- A total of 6,789 hotels or 652,162 hotel rooms in operation as of
December 31, 2020 . - Hotel turnover1 increased 17.5% year-over-year to
RMB11 billion for the fourth quarter, and decreased 5.6% toRMB33 billion for the full year of 2020. Excluding DH, hotel turnover increased 13.2% year-over-year for the fourth quarter and decreased 12.5% year-over-year for the full year of 2020. - Net revenues increased 5.5% year-over-year to
RMB3.1 billion (US$471 million )2 for the fourth quarter, better than revenue guidance previously announced of 0% to 3%, and decreased 9.1% toRMB10.2 billion (US$1.6 billion ) for the full year of 2020. Excluding DH, net revenues for the fourth quarter decreased 3.1% year-over-year, better than our guidance previously announced of a decline of 4 to 7%. - Net income attributable to
Huazhu Group Limited wasRMB703 million (US$108 million ) for the fourth quarter of 2020, compared withRMB619 million for the fourth quarter of 2019 and net loss attributable toHuazhu Group Limited ofRMB212 million in the previous quarter. Net loss attributable toHuazhu Group Limited wasRMB2.2 billion (US$336 million ) for the full year of 2020. Excluding DH, net income attributable toHuazhu Group Limited wasRMB1.0 billion for the fourth quarter of 2020 and was negativeRMB847 million for the full year of 2020. - Excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities, adjusted net income (non-GAAP) for the fourth quarter of 2020 was negative
RMB8 million (US$1 million ), compared withRMB411 million for the fourth quarter of 2019, and adjusted net income (non-GAAP) for the full year of 2020 was negativeRMB1.8 billion (US$275 million ), compared withRMB1.6 billion for the full year of 2019. Excluding DH, adjusted net income attributable toHuazhu Group Limited (non-GAAP) for the fourth quarter of 2020 wasRMB300 million and was negativeRMB459 million for the full year of 2020. - EBITDA (non-GAAP) for the fourth quarter of 2020 increased 2.3% year-over-year to
RMB1.1 billion (US$167 million ). EBITDA (non-GAAP) for the full year of 2020 was negativeRMB631 million (US$96 million ). Excluding DH, EBITDA (non-GAAP) increased 38.8% year-over-year toRMB1.5 billion for the fourth quarter of 2020 and wasRMB736 million for the full year of 2020. - Excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities, adjusted EBITDA (non-GAAP) was
RMB375 million (US$58 million ) for the fourth quarter and was negativeRMB244 million (US$35 million ) for the full year of 2020. Excluding DH, adjusted EBITDA (non-GAAP) wasRMB764 million for the fourth quarter of 2020 and wasRMB1.1 billion for the full year of 2020. - In the first quarter of 2021,
Huazhu expects net revenues growth to range from an 8% to a 10% increase compared to the first quarter of 2020, or to range from an increase of 61-63% if excluding DH. For the full year of 2021, we expect the net revenue growth to range from a 50% to 54%, or to range from 50% to 54% if excluding DH. To provide a more meaningful guidance considering the impact of COVID-19, the net revenue guidance mentioned above if compared to 2019 represents a decline of 7% to 9% in the first quarter of 2021 (or a decline of 12-14% if excluding DH), and growth of 36% to 40% for the full year in 2021 (or 15% to 19% if excluding DH). In order to contain the spread of COVID-19 during theChinese New Year , Chinese government imposed strict “stay local” guidance, which impacted travel demand in January andFebruary 2021 . Upon the relaxation of travel restrictions from mid-March, we recorded a strong recovery in RevPAR. Excluding the impact of January and February, our revenue guidance for Q1 2021 compared to Q1 2019 would have been a growth of 7%-9%, (or 1%-3% if excluding DH), and 45%-49% (36%-40% if excluding DH) for the full year 2021 compared to 2019.
As of
Legacy-Huazhu Only – Fourth Quarter and Full Year of 2020 Operational Highlights
As of December 31, 2020, Legacy-Huazhu had 6,669 hotels in operation, including 681 leased and owned hotels and 5,988 manachised hotels and franchised hotels. In addition, as of the same date, Legacy-Huazhu had 628,135 hotel rooms in operation, including 90,942 under the lease and ownership model and 537,193 under the manachise and franchise models. Legacy-Huazhu also had 2,411 hotels in the pipeline, including 18 leased and owned hotels and 2,393 manachised and franchised hotels. As of December 31, 2020, approximately 99% of Legacy-Huazhu’s hotels (excluding 74 hotels under governmental requisition) had resumed operations. The following discusses Legacy-Huazhu’s RevPAR, average daily room rate (“ADR”) and occupancy rate for its leased and owned hotels as well as manachised and franchised hotels (excluding hotels under governmental requisition) for the periods indicated.
- The ADR was
RMB231 in the fourth quarter of 2020, compared withRMB232 in the fourth quarter of 2019 andRMB218 in the previous quarter. The ADR wasRMB210 for the full year of 2020, compared withRMB234 for the previous year.
- The occupancy rate for all Legacy-Huazhu hotels in operation was 80.6% in the fourth quarter of 2020, compared with 82.2% in the fourth quarter of 2019 and 82.0% in the previous quarter. The occupancy rate was 71.0% for the full year of 2020, compared with 84.4% for the previous year.
- Blended RevPAR was
RMB186 in the fourth quarter of 2020, compared withRMB191 in the fourth quarter of 2019 andRMB179 in the previous quarter. Blended RevPAR wasRMB149 for the full year of 2020, compared withRMB198 for the previous year.
- For all hotels which had been in operation for at least 18 months, the same-hotel RevPAR was
RMB186 for the fourth quarter of 2020, representing a 7.6% decrease fromRMB201 for the fourth quarter of 2019, with a 3.9% decrease in ADR and a 3.3-percentage-point decrease in occupancy rate. The same-hotel RevPAR wasRMB148 for the full year of 2020, representing a 27.9% decrease fromRMB205 for the full year of 2019, with a 13.1% decrease in ADR and a 14.8-percentage-point decrease in occupancy rate.
