SHANGHAI, Jan. 7, 2011 /PRNewswire-Asia/ -- Home Inns &
Hotels Management Inc. (Nasdaq: HMIN), a leading economy hotel
chain in China, today announced
plans to open a total of 260 to 280 new hotels in 2011, of which
100 to 110 will be leased-and-operated hotels and 160 to 170 will
be franchised-and-managed hotels. In addition, as previously
announced, Home Inns 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.
Home Inns opened 208 new hotels in 2010, adding 67 new
leased-and-operated hotels and 141 new franchised-and-managed
hotels, and ended the year with a total of 818 hotels in operation,
net of closures of 3 leased-and-operated hotels and 3
franchised-and-managed hotels mainly due to local rezoning.
The target plan for 2011 represents a record pace for new hotel
openings in a single year in the Chinese economy hotel industry.
It will take the total number of Home Inns' hotels to
approximately 1,100 by the end of 2011.
"The time is right for us to enter into a new era of growth,"
commented Home Inns' Chief Executive Officer, Mr. David Sun. "Throughout the recovery from the
recent economic slowdown, we rebuilt a strong development team and
implemented effective development processes. With a
fundamentally sound economic outlook and our financial strength and
execution capability, we believe Home Inns is well positioned to
invest in our future and achieve sustainable long-term growth,"
continued Mr. Sun.
Similar to the growth momentum it achieved in 2007 and 2008
before a temporary slow-down in response to the overall economic
environment, Home Inns plans to reaccelerate growth to capitalize
on China's favorable overall
economic conditions and continued growth in domestic business and
leisure travel.
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:
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Ethan Ruan
Home Inns & Hotels
Management Inc.
Tel: +86-21-3401-9898
x2004
Email:
zjruan@homeinns.com
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Tom Evrard
FD Beijing
Tel:
+86-10-8591-1951
Email:
tom.evrard@fd.com
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SOURCE Home Inns & Hotels Management Inc.