UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
May 2016
Commission File Number: 001-34656
China Lodging Group, Limited
(Translation of registrant's name into English)
No. 2266 Hongqiao Road
Changning District
Shanghai 200336
People's Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
China Lodging Group, Limited | ||
(Registrant) | ||
Date: May 12, 2016 | /s/ Min (Jenny) Zhang | |
Min (Jenny) Zhang | ||
Chief Executive Officer | ||
EXHIBIT INDEX
Exhibit Number | Description | |
Exhibit 99.1 | China Lodging Group, Limited Reports First Quarter of 2016 Financial Results |
EXHIBIT 99.1
China Lodging Group, Limited Reports First Quarter of 2016 Results
SHANGHAI, China, May 11, 2016 (GLOBE NEWSWIRE) -- China Lodging Group, Limited (NASDAQ:HTHT) (“China Lodging Group”, “HuaZhu” or the “Company”), a leading and fast-growing multi-brand hotel group in China, today announced its unaudited financial results for the first quarter ended March 31, 2016.
Operational Highlights of First Quarter 2016
“We are pleased with our start to the year with a set of higher-than-expected results. Our net revenues achieved 18.8% year-over-year growth while adjusted EBITDA grew by 71.1% for the first quarter. This was mainly driven by increased contributions from JI Hotel, HanTing 2.0 and Hi Inn that recorded significant same hotel RevPAR increase of 10%, 8% and 6%, respectively.” said Ms. Jenny Zhang, Chief Executive Officer of China Lodging Group.
“Our brands remain popular in the market. HanTing Hotel, our flagship brand, re-designed and upgraded in 2015, continues to be favored by our customers and franchisees. HanTing Hotel has a pipeline of 271 hotels and JI Hotel, a leading midscale hotel brand has 105 hotels in the pipeline. In the first quarter, we welcomed 5 brands ranging from economy to upscale segments through our strategic alliance with AccorHotels. We believe our strong capability in development and execution will further strengthen our leading position as an industry consolidator.” Ms. Zhang added.
First Quarter of 2016 Financial Results
(RMB in thousands) | Q1 2015 | Q4 2015 | Q1 2016 | ||||||||
Revenues: | |||||||||||
Leased and owned hotels | 1,055,541 | 1,287,714 | 1,201,761 | ||||||||
Manachised and franchised hotels | 226,283 | 305,573 | 318,103 | ||||||||
Others | - | - | 628 | ||||||||
Total revenues | 1,281,824 | 1,593,287 | 1,520,492 | ||||||||
Less: business tax and related surcharges | (71,454 | ) | (86,972 | ) | (82,507 | ) | |||||
Net revenues | 1,210,370 | 1,506,315 | 1,437,985 | ||||||||
Total revenues for the first quarter of 2016 were RMB1,520.5 million (US$235.8 million), representing an 18.6% year-over-year increase and a 4.6% sequential decrease. The year-over-year increase was primarily due to our hotel network expansion through organic growth and strategic alliance. The sequential decrease was due to seasonality.
Total revenues from leased and owned hotels for the first quarter of 2016 were RMB1,201.8 million (US$186.4 million), representing a 13.9% year-over-year increase and a 6.7% sequential decrease.
Total revenues from manachised and franchised hotels for the first quarter of 2016 were RMB318.1 million (US$49.3 million), representing a 40.6% year-over-year increase and a 4.1% sequential increase. Total revenues from manachised and franchised hotels accounted for 20.9% of the Company’s total revenues in the first quarter of 2016, up from 17.7% a year ago.
Other revenues represent revenues generated from businesses other than hotels, which mainly include revenues from HuaZhu mall.
Net revenues for the first quarter of 2016 were RMB1,438.0 million (US$223.0 million), representing an 18.8% year-over-year increase and a 4.5% sequential decrease.
(RMB in thousands) | Q1 2015 | Q4 2015 | Q1 2016 | ||
Operating costs and expenses: | |||||
Hotel operating costs | 1,058,624 | 1,198,604 | 1,200,459 | ||
Selling and marketing expenses | 45,828 | 46,791 | 33,055 | ||
General and administrative expenses | 77,942 | 128,233 | 106,607 | ||
Pre-opening expenses | 34,593 | 16,216 | 22,019 | ||
Total operating costs and expenses | 1,216,987 | 1,389,844 | 1,362,140 | ||
Hotel operating costs for the first quarter of 2016 were RMB1,200.5 million (US$186.2 million), compared to RMB1,058.6 million in the first quarter of 2015 and RMB1,198.6 million in the previous quarter, representing a 13.4% year-over-year increase and a 0.2% sequential increase. Total hotel operating costs excluding share-based compensation expenses (non-GAAP) for the first quarter of 2016 were RMB1,197.7 million (US$185.8 million), representing 83.3% of net revenues, compared to 87.4% for the first quarter in 2015 and 79.4% for the previous quarter. The year-over-year decrease in the percentage was mainly attributable to the improved blended RevPAR, and the increased level of maturity of our leased hotels. The sequential increase in the percentage was mainly due to seasonality.
Selling and marketing expenses for the first quarter of 2016 were RMB33.1 million (US$5.1 million), compared to RMB45.8 million in the first quarter of 2015 and RMB46.8 million in the previous quarter. Selling and marketing expenses excluding share-based compensation expenses (non-GAAP) for the first quarter of 2016 were RMB32.8 million (US$5.1 million), or 2.3% of net revenues, compared to 3.8% for the first quarter of 2015 and 3.1% for the previous quarter. The year-over-year and sequential decrease was mainly attributable to the lower marketing spending as a result of timing issue in the first quarter of 2016.
