Tune Hotels operator Red Planet allots $72M to expand PHL business

Red Planet Hotels Limited is spending $72 million more to build six additional Tune Hotels in the Philippines, mostly in Metro Manila and nearby provinces. 

 

“Each project will have an investment between $10 to $12 million,” Ken Kerr, Red Planet founder and senior vice president for Acquisitions told reporters at the opening of a Tune Hotel in Aseana City, Parañaque City on Tuesday.

 

The latest investment is on top the $120 million Red Planet already spent for 10 hotels in the Philippines.

 

“We are fully committed to expand, and grow with the international and domestic travel industries in the Philippines,” said Sahlee Zaldivia, Red Planet country head, noting the 10 hotels will gives the company enough leverage to take advantage of an expected tourism boom this year.

 

Kerr noted the company is also eyeing to venture far from Metro Manila. “We will start to aggressively explore provincial markets by early next year.” 

 

Tune Hotels is an offshoot of Malaysia's Tune Group founded by Tan Sri Tony Fernandes and Dato Kamarudin Meranun, while Red Planet holds an ownership interest in 36 Tune Hotels some of which are still in the development stage. – VS, GMA News