Tim Hansing, Red Planet Hotels’ chief executive officer
“We have a well-diversified portfolio over four countries (26 properties in Japan, Thailand, the Philippines and Indonesia), and have developed a highly systemised brand. We have also created a unique customer-facing IT platform that is without parallel in our market. We now have substantial growth opportunities not only in our existing markets but also in additional countries where we are confident our brand and product will excel.”
Pan-Asian budget hotel chain Red Planet Hotels has received US$70 million from Goldman Sachs, which will help fund its confirmed development of 10 hotels in the next 24 months.
Since 2011, Red Planet Hotels has raised US$240 million of capital, the company said in a statement.
The investment would help to solidify the six-year-old Red Planet Hotels’ expansion roadmap in Asia Pacific, and help establish a basis to close a final round of private investor equity for further expansion according to Tim Hansing, Red Planet Hotels’ chief executive officer.
Said Hansing, “We have a well-diversified portfolio over four countries (26 properties in Japan, Thailand, the Philippines and Indonesia), and have developed a highly systemised brand. We have also created a unique customer-facing IT platform that is without parallel in our market. We now have substantial growth opportunities not only in our existing markets but also in additional countries where we are confident our brand and product will excel.”
“The growth of travel, coupled with the evolving demands for more diverse and cost-efficient hospitality platforms, is leading to new opportunities for entrepreneurial companies in Asia. We anticipate our capital will help Red Planet Hotels accelerate its expansion throughout the region,” opined Jonathan Vanica, a managing director at Goldman Sachs.