General and administrative expenses for the first quarter of 2016 were RMB106.6 million (US$16.5 million), compared to RMB77.9 million in the first quarter of 2015 and RMB128.2 million in the previous quarter. General and administrative expenses excluding share-based compensation expenses (non-GAAP) for the first quarter of 2016 were RMB94.7 million (US$14.7 million), representing 6.6% of net revenues, compared with 5.5% of net revenues in the first quarter of 2015 and 7.7% in the previous quarter. The year-over-year increase was mainly due to increased personnel cost as a result of the Company’s growth in scale and brand portfolio. The sequential decrease was mainly due to decreased professional fees.
Pre-opening expenses for the first quarter of 2016 were RMB22.0 million (US$3.4 million), representing a 36.3% year-over-year decrease and a 35.8% sequential increase. The year-over-year decrease was mainly due to fewer leased hotels opened and in the pipeline through our organic growth, and the sequential increase was mainly due to more leased hotels in the pipeline in the first quarter of 2016.
Income from operations for the first quarter of 2016 was RMB70.8 million (US$11.0 million), compared to loss from operations of RMB10.8 million in the first quarter of 2015 and income from operations of RMB130.6 million in the previous quarter. Excluding share-based compensation expenses, adjusted income from operations (non-GAAP) for the first quarter of 2016 was RMB85.6 million (US$13.3 million), compared to adjusted income from operation (non-GAAP) of RMB1.6 million for the first quarter of 2015 and RMB144.5 million for the previous quarter. The adjusted operating margin, defined as adjusted operating income (non-GAAP) as percentage of net revenues, for the first quarter of 2016 was 5.9%, compared with 0.1% in the first quarter of 2015 and 9.7% in the previous quarter. The improved year-over-year adjusted operating margin was mainly due to the improved blended RevPAR, and operating leverage. The sequential decrease in the margin was due to seasonality.
Net income attributable to China Lodging Group, Limited for the first quarter of 2016 was RMB69.4 million (US$10.8 million), compared to net loss attributable to China Lodging Group, Limited of RMB7.0 million in the first quarter of 2015 and net income attributable to China Lodging Group, Limited of RMB70.8 million in the previous quarter. Excluding share-based compensation expenses, adjusted net income attributable to China Lodging Group, Limited (non-GAAP) for the first quarter of 2016 was RMB84.3 million (US$13.1 million), representing a 1465.1% year-over-year increase and a 0.5% sequential decrease. The year-over-year increase was mainly due to the expanded hotel network, the improved blended RevPAR, the lower pre-opening expenses, and gain from partial disposal of Home Inns ADS in the first quarter of 2016.
Basic and diluted earnings per share/ADS. For the first quarter of 2016, basic earnings per share were RMB0.26 (US$0.04) and diluted earnings per share were RMB0.25 (US$0.04); basic earnings per ADS were RMB1.03 (US$0.16) and diluted earnings per ADS were RMB1.01 (US$0.16). For the first quarter of 2016, excluding share-based compensation expenses, adjusted basic earnings per share (non-GAAP) and adjusted diluted earnings per share (non-GAAP) were RMB0.31 (US$0.05); adjusted basic earnings per ADS (non-GAAP) were RMB1.25 (US$0.19) and adjusted diluted earnings per ADS (non-GAAP) were RMB1.22 (US$0.19).
EBITDA (non-GAAP) for the first quarter of 2016 was RMB260.8 million (US$40.5 million), compared with RMB148.8 million in the first quarter of 2015 and RMB306.5 million in the previous quarter. Excluding share-based compensation expenses, adjusted EBITDA (non-GAAP) for the first quarter of 2016 was RMB275.7 million (US$42.8 million), compared with RMB161.2 million for the first quarter of 2015 and RMB320.4 million for the previous quarter.
Cash flow. Operating cash inflow for the first quarter of 2016 was RMB324.9 million (US$50.4 million). Investing cash outflow for the first quarter was RMB196.4 million (US$30.5 million).
Cash and cash equivalents and Restricted cash. As of March 31, 2016, the Company had a total balance of cash and cash equivalents, restricted cash of RMB1,775.3 million (US$275.3 million).
Debt financing. As of March 31, 2016, the Company had a short-term loan balance of RMB600.9 million and the total credit facility available to the Company was RMB499.3 million.
Guidance for Second Quarter of 2016
For the second quarter of 2016, the Company expects net revenues to grow 12% to 15% year-over-year.
The above forecast reflects the Company’s current and preliminary view, which is subject to change.
Conference Call
China Lodging Group’s management will host a conference call at 9 p.m. ET, Wednesday, May 11, 2016 (or 9 a.m. on Thursday, May 12, 2016 in the Shanghai/Hong Kong time zone) following the announcement. To participate in the event by telephone, please dial +1 (855) 500 8701 (for callers in the US), +86 400 120 0654 (for callers in China Mainland), +852 3018 6776 (for callers in Hong Kong) or +65 6713 5440 (for callers outside of the US, China Mainland, and Hong Kong) and enter pass code 9009 6815. Please dial in approximately 10 minutes before the scheduled time of the call.
A recording of the conference call will be available after the conclusion of the conference call through May 18, 2016. Please dial +1 (855) 452 5696 (for callers in the US) or +61 2 9003 4211 (for callers outside the US) and entering pass code 9009 6815.
The conference call will also be webcast live over the Internet and can be accessed by all interested parties at the Company’s Web site, http://ir.huazhu.com.
