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

For the month of: March 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: March 11, 2016	 	    /s/ Min (Jenny) Zhang    	
 	 	Min (Jenny) Zhang	
 	 	Chief Executive Officer	

EXHIBIT INDEX

Exhibit Number	 	Description	
 	 	 	
99.1	 	China Lodging Group, Limited Reports Fourth Quarter and Full Year 2015 Financial Results	

EXHIBIT 99.1

China Lodging Group, Limited Reports Fourth Quarter and Full Year 2015 Financial Results
A total of 2,763 hotels or 278,843 hotel rooms in operation as of December 31, 2015
Net revenues increased 16.2% year-over-year to RMB1,506.3 million (US$232.5 million)1 for the fourth quarter and 16.3% to RMB5,774.6 million (US$891.4 million) for the full year of 2015, in line with the guidance previously announced.
Adjusted EBITDA (non-GAAP) increased 55.4% year-over-year to RMB320.4 million (US$49.5 million) for the fourth quarter and increased 32.2% to RMB1,324.2 million (US$204.4 million) for the full year of 2015.
Net income attributable to China Lodging Group, Limited was RMB70.8 million (US$10.9 million) for the fourth quarter and RMB436.6 million (US$67.4 million) for the full year of 2015, increasing 51.1% year-over-year for the fourth quarter and increasing 42.1% for the full year of 2015.
Basic earnings per ADS2 were RMB1.13 (US$0.18) for the fourth quarter of 2015 and RMB6.97 (US$1.08) for the full year of 2015. Diluted earnings per ADS were RMB1.10 (US$0.17) for the fourth quarter of 2015 and RMB6.82 (US$1.05) for the full year of 2015. Excluding share-based compensation expenses, adjusted basic earnings per ADS (non-GAAP) were RMB1.36 (US$0.21) for the fourth quarter of 2015 and RMB7.81 (US$1.21) for the full year of 2015 and adjusted diluted earnings per ADS (non-GAAP) were RMB1.32 (US$0.20) for the fourth quarter of 2015 and RMB7.64 (US$1.18) for the full year of 2015.
For full year of 2015, the Company repurchased 0.77 million ADS for $17.5 million; the Company also declared cash dividend of $0.68 per ADS in 2015 which was paid in early 2016.
The Company provided guidance for Q1 2016 net revenues growth of 14% to 15% and full year 2016 net revenues growth of 12% to 15%.

SHANGHAI, China, March 10, 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 fourth quarter and full year ended December 31, 2015.

Operational Highlights of Fourth Quarter 2015
During the fourth quarter of 2015, the Company opened 4 leased (“leased-and-operated”) hotels and 192 manachised (“franchised-and-managed”) and franchised hotels, and closed 7 leased hotels and 14 manachised and franchised hotels.

The ADR, which is defined as the average daily rate for all hotels in operation (excluding certain franchised Starway hotels), was RMB177 in the fourth quarter of 2015, compared with RMB176 in the fourth quarter of 2014 and RMB188 in the previous quarter. The year-over-year increase of 0.4% was mainly attributable to more favorable brand mix with an increased number of midscale hotels, which was partially offset by the city mix shifting toward lower-tier cities. The sequential decrease resulted mainly from seasonality.

The occupancy rate for all hotels in operation (excluding certain franchised Starway hotels) was 84.3% in the fourth quarter of 2015, compared with 86.5% in the fourth quarter of 2014 and 89.2% in the previous quarter. The year-over-year decrease was mainly due to soft macro economy and a dilutive impact from newly-opened hotels in lower-tier cities. The sequential decrease resulted mainly from seasonality.

RevPAR, defined as revenue per available room for all hotels in operation (excluding certain franchised Starway hotels), was RMB149 in the fourth quarter of 2015, compared with RMB153 in the fourth quarter of 2014 and RMB167 in the previous quarter. The year-over-year decrease was a result of lower occupancy rate. The sequential decrease resulted mainly from seasonality.

For all hotels which had been in operation for at least 18 months (excluding certain franchised Starway hotels), the same-hotel RevPAR was RMB154 for the fourth quarter of 2015, a 2.9% decrease from RMB158 for the fourth quarter of 2014, with a flattish ADR and a 2.6-percentage-point decrease in occupancy rate. The midscale and upscale hotels registered a 7.8% same-hotel RevPAR improvement, with a 4.7% increase in ADR and 2.4-percentage-point increase in occupancy rate.

Operational Highlights of Full Year 2015
For the full year of 2015, the Company opened 22 leased hotels and 813 manachised and franchised hotels, and closed 17 leased hotels and 50 manachised and franchised hotels. As of December 31, 2015, the Company had 616 leased hotels, 2,067 manachised hotels, and 80 franchised hotels in operation in 352 cities. The number of hotel rooms in operation totaled 278,843, an increase of 33% from a year ago.

As of December 31, 2015, the Company had 21 leased hotels and 656 manachised and franchised hotels contracted or under construction.

For the full year of 2015, the ADR for all hotels in operation (excluding certain franchised Starway hotels) was RMB179, compared to RMB179 in 2014.

For the full year of 2015, the occupancy rate for all hotels in operation (excluding certain franchised Starway hotels) was 85.3%, compared with 89.0% in 2014. The decline in occupancy rate was mainly due to soft macro economy and a dilutive impact from newly-opened hotels in lower-tier cities.

For the full year of 2015, the RevPAR for all hotels in operation (excluding certain franchised Starway hotels), was RMB153, a 4.1% decrease from RMB159 in 2014. The decrease was a result of lower occupancy rate.

For all the hotels which had been in operation for at least 18 months (excluding certain franchised Starway hotels), the same-hotel RevPAR was RMB159 in 2015, a 3.6% decrease from RMB165 in 2014, with a 0.3% increase in ADR and a 3.5-percentage-point drop in occupancy rate. In 2015, the midscale and upscale hotels registered a 6.5% same-hotel RevPAR improvement, with a 5.5% increase in ADR and 0.8-percentage-point increase in occupancy rate.

As of December 31, 2015, the Company’s loyalty program had more than 49 million members, who contributed more than 80% of room nights sold during the full year of 2015. In 2015, more than 90% of room nights were sold through the Company’s own channels.

Mr. Qi Ji, founder and executive Chairman of China Lodging Group, said, “Our business continues to perform well in 2015, with strong unit growth and improved margin. Our brands have a growing popularity among customers and franchisees. In 2015, we added a total of 68,888 rooms bringing our network to more than 278,000 rooms, about 73% under manachise and franchise models. In spite of the soft Chinese macro economy, our comparable mature hotels (in operation at least 18 months) achieved occupancy rate of 88%. In particular, our midscale and upscale hotels registered a 6.5% same-hotel RevPAR improvement.

“Our healthy balance sheet has allowed us to make investments in our business, while at the same time returning capital to shareholders. Our increasing unit growth and solid operational performance should continue to fuel improving margin, growing cash flow and steady returns to shareholders in the long term.” Mr. Ji added.

Fourth Quarter and Full Year of 2015 Financial Results
(RMB in thousands)	Q4 2014	 	Q3 2015	 	Q4 2015	 	2014 FY	 	2015 FY	
Revenues:	 	 	 	 	 	 	 	 	 	
Leased hotels	 	1,160,852	 	 	 	1,374,492	 	 	 	1,287,714	 	 	 	4,522,431	 	 	 	4,986,872	 	
Manachised and franchised hotels	 	212,059	 	 	 	318,864	 	 	 	305,573	 	 	 	742,797	 	 	 	1,123,979	 	
Total revenues	 	1,372,911	 	 	 	1,693,356	 	 	 	1,593,287	 	 	 	5,265,228	 	 	 	6,110,851	 	
Less: business tax and related surcharges	 	(76,674	)	 	 	(93,176	)	 	 	(86,972	)	 	 	(300,500	)	 	 	(336,227	)	
Net revenues	 	1,296,237	 	 	 	1,600,180	 	 	 	1,506,315	 	 	 	4,964,728	 	 	 	5,774,624	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues for the fourth quarter of 2015 were RMB1,593.3 million (US$246.0 million), representing a 16.1% year-over-year increase and a 5.9% sequential decrease. The year-over-year increase was primarily due to our hotel network expansion. The sequential decrease was due to seasonality.

Total revenues for the full year of 2015 were RMB6,110.9 million (US$943.4 million), representing an increase of 16.1% from the full year of 2014.

Total revenues from leased hotels for the fourth quarter of 2015 were RMB1,287.7 million (US$198.8 million), representing a 10.9% year-over-year increase and a 6.3% sequential decrease.

