in Q2

11/16/2021| 6:44:58 PM| ChinaTravelNews 中文

The occupancy rate for all hotels in operation was 78.6%, an increase of 15.2 percentage points compared with the second quarter of 2020.

Chinese hotel chain GreenTree Hospitality reported that total revenues for the second quarter of 2021 increased 60.7% year-over-year to RMB347.1million (US$53.8 million).

Net income was RMB80.3 million (US$12.4 million), compared to RMB93.7 million in the second quarter of 2020, down by 14.3%.

A total of 4,542 hotels with 328,773 hotel rooms were in operation as of June 30, 2021, compared to 4,464 hotels and 323,648 hotel rooms as of March 31, 2021.

During the quarter, the Company opened 201 hotels, an increase of 90 compared to 111 hotels in the second quarter of 2020.

As of June 30, 2021, the Company had a pipeline of 1,271 hotels contracted for or under development.

The average daily room rate, or ADR, for all hotels in operation, was RMB 171, an increase of 20.2% from RMB142 in the second quarter of 2020, and a 0.8% decrease compared with RMB172 in the pre-COVID-19 second quarter of 2019.

The occupancy rate, or OCC for all hotels in operation was 78.6%, an increase of 15.2 percentage points compared with 63.4% in the second quarter of 2020, and a 2.5% decrease compared with 81.1% in the pre-COVID-19 second quarter of 2019.

TAGS: GreenTree | financial result
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