JinJiang Hotels Development-A:Robust RevPAR growth continued in 4Q
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.