Use of Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. GAAP, the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the SEC: hotel operating costs excluding share-based compensation expenses; general and administrative expenses excluding share-based compensation expenses; selling expenses excluding share-based compensation expenses; adjusted income from operations excluding share-based compensation expenses; adjusted operating margin excluding share-based compensation expenses; adjusted net income attributable to China Lodging Group, Limited excluding share-based compensation expenses; adjusted basic and diluted earnings per share and per ADS excluding share-based compensation expenses; EBITDA; adjusted EBITDA excluding share-based compensation expenses; and adjusted EBITDA margin excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding Company performance by excluding share-based compensation expenses that may not be indicative of Company operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Company performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. A limitation of using non-GAAP financial measures excluding share-based compensation expenses is that share-based compensation expenses have been – and will continue to be – a significant recurring expense in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
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, to assess operating results of the hotels in operation. The Company believes that the exclusion of share-based compensation expenses helps facilitate year-on-year comparison of the results of operations as the share-based compensation expenses may not be indicative of Company operating performance. Therefore, the Company believes adjusted EBITDA more closely reflects the performance capability of hotels currently in operation. 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, 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 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 other relevant items both in the reconciliations to the U.S. GAAP financial measures and in the consolidated financial statements, all of which should be considered when evaluating the performance of the Company.
The terms EBITDA and adjusted EBITDA are not defined under U.S. GAAP, and neither EBITDA nor adjusted EBITDA is a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the operating and financial performance, investors should not consider these data in isolation or as a substitute for the Company’s net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, the Company’s EBITDA or adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA – or similarly titled measures utilized by other companies – since such other companies may not calculate EBITDA or adjusted EBITDA in the same manner as the Company does.
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 China Lodging Group, Limited
China Lodging Group, Limited is a leading hotel operator and franchisor in China under 12 brand names. As of March 31, 2016, the Company had 2,989 hotels or 304,428 rooms in operation in 356 cities. With a primary focus on economy and midscale hotel segments, China Lodging Group’s brands include Hi Inn, HanTing Hotel, Elan Hotel, JI Hotel, Starway Hotel, Joya Hotel, and Manxin Hotels & Resorts. The Company also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in Pan-China region.
The Company’s business includes leased, manachised and franchised models. Under the lease model, the Company directly operates hotels typically located on leased properties. Under the manachise model, the Company manages manachised hotels through the on-site hotel managers it appoints and collects fees from franchisees. Under the franchise model, the Company provides training, reservation and support services to the franchised hotels and collects fees from franchisees but does not appoint on-site hotel managers. The Company applies a consistent standard and platform across all of its hotels. As of March 31, 2016, China Lodging Group operates 25 percent of its hotel rooms under lease model, 75 percent under manachise and franchise models.
For more information, please visit the Company’s website: http://ir.huazhu.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: The information in this release contains forward-looking statements which involve risks and uncertainties, including statements regarding the Company’s capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as “may,” “should,” “will,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “forecast,” “project,” or “continue,” the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results. Any or all of the Company’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions, risks and uncertainties and other factors which could cause actual events or results to be materially different from those expressed or implied in the forward-looking statements. In evaluating these statements, readers should consider various factors, including the anticipated growth strategies of the Company, the future results of operations and financial condition of the Company, the economic conditions of China, the regulatory environment in China, the Company’s ability to attract customers and leverage its brand, trends and competition in the lodging industry, the expected growth of the lodging market in China and other factors and risks outlined in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F and other filings. These factors may cause the Company’s actual results to differ materially from any forward-looking statement. In addition, new factors emerge from time to time and it is not possible for the Company to predict all factors that may cause actual results to differ materially from those contained in any forward-looking statements. Any projections in this release are based on limited information currently available to the Company, which is subject to change. This release also contains statements or projections that are based upon information available to the public, as well as other information from sources which the Company believes to be reliable, but it is not guaranteed by the Company to be accurate, nor does the Company purport it to be complete. The Company disclaims any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date of this document, except as required by applicable law.
1 The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB6.4480 on March 31, 2016 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
2 Each ADS represents four of the Company’s ordinary shares.
3 As of March 31, 2016, the Company is still in the process of completing the valuation of the purchase price allocation, and goodwill of approximately RMB442.0 million was recorded based on the preliminary assessment.
