News for the Hospitality Executive
SHANGHAI, Jan. 7, 2011 -- Home Inns & Hotels Management Inc. (Nasdaq: HMIN), a leading economy hotel chain in China, today announced plans to open a total of 260 to 280 new hotels in 2011, of which 100 to 110 will be leased-and-operated hotels and 160 to 170 will be franchised-and-managed hotels. In addition, as previously announced, Home Inns has set plans to enter into the midscale hotel segment in China with 3 to 4 new hotels in 2011 under a second brand, Yitel.
Home Inns opened 208 new hotels in 2010, adding 67 new leased-and-operated hotels and 141 new franchised-and-managed hotels, and ended the year with a total of 818 hotels in operation, net of closures of 3 leased-and-operated hotels and 3 franchised-and-managed hotels mainly due to local rezoning.
The target plan for 2011 represents a record pace for new hotel openings in a single year in the Chinese economy hotel industry. It will take the total number of Home Inns' hotels to approximately 1,100 by the end of 2011.
"The time is right for us to enter into a new era of growth," commented Home Inns' Chief Executive Officer, Mr. David Sun. "Throughout the recovery from the recent economic slowdown, we rebuilt a strong development team and implemented effective development processes. With a fundamentally sound economic outlook and our financial strength and execution capability, we believe Home Inns is well positioned to invest in our future and achieve sustainable long-term growth," continued Mr. Sun.
Similar to the growth momentum it achieved in 2007 and 2008 before a temporary slow-down in response to the overall economic environment, Home Inns plans to reaccelerate growth to capitalize on China's favorable overall economic conditions and continued growth in domestic business and leisure travel.About Home Inns
Home Inns is a leading economy hotel chain in China based on the number of hotels and hotel rooms, as well as the geographic coverage of the hotel chain. Since Home Inns commenced operations in 2002, it has become one of the best-known economy hotel brands in China. Home Inns offers a consistent product and high-quality services to primarily serve the fast growing population of value-conscious individual business and leisure travelers who demand clean, comfortable and convenient lodging. Home Inns' ADSs, each of which represents two ordinary shares, are currently trading on the NASDAQ Global Select Market under the symbol "HMIN." For more information about Home Inns, please visit http://english.homeinns.com.
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Any statements in this press release that are not historical facts are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include our anticipated growth strategies; our future results of operations and financial condition; the economic conditions of China; the regulatory environment in China; our ability to attract customers and leverage our brand; trends and competition in the lodging industry; the expected growth of the lodging market in China; and other factors and risks detailed in our filings with the Securities and Exchange Commission. This press release also contains statements or projections that are based upon information available to the public, as well as other information from sources which management believes to be reliable, but it is not guaranteed by us to be accurate, nor do we purport it to be complete. We undertake no obligation to update or revise to the public any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
Home Inns & Hotels Management Inc.
Tel: +86-21-3401-9898 x2004
Home Inns & Hotels Management Inc. Sets Plan to Enter Midscale
Hotel Segment With Second Brand, Yitel; Goal is to Have 50 Hotels in
China Within Five Years / November 2010