SHANGHAI, March 31,
2023 /PRNewswire/ -- GreenTree Hospitality Group Ltd.
(NYSE: GHG) ("GreenTree" or the "Company"), a leading hospitality
management group in China, today
announced that it will report its unaudited financial results for
the six months ended December 31,
2022 as well as certain operating data for the same period
and additional business updates as of March
31, 2023, after U.S. markets close on Thursday, April 6, 2023. GreenTree's management
will hold an earnings conference call at 9:00 PM U.S. Eastern Time on April 6, 2023 (9:00
AM Beijing/Hong Kong Time on April 7,
2023).
Dial-in numbers for the live conference call are as follows:
International
1-412-902-4272
Mainland China
4001-201-203
US
1-888-346-8982
Hong Kong
800-905-945 or 852-3018-4992
Singapore
800-120-6157
Participants should ask to join the GreenTree call.
A telephone replay of the conference call will be available
after the conclusion of the live conference call until April 13, 2023.
Dial-in numbers for the replay are as follows:
International Dial-in
1-412-317-0088
U.S. Toll Free
1-877-344-7529
Canada Toll Free
855-669-9658
Passcode:
8283615
A live and archived webcast of the conference call will be
available on the Company's investor relations website at
http://ir.998.com.
Additional Business Updates
Urban
Further to the Company's press release dated October 8, 2022, the Company announced certain
updates on the strategically acquired hotels that are owned and
operated by Shandong Xinghui Urban Hotel Management Group Co., Ltd.
("Urban").
GreenTree and Urban's minority shareholder entered into definite
agreements on November 23, 2022 for the minority shareholder and
its designated person to repurchase all of the equity interest in
Urban held by GreenTree. GreenTree no longer holds any equity
interest in Urban and has deconsolidated Urban from November 25 of 2022.
Acquisition of Da Niang Dumplings and Bellagio from
GTI
U.S. Eastern Time on March 28,
2023 (Beijing/Hong Kong
Time on March 29, 2023), the Company
closed and completed its previously announced acquisition (the
"Acquisition") of Da Niang Dumplings and Bellagio, two leading
restaurant chain businesses in China (collectively, the "Businesses"), from
GreenTree Inns Hotel Management Group, Inc. ("GTI"), the Company's
controlling shareholder, contemplated by the definitive agreement
entered into by the parties (the "Agreement"). The Company
previously announced in its press release dated May 16, 2022 that it had entered into the
Agreement to acquire the Businesses from GTI.
GTI and its subsidiaries have fully repaid all outstanding loan
payables due to the Company and its subsidiaries through offset
against the purchase price paid by the Company, on a consolidated
basis. The parties agreed to amend and postpone the long stop date
in the Agreement until after December 31,
2022 to allow closing conditions to be satisfied and to
enable the Acquisition to be completed. The final transaction has
been completed pursuant to the terms of the Agreement, and the
Businesses have been transferred from GTI to GreenTree.
About GreenTree Hospitality Group Ltd.
GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree" or the
"Company") (NYSE: GHG) is a leading hospitality management group in
China. As of June 30, 2022, GreenTree had a total number of
4,669 hotels. In 2021, HOTELS magazine ranked GreenTree Top 11
Ranking among 225 largest global hotel groups in terms of number of
hotels in its annual HOTELS' 225. GreenTree was also the fourth
largest hospitality company in China in 2021 based on the statistics issued
by the China Hospitality Association.
GreenTree has built a strong suite of brands including its
flagship "GreenTree Inns" brand as a result of its long-standing
dedication to the hospitality industry in China and consistent quality of its services,
signature hotel designs, broad geographic coverage and convenient
locations. GreenTree has further expanded its brand portfolio into
the mid-to-up-scale segment in certain strategic cities. By
offering diverse brands, through its strong membership base,
expansive booking network, superior system management with moderate
charges, and fully supported by its operating departments including
Decoration, Engineering, Purchasing, Operation, IT and Finance,
GreenTree aims to keep closer relationships with all of its clients
and partners by providing a brand portfolio that features comfort,
style and value.
For more information on GreenTree, please visit
http://ir.998.com
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: ir@998.com
Mr. Allen Wang
Phone: +86-181-0184-0639
E-mail: ir@998.com
Christensen
In Shanghai
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail: jxu@christensenir.com
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: khui@christensenIR.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE GreenTree Hospitality Group Ltd.