GreenTree Hospitality Group announced its unaudited financial results for the third quarter of 2021.
Total revenues were RMB310.4 million (US$48.2 million), a 16.3% year-over-year increase. The increase was primarily due to the newly opened L&O hotels. Compared with the pre-COVID-19 third quarter of 2019, total revenues increased by 6.3%. Total revenues for the first nine months of 2021 were RMB 898.7 million (US$139.5 million), representing a 40.4% year-over-year increase.
Gross profit was RMB137.6 million (US$21.4 million), a year-over-year decrease of 13.3%. Gross profit for the first nine months of 2021 was RMB439.2 million (US$68.2 million), a 26.4% year-over-year increase.
A total of 4,626 hotels with 334,162 hotel rooms were in operation as of September 30, 2021, compared to 4,542 hotels and 328,773 hotel rooms as of June 30, 2021.
During the quarter, the Company opened 182 hotels, an increase of 20 compared to 162 hotels in the third quarter of 2020.
As of September 30, 2021, the Company had a pipeline of 1,207 hotels contracted for or under development, of which 57 hotels were in the luxury hotel segment, 337 in the mid-to-up-scale segment, 465 in the mid-scale segment, and 348 in the economy segment.
The average daily room rate, or ADR, for all hotels in operation was RMB 163, an increase of 7.7% from RMB151 in the third quarter of 2020, and a 6.2% decrease compared with RMB174 in the pre-COVID-19 third quarter of 2019.
The occupancy rate, or OCC for all hotels in operation was 72.4%, a decrease of 6.7% compared with 79.1% in the third quarter of 2020, and a 13.5% decrease compared with 85.9% in the pre-COVID-19 third quarter of 2019.
As of September 30, 2021 the Company's loyalty program had more than 66 million individual members and more than 1,810,000 corporate members, compared to over 62 million individual members and approximately 1,760,000 corporate members respectively as of June 30, 2021. The Company sold approximately 91.3% of room nights directly during the third quarter of 2021.
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