—Financial Tables and Operational Data Follow—
China Lodging Group, Limited | |||||||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||||||
December 31, 2015 | March 31, 2016 | ||||||||||
RMB | RMB | US$ | |||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 1,237,838 | 1,414,760 | 219,411 | ||||||||
Restricted cash | 360,500 | 360,500 | 55,909 | ||||||||
Short-term investments | 533,215 | 446,995 | 69,323 | ||||||||
Accounts receivable, net | 93,956 | 119,179 | 18,483 | ||||||||
Amounts due from a related party | 16,157 | 51,631 | 8,007 | ||||||||
Prepaid rent | 429,588 | 423,039 | 65,608 | ||||||||
Inventories | 24,529 | 22,627 | 3,509 | ||||||||
Other current assets | 167,995 | 198,195 | 30,738 | ||||||||
Deferred tax assets | 98,200 | 98,200 | 15,229 | ||||||||
Total current assets | 2,961,978 | 3,135,126 | 486,217 | ||||||||
Property and equipment, net | 3,805,886 | 3,884,909 | 602,498 | ||||||||
Intangible assets, net | 144,812 | 220,016 | 34,122 | ||||||||
Long-term investments | 356,578 | 815,505 | 126,474 | ||||||||
Goodwill | 108,344 | 550,363 | 85,354 | ||||||||
Other assets | 195,446 | 199,814 | 30,989 | ||||||||
Deferred tax assets | 120,477 | 120,477 | 18,684 | ||||||||
Total assets | 7,693,521 | 8,926,210 | 1,384,338 | ||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | 324,680 | 600,892 | 93,190 | ||||||||
Accounts payable | 585,347 | 470,243 | 72,929 | ||||||||
Amounts due to related parties | 7,653 | 8,402 | 1,303 | ||||||||
Salary and welfare payable | 210,955 | 145,431 | 22,555 | ||||||||
Deferred revenue | 705,607 | 811,513 | 125,855 | ||||||||
Accrued expenses and other current liabilities | 576,160 | 594,697 | 92,230 | ||||||||
Dividends payable | 276,261 | - | - | ||||||||
Income tax payable | 102,810 | 83,685 | 12,978 | ||||||||
Deferred tax liabilities | 1,465 | 1,465 | 227 | ||||||||
Total current liabilities | 2,790,938 | 2,716,328 | 421,267 | ||||||||
Deferred rent | 945,192 | 982,196 | 152,326 | ||||||||
Deferred revenue | 180,861 | 183,452 | 28,451 | ||||||||
Other long-term liabilities | 275,954 | 291,649 | 45,231 | ||||||||
Deferred tax liabilities | 59,828 | 59,828 | 9,278 | ||||||||
Total liabilities | 4,252,773 | 4,233,453 | 656,553 | ||||||||
Equity: | |||||||||||
Ordinary shares | 186 | 202 | 31 | ||||||||
Treasury shares | (107,331 | ) | (107,331 | ) | (16,645 | ) | |||||
Additional paid-in capital | 2,470,099 | 3,634,139 | 563,607 | ||||||||
Retained earnings | 1,007,559 | 1,076,947 | 167,020 | ||||||||
Accumulated other comprehensive income (loss) | 59,596 | 47,239 | 7,326 | ||||||||
Total China Lodging Group, Limited shareholders' equity | 3,430,109 | 4,651,196 | 721,339 | ||||||||
Noncontrolling interest | 10,639 | 41,561 | 6,446 | ||||||||
Total equity | 3,440,748 | 4,692,757 | 727,785 | ||||||||
Total liabilities and equity | 7,693,521 | 8,926,210 | 1,384,338 | ||||||||
China Lodging Group, Limited | |||||||||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||
Quarter Ended | |||||||||||||||
March 31, 2015 | December 31, 2015 | March 31, 2016 | |||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||
(in thousands, except per share and per ADS data) | |||||||||||||||
Revenues: | |||||||||||||||
Leased and owned hotels | 1,055,541 | 1,287,714 | 1,201,761 | 186,377 | |||||||||||
Manachised and franchised hotels | 226,283 | 305,573 | 318,103 | 49,334 | |||||||||||
Others | - | - | 628 | 98 | |||||||||||
Total revenues | 1,281,824 | 1,593,287 | 1,520,492 | 235,809 | |||||||||||
Less: business tax and related surcharges | (71,454 | ) | (86,972 | ) | (82,507 | ) | (12,796 | ) | |||||||
Net revenues | 1,210,370 | 1,506,315 | 1,437,985 | 223,013 | |||||||||||
Operating costs and expenses: | |||||||||||||||
Hotel operating costs: | |||||||||||||||
Rents | (432,697 | ) | (470,567 | ) | (477,271 | ) | (74,018 | ) | |||||||
Utilities | (108,454 | ) | (85,288 | ) | (114,482 | ) | (17,755 | ) | |||||||
Personnel costs | (207,650 | ) | (232,662 | ) | (257,556 | ) | (39,944 | ) | |||||||
Depreciation and amortization | (156,417 | ) | (164,890 | ) | (165,870 | ) | (25,724 | ) | |||||||
Consumables, food and beverage | (105,675 | ) | (130,017 | ) | (115,037 | ) | (17,841 | ) | |||||||
Others | (47,731 | ) | (115,180 | ) | (70,243 | ) | (10,894 | ) | |||||||
Total hotel operating costs | (1,058,624 | ) | (1,198,604 | ) | (1,200,459 | ) | (186,176 | ) | |||||||
Selling and marketing expenses | (45,828 | ) | (46,791 | ) | (33,055 | ) | (5,126 | ) | |||||||
General and administrative expenses | (77,942 | ) | (128,233 | ) | (106,607 | ) | (16,533 | ) | |||||||