Legacy-DH Only – Fourth Quarter and Full Year of 2020 Operational Highlights
As of December 31, 2020, Legacy-DH had 120 hotels in operation, including 72 leased and owned hotels and 48 manachised hotels and franchised hotels. In addition, as of the same date, Legacy-DH had 24,027 hotel rooms in operation, including 13,371 under the lease and ownership model and 10,656 under the manachise and franchise models. Legacy-DH also had 38 hotels in the pipeline, including 26 leased and owned hotels and 12 manachised and franchised hotels. The following discusses Legacy-DH’s RevPAR, average daily room rate (“ADR”) and occupancy rate for its leased as well as manachised and franchised hotels (excluding hotels temporarily closed) for the periods indicated.
- The ADR was
EUR76 in the fourth quarter of 2020, compared withEUR97 in the fourth quarter of 2019 andEUR93 in the previous quarter. The ADR wasEUR88 for the full year of 2020, compared withEUR97 for the previous year.
- The occupancy rate for all Legacy-DH hotels in operation was 22.5% in the fourth quarter of 2020, compared with 68.0% in the fourth quarter of 2019 and 37.9% in the previous quarter. The occupancy rate was 34.8% for the full year of 2020, compared with 69.1% for the previous year.
- Blended RevPAR was
EUR17 in the fourth quarter of 2020, compared withEUR66 in the fourth quarter of 2019 andEUR35 in the previous quarter. Blended RevPAR wasEUR31 for the full year of 2020, compared withEUR67 for the previous year.
“Looking ahead, we believe the COVID-19 pandemic has not changed the long-term growth potential of China’s lodging industry. Under the China’s ’Dual circulation‘ economy model, we continue to emphasize our
Fourth Quarter and Full Year of 2020 Financial Results
The fourth quarter and full year of 2020 financial results included results of the Legacy-DH business, which was not included in the fourth quarter and full year of 2019 financial results. In the fourth quarter and full year of 2020, both Legacy-Huazhu business and Legacy-DH businesses were affected by the COVID-19 pandemic compared with the fourth quarter of 2019 and full year of 2020.
(RMB in millions) | Q4 2019 | Q3 2020 | Q4 2020 | 2019FY | 2020FY |
Revenues: | |||||
Leased and owned hotels | 1,921 | 2,131 | 2,024 | 7,718 | 6,908 |
Manachised and franchised hotels | 938 | 995 | 999 | 3,342 | 3,136 |
Others | 51 | 32 | 48 | 152 | 152 |
Net revenues | 2,910 | 3,158 | 3,071 | 11,212 | 10,196 |
Net revenues for the fourth quarter of 2020 were
Net revenues for the full year of 2020 were
Net revenues from leased and owned hotels for the fourth quarter of 2020 were
For the full year of 2020, net revenues from leased and owned hotels were
Net revenues from manachised and franchised hotels for the fourth quarter of 2020 were
For the full year of 2020, net revenues from manachised and franchised hotels were
Other revenues represent revenues generated from businesses other than the hotel operation, which mainly include revenues from the provision of IT products and services to hotels and revenues from Huazhu Mall™ and other revenues from Legacy-DH business, totaling
For the full year of 2020, other revenues were
(RMB in millions) | Q4 2019 | Q3 2020 | Q4 2020 | 2019FY | 2020FY |
Operating costs and expenses: | |||||
Hotel operating costs | 1,879 | 2,470 | 2,748 | 7,190 | 9,729 |
Other operating costs | 21 | 15 | 22 | 57 | 52 |
Selling and marketing expenses | 134 | 162 | 181 | 426 | 597 |
General and administrative expenses | 330 | 343 | 336 | 1,061 | 1,259 |
Pre-opening expenses | 149 | 42 | 36 | 502 | 288 |
Total operating costs and expenses | 2,513 | 3,032 | 3,323 | 9,236 | 11,925 |
Hotel operating costs for the fourth quarter of 2020 were
For the full year of 2020, hotel operating costs were
Selling and marketing expenses for the fourth quarter of 2020 were
For the full year of 2020, selling and marketing expenses were
General and administrative expenses for the fourth quarter of 2020 were
For the full year of 2020, general and administrative expenses were
Pre-opening expenses for the fourth quarter of 2020 were mostly related to Legacy-Huazhu totaling
Pre-opening expenses for the full year of 2020 were
Other operating income, net for the fourth quarter of 2020 was
Other operating income, net for the full year of 2020 was
Income from operations for the fourth quarter of 2020 was negative
Income from operations for the full year of 2020 was negative
Operating margin, defined as income from operations as a percentage of net revenues, for the fourth quarter of 2020, was a negative 4.4%. Excluding DH, the operating margin for the fourth quarter of 2020 was 11.2%, compared with 16.7% in the fourth quarter of 2019 and 19.1% in the previous quarter.
Operating margin for the full year of 2020 was a negative 16.5%. Excluding DH, the operating margin for the full year of 2020 was a negative 1.2%, compared with 18.8% in 2019.
Other income, net for the fourth quarter of 2020 was negative
Other income, net for the full year of 2020 was negative
Unrealized gains from fair value changes of equity securities for the fourth quarter of 2020 was
For the full year of 2020, unrealized losses from fair value changes of equity securities were
Income tax benefit for the fourth quarter of 2020 was
Net income attributable to
Net loss attributable to
Basic and diluted earnings per share/ADS. For the fourth quarter of 2020, basic and diluted earnings per share were
For the full year of 2020, basic losses per share were
EBITDA (non-GAAP) for the fourth quarter of 2020 was
EBITDA (non-GAAP) for the full year of 2020 was negative
Adjusted EBITDA margin (non-GAAP), defined as adjusted EBITDA as a percentage of net revenues, for the fourth quarter of 2020 was 12.2%, compared to 29.3% in the fourth quarter of 2019 and 5.8% in previous quarter. Excluding to DH, adjusted EBITDA margin (non-GAAP) for the fourth quarter of 2020 was 27.1%, compared to 29.3% in the fourth quarter of 2019 and 31.2% in the previous quarter. Adjusted EBITDA margin (non-GAAP) for the year of 2020 was a negative 2.4%, compared to a positive 29.9% in 2019. Excluding to DH, adjusted EBITDA margin (non-GAAP) for the year of 2020 was 13.0%, compared to 29.9% in 2019.
