Net profit increased 1.4% to RMB 80.9 million.
RedDoorz CEO Saberwal wants to build a company with a valuation of $1 billion by next year, possibly $5 billion in two to three years, by which time he hopes to take RedDoorz public.
Many accommodation providers are seeing a rise in the demand, driven by an increase in ‘bleisure’, last-minute and one-night weekender travel.
Total revenues grew 21.6% thanks to addition of 134 hotels, improved RevPAR, membership growth, and the consolidation of the Argyle's results of operation.
Hotel occupancy rates that averaged 90% in the first half will fall by a third or more and that arrivals from the mainland to Hong Kong, a key shopping destination for Chinese, could slow to a trickle.
For the first time since 2016, STR data shows mainland China supply growth outpacing demand growth, leading to occupancy declines.
Comparable revenue per available room flattened off to 0.1% from the 0.3% seen in the first quarter.
Airbnb’s disruptive power stems from its ability to identify and meet evolving customer needs, not its technology.
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