Chinese hotel group GreenTree Hospitality said that its total revenues decreased by 20.5% year over year to RMB 329.7 million (US$45.4 million). Net income was RMB62.3 million (US$8.6 million) compared to RMB101.9 million for the second quarter of 2023.
A total of 4,272 hotels with 312,734 hotel rooms were in operation as of June 30, 2024. The average daily room rate was RMB173, a decrease of 4.3% from RMB181 in the second quarter of 2023. The occupancy rate was 72.5%, down from 77.8% in the second quarter of 2023. Revenue per available room, or RevPAR, was RMB125, a 10.8% year-over-year decrease.
"In the second quarter, we faced challenges as China's economy continued to recover. We believe both consumers and businesses exercised caution in discretionary spending, which hurt our overall performance," said Mr. Alex S. Xu, Chairman and Chief Executive Officer of GreenTree.