We achieved very strong recovery in the second half of 2020. Adjusted EBITDA margin (non-GAAP) for the second half of 2020 was 9.0%, compared to 29.4% in the second half of 2019 and a negative 20.2% in the first half of 2020. Excluding to DH, adjusted EBITDA margin (non-GAAP) for the second half of 2020 was 29.1%, compared to 29.4% in the second half of 2019 and a negative 15.9% in the first half of 2020.
Cash flow. Operating cash inflow for the fourth quarter of 2020 was
Operating cash inflow for the full year of 2020 was
Cash and cash equivalents and Restricted cash. As of
Debt financing. As of
COVID-19 update
During Q4 2020, despite numerous recurrences of COVID-19 in several cities and provinces in mainland
Guidance
In the first quarter of 2021,
To provide a more meaningful guidance considering the impact of COVID-19, the net revenue guidance mentioned above if compared to 2019 represents a decline of 7% to 9% in the first quarter of 2021 (or a decline of 12-14% if excluding DH), and growth of 36% to 40% for the full year in 2021 (or 15% to 19% if excluding DH). In order to contain the spread of COVID-19 during the
The above forecast reflects the Company’s current and preliminary view, which is subject to change.
Conference Call
The Company’s management will host a conference call beginning at
A recording of the conference call will be available after the conclusion of the conference call through
Use of Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial results presented in accordance with
The Company believes that EBITDA is a useful financial metric to assess the operating and financial performance before the impact of investing and financing transactions and income taxes, given the significant investments that the Company has made in leasehold improvements, depreciation and amortization expense that comprise a significant portion of the Company’s cost structure. In addition, the Company believes that EBITDA is widely used by other companies in the lodging industry and may be used by investors as a measure of financial performance. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization expense attributable to capital expenditures. The Company also uses adjusted EBITDA, which is defined as EBITDA before share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities, to assess operating results of the hotels in operation. The Company believes that the exclusion of share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities helps facilitate year-on-year comparison of the results of operations as the share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities may not be indicative of Company operating performance.
The Company believes that unrealized gains and losses from changes in fair value of equity securities are generally meaningless in understanding our reported results or evaluating our economic performance of our businesses. These gains and losses have caused and will continue to cause significant volatility in periodic earnings.
Therefore, the Company believes adjusted EBITDA more closely reflects the performance capability of hotels. The presentation of EBITDA and adjusted EBITDA should not be construed as an indication that the Company’s future results will be unaffected by other charges and gains considered to be outside the ordinary course of business.
The use of EBITDA and adjusted EBITDA has certain limitations. Depreciation and amortization expense for various long-term assets (including land use rights), income tax, interest expense and interest income have been and will be incurred and are not reflected in the presentation of EBITDA. Share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities have been and will be incurred and are not reflected in the presentation of adjusted EBITDA. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of the depreciation and amortization, interest income, interest expense, income tax expense, share-based compensation expenses, and unrealized gains (losses) from fair value changes of equity securities and other relevant items both in the reconciliations to the
The terms EBITDA and adjusted EBITDA are not defined under
Reconciliations of the Company’s non-GAAP financial measures, including EBITDA and adjusted EBITDA, to the consolidated statement of operations information are included at the end of this press release.
About
Originated in
Huazhu’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model,
For more information, please visit Huazhu’s website: http://ir.huazhu.com.
Safe Harbor Statement Under the
Contact Information
Investor Relations
Tel: +86 (21) 6195 9561
Email: ir@huazhu.com
http://ir.huazhu.com
---Financial Tables and Operational Data Follow---
Unaudited Condensed Consolidated Balance Sheets | |||||||||||
RMB | RMB | US$ | |||||||||
(in millions) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 3,234 | 7,026 | 1,077 | ||||||||
Restricted cash | 10,765 | 64 | 10 | ||||||||
Short-term investments | 2,908 | 3,903 | 598 | ||||||||
Accounts receivable, net | 218 | 404 | 62 | ||||||||
