Bay Street News

Atour Lifestyle Holdings Limited Reports Third Quarter of 2024 Unaudited Financial Results

Bay Street

SHANGHAI, Nov. 19, 2024 (GLOBE NEWSWIRE) — Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter of 2024 Operational Highlights

As of September 30, 2024, there were 1,533 hotels with a total of 175,199 hotel rooms in operation across Atour’s hotel network, representing rapid increases of 37.9% and 36.1% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of September 30, 2024, there were 732 manachised hotels under development in our pipeline.

The average daily room rate4 (“ADR”) was RMB456 for the third quarter of 2024, compared with RMB495 for the same period of 2023 and RMB441 for the second quarter of 2024.

The occupancy rate4 was 80.3% for the third quarter of 2024, compared with 82.4% for the same period of 2023 and 78.4% for the second quarter of 2024.

The revenue per available room4 (“RevPAR”) was RMB380 for the third quarter of 2024, compared with RMB424 for the same period of 2023 and RMB359 for the second quarter of 2024.

The GMV5 generated from our retail business was RMB566 million for the third quarter of 2024, representing an increase of 107.7% year-over-year.

“We delivered another strong performance for the third quarter of 2024, driven by synergistic growth across our hotel and retail businesses,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “We accelerated the expansion of our hotel network, with 140 new hotel openings during the quarter, once again setting a quarterly record. As of the end of the third quarter, we had a total of 1,533 hotels in operation, representing a 37.9% year-over-year increase. In October, we officially unveiled our new upscale brand, SAVHE Hotel, strengthening our presence in the upscale market with a long-term approach to growth and branding. Our RevPAR remained at a healthy level this quarter despite evolving market environments and last year’s high comparison base, reaching RMB380. Additionally, our retail business sustained its robust growth momentum, with GMV increasing by 107.7% year-over-year to RMB566 million this quarter, as driven by Atour Planet’s effective and systematic deep sleep idea.

Looking ahead, we will remain committed to executing our core ‘Chinese Experience’ strategy, consistently innovating and elevating our hotel offerings, strengthening our service capabilities to deliver a superior customer experience, and driving high-quality growth in our retail business. We are confident these efforts will holistically amplify our brand influence, reinforcing Atour’s distinctive competitive edges,” concluded Mr. Wang.

 

Third Quarter of 2024 Unaudited Financial Results
(RMB in thousands)   Q3 2023   Q3 2024
       
Revenues:        
Manachised hotels   781,112   1,179,211
Leased hotels   238,190   189,531
Retail   235,124   479,704
Others   39,678   50,136
Net revenues   1,294,104   1,898,582


Net revenues. Our net revenues for the third quarter of 2024 increased by 46.7% to RMB1,899 million (US$271 million) from RMB1,294 million for the same period of 2023, mainly driven by the growth in manachised hotel and retail businesses.

  Q3 2023   Q3 2024  
(RMB in thousands)        
Operating costs and expenses:        
Hotel operating costs (616,537)   (876,197)  
Retail costs (112,209)   (227,027)  
Other operating costs (18,473)   (7,814)  
Selling and marketing expenses (112,273)   (218,433)  
General and administrative expenses (79,382)   (81,977)  
Technology and development expenses (20,367)   (30,240)  
Total operating costs and expenses (959,241)   (1,441,688)  

Operating costs and expenses for the third quarter of 2024 were RMB1,442 million (US$205 million), including RMB3 million share-based compensation expenses, compared with RMB959 million, including RMB10 million share-based compensation expenses for the same period of 2023.

Other operating income, net for the third quarter of 2024 was RMB35 million (US$5 million) income, compared with RMB6 million income for the same period of 2023. This increase was primarily due to the increase in government subsidies.

Income from operations for the third quarter of 2024 was RMB492 million (US$70 million), compared with RMB341 million for the same period of 2023.

Income tax expense for the third quarter of 2024 was RMB143 million (US$20 million), compared with RMB94 million for the same period of 2023.

Net income for the third quarter of 2024 was RMB381 million (US$54 million), representing an increase of 45.3% year-over-year compared with RMB262 million for the same period of 2023.

