As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on Home Inns Investor Relations website at english.homeinns.com.I will now turn the call over to our CEO, David Sun. David Sun Hello, everyone. And thank you for joining us today as we discuss our results from the third quarter. I'm very pleased to announce another strong quarter. The economic condition and outlook in china continues to show stability and growth momentum. So hosting the Shanghai World Expo, China showcased its domestic travel demand and a supply capacity and the capability. Home Inns Shanghai based hotels delivered steady results throughout the quarter. Meanwhile, the rest of our portfolios also delivered a year-over-year and a sequentially performance improvements in key operating metrics. We are optimistic about strong economy fundamentals in China and in the long-term growth perspective of the travel and leisure sector, with consistent inclusion of our strategic brands and the new initiatives. Home Inns is well positioned to further enhance it's per equity value, widen geographic coverage, deepen penetration in existing and tier-2 market and below, and improve operating efficiency and the possibility. Home Inns total revenue rose 21% year-over-year to RMB879.5 million within our guidance range of RMB875 million to RMB895 million. Overall average daily rates increased to RMB189 million from RMB177 in the previous quarter and RMB161 the same quarter last year. Occupancy rate for all hotels in operation was 96.7% in the third quarter, compared to 96.4% in the previous quarter and 97% the same quarter a year ago. Our RevPAR grew as a result increased to RMB183, compared with RMB171 in the previous quarter and RMB157 in the same quarter of last year. As of the end of the third quarter, we had 68 hotels in Shanghai. RevPAR for the Shanghai group of hotels increased by 33% from the previous quarter, given the full three months of Expo effect. RevPAR for the rest of our portfolio outside of Shanghai improved both year-over-year and sequentially. This came as a result of our upward price actions starting March this year, given the stable economy condition and increased business and leisure travelers.
There were 513 hotels that had been operational for at least 18 months in the third quarter. Their occupancy rate was 98% compared to 99% for the same 513 hotels a year ago. ADR was RMB192 compared with RMB153 and RevPAR was RMB188 against RMB161 in 2009, given our past three quarters of steady increases in both occupancy rate and ADR for the 18 months is mature sales. Like-to-like comparison, we proactively managed the pricing structure to optimize average daily rates in most of our mature markets where Home Inn is relatively stable.On the development front, we opened a total of 55 new hotels, due in the third quarter, including 15 leased-and-operated hotels and 40 franchise-and-managed hotels. By the end of third quarter, we have a total of 728 hotels operating across 134 cities in China. Our franchise program evolved through the past few years, and it is well managed and efficient in long run. Home Inns was recognized with the International Franchiser of 2010 Award by the International Franchise Association. Our substantial achievement in this area is recognized by our franchisees who chose to operate under the Home Inns brand. By the end of the quarter, we had another 54 leased-and-operated hotels and 60 franchise-and-managed hotels constructed and underdevelopment. We are on track to open a total of 200 hotels with 65 to 70 leased-and-operated hotels and 130 to 135 franchise-and-managed hotels this year. Our adjusted EBITDA margin excluding foreign exchange loss and share-based compensation expense was 33%, compared to 26.3% same quarter last year. This is a result of our balanced approach to leased-and-operated hotels versus franchise-and-managed hotels mix. Our effectively cost control programs and SG&A leverage, and economy of the scale and some benefits from the Shanghai World Expo. Read the rest of this transcript for free on seekingalpha.com