Report
EUR 88.49
For Business Accounts Only
Atour Lifestyle Holdings (ALH) is the largest upper midscale hotel chain in China in terms of the number of rooms as of December 2020, as per Frost & Sullivan (F&S). As of March 31, 20201, ALH’s hotel network spanned across 131 cities in China with a total of 608 hotels and 71,121 hotel rooms. Additionally, it has a pipeline of 299 hotels with a total of 32,825 rooms under development.
ALH is a fast-growing upper midscale hotel chain in terms of its hotel network expansion. Despite COVID-19, FY20 revenue was resilient owing to the strong expansion of the hotel network aided by recovery after COVID peak in 1Q and 2Q. But ADR and RevPAR were still not back at 2019 levels yet.
Overall, we like the company’s approach to expansion. ALH had opted to go for a capital efficient franchise and management model to grow its hotel chain network which has led to a clean net cash balance sheet despite its aggressive growth plans
Atour Lifestyle Holdings Pre-IPO - Visible growth, resilient operations
Atour Lifestyle Holdings (ALH) is looking to raise up to US$300m in its upcoming U.S. IPO.Atour Lifestyle Holdings (ALH) is the largest upper midscale hotel chain in China in terms of the number of rooms as of December 2020, as per Frost & Sullivan (F&S). As of March 31, 20201, ALH’s hotel network spanned across 131 cities in China with a total of 608 hotels and 71,121 hotel rooms. Additionally, it has a pipeline of 299 hotels with a total of 32,825 rooms under development.
ALH is a fast-growing upper midscale hotel chain in terms of its hotel network expansion. Despite COVID-19, FY20 revenue was resilient owing to the strong expansion of the hotel network aided by recovery after COVID peak in 1Q and 2Q. But ADR and RevPAR were still not back at 2019 levels yet.
Overall, we like the company’s approach to expansion. ALH had opted to go for a capital efficient franchise and management model to grow its hotel chain network which has led to a clean net cash balance sheet despite its aggressive growth plans
Underlying
Atour Lifestyle Holdings
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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