Loan receivables, net | 193 | 304 | 47 | ||||||||
Amounts due from related parties | 182 | 178 | 27 | ||||||||
Inventories | 57 | 89 | 14 | ||||||||
Other current assets, net | 699 | 914 | 140 | ||||||||
Total current assets | 18,256 | 12,882 | 1,975 | ||||||||
Property and equipment, net | 5,854 | 6,682 | 1,024 | ||||||||
Intangible assets, net | 1,662 | 5,945 | 911 | ||||||||
Operating lease right-of-use assets | 20,875 | 28,980 | 4,441 | ||||||||
Finance lease right-of-use assets | - | 2,041 | 313 | ||||||||
Land use rights, net | 215 | 213 | 33 | ||||||||
Long-term investments | 1,929 | 1,923 | 295 | ||||||||
2,657 | 4,988 | 764 | |||||||||
Loan receivables, net | 280 | 135 | 21 | ||||||||
Other assets, net | 707 | 743 | 114 | ||||||||
Deferred tax assets | 548 | 1,266 | 193 | ||||||||
Total assets | 52,983 | 65,798 | 10,084 | ||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | 8,499 | 1,142 | 175 | ||||||||
Accounts payable | 1,176 | 1,241 | 190 | ||||||||
Amounts due to related parties | 95 | 132 | 20 | ||||||||
Salary and welfare payables | 491 | 526 | 81 | ||||||||
Deferred revenue | 1,179 | 1,272 | 195 | ||||||||
Operating lease liabilities, current | 3,082 | 3,406 | 522 | ||||||||
Finance lease liabilities, current | - | 31 | 5 | ||||||||
Accrued expenses and other current liabilities | 1,856 | 2,440 | 374 | ||||||||
Dividends payable | 678 | - | - | ||||||||
Income tax payable | 231 | 339 | 52 | ||||||||
Total current liabilities | 17,287 | 10,529 | 1,614 | ||||||||
Long-term debt | 8,084 | 10,856 | 1,664 | ||||||||
Operating lease liabilities, noncurrent | 18,496 | 27,048 | 4,145 | ||||||||
Finance lease liabilities, noncurrent | - | 2,497 | 383 | ||||||||
Deferred revenue | 559 | 662 | 101 | ||||||||
Other long-term liabilities | 566 | 771 | 118 | ||||||||
Deferred tax liabilities | 491 | 1,824 | 280 | ||||||||
Retirement benefit obligations | - | 179 | 27 | ||||||||
Total liabilities | 45,483 | 54,366 | 8,332 | ||||||||
Equity: | |||||||||||
Ordinary shares | 0 | 0 | 0 | ||||||||
(107 | ) | (107 | ) | (16 | ) | ||||||
Additional paid-in capital | 3,834 | 9,808 | 1,503 | ||||||||
Retained earnings | 3,701 | 1,502 | 230 | ||||||||
Accumulated other comprehensive income (loss) | (49 | ) | 127 | 19 | |||||||
7,379 | 11,330 | 1,736 | |||||||||
Noncontrolling interest | 121 | 102 | 16 | ||||||||
Total equity | 7,500 | 11,432 | 1,752 | ||||||||
Total liabilities and equity | 52,983 | 65,798 | 10,084 | ||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||
December 31, 2019 | September 30, 2020 | December 31, 2020 | December 31, 2019 | December 31, 2020 | |||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
(in millions, except shares, per share and per ADS data) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Leased and owned hotels | 1,921 | 2,131 | 2,024 | 310 | 7,718 | 6,908 | 1,059 | ||||||||||||||
Manachised and franchised hotels | 938 | 995 | 999 | 153 | 3,342 | 3,136 | 481 | ||||||||||||||
Others | 51 | 32 | 48 | 8 | 152 | 152 | 23 | ||||||||||||||
Net revenues | 2,910 | 3,158 | 3,071 | 471 | 11,212 | 10,196 | 1,563 | ||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||
Hotel operating costs: | |||||||||||||||||||||
Rents | (663 | ) | (859 | ) | (929 | ) | (142 | ) | (2,624 | ) | (3,485 | ) | (534 | ) | |||||||
Utilities | (91 | ) | (136 | ) | (120 | ) | (18 | ) | (404 | ) | (478 | ) | (73 | ) | |||||||
Personnel costs | (490 | ) | (611 | ) | (738 | ) | (113 | ) | (1,854 | ) | (2,501 | ) | (383 | ) | |||||||
Depreciation and amortization | (257 | ) | (337 | ) | (348 | ) | (53 | ) | (960 | ) | (1,316 | ) | (202 | ) | |||||||
Consumables, food and beverage | (215 | ) | (253 | ) | (257 | ) | (39 | ) | (793 | ) | (885 | ) | (136 | ) | |||||||
Others | (163 | ) | (274 | ) | (356 | ) | (55 | ) | (555 | ) | (1,064 | ) | (163 | ) | |||||||
Total hotel operating costs | (1,879 | ) | (2,470 | ) | (2,748 | ) | (420 | ) | (7,190 | ) | (9,729 | ) | (1,491 | ) | |||||||
Other operating costs | (21 | ) | (15 | ) | (22 | ) | (3 | ) | (57 | ) | (52 | ) | (8 | ) | |||||||
Selling and marketing expenses | (134 | ) | (162 | ) | (181 | ) | (28 | ) | (426 | ) | (597 | ) | (91 | ) | |||||||
General and administrative expenses | (330 | ) | (343 | ) | (336 | ) | (52 | ) | (1,061 | ) | (1,259 | ) | (193 | ) | |||||||
Pre-opening expenses | (149 | ) | (42 | ) | (36 | ) | (6 | ) | (502 | ) | (288 | ) | (44 | ) | |||||||
Total operating costs and expenses | (2,513 | ) | (3,032 | ) | (3,323 | ) | (509 | ) | (9,236 | ) | (11,925 | ) | (1,827 | ) | |||||||
- | (437 | ) | - | - | - | (437 | ) | (67 | ) | ||||||||||||
Other operating income (expense), net | 89 | 110 | 118 | 18 | 132 | 480 | 74 | ||||||||||||||
Income (losses) from operations | 486 | (201 | ) | (134 | ) | (20 | ) | 2,108 | (1,686 | ) | (257 | ) | |||||||||
Interest income | 39 | 31 | 33 | 5 | 160 | 119 | 18 | ||||||||||||||
Interest expense | (83 | ) | (136 | ) | (118 | ) | (18 | ) | (315 | ) | (533 | ) | (82 | ) | |||||||
Other (expense) income, net | 45 | (1 | ) | (8 | ) | (2 | ) | 331 | (89 | ) | (14 | ) | |||||||||