For the full year of 2015, total revenues from leased hotels were RMB4,986.9 million (US$769.8 million), representing a 10.3% year-over-year increase.

Total revenues from manachised and franchised hotels for the fourth quarter of 2015 were RMB305.6 million (US$47.2 million), representing a 44.1% year-over-year increase and a 4.2% sequential decrease.

For the full year of 2015, total revenues from manachised and franchised hotels were RMB 1,124.0 million (US$173.5 million), representing a 51.3% year-over-year increase. It accounts for 18.4% of total revenues, compared to 14.1% of total revenues for the year of 2014.

Net revenues for the fourth quarter of 2015 were RMB1,506.3 million (US$232.5 million), representing a 16.2% year-over-year increase and a 5.9% sequential decrease.

Net revenues for the full year of 2015 were RMB5,774.6 million (US$891.4 million), representing a 16.3% year-over-year increase.
 	 	 	 	 	 	 	 	 	 	
(RMB in thousands)	Q4 2014	 	Q3 2015	 	Q4 2015	 	2014 FY	 	2015 FY	
Operating costs and expenses:	 	 	 	 	 	 	 	 	 	
Hotel operating costs	1,048,926	 	1,166,759	 	1,198,604	 	3,878,027	 	4,512,147	
Selling and marketing expenses	65,179	 	42,383	 	46,791	 	187,435	 	179,568	
General and administrative expenses	102,985	 	101,426	 	128,233	 	342,128	 	403,008	
Pre-opening expenses	43,246	 	27,649	 	16,216	 	186,325	 	110,011	
Total operating costs and expenses	1,260,336	 	1,338,217	 	1,389,844	 	4,593,915	 	5,204,734	
 	 	 	 	 	 	 	 	 	 	
Hotel operating costs for the fourth quarter of 2015 were RMB1,198.6 million (US$185.0 million), compared to RMB1,048.9 million in the fourth quarter of 2014 and RMB1,166.8 million in the previous quarter, representing a 14.3% year-over-year increase and a 2.7% sequential increase. Total hotel operating costs excluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2015 were RMB1,196.3 million (US$184.7 million), representing 79.4% of net revenues, compared to 80.7% for the fourth quarter in 2014 and 72.7% for the previous quarter. The year-over-year decrease in the percentage was mainly attributable to the increased proportion of revenues from manachised and franchised hotels. The sequential increase in the percentage was mainly due to the increased impairment loss from a few under-performing leased hotels.

For the full year of 2015, hotel operating costs were RMB4,512.1 million (US$696.6 million), compared to RMB3,878.0 million in 2014. Excluding share-based compensation, hotel operating costs (non-GAAP) were RMB4,503.3 million (US$695.2 million), representing 77.9% of net revenues, compared to 78.0% in 2014.

Selling and marketing expenses for the fourth quarter of 2015 were RMB46.8 million (US$7.2 million), compared to RMB65.2 million in the fourth quarter of 2014 and RMB42.4 million in the previous quarter. Selling and marketing expenses excluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2015 were RMB46.7 million (US$7.2 million), or 3.1% of net revenues, compared to 5.0% for the fourth quarter of 2014 and 2.6% for the previous quarter. The year-over-year decrease was mainly attributable to lower marketing spending. The sequential increase was mainly due to increased cost associated with membership points in the fourth quarter.

For the full year of 2015, selling and marketing expenses were RMB179.6 million (US$27.7 million), compared to RMB187.4 million in 2014. Selling and marketing expenses excluding share-based compensation expenses (non-GAAP) were RMB178.7 million (US$27.6 million), representing 3.1% of net revenues, compared to 3.8% in 2014. The year-over-year decrease was mainly attributable to lower marketing spending.

General and administrative expenses for the fourth quarter of 2015 were RMB128.2 million (US$19.8 million), compared to RMB103.0 million in the fourth quarter of 2014 and RMB101.4 million in the previous quarter. General and administrative expenses excluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2015 were RMB116.8 million (US$18.0 million), representing 7.7% of net revenues, compared with 7.9% of net revenues in the fourth quarter of 2014 and 5.7% in the previous quarter. The sequential increase in the percentage was mainly due to increased professional fees, personnel cost and decreased revenue base.

For the full year of 2015, general and administrative expenses were RMB403.0 million (US$62.2 million), compared to RMB342.1 million in 2014. General and administrative expenses excluding share-based compensation expenses (non-GAAP) were RMB360.2 million (US$55.6 million), representing 6.3% of net revenues, compared to 6.4% in 2014.

Pre-opening expenses for the fourth quarter of 2015 were RMB16.2 million (US$2.5 million), representing a 62.5% year-over-year decrease and a 41.4% sequential decrease. The decrease was mainly due to fewer leased hotels opened and in the pipeline in the fourth quarter of 2015.

Pre-opening expenses for the full year of 2015 were RMB110.0 million (US$17.0 million), compared to RMB186.3 million in 2014, representing a year-over-year decrease of 41.0%. The decrease in pre-opening expenses was mainly due to fewer leased hotel opened and in the pipeline in 2015. The pre-opening expenses as a percentage of net revenues decreased to 1.9% in 2015 from 3.8% in 2014.

Income from operations for the fourth quarter of 2015 was RMB130.6 million (US$20.2 million), compared to RMB48.8 million in the fourth quarter of 2014 and RMB281.7 million in the previous quarter. Excluding share-based compensation expenses, adjusted income from operations (non-GAAP) for the fourth quarter of 2015 was RMB144.5 million (US$22.3 million), compared to adjusted income from operation (non-GAAP) of RMB51.0 million for the fourth quarter of 2014 and RMB294.6 million for the previous quarter. The adjusted operating margin, defined as adjusted operating income (non-GAAP) as percentage of net revenues, for the fourth quarter of 2015 was 9.7%, compared with 4.0% in the fourth quarter of 2014 and 18.4% in the previous quarter. The improved year-over-year adjusted operating margin was mainly due to a higher proportion of manachised and franchised business and cost control efforts. The sequential decrease in the margin was due to seasonality.

Income from operations for the full year of 2015 was RMB601.2 million (US$92.8 million), compared to RMB389.4 million in 2014. Excluding share-based compensation expenses, adjusted income from operations (non-GAAP) for the year of 2015 was RMB653.7 million (US$100.9 million), compared to RMB421.3 million for the year of 2014. The growth in income from operations was mainly attributable to increased contribution from manachised and franchised hotels in 2015. The adjusted operating margin (non-GAAP) for the year of 2015 was 11.4%, compared with 8.5% for the year of 2014. The improvement of 2.9-percentage-points in the adjusted operating margin was mainly due to a higher proportion of manachised and franchised business and cost control efforts in 2015.

Net income attributable to China Lodging Group, Limited for the fourth quarter of 2015 was RMB70.8 million (US$10.9 million), compared to RMB46.8 million in the fourth quarter of 2014 and RMB223.6 million in the previous quarter. Excluding share-based compensation expenses, adjusted net income attributable to China Lodging Group, Limited (non-GAAP) for the fourth quarter of 2015 was RMB84.7 million (US$13.1 million), representing a 72.7% year-over-year increase and a 64.2% sequential decrease.

Net income attributable to China Lodging Group, Limited for the full year of 2015 was RMB436.6 million (US$67.4 million), compared to RMB307.3 million in 2014. Excluding share-based compensation expenses, adjusted net income attributable to China Lodging Group (non-GAAP) for the full year of 2015 was RMB489.1 million (US$75.5 million), compared to RMB339.3 million in 2014. The year-over-year increase of 44.2% was mainly attributable to the expanded hotel network, increased contribution from manachised and franchised business and lower pre-opening expenses, as a result of the Company’s continued asset-light strategy.

Basic and diluted earnings per share/ADS.  For the fourth quarter of 2015, basic and diluted earnings per share were RMB0.28 (US$0.04); basic earnings per ADS were RMB1.13 (US$0.18) and diluted earnings per ADS were RMB1.10 (US$0.17). For the fourth quarter of 2015, excluding share-based compensation expenses, adjusted basic earnings per share (non-GAAP) were RMB0.34 (US$0.05) and adjusted diluted earnings per share (non-GAAP) were RMB0.33 (US$0.05); adjusted basic earnings per ADS (non-GAAP) were RMB1.36 (US$0.21) and adjusted diluted earnings per ADS (non-GAAP) were RMB1.32 (US$0.20).

