China-based hospitality and lifestyle company Atour Lifestyle Holdings has recorded a net income of 262.06m yuan ($3.61m) in the third quarter (Q3) of 2023, a 135.8% rise from a net income of 111.14m yuan ($1.53m) in the same quarter a year ago.

The company’s net revenue for the latest quarter ending 30 September 2023 was 1.29bn yuan ($17.84m), up by 93.1% from 670.11m yuan ($9.24m) in the corresponding period of 2022.

As per the company’s unaudited financial results released for Q3 2023, net income per ordinary share, both basic and diluted, was 0.63 yuan, as against 0.30 yuan in Q3 2022.

The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) (non-GAAP) in Q3 2023 were 380.07m yuan, compared with 170.88m yuan in the same period a year earlier.

Atour’s revenue per available room (RevPAR) for Q3 2023 was 424.1 yuan while it was 321.1 yuan in Q3 2022.

The occupancy rate increased from 72.0% in Q3 2022 to 82.4% in Q3 2023.

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Atour founder, chairman and CEO Haijun Wang said: “Our ADR and occupancy rate continued to rise significantly in the third quarter, boosting RevPAR to a record high. While maintaining strong momentum in hotel signings and openings, we also persisted in advancing product innovation.

“Additionally, our scenario-based retail business achieved outstanding results this quarter, with GMV reaching a new record high.”

Atour has 1,112 hotels as of the latest quarter, totalling 128,681 hotel rooms in operation, marking a year-over-year increase of 26.4% in the number of hotels and 25.3% in terms of hotel rooms.

As of 30 September this year, there were 577 manachised hotels in the development pipeline.