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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. (NYSE: GHG) announces a definitive agreement to acquire Da Niang Dumplings and Bellagio from its controlling shareholder, GreenTree Inns Hotel Management Group, Inc., for approximately RMB399.8 million. This acquisition allows GHG to expand into the fast-growing food service industry in China, fostering diversification and new revenue streams. If the combined net income for 2022-2026 falls below USD20 million, GTI will compensate the Company for the shortfall. The closing is anticipated in the second half of 2022.
GreenTree Hospitality Group Ltd. (GHG) reported fourth-quarter 2021 revenues of RMB307.4 million (US$48.2 million), a 6.1% increase year-over-year. However, income from operations fell by 69.5% to RMB36.1 million (US$5.7 million), with adjusted EBITDA down 47.4%. The occupancy rate decreased to 69.2%, with RevPAR dropping 5.6%. The company opened 138 hotels but closed 403, resulting in a net addition of 319 hotels for the year. GreenTree announced a share repurchase plan of up to US$20 million over the next 12 months, reflecting confidence in long-term growth.
GreenTree Hospitality Group Ltd. (NYSE: GHG) announced it will report its unaudited financial results for Q4 2021 on May 11, 2022, after U.S. market close. A conference call will take place at 9 PM ET, with dial-in numbers provided for various regions. Additionally, the board has received a non-binding proposal from its controlling shareholder to sell its existing restaurant business to GreenTree. A special committee has been formed to review this potential transaction, although no decisions have been made yet regarding its approval or execution.
GreenTree Hospitality Group Ltd. (GHG) reported a 16.3% increase in total revenues to RMB310.4 million (US$48.2 million) for Q3 2021, driven by newly opened hotels. However, income from operations dropped 45.6% year-over-year to RMB54.9 million (US$8.5 million), with adjusted EBITDA down 33.5% to RMB73.7 million (US$11.4 million). Core net income fell 45.7% to RMB50.2 million (US$7.8 million). The company experienced increased operating costs, attributed to hotel openings, and reported a decrease in gross profit margin from 59.5% to 44.3%.
GreenTree Hospitality Group Ltd. (NYSE: GHG) will announce its unaudited financial results for Q3 2021 on January 12, 2022, after U.S. markets close. An earnings conference call will follow at 8:00 PM EST. Interested participants can join via provided dial-in numbers from various locations including the U.S., China, and Hong Kong. As of June 30, 2021, GreenTree operated 4,542 hotels and ranked among the top 12 global hotel groups and the fourth in China for the number of hotels.
GreenTree Hospitality Group reports a strong rebound in 2021, with total revenue rising 57.5% to RMB588.3 million and net income increasing by 83.8% to RMB146.3 million. The company successfully navigated pandemic challenges, achieving significant month-over-month growth in Revenue per Available Room despite temporary setbacks from Covid-19 outbreaks. Expansion efforts included adding 23 new leased and operated hotels, focusing on high-growth regions. Looking ahead, GreenTree plans to enhance its marketing strategies and invest in technology to improve operations and customer satisfaction.
On December 16, 2021, GreenTree Hospitality Group Ltd. (NYSE: GHG) held its 2021 annual general meeting of shareholders, where the re-appointment of Ernst & Young Hua Ming LLP as independent auditor for the fiscal year ending December 31, 2021, was approved. GreenTree is a leading hospitality management group in China, operating 4,542 hotels as of June 30, 2021. It ranked among the top hospitality companies globally and is known for its diverse brand portfolio in the mid-to-upscale and luxury segments.
GreenTree Hospitality Group Ltd. (NYSE: GHG) reported a 60.7% year-over-year increase in total revenues to RMB347.1 million (US$53.8 million) for Q2 2021. Income from operations rose 42.5% to RMB89.3 million (US$13.8 million). Adjusted EBITDA was RMB111.2 million (US$17.2 million), marking a 44.0% increase. The company's occupancy rate improved to 78.6%. Despite operational losses from newly opened hotels, GreenTree's pipeline includes 1,271 hotels, signaling continued expansion and optimistic recovery in domestic tourism.
GreenTree Hospitality Group Ltd. (NYSE: GHG) will hold its annual general meeting on December 15, 2021, to approve the re-appointment of Ernst & Young Hua Ming LLP as independent auditor for the fiscal year ending December 31, 2021. Shareholders of record as of November 15, 2021 can vote. The notice and the 2020 annual report are available on the Company's Investor Relations website. GreenTree is a leading hospitality management group in China, operating 4,464 hotels as of March 31, 2021.
GreenTree Hospitality Group Ltd. (NYSE: GHG) will announce its unaudited financial results for Q2 2021 after U.S. markets close on November 15, 2021. An earnings conference call is scheduled for 8:00 PM ET on the same day, with international dial-in numbers provided. As of March 31, 2021, GreenTree operated 4,464 hotels and ranked among the top hospitality groups in China.
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