Welcome to our dedicated page for GreenTree Hospitality Group Ltd. American depositary shares, each representing one news (Ticker: GHG), a resource for investors and traders seeking the latest updates and insights on GreenTree Hospitality Group Ltd. American depositary shares, each representing one stock.
GreenTree Hospitality Group Ltd. (NYSE: GHG) is a prominent hospitality and restaurant management company headquartered in Shanghai, China. Founded in 2004, GreenTree operates a vast network of hotels and restaurants exclusively in China. The company is a subsidiary of GreenTree Inns Hotel Management Group, Inc.
GreenTree primarily manages franchised and managed hotels under various brand names such as GreenTree Inns, GreenTree Eastern, Gme, Gya and VX, along with other brands including GreenTree Alliance and Vatica. As of December 31, 2023, GreenTree boasts a network of 4,238 hotels and 194 restaurants, making it a significant player in the Chinese hospitality industry.
The company's hotel network covers all centrally administered municipalities and cities across all provinces and autonomous regions in China. This extensive reach ensures a broad customer base and brand recognition within the market. In 2023, HOTELS magazine ranked GreenTree 12th among the 225 largest global hotel groups by the number of hotels, highlighting its prominent market presence.
Financially, GreenTree has demonstrated resilience and growth. For the fiscal year ending December 31, 2023, the company reported total revenues of RMB 1,627.3 million (US$229.2 million), marking a 10.8% year-over-year increase. The net income for the same period was RMB 310.6 million, a significant recovery from a net loss of RMB 446.1 million in 2022.
Recent developments include the acquisition of two well-known restaurant chains, Da Niang Dumplings and Bellagio, thus marking GreenTree's foray into the restaurant business to complement its hotel operations. The company has since focused on expanding its franchised-and-managed restaurants while closing unprofitable stores to ensure profitability.
Operational highlights for 2023 show a robust recovery in the hospitality industry post-pandemic, with a significant increase in RevPAR (Revenue per Available Room) and continued expansion of its hotel network. GreenTree's strategy involves leveraging its strong membership base, expansive booking network, and superior system management to maintain close relationships with clients and partners.
The company continues to provide high-quality service and value, supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT, and Finance. GreenTree's ability to adapt to market conditions and its strategic expansions position it well for sustained growth and stability in the competitive hospitality market.
GreenTree Hospitality Group Ltd. (GHG) reported a significant 21.1% decrease in total revenues for the second half of 2022, totaling RMB487.8 million (US$70.7 million). This decline was mainly due to the deconsolidation of Argyle and the disposal of Urban, compounded by pandemic impacts. Despite lower revenues, income from operations surged by 516.4% year-over-year to RMB20.0 million (US$2.9 million). However, adjusted EBITDA fell by 21.2% to RMB118.3 million (US$17.2 million). The company opened 161 hotels in H2 2022, a substantial decrease from 320 in the prior year. Looking ahead to 2023, GHG expects total revenues to potentially grow by 90%-95% as it incorporates restaurant operations following recent acquisitions.
GreenTree Hospitality Group Ltd. (NYSE: GHG) will release its unaudited financial results for the six months ending December 31, 2022, on April 6, 2023, after U.S. market close. The management will host a conference call at 9:00 PM U.S. Eastern Time the same day. In related updates, GreenTree has completed the acquisition of Da Niang Dumplings and Bellagio from its controlling shareholder, GTI, resolving outstanding loans through the purchase price. The previous equity interest in Urban was sold, effectively deconsolidating Urban from GreenTree’s financials.
GreenTree Hospitality Group Ltd. (GHG) reported a 22.3% decline in total revenues to RMB457.4 million (US$68.3 million) for the first half of 2022, primarily due to COVID-19 impacts. Adjusted EBITDA decreased by 46.8% to RMB93.3 million (US$13.9 million), while core net income fell 13.7% to RMB105.9 million (US$15.8 million). The company's operational scale expanded to 4,669 hotels with a pipeline of 1,094 hotels under development. Despite the challenges, the average daily room rate (ADR) increased slightly, though occupancy rates and revenue per available room (RevPAR) saw year-over-year declines.
GreenTree Hospitality Group Ltd. (NYSE: GHG) will release its unaudited financial results for H1 2022 and Q3 operating data on December 27, 2022, after U.S. markets close. An earnings conference call is scheduled for the same day at 8:00 PM ET. Notably, GreenTree has exited its equity interest in Urban, leading to deconsolidation in Q4 2022. As of December 31, 2021, the company operated 4,659 hotels, ranking 11th among global hotel groups and 4th in China.
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