Pre-opening expenses | (34,593 | ) | (16,216 | ) | (22,019 | ) | (3,415 | ) | |||||||
Total operating costs and expenses | (1,216,987 | ) | (1,389,844 | ) | (1,362,140 | ) | (211,250 | ) | |||||||
Other operating income (expense), net | (4,152 | ) | 14,111 | (5,091 | ) | (790 | ) | ||||||||
Income (Loss) from operations | (10,769 | ) | 130,582 | 70,754 | 10,973 | ||||||||||
Interest income | 3,671 | 9,007 | 9,801 | 1,520 | |||||||||||
Interest expense | (173 | ) | (1,606 | ) | (3,067 | ) | (476 | ) | |||||||
Other income | 425 | 2,855 | 15,661 | 2,429 | |||||||||||
Foreign exchange gain (loss) | 151 | 4,533 | (1,586 | ) | (246 | ) | |||||||||
Income (Loss) before income taxes | (6,695 | ) | 145,371 | 91,563 | 14,200 | ||||||||||
Income tax benefit (expense) | 934 | (73,742 | ) | (27,713 | ) | (4,297 | ) | ||||||||
Income (Loss) from equity method investments | (1,455 | ) | (791 | ) | 3,291 | 510 | |||||||||
Net income (loss) | (7,216 | ) | 70,838 | 67,141 | 10,413 | ||||||||||
Less: net loss (income) attributable to noncontrolling interests | 223 | (78 | ) | 2,247 | 348 | ||||||||||
Net income (loss) attributable to China Lodging Group, Limited | (6,993 | ) | 70,760 | 69,388 | 10,761 | ||||||||||
Other comprehensive income | |||||||||||||||
Unrealized securities holding gains (losses), net of tax | 22,429 | 106,600 | (1,288 | ) | (200 | ) | |||||||||
Reclassification adjustment of unrealized securities holding gains, net of tax, for gain included in net income | - | - | (12,903 | ) | (2,001 | ) | |||||||||
Foreign currency translation adjustments, net of tax | (1,912 | ) | 3,342 | 1,834 | 284 | ||||||||||
Comprehensive income | 13,301 | 180,780 | 54,784 | 8,496 | |||||||||||
Comprehensive loss (income) attributable to the noncontrolling interest | 223 | (78 | ) | 2,247 | 348 | ||||||||||
Comprehensive income attributable to China Lodging Group, Limited | 13,524 | 180,702 | 57,031 | 8,844 | |||||||||||
Earnings (Loss) per share: | |||||||||||||||
Basic | (0.03 | ) | 0.28 | 0.26 | 0.04 | ||||||||||
Diluted | (0.03 | ) | 0.28 | 0.25 | 0.04 | ||||||||||
Earnings (Loss) per ADS: | |||||||||||||||
Basic | (0.11 | ) | 1.13 | 1.03 | 0.16 | ||||||||||
Diluted | (0.11 | ) | 1.10 | 1.01 | 0.16 | ||||||||||
Weighted average number of shares used in computation: | |||||||||||||||
Basic | 251,042 | 249,674 | 269,131 | 269,131 | |||||||||||
Diluted | 251,042 | 256,546 | 275,949 | 275,949 | |||||||||||
China Lodging Group, Limited | |||||||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||||
Quarter Ended | |||||||||||||||
March 31, 2015 | December 31, 2015 | March 31, 2016 | |||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||
(in thousands) | |||||||||||||||
Operating activities: | |||||||||||||||
Net income (loss) | (7,216 | ) | 70,838 | 67,141 | 10,413 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Share-based compensation | 12,376 | 13,909 | 14,863 | 2,306 | |||||||||||
Depreciation and amortization | 160,213 | 169,355 | 170,478 | 26,439 | |||||||||||
Deferred taxes | (7,476 | ) | (42,673 | ) | - | - | |||||||||
Bad debt expenses | 1,186 | 1,909 | 749 | 116 | |||||||||||
Deferred rent | 32,979 | 32,440 | 30,547 | 4,737 | |||||||||||
Gain from disposal of property and equipment | - | (5,519 | ) | - | - | ||||||||||
Impairment loss | - | 50,368 | 6,393 | 992 | |||||||||||
Loss (Income) from equity method investments | 1,455 | 791 | (3,291 | ) | (510 | ) | |||||||||
Gain from sale of investments | - | (2,766 | ) | (12,903 | ) | (2,001 | ) | ||||||||
Excess tax benefit from share-based compensation | (1,197 | ) | (7,833 | ) | (3,009 | ) | (467 | ) | |||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||
Accounts receivable | (2,232 | ) | (5,419 | ) | (22,211 | ) | (3,445 | ) | |||||||
Prepaid rent | (6,494 | ) | 21,191 | 6,549 | 1,016 | ||||||||||
Inventories | 795 | 1,888 | 2,731 | 424 | |||||||||||
Amounts due from related parties | - | - | (824 | ) | (128 | ) | |||||||||
Other current assets | 6,458 | (27,515 | ) | 4,544 | 705 | ||||||||||
Other assets | (5,748 | ) | 6,544 | (4,368 | ) | (677 | ) | ||||||||
Accounts payable | 21,390 | 8,187 | (3,321 | ) | (515 | ) | |||||||||
Amounts due to related parties | (155 | ) | 1,332 | 749 | 116 | ||||||||||
Salary and welfare payables | (70,396 | ) | 79,990 | (68,012 | ) | (10,548 | ) | ||||||||
Deferred revenue | 7,262 | 80,235 | 97,110 | 15,060 | |||||||||||
Accrued expenses and other current liabilities | 59,689 | 58,797 | 39,119 | 6,067 | |||||||||||
Income tax payable and receivable | (37,536 | ) | 58,255 | (13,905 | ) | (2,156 | ) | ||||||||
