Thai Company Signs Franchise Deal To Set Up 44 Tune Hotels In Five Countries

Evolution Capital, listed on the Stock Thai Exchange, is planning to invest over US$200 million in the next few years to build, refurbish and operate 44 Tune Hotels.com in five countries.

The company has signed a franchise agreement with Tune Hotels.com.

Its President, Simon Gerovich said 24 hotels would be operated in the first phase within the next four years, with the first scheduled to be operational in Thailand's premier resort island of Phuket by 2010.

Besides newly set up hotels, half of them would be existing hotels to be refurbished as Tune hotels.

"We are leasing most of the land or space for 30 years to keep our initial cost low," he said at the announcement of the franchise agreement between Tune Hotels.com and Evolution Capital.