GreenTree Hospitality Group Ltd.

GreenTree Hospitality Group Ltd. operates a hotel business primarily in China. The company utilizes a pure play franchised model, which has enabled rapid, asset-light expansion. As of December 31, 2024, its hotel network comprised 4,580 hotels with 327,060 rooms across China, covering all four centrally-administered municipalities and 355 cities in all 31 provinces and autonomous regions. Additionally, 1,260 hotels were contracted for or under development. The company's network grew from 792 hotels in 2012 to 4,580 hotels in 2025, representing a compound annual growth rate (CAGR) of 14.5%. Over 95% of its hotel network consisted of franchised-and-managed hotels as early as 2013, and currently, 99% of its network operates under this model. GreenTree Hospitality Group Ltd. has developed a suite of diversified brands, including its flagship brand, GreenTree Inns. GreenTree Inns, established 19 years ago, targets value-conscious business and leisure travelers in the mid-scale market. The company has a strong presence in China's Tier 3 and lower cities.