For the full year of 2015, basic earnings per share were RMB1.74 (US$0.27) and diluted earnings per share were RMB1.70 (US$0.26); basic earnings per ADS were RMB6.97 (US$1.08), while diluted earnings per ADS were RMB6.82 (US$1.05). For the full year of 2015, excluding share-based compensation expenses, adjusted basic earnings per share (non-GAAP) were RMB1.95 (US$0.30), while adjusted diluted earnings per share (non-GAAP) were RMB1.91 (US$0.29), and adjusted basic earnings per ADS (non-GAAP) were RMB7.81 (US$1.21), while adjusted diluted earnings per ADS (non-GAAP) were RMB7.64 (US$1.18).

EBITDA (non-GAAP) for the fourth quarter of 2015 was RMB306.5 million (US$47.3 million), compared with RMB204.0 million in the fourth quarter of 2014 and RMB451.9 million in the previous quarter. Excluding share-based compensation expenses, adjusted EBITDA (non-GAAP) for the fourth quarter of 2015 was RMB320.4 million (US$49.5 million), compared with RMB206.2 million for the fourth quarter of 2014 and RMB464.8 million for the previous quarter.

EBITDA (non-GAAP) for the full year of 2015 was RMB1,271.7 million (US$196.3 million), compared to RMB969.5 million in 2014. Excluding share-based compensation expenses, adjusted EBITDA (non-GAAP) for the full year of 2015 was RMB1,324.2 million (US$204.4 million), compared with RMB1,001.5 million in 2014, representing a 32.2% year-over-year increase. The year-over-year increase was mainly due to the expansion of the Company’s hotel network. The adjusted EBITDA margin (non-GAAP) for the year of 2015 was 22.9%, compared with 20.2% for the year of 2014. The improvement of 2.7-percentage-points in adjusted EBITDA margin was mainly due to a higher proportion of manachised and franchised business in 2015.

Hotel income (non-GAAP), which is the difference between net revenues and hotel operating costs, was RMB307.7 million (US$47.5 million) for the fourth quarter of 2015, compared with RMB247.3 million in the fourth quarter of 2014 and RMB433.4 million in the previous quarter. The hotel income from the leased hotels was RMB87.3 million (US$13.5 million) during the fourth quarter of 2015. The hotel income from the manachised and franchised hotels was RMB220.4 million (US$34.0 million) during the fourth quarter of 2015, or accounting for approximately 71.6% of total hotel income.

Hotel income (non-GAAP) for the full year of 2015 was RMB1,262.5 million (US$194.9 million), compared with RMB1,086.7 million for 2014. The hotel income from the leased hotels was RMB456.0 million (US$70.4 million) for the full year of 2015. The hotel income from the manachised and franchised hotels was RMB806.5 million (US$124.5 million) during the full year of 2015, or accounting for approximately 63.9% of total hotel income.

Cash flow. Operating cash inflow for the fourth quarter of 2015 was RMB578.3 million (US$89.3 million). Investing cash inflow for the fourth quarter was RMB114.3 million (US$17.7 million).

Operating cash inflow for the full year of 2015 was RMB1,749.7 million (US$270.1 million), representing an increase of 20.3% from 2014. The significant growth was mainly due to the Company’s fast network expansion with manachise and franchise models. Investing cash outflow for the full year of 2015 was RMB1,550.4 million (US$239.3 million), representing an increase of 45.8% from 2014. The increase was mainly attributable to the purchase of Home Inns ADS from the open market in the second and third quarter of 2015.

Cash and cash equivalents and Restricted cash. As of December 31, 2015, the Company had a total balance of cash and cash equivalents, restricted cash of RMB1,598.3 million (US$246.7 million).

Debt financing. As of December 31, 2015, the Company had a short-term loan balance of RMB324.7 million and the total credit facility available to the Company was RMB499.3 million.

Accor-Huazhu Alliance Transaction

In January 2016, China Lodging Group completed the transaction of strategic alliance with AccorHotels. The Company 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. China Lodging Group takes a non-controlling stake of 29.3% and two board seats in a joint venture for AccorHotels Luxury and Upscale hotel operating platform in Greater China. AccorHotels has a 10.8% stake in of China Lodging Group, including newly issued 24,895,543 ordinary shares at a price of $6.6375 per ordinary share (or 9.0% of China Lodging Group’s outstanding shares after issuance; 4 ordinary shares=1 American depositary shares) and the Company’s American depositary shares purchased by AccorHotels from the open market. Sebastien Bazin, Chaiman and CEO of AccorHotels, has been appointed to China Lodging Group’s Board of Directors.

Business Outlook and Guidance for 2016

“We remain positive about the long-term prospects about China travel industry. In 2016, we continue our consistent execution of asset-light and multiple-brand strategy. We plan to open 750 to 800 hotels, with 80% for economy hotels and 20% for midscale and upscale hotels. The manachised and franchised hotels continue to be the vast majority of our new openings in 2016, which is similar to 2015.” commented Mr. Ji.

In the first quarter of 2016, the Company expects net revenues to grow 14% to 15% year-over-year. For the full year 2016, the Company expects net revenues to grow 12% to 15% from 2015.

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 8 p.m. ET, Thursday, March 10, 2016 (or 9 a.m. on Friday, March 11, 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 entering pass code 5380 2516.  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 March 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 5380 2516.

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; adjusted EBITDA margin excluding share-based compensation expenses; and hotel income. 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.

To monitor performance of hotels at different maturity level and of different form, the Company also tracks hotel income, which is the difference between net revenues and hotel operating costs.

Reconciliations of the Company’s non-GAAP financial measures, including EBITDA, adjusted EBITDA, and hotel income, 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 December 31, 2015, the Company had 2,763 hotels or 278,843 rooms in operation in 352 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 December 31, 2015, China Lodging Group operates 27 percent of its hotel rooms under lease model, 73 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=RMB6.4778 on December 31, 2015 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.

—Financial Tables and Operational Data Follow—
 	
China Lodging Group, Limited 	
Unaudited Condensed Consolidated Balance Sheets	
 	December 31, 2014	 	September 30, 2015	 	December 31, 2015
	
 	RMB	 	RMB	 	RMB	 	US$	
 	(in thousands)	
ASSETS	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	
Cash and cash equivalents	 	808,865	 	 	 	799,228	 	 	 	1,237,838	 	 	 	191,089	 	
Restricted cash	 	-	 	 	 	580,000	 	 	 	360,500	 	 	 	55,652	 	
Short-term investments	 	26,615	 	 	 	471,863	 	 	 	533,215	 	 	 	82,314	 	
Accounts receivable, net	 	89,243	 	 	 	89,516	 	 	 	93,956	 	 	 	14,504	 	
Amounts due from related parties	 	16,293	 	 	 	16,023	 	 	 	16,157	 	 	 	2,494	 	
Prepaid rent	 	385,158	 	 	 	450,779	 	 	 	429,588	 	 	 	66,317	 	
Inventories	 	29,882	 	 	 	25,818	 	 	 	24,529	 	 	 	3,787	 	
Other current assets	 	160,582	 	 	 	143,869	 	 	 	167,995	 	 	 	25,934	 	
Deferred tax assets	 	80,026	 	 	 	80,026	 	 	 	98,200	 	 	 	15,160	 	
Total current assets	 	1,596,664	 	 	 	2,657,122	 	 	 	2,961,978	 	 	 	457,251	 	
 	 	 	 	 	 	 	 	
Property and equipment, net	 	3,907,343	 	 	 	3,795,565	 	 	 	3,805,886	 	 	 	587,527	 	
Intangible assets, net	 	104,537	 	 	 	110,162	 	 	 	144,812	 	 	 	22,355	 	
Long-term investments	 	229,005	 	 	 	301,376	 	 	 	356,578	 	 	 	55,046	 	
Goodwill	 	64,654	 	 	 	64,654	 	 	 	108,344	 	 	 	16,726	 	
Other assets	 	197,233	 	 	 	201,991	 	 	 	195,446	 	 	 	30,172	 	
Deferred tax assets	 	83,470	 	 	 	83,470	 	 	 	120,477	 	 	 	18,598	 	
Total assets	 	6,182,906	 	 	 	7,214,340	 	 	 	7,693,521	 	 	 	1,187,675	 	
 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	
Short-term debt	 	-	 	 	 	594,812	 	 	 	324,680	 	 	 	50,122	 	
Accounts payable	 	640,691	 	 	 	535,183	 	 	 	585,347	 	 	 	90,362	 	
Amounts due to related parties	 	6,403	 	 	 	8,362	 	 	 	7,653	 	 	 	1,181	 	
Salary and welfare payable	 	186,051	 	 	 	130,593	 	 	 	210,955	 	 	 	32,566	 	
Deferred revenue	 	514,268	 	 	 	629,748	 	 	 	705,607	 	 	 	108,927	 	
Accrued expenses and other current liabilities	 	313,017	 	 	 	375,795	 	 	 	576,160	 	 	 	88,944	 	
Dividends payable	 	-	 	 	 	-	 	 	 	276,261	 	 	 	42,647	 	
Income tax payable	 	59,630	 	 	 	44,795	 	 	 	102,810	 	 	 	15,871	 	
Deferred tax liabilities	 	701	 	 	 	701	 	 	 	1,465	 	 	 	226	 	
Total current liabilities	 	1,720,761	 	 	 	2,319,989	 	 	 	2,790,938	 	 	 	430,846	 	
 	 	 	 	 	 	 	 	