Adjusted net income (non-GAAP) for the third quarter of 2024 was RMB384 million (US$55 million), representing an increase of 41.2% year-over-year compared with RMB272 million for the same period of 2023.

Basic and diluted income per share/American depositary share (ADS). For the third quarter of 2024, basic income per share was RMB0.93 (US$0.13), and diluted income per share was RMB0.92 (US$0.13). Basic income per ADS for the third quarter of 2024 was RMB2.79 (US$0.39), and diluted income per ADS was RMB2.76 (US$0.39).

EBITDA (non-GAAP) for the third quarter of 2024 was RMB529 million (US$75 million), representing an increase of 42.9% compared with RMB370 million for the same period of 2023.

Adjusted EBITDA (non-GAAP) for the third quarter of 2024 was RMB532 million (US$76 million), representing an increase of 40.0% compared with RMB380 million for the same period of 2023.

Cash flows. Operating cash inflow for the third quarter of 2024 was RMB433 million (US$62 million). Investing cash outflow for the third quarter of 2024 was RMB572 million (US$81 million). Financing cash outflow for the third quarter of 2024 was RMB421 million (US$60 million).

Cash and cash equivalents and restricted cash. As of September 30, 2024, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2.7 billion (US$391 million).

Debt financing. As of September 30, 2024, the Company had total outstanding borrowings of RMB92 million (US$13 million), and the unutilized credit facility available to the Company was RMB460 million.

Outlook

For the full year of 2024, the Company currently expects total net revenues to increase by 48% to 52% compared with full-year 2023.

This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes.

_______________________________
1Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
2EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.
3Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
4Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax–inclusive room rates.
 “ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period;
 “Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period;
 “RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.
5“GMV” refers to gross merchandise value, which is the total value of confirmed orders placed and paid for by our end customers with us or our franchisees, as the case may be, and sold as part of our retail business, where the ordered products have been dispatched, regardless of whether they are delivered or returned, calculated based on the prices of the ordered products net of any discounts offered to our end customers.


Conference Call

The Company will host a conference call at 7:00 AM U.S. Eastern time on Tuesday, November 19, 2024 (or 8:00 PM Beijing/Hong Kong time on the same day). 

A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.

For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registration, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call.

Details for the conference call are as follows: 

Event Title: Atour Third Quarter 2024 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BI61cf605c124941f491fa85e482178e58

Use of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income, which is defined as net income excluding share-based compensation expenses; EBITDA, which is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.

The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis, excluding share-based compensation expenses, which are not expected to result in cash payment. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

The use of these non-GAAP measures has certain limitations, as the excluded items have been and will be incurred, and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

In addition, these measures may not be comparable to similarly titled measures utilized by other companies, as these companies may not calculate these measures in the same manner as the Company does.

About Atour Lifestyle Holdings Limited

Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop scenario-based retail business. Atour is committed to bringing innovations to China’s hospitality industry and building new lifestyle brands around hotel offerings.

For more information, please visit https://ir.yaduo.com.

Investor Relations Contact

Atour Lifestyle Holdings Limited
Email: ir@yaduo.com

Piacente Financial Communications
Email: Atour@tpg-ir.com
Tel: +86-10-6508-0677

—Financial Tables and Operational Data Follow—

ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data and per share data, or otherwise noted)
             
    As of   As of
    December 31,   September 30,
    2023   2024
    RMB   RMB   USD1
Assets            
Current assets            
Cash and cash equivalents   2,840,807   2,741,003   390,590
Short-term investments   751,794   1,569,850   223,702
Accounts receivable   162,101   157,511   22,445
Prepayments and other current assets   251,900   323,258   46,064
Amounts due from related parties   115,900   139,502   19,879
Inventories   119,078   139,246   19,842
Total current assets   4,241,580   5,070,370   722,522
Non-current assets            
Restricted cash   946   1,106   158
Contract costs   98,220   117,459   16,738
Property and equipment, net   266,120   221,971   31,631
Operating lease right-of-use assets   1,712,580   1,480,677   210,995
Intangible assets, net   4,247   4,778   681
Goodwill   17,446   17,446   2,486
Other assets   100,939   90,960   12,962
Deferred tax assets   144,947   204,559   29,149
Total non-current assets   2,345,445   2,138,956   304,800
Total assets   6,587,025   7,209,326   1,027,322
             