Other long-term liabilities | 19,588 | 13,968 | 15,766 | 2,445 | |||||||||||
Net cash provided by operating activities | 184,941 | 578,272 | 324,895 | 50,389 | |||||||||||
Investing activities: | |||||||||||||||
Purchases of property and equipment | (290,967 | ) | (119,380 | ) | (179,440 | ) | (27,829 | ) | |||||||
Purchases of intangibles | (3,384 | ) | (1,182 | ) | (3,868 | ) | (600 | ) | |||||||
Amount received as a result of government zoning | 1,000 | 5,721 | 2,099 | 326 | |||||||||||
Acquisitions, net of cash received | (13,316 | ) | (3,633 | ) | 3,762 | 583 | |||||||||
Proceeds from disposal of subsidiary and branch | - | 2,500 | - | - | |||||||||||
Purchase of long-term investments | (16,500 | ) | (36,168 | ) | (79,252 | ) | (12,291 | ) | |||||||
Proceeds from maturity/sale of long-term investments | 2,513 | 19,007 | 14,727 | 2,284 | |||||||||||
Payment for shareholder loan to joint venture | (1,252 | ) | (134 | ) | (34,650 | ) | (5,374 | ) | |||||||
Purchase of short-term investments | (10,000 | ) | - | - | - | ||||||||||
Proceeds from maturity/sale of short-term investments | 1,001 | 28,109 | 80,242 | 12,444 | |||||||||||
Decrease (increase) in restricted cash | - | 219,500 | - | - | |||||||||||
Net cash provided by (used in) investing activities | (330,905 | ) | 114,340 | (196,380 | ) | (30,457 | ) | ||||||||
Financing activities: | |||||||||||||||
Net proceeds from issuance of ordinary shares upon exercise of option | 2,000 | 10,970 | 4,251 | 659 | |||||||||||
Proceeds from short-term debt | - | - | 281,719 | 43,691 | |||||||||||
Repayment of short-term debt | - | (269,424 | ) | - | - | ||||||||||
Funds advanced from noncontrolling interest holders | - | 5,432 | 4,000 | 620 | |||||||||||
Repayment of funds advanced from noncontrolling interest holders | (240 | ) | (120 | ) | (100 | ) | (16 | ) | |||||||
Acquisition of noncontrolling interest | - | (2,042 | ) | - | - | ||||||||||
Contribution from noncontrolling interest holders | - | 200 | 34,059 | 5,282 | |||||||||||
Dividend paid to noncontrolling interest holders | (796 | ) | (120 | ) | (890 | ) | (138 | ) | |||||||
Dividend paid | - | - | (276,262 | ) | (42,845 | ) | |||||||||
Excess tax benefit from share-based compensation | 1,197 | 7,833 | 3,009 | 467 | |||||||||||
Net cash provided by (used in) financing activities | 2,161 | (247,271 | ) | 49,786 | 7,720 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,912 | ) | (6,731 | ) | (1,379 | ) | (213 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (145,715 | ) | 438,610 | 176,922 | 27,439 | ||||||||||
Cash and cash equivalents at the beginning of the period | 808,865 | 799,228 | 1,237,838 | 191,972 | |||||||||||
Cash and cash equivalents at the end of the period | 663,150 | 1,237,838 | 1,414,760 | 219,411 | |||||||||||
China Lodging Group, Limited | |||||||||||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||||||||
Quarter Ended March 31, 2016 | |||||||||||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||||||||||
RMB | RMB | RMB | |||||||||||||||||
(in thousands) | |||||||||||||||||||
Hotel operating costs | 1,200,459 | 83.5 | % | 2,744 | 0.2 | % | 1,197,715 | 83.3 | % | ||||||||||
Other operating costs | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | ||||||||||
Selling and marketing expenses | 33,055 | 2.3 | % | 232 | 0.0 | % | 32,823 | 2.3 | % | ||||||||||
General and administrative expenses | 106,607 | 7.4 | % | 11,887 | 0.8 | % | 94,720 | 6.6 | % | ||||||||||
Pre-opening expenses | 22,019 | 1.5 | % | - | 0.0 | % | 22,019 | 1.5 | % | ||||||||||
Total operating costs and expenses | 1,362,140 | 94.7 | % | 14,863 | 1.0 | % | 1,347,277 | 93.7 | % | ||||||||||
Income (Loss) from operations | 70,754 | 4.9 | % | 14,863 | 1.0 | % | 85,617 | 5.9 | % | ||||||||||
Quarter Ended March 31, 2016 | |||||||||||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||||||||||
US$ | US$ | US$ | |||||||||||||||||
(in thousands) | |||||||||||||||||||
Hotel operating costs | 186,176 | 83.5 | % | 426 | 0.2 | % | 185,750 | 83.3 | % | ||||||||||
Other operating costs | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | ||||||||||
Selling and marketing expenses | 5,126 | 2.3 | % | 36 | 0.0 | % | 5,090 | 2.3 | % | ||||||||||
General and administrative expenses | 16,533 | 7.4 | % | 1,844 | 0.8 | % | 14,689 | 6.6 | % | ||||||||||
Pre-opening expenses | 3,415 | 1.5 | % | - | 0.0 | % | 3,415 | 1.5 | % | ||||||||||
Total operating costs and expenses | 211,250 | 94.7 | % | 2,306 | 1.0 | % | 208,944 | 93.7 | % | ||||||||||
Income (Loss) from operations | 10,973 | 4.9 | % | 2,306 | 1.0 | % | 13,279 | 5.9 | % | ||||||||||