Deferred rent	 	830,414	 	 	 	922,542	 	 	 	945,192	 	 	 	145,912	 	
Deferred revenue	 	155,395	 	 	 	176,485	 	 	 	180,861	 	 	 	27,920	 	
Amounts due to related parties	 	4,083	 	 	 	2,042	 	 	 	-	 	 	 	-	 	
Other long-term liabilities	 	215,762	 	 	 	262,057	 	 	 	275,954	 	 	 	42,600	 	
Deferred tax liabilities	 	37,778	 	 	 	37,778	 	 	 	59,828	 	 	 	9,237	 	
Total liabilities	 	2,964,193	 	 	 	3,720,893	 	 	 	4,252,773	 	 	 	656,515	 	
 	 	 	 	 	 	 	 	
Equity:	 	 	 	 	 	 	 	
Ordinary shares	 	184	 	 	 	185	 	 	 	186	 	 	 	29	 	
Treasury share	 	-	 	 	 	(107,332	)	 	 	(107,331	)	 	 	(16,569	)	
Additional paid-in capital	 	2,381,568	 	 	 	2,435,661	 	 	 	2,470,099	 	 	 	381,318	 	
Retained earnings	 	847,220	 	 	 	1,213,062	 	 	 	1,007,559	 	 	 	155,540	 	
Accumulated other comprehensive income (loss)	 	(12,008	)	 	 	(50,346	)	 	 	59,596	 	 	 	9,200	 	
Total China Lodging Group, Limited shareholders' equity	 	3,216,964	 	 	 	3,491,230	 	 	 	3,430,109	 	 	 	529,518	 	
Noncontrolling interest	 	1,749	 	 	 	2,217	 	 	 	10,639	 	 	 	1,642	 	
Total equity	 	3,218,713	 	 	 	3,493,447	 	 	 	3,440,748	 	 	 	531,160	 	
Total liabilities and equity	 	6,182,906	 	 	 	7,214,340	 	 	 	7,693,521	 	 	 	1,187,675	 	

 	
China Lodging Group, Limited 	
Unaudited Condensed Consolidated Statements of Comprehensive Income	
 	Quarter Ended	 	Year Ended	
 	December 31, 2014	 	September 30, 2015	 	December 31, 2015
	 	December 31, 2014	 	December 31, 2015
	
 	RMB	 	RMB	 	RMB	 	US$	 	RMB	 	RMB	 	US$	
 	(in thousands, except per share and per ADS data)	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Leased hotels	 	1,160,852	 	 	 	1,374,492	 	 	 	1,287,714	 	 	 	198,789	 	 	 	4,522,431	 	 	 	4,986,872	 	 	 	769,840	 	
Manachised and franchised hotels	 	212,059	 	 	 	318,864	 	 	 	305,573	 	 	 	47,172	 	 	 	742,797	 	 	 	1,123,979	 	 	 	173,512	 	
Total revenues	 	1,372,911	 	 	 	1,693,356	 	 	 	1,593,287	 	 	 	245,961	 	 	 	5,265,228	 	 	 	6,110,851	 	 	 	943,352	 	
Less: business tax and related surcharges	 	(76,674	)	 	 	(93,176	)	 	 	(86,972	)	 	 	(13,426	)	 	 	(300,500	)	 	 	(336,227	)	 	 	(51,904	)	
Net revenues	 	1,296,237	 	 	 	1,600,180	 	 	 	1,506,315	 	 	 	232,535	 	 	 	4,964,728	 	 	 	5,774,624	 	 	 	891,448	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating costs and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hotel operating costs:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rents	 	(414,525	)	 	 	(459,805	)	 	 	(470,567	)	 	 	(72,643	)	 	 	(1,543,651	)	 	 	(1,804,532	)	 	 	(278,572	)	
Utilities	 	(83,723	)	 	 	(82,475	)	 	 	(85,288	)	 	 	(13,166	)	 	 	(323,837	)	 	 	(341,620	)	 	 	(52,737	)	
Personnel costs	 	(210,210	)	 	 	(247,161	)	 	 	(232,662	)	 	 	(35,917	)	 	 	(788,973	)	 	 	(919,555	)	 	 	(141,955	)	
Depreciation and amortization	 	(152,386	)	 	 	(161,178	)	 	 	(164,890	)	 	 	(25,455	)	 	 	(558,833	)	 	 	(645,058	)	 	 	(99,580	)	
Consumables, food and beverage	 	(121,754	)	 	 	(125,703	)	 	 	(130,017	)	 	 	(20,071	)	 	 	(454,795	)	 	 	(485,099	)	 	 	(74,886	)	
Others	 	(66,328	)	 	 	(90,437	)	 	 	(115,180	)	 	 	(17,781	)	 	 	(207,938	)	 	 	(316,283	)	 	 	(48,826	)	
Total hotel operating costs	 	(1,048,926	)	 	 	(1,166,759	)	 	 	(1,198,604	)	 	 	(185,033	)	 	 	(3,878,027	)	 	 	(4,512,147	)	 	 	(696,556	)	
Selling and marketing expenses	 	(65,179	)	 	 	(42,383	)	 	 	(46,791	)	 	 	(7,223	)	 	 	(187,435	)	 	 	(179,568	)	 	 	(27,720	)	
General and administrative expenses	 	(102,985	)	 	 	(101,426	)	 	 	(128,233	)	 	 	(19,796	)	 	 	(342,128	)	 	 	(403,008	)	 	 	(62,214	)	
Pre-opening expenses	 	(43,246	)	 	 	(27,649	)	 	 	(16,216	)	 	 	(2,503	)	 	 	(186,325	)	 	 	(110,011	)	 	 	(16,983	)	
Total operating costs and expenses	 	(1,260,336	)	 	 	(1,338,217	)	 	 	(1,389,844	)	 	 	(214,555	)	 	 	(4,593,915	)	 	 	(5,204,734	)	 	 	(803,473	)	
Other operating income	 	12,947	 	 	 	19,718	 	 	 	14,111	 	 	 	2,178	 	 	 	18,551	 	 	 	31,264	 	 	 	4,827	 	
Income from operations	 	48,848	 	 	 	281,681	 	 	 	130,582	 	 	 	20,158	 	 	 	389,364	 	 	 	601,154	 	 	 	92,802	 	
Interest income	 	7,872	 	 	 	6,277	 	 	 	9,007	 	 	 	1,390	 	 	 	23,162	 	 	 	26,712	 	 	 	4,124	 	
Interest expense	 	(173	)	 	 	(1,908	)	 	 	(1,606	)	 	 	(248	)	 	 	(1,533	)	 	 	(3,854	)	 	 	(595	)	
Other income (expense)	 	(417	)	 	 	(766	)	 	 	2,064	 	 	 	319	 	 	 	4,749	 	 	 	4,083	 	 	 	630	 	
Foreign exchange gain (loss)	 	(17	)	 	 	6,793	 	 	 	4,533	 	 	 	700	 	 	 	(246	)	 	 	7,814	 	 	 	1,206	 	
Income before income taxes	 	56,113	 	 	 	292,077	 	 	 	144,580	 	 	 	22,319	 	 	 	415,496	 	 	 	635,909	 	 	 	98,167	 	
Income tax expense	 	(8,755	)	 	 	(67,290	)	 	 	(73,742	)	 	 	(11,384	)	 	 	(113,105	)	 	 	(196,529	)	 	 	(30,339	)	
Net income	 	47,358	 	 	 	224,787	 	 	 	70,838	 	 	 	10,935	 	 	 	302,391	 	 	 	439,380	 	 	 	67,828	 	
Less: net  loss (income) attributable to noncontrolling interests	 	(517	)	 	 	(1,138	)	 	 	(78	)	 	 	(12	)	 	 	4,957	 	 	 	(2,780	)	 	 	(429	)	
Net income attributable to China Lodging Group, Limited	 	46,841	 	 	 	223,649	 	 	 	70,760	 	 	 	10,923	 	 	 	307,348	 	 	 	436,600	 	 	 	67,399	 	
Other comprehensive income	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unrealized securities holding gains (losses), net of tax	 	(30,847	)	 	 	(68,357	)	 	 	106,600	 	 	 	16,456	 	 	 	28,458	 	 	 	68,069	 	 	 	10,508	 	
Foreign currency translation adjustments, net of tax	 	(1,126	)	 	 	1,789	 	 	 	3,342	 	 	 	516	 	 	 	(1,082	)	 	 	3,535	 	 	 	546	 	
Comprehensive income	 	15,385	 	 	 	158,219	 	 	 	180,780	 	 	 	27,907	 	 	 	329,767	 	 	 	510,984	 	 	 	78,882	 	
Comprehensive loss (income) attributable to the noncontrolling interest	 	(517	)	 	 	(1,138	)	 	 	(78	)	 	 	(12	)	 	 	4,957	 	 	 	(2,780	)	 	 	(429	)	
Comprehensive income attributable to China Lodging Group, Limited	 	14,868	 	 	 	157,081	 	 	 	180,702	 	 	 	27,895	 	 	 	334,724	 	 	 	508,204	 	 	 	78,453	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	0.19	 	 	 	0.89	 	 	 	0.28	 	 	 	0.04	 	 	 	1.23	 	 	 	1.74	 	 	 	0.27	 	
Diluted	 	0.18	 	 	 	0.87	 	 	 	0.28	 	 	 	0.04	 	 	 	1.21	 	 	 	1.70	 	 	 	0.26	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per ADS:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	0.75	 	 	 	3.58	 	 	 	1.13	 	 	 	0.18	 	 	 	4.94	 	 	 	6.97	 	 	 	1.08	 	
Diluted	 	0.74	 	 	 	3.49	 	 	 	1.10	 	 	 	0.17	 	 	 	4.86	 	 	 	6.82	 	 	 	1.05	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of shares used in computation:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	249,642	 	 	 	249,956	 	 	 	249,674	 	 	 	249,674	 	 	 	248,958	 	 	 	250,533	 	 	 	250,533	 	
Diluted	 	253,906	 	 	 	256,083	 	 	 	256,546	 	 	 	256,546	 	 	 	253,004	 	 	 	256,104	 	 	 	256,104	 	