Liabilities and shareholders’ equity            
Current liabilities            
Operating lease liabilities, current   295,721   296,203   42,209
Accounts payable   594,545   564,123   80,387
Deferred revenue, current   406,066   414,374   59,048
Salary and welfare payable   189,823   207,018   29,500
Accrued expenses and other payables   684,391   783,615   111,665
Income taxes payable   136,201   211,632   30,157
Short-term borrowings   70,000   90,000   12,825
Amounts due to related parties   1,104   1,871   267
Total current liabilities   2,377,851   2,568,836   366,058
Non-current liabilities            
Operating lease liabilities, non-current   1,583,178   1,346,097   191,817
Deferred revenue, non-current   369,455   460,340   65,598
Long-term borrowings, non-current portion   2,000   2,000   285
Other non-current liabilities   194,452   241,547   34,420
Total non-current liabilities   2,149,085   2,049,984   292,120
Total liabilities   4,526,936   4,618,820   658,178

_____________________________
1Translations of balances in the consolidated financial statements from RMB into US$ for the third quarter of 2024 and as of September 30, 2024 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB7.0176, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2024.

 

 

ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data and per share data, or otherwise noted)
             
    As of   As of
    December 31,   September 30,
    2023     2024  
    RMB   RMB   USD1
Shareholders’ equity            
Class A ordinary shares   244     245     35  
Class B ordinary shares   56     56     8  
Additional paid in capital   1,555,773     1,601,026     228,144  
Retained earnings   507,226     1,016,377     144,833  
Accumulated other comprehensive (loss) income   4,769     (16,345)     (2,329)  
Total equity attributable to shareholders of the Company   2,068,068     2,601,359     370,691  
Non-controlling interests   (7,979)     (10,853)     (1,547)  
Total shareholders’ equity   2,060,089     2,590,506     369,144  
Commitments and contingencies   –     –     –  
Total liabilities and shareholders’ equity   6,587,025     7,209,326     1,027,322  
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except share data and per share data, or otherwise noted)
                         
    Three Months Ended   Nine Months Ended
    September 30,   September 30,   September 30,   September 30,
    2023     2024     2023     2024  
    RMB   RMB   USD1   RMB   RMB   USD1
Revenues:                        
Manachised hotels   781,112     1,179,211     168,036     1,854,393     3,042,301     433,524  
Leased hotels   238,190     189,531     27,008     645,024     537,913     76,652  
Retail   235,124     479,704     68,357     559,705     1,433,029     204,205  
Others   39,678     50,136     7,144     101,627     150,679     21,472  
Net revenues   1,294,104     1,898,582     270,545     3,160,749     5,163,922     735,853  
Operating costs and expenses:                        
Hotel operating costs   (616,537)     (876,197)     (124,857)     (1,507,682)     (2,314,119)     (329,759)  
Retail costs   (112,209)     (227,027)     (32,351)     (281,286)     (698,133)     (99,483)  
Other operating costs   (18,473)     (7,814)     (1,113)     (41,871)     (27,558)     (3,927)  
Selling and marketing expenses   (112,273)     (218,433)     (31,126)     (262,682)     (617,751)     (88,029)  
General and administrative expenses   (79,382)     (81,977)     (11,682)     (346,036)     (250,120)     (35,642)  
Technology and development expenses   (20,367)     (30,240)     (4,309)     (54,988)     (87,373)     (12,451)  
Total operating costs and expenses   (959,241)     (1,441,688)     (205,438)     (2,494,545)     (3,995,054)     (569,291)  
Other operating income, net   6,475     35,464     5,054     43,653     39,530     5,633  
Income from operations   341,338     492,358     70,161     709,857     1,208,398     172,195  
Interest income   8,456     12,995     1,852     20,812     38,910     5,545  
Gain from short-term investments   8,875     13,807     1,967     23,197     34,344     4,894  
Interest expense   (723)     (856)     (122)     (4,326)     (2,383)     (340)  
Other income (expenses), net   (1,471)     5,678     809     (4,442)     5,127     731  
Income before income tax   356,475     523,982     74,667     745,098     1,284,396     183,025  
Income tax expense   (94,408)     (143,272)     (20,416)     (225,804)     (342,072)     (48,745)  
Net income   262,067     380,710     54,251     519,294     942,324     134,280  
Less: net (loss) income attributable to non-controlling interests   1,049     (3,679)     (524)     2,211     (2,875)     (410)  
Net income attributable to the Company   261,018     384,389     54,775     517,083     945,199     134,690  
                         
