The milestone 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 USD120 million now underway before it hopes to raise another USD100 million in equity by the first quarter of 2012.
Red Planet will have six Tune Hotels open by March next year, and will have 15 properties operational by December 2012. 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.”
Red Planet 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 Asia - and its growing global portfolio that will revolutionise the way “limited service” hotels are managed and the experience they provide.
“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 said.
“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.
Tune Hotels is a value hotel brand that provides high quality accommodation with the basic essentials such as central and convenient locations, a clean environment, 24-hour security, highly comfortable beds and power showers. Using a demand-based pricing booking system, guests can book rooms at great prices