Red Planet Hotels has over 3,000 rooms under
construction for the pioneering value Tune Hotels brand.
are housed within a portfolio of 19 hotels spanning three
countries – Thailand, the Philippines and Indonesia.
of 3,000 rooms under development comes exactly 12 months after the
investment company passed the 1,000-room mark, posting growth of
200% over the last year.
This sustained strategic growth sees Red Planet
Hotels with projects worth US$120 million now underway before it
hopes to raise another US$100 million in equity by the first
quarter of 2012.
Red Planet will have 6 Tune Hotels open
by March next year, and will have 15 properties operational by
Chief Executive Officer, Tim Hansing, said the
company will use revenue from the soon-to-be operating hotels to invest and increase its room inventory further –
aimed to increase by a minimum of 2,000 rooms per year over the
next five years.
“We have delivered on our aggressive
growth targets and our track record now speaks for itself,” he
said. “Taking Red Planet Hotels from 1,000 rooms 12 months ago to
3,000 today is a remarkable achievement and is testament to the
quality of our people and our ability to hit planned and strategic
expansion projections ... The team has built a highly
effective platform to enable our investors to benefit from the
surge in hotel demand across the region and, in particular, from
the leisure consumer and business market segments seeking
unrivalled value that Tune Hotels deliver.”
Hotels has a franchise agreement with Tune Hotels and will operate
their portfolio under the Tune brand. Tune Hotels is the
accommodation associate of Asia’s largest low cost carrier - Air
“This year has been a year of acquiring and
building, we will continue with this pace of growth for the foreseeable future. In December we will open our first Tune
Hotel in Thailand, after which we will open an average of one
hotel every month,” Mr Hansing added. “Once this opening
schedule is underway we will look to raise additional funds to
allow our pace of strategic growth to increase so we can open a
hotel every two weeks.”
Red Planet Hotels currently has
assets in Thailand, Philippines and Indonesia and will soon have
sites for development in China. The China hotels will also come
under the Tune brand.
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