Tune Hotels.com has partnered Thailand's
Evolution Capital pcl to set up 44 budget hotels across Asia under a franchise deal. Evolution Capital, which is listed on the Stock Exchange of Thailand, will invest US$200 million (RM688 million) and run the hotels using the Tune Hotels.com brand name. It plans to set up hotels in Thailand, China,
Bangladesh, the Philippines and Indonesia.
Evolution Capital, a real estate investment advisory and management firm, is confident of recouping its investment in three to five years, its managing director and president
Simon Gerovich said.
Gerovich sealed the franchising agreement together with Tune Hotels.com group
chief executive officer Mark Lankester here yesterday.