Net income   262,067     380,710     54,251     519,294     942,324     134,280  
Other comprehensive (loss) income                        
Foreign currency translation adjustments, net of nil income taxes   3,014     (34,245)     (4,880)     26,006     (21,114)     (3,009)  
Other comprehensive (loss) income, net of income taxes   3,014     (34,245)     (4,880)     26,006     (21,114)     (3,009)  
Total comprehensive income   265,081     346,465     49,371     545,300     921,210     131,271  
Comprehensive (loss) income attributable to non-controlling interests   1,049     (3,679)     (524)     2,211     (2,875)     (410)  
Comprehensive income attributable to the Company   264,032     350,144     49,895     543,089     924,085     131,681  
Net income per ordinary share                        
—Basic   0.63     0.93     0.13     1.28     2.29     0.33  
—Diluted   0.63     0.92     0.13     1.25     2.27     0.32  
Weighted average ordinary shares used in calculating net income per ordinary share                        
—Basic   412,683,043     413,928,908     413,928,908     403,206,606     413,340,195     413,340,195  
—Diluted   416,140,935     416,980,577     416,980,577     414,425,523     416,529,151     416,529,151  
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of RMB, except share data and per share data, or otherwise noted)
                         
    Three Months Ended   Nine Months Ended
    September 30,   September 30,   September 30,   September 30,
    2023     2024     2023     2024  
    RMB   RMB   USD1   RMB   RMB   USD1
                         
Cash flows from operating activities:                        
Net cash generated from operating activities   543,072     432,923     61,690     1,424,637     1,152,800     164,273  
Cash flows from investing activities:                        
Payment for purchases of property and equipment   (4,487)     (23,128)     (3,296)     (31,897)     (55,879)     (7,963)  
Proceeds from disposal of property and equipment   670     –     –     670     –     –  
Payment for purchases of intangible assets   –     (1,147)     (163)     –     (1,429)     (204)  
Payment for purchases of short-term investments   (2,494,000)     (6,342,920)     (903,858)     (5,826,210)     (13,584,920)     (1,935,836)  
Proceeds from maturities of short-term investments   1,719,014     5,795,448     825,845     5,213,708     12,801,208     1,824,158  
Net cash used in investing activities   (778,803)     (571,747)     (81,472)     (643,729)     (841,020)     (119,845)  
Cash flows from financing activities:                        
Proceeds from borrowings   –     –     –     40,000     20,000     2,850  
Repayment of borrowings   (848)     –     –     (141,958)     –     –  
Proceeds from stock option exercises   53,159     14,944     2,130     53,159     14,944     2,130  
Payment for dividends   (150,579)     (436,048)     (62,136)     (150,579)     (436,048)     (62,136)  
Net cash used in financing activities   (98,268)     (421,104)     (60,006)     (199,378)     (401,104)     (57,156)  
Effect of exchange rate changes on cash and cash equivalents and restricted cash   3,014     (21,948)     (3,128)     26,684     (10,320)     (1,471)  
Net (decrease) increase in cash and cash equivalents and restricted cash   (330,985)     (581,876)     (82,916)     608,214     (99,644)     (14,199)  
Cash and cash equivalents and restricted cash at the beginning of the period   2,529,306     3,323,985     473,664     1,590,107     2,841,753     404,947  
Cash and cash equivalents and restricted cash at the end of the period   2,198,321     2,742,109     390,748     2,198,321     2,742,109     390,748  
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(In thousands of RMB, except share data and per share data, or otherwise noted)
                         