Unrealized gains (losses) from fair value changes of equity securities | 230 | 39 | 733 | 113 | 316 | (265 | ) | (42 | ) | ||||||||||||
Foreign exchange (loss) gain | 69 | 48 | 151 | 23 | (35 | ) | 175 | 27 | |||||||||||||
Income (Loss) before income taxes | 786 | (220 | ) | 657 | 101 | 2,565 | (2,279 | ) | (350 | ) | |||||||||||
Income tax (expense) benefit | (133 | ) | 50 | 66 | 10 | (640 | ) | 215 | 33 | ||||||||||||
Gain (Loss) from equity method investments | (28 | ) | (35 | ) | (11 | ) | (2 | ) | (164 | ) | (140 | ) | (21 | ) | |||||||
Net income (loss) | 625 | (205 | ) | 712 | 109 | 1,761 | (2,204 | ) | (338 | ) | |||||||||||
Net (income) loss attributable to noncontrolling interest | (6 | ) | (7 | ) | (9 | ) | (1 | ) | 8 | 12 | 2 | ||||||||||
Net income (loss) attributable to | 619 | (212 | ) | 703 | 108 | 1,769 | (2,192 | ) | (336 | ) | |||||||||||
Other comprehensive income | |||||||||||||||||||||
Gain arising from defined benefit plan, net of tax | - | (7 | ) | (27 | ) | (4 | ) | - | (27 | ) | (4 | ) | |||||||||
Foreign currency translation adjustments, net of tax | 29 | 237 | (8 | ) | (1 | ) | (7 | ) | 203 | 31 | |||||||||||
Comprehensive income (loss) | 654 | 25 | 677 | 104 | 1,754 | (2,028 | ) | (311 | ) | ||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | (6 | ) | (7 | ) | (9 | ) | (1 | ) | 8 | 12 | 2 | ||||||||||
Comprehensive income (loss) attributable to | 648 | 18 | 668 | 103 | 1,762 | (2,016 | ) | (309 | ) | ||||||||||||
Earnings (Losses) per share/ADS: | |||||||||||||||||||||
Basic | 2.17 | (0.73 | ) | 2.27 | 0.35 | 6.22 | (7.49 | ) | (1.15 | ) | |||||||||||
Diluted | 2.07 | (0.73 | ) | 2.16 | 0.33 | 5.94 | (7.49 | ) | (1.15 | ) | |||||||||||
Weighted average number of shares used in computation: | |||||||||||||||||||||
Basic | 285,256,343 | 291,675,396 | 309,752,462 | 309,752,462 | 284,305,138 | 292,739,841 | 292,739,841 | ||||||||||||||
Diluted | 304,319,151 | 291,675,396 | 326,326,640 | 326,326,640 | 304,309,890 | 292,739,841 | 292,739,841 | ||||||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||
December 31, 2019 | September 30, 2020 | December 31, 2020 | December 31,2019 | December 31, 2020 | |||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
( in millions) | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net (loss) income | 625 | (205 | ) | 712 | 109 | 1,761 | (2,204 | ) | (338 | ) | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Share-based compensation | 22 | 33 | 22 | 4 | 110 | 122 | 19 | ||||||||||||||
Depreciation and amortization, and other | 273 | 367 | 384 | 59 | 1,019 | 1,445 | 221 | ||||||||||||||
Impairment loss | 10 | 453 | 138 | 21 | 13 | 709 | 109 | ||||||||||||||
Loss (Income) from equity method investments, net of dividends | 37 | 14 | 38 | 6 | 213 | 145 | 22 | ||||||||||||||
Investment (income) loss | (353 | ) | (89 | ) | (881 | ) | (135 | ) | (477 | ) | 108 | 17 | |||||||||
Changes in operating assets and liabilities | 387 | 747 | 399 | 61 | 482 | 339 | 52 | ||||||||||||||
Other | (22 | ) | (181 | ) | (508 | ) | (79 | ) | 172 | (55 | ) | (9 | ) | ||||||||
Net cash provided by operating activities | 979 | 1,139 | 304 | 46 | 3,293 | 609 | 93 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | (459 | ) | (452 | ) | (501 | ) | (77 | ) | (1,535 | ) | (1,776 | ) | (272 | ) | |||||||
Acquisitions, net of cash received | (160 | ) | (3 | ) | (1 | ) | 0 | (244 | ) | (5,060 | ) | (775 | ) | ||||||||
Purchase of investments | (63 | ) | (1,631 | ) | (71 | ) | (11 | ) | (329 | ) | (1,702 | ) | (261 | ) | |||||||
Proceeds from maturity/sale of investments | 1,281 | 14 | 12 | 2 | 2,002 | 396 | 61 | ||||||||||||||
Loan advances | (76 | ) | (48 | ) | (15 | ) | (2 | ) | (541 | ) | (145 | ) | (22 | ) | |||||||
Loan collections | 92 | 51 | 60 | 9 | 347 | 182 | 28 | ||||||||||||||
Other | 20 | 0 | 1 | 0 | 15 | 4 | 1 | ||||||||||||||
Net cash provided by (used in) investing activities | 635 | (2,069 | ) | (515 | ) | (79 | ) | (285 | ) | (8,101 | ) | (1,240 | ) | ||||||||
Financing activities: | |||||||||||||||||||||
Net proceeds from issuance of ordinary shares | 4 | 5,245 | 774 | 119 | 14 | 6,019 | 922 | ||||||||||||||
Proceeds from debt | 11,064 | 1,468 | 311 | 48 | 15,392 | 6,906 | 1,058 | ||||||||||||||
Repayment of debt | (3,136 | ) | (2,844 | ) | (1,410 | ) | (216 | ) | (8,682 | ) | (11,207 | ) | (1,718 | ) | |||||||
Dividend paid | - | - | - | - | (658 | ) | (678 | ) | (104 | ) | |||||||||||
Other | (2 | ) | (33 | ) | (85 | ) | (13 | ) | (21 | ) | (157 | ) | (24 | ) | |||||||
Net cash provided by (used in) financing activities | 7,930 | 3,836 | (410 | ) | (62 | ) | 6,045 | 883 | 134 | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 4 | (73 | ) | (189 | ) | (29 | ) | 62 | (300 | ) | (45 | ) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 9,548 | 2,833 | (810 | ) | (124 | ) | 9,115 | (6,909 | ) | (1,058 | ) | ||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 4,451 | 5,067 | 7,900 | 1,211 | 4,884 | 13,999 | 2,145 | ||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | 13,999 | 7,900 | 7,090 | 1,087 | 13,999 | 7,090 | 1,087 | ||||||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||||||
