Wednesday, June 27, 2007

Tune Hotels Buidling 30 Hotels in Malaysia, Indonesia, Thailand, Philippines & Singapore


Istithmar has revealed plans to establish a $50 million joint venture company to roll out limited service hotels in Asia.

The new company, formed in partnership with Tune Hotels.Com and City e-Solutions is expected to build some 30 Tune Hotels in Malaysia, Indonesia, Thailand, the Philippines and Singapore over the next three years.

"We have been building our hotel portfolio across many different markets and I am excited that we are able to reach into the Asian budget accommodation market with this innovative, fast growing brand," said Joe Sita, chief executive of Istithmar Hotels FZE, a division of Istithmar PJSC.


"It gives us an opportunity to invest in a segment that is poised for tremendous growth in the years ahead and touches on several key themes such as the increased demand for travel by the rising middle class in Asia and rapid growth of low cost carriers (LCCs) in the region."

Tune Hotels.Com is a no-frills limited-service concept created by the founders of Air Asia - Tony Fernandes and Kamarudin Meranun - to address the need for affordable, quality accommodation in Southeast Asia.

Rapidly growing regional economies, coupled with the exponential growth of LCCs, have generated an unprecedented volume of value-based travellers.

"The hotels sector is crying out for clean, safe branded budget accommodation in major cities," said Richard Johnson, managing director of Istithmar Real Estate, another division of Istithmar PJSC.

"The Tune Hotels.Com brand will deliver that need in destinations across Asia.

"Customers can be sure of a quality ‘sleep and shower' experience, in a clean and safe environment, and can then choose which other items they want on top. It's a really exciting model and we're looking forward to rolling it out across the region."

Istithmar Hotels has already announced one venture in the budget hotels sector this year; a deal with UK-based easyHotel to build and manage easyHotels in the Middle East.

Tune Hotels.Com claims to offer "a five-star sleeping experience at a one-star price", with rooms expected to start from as little as $3 for customers who book in advance though the website.

Rooms in Tune Hotels will include a luxury bed, en-suite bathroom, and an electronic key card entry system in a "space-efficient" room of approximately 10m2.

Each hotel has an outsourced 24-hour convenience store, a branded F&B outlet, on-site 24 hour guarded security and CCTV cameras throughout the public areas of the properties.

Tune's no-frills model means that certain items such as air conditioning, towels and bathroom amenities are available for small additional charges.

Vincent Yeo, chief executive officer of City e-Solutions, a listed subsidiary of CDL, said that the deal was important for the region and would bring a new model to the market.

The first Tune Hotel opened in Kuala Lumpur in April and has enjoyed 91% occupancy since opening.

Additional properties are set to open in Penang, Johor Bahru, Kuching and Kota Kinabalu.



Source
[tags : ]

4 comments:

Anonymous said...

Well, at least they are singing the same TUNE.

MHN said...

HAHAH!! That was LAME!! But a Funny Lame! :)

Anonymous said...

Hello !.
You may , probably curious to know how one can manage to receive high yields .
There is no initial capital needed You may begin earning with as small sum of money as 20-100 dollars.

AimTrust is what you need
AimTrust represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with affiliates around the world.
Do you want to become really rich in short time?
That`s your chance That`s what you wish in the long run!

I`m happy and lucky, I began to take up income with the help of this company,
and I invite you to do the same. If it gets down to select a correct partner utilizes your money in a right way - that`s the AimTrust!.
I earn US$2,000 per day, and my first investment was 500 dollars only!
It`s easy to start , just click this link http://juvoninocy.dreamstation.com/itumik.html
and go! Let`s take our chance together to feel the smell of real money

Anonymous said...

Hello everyone!
I would like to burn a theme at this forum. There is such a thing, called HYIP, or High Yield Investment Program. It reminds of ponzy-like structure, but in rare cases one may happen to meet a company that really pays up to 2% daily not on invested money, but from real profits.

For several years , I earn money with the help of these programs.
I'm with no money problems now, but there are heights that must be conquered . I get now up to 2G a day , and my first investment was 500 dollars only.
Right now, I managed to catch a guaranteed variant to make a sharp rise . Visit my blog to get additional info.

http://theinvestblog.com [url=http://theinvestblog.com]Online Investment Blog[/url]

 

 

 

Related Posts with Thumbnails