 	
China Lodging Group, Limited 	
Unaudited Condensed Consolidated Statements of Cash Flows	
 	Quarter Ended	 	Year Ended	
 	December 31, 2014	 	September 30, 2015	 	December 31, 2015	 	December 31, 2014	 	December 31, 2015	
 	RMB	 	RMB	 	RMB	 	US$	 	RMB	 	RMB	 	US$	
 	(in thousands)	
Operating activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	47,358	 	 	 	224,787	 	 	 	70,838	 	 	 	10,935	 	 	 	302,391	 	 	 	439,380	 	 	 	67,828	 	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Share-based compensation	 	2,199	 	 	 	12,938	 	 	 	13,909	 	 	 	2,147	 	 	 	31,937	 	 	 	52,535	 	 	 	8,110	 	
Depreciation and amortization	 	156,096	 	 	 	165,302	 	 	 	169,355	 	 	 	26,144	 	 	 	570,722	 	 	 	661,404	 	 	 	102,103	 	
Deferred taxes	 	(42,391	)	 	 	-	 	 	 	(42,673	)	 	 	(6,588	)	 	 	(42,391	)	 	 	(50,149	)	 	 	(7,742	)	
Bad debt expenses	 	3,022	 	 	 	348	 	 	 	1,909	 	 	 	295	 	 	 	4,770	 	 	 	1,997	 	 	 	308	 	
Deferred rent	 	58,172	 	 	 	37,482	 	 	 	32,440	 	 	 	5,008	 	 	 	182,580	 	 	 	130,301	 	 	 	20,115	 	
Loss (gain) from disposal of property and equipment	 	(522	)	 	 	-	 	 	 	(5,519	)	 	 	(852	)	 	 	803	 	 	 	(5,519	)	 	 	(852	)	
Impairment loss	 	13,868	 	 	 	34,735	 	 	 	50,368	 	 	 	7,776	 	 	 	27,391	 	 	 	95,608	 	 	 	14,759	 	
Investment loss (income)	 	898	 	 	 	477	 	 	 	(1,975	)	 	 	(305	)	 	 	(4,902	)	 	 	129	 	 	 	20	 	
Excess tax benefit from share-based compensation	 	(2,867	)	 	 	(1,790	)	 	 	(7,833	)	 	 	(1,209	)	 	 	(11,697	)	 	 	(12,838	)	 	 	(1,982	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Changes in operating assets and liabilities, net of effect of acquisitions:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts receivable	 	9,119	 	 	 	4,159	 	 	 	(5,419	)	 	 	(836	)	 	 	(18,773	)	 	 	(5,749	)	 	 	(888	)	
Prepaid rent	 	(13,353	)	 	 	(30,510	)	 	 	21,191	 	 	 	3,271	 	 	 	(21,577	)	 	 	(44,430	)	 	 	(6,859	)	
Inventories	 	2,876	 	 	 	1,553	 	 	 	1,888	 	 	 	291	 	 	 	4,130	 	 	 	5,952	 	 	 	919	 	
Amounts due from related parties	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	256	 	 	 	-	 	 	 	-	 	
Other current assets	 	11,669	 	 	 	(481	)	 	 	(27,515	)	 	 	(4,248	)	 	 	(42,369	)	 	 	(15,518	)	 	 	(2,395	)	
Other assets	 	(6,861	)	 	 	(4	)	 	 	6,544	 	 	 	1,010	 	 	 	(13,220	)	 	 	1,787	 	 	 	276	 	
Accounts payable	 	4,045	 	 	 	(7,763	)	 	 	8,187	 	 	 	1,264	 	 	 	18,016	 	 	 	14,194	 	 	 	2,191	 	
Amounts due to related parties	 	(554	)	 	 	(1,574	)	 	 	1,332	 	 	 	206	 	 	 	810	 	 	 	1,250	 	 	 	193	 	
Salary and welfare payables	 	83,441	 	 	 	(29,622	)	 	 	79,990	 	 	 	12,348	 	 	 	38,813	 	 	 	24,532	 	 	 	3,787	 	
Deferred revenue	 	63,235	 	 	 	54,260	 	 	 	80,235	 	 	 	12,386	 	 	 	253,562	 	 	 	216,805	 	 	 	33,469	 	
Accrued expenses and other current liabilities	 	24,380	 	 	 	26,481	 	 	 	58,797	 	 	 	9,077	 	 	 	58,995	 	 	 	121,502	 	 	 	18,757	 	
Income tax payable and receivable	 	17,693	 	 	 	11,075	 	 	 	58,255	 	 	 	8,993	 	 	 	45,274	 	 	 	56,019	 	 	 	8,647	 	
Other long-term liabilities	 	25,949	 	 	 	10,642	 	 	 	13,968	 	 	 	2,156	 	 	 	68,494	 	 	 	60,481	 	 	 	9,337	 	
Net cash provided by operating activities	 	457,472	 	 	 	512,495	 	 	 	578,272	 	 	 	89,269	 	 	 	1,454,015	 	 	 	1,749,673	 	 	 	270,101	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investing activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Purchases of property and equipment	 	(219,024	)	 	 	(128,910	)	 	 	(119,380	)	 	 	(18,429	)	 	 	(930,922	)	 	 	(640,222	)	 	 	(98,833	)	
Purchases of intangibles	 	(5,629	)	 	 	(444	)	 	 	(1,182	)	 	 	(182	)	 	 	(10,423	)	 	 	(8,818	)	 	 	(1,361	)	
Amount received as a result of government zoning	 	-	 	 	 	-	 	 	 	5,721	 	 	 	883	 	 	 	10,557	 	 	 	6,721	 	 	 	1,038	 	
Acquisitions, net of cash received	 	(2,160	)	 	 	(460	)	 	 	(3,633	)	 	 	(561	)	 	 	(16,050	)	 	 	(19,153	)	 	 	(2,957	)	
Proceeds from disposal of subsidiary and branch	 	1,000	 	 	 	2,500	 	 	 	2,500	 	 	 	386	 	 	 	18,484	 	 	 	5,000	 	 	 	772	 	
Purchase of long-term investments	 	(14,789	)	 	 	(72,437	)	 	 	(36,168	)	 	 	(5,583	)	 	 	(191,064	)	 	 	(137,707	)	 	 	(21,258	)	
Proceeds from sale of long-term investments	 	4,345	 	 	 	4,007	 	 	 	19,007	 	 	 	2,934	 	 	 	88,266	 	 	 	29,139	 	 	 	4,498	 	
Payment for shareholder loan to joint venture	 	(734	)	 	 	-	 	 	 	(134	)	 	 	(21	)	 	 	(15,640	)	 	 	(1,386	)	 	 	(214	)	
Collection of shareholder loan from joint venture	 	-	 	 	 	773	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,522	 	 	 	235	 	
Purchase of short-term investments	 	(19,710	)	 	 	(207,916	)	 	 	-	 	 	 	-	 	 	 	(75,210	)	 	 	(455,811	)	 	 	(70,365	)	
Proceeds from sales of short-term investments	 	55,499	 	 	 	885	 	 	 	28,109	 	 	 	4,339	 	 	 	55,499	 	 	 	30,858	 	 	 	4,764	 	
Decrease (increase) in restricted cash	 	-	 	 	 	(580,000	)	 	 	219,500	 	 	 	33,885	 	 	 	3,317	 	 	 	(360,500	)	 	 	(55,652	)	
Net cash provided by (used in) investing activities	 	(201,202	)	 	 	(982,002	)	 	 	114,340	 	 	 	17,651	 	 	 	(1,063,186	)	 	 	(1,550,357	)	 	 	(239,333	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Financing activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net proceeds from issuance of ordinary shares upon exercise of option	 	12,624	 	 	 	1,917	 	 	 	10,970	 	 	 	1,694	 	 	 	20,985	 	 	 	22,619	 	 	 	3,492	 	
Payment of share repurchase	 	-	 	 	 	(107,331	)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	(107,331	)	 	 	(16,569	)	
Proceeds from short-term debt	 	-	 	 	 	489,376	 	 	 	-	 	 	 	-	 	 	 	300,000	 	 	 	589,376	 	 	 	90,984	 	
Repayment of short-term debt	 	(300,000	)	 	 	(13,581	)	 	 	(269,424	)	 	 	(41,592	)	 	 	(300,000	)	 	 	(283,516	)	 	 	(43,767	)	
Funds advanced from noncontrolling interest holders	 	-	 	 	 	-	 	 	 	5,432	 	 	 	839	 	 	 	-	 	 	 	5,432	 	 	 	839	 	
Repayment of funds advanced from noncontrolling interest holders	 	(340	)	 	 	(100	)	 	 	(120	)	 	 	(19	)	 	 	(1,559	)	 	 	(900	)	 	 	(139	)	
Acquisition of noncontrolling interest	 	(2,042	)	 	 	(2,042	)	 	 	(2,042	)	 	 	(315	)	 	 	(4,083	)	 	 	(4,083	)	 	 	(630	)	
Contribution from noncontrolling interest holders	 	(7,000	)	 	 	-	 	 	 	200	 	 	 	31	 	 	 	-	 	 	 	2,450	 	 	 	378	 	
Dividend paid to noncontrolling interest holders	 	(1,333	)	 	 	(475	)	 	 	(120	)	 	 	(19	)	 	 	(5,357	)	 	 	(4,604	)	 	 	(711	)	
Excess tax benefit from share-based compensation	 	2,867	 	 	 	1,790	 	 	 	7,833	 	 	 	1,209	 	 	 	11,697	 	 	 	12,838	 	 	 	1,982	 	
Net cash provided by (used in) financing activities	 	(295,224	)	 	 	369,554	 	 	 	(247,271	)	 	 	(38,172	)	 	 	21,683	 	 	 	232,281	 	 	 	35,859	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	 	(1,703	)	 	 	5,705	 	 	 	(6,731	)	 	 	(1,039	)	 	 	(1,082	)	 	 	(2,624	)	 	 	(405	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net increase (decrease) in cash and cash equivalents	 	(40,657	)	 	 	(94,248	)	 	 	438,610	 	 	 	67,709	 	 	 	411,430	 	 	 	428,973	 	 	 	66,222	 	
Cash and cash equivalents at the beginning of the period	 	849,522	 	 	 	893,476	 	 	 	799,228	 	 	 	123,380	 	 	 	397,435	 	 	 	808,865	 	 	 	124,867	 	
Cash and cash equivalents at the end of the period	 	808,865	 	 	 	799,228	 	 	 	1,237,838	 	 	 	191,089	 	 	 	808,865	 	 	 	1,237,838	 	 	 	191,089	 	

