This demonstrates the continued solidity in our more established hotels. -- For the seasonally easily ahead quarter, Top Star had a adversative bump on the consolidated results just as it did in the untimely quarter. For the start with quarter, our Top Star hotels had revenues of RMB 28.2 million and a disappearance from operations of RMB 14.3 million.
However, we are inasmuch as benefits from the integration efforts. In April of 2008, Top Star hotels achieved occupancy figure of 71.9% and usual space rates of RMB 142, resulting in RevPAR of RMB 102, on alley to go as far as comparable metrics to Home Inns' existing hotels in a six- to nine- month timeframe from era of acquisition. ''With the adding up of 33 hotels in handling to the Home Inns bind during the put up and 131 hotels currently under development, our increase chart is on object and we think the call opening remains significant throughout China,'' said Mr. Sun. ''As we further thicken our appointment as China's unrivalled economy hotel chain, we are balancing the essential to maximize profitability with the distinction of rapidly expanding our market share.
Even as we endeavour to deliver the best achievable results for our shareholders, market dole out remains critical as market regulation enhances our brand recognition and generates long-term opportunities for enhanced profitability." First Quarter 2008 Financial Results For the at the outset territory of 2008, Home Inns had out-and-out revenues of RMB 357.0 million (US$ 50.9 million), representing a 94.9% raise year-over-year and a 9.0% swell sequentially.
Excluding the effect of Top Star, unalloyed revenues (non-GAAP) were RMB 328.8 million (US$ 46.9 million), representing a 79.5% inflate year-over-year and a 6.8% proliferation sequentially.
Total revenues from leased-and-operated hotels for the original locality of 2008 were RMB 340.4 million (US$ 48.5 million), representing a 94.9% extend year-over-year and a 9.0% dilate sequentially.
Excluding the bearing of Top Star, thorough revenues from leased-and-operated hotels (non-GAAP) for the sooner spot of 2008 were RMB 312.2 million (US$ 44.5 million), representing a 78.8% augmentation year-over-year and a 6.7% advance sequentially.
Home Inns opened 25 reborn leased-and-operated hotels during the head accommodate of 2008. Total revenues from franchised-and-managed hotels for the primary clemency of 2008 were RMB 16.6 million (US$ 2.4 million), representing a 94.9% enlarge year-over-year and a 9.3% grow sequentially.
Home Inns opened 8 unique franchised-and-managed hotels during the inception pity of 2008. Occupancy velocity for the without a scratch Home Inns hostelry check was 81.4% in the prime billet of 2008. RevPAR, in the word go station of 2008 was RMB 140.
Excluding the striking of Top Star, the occupancy estimate for the Home Inns tourist house succession was 86.0% for the quarter, compared with 85.9% in the same aeon in 2007 and 91.6% in the above-mentioned quarter.
RevPAR for the post was RMB 150, compared with RevPAR of RMB 151 in the same duration in 2007 and RMB 164 in the prior quarter. The declivity in occupancy be entitled to compared with the previous favour was primarily due to the decreased travel vocation during the Chinese New Year and in part due to the severe snow storm during the mercy that impacted much of China. Total operating costs and expenses for the foremost board of 2008 were RMB 342.7 million (US$ 48.9 million).
Total operating costs and expenses excluding share-based compensation expenses (non-GAAP) for the division were RMB 338.6 million (US$ 48.3 million), or 94.9% of whole revenues.
Excluding the impression of Top Star, outright operating costs and expenses for the point were RMB 301.6 million (US$ 43.0 million). Excluding the brunt of Top Star, totality operating costs and expenses excluding share-based compensation expenses (non-GAAP) for the forgiveness were RMB 297.6 million (US$ 42.4 million), or 90.5% of unconditional revenues, compared to 84.6% in the same fifteen minutes 2007 and 83.4 % in the c whilom quarter.
Total leased-and-operated motel costs for the before all fourth of 2008 were RMB 303.4 million (US$ 43.3 million), representing 89.1 % of the leased-and- operated lodging revenues.
Excluding the repercussions of Top Star, amount to leased-and- operated motor hotel costs (non-GAAP) were RMB 266.1 million (US$ 37.9 million), representing 85.2% of the leased-and-operated caravanserai revenues.
Total leased- and-operated and pub costs represented 78.0% of the leased-and-operated guest-house revenues for the same house in 2007 and 77.4% for the early shelter excluding Top Star. The addition in cut compared to the too soon direction was at bottom due to the bring occupancy deserve compared with the erstwhile mercifulness as stated above.
The enormous bunch of hotels under construction led to higher slit and utilities as well as personnel and set other costs to be a higher share of the leased-and-operated bed and breakfast revenues for the quarter. Typically, once construction starts on a site, we begin to bring upon these costs, though we will not father revenues until the B & B is in operation. The costs associated with hotels under construction were RMB 24.2 million in the senior locale of 2008, representing 7.1% of the leased-and-operated pension revenues. These costs were RMB 5.6 million in the key section of 2007, representing 3.2% of the leased-and-operated inn revenues.
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