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Friday, August 1, 2008

Japan's Orix invests in Tune Hotels

JAPAN'S Orix Corp, a financial group, is investing US$17.2 million (RM56.07 million) for a 10 per cent stake in Tune, an operator of budget hotels.

Tune Hotels will use the money to accelerate its rollout across Southeast Asia, it said in a statement released in Kuala Lumpur yesterday.

It now operates two hotels in Malaysia and plans for 28 more across Thailand, Indonesia and the Philippines. By the end of this year, it hopes to expand its regional hotel presence to 50.

"We welcome our new partner, this investment is a major milestone in the growth of Tune and also the economy hotel investment market in Asia," said Tune Hotels director and co-founder Dennis Melka.

Orix is listed on the Tokyo stock exchange. Its main activities include corporate financial services such as leases and loans as well as automobile operations, rental operations and real estate-related finance.

Orix managing director Hideo Ichida will also become one of Tune Hotels' directors.

AirAsia Bhd group chief executive officer Datuk Seri Tony Fernandes, who is also a co-founder, said Tune Hotels has revolutionised the hospitality industry.

It offers space-efficient rooms with luxury beds and high-pressure showers at rates as low as US$3.00 (RM9.78) per night in the city centre as well as beachfront locations.

"We offer the best hotel rates to travellers by cutting out frills like ballrooms, gyms, meeting rooms and business centres," he said.

By New Straits Times

1 comment:

Anonymous said...

I think Charles Hugh Smith has it pretty much correct