 	
China Lodging Group, Limited 	
Unaudited Reconciliation of GAAP and Non-GAAP Results	
 	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	%	
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 from operations	130,582	 	 	8.7	%	 	 	13,909	 	 	 	1.0	%	 	144,491	 	 	9.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	
 	Quarter Ended December 31, 2015	
 	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	185,033	 	 	79.6	%	 	 	363	 	 	 	0.2	%	 	184,670	 	 	79.4	%	
Selling and marketing expenses	7,223	 	 	3.1	%	 	 	15	 	 	 	0.0	%	 	7,208	 	 	3.1	%	
General and administrative expenses	19,796	 	 	8.5	%	 	 	1,769	 	 	 	0.8	%	 	18,027	 	 	7.7	%	
Pre-opening expenses	2,503	 	 	1.1	%	 	 	-	 	 	 	0.0	%	 	2,503	 	 	1.1	%	
Total operating costs and expenses	214,555	 	 	92.3	%	 	 	2,147	 	 	 	1.0	%	 	212,408	 	 	91.3	%	
Income from operations	20,158	 	 	8.7	%	 	 	2,147	 	 	 	1.0	%	 	22,305	 	 	9.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	
 	Quarter Ended September 30, 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	1,166,759	 	 	72.9	%	 	 	2,910	 	 	 	0.2	%	 	1,163,849	 	 	72.7	%	
Selling and marketing expenses	42,383	 	 	2.6	%	 	 	246	 	 	 	0.0	%	 	42,137	 	 	2.6	%	
General and administrative expenses	101,426	 	 	6.3	%	 	 	9,782	 	 	 	0.6	%	 	91,644	 	 	5.7	%	
Pre-opening expenses	27,649	 	 	1.7	%	 	 	-	 	 	 	0.0	%	 	27,649	 	 	1.7	%	
Total operating costs and expenses	1,338,217	 	 	83.5	%	 	 	12,938	 	 	 	0.8	%	 	1,325,279	 	 	82.7	%	
Income from operations	281,681	 	 	17.6	%	 	 	12,938	 	 	 	0.8	%	 	294,619	 	 	18.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	
 	Quarter Ended December 31, 2014	
 	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	1,048,926	 	 	80.9	%	 	 	2,075	 	 	 	0.2	%	 	1,046,851	 	 	80.7	%	
Selling and marketing expenses	65,179	 	 	5.0	%	 	 	289	 	 	 	0.0	%	 	64,890	 	 	5.0	%	
General and administrative expenses	102,985	 	 	7.9	%	 	 	(165	)	 	 	0.0	%	 	103,150	 	 	7.9	%	
Pre-opening expenses	43,246	 	 	3.3	%	 	 	-	 	 	 	0.0	%	 	43,246	 	 	3.3	%	
Total operating costs and expenses	1,260,336	 	 	97.1	%	 	 	2,199	 	 	 	0.2	%	 	1,258,137	 	 	96.9	%	
Income from operations	48,848	 	 	3.8	%	 	 	2,199	 	 	 	0.2	%	 	51,047	 	 	4.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	
 	Year 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	4,512,147	 	 	78.1	%	 	 	8,835	 	 	 	0.2	%	 	4,503,312	 	 	77.9	%	
Selling and marketing expenses	179,568	 	 	3.1	%	 	 	907	 	 	 	0.0	%	 	178,661	 	 	3.1	%	
General and administrative expenses	403,008	 	 	7.0	%	 	 	42,793	 	 	 	0.7	%	 	360,215	 	 	6.3	%	
Pre-opening expenses	110,011	 	 	1.9	%	 	 	-	 	 	 	0.0	%	 	110,011	 	 	1.9	%	
Total operating costs and expenses	5,204,734	 	 	90.1	%	 	 	52,535	 	 	 	0.9	%	 	5,152,199	 	 	89.2	%	
Income from operations	601,154	 	 	10.5	%	 	 	52,535	 	 	 	0.9	%	 	653,689	 	 	11.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	
 	Year Ended December 31, 2015	
 	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	696,556	 	 	78.1	%	 	 	1,364	 	 	 	0.2	%	 	695,192	 	 	77.9	%	
Selling and marketing expenses	27,720	 	 	3.1	%	 	 	140	 	 	 	0.0	%	 	27,580	 	 	3.1	%	
General and administrative expenses	62,214	 	 	7.0	%	 	 	6,606	 	 	 	0.7	%	 	55,608	 	 	6.3	%	
Pre-opening expenses	16,983	 	 	1.9	%	 	 	-	 	 	 	0.0	%	 	16,983	 	 	1.9	%	
Total operating costs and expenses	803,473	 	 	90.1	%	 	 	8,110	 	 	 	0.9	%	 	795,363	 	 	89.2	%	
Income from operations	92,802	 	 	10.5	%	 	 	8,110	 	 	 	0.9	%	 	100,912	 	 	11.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	
 	Year Ended December 31, 2014	
 	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	3,878,027	 	 	78.1	%	 	 	6,830	 	 	 	0.1	%	 	3,871,197	 	 	78.0	%	
Selling and marketing expenses	187,435	 	 	3.8	%	 	 	939	 	 	 	0.0	%	 	186,496	 	 	3.8	%	
General and administrative expenses	342,128	 	 	6.9	%	 	 	24,168	 	 	 	0.5	%	 	317,960	 	 	6.4	%	
Pre-opening expenses	186,325	 	 	3.8	%	 	 	-	 	 	 	0.0	%	 	186,325	 	 	3.8	%	
Total operating costs and expenses	4,593,915	 	 	92.6	%	 	 	31,937	 	 	 	0.6	%	 	4,561,978	 	 	92.0	%	
Income from operations	389,364	 	 	7.9	%	 	 	31,937	 	 	 	0.6	%	 	421,301	 	 	8.5	%	

