BTG Hotels Group (600258 CH) swung to profit in 2021 with accelerated hotel openings. The company reported revenue of RMB6.15bn (+16.49% yoy) and attributable net profit of RMB55.68mn (+RMB552mn yoy), a turnaround to profit vs 2020. The company opened 1,418 hotels in 2021 (+56% yoy), fulfilling its annual target of 1,400-1,600 hotel openings. As of end-2021, BTG had 5,916 hotels (+20.9% yoy). The company has shifted towards mid-range to high-end hotels, and the proportion of newly opened economy/mid-range to high-end/light asset hotels was 11/22/61% in 9M21. Its overall RevPAR should show upside for the shift towards mid-range to high-end hotels.