Quarter Ended | |||||||||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||||||||
RMB | RMB | RMB | |||||||||||||||
(in millions) | |||||||||||||||||
Hotel operating costs | 2,748 | 89.5 | % | 10 | 0.3 | % | 2,738 | 89.2 | % | ||||||||
Other operating costs | 22 | 0.7 | % | - | 0.0 | % | 22 | 0.7 | % | ||||||||
Selling and marketing expenses | 181 | 5.9 | % | 1 | 0.0 | % | 180 | 5.9 | % | ||||||||
General and administrative expenses | 336 | 10.9 | % | 11 | 0.4 | % | 325 | 10.5 | % | ||||||||
Pre-opening expenses | 36 | 1.2 | % | - | 0.0 | % | 36 | 1.2 | % | ||||||||
Total operating costs and expenses | 3,323 | 108.2 | % | 22 | 0.7 | % | 3,301 | 107.5 | % | ||||||||
Income from operations | (134 | ) | -4.4 | % | 22 | 0.7 | % | (112 | ) | -3.7 | % | ||||||
Quarter Ended | |||||||||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||||||||
US$ | US$ | US$ | |||||||||||||||
(in millions) | |||||||||||||||||
Hotel operating costs | 420 | 89.5 | % | 2 | 0.3 | % | 418 | 89.2 | % | ||||||||
Other operating costs | 3 | 0.7 | % | - | 0.0 | % | 3 | 0.7 | % | ||||||||
Selling and marketing expenses | 28 | 5.9 | % | 0 | 0.0 | % | 28 | 5.9 | % | ||||||||
General and administrative expenses | 52 | 10.9 | % | 2 | 0.4 | % | 50 | 10.5 | % | ||||||||
Pre-opening expenses | 6 | 1.2 | % | - | 0.0 | % | 6 | 1.2 | % | ||||||||
Total operating costs and expenses | 509 | 108.2 | % | 4 | 0.7 | % | 505 | 107.5 | % | ||||||||
Income from operations | (20 | ) | -4.4 | % | 4 | 0.7 | % | (16 | ) | -3.7 | % | ||||||
Quarter Ended | |||||||||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||||||||
RMB | RMB | RMB | |||||||||||||||
(in millions) | |||||||||||||||||
Hotel operating costs | 2,470 | 78.2 | % | 12 | 0.4 | % | 2,458 | 77.8 | % | ||||||||
Other operating costs | 15 | 0.5 | % | - | 0.0 | % | 15 | 0.5 | % | ||||||||
Selling and marketing expenses | 162 | 5.1 | % | 1 | 0.0 | % | 161 | 5.1 | % | ||||||||
General and administrative expenses | 343 | 10.9 | % | 20 | 0.6 | % | 323 | 10.3 | % | ||||||||
Pre-opening expenses | 42 | 1.3 | % | - | 0.0 | % | 42 | 1.3 | % | ||||||||
Total operating costs and expenses | 3,032 | 96.0 | % | 33 | 1.0 | % | 2,999 | 95.0 | % | ||||||||
Income from operations | (201 | ) | -6.4 | % | 33 | 1.0 | % | (168 | ) | -5.4 | % | ||||||
Quarter Ended | |||||||||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||||||||
RMB | RMB | RMB | |||||||||||||||
(in millions) | |||||||||||||||||
Hotel operating costs | 1,879 | 64.6 | % | 7 | 0.2 | % | 1,872 | 64.4 | % | ||||||||
Other operating costs | 21 | 0.7 | % | - | 0.0 | % | 21 | 0.7 | % | ||||||||
Selling and marketing expenses | 134 | 4.6 | % | 1 | 0.0 | % | 133 | 4.6 | % | ||||||||
General and administrative expenses | 330 | 11.3 | % | 14 | 0.5 | % | 316 | 10.8 | % | ||||||||
Pre-opening expenses | 149 | 5.1 | % | - | 0.0 | % | 149 | 5.1 | % | ||||||||
Total operating costs and expenses | 2,513 | 86.3 | % | 22 | 0.7 | % | 2,491 | 85.6 | % | ||||||||
Income from operations | 486 | 16.7 | % | 22 | 0.7 | % | 508 | 17.4 | % | ||||||||
Year Ended | |||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||
RMB | RMB | RMB | |||||||||
(in millions) | |||||||||||
Hotel operating costs | 9,729 | 95.4 | % | 42 | 0.4 | % | 9,687 | 95.0 | % | ||
Other operating costs | 52 | 0.5 | % | - | 0.0 | % | 52 | 0.5 | % | ||
Selling and marketing expenses | 597 | 5.9 | % | 4 | 0.0 | % | 593 | 5.9 | % | ||
General and administrative expenses | 1,259 | 12.3 | % | 76 | 0.7 | % | 1,183 | 11.6 | % | ||
Pre-opening expenses | 288 | 2.8 | % | - | 0.0 | % | 288 | 2.8 | % | ||
Total operating costs and expenses | 11,925 | 116.9 | % | 122 | 1.1 | % | 11,803 | 115.8 | % | ||
Income from operations | (1,686 | ) | -16.5 | % | 122 | 1.1 | % | (1,564 | ) | -15.4 | % |
Year Ended | |||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||
US$ | US$ | US$ | |||||||||
(in millions) | |||||||||||
Hotel operating costs | 1,491 | 95.4 | % | 6 | 0.4 | % | 1,485 | 95.0 | % | ||
Other operating costs | 8 | 0.5 | % | - | 0.0 | % | 8 | 0.5 | % | ||
Selling and marketing expenses | 91 | 5.9 | % | 1 | 0.0 | % | 90 | 5.9 | % | ||
General and administrative expenses | 193 | 12.3 | % | 12 | 0.7 | % | 181 | 11.6 | % | ||
Pre-opening expenses | 44 | 2.8 | % | - | 0.0 | % | 44 | 2.8 | % | ||
Total operating costs and expenses | 1,827 | 116.9 | % | 19 | 1.1 | % | 1,808 | 115.8 | % | ||
Income from operations | (257 | ) | -16.5 | % | 19 | 1.1 | % | (238 | ) | -15.4 | % |
Year Ended | |||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||
RMB | RMB | RMB | |||||||
(in millions) | |||||||||
Hotel operating costs | 7,190 | 64.1 | % | 35 | 0.3 | % | 7,155 | 63.8 | % |
Other operating costs | 57 | 0.5 | % | - | 0.0 | % | 57 | 0.5 | % |
Selling and marketing expenses | 426 | 3.8 | % | 3 | 0.0 | % | 423 | 3.8 | % |
General and administrative expenses | 1,061 | 9.5 | % | 72 | 0.6 | % | 989 | 8.9 | % |
Pre-opening expenses | 502 | 4.5 | % | - | 0.0 | % | 502 | 4.5 | % |
Total operating costs and expenses | 9,236 | 82.4 | % | 110 | 0.9 | % | 9,126 | 81.5 | % |
