China-based hotel chain Home Inns & Hotels Management has reported a 64.2% rise in fourth quarter 2011 revenues to RMB1.31bn ($208.1m), including revenues from the recently acquired Motel 168 brand.
For the full year 2011, the chain’s total revenues increased 25% year-on-year to RMB3.96bn ($629.1m), including revenues of RMB367.6m ($58.4m) from Motel 168 since 1 October 2011.
Income from operations for the fourth quarter stood at RMB33.2m ($5.3m) and for the full year it was RMB297.4m ($47.3m).
The group’s fourth quarter earnings before interest, taxes, depreciation, and amortisation (EBITDA) was RMB229.2m ($36.4m), while full year EBITDA stood at RMB949m ($150.8m).
Net income for the quarter was RMB32.7m ($5.2m) and adjusted net income stood at RMB36.6m ($5.8m).
For the full year, Home Inns reported net income of RMB351.5m ($55.9m) and adjusted net income was RMB326.1m ($51.8m), a decrease of 30.1% compared to the previous year.
The company entered into a $240m, four-year term loan facility agreement in 2011, in connection with the acquisition of Motel 168.
In 2012, Home Inns expects to open 330 to 360 new hotels, including approximately 105 to 125 leased-and-operated hotels and 225 to 235 franchised-and-managed hotels.
The company anticipates total revenues for the group in 2012 to be in the range of RMB5.8bn ($923.9m) to RMB5.9bn ($939m), representing growth of 46.9% to 49.3% over 2011.
In the first quarter of 2012, Home Inns hopes to achieve total revenues in the range of RMB1.21bn ($192.2m) to RMB1.24bn ($197m).