GreenTree Inns
GreenTree Hospitality Group Ltd. (“GreenTree” or the “Company”) is a pure play franchised hotel operator, headquartered in Shanghai, China, with the majority of its hotels both franchised-and-managed. In 2017, GreenTree was the fourth largest economy to mid-scale hotel group in China based on number of hotel rooms according to China Hospitality Association. GreenTree operates one of the economy to mid-scale hotel networks in China. As of December 31, 2018, GreenTree's hotel network comprised ten brands, 2,757 hotels with 221,529 rooms in China, covering 290 cities throughout all 27 provinces and autonomous regions in China. GreenTree sells a major portion of its room nights through its strong direct sales channels, predominantly on its website and mobile app. History GreenTree was founded in 2004 by Alex Xu along with a number of other American investment enterprises with the goal of establishing business-oriented hotels. By the end of 2007, only three years after opening its first hotel, they had over 200 locations in China. By the end of 2008, GreenTree had hotels in more than 60 cities with more than 300 hotels. This growth trend continued with 430 hotels in 2009 and 500 hotels in 2010. As of December 31, 2018, GreenTree's hotel