Income from operations | 2,108 | 18.8 | % | 110 | 0.9 | % | 2,218 | 19.7 | % |
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||
December 31, 2019 | September 30,2020 | December 31, 2020 | December 31, 2019 | December 31, 2020 | |||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
(in millions, except shares, per share and per ADS data) | |||||||||||||||||||||
Net income (loss) attributable to | 619 | (212 | ) | 703 | 108 | 1,769 | (2,192 | ) | (336 | ) | |||||||||||
Share-based compensation expenses | 22 | 33 | 22 | 4 | 110 | 122 | 19 | ||||||||||||||
Unrealized (gains) losses from fair value changes of equity securities | (230 | ) | (39 | ) | (733 | ) | (113 | ) | (316 | ) | 265 | 42 | |||||||||
Adjusted net income attributable to | 411 | (218 | ) | (8 | ) | (1 | ) | 1,563 | (1,805 | ) | (275 | ) | |||||||||
Adjusted earnings (losses) per share/ADS (non-GAAP) | |||||||||||||||||||||
Basic | 1.44 | (0.75 | ) | (0.02 | ) | (0.00 | ) | 5.50 | (6.16 | ) | (0.94 | ) | |||||||||
Diluted | 1.38 | (0.75 | ) | (0.02 | ) | (0.00 | ) | 5.27 | (6.16 | ) | (0.94 | ) | |||||||||
Weighted average number of shares used in computation | |||||||||||||||||||||
Basic | 285,256,343 | 291,675,396 | 309,752,462 | 309,752,462 | 284,305,138 | 292,739,841 | 292,739,841 | ||||||||||||||
Diluted | 304,319,151 | 291,675,396 | 309,752,462 | 309,752,462 | 304,309,890 | 292,739,841 | 292,739,841 | ||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||
December 31, 2019 | September 30, 2020 | December 31, 2020 | December 31, 2019 | December 31, 2020 | |||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
(in millions, except per share and per ADS data) | |||||||||||||||||||||
Net income (loss) attributable to | 619 | (212 | ) | 703 | 108 | 1,769 | (2,192 | ) | (336 | ) | |||||||||||
Interest income | (39 | ) | (31 | ) | (33 | ) | (5 | ) | (160 | ) | (119 | ) | (18 | ) | |||||||
Interest expense | 83 | 136 | 118 | 18 | 315 | 533 | 82 | ||||||||||||||
Income tax expense | 133 | (50 | ) | (66 | ) | (10 | ) | 640 | (215 | ) | (33 | ) | |||||||||
Depreciation and amortization | 266 | 347 | 364 | 56 | 991 | 1,362 | 209 | ||||||||||||||
EBITDA (non-GAAP) | 1,062 | 190 | 1,086 | 167 | 3,555 | (631 | ) | (96 | ) | ||||||||||||
Share-based compensation | 22 | 33 | 22 | 4 | 110 | 122 | 19 | ||||||||||||||
Unrealized (gains) losses from fair value changes of equity securities | (230 | ) | (39 | ) | (733 | ) | (113 | ) | (316 | ) | 265 | 42 | |||||||||
Adjusted EBITDA (non-GAAP) | 854 | 184 | 375 | 58 | 3,349 | (244 | ) | (35 | ) | ||||||||||||
Operating Results: Legacy-Huazhu(1)
Number of hotels | Number of rooms | |||||||
Opened in Q4 2020 | Closed (2) in Q4 2020 | Net added in Q4 2020 | As of | As of | ||||
Leased and owned hotels | 4 | (10 | ) | (6 | ) | 681 | 90,942 | |
Manachised and franchised hotels | 389 | (104 | ) | 285 | 5,988 | 537,193 | ||
Total | 393 | (114 | ) | 279 | 6,669 | 628,135 | ||
(1) Legacy- (2) The reasons for hotel closures mainly include non-compliance with our brand standards, operating losses, and property-related issues. In Q4 2020, we temporarily closed 6 hotels for brand upgrade and business model change purposes. (3) As of | ||||||||
As of | ||
Number of hotels | Unopened hotels in pipeline | |
Economy hotels | 4,362 | 1,183 |
Leased and owned hotels | 438 | 4 |
Manachised and franchised hotels | 3,924 | 1,179 |
Midscale and upscale hotels | 2,307 | 1,228 |
Leased and owned hotels | 243 | 14 |
Manachised and franchised hotels | 2,064 | 1,214 |
Total | 6,669 | 2,411 |
Operational hotels (excluding hotels under requisition) | |||||||||
For the quarter ended | |||||||||
yoy | |||||||||
2019 | 2020 | 2020 | change | ||||||
Average daily room rate (in RMB) | |||||||||
Leased and owned hotels | 277 | 255 | 272 | -1.8% | |||||
Manachised and franchised hotels | 223 | 211 | 224 | 0.6% | |||||
Blended | 232 | 218 | 231 | -0.5% | |||||
Occupancy rate (as a percentage) | |||||||||
Leased and owned hotels | 84.7% | 82.9% | 79.6% | -5.2p.p. | |||||
Manachised and franchised hotels | 81.6% | 81.8% | 80.8% | -0.9p.p. | |||||
Blended | 82.2% | 82.0% | 80.6% | -1.6p.p. | |||||
RevPAR (in RMB) | |||||||||
Leased and owned hotels | 235 | 211 | 217 | -7.8% | |||||
Manachised and franchised hotels | 182 | 173 | 181 | -0.5% | |||||
Blended | 191 | 179 | 186 | -2.4% | |||||
For the year ended | ||||||
yoy | ||||||
2019 | 2020 | change | ||||
Average daily room rate (in RMB) | ||||||
Leased and owned hotels | 276 | 241 | -12.8% | |||
Manachised and franchised hotels | 224 | 204 | -8.9% | |||
Blended | 234 | 210 | -10.3% | |||
Occupancy rate (as a percentage) | ||||||
Leased and owned hotels | 87.0% | 68.9% | -18.1p.p. | |||
Manachised and franchised hotels | 83.8% | 71.4% | -12.4p.p. | |||
Blended | 84.4% | 71.0% | -13.4p.p. | |||
RevPAR (in RMB) | ||||||
Leased and owned hotels | 240 | 166 | -30.9% | |||
Manachised and franchised hotels | 188 | 146 | -22.3% | |||
Blended | 198 | 149 | -24.5% |
Same-hotel operational data by class | ||||||||||||||||
