Chinese hotel chain GreenTree Hospitality Group reported that its total revenues increased by 6.1% year over year to RMB307.4 million (US$48.2 million) for the fourth quarter 2021. Total revenues for the full year 2021 were RMB1,206.1 million (US$189.3 million), a 29.7% year over-year increase.
Income from operations decreased by 69.5% year over year to RMB36.1 million (US$5.7 million) for the fourth quarter 2021.
Core net income decreased by 67.2% year over year to RMB35.8 million (US$5.6 million) for the fourth quarter 2021. Net income for the full year 2021 was RMB207.8 million(US$32.6 million), a year-over-year decrease of 15.1%.
The average daily room rate for all hotels in operation was RMB170, a 4.6% increase from RMB162 in the fourth quarter of 2020, and a 0.8% increase from RMB168 in the fourth quarter of 2019.
The occupancy rate for all hotels in operation was 69.2%, a decrease of 7.5% compared with 76.7% in the fourth quarter of 2020, and a 7.2% decrease compared with 76.4% in the fourth quarter of 2019.
The revenue per available room, or RevPAR, was RMB117, a 5.6% year-over-year decrease, and an 8.7% decrease compared with RMB129 in the fourth quarter of 2019.
During the quarter, the Company opened 138 hotels, a decrease of 65 compared to 203 hotels opened in the fourth quarter of 2020.
As of December 31, 2021, the Company's loyalty program had over 69 million individual members and approximately 1,850,000 corporate members.
