Robust RevPAR growth in Oct and Nov driven by ADR increase

Jinjiang-A reported its Nov-2017 monthly operational data. Domestic hotelsRevPAR growth in 4Q17 continued to be robust. To breakdown:

RevPAR of Jinjiang series increased by 4.3%/5.7% in Oct/Nov, mainlydriven by ADR growth of 4.3%/2.7%

RevPAR of Plateno series increased by 9.1%/7.9% in Oct/Nov, mainlydriven by ADR growth of 14.6%/12.9%

RevPAR of Vienna series increased by 2.1% in Nov, driven by ADR growthof 1.3% and occupancy increase of 1ppt.

Midscale hotels expansion driven by Vienna

Jinjiang added 106 hotels in Oct and Nov 2017 to reach a total hotel numberof 6,609 in 11M17 (vs. 6,503 in 9M17). Jinjiang is upgrading its productsaggressively to mid-to-upscale hotels, mainly through the Vienna brand (51 hotelsadded in Oct and Nov), just like China Lodging's strategy for more mid-to-upscalehotels and the Hanting upgrade. Management had guided previously that c.15%of hotels are midscale. In addition, 50-60% of the hotel portfolio pipelines aremidscale. As of Nov-17, the Vienna brand led the midscale hotel market expansionwith more than 350 hotels added in 2017.

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