SHANGHAI, Nov. 10, 2010 /PRNewswire-Asia/ -- Home Inns
& Hotels Management Inc. (NASDAQ: HMIN), a leading economy
hotel chain in China, announced
today that it has set plans to enter into the midscale hotel
segment in China with 3 to 4 new
hotels in 2011 under a second brand, Yitel, or “Heyi” in Chinese,
and will target to reach 50 hotels in the next four to five years.
This move represents a market expansion opportunity for the Company
to capture the growing interest and demand for finer accommodations
in China.
Home Inns has appointed its Chief Strategy Officer, Ms.
May Wu, as the Chief Executive
Officer of the Yitel brand to lead its development and expansion.
Ms. Wu has been spearheading the research, concept development and
business planning since her transition from the Chief Financial
Officer of Home Inns in April
2010.
Home Inns began its initiative to enter into the midscale market
in 2008, with one experimental property, the H Hotel, which opened
in Shanghai at the end of 2008. In
developing the Yitel concept, Home Inns conducted in-depth market
and customer assessments, analyzed the H Hotel's performance
results, and collaborated with leading domestic and international
design firms.
"After many months of dedicated work, we are ready to launch the
Yitel brand with a definitive plan and comprehensive course of
action," commented Home Inns' Chief Executive Officer, Mr.
David Sun. "We are excited about
this new market opportunity and growth prospect it represents, and
we are confident of its success with our strong and proven team
behind it," continued Mr. Sun.
Home Inns believes that the midscale market provides an
attractive branding and expansion opportunity, similar to what the
Company saw in the economy segment several years ago. Home Inns
sees this as a result of a growing number of the budget-conscious
domestic business and leisure travelers becoming more affluent and
willing to pay for higher standards of lodging products and
services, as well as a welcoming option for star-rated hotel guests
who are looking for value without compromising on comfort and
style.
While Home Inns continues to expand its network under the
existing brand, the Yitel brand of hotels will be another growth
engine for the Company with meaningfully differentiated product
lines and a distinct target customer base.
About Home Inns
Home Inns is a leading economy hotel chain in China based on the number of hotels and hotel
rooms, as well as the geographic coverage of the hotel chain. Since
Home Inns commenced operations in 2002, it has become one of the
best-known economy hotel brands in China. Home Inns offers a consistent product
and high-quality services to primarily serve the fast growing
population of value-conscious individual business and leisure
travelers who demand clean, comfortable and convenient lodging.
Home Inns' ADSs, each of which represents two ordinary shares, are
currently trading on the NASDAQ Global Select Market under the
symbol "HMIN." For more information about Home Inns, please visit
http://english.homeinns.com.
Safe Harbor
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Any statements in
this press release that are not historical facts are
forward-looking statements that involve factors, risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors and
risks include our anticipated growth strategies; our future results
of operations and financial condition; the economic conditions of
China; the regulatory environment
in China; our ability to attract
customers and leverage our brand; trends and competition in the
lodging industry; the expected growth of the lodging market in
China; and other factors and risks
detailed in our filings with the Securities and Exchange
Commission. This press release also contains statements or
projections that are based upon information available to the
public, as well as other information from sources which management
believes to be reliable, but it is not guaranteed by us to be
accurate, nor do we purport it to be complete. We undertake no
obligation to update or revise to the public any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
For investor and media
inquiries, please contact:
|
|
|
|
Ethan Ruan
|
|
Home Inns & Hotels
Management Inc.
|
|
Tel:
+86-21-3401-9898 x2004
|
|
Email:
zjruan@homeinns.com
|
|
|
|
Tom Evrard
|
|
FD Beijing
|
|
Tel:
+86-10-8591-1951
|
|
Email: tom.evrard@fd.com
|
|
|
SOURCE Home Inns & Hotels Management Inc.