Mature hotels in operation for more than 18 months (excluding hotels under requisition) | ||||||||||||||||
Number of hotels | Same-hotel RevPAR | Same-hotel ADR | Same-hotel Occupancy | |||||||||||||
As of | For the quarter | yoy | For the quarter | yoy | For the quarter | yoy | ||||||||||
ended | change | ended | change | ended | change | |||||||||||
2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | (p.p.) | ||||||||
Economy hotels | 2,651 | 2,651 | 162 | 151 | -6.7 | % | 185 | 178 | -3.7 | % | 87.6 | % | 84.9 | % | -2.7 | |
Leased and owned hotels | 412 | 412 | 184 | 167 | -8.9 | % | 210 | 199 | -5.2 | % | 87.7 | % | 84.3 | % | -3.4 | |
Manachised and franchised hotels | 2,239 | 2,239 | 157 | 147 | -6.1 | % | 179 | 173 | -3.3 | % | 87.5 | % | 85.0 | % | -2.5 | |
Midscale and upscale hotels | 1,225 | 1,225 | 266 | 243 | -8.5 | % | 322 | 311 | -3.4 | % | 82.5 | % | 78.2 | % | -4.3 | |
Leased and owned hotels | 190 | 190 | 327 | 272 | -16.7 | % | 392 | 365 | -6.8 | % | 83.4 | % | 74.5 | % | -8.8 | |
Manachised and franchised hotels | 1,035 | 1,035 | 250 | 236 | -5.6 | % | 303 | 298 | -1.9 | % | 82.3 | % | 79.2 | % | -3.1 | |
Total | 3,876 | 3,876 | 201 | 186 | -7.6 | % | 235 | 225 | -3.9 | % | 85.7 | % | 82.4 | % | -3.3 |
Number of hotels | Same-hotel RevPAR | Same-hotel ADR | Same-hotel Occupancy | |||||||||||||
As of | For the year | yoy | For the year | yoy | For the year | yoy | ||||||||||
ended | change | ended | change | ended | change | |||||||||||
2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | (p.p.) | ||||||||
Economy hotels | 2,651 | 2,651 | 169 | 121 | -28.8 | % | 189 | 162 | -14.1 | % | 89.7 | % | 74.3 | % | -15.4 | |
Leased and owned hotels | 412 | 412 | 191 | 128 | -32.8 | % | 211 | 176 | -16.4 | % | 90.5 | % | 72.8 | % | -17.7 | |
Manachised and franchised hotels | 2,239 | 2,239 | 164 | 118 | -27.7 | % | 183 | 159 | -13.4 | % | 89.4 | % | 74.7 | % | -14.8 | |
Midscale and upscale hotels | 1,225 | 1,225 | 272 | 198 | -27.0 | % | 328 | 287 | -12.4 | % | 82.8 | % | 69.0 | % | -13.8 | |
Leased and owned hotels | 190 | 190 | 332 | 211 | -36.4 | % | 395 | 328 | -17.0 | % | 84.1 | % | 64.5 | % | -19.7 | |
Manachised and franchised hotels | 1,035 | 1,035 | 254 | 194 | -23.4 | % | 308 | 276 | -10.3 | % | 82.5 | % | 70.4 | % | -12.1 | |
Total | 3,876 | 3,876 | 205 | 148 | -27.9 | % | 234 | 204 | -13.1 | % | 87.3 | % | 72.5 | % | -14.8 |
Operating Results: Legacy-DH(4)
Number of hotels | Number of rooms | Unopened hotels in pipeline | ||||||
Opened in Q4 2020 | Closed in Q4 2020 | Net added in Q4 2020 | As of | | As of 2020 | | As of 2020 | |
Leased hotels | 2 | - | 2 | 72 | 13,371 | 26 | ||
Manachised and franchised hotels | 1 | - | 1 | 48 | 10,656 | 12 | ||
Total | 3 | - | 3 | 120 | 24,027 | 38 | ||
(4) Legacy-DH refers to DH. (5) As of |
For the quarter ended | ||||||||
yoy | ||||||||
2019 | 2020 | 2020 | change | |||||
Average daily room rate (in EUR) | ||||||||
Leased hotels | 108 | 88 | 78 | -27.2% | ||||
Manachised and franchised hotels | 85 | 101 | 73 | -13.7% | ||||
Blended | 97 | 93 | 76 | -21.5% | ||||
Occupancy rate (as a percentage) | ||||||||
Leased hotels | 73.3% | 38.2% | 20.9% | -52.6p.p. | ||||
Manachised and franchised hotels | 62.6% | 37.5% | 25.4% | -37.2p.p. | ||||
Blended | 68.0% | 37.9% | 22.5% | -45.5p.p. | ||||
RevPAR (in EUR) | ||||||||
Leased hotels | 79 | 34 | 16 | -79.3% | ||||
Manachised and franchised hotels | 53 | 38 | 19 | -64.9% | ||||
Blended | 66 | 35 | 17 | -74.0% |
For the year ended | ||||||
yoy | ||||||
2019 | 2020 | change | ||||
Average daily room rate (in EUR) | ||||||
Leased hotels | 105 | 89 | -14.8% | |||
Manachised and franchised hotels | 88 | 85 | -3.2% | |||
Blended | 97 | 88 | -9.9% | |||
Occupancy rate (as a percentage) | ||||||
Leased hotels | 72.8% | 33.9% | -38.9p.p. | |||
Manachised and franchised hotels | 65.0% | 36.3% | -28.7p.p. | |||
Blended | 69.1% | 34.8% | -34.3p.p. | |||
RevPAR (in EUR) | ||||||
Leased hotels | 76 | 30 | -60.4% | |||
Manachised and franchised hotels | 57 | 31 | -45.8% | |||
Blended | 67 | 31 | -54.6% |
As of | |||
Hotels | Rooms | Unopened hotels | |
in operation | in pipeline | ||
Economy hotels | 4,376 | 361,435 | 1,192 |
2,780 | 254,106 | 597 | |
439 | 25,282 | 91 | |
938 | 58,753 | 448 | |
205 | 21,633 | 47 | |
14 | 1,661 | 9 | |
Midscale and upscale hotels | 2,413 | 290,727 | 1,257 |
69 | 7,992 | 22 | |
455 | 38,657 | 252 | |
1,105 | 135,737 | 512 | |
320 | 36,167 | 174 | |
114 | 15,400 | 66 | |
61 | 6,009 | 47 | |
22 | 2,950 | 42 | |
104 | 17,486 | 61 | |
12 | 3,387 | 14 | |
10 | 1,842 | - | |
28 | 1,249 | 23 | |
7 | 1,485 | 7 | |
49 | 11,574 | 7 | |
45 | 8,056 | 23 | |
Maxx by Steigenberger(8) | 5 | 777 | 4 |
Jaz in the City | 2 | 424 | 2 |
Other partner hotels | 5 | 1,535 | 1 |
Total | 6,789 | 652,162 | 2,449 |
(6) As of (7) As of (8) As of |
__________________________________________________________
1 Hotel turnover refers to total transaction value of room and non-room revenues from
2 The conversion of Renminbi (“RMB”) into
3 Legacy-
4 Legacy-DH refers to DH.
Source:
2021 GlobeNewswire, Inc., source