GreenTree Inn Hotel Group Management Company has announced a plan to adjust their development strategy and will unveil a series of brands with prices varying from RMB40 to RMB400 per night.
The company currently opened about 70 budget business hotel chains and signed about 200 hotels under the brand of GreenTree Inn. Xu Shuguang, chairman and president of GreenTree Inn Hotel Group Management Company, said that their youth hostels will be priced at about RMB40 per night, and hotels at about RMB100 per night, as well as apartments at RMB3,600 per month will open over the next several months. The original GreenTree Inn hotels will be classified into two groups in three-star and two-star levels.
Xu added that the company is expected to reach a total of about 500 franchised outlets across all of the brands this year. The company also plans to open 200 to 300 outlets in 2008, 80% of which will be branded as GreenTree Inn, the remaining 20% will be under the other brands. The company also will invest about US$60 million to expand its apartments in the Chinese market in 2008.
At present, GreenTree Inn also has some business hotel projects in the pipeline in overseas markets such as India, Indonesia, Vietnam.
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