China-based economy hotel chain 7 Days Group, has set a target of 290 new hotel openings for 2011, up from its initial target of 240.
The company said in its full-year financial results report that, as of December 31, 2010, the group had 568 hotels in operation, consisting of 321 leased-and-operated hotels and 247 managed hotels: representing a total of 56,410 rooms in 89 cities.
In the fiscal year 2010 it added a record number of 231 hotels to its portfolio with 85 new leased-and-operated hotels and 146 new managed hotels.
As of December 31, 2010, the number of 7 Days Club members had increased to 16.5 million, almost 70% up from 9.75 million in the previous year. And repeat customers accounted for 80% of total room nights in the fourth quarter of 2010.
Alex Nanyan Zheng, the CEO of 7 Days Group, commented in the annual report that the chain's impressive growth in 2010 had further strengthened the 7 Days Inn brand and it had become the second largest economy hotel chain in China in terms of both number of hotels and number of rooms.