 	
China Lodging Group, Limited 	
 Unaudited Reconciliation of GAAP and Non-GAAP Results 	
 	Quarter Ended	 	Year Ended	
 	December 31, 2014	 	September 30, 2015	 	December 31, 2015	 	December 31, 2014	 	December 31, 2015	
 	RMB	 	RMB	 	RMB	 	US$	 	RMB	 	RMB	 	US$	
 	(in thousands, except per share and per ADS data)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to China Lodging Group, Limited (GAAP)	 	46,841	 	 	 	223,649	 	 	 	70,760	 	 	 	10,923	 	 	 	307,348	 	 	 	436,600	 	 	 	67,399	 	
Share-based compensation expenses	 	2,199	 	 	 	12,938	 	 	 	13,909	 	 	 	2,147	 	 	 	31,937	 	 	 	52,535	 	 	 	8,110	 	
Adjusted net income attributable to China Lodging Group, Limited (non-GAAP)	 	49,040	 	 	 	236,587	 	 	 	84,669	 	 	 	13,070	 	 	 	339,285	 	 	 	489,135	 	 	 	75,509	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share (GAAP)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	0.19	 	 	 	0.89	 	 	 	0.28	 	 	 	0.04	 	 	 	1.23	 	 	 	1.74	 	 	 	0.27	 	
Diluted	 	0.18	 	 	 	0.87	 	 	 	0.28	 	 	 	0.04	 	 	 	1.21	 	 	 	1.70	 	 	 	0.26	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per ADS (GAAP)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	0.75	 	 	 	3.58	 	 	 	1.13	 	 	 	0.18	 	 	 	4.94	 	 	 	6.97	 	 	 	1.08	 	
Diluted	 	0.74	 	 	 	3.49	 	 	 	1.10	 	 	 	0.17	 	 	 	4.86	 	 	 	6.82	 	 	 	1.05	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted earnings per share (non-GAAP)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	0.20	 	 	 	0.95	 	 	 	0.34	 	 	 	0.05	 	 	 	1.36	 	 	 	1.95	 	 	 	0.30	 	
Diluted	 	0.19	 	 	 	0.92	 	 	 	0.33	 	 	 	0.05	 	 	 	1.34	 	 	 	1.91	 	 	 	0.29	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted earnings per ADS (non-GAAP)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	0.79	 	 	 	3.79	 	 	 	1.36	 	 	 	0.21	 	 	 	5.45	 	 	 	7.81	 	 	 	1.21	 	
Diluted	 	0.77	 	 	 	3.70	 	 	 	1.32	 	 	 	0.20	 	 	 	5.36	 	 	 	7.64	 	 	 	1.18	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of shares used in computation	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	249,642	 	 	 	249,956	 	 	 	249,674	 	 	 	249,674	 	 	 	248,958	 	 	 	250,533	 	 	 	250,533	 	
Diluted	 	253,906	 	 	 	256,083	 	 	 	256,546	 	 	 	256,546	 	 	 	253,004	 	 	 	256,104	 	 	 	256,104	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Quarter Ended	 	Year Ended	
 	December 31, 2014	 	September 30, 2015	 	December 31, 2015
	 	December 31, 2014	 	December 31, 2015	
 	RMB	 	RMB	 	RMB	 	US$	 	RMB	 	RMB	 	US$	
 	(in thousands)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to China Lodging Group, Limited (GAAP)	 	46,841	 	 	 	223,649	 	 	 	70,760	 	 	 	10,923	 	 	 	307,348	 	 	 	436,600	 	 	 	67,399	 	
Interest income	 	(7,872	)	 	 	(6,277	)	 	 	(9,007	)	 	 	(1,390	)	 	 	(23,162	)	 	 	(26,712	)	 	 	(4,124	)	
Interest expenses	 	173	 	 	 	1,908	 	 	 	1,606	 	 	 	248	 	 	 	1,533	 	 	 	3,854	 	 	 	595	 	
Income tax expense	 	8,755	 	 	 	67,290	 	 	 	73,742	 	 	 	11,384	 	 	 	113,105	 	 	 	196,529	 	 	 	30,339	 	
Depreciation and amortization	 	156,096	 	 	 	165,302	 	 	 	169,355	 	 	 	26,144	 	 	 	570,722	 	 	 	661,404	 	 	 	102,103	 	
EBITDA (non-GAAP)	 	203,993	 	 	 	451,872	 	 	 	306,456	 	 	 	47,309	 	 	 	969,546	 	 	 	1,271,675	 	 	 	196,312	 	
Share-based Compensation	 	2,199	 	 	 	12,938	 	 	 	13,909	 	 	 	2,147	 	 	 	31,937	 	 	 	52,535	 	 	 	8,110	 	
Adjusted EBITDA (non-GAAP)	 	206,192	 	 	 	464,810	 	 	 	320,365	 	 	 	49,456	 	 	 	1,001,483	 	 	 	1,324,210	 	 	 	204,422	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Quarter Ended	 	Year Ended	
 	December 31, 2014	 	September 30, 2015	 	December 31, 2015	 	December 31, 2014	 	December 31, 2015	
 	RMB	 	RMB	 	RMB	 	US$	 	 	 	RMB	 	US$	
 	(in thousands)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net revenues (GAAP)	 	1,296,237	 	 	 	1,600,180	 	 	 	1,506,315	 	 	 	232,535	 	 	 	4,964,728	 	 	 	5,774,624	 	 	 	891,448	 	
Less:  Hotel operating costs	 	(1,048,926	)	 	 	(1,166,759	)	 	 	(1,198,604	)	 	 	(185,033	)	 	 	(3,878,027	)	 	 	(4,512,147	)	 	 	(696,556	)	
Hotel income (non-GAAP)	 	247,311	 	 	 	433,421	 	 	 	307,711	 	 	 	47,502	 	 	 	1,086,701	 	 	 	1,262,477	 	 	 	194,892	 	

 	
China Lodging Group, Limited	
Operational Data 	 	 	 	
 	As of 	
 	 	December 31,	 	 	September 30,	 	 	December 31,	 	
 	 	2014	 	 	2015	 	 	2015	 	
Total hotels in operation:	 	1,995	 	 	2,588	 	 	2,763	 	
Leased hotels	 	611	 	 	619	 	 	616	 	
Manachised hotels	 	1,376	 	 	1,899	 	 	2,067	 	
Franchised hotels	 	8	 	 	70	 	 	80	 	
Total hotel rooms in operation	 	209,955	 	 	264,076	 	 	278,843	 	
Leased hotels	 	72,335	 	 	75,384	 	 	75,436	 	
Manachised hotels	 	136,689	 	 	182,663	 	 	196,737	 	
Franchised hotels	 	931	 	 	6,029	 	 	6,670	 	
Number of cities	 	300	 	 	342	 	 	352	 	

