[photopress:Home_Inns_1.jpg,full,alignright]Home Inns, a leading economy hotel chain in China, has announced its financial results for the quarter ended June 30. Some highlights:
Total revenues for the quarter increased 67.8 % year-over-year to RMB232.2 million ($30.5 million).
Income from operations was RMB37.3 million ($4.9 million), an increase of 37.4% year-over-year.
During this quarter, Home Inns opened 26 new hotels. Which means the Home Inns hotel chain currently consists of 171 hotels in operation with an additional 63 hotels under development, covering 66 cities in China.
The occupancy rate for the Home Inns hotel chain was 95% which was a slight drop from the 98% enjoyed during the same period in 2006.
RevPAR, defined as revenue per available room, was also down at RMB174, compared with RMB182 in the same period in 2006.
David Sun, Home Inn’s Chief Executive Officer said, ‘We are pleased with our progress this quarter. With a solid strategy and strong execution, we are maintaining our leadership position in the economy hotel market in China.’
Source: CNN:Money