Chinese hotel chain Home Inns & Hotels Management reported a 12.3% year-on-year increase in total revenues for the third quarter (Q3) of 2011 to CNY988m ($154.9m).
Home Inns’ total revenues from leased and operated hotels for the quarter increased by 9.6% to CNY882.1m, and revenues from franchised and managed hotels increased by 41.7% to CNY106m.
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The company’s net income for the quarter stood at CNY164.3m compared with CNY144.6m in Q3 2010.
Adjusted EBITDA stood at CNY272.9m, or 27.6% of total revenues, compared with CNY288.4m, or 32.8%, last year.
Home Inns completed its acquisition of a 100% equity interest in Motel 168 for $470m and took control on 1 October 2011.
During the quarter, Home Inns opened 71 new properties, including 22 leased and operated hotels and 49 franchised and managed hotels.
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