Quarter Ended December 31, 2015 | |||||||||||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||||||||||
RMB | RMB | RMB | |||||||||||||||||
(in thousands) | |||||||||||||||||||
Hotel operating costs | 1,198,604 | 79.6 | % | 2,352 | 0.2 | % | 1,196,252 | 79.4 | % | ||||||||||
Other operating costs | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | ||||||||||
Selling and marketing expenses | 46,791 | 3.1 | % | 100 | 0.0 | % | 46,691 | 3.1 | % | ||||||||||
General and administrative expenses | 128,233 | 8.5 | % | 11,457 | 0.8 | % | 116,776 | 7.7 | % | ||||||||||
Pre-opening expenses | 16,216 | 1.1 | % | - | 0.0 | % | 16,216 | 1.1 | % | ||||||||||
Total operating costs and expenses | 1,389,844 | 92.3 | % | 13,909 | 1.0 | % | 1,375,935 | 91.3 | % | ||||||||||
Income (Loss) from operations | 130,582 | 8.7 | % | 13,909 | 1.0 | % | 144,491 | 9.7 | % | ||||||||||
Quarter Ended March 31, 2015 | |||||||||||||||||||
GAAP Result | % of Net Revenues | Share-based Compensation | % of Net Revenues | Non-GAAP Result | % of Net Revenues | ||||||||||||||
RMB | RMB | RMB | |||||||||||||||||
(in thousands) | |||||||||||||||||||
Hotel operating costs | 1,058,624 | 87.5 | % | 1,675 | 0.1 | % | 1,056,949 | 87.4 | % | ||||||||||
Other operating costs | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | ||||||||||
Selling and marketing expenses | 45,828 | 3.8 | % | 280 | 0.0 | % | 45,548 | 3.8 | % | ||||||||||
General and administrative expenses | 77,942 | 6.4 | % | 10,421 | 0.9 | % | 67,521 | 5.5 | % | ||||||||||
Pre-opening expenses | 34,593 | 2.9 | % | - | 0.0 | % | 34,593 | 2.9 | % | ||||||||||
Total operating costs and expenses | 1,216,987 | 100.6 | % | 12,376 | 1.0 | % | 1,204,611 | 99.6 | % | ||||||||||
Income (Loss) from operations | (10,769 | ) | -0.9 | % | 12,376 | 1.0 | % | 1,607 | 0.1 | % | |||||||||
China Lodging Group, Limited | |||||||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||||
Quarter Ended | |||||||||||||||
March 31, 2015 | December 31, 2015 | March 31, 2016 | |||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||
(in thousands, except per share and per ADS data) | |||||||||||||||
Net income (loss) attributable to China Lodging Group, Limited (GAAP) | (6,993 | ) | 70,760 | 69,388 | 10,761 | ||||||||||
Share-based compensation expenses | 12,376 | 13,909 | 14,863 | 2,306 | |||||||||||
Adjusted net income attributable to China Lodging Group, Limited (non-GAAP) | 5,383 | 84,669 | 84,251 | 13,067 | |||||||||||
Earnings (Loss) per share (GAAP) | |||||||||||||||
Basic | (0.03 | ) | 0.28 | 0.26 | 0.04 | ||||||||||
Diluted | (0.03 | ) | 0.28 | 0.25 | 0.04 | ||||||||||
Earnings (Loss) per ADS (GAAP) | |||||||||||||||
Basic | (0.11 | ) | 1.13 | 1.03 | 0.16 | ||||||||||
Diluted | (0.11 | ) | 1.10 | 1.01 | 0.16 | ||||||||||
Adjusted earnings per share (non-GAAP) | |||||||||||||||
Basic | 0.02 | 0.34 | 0.31 | 0.05 | |||||||||||
Diluted | 0.02 | 0.33 | 0.31 | 0.05 | |||||||||||
Adjusted earnings per ADS (non-GAAP) | |||||||||||||||
Basic | 0.09 | 1.36 | 1.25 | 0.19 | |||||||||||
Diluted | 0.09 | 1.32 | 1.22 | 0.19 | |||||||||||
Weighted average number of shares used in computation | |||||||||||||||
Basic | 251,042 | 249,674 | 269,131 | 269,131 | |||||||||||
Diluted | 251,042 | 256,546 | 275,949 | 275,949 | |||||||||||
Quarter Ended | |||||||||||||||
March 31, 2015 | December 31, 2015 | March 31, 2016 | |||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||
(in thousands) | |||||||||||||||
Net income (loss) attributable to China Lodging Group, Limited (GAAP) | (6,993 | ) | 70,760 | 69,388 | 10,761 | ||||||||||
Interest income | (3,671 | ) | (9,007 | ) | (9,801 | ) | (1,520 | ) | |||||||
Interest expenses | 173 | 1,606 | 3,067 | 476 | |||||||||||
Income tax expense | (934 | ) | 73,742 | 27,713 | 4,297 | ||||||||||
Depreciation and amortization | 160,213 | 169,355 | 170,478 | 26,439 | |||||||||||
EBITDA (non-GAAP) | 148,788 | 306,456 | 260,845 | 40,453 | |||||||||||
Share-based Compensation | 12,376 | 13,909 | 14,863 | 2,306 | |||||||||||
Adjusted EBITDA (non-GAAP) | 161,164 | 320,365 | 275,708 | 42,759 | |||||||||||
China Lodging Group, Limited | ||||||||||||
Operational Data | ||||||||||||
As of | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2015 | 2015 | 2016 | ||||||||||
Total hotels in operation: | 2,177 | 2,763 | 2,989 | |||||||||
Leased and owned hotels (1) | 617 | 616 | 627 | |||||||||
Manachised hotels | 1,533 | 2,067 | 2,189 | |||||||||
Franchised hotels | 27 | 80 | 173 | |||||||||
Total hotel rooms in operation | 227,542 | 278,843 | 304,428 | |||||||||
