UPDATE: China International Capital Initiates China Lodging Group at Accumulation on Execution, Brand Breadth

China International Capital initiated China Lodging Group HTHT with an Accumulate rating and a $21.10 price target. China International Capital noted, "Driven by prime location strategy, better consumer experience and strong management, HTHT's RevPAR is 10~15% higher than peers and adjusted operating margin is 2~3% higher. … Segmentation is expected to increase as China's hotel industry evolves. China Lodging's multi-brand strategy (Hanting Express, Seasons and Hi Inn) should help it better capture different customer needs and gain advantages in the highly fragment mid-scale/budget hotel market." China Lodging Group closed at $18.51 on Tuesday.