Before going into highlights of our operations for the past quarter and the full year of 2011, I would like to provide an update on our progress of the Motel 168 integration. We found no surprises post-closing, which allow us to focus on execution on integration plan. We are very pleased to report that our initial integration efforts has already generated positive results. We [secured] brand level and the region level leadership organization with (inaudible) from Home Inns and stabilized hotel level operation workforce.
Employees’ living condition and working environment have been improved dramatically. Sales and marketing platform including pricing structure have been revamped. Motel 168 customer loyalty program are integrated with Home Inns. And hotel utilization projects are well underway, which include facility renovations and refreshment of quality consumables. [Ways of] training have taken place at various levels of the organization, and a transparent and results-driven KPI program have been implemented. With the (inaudible) and empowered workforce combined with a clear goal-oriented company stewardship, Motel 168 delivered 73.5% occupancy rate and a RevPAR of RMB113 in the fourth quarter of 2011.
A mix of Chinese New Year holiday and low seasonality combined January and February, the occupancy for Motel 168 reached 66%. We are very encouraged by this improvement at Motel 168 in the [first five months], and we’ll further our integration efforts in the coming quarters.
Now, look at our operational results. Total revenues for the fourth quarter increased 64.2% year over year to RMB1.31 billion, including revenues of RMB367.6 million from Motel 168. Total revenues for the full year of 2011 increased 25% year over year to RMB3.96 billion.Read the rest of this transcript for free on seekingalpha.com
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