Tune Hotels eyes 4 more PH branches
By Daxim L. LucasAsian low-cost hospitality firm Red Planet Hotels Ltd. said it had acquired a minority stake in the Tune Hotels group and that the hotel chain would set up five more branches in the Philippines.
Asian low-cost hospitality firm Red Planet Hotels Ltd. said it had acquired a minority stake in the Tune Hotels group and that the hotel chain would set up five more branches in the Philippines.
The Philippine Stock Exchange (PSE) recently revived talks on the Real Estate Investment Trust (REIT) through a forum with industry representatives and invited government officials. However, the absence of a representative from the Department of Finance, which plays a crucial role in addressing tax-related rules acceptable to the market to get REITs launched, was something of a concern.
TUNE Hotels, a global chain of budget hotels, will be investing between $35 million and $70 million in the Philippines to bankroll the construction of seven hotels next year and in 2013.
