Hotel turnover increased 24.4% year-over-year to RMB15.2 billion in the third quarter of 2022.
Record Quarterly Net Rental Revenue of $11.6 Million – Significant Increases in Gross Profit, RevPAR, and Occupancy Rates
Provides Update on Sale of DoubleTree Portfolio, and Convertible Notes
Operating revenues were $889.7 million for the third quarter of 2022, a decrease of $104.9 million, from $994.6 million for the third quarter of 2021.
Expects 2022 Net Revenue of $42 – $46 Million Expects 2023 Net Revenue of $100 – $110 Million
For the third quarter 2022, as compared to the third quarter 2019, the Company's portfolio achieved an improvement in RevPAR of approximately 8%, despite lower occupancy, with ADR growth of approximately 13% and a decline in occupancy of approximately 5%
Third Quarter RevPAR Surpasses 2019, Margin Growth Accelerates
Net income was $20.5 million as compared to a net loss of $22.1 million.
hird quarter domestic RevPAR exceeded 2019 levels by 15.2%; new domestic franchise agreements awarded in the quarter increased 38% versus the same period of 2021
Third quarter 2022 comparable systemwide constant dollar RevPAR increased 36.3 percent worldwide, 28.5 percent in the U.S. & Canada, and 66.1 percent in international markets, compared to the 2021 third quarter