Red Planet Hotels has announced it now has over 3,000 rooms under construction for the pioneering value Tune Hotels brand, contained in a portfolio of 19 hotels spanning three countries – Thailand, the Philippines and Indonesia.
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.
An artist’s render shows the completed Pattaya project.
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.
“This year has been a year of acquiring and building, we will continue with this pace of growth for the foreseeable future,” he said. “In December we will open our first Tune Hotel in Thailand, in Hat Yai, after which we will open an average of one hotel every month.
“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 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 revolutionize the way “limited service” hotels are managed and the experience they provide.
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 prices starting from US$3, however, guests will need to pay a surcharge to have a TV, refrigerator, telephone and other facilities usually included in a hotel rate.
Structural work almost finished on the Tune Hotel located in Pattaya.
The 192-room Tune Hotel in Pattaya is currently under construction on 2nd Road opposite the Central Festival Center in north Pattaya and is scheduled to open in February 2012. Other Tune Hotel locations in Thailand include Bangkok, Hat Yai and Phuket.
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.