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Home Inns Reports Quarterly Earnings For China Operations
March 4, 2008 |
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Chinese budget hotel chain Home Inns announced its unaudited financial results for the fourth quarter and full year ended December 31, 2007 and said total revenues for the quarter increased 82.9% year-over-year to RMB327.6 million, including revenues of RMB19.8million from the recently acquired Top Star hotel chain.
"I am pleased with the strong results demonstrated by our core business during the year," remarked David Sun, Home Inn's CEO. "This performance validates our strategy for consistent growth and demonstrates that we are able to continue our nationwide expansion, and we look forward to our recently acquired Top Star hotels achieving higher occupancy rates and RevPAR in the coming quarters as we continue the integration process."
The occupancy rate for the Home Inns hotel chain was 88.3% in the fourth quarter of 2007 and 91.1% in 2007, impacted by the lower occupancy rate of the Top Star hotels. Excluding Top Star, the occupancy rate was 91.6% in the fourth quarter of 2007 and 92.2% in the full year, compared with 90.0% in the fourth quarter of 2006 and 92.8% for the year 2006. Revenue per available room, was RMB155 in the fourth quarter of 2007 and RMB163 for 2007. RevPAR excluding Top Star was RMB164 in the fourth quarter of 2007, compared with RMB165 in the same period in 2006 and RMB174 in the previous quarter, while for the 2007 year, RevPAR excluding Top Star was RMB 166, compared to RMB169 in 2006.
During the fourth quarter of 2007, Home Inns opened 40 new hotels and acquired 25 hotels in operation from Top Star. During 2007, Home Inns opened 107 new hotels, compared with 66 in 2006, not including the 25 Top Star hotels acquired in the fourth quarter. As of December 31, 2007, Home Inns had an additional 78 leased-and-operated hotels and 37 franchised-and-managed hotels under development.
For the full year of 2007, Home Inns had total revenues of RMB1,009.3 million, representing a 71.5% increase year-over-year. Excluding Top Star, total revenues were RMB 989.5 million, representing a 68.1% increase year-over-year.
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