UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
July 2023
Commission File Number: 001-38425
GreenTree Hospitality Group Ltd.
(Registrant’s name)
1228 Zhongshan North Road, Putuo District
Shanghai 200065
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)
: ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
: ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| GREEN TREE HOSPITALITY GROUP LTD . |
|
| |
|
|
| By: |
/s/ Alex S. Xu |
|
| Name: |
Alex S. Xu |
|
| Title: |
Chairman and Chief Executive Officer |
|
Date: July 12, 2023
Exhibit 99.1
GreenTree Hospitality Group Ltd. Announces
Selected Preliminary Results for the First Quarter of 2023
SHANGHAI, July 12, 2023 /PRNewswire/ -- GreenTree
Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"),
a leading hospitality management group in China, today announced selected preliminary results for the first quarter of 2023.
Financial Results
| · | Total
revenues for the first quarter of 2023 are estimated to be approximately RMB371.1 million (US$54.0 million)[1]
to RMB389.1 million (US$56.7 million)[1]. |
Total revenues from organic hotels
increased by 16.8% year over year to approximately RMB252.6 million (US$36.8 million)[1] for the first quarter of 2023.
| · | Income from operations for the first quarter
of 2023 are estimated to be approximately RMB55.4 million (US$8.1 million) [1] to RMB60.4 million (US$8.8 million) [1]. |
Income from operations of organic hotels
increased by 397.4% year over year to approximately RMB57.2 million (US$8.3 million) [1] for the first quarter
of 2023.
Operational Highlights
| · | As previously disclosed, the Company completed
the acquisition of Da Niang Dumplings and Bellagio from its controlling shareholder. As of March 31, 2023, Da Niang had 92 self-operated
restaurants and 132 franchised restaurants, and Bellagio had 28 self-operated restaurants and eight franchised restaurants. |
| · | A total of 4,084 hotels (all organic hotels)
with 302,425 hotel rooms were in operation as of March 31, 2023, compared to 3,907 organic hotels and 294,525 hotel rooms as of March 31,
2022. |
| · | As of March 31, 2023, the Company had 64
leased-and-operated, or L&O, hotels and 4,020 franchised-and-managed, or F&M, hotels in operation in 355 cities across China,
compared to 56 L&O hotels and 3,851 F&M hotels (all organic hotels) in operation in 351 cities across China as of March 31,
2022. |
| · | During
the first quarter of 2023, the Company opened 91 hotels, an increase of three compared to 88 hotels opened in the first quarter of 2022.
Of the hotels opened in the first quarter of 2023, 12 were in the mid-to-up-scale segment, 50 were in the mid-scale segment, and 29 were
in the economy segment. Geographically, nine hotels were in Tier 1 cities[2], 18 were
in Tier 2 cities and the remaining 64 were in Tier 3 and lower cities in China as of March 31, 2023. |
1. “The conversion of Renminbi ("RMB") into United
States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.8676 on March 31, 2023 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. Tier 1 Cities refers to Beijing, Shanghai, Shenzhen and Guangzhou;
Tier 2 Cities refers to the 32 major cities, other than Tier 1 Cities, including provincial capitals, administrative capitals of autonomous
regions, direct-controlled municipalities and other major cities designated as municipalities with independent planning by the State Council.
| · | As of March 31, 2023, the Company had a
pipeline of 957 hotels contracted for or under development with 250 in the mid-to-up-scale segment, 506 in the mid-scale segment, and
201 in the economy segment. |
| · | The average daily room rate, or ADR, for all
organic hotels in operation was RMB167 in the first quarter of 2023, an increase of 8.1% from RMB155 in the first quarter of 2022. |
| · | The occupancy rate, or OCC, for all organic hotels
in operation was 71.7% in the first quarter of 2023, compared to 62.1% in the first quarter of 2022. |
| · | The revenue per available room, or RevPAR, which
is calculated by multiplying our hotels' ADR by its occupancy rate, was RMB120 in the first quarter of 2023, a 24.8% year-over-year increase
from RMB96 in the first quarter of 2022. |
| · | As of March 31, 2023, the Company's loyalty
program had over 80 million individual members and approximately 1,950,000 corporate members, compared to over 72 million individual members
and approximately 1,885,000 corporate members as of March 31, 2022. |
The Company
expects to release its first quarter together with second quarter of 2023 financial results around mid-September of 2023, to be followed
by a conference call that same day.
“The first quarter of 2023 marked a fresh
beginning thanks to the recovery in the hospitality industry and the entire economy in China. RevPAR recovered to 94.3% of its first quarter
of 2019 level. As we entered the second quarter, RevPAR during the national Labor Day holiday in early May reached more than 120%
of its level in the same period in 2019, capitalizing on the popularity of travel during the national holiday period.
In March of 2023, we completed our acquisition
of Da Niang Dumplings and Bellagio. As of March 31, 2023, the restaurant business was comprised of 120 self-operated restaurants
and 140 franchised restaurants. The restaurant business is estimated to have generated a combined unaudited revenue of about RMB118.5
million (US$17.3 million)[1] to RMB136.5 million (US$19.9 million)[1] in the first quarter of 2023.
We are grateful for the hard work of our team,
franchisees, and partners that made it possible to recover quickly in the first quarter of 2023 as China began returning to normal life,”
said Mr. Alex Xu, Chairman and Chief Executive Officer of GreenTree.
About GreenTree Hospitality Group Ltd.
GreenTree Hospitality Group Ltd. ("GreenTree"
or the "Company") (NYSE: GHG) is a leading hospitality management group in China. As of March 31, 2023, GreenTree had a
total number of 4,084 hotels. In 2021, HOTELS magazine ranked GreenTree Top 11 Ranking among the 225 largest global hotel groups in terms
of number of hotels in its annual HOTELS’ 225. GreenTree was also the fourth largest hospitality company in China in 2022 based
on the statistics issued by the China Hospitality Association.
GreenTree has a broad portfolio of diverse brands
spanning from the economy to mid-scale and up-scale segments of the hospitality industry, mainly in China. Through its strong membership
base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including
Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients
and partners by providing a diverse brand portfolio that features comfort, style and value.
For more information on GreenTree, please visit http://ir.998.com
Safe Harbor Statements
This press release contains forward-looking statements
made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S.
Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases
such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to," "confident,"
"future," or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed
with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical
facts, including statements about or based on GreenTree's current beliefs, expectations, assumptions, estimates and projections about
us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our
actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.
Such factors and risks include, but not limited to the following: GreenTree's goals and growth strategies; its future business development,
financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry;
fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which
we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on
these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in
this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update
any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided
or statements are made, or to reflect the occurrence of unanticipated events.
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: ir@998.com
Mr. Allen Wang
Phone: +86-181-0184-0639
E-mail: ir@998.com
Christensen
In Shanghai
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail: jerry.xu@christensencomms.com
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: karen.hui@christensencomms.com
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: linda.bergkamp@christensencomms.com
GreenTree Hospitality (NYSE:GHG)
Historical Stock Chart
From Nov 2024 to Dec 2024
GreenTree Hospitality (NYSE:GHG)
Historical Stock Chart
From Dec 2023 to Dec 2024
