Home Inns to open 200 new hotels in 2010

Sep. 25, 2009 (China Knowledge) - Home Inns & Hotels Management Inc<HMIN>, one of the largest budget hotel brands in China, plans to open 200 hotels next year, mainly in second-tier Chinese cities, said Home Inns' CEO David Sun at the Shanghai International Franchise Exhibition, sources reported.

Home Inn aims to own a total of 1,000 hotels in three years as China's budget hotel market still has great potential for development, according to Sun.

The Chinese hotelier predicted earlier its operating revenue for the third quarter of this year would reach between RMB 685 million and RMB 705 million. The operating revenue for the whole year is estimated to grow by 33% to 35% from that of 2008.

Home Inns recorded RMB 100.4 million of net profit for the second quarter of this year. Its total revenues grew 43.3% year on year to RMB 642.1 million during the period.

The company's annual shareholder meeting will be held in Hong Kong on Nov. 3.