GreenTree Hospitality Group Ltd. Announces Second Quarter 2021 Financial Results
GreenTree Hospitality Group Ltd. (NYSE: GHG) Chinese management group reported its financial results for the second quarter of 2021. Highlights of the three months include:
- 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.
- The average daily room rate (ADR) for all hotels in operation was RMB171, 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 revenue per available room (RevPAR) was RMB134, a 49.0% year-over-year increase, and a 3.8% decrease compared with RMB139 in the pre-COVID-19 second quarter of 2019.
- Total revenues were RMB347.1 million (US$53.8 million), a 60.7% year-over-year increase, primarily due to the sustained recovery in hotel operations from the impact of COVID-19 and the newly opened L&O hotels. Total revenues from L&O hotels were RMB116.9 million (US$18.1 million), a 132.2% year-over-year increase.
- Total revenues from franchised-and-managed hotels were RMB217.7 million (US$33.7 million), a 37.3% year-over-year increase.
- Net income was RMB80.3 million (US$12.4 million), compared to RMB93.7 million in the second quarter of 2020 and net margin was 23.1%.
Mr. Alex Xu, Chair and Chief Executive Officer of Greentree, said:
"With the extensive contributions of every franchisee and members of our staff, our Q2 financials made substantial improvements. Although the new waves of COVID-19 outbreaks have somewhat dampened the recovery and had a negative impact in the affected regions, we have seen optimistic signs of recovery in domestic tourism and business travel.’’