Atour Lifestyle's Q4 2024: Conflicting Signals on RevPAR, Openings, and Retail Growth

These are the key contradictions discussed in Atour Lifestyle Holdings Limited's latest 2024Q4 earnings call, specifically including: RevPAR performance expectations, hotel opening plans, and retail business growth targets:



Hotel Business Performance and Expansion:
- Atour LifeStyle Holdings Limited reported RevPAR of RMB 337 for Q4 2024, reaching 94.1% of the 2023 level, with OCC at 98.2% and ADR at 96% of their 2023 levels.
- The company opened 471 new hotels in 2024 and signed 670 new projects, exceeding initial targets and establishing a foundation for achieving 2,000 premier hotels by 2025.
- Growth was driven by the brand's expanding influence, network development, and dual-engine business model integration.

Retail Business Momentum and Product Innovation:
- Atour's retail business reported a full-year GMV of RMB 2.59 billion, representing a 127.7% year-over-year increase, with over 90% of total GMV coming from online channels.
- The deep sleep series, including the deep sleep memory foam pillow pro series, achieved annual sales of over 3.8 million units, contributing significantly to retail GMV.
- The growth was fueled by astute market insights, effective product innovation, and successful brand collaborations.

Membership and Channel Development:
- Atour's registered individual members surpassed 89 million by the end of 2024, marking a year-over-year growth of over 40%.
- The CRS channel accounted for 63.5% of total room nights sold in Q4, with the contribution of room nights sold to corporate members increasing to 21.1%.
- This growth was attributed to the enhancement of the membership ecosystem, expanded member benefits, and integration of accommodation and retail experiences.

Hotel Brand Development and New Openings:
- Atour Light 3.0 achieved the milestone of 100 hotels in operation, strategically located in key business districts across second-tier cities and above.
- By the end of 2024, the number of hotels in operation had risen to 1,619, representing a 33.8% year-over-year growth.
- The expansion was supported by a strong franchise market, high-quality supply scarcity, and strategic site selection for initial projects.