Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Chris Woronka with Deutsche Bank. Please proceed.
Chris Woronka - Deutsche Bank
A couple of questions; one, we appreciate the breakout of the hotels that have been open for 18 months or more with the REVPAR. Can you just directionally maybe tell us how the margins on those compare to the margins for hotels open less than 18 months?
May Wu
Well, the hotels that have been open for over 18 months, typically our hotels reach stabilization after six months. We use the 18 months hotels for year-over-year comparisons because we are comparing their mature performance with their mature performance a year ago. So to answer your question, how do our ramped up hotels perform, we would like to say that for all our hotels that have been open for over six months, in the second quarter overall as a portfolio that margin is down in the 2% to 3% range year over year, exactly as we had anticipated due to the migration to the lower tier cities.
On a same hotel basis, for the hotels that’s in the 18-plus month portfolio, their margin has been very stable or increasing slightly.
Chris Woronka - Deutsche Bank
Okay, great and could you tell us what the Top Star REVPAR would have been without, if you kind of took out the 20% of the hotels that were impacted by earthquakes, the earthquake?
May Wu
Let me get back to you on the exact figures; however, think about it this way -- overall, Top Star reached a REVPAR of 95 during the second quarter and the 20% of the property that’s in the earthquake region, their REVPAR was only in the 60, 70 range, starting from mid-May, so for about half of the second quarter, but we can get back to you on the exact figures later on.
Chris Woronka - Deutsche Bank
Okay, very good and then one final one -- can you maybe tell us a little bit about the mix of hotels you opened in the second quarter, kind of tier one versus tier two or tier three? And then how does that look for the hotels you have in the pipeline? And maybe even within that, kind of what is the mix of leased and operated versus franchise look like? Because it looks like you were skewed a little bit more towards the leased side in the second quarter.
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