Shanghai based Home Inns & Hotels Management Inc. has decided to expand its portfolio by opening new hotels that will target business travelers who demand upscale service.
The company is known for owning over 700 hotels in China the majority of which cover budget segment. Home Inns, that is currently one of the most rapidly growing hotelier companies in the world, plans to launch 3 or 4 hotels in midscale and upscale categories by the end of this year. Over 50 business hotels are planned for opening within 5 years.
In order to speed up the expansion and provide deeper analysis, the company has recruited new chief financial officer – May Wu, who will be responsible for planning, business research and development of the concept.
Home Inns is ranked 19th in the list of the world’s largest hotel companies that is provided by Hotels 365 annually. The company is very successful in financial plan and is traditionally loved by visitors, so its properties show a tremendous 96.7% occupancy rate.
In the third quarter of 2010 Home Inns opened 55 new properties. 40 of them are either managed or franchised and the rest is in sole property.