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GreenTree Hospitality Group Ltd. Reports First Quarter 2021 Financial Results • Total revenues increased 53.3 % year - over - year to RMB241.2 million ( US $ 36.8 million ) [ 1 ] . • Income from operations increased 64.9 % year - over - year to RMB61.4 million ( US $ 9.4 million ) [ 1 ] . • Adjusted EBITDA ( non - GAAP ) [ 2 ] increased 74.3 % year - over - year to RMB64.0 million ( US $ 9.8 million ) [ 1 ] • Core net income ( non - GAAP ) increased 58.3 % year - over - year to RMB43.9 million ( US $ 6.7 million ) [ 1 ] . SHANGHAI , July 28 , 2021 / PRNewswire / -- GreenTree Hospitality Group Ltd. ( NYSE : GHG ) ( " GreenTree " , the " Company " , " we " , " us " and " our " ) , a leading hospitality management group in China , today announced its unaudited financial results for the first quarter and fiscal year of 2021 . First Quarter of 2021 Operational Highlights • A total of 4,464 hotels with 323,648 hotel rooms were in operation as of March 31 , 2021 , compared to 4,340 hotels and 315,335 hotel rooms as of December 31 , 2020 . • As of March 31 , 2021 , the Company had 43 leased - and - operated ( " L & O " ) hotels and 4,421 franchised - and - managed ( " F & M " ) hotels in operation in 353 cities across China , compared to 35 L & O hotels and 3,963 F & M hotels in operation in 342 cities as of March 31 , 2020. The geographic coverage increased by 3.2 % year over year . • During the quarter , the Company opened 201 hotels , an increase of 139 compared to 62 hotels in the first quarter of 2020. Three of those hotels were in the luxury segment , 32 in the mid - to - up - scale segment , 136 in the mid - scale segment , and 30 in the economy segment . Geographically speaking , 9 hotels were in Tier 1 cities [ 3 ] , 65 in Tier 2 cities and the remaining 127 in Tier 3 and lower cities in China . The Company closed 77 hotels , 6 due to brand upgrades , and 30 due to non - compliance with the Company's brand and operating standards . The remaining 41 were closed for property related issues . The Company added 124 hotels to its portfolio . • As of March 31 , 2021 , the Company had a pipeline of 1,265 hotels contracted for or under development , among which 53 hotels were in the luxury hotel segment , 291 in the mid - to - up - scale segment , 516 in the mid - scale segment , and 405 in the economy segment . • The average daily room rate , or ADR , for all hotels in operation , was RMB 151 , an increase of 0.8 % from RMB150 in the first quarter of 2020 , and a 7.0 % decrease compared with RMB162 in the pre - COVID - 19 first quarter of 2019 . • The occupancy rate , or OCC for all hotels in operation was 63.4 % , an increase of 16.1 % compared with 47.3 % in the first quarter of 2020 , and a 14.7 % decrease compared with 78.1 % in the pre - COVID - 19 first quarter of 2019 . • The revenue per available room , or RevPAR , which is calculated by multiplying our hotels ' ADR by its occupancy rate , was RMB 96 , a 35.1 % year - over - year increase , and a 24.5 % decrease compared with RMB127 in the pre - COVID - 19 first quarter of 2019 . • As of March 31 , 2021 , the Company's loyalty program had more than 59 million individual members and more than 1,710,000 corporate members , compared to over 56 million individual members and approximately 1,670,000 corporate members respectively as of December 31 , 2020. The Company sold approximately 92.2 % of room nights directly during the first quarter 2021 . " We achieved steady growth during the first quarter and continued to recover from the pandemic despite the resurgence of COVID - 19 in many regions of China " said Mr. Alex Xu , Chairman and Chief Executive Officer of Greentree . " As the year unfolds , we remain very focused on our growth strategy which covers three particular areas . First , we are adding L & O hotels in strategic locations , second , we are further expanding in tier 3 and lower cities and , third , we are further penetrating the Mid - to - Upscale segment . We are optimistic that travel will continue to recover as vaccine rollouts accelerate . This should translate into even better results next quarter . On behalf of our Board , I want to thank our team , franchisees and shareholders for their tremendous efforts and support . " 1 The conversion of Renminbi ( " RMB " ) into United States dollars ( " US $ " ) is based on the exchange rate of US $ 1.00 = RMB6.5518 on March 31 , 2021 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20210405/ 2 Adjusted EBITDA ( non - GAAP ) is calculated as net income plus other operating expenses , income tax expense , interest expense , depreciation and amortization , losses from investment in equity securities , share of loss in equity investees ( net of tax ) , but excludes other operating income , interest income and other , net , gains from investment in equity securities , share of gain in equity investees ( net of tax ) . The calculation of Adjusted EBITDA ( non - GAAP ) included in this report has been aligned according to the abovementioned definition .