BREAKING NEWS Tune Hotels.com Partners With Thai Fund Evolution
Malaysian based Tune Hotels.com which has common shareholding with low cost carrier Air Asia has entered into a partnership with Thailand's Evolution Capital PCL for 44 limited service hotels in Thailand, China, Indonesia, Philippines and Bangladesh.
It's understood that at least one hotel in Phuket is targeted for the development pipeline which plans that 24 properties to be underway by 2010 and operational by 2012. A further 20 are set to be completed by 2012.
A signing ceremony of the franchising agreement is set to take place in Bangkok tomorrow with Juthaporn Rerngronasa from the Tourism Authority of Thailand presiding. Evolution has already invested in Phuket as part of Similan Beach, a Ritz-Carlton Reserve in Phang Nga.
Budget and economy hotels are currently being embraced by global chains with ACCOR's IBIS and IHG's Holiday Inn Express amongst the fastest growing brands in the world. Tune back of it's AirAisa knowledge base With 7 existing hotels already operating in Malaysia and Indonesia plans call for 100 hotels within 4 years throughout the region.