Leased and owned hotels | 74,180 | 75,436 | 77,263 | |||||||||
Manachised hotels | 150,782 | 196,737 | 209,944 | |||||||||
Franchised hotels | 2,580 | 6,670 | 17,221 | |||||||||
Number of cities | 314 | 352 | 356 | |||||||||
(1) including 7 owned hotels under ibis brand. | ||||||||||||
For the quarter ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2015 | 2015 | 2016 | ||||||||||
Occupancy rate (as a percentage) | ||||||||||||
Leased and owned hotels | 82.7 | % | 85.8 | % | 82.2 | % | ||||||
Manachised hotels | 81.1 | % | 84.2 | % | 80.8 | % | ||||||
Franchised hotels | 66.1 | % | 67.4 | % | 61.9 | % | ||||||
Blended | 81.6 | % | 84.3 | % | 80.4 | % | ||||||
Average daily room rate (in RMB) | ||||||||||||
Leased and owned hotels | 182 | 201 | 193 | |||||||||
Manachised hotels | 161 | 167 | 165 | |||||||||
Franchised hotels | 174 | 172 | 169 | |||||||||
Blended | 168 | 177 | 172 | |||||||||
RevPAR (in RMB) | ||||||||||||
Leased and owned hotels | 150 | 172 | 159 | |||||||||
Manachised hotels | 131 | 141 | 133 | |||||||||
Franchised hotels | 115 | 116 | 105 | |||||||||
Blended | 137 | 149 | 139 | |||||||||
Same-hotel Operational Data: like-for-like performance for hotels in operation for at least 18 months during the current quarter | ||||||||||||
As of and for the quarter ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2016 | |||||||||||
Total | 1,783 | 1,783 | ||||||||||
Leased hotels | 584 | 584 | ||||||||||
Manachised hotels | 1,199 | 1,199 | ||||||||||
Occupancy rate (as a percentage) | 84.1 | % | 83.2 | % | ||||||||
Average daily room rate (in RMB) | 169 | 171 | ||||||||||
RevPAR (in RMB) | 142 | 142 | ||||||||||
Hotel breakdown by segment | |||||
Number of hotels in operation | |||||
Net added | As of | ||||
in Q1 2016 | March 31, 2016 | ||||
Economy hotels | 195 | 2,648 | |||
HanTing Hotel | 56 | 2,059 | |||
Leased hotels | (2 | ) | 493 | ||
Manachised hotels | 58 | 1,566 | |||
Hi Inn | 30 | 332 | |||
Leased hotels | - | 38 | |||
Manachised hotels | 13 | 264 | |||
Franchised hotels | 17 | 30 | |||
Elan Hotel | 21 | 169 | |||
Manachised hotels | 14 | 142 | |||
Franchised hotels | 7 | 27 | |||
ibis Hotel | 82 | 82 | |||
Leased and owned hotels | 12 | 12 | |||
Manachised hotels | 9 | 9 | |||
Franchised hotels | 61 | 61 | |||
ibis Styles Hotel | 6 | 6 | |||
Manachised hotels | 2 | 2 | |||
Franchised hotels | 4 | 4 | |||
Midscale and upscale hotels | 31 | 341 | |||
JI Hotel | 16 | 202 | |||
Leased hotels | 2 | 77 | |||
Manachised hotels | 14 | 125 | |||
Starway Hotel | 5 | 123 | |||
Leased hotels | (1 | ) | 3 | ||
Manachised hotels | 4 | 71 | |||
Franchised hotels | 2 | 49 | |||
Joya Hotel | 1 | 4 | |||
Leased hotels | - | 2 | |||
Manachised hotels | 1 | 2 | |||
Manxin Hotels & Resorts | - | 2 | |||
Leased hotels | - | 1 | |||
Manachised hotels | - | 1 | |||
Mercure Hotel | 7 | 8 | |||
Leased hotels | - | 1 | |||
Manachised hotels | 6 | 6 | |||
Franchised hotels | 1 | 1 | |||
Novotel Hotel | 1 | 1 | |||
Manachised hotels | 1 | 1 | |||
Grand Mercure Hotel | 1 | 1 | |||
Franchised hotels | 1 | 1 | |||
Total | 226 | 2,989 | |||
Same-hotel operational data by segment | |||||||||||||||||||||||||||||
Number of hotels in operation | Same-hotel RevPAR | Same-hotel ADR | Same-hotel Occupancy | ||||||||||||||||||||||||||
As of | For the quarter ended | For the quarter ended | For the quarter ended | ||||||||||||||||||||||||||
March 31, | March 31, | yoy | March 31, | yoy | March 31, | yoy | |||||||||||||||||||||||
2015 | 2016 | 2015 | 2016 | change | 2015 | 2016 | change | 2015 | 2016 | change | |||||||||||||||||||
Economy hotels | 1,637 | 1,637 | 136 | 133 | -1.9 | % | 160 | 160 | -0.4 | % | 85 | % | 83 | % | -1.3 | % | |||||||||||||
Leased hotels | 518 | 518 | 138 | 135 | -2.1 | % | 165 | 165 | 0.0 | % | 84 | % | 82 | % | -1.8 | % | |||||||||||||
Manachised and franchised hotels | 1,119 | 1,119 | 134 | 132 | -1.8 | % | 158 | 157 | -0.5 | % | 85 | % | 84 | % | -1.1 | % | |||||||||||||
Midscale and upscale hotels | 146 | 146 | 203 | 221 | 8.8 | % | 256 | 269 | 5.0 | % | 79 | % | 82 | % | 2.8 | % | |||||||||||||
Leased hotels | 66 | 66 | 225 | 252 | 12.1 | % | 276 | 293 | 6.3 | % | 82 | % | 86 | % | 4.4 | % | |||||||||||||
Manachised and franchised hotels | 80 | 80 | 178 | 184 | 3.4 | % | 232 | 237 | 2.2 | % | 77 | % | 78 | % | 0.9 | % | |||||||||||||
Total | 1,783 | 1,783 | 142 | 142 | -0.3 | % | 169 | 171 | 0.8 | % | 84 | % | 83 | % | -0.9 | % | |||||||||||||
Contact Information
Ida Yu
Sr. Manager of Investor Relations
Tel: +86 (21) 6195 9561
Email: ir@huazhu.com
http://ir.huazhu.com