 	 	 	 	
 	For the quarter ended	
 	December 31, 	September 30,	December 31, 	
 	 	2014	 	 	2015	 	 	2015	 	
Occupancy rate (as a percentage)	 	 	 	
Leased hotels	 	87.2	%	 	90.5	%	 	85.8	%	
Manachised hotels	 	86.2	%	 	89.0	%	 	84.2	%	
Franchised hotels	 	N/A	 	 	73.3	%	 	67.4	%	
Blended	 	86.5	%	 	89.2	%	 	84.3	%	
Average daily room rate (in RMB)	 	 	 	
Leased hotels	 	190	 	 	207	 	 	201	 	
Manachised hotels	 	169	 	 	179	 	 	167	 	
Franchised hotels	 	N/A	 	 	187	 	 	172	 	
Blended	 	176	 	 	188	 	 	177	 	
RevPAR (in RMB)	 	 	 	
Leased hotels	 	166	 	 	188	 	 	172	 	
Manachised hotels	 	145	 	 	159	 	 	141	 	
Franchised hotels	 	N/A	 	 	137	 	 	116	 	
Blended	 	153	 	 	167	 	 	149	 	
 	 	 	 	
 	For the full year ended	 	
 	December 31, 	December 31, 	 	
 	 	2014	 	 	2015	 	 	
Occupancy rate (as a percentage)	 	 	 	
Leased hotels	 	88.9	%	 	86.6	%	 	
Manachised hotels	 	89.0	%	 	85.0	%	 	
Franchised hotels	 	N/A	 	 	70.1	%	 	
Blended	 	89.0	%	 	85.3	%	 	
Average daily room rate (in RMB)	 	 	 	
Leased hotels	 	190	 	 	198	 	 	
Manachised hotels	 	172	 	 	170	 	 	
Franchised hotels	 	N/A	 	 	177	 	 	
Blended	 	179	 	 	179	 	 	
RevPAR (in RMB)	 	 	 	
Leased hotels	 	169	 	 	172	 	 	
Manachised hotels	 	153	 	 	145	 	 	
Franchised hotels	 	N/A	 	 	124	 	 	
Blended	 	159	 	 	153	 	 	
 	 	 	 	 	 	 	 	
Same-hotel Operational Data: like-for-like performance for leased and manachised hotels opened for at least 18 months during the current quarter and full year
 	 	 	
 	As of and for the quarter ended	
 	December 31, 	
 	 	2014	 	 	2015	 	
Total	 	1,612	 	 	1,612	 	
Leased hotels	 	568	 	 	568	 	
Manachised hotels	 	1,044	 	 	1,044	 	
Occupancy rate (as a percentage)	 	89.0	%	 	86.4	%	
Average daily room rate (in RMB)	 	178	 	 	178	 	
RevPAR (in RMB)	 	158	 	 	154	 	
 	 	 	
 	As of and for full year ended	
 	December 31, 	
 	 	2014	 	 	2015	 	
Total	 	1,612	 	 	1,612	 	
Leased hotels	 	568	 	 	568	 	
Manachised hotels	 	1,044	 	 	1,044	 	
Occupancy rate (as a percentage)	 	91.4	%	 	87.9	%	
Average daily room rate (in RMB)	 	181	 	 	181	 	
RevPAR (in RMB)	 	165	 	 	159	 	

 	 	 	 	 	 	 	 	
Hotel breakdown by segment	

 	 	Number of Hotels in Operation	 	Number of Hotel Rooms in Operation	 	Number of Hotels 
	 	Number of Rooms 	
 	 	As of December 31, 2015	 	As of December 31, 2015	 	Net Added in 2015
	 	Net Added in 2015	
Economy hotels	 	  2,453	 	  238,156	 	 	  634	 	 	 	  52,197	 	
Hanting Hotel	 	2,003	 	205,577	 	 	355	 	 	 	33,236	 	
Leased hotels	 	495	 	57,277	 	 	(7	)	 	 	(29	)	
Manachised hotels	 	1,508	 	148,300	 	 	362	 	 	 	33,265	 	
Hi Inn	 	302	 	21,340	 	 	144	 	 	 	8,789	 	
Leased hotels	 	38	 	3,698	 	 	(3	)	 	 	(197	)	
Manachised hotels	 	251	 	16,725	 	 	134	 	 	 	8,069	 	
Franchised hotels	 	13	 	917	 	 	13	 	 	 	917	 	
Elan Hotel	 	148	 	11,239	 	 	135	 	 	 	10,172	 	
Manachised hotels	 	128	 	9,837	 	 	115	 	 	 	8,770	 	
Franchised hotels	 	20	 	1,402	 	 	20	 	 	 	1,402	 	
Midscale and upscale hotels	 	  310	 	  40,687	 	 	  134	 	 	 	  16,691	 	
JI Hotel	 	186	 	27,559	 	 	69	 	 	 	10,507	 	
Leased hotels	 	75	 	13,195	 	 	13	 	 	 	2,935	 	
Manachised hotels	 	111	 	14,364	 	 	56	 	 	 	7,572	 	
Starway Hotel	 	118	 	12,138	 	 	63	 	 	 	5,817	 	
Leased hotels	 	4	 	604	 	 	1	 	 	 	153	 	
Manachised hotels	 	67	 	7,183	 	 	23	 	 	 	2,244	 	
Franchised hotels	 	47	 	4,351	 	 	39	 	 	 	3,420	 	
Joya Hotel	 	3	 	515	 	 	-	 	 	 	-	 	
Leased hotels	 	2	 	315	 	 	-	 	 	 	-	 	
Manachised hotels	 	1	 	200	 	 	-	 	 	 	-	 	
Manxin Hotels & Resorts	 	2	 	236	 	 	1	 	 	 	128	 	
Leased hotels	 	1	 	108	 	 	-	 	 	 	-	 	
Manachised hotels	 	1	 	128	 	 	1	 	 	 	128	 	
Mercure Hotel	 	1	 	239	 	 	1	 	 	 	239	 	
Leased hotels	 	1	 	239	 	 	1	 	 	 	239	 	
Total	 	  2,763	 	  278,843	 	 	  768	 	 	 	  68,888	 	

 	 	 	 	 	 	 	 	 	
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	 	
 	December 31,	December 31,	yoy change	December 31,	yoy change	December 31,	yoy change	
 	2014	2015	2014	2015	 	2014	2015	 	 	2014	 	 	2015	 	 	
Economy hotels	1,491	1,491	152	145	 	-4.6	%	169	167	 	-1.2	%	 	90	%	 	87	%	 	-3.1	%	
Leased hotels	510	510	156	147	 	-5.3	%	175	173	 	-0.9	%	 	89	%	 	85	%	 	-4.0	%	
Manachised and franchised hotels	981	981	149	143	 	-4.2	%	166	163	 	-1.5	%	 	90	%	 	87	%	 	-2.5	%	
Midscale and upscale hotels	121	121	224	241	 	7.8	%	270	282	 	4.7	%	 	83	%	 	85	%	 	2.4	%	
Leased hotels	58	58	245	276	 	12.5	%	291	308	 	5.8	%	 	84	%	 	90	%	 	5.3	%	
Manachised and franchised hotels	63	63	195	196	 	0.4	%	240	245	 	2.4	%	 	81	%	 	80	%	 	-1.6	%	
Total	1,612	1,612	158	154	 	-2.9	%	178	178	 	0.0	%	 	89	%	 	86	%	 	-2.6	%	

 	Number of hotels in operation	Same-hotel RevPAR	 	Same-hotel ADR	 	Same-hotel Occupancy	 	
 	As of	For the year ended	 	For the year ended	 	For the year ended	 	
 	December 31,	December 31,	yoy change	December 31,	yoy change	December 31,	yoy change	
 	2014	2015	2014	2015	 	2014	2015	 	 	2014	 	 	2015	 	 	
Economy hotels	1,491	1,491	159	152	 	-4.9	%	173	172	 	-0.8	%	 	92	%	 	88	%	 	-3.9	%	
Leased hotels	510	510	162	154	 	-4.7	%	178	177	 	-0.5	%	 	91	%	 	87	%	 	-3.9	%	
Manachised and franchised hotels	981	981	158	150	 	-5.1	%	170	169	 	-1.0	%	 	93	%	 	89	%	 	-3.8	%	
Midscale and upscale hotels	121	121	232	247	 	6.5	%	275	290	 	5.5	%	 	84	%	 	85	%	 	0.8	%	
Leased hotels	58	58	253	277	 	9.2	%	295	314	 	6.5	%	 	86	%	 	88	%	 	2.2	%	
Manachised and franchised hotels	63	63	202	204	 	1.2	%	246	252	 	2.8	%	 	82	%	 	81	%	 	-1.2	%	
Total	1,612	1,612	165	159	 	-3.6	%	181	181	 	0.3	%	 	91	%	 	88	%	 	-3.5	%	

Contact Information
Ida Yu
Sr. Manager of Investor Relations
Tel:  +86 (21) 6195 9561
Email: ir@huazhu.com
http://ir.huazhu.com