Monday, 14 October 2013 16:55

China Lodging (HTHT) Q3 FY2013 Prelim Operating data

Written by 
Please take a moment and rate this (just needs a click!):
(0 votes)

China Lodging Group (HTHT; see a detailed article on the company here) announced preliminary Q3 FY2013 operating results today showing the company's continuing expansion through adding more Manachised hotels to its network. In addition, its pipeline included 455 hotels under development (Manachised locations being the vast majority).

China Lodging's RevPAR was up QoQ, reinforcing the trend from previous quarters and nearly recovering to year-ago levels before macro challenges and the purchase of Starway's struggling franchise. RevPAR can be impacted by both average daily room rate and occupancy rates; in Q3 occupancy rose vs. previous quarters but the key component was a rise in average daily room rates. China Lodging's reported average daily room rate of 186 RMB/night was higher than all of FY2012.  

 

Specific operating trends were as follows:

Operating Metrics     FY2013    
(RMB) Q3 Q4 Q1 Q2 Q3
Occupancy Rate          
Leased 97% 92% 85% 90% 93%
Manachised 98% 92% 88% 92% 95%
Blended 97% 92% 87% 91% 94%
Average daily room rate          
Leased 188 182 178 190 193
Manachised 177 170 167 176 180
Blended 183 176 172 182 186
RevPAR          
Leased 183 167 152 172 179
Manachised 173 157 146 162 171
Blended 178 162 149 167 175

 

China Lodging's RevPAR growth vs. Q2 was driven by improving occupancy rates as well as average daily room rates. RevPAR was lower vs. Q3 FY2012, but the company has been able to realize higher average daily room rates which has offset some of the effect of lower occupancy levels. 

 

Detail on China Lodging's development pipeline and existing chain were as follows:

Hotel Network Data Q3 Q4 Q1 Q2 Q3
(No. of Locations)          
Development          
New Openings          
Leased 27 50 19 30 24
Manachised 81 70 70 93 98
Franchised 0 0 -19 -12 3
Total 108 120 70 111 125
New Hotel Pipeline          
Leased 100 80 70 70 76
Manachised 275 330 322 362 379
Franchised 0 0 0 0 0
Total 375 410 392 432 455
           
Existing Network          
Locations          
Leased 415 465 484 514 538
Manachised 446 516 586 679 777
Franchised 77 54 35 23 26
Total hotel locations 938 1,035 1,105 1,216 1,341
Rooms          
Leased 48,857 54,694 56,778 60,729 62,964
Manachised 46,296 53,381 60,066 69,546 78,866
Franchised 8,169 5,575 3,716 2,282 2,664
Total hotel rooms 103,322 113,650 120,560 132,557 144,494

 

Last modified on Monday, 14 October 2013 22:38