    Three Months Ended   Nine Months Ended
    September 30,   September 30,   September 30,   September 30,
    2023     2024     2023     2024  
    RMB   RMB   USD1   RMB   RMB   USD1
                         
Net income (GAAP)   262,067     380,710     54,251     519,294     942,324     134,280  
Share-based compensation expenses, net of tax effect of nil2   9,924     3,282     468     161,502     30,309     4,319  
Adjusted net income (non-GAAP)   271,991     383,992     54,719     680,796     972,633     138,599  
                         
    Three Months Ended   Nine Months Ended
    September 30,   September 30,   September 30,   September 30,
    2023     2024     2023     2024  
    RMB   RMB   USD1   RMB   RMB   USD1
                         
Net income (GAAP)   262,067     380,710     54,251     519,294     942,324     134,280  
Interest income   (8,456)     (12,995)     (1,852)     (20,812)     (38,910)     (5,545)  
Interest expense   723     856     122     4,326     2,383     340  
Income tax expense   94,408     143,272     20,416     225,804     342,072     48,745  
Depreciation and amortization   21,413     17,150     2,444     65,599     50,989     7,266  
EBITDA (non-GAAP)   370,155     528,993     75,381     794,211     1,298,858     185,086  
Share-based compensation expenses   9,924     3,282     468     161,502     30,309     4,319  
Adjusted EBITDA (non-GAAP)   380,079     532,275     75,849     955,713     1,329,167     189,405  

_____________________________
2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.

 

 

Key Operating Data

  Number of Hotels   Number of Rooms
  Opened in Q3 2024 Closed in Q3 2024 As of
September 30, 2024		   As of
September 30, 2024
Manachised hotels 140 18 1,504   170,895
Leased hotels – 1 29   4,304
Total 140 19 1,533   175,199
Brand3 Positioning   As of September 30, 2024
Properties Rooms
Manachised Leased  
A.T. House Luxury – 1 214
Atour S Upscale 71 5 10,894
Atour Upper midscale 1,135 22 133,703
Atour X Upper midscale 161 1 17,509
Atour Light Midscale 137 – 12,879
Total   1,504 29 175,199
  All Hotels in Operation
  Three Months Ended
September 30, 2023		   Three Months Ended
June 30, 2024		   Three Months Ended
September 30, 2024
           
Occupancy rate4 (in percentage)          
Manachised hotels 82.2%   78.2%   80.2%
Leased hotels 86.6%   83.7%   85.6%
All hotels 82.4%   78.4%   80.3%
           
ADR4(in RMB)          
Manachised hotels 489.4   436.4   452.1
Leased hotels 629.9   573.0   586.6
All hotels 495.4   440.6   455.8
           
RevPAR4(in RMB)          
Manachised hotels 417.9   354.5   375.6
Leased hotels 571.4   503.3   527.4
All hotels 424.1   358.7   379.5
  Hotels in Operation for More Than 18 Months in Q3 20245
  Number of hotels   Same-hotel Occupancy4
(in percentage)		   Same-hotel ADR4
(in RMB)		   Same-hotel RevPAR4
(in RMB)
  Q3 2023 Q3 2024   Q3 2023 Q3 2024   Q3 2023 Q3 2024   Q3 2023 Q3 2024
                       
Manachised hotels 896 896   83.4% 82.0%   492.9 460.7   427.5 391.8
Leased hotels 29 29   86.6% 85.3%   628.8 580.8   570.9 521.2
All hotels 925 925   83.5% 82.1%   498.6 465.5   433.2 396.8

________________________
3Effective July 1, 2024, we merged our upscale hotel brand, ZHOTEL, with Atour S as part of our efforts to streamline and optimize our brand portfolio. Consequently, the key information for our Atour S brand in the table includes data for the hotel operated under ZHOTEL up to June 30, 2024.
4 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
5 For any given quarter, we define “same-hotel” to be a hotel that has operated for a minimum of 18 calendar months as of the 15th day (inclusive) of any month within that quarter. The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the third quarter of 2024, compared to the corresponding metrics generated by these “same hotels” during the same period in 2023.


Bay Street News